融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 连续五年"藏富"， 累计隐瞒收入可能达数亿元。 文 ｜ 付琪森 编辑 ｜ 吾人 来源｜ 融中财经（ID：thecapital） 封面来源 ｜ 绝味食品官网 以下文章来源于融中财经 ，作者付琪森 9 月 19 日晚间，复旦复华、思科瑞、绝味食品和创意信息 4 家上市公司发布公告称，因财务造假，公司股票将被实施其他风险警示。四家公司同日戴 帽，创下近期 ST 执行的新纪录。但绝味食品的违规理由格外引人注目。 当其他公司都在虚增利润时，这家卤味巨头却反其道而行之—— 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% 、 1.64% 。连续五年 " 藏富 " ，累计隐瞒收入可能达数亿元。 更耐人寻味的是操作手法。彭才刚时任绝味食品财务总监，安排财务部员工出借个人银行账户 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is experiencing a decline in its main business, particularly in fresh goods, and is awaiting a bottoming out of its store operations [7] - The company has adjusted its revenue and profit forecasts for 2025-2027 due to ongoing demand pressures and increased costs [7] - The company aims to improve its performance through adjustments in store and franchise operations [7] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit attributable to shareholders of 175 million yuan, down 40.71% [6] - For Q2 2025, revenue was 1.32 billion yuan, a year-on-year decline of 19.80%, with a net profit of 55 million yuan, down 57.64% [6] - The company's gross margin decreased to 29.92% in H1 2025, down 0.37 percentage points year-on-year [7] Revenue and Profit Forecasts - The company’s revenue projections for 2025-2027 are adjusted to 5.588 billion, 5.821 billion, and 6.160 billion yuan, respectively, reflecting year-on-year growth rates of -11%, 4%, and 6% [7] - The net profit attributable to shareholders is forecasted to be 337 million, 421 million, and 516 million yuan for the same period, with growth rates of 48%, 25%, and 23% [7] Earnings Per Share and Valuation Ratios - Earnings per share (EPS) are projected to be 0.56, 0.69, and 0.85 yuan for 2025, 2026, and 2027, respectively [4] - The price-to-earnings (P/E) ratios are expected to be 29.5, 23.6, and 19.3 for the same years [4]

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Huangshanghuang, and Zhouheiya, are facing declining revenues and profits due to a drop in sales and a reduction in store numbers, prompting them to seek new growth opportunities through diversification and operational efficiency improvements [2][3][4]. Group 1: Financial Performance - Juewei Food reported a revenue of 2.82 billion yuan for the first half of 2025, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71%, making it the only brand with declines in both revenue and profit [2]. - Huangshanghuang achieved a revenue of 984 million yuan, down 7.19%, but its net profit increased by 26.9% to approximately 76.92 million yuan [2]. - Zhouheiya's revenue was 1.22 billion yuan, a decrease of 2.9%, while its net profit surged by 228% to 108 million yuan [2]. Group 2: Store Operations - The reduction in store numbers and declining sales of marinated products are significant factors affecting revenue for the "three giants" [3]. - Huangshanghuang's total store count decreased by 762 to 2,898, while Zhouheiya's stores fell by 167 to 2,864 [3]. - Juewei Food did not disclose its current store count but reported a reduction of 981 stores by mid-2024, totaling 14,969 stores [3]. Group 3: Market Trends and Challenges - The marinated food sector is experiencing a decline in sales, with Huangshanghuang's marinated meat product sales down 15.69% and Zhouheiya's total sales down 1.61% [4]. - Juewei Food's revenue from fresh products, which account for 76.59% of its total, fell by 19.15%, with poultry product revenue dropping by 20.79% [4]. - Analysts suggest that while cost-cutting measures can enhance short-term profitability, long-term success will require innovation and market expansion [4]. Group 4: Strategic Adjustments - The "three giants" are shifting focus from rapid store expansion to enhancing operational efficiency and exploring new sales channels [8]. - Zhouheiya has improved single-store sales by optimizing store structure and extending operating hours, achieving a revenue increase of 2.15% to approximately 712 million yuan [8]. - Huangshanghuang is also focusing on refined store operations and enhancing single-store revenue through various strategies [8]. Group 5: Diversification Efforts - Zhouheiya is diversifying by launching a coconut water brand and developing compound seasonings and convenience food products [9]. - Huangshanghuang plans to acquire a 51% stake in a freeze-dried food company to expand its product offerings [9]. - Juewei Food is venturing into casual dining with a new store concept and has invested in various sectors, although it has faced significant losses in recent years [10].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][25]. Core Views - The company is experiencing ongoing operational pressure, with a focus on adjusting strategies to address demand changes and improve store performance. The report emphasizes the need for a turnaround in same-store sales and the overall number of stores [8][9]. - The target price for the company's stock is set at 19.6 yuan, reflecting a price-to-earnings (PE) ratio of 34.4 times the expected profit for 2025 [8][9]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 2.82 billion yuan, a year-on-year decline of 15.57%. The net profit attributable to the parent company was 175 million yuan, down 40.71% year-on-year [2][9]. - In Q2 2025, revenue was 1.32 billion yuan, a decrease of 19.80% year-on-year, with a net profit of 55 million yuan, down 57.64% year-on-year [2][9]. - The gross profit margin for Q2 2025 was 28.9%, a decrease of 1.6 percentage points compared to the previous year, primarily due to increased manufacturing costs [8][9]. Future Projections - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 6.257 billion yuan, 5.392 billion yuan, 5.592 billion yuan, and 5.921 billion yuan respectively, with expected growth rates of -13.8%, -13.8%, 3.7%, and 5.9% [4][15]. - The net profit attributable to the parent company is projected to be 227 million yuan in 2024A, increasing to 551 million yuan by 2027E, with growth rates of -34.0%, 52.9%, 32.0%, and 20.2% respectively [4][15]. Strategic Adjustments - The company is actively exploring segmented operations to meet diverse consumer needs, optimizing its product matrix, and enhancing channel collaboration to improve operational resilience [8][9]. - There is an ongoing effort to adjust the pace of store closures while focusing on improving same-store performance and addressing operational challenges [8][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a bottoming out of its store business and is actively exploring new strategies to adapt to changing consumer demands [8] - Despite revenue pressures, the company is focusing on optimizing its operational structure and enhancing service quality through digital tools [8] - The company is expected to see a significant increase in net profit in the coming years, with projections of 402.48 million yuan in 2025, representing a year-on-year growth of 77.21% [1][8] Financial Summary - Total revenue for 2023 is projected at 7,261 million yuan, with a decline to 6,117 million yuan in 2025, followed by a gradual recovery [1] - The net profit attributable to shareholders is forecasted to be 344.31 million yuan in 2023, increasing to 402.48 million yuan in 2025 [1] - The earnings per share (EPS) is expected to rise from 0.57 yuan in 2023 to 0.66 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.74 in 2023 to 24.59 in 2025, indicating a more attractive valuation over time [1] Operational Insights - The company reported a revenue of 28.20 billion yuan in the first half of 2025, down 15.57% year-on-year, with a net profit of 1.75 billion yuan, reflecting a 40.71% decline [8] - The revenue from fresh products, packaged products, and franchise management showed mixed results, with fresh products declining by 19.15% [8] - The company is actively exploring segmented consumer scenarios and developing a regional strategy to cater to diverse market preferences [8]

（一）主营业务收入分产品： 单位：元 币种：人民币 证券代码：603517 证券简称：绝味食品 公告编号：2025-071 绝味食品股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 绝味食品股份有限公司（以下简称"公司"）根据上海证券交易所《上市公 司行业信息披露指引第十四号—食品制造》相关规定，现将公司 2025 年半年度 经营数据（未经审计）公告如下： 一、报告期经营情况 2025 年 1-6 月营业收入为 2,819,677,469.79 元，其中主营业务收入为 2,757,370,285.98 元，占营业收入 97.79%；其他业务收入为 62,307,183.81 元，占 营业收入 2.21%。 三、其他对公司生产经营具有重大影响的事项： 无。 绝味食品股份有限公司 董事会 | 分产品 | 金额 | 占比 | | --- | --- | --- | | 鲜货类产品 | 2,111,985,179.44 | 76.59% | | 其中：禽类制品 | 1,591,307, ...

Core Viewpoint - Juewei Foods reported its worst performance since going public, with significant declines in revenue and net profit for 2024, indicating challenges in the snack food industry, particularly in the duck neck segment [1][2]. Financial Performance - In 2024, Juewei Foods achieved a revenue of 6.257 billion yuan, a year-on-year decrease of 13.84% [1][3]. - The net profit attributable to shareholders was 227 million yuan, down 34.04% from the previous year, representing only 23% of the net profit in 2021 [2][3]. - The company's total revenue for Q1 2025 was 1.501 billion yuan, with a net profit of approximately 120 million yuan, reflecting declines of 11.47% and 27.29% respectively compared to Q1 2024 [4]. Product Segment Performance - Revenue from fresh products decreased by 15.76% in 2024, with poultry products down 16.62%, vegetable products down 9.94%, and other products down 18.56%. Only livestock products saw an increase of 39.38%, but with a negative gross margin of -8.48% [3][4]. Strategic Changes - Juewei Foods began to shrink its store count in 2024, reducing the total number of stores in mainland China to 14,969, a decrease of 981 stores from the end of 2023 [4]. - The company initiated a brand upgrade in 2024, appointing a new global ambassador to target younger consumers, although the effectiveness of this strategy remains questionable [4]. Industry Context - The challenges faced by Juewei Foods are reflective of broader issues in the snack food industry, particularly in the duck neck market, where consumer preferences are shifting and competition is intensifying [5]. - Competitors like Zhou Hei Ya are also experiencing declines, with a reported revenue drop of 10.7% in 2024, prompting similar strategic adjustments such as reducing store numbers and diversifying product offerings [5][6].