Core Viewpoint - The company, Juewei Foods, reported significant declines in revenue and net profit for the first three quarters of the year, primarily due to a decrease in product sales influenced by the market environment [1][2]. Financial Performance - For the first three quarters of the year, Juewei Foods' revenue decreased by 15.04% to 4.26 billion yuan, and net profit fell by 36.07% to 435 million yuan [1]. - In the latest third quarter, revenue dropped by 13.98% to 1.44 billion yuan, with net profit declining by 26.46% to 105 million yuan [1]. Sales Channels - The sales revenue from Juewei Foods' marinated food products fell by 16.48% to 3.53 billion yuan in the first three quarters [2]. - Revenue from franchise management also decreased by 21.61% to 42.37 million yuan during the same period [2]. - The number of franchise stores has significantly decreased, with over 4,000 stores closed since June 2024, leaving 10,606 stores as of October 18, 2024 [2]. Product Mix and Market Strategy - Fresh products accounted for approximately 75.35% of total sales in the first three quarters, while packaged products generated only 316 million yuan, representing about 7.42% [2]. - The company has limited presence in e-commerce and fresh food e-commerce channels, with online revenue accounting for only 0.82% in 2024 [2]. Compliance and Regulatory Issues - Juewei Foods faced administrative penalties for failing to disclose over 720 million yuan in revenue from 2017 to 2021, leading to a warning and fines for the company and several executives [4]. - The company has been placed under risk warning, with its stock code changed to "ST Juewei" [4]. Management Response - The management has acknowledged the administrative penalties and is taking corrective actions, including forming a special team to enhance internal controls and compliance [5]. - The company expressed sincere apologies to investors regarding the impact of these issues [5].

Core Viewpoint - Juewei Foods reported a significant decline in revenue and net profit for the first three quarters of the year, primarily due to a decrease in product sales influenced by the industry market environment [2][4]. Financial Performance - For the first three quarters, revenue decreased by 15.04% to 4.26 billion yuan, and net profit fell by 36.07% to 435 million yuan [2][3]. - In the latest third quarter, revenue dropped by 13.98% to 1.44 billion yuan, while net profit decreased by 26.46% to 105 million yuan [2][3]. Sales and Market Challenges - The sales revenue from Juewei's main product, marinated food, declined by 16.48% to 3.53 billion yuan in the first three quarters [4]. - Revenue from franchise management also fell by 21.61% to 42.37 million yuan during the same period [4]. - The number of franchise stores has significantly decreased, with over 4,000 stores closed since June 2024, leading to a total of 10,606 stores as of October 18, 2024 [4]. Strategic Initiatives - Juewei Foods is focusing on enhancing operational efficiency and exploring new store models, including the launch of a fresh marinated supermarket and a plus store that offers a wider range of products [5][9]. - The company aims to innovate its product offerings and improve the quality and taste of its core products [5]. Regulatory Issues - Juewei Foods faced administrative penalties for failing to disclose income from franchise store renovations, resulting in a total of approximately 723 million yuan in understated revenue over five years [7]. - The company and several executives received warnings and fines, and the stock was marked with risk warnings, changing its code to "ST Juewei" [7][9].

证券代码：603517 证券简称：ST 绝味 公告编号：2025-080 绝味食品股份有限公司 2025 年前三季度经营数据公告 单位：元 币种：人民币 | 分行业 | 金额 | 占比 | | --- | --- | --- | | 卤制食品销售 | 3,526,559,504.06 | 84.63% | | 加盟商管理 | 42,373,925.37 | 1.02% | | 集采业务 | 159,714,358.16 | 3.83% | | 供应链物流 | 422,689,746.20 | 10.14% | | 其他 | 15,843,262.27 | 0.38% | | 主营业务收入小计 | 4,167,180,796.06 | 100.00% | 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 年前三季 度经营数据（未经审计）公告如下： 一、报告期经营情况 2025 年 1-9 月 ...

Core Viewpoint - The article discusses the financial misconduct of Juewei Foods, highlighting its unique case of "reverse fraud" where the company understated its revenue from franchise store renovations, leading to significant financial discrepancies over five years [5][10][24]. Financial Misconduct - Juewei Foods failed to recognize revenue from franchise store renovation services from 2017 to 2021, resulting in understated annual revenue by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively, potentially hiding billions in revenue [5][12][24]. - The company's financial director arranged for employees to use personal bank accounts for transactions, which deviated from standard accounting practices, raising questions about whether this was a misunderstanding of accounting standards or a deliberate attempt to obscure financial data [5][9][12]. Regulatory Response - The China Securities Regulatory Commission (CSRC) has adopted a strict stance on financial misreporting, treating both revenue inflation and understatement equally, leading to immediate penalties for Juewei Foods [10][9][24]. - Juewei Foods will be designated as "ST Juewei" starting September 23, 2025, marking it as a problematic enterprise, which reflects the serious nature of the violations [6][9][10]. Market Implications - The incident has created a divide among investors regarding the potential for a turnaround, with some viewing the situation as an opportunity for investment due to the potential for stock price recovery post-penalty [16][18][19]. - Despite being the market leader with a revenue of 28.2 billion, Juewei Foods has seen a significant decline in sales and profitability, raising concerns about its long-term viability [17][20][21]. Industry Context - The renovation fees in the franchise model are often a significant profit source, with many companies operating in a gray area regarding revenue recognition, making Juewei's case particularly noteworthy [11][12]. - The competitive landscape is intensifying, with rivals like Zhou Hei Ya and Huang Shang Huang gaining ground, further complicating Juewei's recovery prospects [19][21][24]. Conclusion - The case of Juewei Foods serves as a cautionary tale about the importance of financial transparency and the evolving regulatory environment in China's capital markets, emphasizing that any form of financial misrepresentation, whether through inflation or understatement, is subject to severe consequences [23][25].

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].