出品丨搜狐财经 作者丨柴鑫洋 编辑丨李文贤 "鸭脖大王"绝味食品，竟然因为"藏钱"被ST了！ 最近资本市场有个奇葩事：别的公司财务造假都是把收入做多，绝味食品却反其道而行——2017到2021 年间这五年间，公司通过隐瞒加盟门店装修业务收入，累计少计营收7.24亿元。结果被罚850万，股票 直接戴帽ST。 在少交税的同时，又能在未来骗过市场。 也有一种可能是，这笔资金用于加盟商管理中的非公开支出，如特殊地段装修补贴、隐性返利等，来维 持加盟体系稳定。 由于资金仅由少数高管掌控，并没有纳入内控体系，资金流向缺乏监管，不排除存在个人挪用或违规支 出的风险。 不过，这些都是猜测，具体原因还没有实锤。但有一点板上钉钉，就是财务造假。监管红线碰不得。 ST标识将使绝味食品面临融资渠道收窄、机构投资者减持、市场形象受损等多重挑战。 但其实，绝味的经营早已危机四伏。2025年上半年营收暴跌15%以上，净利润缩水40%以上，市值较高 峰期蒸发超过500亿。 绝味食品主要依靠加盟店销售休闲卤制品，但是它的加盟店正在持续减少，门店一年半净减少超5000 家。 其实不止绝味，整个卤味行业都面临增长困境。 公司本身被罚款400万，董 ...

Group 1 - The article highlights the vibrant food scene in Changsha, emphasizing the local delicacies that are popular among residents [3] - It mentions specific hotels in Changsha that offer a variety of local dishes, indicating a strong connection between the hospitality industry and local cuisine [4][21] - The article provides details about the operating hours and main dishes available at various hotels, showcasing the diversity of food options in the area [21][4] Group 2 - The article lists several hotels in Changsha, including the Xiangxiang Huatian Grand Hotel and the Wyndham Grand Hotel, which are known for their local food offerings [4][21] - It emphasizes the accessibility of these dining options, with easy navigation provided for potential customers [6][22] - The focus on local cuisine reflects a trend in the hospitality industry towards integrating regional flavors into their offerings, appealing to both locals and tourists [3][4]

Core Viewpoint - The article discusses the impact of the US-China trade war on the import of chicken feet and pork by China, highlighting the challenges faced by importers and the shifting dynamics in the meat market due to tariffs and trade restrictions [3][4][7]. Group 1: Trade Dynamics - China is the largest importer and consumer of chicken feet and pork products globally, with the US being a significant supplier until recent tariff increases [3][7]. - The US imposed a 20% tariff on Chinese goods, followed by a 34% retaliatory tariff from China, leading to a cumulative tariff exceeding 140% on certain imports, severely affecting trade [6][7]. - In 2024, China imported nearly 450,000 tons of frozen chicken feet, with the US accounting for only 10% of this volume, indicating a shift towards other suppliers like Brazil [7][12]. Group 2: Importer Challenges - Importers like Yan Jun faced significant losses due to customs rejections and high tariffs, leading to decisions to redirect shipments to other markets like Vietnam and Singapore [5][6]. - The article highlights the emotional and financial toll on importers, with many feeling helpless as they navigate the complexities of the trade war [6][14]. - The reliance on US products is diminishing as Chinese importers seek alternatives from countries like Brazil, Argentina, and Spain, which are now entering the Chinese market [15][19]. Group 3: Market Trends - The price of pork by-products has risen significantly, with some products like pig trotters and intestines fetching high prices in the market, reflecting changing consumer preferences [13][14]. - The article notes that the demand for chicken feet in China has led to a global supply shortage, with various countries now exporting chicken feet to China [12][13]. - The competitive landscape is shifting, with US meat producers struggling to find alternative markets for their products, as the Chinese market was previously a major destination [12][18].

Core Viewpoint - The article discusses the impact of the recent tariff war between the U.S. and China on the import of chicken feet and pork by-products, highlighting the complexities and challenges faced by importers in China and the dependency of U.S. suppliers on the Chinese market [1][2][12]. Group 1: Tariff Impact on Imports - China is the largest importer and consumer of chicken feet and pork by-products, with the U.S. being a significant supplier [1][6]. - The initial tariff imposed by the U.S. was 20%, followed by a Chinese countermeasure of 34%, leading to a cumulative tariff exceeding 140% for some importers [5][6]. - Importers like Yan Jun faced significant losses due to customs issues and the escalating tariffs, with some opting to redirect their shipments to other markets like Vietnam and Singapore [3][5][14]. Group 2: Market Dynamics and Alternatives - In 2024, China imported nearly 450,000 tons of frozen chicken feet, with the U.S. accounting for about 10% of this volume [6]. - The article notes that U.S. pork exports to China were valued at $1.1 billion in 2024, with over 80% being by-products [6]. - As a response to tariffs, Chinese importers are increasingly sourcing chicken feet and pork by-products from countries like Brazil, Russia, and Argentina, which has led to a decrease in demand for U.S. products [14][15]. Group 3: Cultural and Economic Factors - The article highlights the cultural differences in food preferences, noting that while chicken feet are popular in China, they are not widely consumed in Western countries [10][11]. - The price of chicken feet varies significantly by country, with U.S. prices ranging from $3,000 to $6,000 per ton, while Brazilian chicken feet are priced around $5,000 per ton [11]. - The dependency of U.S. suppliers on the Chinese market is emphasized, as they struggle to find alternative markets for their products [12][18]. Group 4: Future Outlook - The article suggests that the U.S. meat processing industry is facing challenges due to reduced exports to China, which could lead to increased prices domestically [13][16]. - There is a growing sentiment among Chinese importers to avoid U.S. products due to political risks and tariff uncertainties, leading to a shift in sourcing strategies [18][20]. - The potential for U.S. products to regain market share in China is questioned, as importers express reluctance to return to previous purchasing patterns after experiencing tariff volatility [19].

Group 1 - The trade tariffs initially aimed at China have backfired, negatively impacting American farmers and companies like Tesla [1][3] - The chaotic tariff situation is severely harming the interests of American agricultural producers, particularly small farmers who have low risk tolerance [3][4] - U.S. poultry farmers are struggling as China, once their largest market, has reduced imports significantly [5][10] Group 2 - The U.S. soybean industry is facing devastating impacts due to tariffs, with over half of U.S. soybean production reliant on exports, primarily to China [12][14] - Brazilian farmers are benefiting from the situation as China shifts its soybean imports from the U.S. to Brazil, highlighting the competitive nature of agricultural exports [16][18] - The cost of beer cans has risen due to tariffs, leading to the closure of many small breweries, as they cannot absorb the increased costs like larger companies can [21][24] Group 3 - Despite recent talks leading to reduced tariffs, the impact on U.S. agriculture remains significant, with a 10% tariff still in place for low-value primary agricultural products [26] - Chinese manufacturers are adapting by shifting focus to domestic markets, with some companies experiencing increased sales despite the trade tensions [27][31] - The resilience of the Chinese market is evident as it continues to grow, even amidst tariffs, with exports to other countries compensating for losses in the U.S. market [34][37]

Core Viewpoint - The ongoing trade tensions between the US and China have significantly impacted the meat import and export industry, particularly affecting Chinese importers of US chicken feet and pork by-products, leading to substantial financial losses and shifts in sourcing strategies [1][3][18]. Group 1: Impact of Tariffs - Chinese importers like Yan Jun have faced severe losses due to tariffs, with chicken feet prices subject to over 140% in tariffs after multiple rounds of trade retaliations [3][4]. - The initial tariff on pork by-products was raised from 12% to 37% during the previous trade war, severely affecting the profitability of US exports to China [5][6]. - The trade war has led to a significant reduction in US exports, with estimates suggesting a loss of $10 billion annually due to decreased demand from China [13]. Group 2: Market Adjustments - Chinese importers are increasingly sourcing chicken feet and pork by-products from alternative countries such as Brazil and Russia, leading to a rapid adjustment in market dynamics [16][17]. - The price of chicken feet and pork by-products initially spiked by 10% following the tariff announcements but quickly normalized as alternative suppliers entered the market [16]. - The reliance of US meat producers on the Chinese market is highlighted, as they struggle to find alternative customers for their products [12][20]. Group 3: Cultural and Market Insights - The consumption of chicken feet in China is significantly higher than in Western countries, where such products are often discarded, leading to a unique market dynamic [10][11]. - The price of chicken feet varies by country, with US chicken feet priced between $3,000 to $6,000 per ton, while other countries like Russia and Thailand offer lower prices [11]. - The cultural acceptance of chicken feet is growing among Western consumers, driven by the expansion of Chinese cuisine and restaurants abroad [11]. Group 4: Future Outlook - The US meat industry is expected to face ongoing challenges in re-establishing its market position in China due to the lasting effects of the trade war and changing consumer preferences [22]. - The potential for increased competition from countries like Argentina and Spain, which are looking to expand their meat exports to China, poses a threat to US market share [17][19]. - The interconnected nature of the meat supply chain means that disruptions in one area can lead to broader economic impacts, affecting everything from feed prices to consumer costs in the US [14][15].

Group 1 - The core viewpoint of the article highlights the ongoing tensions in US-China trade relations, exacerbated by the "reciprocal tariffs" implemented by the Trump administration, which have significantly impacted both economies and disrupted international trade order [1][3]. - The Chinese government has taken strong countermeasures to defend its legitimate rights and maintain the multilateral trade system, pushing back against US hegemony and increasing domestic opposition to Trump's policies [1][3]. - The upcoming talks between Chinese officials and US Treasury Secretary Scott Bessenet are seen as a response to US signals, but there is skepticism regarding the US's genuine willingness to negotiate, given its history of inconsistent policy statements [3][5]. Group 2 - Recent data from the US Commerce Department indicates a 0.3% contraction in GDP for Q1 2025, marking the first negative growth since 2022, which has been attributed to the adverse effects of the trade war on key sectors like agriculture and manufacturing [5]. - The trade war has led to significant financial losses for American farmers, particularly in the soybean market, where retaliatory tariffs from China have resulted in over $10 billion in losses [5][7]. - American farmers are struggling to adapt to the new tariffs, with some products, such as chicken feet, facing a decline in demand due to the inability to find alternative markets, leading to increased financial strain and uncertainty about future sales [7][8].

Core Viewpoint - The article discusses the challenges faced by American farmers in finding alternative markets for products like chicken feet and fish heads, which were previously exported to China but are now affected by high tariffs due to trade tensions [1][2][12]. Group 1: Impact on Chicken Feet Exports - American farmers are struggling to adapt to new tariffs imposed by China, which has significantly reduced the demand for chicken feet, a product that is popular in China but not in the U.S. [1][2] - In 2022, the export volume of chicken feet to China reached 479,700 tons, making it the largest export market for this product [1]. - The president of the U.S. Poultry & Egg Export Council stated that the latest tariffs could drive chicken feet exports "close to zero" [1]. Group 2: Broader Implications for U.S. Agriculture - The imposition of a 125% retaliatory tariff by China on U.S. imports has led to a significant loss of market for American chicken feet, forcing farmers to consider freezing the product or repurposing it for animal feed [2]. - The U.S. Meat Export Federation reported that the actual tariff rate on U.S. pork products has risen to 172%, severely impacting exports of pork by-products to China, which accounted for over half of U.S. exports [6]. - The economic loss for U.S. farmers due to the trade dispute is estimated to be around $1 billion annually, with each pig potentially losing $8 to $10 in value [6]. Group 3: Fish Head Exports and Alternative Markets - The Two Rivers Fisheries Company, a major fish exporter in Kentucky, reported a 20% expected revenue drop due to canceled orders for fish heads after the tariffs were imposed [8]. - The company processed 1.6 million kilograms of Asian carp in 2024, with China being the sole export market for fish heads [8]. - The owner of the company is now considering targeting the Asian community in the U.S. or exploring markets in South Korea and Vietnam as alternatives [8][9]. Group 4: Overall Agricultural Crisis - The trade tensions have led to widespread cancellations of agricultural orders across various sectors, with the American Agricultural Transportation Coalition describing the situation as a "full-blown crisis" [11]. - The rising costs of fertilizers, pest control chemicals, and agricultural machinery due to tariffs are further exacerbating the challenges faced by American farmers [11].

Core Viewpoint - A trend of former celebrities engaging in street vending has emerged, showcasing a unique approach to re-employment and generating public interest through social media [1][4][8]. Group 1: Celebrity Street Vending - The topic of "male actors returning to their hometowns to sell goods" has gained significant attention on social media, with actor Xu Peng sharing his experience of taking over his elderly father's street vending business [1]. - Former TVB actress Chen Siqi has also transitioned to street vending, selling chicken feet and attracting a large following on social media, with her products priced at 38 yuan per pound [1][4]. - Chen Siqi's success is partly attributed to her collaboration with former TVB colleague Cai Qijun, who has established a personal brand in street vending since 2021 [4][6]. Group 2: Market Response and Popularity - The street vending business has seen a surge in popularity, with many fans visiting Chen Siqi's stall, leading her to express surprise at the attention she received compared to her acting career [4][8]. - Other former entertainers, such as Xu Bingchao and singer Chen Xiang, have also ventured into street vending, with Xu's baozi stall gaining significant attention and long queues [6][7]. - Despite initial success, many celebrities have faced challenges in sustaining their street vending ventures, leading to speculation that this trend may be a temporary publicity stunt rather than a long-term business strategy [7][8]. Group 3: Commercial Potential - The phenomenon of "celebrity street vending" possesses inherent commercial potential, leveraging the celebrities' existing fame to attract customers and create a unique consumer experience [8]. - The close interaction between consumers and celebrity vendors enhances the appeal of the street vending model, generating substantial traffic and interest [8].