2025.09. 13 本文字数：1774，阅读时长大约3分钟 作者 | 第一财经 揭书宜 2025年上半年，"卤味三巨头"集体面临营收下滑的挑战，行业整体承压。公司虽通过缩减门店、控制 成本等方式暂时稳住利润，但主业增长乏力已是不争事实。 为 打 破 困 境 ， 巨 头 纷 纷 跨 界 谋 变 。 周 黑 鸭 (1458.HK) 发 力 椰 子 水 与 复 合 调 味 料 ， 煌 上 煌 （002695.SZ）斥资布局冻干食品赛道。 然而，新业务能否成为真正的"第二增长曲线"，仍需市场检验。在消费意愿走低的背景下，卤味行业 唯有在降本与创新之间找到平衡，才能真正实现长效破局。 降本以维持利润 今年上半年的卤味市场稍显低迷。绝味食品(603517.SH)今年上半年营收、净利双下滑 。 而煌上煌和 周黑鸭的营收虽然下滑了，但是在原材料成本的走低和门店缩减的情况下，净利润增加了。 也就是说，卤味没有以前好卖了，但是煌上煌和周黑鸭因为"降本"而提高了净利润。其背后的驱动因 素是企业主动的战略收缩和削减成本。 今年上半年，绝味食品实现营收28.2亿元，同比下降15.57%；实现归母净利润1.75亿元，同比下降 40. ...

Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, prompting them to explore new business avenues to establish a "second growth curve" amidst a challenging market environment [1]. Group 1: Industry Performance - The marinated food market has shown signs of weakness in the first half of the year, with major players like Juewei Food experiencing a 15.57% decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [2]. - Huangshanghuang reported a 7.19% decrease in revenue to 984 million yuan, while net profit increased by 26.9% to approximately 76.92 million yuan, attributed to cost-cutting measures despite a decline in main business segments [2]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, but net profit surged by 228% to 108 million yuan, driven by improved single-store efficiency and the closure of underperforming outlets [3]. Group 2: Cost Management - The decline in raw material prices has helped some marinated food companies maintain or even increase net profits, with Huangshanghuang noting a 2.23 percentage point increase in gross margin for its marinated meat products due to lower production costs [4]. - The overall market dynamics indicate that the marinated food sector is facing significant challenges due to decreased consumer willingness and confidence, leading to a need for companies to balance cost reduction and innovation [4]. Group 3: New Business Initiatives - Zhou Hei Ya has launched a coconut water brand and is collaborating with Sichuan Shentang Food to develop compound seasonings and convenience food products, transitioning to a dual business model [5]. - Huangshanghuang is entering the freeze-dried food market by acquiring a 51% stake in Fujian Lixing Food Co., investing 495 million yuan to leverage complementary products and sales channels [6]. - Juewei Food has opened a new concept store, "Juewei Plus," in Changsha, expanding into the casual dining sector with offerings like fried marinated dishes and desserts [7].