每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） 2024年1至12月份，绝味食品的营业收入构成为：卤制食品销售占比83.49%，供应链物流占比7.82%， 集采业务占比5.1%，其他业务占比2.25%，加盟商管理占比0.98%。 每经AI快讯，绝味食品（SH 603517，收盘价：16.33元）8月29日发布公告称，公司第六届第四次董事 会会议于2025年8月27日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于<2025年度"提 质增效重回报"专项行动方案的半年度评估报告>的议案》等文件。 ...

每经AI快讯，绝味食品（SH 603517）7月28日晚间发布公告称，绝味食品股份有限公司董事会于近日 收到公司财务总监王志华先生提交的书面辞职报告，因个人原因其申请辞去公司财务总监职务。王志华 辞职后将不在公司及其控股子公司担任任何职务。 2024年1至12月份，绝味食品的营业收入构成为：卤制食品销售占比83.49%，供应链物流占比7.82%， 集采业务占比5.1%，其他业务占比2.25%，加盟商管理占比0.98%。 截至发稿，绝味食品市值为94亿元。 延伸阅读： 延江股份:聘任刘培源为公司财务总监 通富微电:聘任廖洪森为公司财务总监 飞马国际聘任钟晓雷为公司副总经理、财务总监 ...

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].

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 ...