基本盘稳固，并打造新增长曲线，降本增效全面提升盈利质量，休闲卤味龙头周黑鸭（01458）再一次跑在了行业前面。 智通财经APP了解到，8月28日，周黑鸭发布2025年上半年财报，实现总营收12.23亿元，在预告区间上限，盈利能力全面提升，股东净利润1.08亿元，同比 增长高达228%，净利率8.8%，同比提升6.2个百分点。期间该公司现金流保持强劲，实现经营现金流净额2.11亿元，同比增长8.8%。 实际上，上半年休闲卤味行业竞争激烈，行业三巨头周黑鸭、绝味食品（603517）以及煌上煌（002695）都在经历业绩调整期。然而周黑鸭在周富裕的带领 下，聚焦门店经营质量提升与多元化渠道拓展，加快出海战略打造新增长曲线，有效推动公司业绩韧性及盈利质量的大幅提升，并在三巨头中脱颖而出。 周黑鸭具备抗周期能力，从供应链、产品端、渠道端以及全球化，构建了一条同行无法复制的护城河，驱动业绩可持续性增长。 业绩引领同行，盈利大幅提升 图片来源：公司财报 与此同时，周黑鸭通过降本增效及精细化管理策略不断优化各项费用，上半年公司财务费用率下降0.1个百分点至0.4%，销售费用率下降1.5个百分点至 38.6%，管理费用率维持不 ...

基本盘稳固，并打造新增长曲线，降本增效全面提升盈利质量，休闲卤味龙头周黑鸭（01458）再一次跑在了行业前面。 智通财经APP了解到，8月28日，周黑鸭发布2025年上半年财报，实现总营收12.23亿元，在预告区间上限，盈利能力全面提升，股东净利润1.08亿元，同比 增长高达228%，净利率8.8%，同比提升6.2个百分点。期间该公司现金流保持强劲，实现经营现金流净额2.11亿元，同比增长8.8%。 实际上，上半年休闲卤味行业竞争激烈，行业三巨头周黑鸭、绝味食品以及煌上煌都在经历业绩调整期。然而周黑鸭在周富裕的带领下，聚焦门店经营质量 提升与多元化渠道拓展，加快出海战略打造新增长曲线，有效推动公司业绩韧性及盈利质量的大幅提升，并在三巨头中脱颖而出。 周黑鸭具备抗周期能力，从供应链、产品端、渠道端以及全球化，构建了一条同行无法复制的护城河，驱动业绩可持续性增长。 业绩引领同行，盈利大幅提升 通览周黑鸭2025年上半年业绩，有两个非常重要的特征：一是收入韧性，在门店经营质量战略下，单店收入显著提升；二是盈利能力持续改善，并领先于同 行水平，且盈利高质量，经营现金流非常健康。 在收入端，对比同行看，上半年绝味和煌上 ...

Core Insights - Zhou Hei Ya International Holdings Limited reported a significant increase in revenue and net profit for the first half of 2025, achieving total revenue of 1.223 billion yuan and a net profit of 108 million yuan, representing a year-on-year growth of 228.0% [2] - The company is focusing on enhancing operational quality and restoring performance growth amid a moderately recovering domestic consumption environment and challenges such as increased competition and product homogeneity [2][3] Financial Performance - Zhou Hei Ya's total revenue for the first half of 2025 was 1.223 billion yuan, with a net profit of 108 million yuan, marking a 228.0% increase year-on-year [2] - The overall gross margin improved to 58.6% due to refined supply chain operations aimed at cost reduction and quality enhancement [6] Operational Strategies - The company has added 2.45 million registered members, with member sales accounting for over 60% of total sales, indicating a strong focus on customer loyalty and engagement [3] - Zhou Hei Ya is implementing a "Five Many" strategy, focusing on multi-brand, multi-category, multi-scenario, multi-channel, and multi-consumer group approaches to enhance its competitive edge [2][3] Marketing and Sales Channels - Zhou Hei Ya is expanding its sales network beyond traditional store formats by collaborating with various retail partners, including Sam's Club and Yonghui, to develop customized products and enhance brand exposure [6] - The company has leveraged online platforms like Douyin and Meituan to create a closed-loop marketing strategy that converts online traffic into in-store sales, achieving over 800 million yuan in sales from public domain channels [3][6] Future Outlook - For the second half of 2025, Zhou Hei Ya plans to continue enhancing operational efficiency, accelerate product innovation, and expand its overseas presence, particularly in Southeast Asia [7] - The company aims to rejuvenate its brand and engage younger consumers through targeted marketing strategies, while also diversifying its product offerings with new categories such as compound seasonings and ready-to-eat products [7]

智通财经APP获悉，8月28日，周黑鸭(01458)发布2025年上半年业绩报告。报告期内，实现总营12.23亿 元，净利润1.08亿元，同比增长228.0%，盈利能力显著提升。 2025年上半年，在消费温和复苏、行业竞争加剧的背景下，周黑鸭通过精细化运营与战略转型，聚焦门 店经营质量提升与多元化渠道拓展，取得显著成效，有效推动公司经营质量提升和业绩增长。 在巩固门店基本盘的同时，周黑鸭还积极拓展自有渠道外的流通渠道业务，并将其提升至战略高度，作 为公司第二增长曲线重点打造。 上半年，周黑鸭已成功与山姆会员超市合作定制开发周黑鸭经典卤料包、风味鸭肉酱；并与永辉、胖东 来等达成战略合作，通过提供真空及散装产品，结合专柜陈列、联合营销，有效拓宽消费场景。 凭借强大的产品研发能力，周黑鸭针对不同渠道适配不同产品，精准触达核心客群，显著增强终端曝光 与场景覆盖。 通过构建多层次、广覆盖的渠道网络，周黑鸭不仅加速了"黑鸭风味"从特色零食品类向大众日常消费与 礼赠场景的渗透，也进一步巩固了其作为行业领导品牌的市场认知与竞争壁垒。 供应链优化+组织力升级，支撑战略落地 中国食品产业分析师朱丹蓬表示："周黑鸭大力践行国家高质 ...

Core Viewpoint - The three major players in the marinated food industry are facing unprecedented challenges, with collective declines in performance attributed to a combination of market pressures and strategic missteps [2][8]. Group 1: Industry Challenges - The marinated food industry is experiencing a systemic imbalance, where brands seek profits, consumers demand value, and franchisees require growth space, leading to a fragile equilibrium [4]. - Rising raw material costs, particularly for duck by-products, have led to significant price increases, which consumers are increasingly sensitive to, resulting in a disconnect between pricing strategies and consumer expectations [5]. - External competition from casual snack shops and community vendors is intensifying, further eroding the traditional marinated food market's consumer base [5]. Group 2: Financial Performance - The financial reports for 2024 show significant revenue declines for the three major brands: - Juewei: Revenue of 6.257 billion, down 13.84%, with net profit down 34.04% to 0.227 billion - Zhou Hei Ya: Revenue of 2.451 billion, down 10.66%, with net profit down 15.03% to 0.098 billion - Huang Shang Huang: Revenue of 1.739 billion, down 9.44%, with net profit down 42.86% to 0.04 billion [10]. - Store closures are becoming a trend, with Juewei reportedly reducing over 3,800 stores in 16 months, while Zhou Hei Ya and Huang Shang Huang also face significant reductions [11]. Group 3: Strategic Missteps - Juewei's aggressive investment strategy has not yielded expected returns, leading to a focus on core business and a search for exit strategies from non-core investments [16]. - Zhou Hei Ya's shift to a franchise model has not performed as anticipated, resulting in a significant number of closures, particularly in community locations [17]. - Huang Shang Huang's diversification efforts have not been fruitful, with its attempts to expand into other food categories failing to offset losses in its core marinated food business [21]. Group 4: Future Directions - The three major brands are exploring various strategies to reignite growth, including launching more affordable products and leveraging technology for improved consumer engagement [22]. - Juewei is focusing on AI-driven retail solutions, while Zhou Hei Ya is attempting to return to its classic product offerings, and Huang Shang Huang is engaging in cultural tourism initiatives [22].