Core Viewpoint - Ziyan Food is expanding its international presence with the opening of its first North American store in New York and plans to invest 300 million yuan in a beef processing facility in Nepal, aiming to connect global consumers with high-quality Chinese cuisine [2][3]. Strategic Layout of Upstream Raw Materials - The stability of beef supply is crucial for Ziyan Food, which plans to establish a beef processing project in Nepal to ensure supply chain stability and control procurement costs, potentially exporting tens of thousands of tons of beef to China annually [3][4]. - The project has received support from the Chinese embassy in Nepal, highlighting the importance of international cooperation in enhancing trade [4]. Innovation and Growth Resilience - Ziyan Food reported a net profit of 346 million yuan in 2024, a year-on-year increase of 4.5%, demonstrating resilience amid industry challenges [4][5]. - The company focuses on differentiated positioning and enhanced R&D capabilities, particularly in the meal-oriented segment, which has higher entry barriers compared to snack-oriented products [4][5]. - The establishment of a research and innovation center in Lianyungang aims to tailor products to local tastes across various Chinese cities, with successful new products like spicy rabbit legs gaining popularity [4][5]. Overseas Expansion - The opening of the North American store marks a significant step in Ziyan Food's internationalization strategy, following successful store launches in Australia [6][7]. - The choice of developed markets like Australia for expansion is a strategic decision to align with the company's mid-to-high-end positioning and to leverage the mature market systems that reduce uncertainties [6][7]. - The company emphasizes the importance of localizing products to cater to foreign consumer preferences, such as offering boneless options for Western markets [6][7].

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Zhou Hei Ya, and Huang Shang Huang, are collectively facing a decline in performance in 2024, marking a significant downturn in an industry that was once thriving [1][3][5]. Financial Performance - Juewei Food's revenue dropped to 6.257 billion yuan in 2024, a year-on-year decrease of 13.84%, with net profit plummeting 34.04% to 227 million yuan, marking its first revenue decline since its IPO in 2017 [1][3]. - Zhou Hei Ya's revenue fell by 10.7% to 2.451 billion yuan, with net profit down 15.03% to 98.2 million yuan [3]. - Huang Shang Huang experienced a 9.44% decrease in revenue to 1.739 billion yuan, with net profit sharply declining by 42.86% to 40.33 million yuan, marking its fourth consecutive year of revenue decline [3][5]. Market Dynamics - The decline in performance is attributed to intensified market competition and changing consumer demand, with rising prices leading to consumer complaints about affordability [3][5]. - Juewei Food acknowledged that its performance was significantly impacted by fierce market competition, with continued revenue and profit declines in the first quarter of 2024 [3][5]. - Huang Shang Huang cited changes in consumer purchasing power and consumption scenarios as factors leading to reduced single-store revenue, alongside increased promotional costs and other operational challenges [5]. Store Count and Expansion - The total number of marinated food stores in China decreased by 23,000 over the past year, with the three major brands closing over 1,700 stores in the first half of 2024 alone [7]. - Juewei Food's store count dropped from 15,950 at the end of 2023 to 12,129 by mid-April 2024, a net decrease of 3,821 stores in 16 months [7]. Profit Margins - Despite the revenue and profit declines, the gross profit margins of the three giants improved in 2024, with Juewei Food's gross margin increasing by 6.1 percentage points to 33.96% [9]. - Huang Shang Huang's gross margin rose by 3.93 percentage points to 32.95%, while Zhou Hei Ya's gross margin reached 56.8%, up by 4.4 percentage points [9]. Internal Challenges - The marinated food industry faces significant internal challenges, including uncontrollable production costs due to reliance on volatile raw material prices, particularly poultry by-products [10][12]. - The soaring costs of raw materials, such as duck products, have severely compressed profit margins, with procurement costs remaining high despite some price reductions in the latter half of 2023 [12][14]. - The industry's growth model, heavily reliant on rapid store expansion, is now hindered by declining consumer demand and rising operational costs, forcing companies to shift focus from quantity to improving single-store performance [16]. External Competition - The marinated food industry is experiencing pressure from diversified consumption channels, with new retail formats like bulk snack stores and e-commerce platforms drawing customers away from traditional marinated food outlets [17][19]. - Changing consumer dietary habits and preferences, driven by economic pressures, have led to a decline in the appeal of traditional marinated products, which are often perceived as unhealthy [19][21]. - Supermarkets have increasingly focused on their own processed products, enhancing their competitiveness against traditional marinated food brands, which struggle to adapt to changing consumer tastes [21][23].

Core Viewpoint - The recent financial struggles of Juewei Foods (603517.SH) highlight significant issues in cost control, strategic planning, and brand management, exacerbated by a recent health certificate forgery scandal that has raised concerns about its franchise model [3][6]. Financial Performance - In 2024, Juewei Foods reported a revenue of 6.257 billion yuan, a decrease of 13.84% year-on-year, while net profit fell to 227 million yuan, down 34.04% [3]. - In Q1 2025, the downward trend continued, with revenue and net profit declining by 11.47% and 27.29% respectively [3]. - Sales expenses surged by 23.31% in 2024, reaching 667 million yuan, and further increased by 8.93% in Q1 2025 to 146 million yuan, without effectively boosting performance [4]. Debt and Liquidity Concerns - As of Q1 2025, Juewei Foods had total current liabilities of 1.732 billion yuan, while cash reserves stood at only 905 million yuan, indicating potential liquidity issues [4]. Franchise Model Challenges - The rapid expansion through franchising has led to management challenges, including quality control and compliance issues among franchisees, highlighted by the recent health certificate forgery incident [5][6]. - The company has faced criticism for its inadequate oversight of franchise operations, which has negatively impacted brand reputation [6]. Expansion and Capacity Utilization - Juewei Foods has budgeted 1.56 billion yuan for significant construction projects aimed at expanding processing capacity, despite facing operational pressures [7][9]. - Several processing projects have not achieved expected returns due to underutilization of capacity, raising questions about the feasibility of the expansion plans [9]. Market Dynamics and Brand Management - The evolving market demands higher standards for product quality, service, and brand image, making mere capacity expansion insufficient for maintaining competitive advantage [10].

Core Viewpoint - The article highlights the declining performance of Juewei Foods and the broader challenges facing the marinated food industry, indicating a significant downturn in both revenue and profit for major players in the sector [1][4][8]. Group 1: Company Performance - Juewei Foods' market value peaked at 600 billion RMB in 2021, with rapid expansion from 9,053 stores in 2017 to 12,399 stores in 2020, and revenue growth from 3.85 billion RMB to 5.276 billion RMB during the same period [3]. - In 2024, Juewei Foods reported a revenue of 6.257 billion RMB, a year-on-year decline of 13.84%, and a net profit of 227 million RMB, down 34.04% [4][5]. - The first quarter of 2025 continued the downward trend, with revenue of 1.501 billion RMB, a decrease of 11.47%, and a net profit of 120 million RMB, down 27.29% [4]. Group 2: Industry Challenges - The marinated food industry is experiencing a collective downturn, with Juewei Foods, Zhou Hei Ya, and Huang Shang Huang all reporting declines in revenue and profit [9][10]. - Zhou Hei Ya's revenue in 2024 was 2.451 billion RMB, down 10.66%, while Huang Shang Huang reported 1.739 billion RMB, a decline of 9.44% [9]. - The industry faces challenges such as the expiration of growth dividends, with a net closure of approximately 23,000 stores nationwide in the past year, indicating a contraction in the market [10]. Group 3: Price and Cost Dynamics - The marinated food sector is grappling with significant fluctuations in raw material prices, particularly for duck products, which constitute over 50% of Juewei Foods' procurement costs [10][11]. - Prices for duck necks surged from 12 RMB/kg to 27 RMB/kg between 2021 and 2023, a rise of over 125%, before falling to 10 RMB/kg in late 2023, a decrease of 63% [11]. - Despite the drop in raw material costs, Juewei Foods has been slow to adjust its prices, leading to reduced consumer demand and continued profit decline [11]. Group 4: Business Model and Strategy - Juewei Foods relies heavily on franchisees, with over 90% of its stores being franchises, which has previously driven rapid growth [12]. - However, due to declining demand, the company has shifted its strategy from aggressive expansion to focusing on enhancing single-store revenue and supporting franchisee survival [12][13]. - The average single-store revenue in the first half of 2024 was 169,000 RMB, reflecting an 11% year-on-year decline [13]. Group 5: Investment and Future Outlook - Juewei Foods has historically invested in various food-related companies, but recent investments have resulted in losses, with a reported investment loss of 160 million RMB in 2024 [14]. - Cumulative investment losses over the past three years exceed 370 million RMB, indicating challenges in both operational and investment growth avenues [14]. - The company is currently facing a "dead end," with both core business and investment strategies proving ineffective in driving performance improvement [14].

以下文章来源于启阳路4号 ，作者公司研究院 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1 万，"明明是街边小店非要卖出酒店摆盘的价格"、"每次都说拿一点点就够了，一称40块"、"它 明明可以抢，却还给了我一些鸭脖"，话题词下网友诉说起那些年被价格刺客支配的往事。 反映在卤味三巨头的财报里，营收和利润双跌。 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑 15%；煌上煌营收17.39亿元，同比下滑9.44%；归属净利润4033万元，同比下滑42.86%；绝 味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不 动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤味三巨头"到底怎么了？ 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、 120克鸭舌50元。根据周黑鸭小程 ...

以下文章来源于启阳路4号 ，作者公司研究院 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑15%；煌上煌营收17.39亿元，同比下滑9.44%；归属 净利润4033万元，同比下滑42.86%；绝味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤 味三巨头"到底怎么了？ 01 三巨头，一年或缩水超3600家 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、120克鸭舌50元。根据周黑鸭小程序，300克鸭脖36 元、230克鸭翅29元、80克鸭肠25元、140克鸭舌59元。 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 来源丨公司研究院 因为价格贵被吐槽上热搜，快成了"零食界爱马仕"的标配。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1万，"明明是街边小店非要卖 ...

盈利预测与投资建议。预计2025-2027年归母净利润分别为4.9亿元、5.5亿元、6.1亿元，EPS 分别为0.81 元、0.91 元、1.01 元，对应动态PE 分别为20 倍、18 倍、16倍。伴随着刺激政策落地和公司改革深入落 地，经营有望迎来拐点，给予2025 年25 倍PE，对应目标价20.25 元，维持"买入"评级。 风险提示：原材料价格或大幅波动；食品安全风险；投资收益大幅波动风险。 毛利率提升，费用投放加大，盈利水平承压。1、2024年、2025Q1公司毛利率分别为30.5% （+5.8pp）、30.8%（+0.8pp），主要受益于鸭副等原材料价格回落及供应链效率优化。2、2024 年销售 费用率、管理费用率分别为10.7%（+3.2pp）、7.2%（+0.8pp）；2025Q1 销售费用率、管理费用率分别 为9.7%（+1.8pp）、7.6%（+1.4pp），市场竞争加剧的环境下，渠道费用投放增加。3、2024 年公司对 联营企业和合营企业的净投资收益为-1.6 亿元，拉低整体盈利水平，2024 年净利率为3.3%（-1.1pp）； 2025Q1 净利率7.7%（-1.7pp）。 多措并举 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 继2024年收入下滑之后，今年一季度绝味食品（维权）收入再度大幅下滑。据公开信息，2024年公司在 大量关店，这说明门店数量扩张带动收入增长的逻辑不再有效。 目前行业整体面临较大经营压力，卤味食品作为可选消费品，一直被消费者吐槽"越来越贵"。在主业失 守的情况下，绝味食品近几年不断布局的多元化投资不仅未能分散风险，反而出现大额减值，直接降低 净利润。 绝味食品遭遇了什么？ 4月9日晚间，绝味食品发布了2024年年报和一季报，2024年营业收入62.57亿元，同比下滑13.84%，今 年一季度收入再度下滑11.47%，这还是2011年以来首次营收下滑。而从净利润来看，绝味食品2022年 就进入下行通道，从最高9.81亿元下滑至去年的2.27亿元。 背后是门店数量的下滑，2024年中报披露门店数量为14969家，相比上年底减少981家。年报中一反常态 未披露门店一数据，而根据窄门餐眼的数据，其在营门店数量为12428家，这或许意味着下半年公司在 加速关店。 股价反映了公司的业绩趋势，从2021年2月到现在，绝味 ...

Core Viewpoint - The company, Juewei Foods, reported a significant decline in both revenue and net profit for the year 2024, with a more than 30% drop in net profit and nearly a 50% decrease in non-recurring net profit, attributed to intensified market competition and changing consumer preferences [2][5][11]. Financial Performance - In 2024, Juewei Foods achieved revenue of 6.257 billion yuan, a year-on-year decrease of 13.84% [5]. - The net profit attributable to shareholders was 227 million yuan, down 34.04% year-on-year [5]. - The non-recurring net profit was 203 million yuan, reflecting a decline of 49.39% [5]. - The company experienced a revenue drop of 23.8% in Q4 2024, with revenue of 1.24 billion yuan and a net loss of 211 million yuan [7]. Store Count and Market Presence - As of now, Juewei Foods has 12,428 stores, a reduction of over 3,500 stores compared to the end of 2023 [3][9]. - The company reported a net decrease of 981 stores in the first half of 2024, with 14,969 stores at that time [8]. Strategic Initiatives - Juewei Foods appointed its first global brand ambassador, Fan Chengcheng, in an effort to rejuvenate the brand and attract younger consumers [4]. Industry Context - The overall growth of the marinated food industry has slowed, with a compound annual growth rate of only 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [11]. Investment Performance - The company has faced continuous investment losses, with a total of approximately 4.5 billion yuan in losses over the past three years [14][15]. - In 2024, the investment loss was reported at 160 million yuan [13]. Regulatory Issues - Juewei Foods faced public scrutiny due to a scandal involving the forgery of health certificates by employees at one of its franchise stores, leading to legal action and highlighting management issues with franchisees [16].

Core Viewpoint - The recent incident involving forged health certificates at Juewei Foods has raised serious questions about the company's franchise model and its implications for food safety and brand reputation [1][2][3] Company Summary - Juewei Foods has been implicated in a food safety scandal where 22 employees at a franchise store were found to have forged health certificates, leading to a significant public outcry [1][2] - The company has stated that the implicated store is managed by a franchisee and has taken measures to suspend operations at the affected location while conducting nationwide checks on health certificate authenticity [2][3] - Juewei Foods operates a franchise model where franchise stores account for 74.61% of its total revenue, which presents challenges in maintaining food safety standards [3][4] Industry Summary - The incident highlights vulnerabilities in the franchise model of food safety management, as franchisees may prioritize cost-cutting over compliance with health regulations [4][5] - The overall growth of the marinated food industry is slowing, with significant operational pressures facing leading companies, including Juewei Foods [5] - Juewei Foods has announced strategic adjustments to focus on its core duck neck business and improve revenue per store while ensuring franchisee survival [5][6] - The company reported a revenue of 5.015 billion yuan for the first three quarters of 2024, a decrease of 10.95% year-on-year, while net profit increased by 12.53% [5]