出品丨搜狐财经 作者丨柴鑫洋 编辑丨李文贤 "鸭脖大王"绝味食品，竟然因为"藏钱"被ST了！ 最近资本市场有个奇葩事：别的公司财务造假都是把收入做多，绝味食品却反其道而行——2017到2021 年间这五年间，公司通过隐瞒加盟门店装修业务收入，累计少计营收7.24亿元。结果被罚850万，股票 直接戴帽ST。 在少交税的同时，又能在未来骗过市场。 也有一种可能是，这笔资金用于加盟商管理中的非公开支出，如特殊地段装修补贴、隐性返利等，来维 持加盟体系稳定。 由于资金仅由少数高管掌控，并没有纳入内控体系，资金流向缺乏监管，不排除存在个人挪用或违规支 出的风险。 不过，这些都是猜测，具体原因还没有实锤。但有一点板上钉钉，就是财务造假。监管红线碰不得。 ST标识将使绝味食品面临融资渠道收窄、机构投资者减持、市场形象受损等多重挑战。 但其实，绝味的经营早已危机四伏。2025年上半年营收暴跌15%以上，净利润缩水40%以上，市值较高 峰期蒸发超过500亿。 绝味食品主要依靠加盟店销售休闲卤制品，但是它的加盟店正在持续减少，门店一年半净减少超5000 家。 其实不止绝味，整个卤味行业都面临增长困境。 公司本身被罚款400万，董 ...

Core Viewpoint - The company, known as the "king of duck necks," is facing an unprecedented survival crisis due to consumption downgrade and intensified industry competition, highlighted by regulatory penalties for financial misreporting [1][2]. Financial Misreporting - The company failed to recognize revenue from franchise store renovations from 2017 to 2021, resulting in an underreporting of approximately 724 million yuan in total revenue over five years [2][4]. - The underreported revenue accounted for 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% of the publicly disclosed annual revenue for the respective years [2]. - Regulatory actions included a fine of 4 million yuan and penalties for key executives, reflecting a zero-tolerance stance on financial fraud [2][4]. Operational Challenges - The company's revenue for the first half of 2025 was 2.82 billion yuan, a decline of 15.57% year-on-year, with net profit dropping by 40.71% [5]. - The ambitious target of achieving 10 billion yuan in revenue by 2025 appears increasingly unattainable, requiring a significant revenue increase in the latter half of the year [5]. - The rapid expansion strategy led to a decline in store profitability, with a net closure of nearly 1,000 stores in the first half of 2024 [5]. Industry Context - The overall industry is experiencing a downturn, with major players like the company, Huang Shang Huang, and Zhou Hei Ya all reporting revenue declines [11]. - The market for the marinated food category is projected to grow slowly, with a mere 3.7% increase expected in 2024 [12]. - New emerging brands are gaining market share, posing a direct threat to traditional players by offering fresh and innovative products [12][13]. Consumer Behavior Changes - The shift in consumer preferences, particularly among younger generations, is leading to decreased spending on traditional marinated foods, with many opting for more affordable options [10][12]. - The company's pricing strategy has been criticized, with high prices driving customers towards lower-cost alternatives [10][12]. - The rise of instant retail and community group buying is further challenging traditional business models that rely heavily on physical store presence [13]. Future Outlook - The company is attempting to innovate through new store formats and product offerings, but these efforts have had limited success in reversing the downward trend [8][15]. - The company’s stock price has significantly declined, losing approximately 85% of its market value since early 2021 [15]. - The industry is expected to undergo a new round of reshuffling as consumer demands evolve and market dynamics change, presenting both challenges and opportunities for the company [15].

Core Viewpoint - The emergence of luxury hotels in cities like Zhengzhou, Changsha, and Shanghai selling affordable food items such as 2 yuan buns and 10 yuan hot dishes indicates a significant shift in the hospitality industry, reflecting changing consumer behavior and economic pressures [1] Group 1 - Five-star hotels are participating in a trend of selling inexpensive food items, with fresh ingredients and quality flavors, attracting long queues [1] - The involvement of hotel management using walkie-talkies to maintain order highlights the popularity and demand for these offerings [1] - This phenomenon raises questions about the current state and challenges faced by luxury hotels in the market [1]

以下文章来源于盐财经 ，作者贾梦雅 发自北京 然而，在冲击上市过程中，麻辣诱惑遭遇了"系统性崩盘"。 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者： 贾梦雅 来源： 盐财经（ID： nfc-yancaijing ） 在餐饮界，韩东是个响当当的人物。他曾凭借川菜品牌——麻辣诱惑——打出一片天地，模仿开 店者不计其数，后来推出经典的麻辣小龙虾产品，更是风靡一时。 巅峰时期，在麻辣诱惑的小龙虾供给中，来自尼罗河流域的占比高达8成，韩东在埃及坐拥三四 个小龙虾加工厂，其身价一度达到20亿元。 "那时在北京有10套房，在埃及也有6套房。"韩东曾回忆当时的自己说道。 很快，一个花了18年心血浇灌出的餐饮帝国，在3个月内瞬间崩塌。韩东个人也因此从身价20 亿，滑落至负债5亿元。 由于家道中落，韩东在接受采访时自曝：连牛肉都舍不得吃，一家子靠母亲的退休金生活。最困 难的时候，他在加拿大读高中的大儿子不得不辍学回国，去一家餐馆帮忙送餐。 经历东躲西藏、翻墙逃债的三年时光后，这位河北石家庄"老炮儿"展示出了不屈的精神。通过变 卖资产，韩东还了银行约1.5亿，目前还有3亿的负债。 去年9月份，一个身穿红衣、系 ...