以下文章来源于金角财经 ，作者温颖颖 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 作者： 温颖颖 来源：金角财经 "中国鸭王"栽了。 ---------------------------------- 湖南监管局 近日下发《行政处罚事先告知书》：绝味食品因 涉嫌信息披露违法违规 、被处罚 400 万元，董事长及多人被合计处罚 450 万元。与此同时，公司股票被实施其他风险警示， A 股简称 变为" ST 绝味" 。 这期间，绝味食品的营收增速大起大落： 2019 年同比暴增 18.4% ， 2020 年却骤降至仅 2% ， 2021 年又飙升 24.1% ，让外界对其经营稳定性产生质疑。 而在业绩波动期， 绝味食品反而还要 "藏富"。 问题来了，它到底图什么？ 要知道，从营收规模到门店数量，绝味食品一直压着煌上煌、周黑鸭，是卤味三巨头里的老大， 被 网友冠以 "中国鸭王"的称号 。 如今却被戴上 ST 的帽子，这意味着绝味食品可能面临融资受阻、品牌销量受损的局面。 A 股中， 不乏被 ST 后股价一路下滑甚至退市的案例，这对于绝味食品无疑是一记重拳。 更让人意外的是， 一般企业造假惯常是 "虚增 ...

Core Viewpoint - The company, known as the "Duck Neck King," has faced significant financial and operational challenges, leading to a decline in its stock price and market value due to financial misconduct and poor performance in the competitive market [3][5][10]. Financial Misconduct - The company was penalized by the China Securities Regulatory Commission (CSRC) for underreporting revenue by approximately 724 million yuan from 2017 to 2021, resulting in a fine of 4 million yuan [3][5]. - The investigation revealed that the company failed to recognize income from franchise store renovations, leading to a systematic underreporting of revenue across multiple years [5][7]. Performance Decline - In the first half of 2025, the company reported a revenue decline of 15.57% year-on-year, with net profit dropping by 40.71% [4][10]. - The total number of stores decreased from 14,969 at the end of 2023 to 10,725 by September 2024, indicating an average closure of about 10 stores per day over the past year [4][10][14]. Market Position and Strategy - The company has shifted its focus from aggressive expansion to optimizing store performance and franchise management in response to market saturation [14][15]. - Despite previous growth, the company has faced increased competition and declining profitability, prompting a reevaluation of its business model and marketing strategies [10][15][17]. Investment and Brand Strategy - The company has invested over 5 billion yuan in various brands since 2017, but these investments have resulted in significant losses, totaling over 370 million yuan from 2022 to 2024 [15][17]. - In an effort to rejuvenate its brand, the company appointed a new global ambassador and introduced new store formats, although the effectiveness of these strategies remains uncertain [17][18].

Core Viewpoint - Juewei Food's financial fraud may involve more than just ST risk, with over 700 million yuan in hidden funds potentially being misappropriated and unresolved tax compliance issues [1][2][3] Financial Fraud and ST Risk - Juewei Food has been flagged for financial fraud, leading to its stock being designated as ST (Special Treatment) due to hidden performance rather than inflated earnings [1][2] - From 2017 to 2021, the company failed to recognize revenue from franchise store renovation, resulting in a cumulative understatement of over 700 million yuan, which accounted for 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% of the reported annual revenues for those years [1][2] Tax Compliance Issues - The hidden revenue raises concerns about the company's tax compliance, as failure to report such income could lead to tax evasion penalties [3][4] - According to tax regulations, any concealment or misrepresentation of income can result in severe penalties, including fines and potential criminal charges [3] Potential Fund Misappropriation - There are questions regarding whether the over 700 million yuan in hidden revenue constitutes fund misappropriation, especially since the company managed franchise renovation through personal bank accounts [4][5] - Previous incidents of operational funds being misappropriated were identified, with 21.07 million yuan collected through employee personal accounts not deposited into the company's accounts [5] Governance and Related Party Transactions - The company has been criticized for poor disclosure practices, particularly regarding related party transactions involving executives and board members [10][11] - A significant transaction involving the acquisition of a supplier's shares was not disclosed in a timely manner, raising concerns about governance quality [10][11] Recent Performance Decline - In the first half of the year, Juewei Food reported a significant decline in performance, with revenue of 2.82 billion yuan, down 15.57% year-on-year, and a net profit of 175 million yuan, down 40.71% [12] - The company has closed over 5,000 stores, representing a reduction of more than 30% from the end of 2023, contributing to the operational pressures [12]

Investment Rating - The industry rating is maintained as "Outperform the Market" [7] Core Viewpoints - The pre-prepared food concept is driving short-term performance in the catering supply sector, with a focus on the upcoming double festival catalysis [5][16] - The overall food and beverage sector experienced a decline of 2.53% from September 15 to September 19, with specific segments like pre-processed foods and soft drinks showing positive performance [23][26] Summary by Sections Market Performance Review - From September 15 to September 19, the food and beverage sector declined by 2.53%, while the Shanghai Composite Index and CSI 300 Index fell by 1.30% and 0.44%, respectively [23] - Specific segment performances included: pre-processed foods (+0.32%), soft drinks (+0.07%), and health products (+0.05%), while snacks (-1.28%) and meat products (-3.64%) saw declines [23] Alcoholic Beverages - The liquor sector saw a decline of 2.95%, underperforming compared to the overall food and beverage sector and the CSI 300 [14] - Key brands like Jinhuijiu and Gujinggongjiu experienced significant drops, with the overall consumption environment remaining under pressure [14] - The current PE-TTM for the liquor index is 19X, indicating a relatively low valuation compared to the past decade [14] Beer Sector - The beer sector showed a slight increase of 0.03%, with brands like Qingdao Beer and Yanjing Beer performing well [15] - Cumulative beer production from January to August 2025 was 26.83 million kiloliters, a slight decrease of 0.2% year-on-year [15] Investment Recommendations - For the liquor sector, three main investment lines are recommended: strong beta stocks (e.g., Jiugui Jiu, Shui Jing Fang), value recovery stocks (e.g., Yingjia Gongjiu), and strong alpha stocks (e.g., Shanxi Fenjiu, Guizhou Moutai) [22] - In the beer sector, focus on companies with sustained growth potential and those benefiting from cost reductions [22] Key Data Tracking - The average price of fresh milk in major production areas was 3.03 yuan/kg as of September 18, 2025, with no year-on-year change [20] - The production capacity of Daizhou yellow wine increased from 18,000 tons to 130,000 tons over the past three years, with a reported output value of 263 million yuan in the first half of the year, up 14.3% year-on-year [14]

在运输端，绝味食品（603517.SH）拥有2000多台冷链物流车辆，通过智能温控系统维持4℃低温环境， 配合每日定时配送机制，确保每一批产品都能在清晨9点前送达门店。每一位冷链司机都将以"快而 稳"的配送哲学，灵活应对路况，保障产品在24小时内进入销售环节，最大程度保留卤味的原汁原味。 基于"当日生产、当日配送"的模式，消费者无论身处何地，都能品尝到刚出锅的鲜辣"绝味"。 随着万店规模的实现，绝味在供应链的全链条建设上已迈入深水区。从源头工厂到最后一公里配送，从 区域仓储到AI选址模型，绝味鸭脖用一整套高效协同、技术驱动的体系，为品牌持续增长提供底层动 力。未来，绝味鸭脖不仅要在"鲜辣"上保持领先，更将在供应体系建设上继续突破，打造真正意义上的 国民餐饮基业，为中国食品行业持续赋能。 绝味食品（603517.SH）的"鲜"始于源头，品质把控贯穿供应链始终。在香料筛选上，19年工龄的黄师 傅以"眼睛是尺、鼻子是尺"的匠心，在广西高山油桂、印度辣椒到天宇椒等香料中，精选层次丰富、辣 而有香的原料，确保"鲜香"口感成为品牌标识。在食材处理上，绝味在全国自有工厂采用4℃恒温冷柜 和50%湿度标准，从采购到加工全程冷 ...

2025年9月23日，曾经的"鸭脖大王"绝味食品正式戴上ST帽子，股票简称变更为"ST绝味"，日涨跌幅限制缩至5%。 这一天，距离其2017年风光上市刚好过去8年半。 资本市场的冷遇与消费者的信任危机，将这家拥有万余家门店的卤味巨头推向了生死存亡的十字路口。回溯这场坠落，从2017-2021年连续 五年的财务造假，到近一年多超5000家门店的消失，绝味食品的崩塌轨迹背后，是加盟模式狂奔下的系统性风险的集中爆发。 5年隐匿营收超7亿，为何要"反向造假"？ 湖南证监局的《行政处罚事先告知书》，揭开了绝味食品长达五年财务造假的事实。 调查显示，2017年至2021年期间，绝味食品未确认加盟门店装修业务收入，导致各年度报告少计营业收入，占对应年度公开披露营业收入 的比例分别为5.48%、3.79%、2.20%、2.39%和1.64%。 中国证监会湖南监管局认为，绝味食品上述行为涉嫌违反《证券法》等相关法律规定，决定对绝味食品责令改正、给予警告，并处以400 万元罚款；对时任董事长兼总经理戴文军给予警告，并处以200万元罚款；对时任财务总监彭才刚给予警告，并处以150万元罚款；对时任 董事会秘书彭刚毅给予警告，并处以1 ...

Core Viewpoint - Juewei Foods, once a leading brand in the snack industry, is facing significant challenges including declining performance, store closures, and legal repercussions, leading to its stock being labeled as ST (special treatment) due to undisclosed revenue issues [2][18][28]. Group 1: Financial and Legal Issues - Juewei Foods received a notice from the Hunan Securities Regulatory Commission regarding administrative penalties for failing to accurately disclose revenue from 2017 to 2021, resulting in a fine of 4 million yuan [2][12]. - The company's stock was suspended for one day and subsequently received a risk warning, changing its A-share abbreviation to "ST Juewei" [2][12]. - The company reported a significant drop in net profit by 40.71% in the first half of 2025, with revenue declining by 15.57% [18][19]. Group 2: Revenue Recognition Problems - The company has been accused of underreporting revenue related to franchise store renovation fees, which were not recognized according to regulations, leading to a significant understatement of reported income [8][11]. - The unreported revenue as a percentage of total disclosed revenue from 2017 to 2021 was 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively, indicating a systematic issue over several years [8][12]. Group 3: Market and Operational Challenges - Juewei Foods has seen a drastic reduction in store numbers, closing over 5,000 stores in a year and a half, representing a 32.3% decrease from its peak [23][24]. - The overall snack industry is experiencing stagnation, with major players reporting a collective revenue decline of over 10% in the first half of 2025 [22][27]. - The company's profitability is under pressure, with both gross and net profit margins declining significantly, particularly a net profit margin drop of over 31% [22][28].

资料图。本文来源：界面新闻、新华网 绝味食品公告称，公司A股股票简称由"绝味食品"变更为"ST 绝味"; 证券代码仍为603517；实 施风险警示的起始日为2025年9月23日。 因涉嫌信息披露违法违规，绝味食品(603517.SH)及其董事长等被处罚，公司股票拟被ST。 官网资料显示，绝味食品公司成立于2005年4月15日，注册资本6亿元。该公司于2017年3月17 日上市。其中，卤制品绝味鸭脖是其拳头产品，绝味食品也因此被外界称为"鸭脖大王"。官网 数据显示，其鸭脖原料消耗达到1万吨，零售规模超过60亿。 绝味食品日前发布公告称，因涉嫌信息披露违法违规，去年6月7日， 中国证监会决定对绝味食 品立案。今年9月19日，公司收到中国证监会湖南监管局下发的《行政处罚事先告知书》(《告 知书》)。 窄门数据显示，2022年以来，绝味鸭脖门店开店数量开始减少。截至目前，绝味鸭脖门店数量 为10725家。据绝味财报显示，截至2024年6月底，绝味食品内地门店总数为14969家。照此计 算，近一年多来，其门店数量减少了4244家。 《告知书》显示，2017年至2021年期间，绝味食品未确认加盟门店装修业务收入，导致年度 ...

绝味食品股份有限公司（绝味食品，603517.SH）日前发布公告称，因涉嫌信息披露违法违规，2024年6月7日，中国证监会决定对绝味食品立案。2025年9月19日，公司收到中国证监会湖南监 《告知书》显示，2017年至2021年期间，绝味食品未确认加盟门店装修业务收入，导致年度报告少计营业收入，占对应年度公开披露营业收入的比例分别为5.48%、3.79%、2.20%、2.39%、 中国证监会湖南监管局认为，绝味食品上述行为涉嫌违反相关法律所述违法行为。该局决定对绝味食品责令改正，给予警告，并处以400万元罚款；对时任董事长兼总经理戴文军给予警告，并处 公告指出，根据相关规定，公司股票将被实施其他风险警示，A股简称将变更为"ST绝味"，实施起始日为2025年9月23日，停牌日期为9月22日。实施其他风险警示后，公司股票将在风险警示板 近年来，传统卤味行业遭遇增长瓶颈。窄门数据显示，2022年以来，绝味鸭脖门店开店数量开始减少，截至目前，绝味鸭脖门店数量为10725家。据绝味食品财报显示，截至2024年6月底，绝 来源：智通财经 编辑：赵静明 校对：蔡佳 登录新浪财经APP 搜索【信披】查看更多考评等级 涉嫌信息 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 该公司股票将于2025年9月22日停牌1天，2025年9月23日起实施其他风险警示。实施其他风险警示后，该公司股票将在风险警示板交易，股票价格的日涨跌 幅限制为5%。 近两年，绝味食品业绩下滑明显。去年全年，该公司归母净利润2.27亿元，同比减少34%。今年上半年，该公司营业收入约28.2亿元，同比减少15.57%；归 属于上市公司股东的净利润约1.75亿元，同比减少40.71%。报告称，公司上半年营收下降主要系报告期内销量下降。 卤制食品销售是绝味食品收入的主要来源。今年上半年，该公司卤制食品销售收入为23.40亿元，占到同期主营业务收入的84.88%。 官网资料显示，绝味食品公司成立于2005年4月15日，注册资本6亿元。该公司于2017年3月17日上市。其中，卤制品绝味鸭脖是其拳头产品，绝味食品也因 此被外界称为"鸭脖大王"。官网数据显示，其鸭脖原料消耗达到1万吨，零售规模超过60亿。 因涉嫌信息披露违法违规，绝味食品（维权）(603517.SH)及其董事长等被处罚，公司股票拟被ST。 绝味食品日前发布公告称，因涉嫌信息披露违法违规，去年6月7日， 中国 ...