每经头条（nbdtoutiao）——"太空快递"来了？全国首个民营飞船成功"上天"！背后公司创始人：正积 极开发"中型货运飞船"低成本产品 （记者 王瀚黎） 每经AI快讯，紫燕食品（SH 603057，收盘价：18.97元）12月17日晚间发布公告称，公司第二届第十五 次董事会会议于2025年12月17日在公司会议室召开。会议审议了《关于制定〈董事、高级管理人员薪酬 管理制度〉的议案》等文件。 2024年1至12月份，紫燕食品的营业收入构成为：卤制食品销售占比93.14%，其他占比3.33%，加盟商 管理占比2.02%，其他业务占比1.5%。 截至发稿，紫燕食品市值为78亿元。 ...

天眼查App显示，近日，邵阳泗洲塔卤制食品有限公司成立，法定代表人为胡平华，注册资本10万人民 币，经营范围为许可项目：食品销售；食品互联网销售；餐饮服务；酒类经营；食品小作坊经营。（依 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证 件为准）一般项目：外卖递送服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；单位后勤管理服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The company, Juewei Foods, is experiencing its worst operational performance since its IPO in 2017, with significant declines in revenue and net profit in 2024 and 2025 [3][4]. Financial Performance - In the first three quarters of 2025, Juewei Foods reported a revenue of approximately 4.26 billion yuan, a year-on-year decrease of 15.04%, and a net profit of about 280 million yuan, down 36.07% [4][6]. - For the full year of 2024, the company achieved a revenue of 6.26 billion yuan, a decline of 13.84%, and a net profit of 227 million yuan, down 34.04% [5][6]. - The gross profit margin for the company's processed food sales has fluctuated, with a slight increase in 2024 to 33.96%, despite a revenue drop of 13.67% in that segment [6]. Store Operations - The number of stores has decreased significantly, from 15,950 at the end of 2023 to 10,606 by early October 2025, indicating a contraction in the store network [4][10]. - The company is adjusting its store model and sales channels in response to the changing external environment, while also exploring new store models and enhancing product innovation [10][11]. Investment Performance - Juewei Foods has reported continuous investment losses, with cumulative losses exceeding 370 million yuan from 2022 to 2024 [12]. - The company is currently in a strategic adjustment phase, focusing on improving its investment management and aligning with its core business strategy [13]. Regulatory Issues - The company has faced regulatory scrutiny for financial misreporting, resulting in a fine of 4 million yuan and a warning from the Hunan Securities Regulatory Bureau [14]. - Due to these issues, the company's stock has been placed under risk warning, changing its name to "ST Juewei" [14].

Core Viewpoint - The company "Juewei Foods," once a leader in the duck neck market, is experiencing its worst operational downturn since its IPO in 2017, with significant declines in revenue and net profit in 2024 and 2025 [2][3]. Financial Performance - In the first three quarters of 2025, Juewei Foods reported a revenue of approximately 4.26 billion yuan, a year-on-year decrease of 15.04%, and a net profit attributable to shareholders of about 280 million yuan, down 36.07% [3]. - The company's revenue in 2024 was 6.26 billion yuan, reflecting a 13.84% decline compared to 2023, while net profit fell to 227 million yuan, a decrease of 34.04% [3]. - The gross profit margin for Juewei Foods' processed food sales showed fluctuations, with 2024's revenue from this segment at approximately 5.22 billion yuan, down 13.67% year-on-year [4]. Store Operations - The number of stores has significantly decreased, with Juewei Foods operating 10,606 stores as of early October 2025, down from 15,950 at the end of 2023 [2][7]. - The company is facing challenges in its store expansion model, which previously contributed to revenue growth [6][7]. Investment and Cash Flow - Juewei Foods has reported a net cash flow from operating activities of approximately 602 million yuan in the first three quarters of 2025, a decline of 34.88% year-on-year [7][8]. - The company's accounts receivable increased by 20% to about 230 million yuan, indicating a potential risk in credit policies [8]. - Investment returns have been poor, with cumulative losses exceeding 370 million yuan from 2022 to 2024 [9][10]. Regulatory Issues - The company has faced regulatory scrutiny, with the China Securities Regulatory Commission launching an investigation into its financial disclosures, leading to penalties and a change in stock designation to "ST Juewei" due to financial irregularities [10][11].

Core Insights - The article highlights the slowdown and adjustment phase in the braised food industry, particularly affecting major players like ST Juewei and Huang Shanghuang, with both companies reporting revenue declines due to changing consumer preferences and high prices [3][6]. Group 1: Company Performance - ST Juewei reported a revenue of 14.41 billion yuan in Q3 2025, a year-on-year decrease of 13.98%, with net profit down 26.46% to 1.05 billion yuan [3][4]. - For the first three quarters of 2025, ST Juewei's revenue was 42.60 billion yuan, down 15.04% year-on-year, and net profit decreased by 36.07% to 2.80 billion yuan [3][4]. - Huang Shanghuang's revenue for the first three quarters fell by 5.08% to 13.79 billion yuan, while net profit increased by 28.59% to 1.01 billion yuan [3][5]. Group 2: Market Challenges - The decline in sales for ST Juewei is attributed to a challenging market environment affecting the sales volume of its main products [3][5]. - Huang Shanghuang faced a decrease in store count, with 762 fewer stores compared to the end of 2024, contributing to its revenue challenges [5][6]. - The overall high pricing and insufficient cost-performance ratio in the braised food sector are significant challenges, especially as consumer willingness to spend decreases [6][7]. Group 3: Industry Trends - The growth of the braised food sector has been reliant on demographic advantages and increased store numbers, but recent trends show a decline in consumer confidence and spending power [6][7]. - Increased competition from new brands and a shift in consumer health consciousness are impacting traditional brands, leading to a decrease in market share for established players [7].

Core Insights - The braised food industry, once thriving with the "ten thousand store model," is now facing a slowdown in growth and significant adjustments due to declining consumer willingness and high prices [1][4] Group 1: Company Performance - ST Juewei reported a revenue of 1.441 billion yuan for Q3 2025, a year-on-year decrease of 13.98%, with net profit down 26.46% to 105 million yuan [1] - For the first three quarters of 2025, ST Juewei's revenue was 4.260 billion yuan, down 15.04% year-on-year, and net profit decreased by 36.07% to 280 million yuan [1] - Huang Shanghuang's revenue for the first three quarters fell by 5.08% to 1.379 billion yuan, while net profit increased by 28.59% to 101 million yuan [1][2] Group 2: Market Challenges - The decline in sales for ST Juewei is attributed to a challenging market environment affecting the sales volume of its main products [1] - Huang Shanghuang's revenue drop is linked to changing consumer scenarios and a decrease in store numbers, with a reduction of 762 stores from the end of 2024 [2] - The overall high prices and insufficient cost-performance ratio of braised products are significant challenges for the industry, especially as consumer willingness to spend decreases [4] Group 3: Industry Trends - The growth of the braised food sector relies on demographic advantages and an increase in store numbers, but competition is intensifying with new brands emerging [3][4] - Consumer health awareness is rising, leading to reduced demand for high-salt and high-fat braised products, further impacting sales [4] - The overall price level of braised food is perceived as high, which, combined with declining consumer confidence, poses a substantial challenge to the industry [4]

Group 1 - ST Juewei (SH 603517) held its sixth fifth board meeting on October 27, 2025, to review documents including the proposal to amend the "Board Secretary Work Guidelines" [1] - For the first half of 2025, ST Juewei's revenue composition was as follows: 83.0% from marinated food sales, 9.33% from supply chain logistics, 4.1% from centralized procurement, 2.21% from other businesses, and 0.96% from franchisee management [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market and a new "slow bull" pattern emerging [1]

Core Viewpoint - ST Juewei has reported a significant decline in both revenue and net profit for the third quarter of 2025, reflecting ongoing challenges in the industry and market environment [1][5]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.26 billion CNY, a decrease of 15.04% year-on-year [1][3]. - The net profit attributable to shareholders was 280 million CNY, down 36.07% year-on-year, while the net profit excluding non-recurring items was 241 million CNY, a decline of 43.27% [1][2]. - In Q3 2025, revenue was 1.44 billion CNY, a decrease of 13.98% year-on-year, with a net profit of 105 million CNY, down 26.46% [1][2]. Revenue Breakdown - The main business revenue for the first three quarters was 4.17 billion CNY, with the majority coming from the sale of marinated food, which accounted for 3.53 billion CNY or 84.63% of total revenue [3][4]. - The sales revenue from marinated food decreased by 16.49% compared to the same period in 2024 [3]. Regulatory Issues - The company faced regulatory penalties due to underreporting revenue from franchise store renovations between 2017 and 2021, resulting in a warning and a fine of 4 million CNY from the Hunan Securities Regulatory Bureau [4][5]. - Following these issues, the company's stock was reclassified to "ST Juewei," indicating other risk warnings [4]. Market Performance - As of October 28, 2025, ST Juewei's stock closed at 13.46 CNY, with a market capitalization of 8.157 billion CNY [5][6].

Core Viewpoint - ST Juewei is a leading enterprise in the domestic leisure marinated food industry, with significant market presence due to its unique flavors and extensive sales network [1] Group 1: Business Performance - In Q3 2025, ST Juewei achieved an operating revenue of 4.26 billion yuan, ranking first in the industry, significantly higher than the second-ranked Ziyan Food at 2.514 billion yuan [2] - The main business composition includes marinated food sales at 2.34 billion yuan (83.00%), supply chain logistics at 263 million yuan (9.33%), and collective procurement at 116 million yuan (4.10%) [2] - The net profit for the same period was 267 million yuan, also leading the industry, with Ziyan Food at 199 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, ST Juewei's debt-to-asset ratio was 24.38%, lower than the previous year's 25.01% and below the industry average of 32.27% [3] - The gross profit margin for the period was 30.25%, slightly down from 30.56% year-on-year but still above the industry average of 28.60% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.51% to 56,400, while the average number of circulating A-shares held per shareholder decreased by 6.11% to 10,700 [5] - The top ten circulating shareholders included a new entry, Dongfanghong New Power Mixed A, holding 1.9298 million shares, while Hong Kong Central Clearing Limited exited the top ten [5] Group 4: Management Compensation - The chairman, Dai Wenjun, received a salary of 1.9098 million yuan in 2024, an increase of 233,000 yuan from 2023 [4] Group 5: Future Outlook - Analysts have adjusted profit forecasts for ST Juewei, expecting revenues of 5.694 billion, 5.945 billion, and 6.304 billion yuan for 2025 to 2027, with year-on-year changes of -9%, +4%, and +6% respectively [5][6] - Expected net profits for the same period are projected to be 348 million, 473 million, and 528 million yuan, with year-on-year growth rates of 53%, 36%, and 12% respectively [5][6]

Group 1 - The core issue for the company is the significant decline in offline business, leading to a challenging operational environment [1][8] - The company has faced multiple controversies this year, including the use of forged health certificates by employees and violations in information disclosure [2][3][4] - Following these issues, the company's stock was suspended and subsequently marked with risk warnings, changing its A-share abbreviation to "ST Juewei" [5][6] Group 2 - The company's stock price has plummeted nearly 90% from its peak, where it had reached a market value of 65 billion yuan during the pandemic [6][10] - Financial misconduct was identified, with the company underreporting revenue by approximately 723 million yuan from 2017 to 2021, leading to questions about its revenue stability [10][11] - The latest financial report for the first half of 2025 showed a revenue decline of 15.57% year-on-year, with net profit dropping by 40.71%, primarily due to decreased sales [13][14] Group 3 - The company has closed over 5,000 stores, a reduction of 32.3%, in response to declining performance [16][19] - Despite efforts to boost sales through marketing, the increased advertising expenses have not yielded the desired results, further squeezing profit margins [19] - The overall industry is experiencing a downturn, with major players seeing revenue declines and increased competition from new entrants [20][21] Group 4 - The low entry barriers in the industry have led to a surge in new competitors, making it difficult for established brands to maintain market share [21][29] - The reliance on rapid store expansion has resulted in diminishing returns, with many brands struggling to achieve profitability despite high sales volumes [26][29] - The current market dynamics suggest that brands must develop unique competitive advantages to survive in a saturated market [34][40] Group 5 - Despite the challenges, there may still be investment opportunities as the company has a history of significant dividends and potential for recovery post-ST designation [36][38] - The company has made strategic investments in other food brands, which could provide substantial returns if the stock price falls to attractive levels [38] - However, the long-term viability of the company remains uncertain, especially as competitors like Huang Shang Huang and Zhou Hei Ya are gaining ground [39][40]