登录新浪财经APP 搜索【信披】查看更多考评等级 ST绝味30日盘后披露关于收到湖南证监局《行政处罚决定书》的公告。 ST绝味2024年8月15日收到中国证监会下发的《立案告知书》。因公司涉嫌信息披露违法违规，根据 《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，2024年6月7日，中国证监会决 定对公司立案。 ST绝味于2025年9月19日收到湖南证监局下发的《行政处罚事先告知书》。公司于2025年9月30日收到 湖南证监局下发的《行政处罚决定书》。 ST绝味表示，根据本次收到的《行政处罚决定书》认定的情况，公司触及《上海证券交易所股票上市 规则(2025年4月修订)》规定的其他风险警示情形，但未触及《上海证券交易所股票上市规则(2025年4月 修订)》规定的重大违法类强制退市情形。 ST绝味表示，将结合《行政处罚决定书》内容，追溯调整相关财务报表，进一步加强内部控制流程建 设，提升内控合规。 近期，ST绝味在投资者关系活动中表示，公司将做好相关工作并在满足条件后争取尽快申请撤销风险 警示。 公开资料显示，ST绝味主营卤制品的开发、生产和销售，公司形成了以综合信息系统及供应链整合体 系为支持 ...

9月30日晚间，ST绝味（603517）(603517.SH)发布公告称，公司因未在2017年至2021年期间确认加盟门 店装修业务收入，导致对应年度报告少计营业收入，被中国证监会湖南监管局(以下简称湖南证监局)处 以400万元罚款。公司时任董事长兼总经理戴文军、时任财务总监彭才刚、时任董事会秘书彭刚毅分别 被处以200万元、150万元和100万元罚款。9月30日，ST绝味股票盘中一度触及涨停。年报少计营业收 入 9月30日晚间，ST绝味发布公告称，公司收到湖南证监局下发的《行政处罚决定书》。根据此前公告， ST绝味于2024年8月15日收到中国证监会下发的《立案告知书》，原因为公司涉嫌信息披露违法违规。 2024年6月7日，中国证监会决定对ST绝味立案。 至于原因，根据最新公告，绝味食品(即ST绝味)存在以下违法事实：2017年至2021年期间，ST绝味未确 认加盟门店装修业务收入，导致年度报告少计营业收入，占对应年度公开披露营业收入的比例分别为 5.48%、3.79%、2.20%、2.39%及1.64%。ST绝味2017年至2021年各年年度报告未如实披露营业收入。 上述违法事实有相关合同、银行流水、询问 ...

Core Viewpoint - The report from Kaiyuan Securities indicates that Huangshanghuang's revenue has slightly declined, but the company is expected to see a bottom reversal as it is a leading brand in the marinated food industry. With the recovery of external demand, store expansion is anticipated, and the company's operations remain relatively stable, maintaining a "buy" rating [1] Group 1 - In the first half of 2025, the company achieved revenue of 980 million, a year-on-year decline of 7.2%, while the net profit attributable to shareholders reached 77 million, a year-on-year increase of 26.9% [1] - As of the end of Q2 2025, the company had 2,898 fresh goods stores, with a net closure of 762 stores in the first half of the year, indicating ongoing impacts from the external consumption environment [1] Group 2 - By region, in the first half of 2025, the company generated revenue of 440 million, 85 million, and 320 million in Jiangxi, Guangdong, and Zhejiang respectively, with year-on-year declines of 7.1%, 27.0%, and 2.6%. The Guangdong region experienced the most significant impact [1]

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].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 19.6 yuan [2][8]. Core Views - The company experienced continued pressure in 2024, with total revenue of 6.257 billion yuan, a year-on-year decrease of 13.84%, and a net profit attributable to shareholders of 227 million yuan, down 34.04% year-on-year. The fourth quarter of 2024 saw a revenue drop of 23.8% year-on-year, resulting in a net loss of 211 million yuan [2][4]. - In the first quarter of 2025, total revenue was 1.501 billion yuan, a decrease of 11.47% year-on-year, with a net profit of 120 million yuan, down 27.29% year-on-year [2][4]. - The company is actively exploring changes to improve its situation, focusing on brand upgrades, digital transformation, and lean operations. It aims to stabilize store numbers and improve same-store sales [2][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 6,257 million yuan - Year-on-year growth rate: -13.8% - Net profit: 227 million yuan - Year-on-year growth rate: -34.0% - Gross margin: 30.5% [4][9] - **2025 Financial Projections**: - Total revenue expected: 5,877 million yuan - Year-on-year growth rate: -6.1% - Net profit expected: 501 million yuan - Year-on-year growth rate: 120.4% - EPS forecast: 0.83 yuan [4][9] - **Valuation Ratios**: - PE ratio for 2025: 20 times - PE ratio for 2026: 16 times - PE ratio for 2027: 14 times [4][9] Market Performance - The company's stock price has shown significant volatility, with a current price of 16.12 yuan, reflecting a challenging market environment [4][8]. Operational Insights - The company faced challenges with store closures, estimating around 2,000 net closures in 2024, impacting revenue and same-store sales negatively [2][8]. - The company is focusing on improving operational efficiency and exploring digital applications in collaboration with Tencent to enhance its business model [2][8].