截至9月1日，"卤味三巨头"绝味食品、煌上煌、周黑鸭均已披露2025年上半年业绩。从业绩数据来看，绝味食品成为唯一一个营收、净利双下滑的品牌，而 周黑鸭和煌上煌则出现增利不增收的情况。从整体发展来看，卤制品销量下滑和门店收缩是"卤味三巨头"面临的共同烦恼。当过去跑马圈地模式行不 通，"卤味三巨头"正在想尽办法寻找新增长点，比如探索更多消费场景和销售渠道，再比如布局复合调味品、食品冻干等新领域…… 卤味真的卖不动了？ 2023年，"卤制品三巨头"增长势头迅猛。截至2023年底，绝味食品净新增门店874家，门店总数达15950家，绝味食品当年实现营收72.61亿元，同比增长 9.64%；净利润为3.44亿元，同比增长46.63%。据公开数据，2023年绝味食品占中国卤味行业总市场规模的比例约为2.28%，位居休闲卤制食品行业第一。 周黑鸭则通过"直营+特许经营"迅速扩张。截至2023年底，周黑鸭的门店总数为3816家，较上一年度实现了387家的净增长。同一年，周黑鸭实现营收27.4亿 元，同比增长17.1%；实现净利润1.16亿元，同比增长357.1%。 2020年，煌上煌便提出"千城万店"战略，计划用五年时间在 ...

基本盘稳固，并打造新增长曲线，降本增效全面提升盈利质量，休闲卤味龙头周黑鸭（01458）再一次跑在了行业前面。 智通财经APP了解到，8月28日，周黑鸭发布2025年上半年财报，实现总营收12.23亿元，在预告区间上限，盈利能力全面提升，股东净利润1.08亿元，同比 增长高达228%，净利率8.8%，同比提升6.2个百分点。期间该公司现金流保持强劲，实现经营现金流净额2.11亿元，同比增长8.8%。 实际上，上半年休闲卤味行业竞争激烈，行业三巨头周黑鸭、绝味食品（603517）以及煌上煌（002695）都在经历业绩调整期。然而周黑鸭在周富裕的带领 下，聚焦门店经营质量提升与多元化渠道拓展，加快出海战略打造新增长曲线，有效推动公司业绩韧性及盈利质量的大幅提升，并在三巨头中脱颖而出。 周黑鸭具备抗周期能力，从供应链、产品端、渠道端以及全球化，构建了一条同行无法复制的护城河，驱动业绩可持续性增长。 业绩引领同行，盈利大幅提升 图片来源：公司财报 与此同时，周黑鸭通过降本增效及精细化管理策略不断优化各项费用，上半年公司财务费用率下降0.1个百分点至0.4%，销售费用率下降1.5个百分点至 38.6%，管理费用率维持不 ...

基本盘稳固，并打造新增长曲线，降本增效全面提升盈利质量，休闲卤味龙头周黑鸭（01458）再一次跑在了行业前面。 智通财经APP了解到，8月28日，周黑鸭发布2025年上半年财报，实现总营收12.23亿元，在预告区间上限，盈利能力全面提升，股东净利润1.08亿元，同比 增长高达228%，净利率8.8%，同比提升6.2个百分点。期间该公司现金流保持强劲，实现经营现金流净额2.11亿元，同比增长8.8%。 实际上，上半年休闲卤味行业竞争激烈，行业三巨头周黑鸭、绝味食品以及煌上煌都在经历业绩调整期。然而周黑鸭在周富裕的带领下，聚焦门店经营质量 提升与多元化渠道拓展，加快出海战略打造新增长曲线，有效推动公司业绩韧性及盈利质量的大幅提升，并在三巨头中脱颖而出。 周黑鸭具备抗周期能力，从供应链、产品端、渠道端以及全球化，构建了一条同行无法复制的护城河，驱动业绩可持续性增长。 业绩引领同行，盈利大幅提升 通览周黑鸭2025年上半年业绩，有两个非常重要的特征：一是收入韧性，在门店经营质量战略下，单店收入显著提升；二是盈利能力持续改善，并领先于同 行水平，且盈利高质量，经营现金流非常健康。 在收入端，对比同行看，上半年绝味和煌上 ...

智通财经APP获悉，8月28日，周黑鸭(01458)发布2025年上半年业绩报告。报告期内，实现总营12.23亿 元，净利润1.08亿元，同比增长228.0%，盈利能力显著提升。 2025年上半年，在消费温和复苏、行业竞争加剧的背景下，周黑鸭通过精细化运营与战略转型，聚焦门 店经营质量提升与多元化渠道拓展，取得显著成效，有效推动公司经营质量提升和业绩增长。 在巩固门店基本盘的同时，周黑鸭还积极拓展自有渠道外的流通渠道业务，并将其提升至战略高度，作 为公司第二增长曲线重点打造。 上半年，周黑鸭已成功与山姆会员超市合作定制开发周黑鸭经典卤料包、风味鸭肉酱；并与永辉、胖东 来等达成战略合作，通过提供真空及散装产品，结合专柜陈列、联合营销，有效拓宽消费场景。 凭借强大的产品研发能力，周黑鸭针对不同渠道适配不同产品，精准触达核心客群，显著增强终端曝光 与场景覆盖。 通过构建多层次、广覆盖的渠道网络，周黑鸭不仅加速了"黑鸭风味"从特色零食品类向大众日常消费与 礼赠场景的渗透，也进一步巩固了其作为行业领导品牌的市场认知与竞争壁垒。 供应链优化+组织力升级，支撑战略落地 中国食品产业分析师朱丹蓬表示："周黑鸭大力践行国家高质 ...

Core Insights - Zhou Hei Ya 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 growth of 228.0% in profitability [1] - The company has successfully implemented strategic transformation and refined operations, focusing on enhancing store management quality and diversifying channel expansion [1][5] Group 1: Operational Improvements - Zhou Hei Ya emphasized improving single-store operational quality by optimizing service processes and enhancing customer experience, which has led to increased store profitability [1][4] - The company trained frontline staff in standardized service and skills, enhancing service levels and customer satisfaction, while also leveraging live streaming to convert online traffic to offline sales [1][4] - As of June 30, the number of registered members increased by 2.45 million, with member sales accounting for over 60% of total sales [1] Group 2: Product Innovation - Zhou Hei Ya has refined its classic flavors and launched new products such as marinated duck and squid, while also developing region-specific items to enhance product appeal [2] - The company has broken the limitations of store scenarios by deepening collaborations with delivery platforms, achieving approximately 380 million yuan in sales from delivery channels [2][3] - Zhou Hei Ya has also expanded its service hours to include late-night offerings, exploring additional sales opportunities [2] Group 3: Channel Diversification - Zhou Hei Ya has actively expanded its distribution channels, partnering with Sam's Club and other retailers to develop customized products, thereby enhancing market penetration [3] - The company has tailored products for different channels, significantly increasing brand exposure and market coverage [3] - This multi-layered channel network has solidified Zhou Hei Ya's position as a leading brand in the industry, enhancing its competitive barriers [3] Group 4: Supply Chain and Organizational Efficiency - Zhou Hei Ya has optimized its supply chain with a focus on cost reduction, agile response, and quality improvement, resulting in an overall gross margin increase to 58.6% [4] - The establishment of a comprehensive quality feedback mechanism has improved product satisfaction, earning the company several authoritative certifications [4] - The company has implemented an agile performance system to ensure rapid execution of strategies related to channel expansion, product development, and international growth [4] Group 5: Future Growth Strategies - Looking ahead, Zhou Hei Ya plans to continue enhancing operational efficiency and accelerating product innovation while expanding its international presence in Southeast Asia [5] - The company aims to rejuvenate its brand by targeting Generation Z and diversifying its product offerings, thereby creating a differentiated competitive advantage [5] - Zhou Hei Ya is committed to driving innovation, maintaining quality, and focusing on user-centric strategies to lead industry transformation and growth [5]

Core Insights - Zhou Hei Ya (01458) reported a net profit attributable to shareholders of RMB 108 million for the six months ending June 30, 2025, representing a year-on-year increase of 228%, despite a revenue decrease of 2.9% to RMB 1.223 billion [1] Group 1: Financial Performance - The company achieved a net profit of RMB 108 million, a significant increase of 228% year-on-year [1] - Revenue for the period was RMB 1.223 billion, reflecting a decrease of 2.9% compared to the previous year [1] - Earnings per share stood at RMB 0.05 [1] Group 2: Operational Strategies - The company aims to enhance operational quality and restore performance growth as core objectives, with strategic reforms showing initial results [1] - Key operational improvements include enhancing store efficiency, expanding channels, building brand presence, and optimizing the supply chain [1] Group 3: Store Strategy - The company focuses on improving store operational quality, enhancing service quality, and customer experience [2] - Initiatives include the "Four Seasons Battle Song" plan to empower frontline staff, improve service standards, and encourage live streaming to convert online viewers to offline customers [2] - Membership and private domain management strategies are being strengthened to expand the user base and convert online traffic into immediate consumption [2] - The company has achieved approximately RMB 380 million in sales from takeout services and over RMB 80 million from public domain store sales through platforms like Douyin and Meituan [2] - The total number of stores reached 2,864 as of June 30, 2025 [2] Group 4: Market Expansion - The company is actively embracing changes to expand distribution channels, explore overseas markets, and venture into the compound seasoning sector [3] - A professional team has been established to optimize channel strategies, resulting in successful collaborations with Sam's Club and other strategic partners [3] - The focus for the second half of the year will be on breaking into key strategic channels and refining product offerings and operational models [3]

周黑鸭(01458)发布截至2025年6月30日止6个月中期业绩，该集团取得收益人民币12.23亿元(单位下 同)，同比减少2.9%;母公司拥有人应占溢利1.08亿元，同比增加228%;每股盈利0.05元。 面对激烈的市场竞争与多元消费需求，我们积极拥抱变化，聚焦拓展流通渠道、布局海外市场并探索复 合调味料赛道，全力打造新增长曲线。在流通渠道方面，上半年已打造专业团队并优化渠道策略，成功 与山姆会员超市合作定制开发周黑鸭经典卤料包、风味鸭肉酱;并与永辉、胖东来等达成战略合作，通 过提供真空及散装产品，结合专柜陈列、联合营销，有效拓宽消费场景并增强终端曝光。下半年将重点 突破关键战略渠道，持续打磨产品、完善制度，提炼可复制的渠道运营模型。 本集团将提升经营质量和恢复业绩增长作为核心目标，精细化推动改革举措落地见效。上半年，我们在 门店运营提效、渠道拓展、品牌建设及供应链优化等方面均取得积极进展，标志着战略转型取得初步成 效，为达成全年战略目标奠定了坚实基础。 在门店策略上，我们以提升门店经营质量为核心，全面提升服务品质与顾客体验。在门店提效上，上半 年我们重点围绕四大维度深化策略落地：一、"四季战歌"专项计划系 ...