炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】紫燕食品发布致歉声明 中国基金报记者 郑俊婷 12月24日，江苏南通启东市一家紫燕百味鸡门店内，一位消费者用手机记录下了令人错愕的一幕：店员 将称重好的牛肉拿到身后，快速从盒中偷拿出一部分。视频经消费者发布后，迅速发酵，并于12月25日 冲上网络热搜。 12月25日18点许，紫燕食品通过官微发布致歉声明，就上述事件作出正式回应。 紫燕食品称，12月24日晚，关注到有消费者在网络平台发布视频，称南通启东市凯旋路加盟门店店员在 销售过程中有不当行为。公司第一时间成立专案小组，并连夜开展核查工作，确认具体情况，现经查 实，确实有店员存在不当行为。公司已迅速采取涉事门店停业整顿、涉事店员立即开除、全国门店通报 警示、消费者补偿等处理措施。同时，为对涉事门店其他消费者表达歉意，将开启为期10天的补偿回 馈。 紫燕食品表示，"食品安全与诚信求实是紫燕食品的经营底线。衷心感谢社会各界的监督与指正，后续 将持续强化内部管控，以切实行动保障消费者的合法权益。" 回溯来看，12月24日，有网友在社交媒体发布视频称，江苏省南通市一家 ...

【导读】紫燕食品发布致歉声明 中国基金报记者 郑俊婷 12月24日，江苏南通启东市一家紫燕百味鸡门店内，一位消费者用手机记录下了令人错愕的 一幕：店员将称重好的牛肉拿到身后，快速从盒中偷拿出一部分。视频经消费者发布后，迅 速发酵，并于12月25日冲上网络热搜。 12月25日18点许， 紫燕食品 通过官微发布致歉声明，就上述事件作出正式回应。 1. 凡是 2025年 12月 1 日 -- 2025 年 12月 25 日在该门店消费的顾客,可凭购买小票领取 1 张价值 100 元的品牌无门槛消费卡; 紫燕食品 称，12月24日晚，关注到有消费者在网络平台发布视频，称南通启东市凯旋路加盟 门店店员在销售过程中有不当行为。公司第一时间成立专案小组，并连夜开展核查工作，确 认具体情况，现经查实，确实有店员存在不当行为。公司已迅速采取涉事门店停业整顿、涉 事店员立即开除、全国门店通报警示、消费者补偿等处理措施。同时，为对涉事门店其他消 费者表达歉意，将开启为期10天的补偿回馈。 致歉声明 2025年12月24日晚,我们关注到有消费者在网络平台发布视频,称南通启东市凯旋路加盟门店店员 在销售过程中有不当行为。公司对此高度重 ...

Core Viewpoint - The company, Ziyan Food, issued an apology statement on December 25, 2025, addressing an incident where a store employee was caught taking beef after weighing it for a customer, which violated company policies and harmed consumer rights [4][9]. Group 1: Incident Details - On December 24, 2025, a consumer posted a video on social media alleging that an employee at the Ziyan Bawei Chicken store in Nantong City engaged in improper behavior during a sale [7]. - The company took the allegations seriously and formed a special task force to investigate the claims, confirming that the employee's actions were indeed inappropriate [4][9]. Group 2: Company Response - The company expressed deep regret and self-blame regarding the incident and implemented several immediate measures: 1. The involved store was temporarily closed for rectification, with a notice issued to the franchisee based on the franchise agreement [5][9]. 2. The employee involved was immediately terminated from their position [5][9]. 3. A nationwide alert was issued to all stores to reinforce service standards and operational protocols [5][9]. 4. The company offered compensation to the affected consumer, promising ten times the amount of their purchase as cash compensation and a 1,000 yuan brand gift card [5][9]. Group 3: Compensation and Customer Engagement - To further express apologies to other customers who shopped at the Nantong store, the company initiated a 10-day compensation campaign: 1. Customers who made purchases between December 1 and December 25, 2025, could redeem a 100 yuan no-threshold gift card with their receipt [9]. 2. From December 26, 2025, to January 4, 2026, customers making any purchase at the store would receive double the value of their purchase in five-spice beef [9]. Group 4: Company Background and Financial Performance - Ziyan Food, the parent company of Ziyan Bawei Chicken, was listed on the Shanghai Stock Exchange on September 26, 2022, and specializes in various marinated products [10]. - As of June 30, 2024, the company operated 6,308 stores in China, with 29 being directly operated [10]. - The latest financial report indicated a 6.43% year-on-year decline in revenue to 2.514 billion yuan and a 44.21% drop in net profit to 248 million yuan for the first three quarters of the year [10].

据悉，紫燕百味鸡为上市公司紫燕食品（603057）旗下品牌，多次舆论背后，公司业绩同样不容乐观。 资料显示，紫燕食品主营业务为卤制食品的研发、生产和销售，主要产品为夫妻肺片、百味鸡、藤椒鸡等以鸡、鸭、牛、猪等禽畜产品以及蔬菜、水产 品、豆制品为原材料的卤制食品，应用场景以佐餐消费为主、休闲消费为辅，主要品牌为"紫燕"。公司于2022年9月登陆上交所。 而在上市次年起，紫燕食品营收便出现下滑，且降幅有增长趋势。数据显示，2023年公司营收同比降1.46%，2024年则同比减少5.28%。 12月25日，"紫燕百味鸡店员偷减牛肉被抓现行"词条引爆微博热搜。 据了解，12月24日江苏一消费者在紫燕百味鸡买牛肉，称好后打包时阿姨将盒子放背处，偷偷用手"拿"走牛肉，该消费者称已发现多次，这次终于拍到证 据，并表示已打投诉电话，等通知。 据新京报12月25日消息，品牌方客服人员表示涉事门店暂停营业，已开展内部核查，一经查实，将严肃处理当事人并加强门店管理。 其中，公司拟终止研发检测中心建设项目，并将研发检测中心建设项目尚未使用的募集资金用于品牌建设及市场推广项目。 同时，仓储基地建设项目将在募集资金投资总额不发生变更的情 ...

Core Viewpoint - The company reported a slight revenue increase in Q3 2025, but overall performance has declined in the first three quarters of the year, prompting strategic adjustments to improve results [1][3]. Financial Performance - In Q3 2025, the company achieved revenue of 1.041 billion yuan, a year-on-year increase of 1.75%, with a net profit attributable to shareholders of 90 million yuan [1]. - Cumulatively, for the first three quarters, the company recorded revenue of 2.514 billion yuan and a net profit of 194 million yuan, indicating a decline in performance [1]. Product Structure - The core product line remains fresh goods, accounting for approximately 80% of total revenue, with key products including "夫妻肺片" contributing 676 million yuan and whole poultry generating 541 million yuan [3]. - Pre-packaged and other products showed significant growth, with a year-on-year increase of 26.78%, highlighting diversification in the product offering [3]. Regional Performance - The East China region is the company's primary market, contributing 1.697 billion yuan in revenue, which is about 69% of total revenue [3]. - The company has made strides in the South China market, with revenue increasing from 61.57 million yuan to 71.49 million yuan, a growth of 16% year-on-year [3]. International Expansion - The company is implementing a dual strategy of "direct store management + supermarket cooperation" for international growth, with notable success in North America and Australia [4]. - In the first three quarters, overseas revenue reached 10.98 million yuan, a significant increase of 165% compared to 4.14 million yuan in the same period last year [4]. - The company has opened multiple stores in the U.S. and Australia, expanding its international footprint to nine overseas locations [4].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading player in the marinated food sector, with a strong focus on fresh products and a stable core product lineup. It has been transitioning from family management to modern corporate governance while expanding its market presence nationally and internationally [8][19]. - The marinated food market in China is characterized by a large market with many small enterprises, indicating significant growth potential for leading brands like the company, which holds a market share of 3.1% [48][57]. - The company is diversifying its operations, exploring new markets such as campus and B2B sectors domestically, and expanding internationally with a focus on establishing stores overseas and securing supply chains [8][19]. Summary by Sections 1. Company Overview - The company has evolved through three main stages: regional focus, national expansion, and the initiation of a global strategy. It was founded in 1989 and has grown to over 6,300 stores by mid-2024 [14][15]. - The product mix is heavily weighted towards fresh goods, which accounted for 83.4% of revenue in 2024, with core products like "Couple's Lung Slice" and "Whole Poultry" maintaining a stable market share [20][21]. 2. Market Landscape - The marinated food industry in China has seen a compound annual growth rate (CAGR) of 11.9% from 2018 to 2022, with the market size expanding from 1,498 billion yuan to 2,350 billion yuan [48][57]. - The company leads in store count among competitors, with over 5,000 stores, while the top five brands collectively hold only 5.1% market share, indicating low industry concentration and room for growth [57][64]. 3. Leadership Transition and Global Strategy - The second generation of leadership is actively pursuing a global strategy, with initiatives including the establishment of overseas stores and partnerships for sourcing raw materials [19][80]. - The company is also focusing on diversifying its domestic channels, particularly in the campus and B2B markets, to enhance brand visibility among younger consumers [19][34]. 4. Financial Analysis and Projections - Revenue projections for 2025-2027 are estimated at 31.6 billion yuan, 34.3 billion yuan, and 36.4 billion yuan, respectively, with corresponding net profits of 2.5 billion yuan, 2.9 billion yuan, and 3.4 billion yuan [1][8]. - The company's gross margin is closely tied to raw material prices, which have shown volatility but are expected to stabilize, allowing for potential margin improvements in the future [40][46].

Core Viewpoint - Ziyan Food, known as the "first stock of marinated snacks," has reported a significant decline in both revenue and net profit for the first three quarters of 2023, with net profit plummeting by 44.37% [4][9]. Group 1: Financial Performance - In the third quarter, Ziyan Food's revenue showed a slight increase of 1.75%, reaching 1.041 billion yuan, but net profit fell sharply by 40.66% to 90 million yuan [8]. - For the first three quarters, the company achieved a total revenue of 2.514 billion yuan, a decrease of 6.43% year-on-year, while net profit dropped to 194 million yuan, down 44.37% [9][10]. - The net cash flow from operating activities for the first three quarters was 252 million yuan, a decline of 39.23%, indicating a weakening "self-sustaining ability" [10]. Group 2: Market Challenges - Rising product prices and potential food safety issues have contributed to a decline in consumer interest in Ziyan's products [6][19]. - The price of Ziyan's signature dish, "Couple's Lung Slice," has increased significantly, with reports indicating a price rise from 20.8 yuan to 27.4 yuan for a meal set over a few months [17]. - Food safety concerns have been highlighted, with reports of microbial contamination in several products, leading to consumer complaints and a negative impact on brand reputation [20][22]. Group 3: Strategic Initiatives - Ziyan Food is attempting to revitalize its business by targeting younger consumers, expanding into overseas markets, and optimizing its supply chain [6][27]. - The company is focusing on a "combination strategy" that includes "youthfulness," "globalization," and "digitalization" to navigate market challenges [28][31]. - Despite these efforts, recent financial reports indicate that these strategies have yet to yield significant improvements in performance [32]. Group 4: Shareholder Sentiment - Amidst declining performance, several shareholders have expressed intentions to exit, including major investment firms [37]. - The third quarter saw multiple shareholders, such as China Merchants Bank and Sichuan Haizi Investment Management, reducing or exiting their stakes in Ziyan Food [38].

Core Insights - Ziyan Food, known as the "first stock of夫妻肺片," reported a revenue decline of 6.43% year-on-year to 2.514 billion yuan in the first three quarters of the year, with a net profit drop of 44.21% to 248 million yuan [1][2] - In Q3, revenue increased by 1.75% year-on-year to 1.041 billion yuan, while net profit decreased by 42.48% to 110 million yuan [1][2] Financial Performance - Revenue for the first three quarters: 2.514 billion yuan, down 6.43% year-on-year [2] - Q3 revenue: 1.041 billion yuan, up 1.75% year-on-year [2] - Net profit for the first three quarters: 248 million yuan, down 44.21% year-on-year [2] - Q3 net profit: 110 million yuan, down 42.48% year-on-year [2] - Gross profit margin decreased by 14.09 percentage points to 22.52% in the first three quarters [2] Product Performance - Fresh product revenue declined by 10.45% to 2.003 billion yuan in the first three quarters [3] - Revenue from the flagship product,夫妻肺片, fell by 15.92% to 676 million yuan [3] - Whole poultry revenue decreased by 16.12% to 541 million yuan [3] - Revenue from spicy snacks increased by 2.62% to 236 million yuan [3] - Revenue from pre-packaged and other products grew by 26.79% to 336 million yuan [3] Distribution and Store Growth - Revenue from the distribution model accounted for nearly 80% of total revenue, but the number of cooperating distributors decreased from 112 to 97 year-on-year [4] - As of June 30, 2024, Ziyan Food had 6,308 stores in China, with only 29 being direct-operated [4] - The net increase in stores for the first half of 2024 was 103, a significant slowdown compared to previous years [4]

Core Insights - Purple燕食品 reported a revenue of 1.041 billion yuan in Q3, a year-on-year increase of 1.75%, with a net profit attributable to shareholders of 90 million yuan [2] - For the year-to-date, the total revenue reached 2.514 billion yuan, with a net profit of 194 million yuan and basic earnings per share of 0.2173 yuan [2] Financial Performance - The company maintained a robust asset structure with total assets of 3.917 billion yuan, a 17.56% increase from the previous year [3] - Cash flow from operating activities was 252 million yuan, supporting ongoing operations and strategic investments [3] - The gross profit margin for the first three quarters of 2025 was 22.52%, with reasonable expense ratios [5] Product and Market Strategy - Fresh products accounted for approximately 80% of total revenue, while pre-packaged and other products saw a 26.78% year-on-year increase [3] - The company is expanding its product offerings to include diverse consumption scenarios, moving from "cooked food window" to "home dining" and "gift leisure" [3] - The product matrix is diversifying, with a more balanced share between fresh and pre-packaged products, indicating potential for improved profitability [7] Industry Trends - The marinated food market in China is expected to grow from 234.95 billion yuan in 2022 to nearly 400 billion yuan by 2027, with a double-digit annual growth rate [6] - The company is innovating and upgrading its product development system, launching new products monthly to cater to various consumer segments [6] Supply Chain and Operational Efficiency - The company is optimizing its supply chain through centralized procurement and supply chain enhancements, effectively mitigating pressure from raw material price fluctuations [5] - Digital transformation is a key focus, with the implementation of a fully integrated data system across procurement, production, and logistics [7] - The company has established a nationwide cold chain network, ensuring efficient delivery and product quality [7] International Expansion - Purple燕食品 is actively expanding its international presence, with products entering the U.S. market and establishing multiple stores in New York and New Jersey [8] - The company is adopting a "standardized production + localized operation" model for its overseas stores, ensuring product consistency and adapting to local consumer habits [8] Future Outlook - The company aims to enhance operational quality and market responsiveness through structural optimization and brand rejuvenation [9] - The expansion of pre-packaged products and overseas business is expected to drive overall performance growth [9] - With a focus on supply chain, brand, and internationalization, the company is positioned for sustainable growth and aims to become a global leader in marinated foods [9]

Core Insights - Ziyan Food (603057) reported its Q3 2025 earnings, showing a revenue of 1.041 billion yuan, a year-on-year increase of 1.75%, while net profit attributable to shareholders decreased by 40.66% to 89.54 million yuan [1] - For the first three quarters, the company recorded a revenue of 2.514 billion yuan, a year-on-year decline of 6.43%, and a net profit of 194 million yuan, down 44.37% [1] - The decline in profit is attributed to decreased performance leading to lower revenue and a significant drop in gross margin [1] Financial Performance - The gross margin for the first three quarters fell from 26.22% in the same period last year to 22.52%, while the net profit margin dropped to single digits at 7.93%, compared to 13.10% in the previous year [1] - The company’s main business involves the research, production, and sales of marinated foods, with key products including "Husband and Wife Lung Slice," "Spicy Chicken," and "Pepper Chicken," primarily using poultry, livestock, vegetables, seafood, and soy products as raw materials [1] Market Performance - Since the end of August, Ziyan Food's stock price has been on a downward trend, closing at 18.76 yuan per share, representing a 29.68% decline over the past two months [1]