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].