卤味头部品牌绝味食品动作频频，继推出炸货+饮品的绝味Plus之后，近日又在深圳开出新餐厅"绝味煲 煲"，定位"快餐+小吃"，持续渗透餐饮赛道。系列密集布局的背后，或许是绝味食品亟待缓解的业绩压 力：绝味食品三季度营收同比下滑13.98%，净利润同比降幅达26.46%，业绩营收净利双降的同时，还 被监管部门实施"其他风险警示"。 在业内人士看来，餐饮市场本身竞争激烈，快餐及小吃赛道更是品牌扎堆、内卷严重，绝味食品应优先 巩固卤味主业，新业务需规避与现有业务的冲突，在寻找第二增长曲线的过程中保持审慎推进。 开餐厅试水新业务 绝味食品想打破只卖"鸭脖"的刻板印象。近日，绝味食品在深圳开出新品牌绝味煲煲，门店外观上，与 绝味鸭脖的红底黄字风格大不相同，绝味煲煲门店风格以绿色为主，门头上"绝味煲煲"四个大字尤为显 眼，旁边还标注着"小煲砂锅菜卤味小吃"。门店前的流动小车上不仅印有招牌菜图片，还写着"绝味鸭 脖·新品牌首店"的字样，门店内设有多个堂食座位。 相较于售卖卤味产品且不需要过大面积的主力品牌绝味鸭脖，绝味食品开出绝味煲煲，更像是释放进军 餐厅信号的重要一步。产品上，绝味煲煲的招牌产品为"绝味麻辣鸭煲"，提供辣椒 ...

开餐厅试水新业务 绝味食品想打破只卖"鸭脖"的刻板印象。近日，绝味食品在深圳开出新品牌绝味煲煲，门店外观上，与绝味鸭脖的红底黄字风格大不相同，绝味煲煲门店风 格以绿色为主，门头上"绝味煲煲"四个大字尤为显眼，旁边还标注着"小煲砂锅菜 卤味小吃"。门店前的流动小车上不仅印有招牌菜图片，还写着"绝味鸭脖· 新品牌首店"的字样，门店内设有多个堂食座位。 卤味头部品牌绝味食品动作频频，继推出炸货+饮品的绝味Plus之后，近日又在深圳开出新餐厅"绝味煲煲"，定位"快餐+小吃"，持续渗透餐饮赛道。系列密 集布局的背后，或许是绝味食品亟待缓解的业绩压力：绝味食品三季度营收同比下滑13.98%，净利润同比降幅达26.46%，业绩营收净利双降的同时，还被 监管部门实施"其他风险警示"。 在业内人士看来，餐饮市场本身竞争激烈，快餐及小吃赛道更是品牌扎堆、内卷严重，绝味食品应优先巩固卤味主业，新业务需规避与现有业务的冲突，在 寻找第二增长曲线的过程中保持审慎推进。 不仅如此，绝味食品还承受着一定来自资本市场的压力。根据绝味食品发布的公告，公司不久前收到中国证券监督管理委员会湖南监管局下发的《行政处罚 事先告知书》，提及绝味食品涉嫌 ...

以下文章来源于灵兽 ，作者晴山 灵兽 . 专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 本文来自微信公众号： 灵兽 ，作者：晴山，题图来自：视觉中国 一、"选择视而不见" "以前下班路过绝味，总会进去买点鸭脖当下酒菜。现在选择'视而不见'，连进都不进店了。"邓力 （化名） 对《灵兽》说。 1988年出生的邓力，目前在北京一家互联网公司做产品经理，月薪在1.5万元左右。十年前，他是绝 味鸭脖的忠实顾客，每周五下班都会买些卤味，"那时候觉得绝味很有性价比，10块钱能买两三根鸭 脖，凑一盘下酒菜绰绰有余。" 但最近几年，邓力几乎不再光顾绝味鸭脖。"不是真的消费不起，而是觉得价格和价值完全不匹 配。"他算了笔账：一根鸭脖10块钱，一个鸭头8块钱，鸭翅中46元一斤，鸭肠更是高达92元一 斤。"随便买点就要四五十，还都是边角料，这么多钱够买一整只鸭子了。" 更让邓力不满的是门店的"营销套路"。"你说要10块钱的鸭脖，店员好像没听清你的意思，直接给你 夹了20块的，然后一脸无辜地问'可以吗？' ...

Core Insights - Juewei Foods reported a net profit of 280 million yuan in the first three quarters of 2025, showcasing its strong and stable leadership in the industry, supported by an advanced supply chain system centered around cold chain logistics [1][2] Supply Chain and Logistics - Juewei has established a nationwide digital cold chain and logistics system, setting a new benchmark for the industry with its transparent and standardized management [1] - The supply chain system is built around a "24-hour freshness commitment," ensuring product quality from raw material processing to store shelving through a fully integrated digital system [1] - The supply chain processes over a million orders daily, maintaining a product defect rate of below 0.03%, demonstrating its operational excellence [1] Production Efficiency - The central factory has introduced multiple intelligent devices that significantly enhance efficiency and quality, including automated storage and customized intelligent equipment [2] - The automated marinating equipment increases labor efficiency by 300%, while continuous marinating devices maintain precise temperature control within ±1℃, overcoming traditional industry bottlenecks [2] - Juewei's electronic batch management system provides traceability for each product, allowing consumers to access complete production information through QR codes, thereby enhancing consumer trust [2] Competitive Advantage - In a market characterized by severe homogenization, Juewei's combination of "cold chain + factory + digitalization" creates a closed-loop capability that is difficult for competitors to replicate in the short term, establishing a unique brand moat [2] - The company is expected to further enhance the value of its supply system, expanding product categories through cold chain and factory developments, and promoting diversified growth in the marinated food sector [2]

Core Viewpoint - Juewei Duck Neck is expanding into the fast food sector with the launch of a new brand called "Juewei Bao Bao," targeting office workers in Shenzhen's Kexing Technology Park [1][5]. Group 1: Brand and Store Concept - "Juewei Bao Bao" represents a significant departure from traditional Juewei Duck Neck stores, featuring a vibrant green and white design that emphasizes its fast-casual dining concept [1][3]. - The store retains elements of the Juewei brand, such as a dedicated area for selling traditional snacks like five-spice duck neck and signature duck spine [3]. Group 2: Product Offerings - The menu includes upgraded versions of traditional products, such as transitioning from "cold marinated" to "hot pot" dishes, with signature items like Spicy Duck Pot and Flavorful Black Duck Pot [3]. - New offerings include a variety of dishes like Stir-fried Beef Pot and Pickled Cabbage with Pork Intestines Pot, alongside home-style stir-fried dishes and marinated rice, catering to consumer dining needs [3]. Group 3: Pricing Strategy - Juewei Bao Bao adopts a budget-friendly pricing strategy, with small portions of signature pots priced at 26.9 yuan and large portions at 48 yuan; other dishes range from 12.9 to 32.9 yuan [3]. Group 4: Expansion Plans - Currently, Juewei Bao Bao is testing its first store in Shenzhen, with plans for additional locations in South and East China expected next year [5]. - This is not the first new store format for Juewei, as it previously launched "Juewei Plus" and "Juewei Fresh Marinated" stores, indicating a trend of diversifying its business model [5]. Group 5: Industry Trends - The company's cross-industry moves reflect a strategic response to industry trends, aiming to break through market saturation and enhance consumer engagement by expanding dining experiences [5].

Core Viewpoint - The report highlights the evolution of the Chinese restaurant industry over the past decade, emphasizing the shift towards chain operations and capital investment, while also outlining future trends and opportunities for growth in the sector [4][6][9]. Industry Overview - The chain rate of the Chinese restaurant industry has reached 23%, with revenue approximately 6.4 trillion RMB and nearly 9 million stores [4][6]. - The past decade has been characterized as the "chain era," marked by significant capital investment and the emergence of influential associations like the China Chain Store & Franchise Association [4][6][8]. Future Trends - The report anticipates that the chain rate will rise to 25% in 2025 and potentially reach 28% by 2026 [14]. - Key trends identified for the next decade include the evolution of chains, the globalization of Chinese cuisine, and a focus on cost reduction while maintaining quality [10][12][14]. Restaurant Categories Hot Pot - The number of hot pot restaurants in China is approximately 528,298, with a net increase of 62,000 stores [17][18]. - Haidilao has initiated the "Pomegranate Plan," which aims to empower new brands using its supply chain and operational capabilities, resulting in significant revenue growth [18][19]. Barbecue - The barbecue segment has around 413,682 operating stores, with a net increase of 16,029 [33]. - Brands like "Very Long Ago" and "Guan's Chicken Wings" exemplify different operational philosophies, focusing on quality and customer relationships [36][39]. Regional Cuisines - Hunan cuisine is experiencing a transformation into a national favorite, with brands like "Fei Chef" emphasizing fresh ingredients and healthy cooking methods [70][76]. - Sichuan cuisine faces challenges in scaling due to reliance on franchising and a lack of standardized operations, which hinders brand strength [79][84]. Cantonese Cuisine - Cantonese cuisine is expanding both nationally and globally, with brands like "Dian Dou De" successfully adapting their offerings to attract a broader audience [93][94]. - The focus on fresh supply chains and innovative dining experiences is driving growth in this segment [95][96]. Jiangsu-Zhejiang Cuisine - Jiangsu-Zhejiang cuisine, known for its delicacy and refinement, has around 110,463 operating stores, with a focus on cultural experiences and high-quality ingredients [104][106]. - The global appeal of dishes like soup dumplings is highlighted as a key opportunity for international expansion [108].

Core Insights - The company "Juewei" is facing significant challenges, including a revenue drop of 700 million and a net profit decline of over 30% in the first three quarters of the year [3] - The number of stores has decreased by over 5,000 since the end of 2023, averaging nearly 10 store closures per day [3] - The company is under scrutiny for compliance issues, specifically for failing to report over 700 million in franchise store renovation income for five consecutive years, which is a serious regulatory violation [3][4] Company Issues - Juewei's expansion strategy, which relied heavily on franchising, has backfired as franchisees face squeezed profits due to mandatory purchases from designated suppliers [3] - The company has invested over 2 billion in loss-making enterprises while the controlling shareholder cashed out 3.7 billion at high stock prices, raising concerns among long-term investors [3] - The company has not adapted to changing consumer preferences, with traditional high-fat and high-salt products losing appeal among younger consumers [4] Industry Context - The snack food industry is experiencing intense competition, with convenience stores and supermarkets offering homemade alternatives, further impacting Juewei's market share [4] - Competitors like "Huang Shang Huang" and "Zhou Hei Ya" have managed to stabilize their businesses by closing inefficient stores and focusing on cost control, unlike Juewei [4] - The overall industry downturn has exacerbated Juewei's struggles, highlighting the importance of compliance, trust with franchisees, and the ability to innovate in response to market trends [4][5]

Group 1 - Puma reported a 10.4% decline in sales to €1.9557 billion for Q3 2025, with a net loss of €62.3 million and earnings per share of -€0.42 [1] - The company plans to cut approximately 900 white-collar jobs globally by the end of 2026 due to anticipated significant sales declines and high operational costs [1] - Puma is facing challenges such as weak brand momentum, high inventory levels, and low distribution quality, but still has potential to rank among the top three global sports brands if reforms are executed effectively [1] Group 2 - Douyin announced ongoing efforts to combat the improper use of minors' images for profit, having removed 37,000 videos and penalized 3,651 accounts in the past month [2] - The platform's actions highlight the ongoing challenges in protecting minors online, emphasizing the need for continuous legal and technological improvements [2] Group 3 - The snack industry, particularly the braised food sector, is experiencing a slowdown, with major players like ST Juewei and Huang Shanghuang reporting revenue declines [3] - Experts indicate that high prices and insufficient value for money are significant challenges for the braised food industry amid changing consumer willingness and confidence [3] Group 4 - Starbucks reported a revenue of $3.105 billion in China for the 2025 fiscal year, marking a 5% year-over-year increase, with consistent growth in operating income and same-store sales [4] - The company's performance indicates a successful strategy in product differentiation, creating a competitive advantage in the highly competitive Chinese coffee market [4]

Core Viewpoint - The article discusses the recent regulatory issues faced by Juewei Foods, which has been penalized for information disclosure violations, leading to its stock being labeled as "ST Juewei," indicating potential financial difficulties and loss of brand reputation [5][7]. Summary by Sections Regulatory Issues - Juewei Foods has been fined 4 million yuan for information disclosure violations, with additional penalties totaling 4.5 million yuan for its chairman and several executives [5]. - The company has been placed under risk warning, which could hinder its financing and negatively impact sales [7]. Financial Misreporting - Juewei Foods is accused of underreporting revenue by not including renovation income from franchise stores, which accounted for a total of approximately 723 million yuan over five years [8]. - The company's revenue growth has been inconsistent, with significant fluctuations observed from 2019 to 2021, raising concerns about its operational stability [8]. Speculations on Financial Practices - There are speculations that the underreported renovation fees may have been diverted to personal accounts, indicating possible involvement from the company's management [11][14]. - The company may have aimed to create a false impression of profitability for franchisees to attract more investors and franchise partners [15]. Business Performance and Challenges - Juewei Foods has seen a decline in revenue and net profit in 2024, with a projected revenue drop of 13.8% to 6.26 billion yuan and a net profit decrease of 35.7% to 204 million yuan [18]. - The number of franchise stores has also decreased significantly, with a reduction of nearly one-third from its peak [19]. Market Position and Competition - Despite being the industry leader, Juewei Foods faces increasing competition from rivals like Huangshanghuang and Zhouheiya, which have shown significant profit growth [29]. - The company is struggling with consumer perception issues, particularly regarding pricing and food safety concerns, which have led to a decline in consumer trust [23][26]. Future Outlook - The potential for Juewei Foods to recover from its current challenges is uncertain, as it must address fundamental issues related to product quality and brand reputation to regain market share [29].

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].