柜台里，鸭脖、鸭头、鸭舌堆成小山，颜色鲜亮，看起来依旧是记忆里熟悉的样子。他低头扫了一眼价 签，有些吃惊——150克的鸭脖售价19.8元，160克的鸭锁骨售价18.9元。 来源：盐财经 他随手点了几样。店员动作很快，夹子一伸，托盘里很快堆起一小堆，谢米赶紧提醒"少抓一点"。 称重、封袋、扫码，一气呵成，直到支付完成，分量并不算多的卤味，总价已经60多元。谢米突然意识 到，自己似乎已经吃不起鸭脖了。 | 亚打印 | 绝味鸭脖 | | --- | --- | | 色味 OR A | | | 收款以:00 | | | WWFIJUIN | | | Ma名/零售价 | | | 21. C T T ( H R ( H P / 2 H / 2 5 | 重(数)量 原价 | | 74.00/250g HW #999 | 394g 116.62 | | 37.00/250g 在香 鸭山 | 8226 136.45 | | 89.00/250g 在侨 鸣脖 | 708g 252.04 | | 24.00/250g | 994g 95.42 | | 总 件 数; | 4 | | 总 命 什: | 600.53 | | 总 实 收 ...

走进绝味鸭脖门店时，谢米并没有多想。 柜台里，鸭脖、鸭头、鸭舌堆成小山，颜色鲜亮，看起来依旧是记忆里熟悉的样子。他低头扫了一眼价 签，有些吃惊——150克的鸭脖售价19.8元，160克的鸭锁骨售价18.9元。 他随手点了几样。店员动作很快，夹子一伸，托盘里很快堆起一小堆，谢米赶紧提醒"少抓一点"。 称重、封袋、扫码，一气呵成，直到支付完成，分量并不算多的卤味，总价已经60多元。谢米突然意识 到，自己似乎已经吃不起鸭脖了。 作者｜ 辰夕 编辑｜ 江江 新媒体编辑｜ 宝珠 视觉 | 顾芗 有不少网友反映绝味鸭脖价格偏贵，是"刺客" 后来有一天，他下班经过那条街，那家绝味店已经关门了。卷闸门紧闭，灯牌熄灭。他打开外卖软件， 就连离自己最近的一家，也变成了三公里之外。 这不是谢米的错觉。过去几年，绝味鸭脖正在从很多城市的街头巷尾慢慢消失。 事实上，从2024年中期报以后，绝味不再在财报里公布门店数量。这被外界解读为，其门店收缩的信 号。而根据窄门数据，目前绝味全国共有门店约10713家，距2024年中期财报公布的数字，一年半中间 绝味门店净减少超4000家。 计算下来，绝味在过去的一年半时间里，平均每天，就有7家门店 ...

"鸭脖大王"绝味食品迎来上市以来的首次年度亏损。近日，ST绝味（603517）披露了2025年业绩预亏公告。预计营收为53亿元至55亿元，同比下降 12.09%至15.29%。 由于营收下降、生产产能未能充分释放，归母净利润也由盈转亏。公司预计2025年亏损1.6亿元至2.2亿元，上年为盈利2.27亿元，创下2017年上市以来首 亏纪录，也达十余年盈利新低。 2025年前三季度，ST绝味仍实现归母净利润2.8亿元，这意味着公司第四季度单季亏损额高达4.4亿元至5亿元。不过，公司全年扣非后的归母净利润预计 为0.7亿元至1亿元，主业还处盈利状态。 绝味鸭脖北京一门店。图源：网友晒图 对于业绩亏损，ST绝味在公告中明确提及两大核心拖累因素：营业外支出事项增加，以及权益法核算下投资亏损。其中，投资板块的持续失血成为关 键。 "卤味三巨头"的业绩表现分化逐渐加大。1月29日煌上煌发布年度业绩预告，2025年预计归母净利润为7000万元至9000万元，同比增长73.57%至 123.16%。 周黑鸭目前为止尚未发布全年业绩预告，但据其中期报告，到2025上半年周黑鸭实现总收入12.23亿元，净利润1.08亿元，同比增长 ...

Core Viewpoint - The performance of the "three giants" in the marinated food industry shows a stark contrast, with Huangshanghuang and Zhouheiya experiencing profit growth, while Juewei Foods recorded its first annual loss since its listing [2][5]. Group 1: Company Performance - Huangshanghuang expects a net profit of 70 million to 90 million yuan for 2025, representing a year-on-year growth of 73.57% to 123.16% [4]. - Zhouheiya has not yet released its full-year forecast but reported a total revenue of 1.223 billion yuan and a net profit of 108 million yuan for the first half of 2025, marking a significant year-on-year increase of 228.0% [4]. - In contrast, Juewei Foods anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, and a net loss of 160 million to 220 million yuan [5]. Group 2: Store Count and Market Dynamics - Juewei Foods had the highest number of stores among the three giants, with 14,969 stores as of mid-2024, but has since seen a significant reduction, with only 10,713 stores remaining by January 2026, a decrease of over 4,000 stores [6]. - Zhouheiya and Huangshanghuang also closed stores, with Zhouheiya reducing its count to 2,864 stores by mid-2025, closing nearly 600 stores, and Huangshanghuang closing over 700 stores in the same period [6]. - Collectively, the three giants closed more than 5,300 stores within approximately six months [7].

与之相反的是绝味食品，近期绝味食品发布业绩预告称，2025年，其预计实现营业收入为53亿元至55亿 元，同比下降12.09%至15.29%；预计归属于上市公司股东的净利润为-1.60亿元至-2.20亿元，归属于上 市公司股东扣除非经常性损益的净利润为7000万元至1.0亿元。而2024年，其预计归属于上市公司股东 的净利润为2.27亿元，归属于上市公司股东扣除非经常性损益的净利润为2.03亿元。这也是绝味食品自 2017年上市以来首次录得年度亏损。 针对业绩预亏原因，绝味食品指出，在整体经济趋稳的大背景下，消费行业仍面临结构性调整压力。 2025年，公司经营持续承压，营业收入有所下降，生产产能未充分释放，多方面因素综合影响导致利润 下降。另外，营业外支出事项增加以及权益法核算下投资亏损，进而对其业绩变动造成较大影响。 近期卤味上市公司相继发布年度业绩预告，其中"卤味三巨头"的业绩表现呈现两极分化：煌上煌 （002695）与周黑鸭利润增长，而门店最多的绝味食品却自上市以来首次录得年度亏损。 股价上三巨头亦表现欠佳，其中市值对比上市首日，仅煌上煌显示增长约32亿元，绝味、周黑鸭分别减 少约18亿元、119亿港元。 ...

Core Viewpoint - ST Juewei (referred to as "Juewei Food") announced a projected revenue of 5.3 billion to 5.5 billion yuan, a year-on-year decline of 12.09% to 15.29%, and a projected net profit attributable to shareholders of -160 million to -220 million yuan, marking the first annual loss since its listing in 2017 [2][4]. Financial Performance - For the first three quarters of 2025, Juewei Food achieved a net profit of 280 million yuan, indicating a significant fourth-quarter loss of 440 million to 500 million yuan [4]. - The company's revenue fluctuated from 6.623 billion yuan in 2022 to 7.261 billion yuan in 2023, then dropped to 6.257 billion yuan in 2024, a year-on-year decline of 13.84% [5]. - The net profit attributable to shareholders decreased from 235 million yuan in 2022 to 344 million yuan in 2023, and further down to 227 million yuan in 2024, a year-on-year drop of 34.04% [5]. Regulatory Issues - Juewei Food faced regulatory scrutiny due to unrecognized franchise store renovation income from 2017 to 2021, resulting in a correction order, a warning, and a fine of 4 million yuan from the Hunan Securities Regulatory Bureau [5]. - The company was publicly reprimanded by the Shanghai Stock Exchange, leading to its stock being placed under risk warning and changing its name to "ST Juewei" [5]. Market Challenges - The company is experiencing a decline in the number of franchise stores, which peaked at 15,950 in 2023 and has since decreased to 10,713 by January 2026, a reduction of 5,237 stores [7][8]. - The revenue from poultry products, primarily duck necks, has decreased from 3.444 billion yuan in the first three quarters of 2023 to 2.434 billion yuan in the first three quarters of 2025, a decline of over 1 billion yuan [9]. Strategic Adjustments - In response to market challenges, Juewei Food is shifting its strategy from focusing solely on duck necks to a broader approach in the marinated food sector, launching new products like the "Hot Marinated Cup" priced at 4.9 yuan [9]. - The company is also venturing into the restaurant sector, opening a fast-food outlet named "Juewei Pot" in Shenzhen, which offers a range of dishes priced between 26.9 yuan and 39.9 yuan [9][11]. Consumer Trust Issues - Juewei Food is facing declining consumer trust, highlighted by a controversy over misleading pricing practices and food safety concerns, including reports of counterfeit health certificates among staff [11][13].

Core Viewpoint - ST Juewei, known as the "Duck Neck King," is facing its first annual loss since its listing, with projected revenue declining by 12.09% to 15.29% year-on-year, leading to a net loss of 1.6 billion to 2.2 billion yuan in 2025, compared to a profit of 2.27 billion yuan the previous year [1][2][3] Group 1: Financial Performance - The company expects revenue for 2025 to be between 5.3 billion and 5.5 billion yuan, marking a significant decline from previous years [1] - The net profit for 2025 is projected to be a loss of 1.6 billion to 2.2 billion yuan, a stark contrast to the profit of 2.27 billion yuan in 2024, marking the lowest profit since its listing in 2017 [1][2] - In the first three quarters of 2025, the company reported a net profit of 280 million yuan, indicating a substantial fourth-quarter loss of 4.4 billion to 5 billion yuan [1][2] Group 2: Operational Challenges - The company cites increased non-operating expenses and losses from equity investments as key factors contributing to its financial struggles [3] - ST Juewei's investments in various brands within the food and beverage sector have not yielded positive returns, with investment losses recorded at -94 million yuan, -116 million yuan, and -160 million yuan from 2022 to 2024 [3] - The company has shown signs of operational weakness, with revenue declining by 13.84% and net profit dropping by 34.04% in 2024 [3] Group 3: Market Dynamics - The company is experiencing a contraction in store numbers, with a peak of 15,950 stores in 2023, but a significant reduction to 10,713 stores by 2025, indicating a shift in its growth strategy [4] - Increased competition in the snack food industry is further squeezing the company's core business, with revenue from poultry products dropping from 3.444 billion yuan in the first three quarters of 2023 to 2.434 billion yuan in the same period of 2025 [4] - The company is shifting its strategic focus from deepening its core duck neck business to concentrating on the broader snack food sector and addressing specific consumer demands [4] Group 4: Regulatory Issues - In 2025, the company faced regulatory penalties for failing to recognize revenue from franchise store renovations, resulting in a fine of 4 million yuan and further damaging market confidence [6] - The company’s stock was placed under risk warning and subsequently removed from the Hang Seng A-share investable index, leading to a significant decline in market valuation [6] - As of January 23, 2026, the company's stock price was 13.07 yuan per share, down 2.17%, with a market capitalization of 7.92 billion yuan, reflecting a decline of over 22% since the beginning of 2025 [6]

Core Insights - The core viewpoint of the articles highlights the innovative strategies adopted by the company, Juewei Foods, to address the challenges of severe homogenization and intense market competition in the snack food industry, particularly in the marinated food sector [1][4]. Group 1: Financial Performance - Juewei Foods reported a net profit of 280 million yuan for the first three quarters of 2025, indicating strong financial performance despite industry challenges [2]. - The company launched a promotional "Hot Marinated Cup" meal at a group purchase price of 4.9 yuan, which includes 160 grams of rice noodles and side dishes, originally priced at 8.9 yuan. This promotion led to over 700,000 units sold on Douyin and over 170,000 units on Dazhong Dianping within a day [2]. Group 2: Innovation and New Store Formats - The company introduced three new store formats: Juewei PLUS, focusing on social dining for Generation Z with new products like mango chicken wings; Juewei Fresh Marinated, offering over 90 SKUs with a transparent pricing model; and Juewei Pot, targeting the white-collar lunch market with dishes priced around 26 yuan [2][4]. - These innovations aim to create a comprehensive consumption matrix by addressing the traditional limitations of marinated food consumption, such as single scenarios and time restrictions [4]. Group 3: Strategic Focus - The strategic focus of Juewei Foods is on "scenario-based innovation + supply chain revolution," which is seen as the core driver of industry growth. The company is leveraging diverse store formats and intelligent supply chain upgrades to align with industry trends and lead market changes [3][4]. - The transformation strategy emphasizes a user-centered approach, capturing consumer feedback to adapt offerings, thereby enhancing competitive strength and providing a replicable development path for other brands in the industry [4].

Core Insights - Juewei Foods has successfully transformed the consumption logic of the marinated food industry through year-round scene-based campaigns, elevating "Juewei Duck Neck" from a casual snack to a national meal, while establishing a new consumer mindset around "hot marinated dishes" [1] Group 1: Summer Night Snack Festival - The Juewei Night Snack Festival, running from June 25 to August 31, achieved over 689 million online exposures, setting a historical peak for the brand [3] - The festival's success was driven by the launch of limited-time products and signature secret recipe crayfish, which became a major sales driver [4] - The event generated significant social media buzz, with multiple trending topics on Weibo and Douyin, effectively linking Juewei's brand with local night market culture [4] Group 2: Winter Hot Marinated Cup - The launch of the "Hot Marinated Cup" on November 17 marked a strategic move to redefine winter consumption in the marinated food sector, challenging the traditional notion of a "winter off-season" [5] - The product saw phenomenal sales, with over 800,000 units sold on Douyin, and reports of stock shortages at physical stores, indicating strong consumer demand [5][8] - The marketing strategy included a "1 yuan upgrade" promotion, enhancing the value proposition and making it a convenient meal option for consumers [8] Group 3: Long-term Strategy and Innovation - Juewei's success is attributed to deep consumer insights, innovative product offerings, and a comprehensive marketing strategy that includes partnerships and localized operations [10] - The brand emphasizes freshness and quality, as highlighted in a documentary showcasing their strict preservation processes, which builds consumer trust [10] - Moving forward, Juewei aims to continue product innovation and expand its market presence, transitioning from a casual snack leader to a provider of all-day marinated food solutions [11]

Core Viewpoint - Juewei Foods is actively expanding its business model by launching new restaurant concepts to alleviate performance pressure, as evidenced by a significant decline in revenue and net profit in the third quarter [1][4][5]. Business Expansion - Juewei Foods has opened a new restaurant brand called "Juewei Baobao" in Shenzhen, which focuses on "fast food + snacks" and aims to diversify beyond its traditional duck neck offerings [2][4]. - The new restaurant features a different branding style, with a green theme, and offers a variety of dishes including "Juewei Spicy Duck Pot" and other local specialties [2][4]. - The average spending per customer at the new location is reported to be 26 yuan, with the signature dish priced at 29.9 yuan [2]. Financial Performance - In the third quarter, Juewei Foods reported a revenue of 1.441 billion yuan, a year-on-year decline of 13.98%, and a net profit of 105 million yuan, down 26.46% [4][5]. - For the first three quarters, the total revenue was 4.26 billion yuan, a decrease of 15.04%, and net profit was 280 million yuan, down 36.07% [4][5]. Market Challenges - The restaurant industry is highly competitive, particularly in the fast food and snack segments, which are crowded with numerous brands [1][4]. - Juewei Foods faces regulatory scrutiny, having received a warning and a fine of 4 million yuan from the China Securities Regulatory Commission for information disclosure violations, leading to its designation as "ST Juewei" [5]. Strategic Recommendations - Experts suggest that Juewei Foods should focus on consolidating its core business in the marinated food sector while cautiously exploring new ventures to avoid conflicts with existing operations [1][8]. - Emphasis on product innovation, quality control, and operational efficiency is crucial for the company to enhance its competitiveness and ensure the success of new business models [8].