信息披露违规，绝味食品（603517.SH）"戴帽"。 9月19日晚间，绝味食品公告显示，公司当日收到中国证券监督管理委员会湖南监管局下发的《行政处罚事先告知书》（以下简称"《事先告知书》"）。 经查明，绝味食品涉嫌违法的事实为，2017年至2021年期间，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，5年合计7.24亿元。 监管部门决定，对绝味食品及公司董事长戴文军等三人合计罚款850万元。 同日，绝味食品发布公告称，公司股票将实施其他风险警示（ST），9月22日全天停牌，9月23日复牌后简称变更为"ST绝味"，日涨跌幅限制缩至5%。 一家上市公司财务人员向长江商报记者表示，绝味食品可能通过少计收入降低税负，或试图掩盖加盟业务增长放缓的真相。 点击蓝字关注我们 长江商报记者 黄聪 长江商报记者发现，截至2024年上半年底，绝味食品门店数量达14969家，相比2023年底，半年时间净关店近千家。然而，2024年年报和2025年半年报 中，公司未公布门店的具体数量和增减情况。 视觉中国图 戴文军被罚200万 9月19日晚间，绝味食品发布的公告显示，公司当日收到中国证券监督管理委员会湖南监管局下发的《事先 ...

Core Insights - The three major brands in the marinated food industry, namely Juewei, Huangshanghuang, and Zhouheiya, have reported a decline in revenue for the first half of 2025, indicating a challenging market environment [2][3] Group 1: Revenue Performance - Juewei Foods achieved a revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, with a net profit of 175 million yuan, down 40.71% [2] - Huangshanghuang reported a revenue of 984 million yuan, a decline of 7.19%, but its net profit increased by 26.9% to 76.92 million yuan [2] - Zhouheiya's revenue was 1.22 billion yuan, down 2.9%, while its net profit surged by 228% to 108 million yuan [2] Group 2: Market Challenges - Juewei is facing growth slowdown due to market saturation after previously relying on a nationwide store network and diverse product lines [2] - Huangshanghuang is experiencing challenges from a reduction in store numbers and declining single-store revenue despite profit growth [2] - Zhouheiya has optimized its operations by closing inefficient stores, leading to a decrease in total revenue but an increase in average single-store sales and net profit [2] Group 3: Emerging Competitors - New brands such as Wang Xiaolu and others are gaining market share, leveraging innovative marketing and extending consumption scenarios [3] - The rise of "hot marinated" products is attracting consumers with fresh, made-to-order experiences, contrasting with traditional "cold marinated" offerings [3] Group 4: Strategic Responses - Juewei is focusing on expanding consumption scenarios and appealing to younger consumers through frequent new product launches [4] - Huangshanghuang is seeking growth through cross-industry expansion, including acquiring a stake in a freeze-dried food company [4] - Zhouheiya is enhancing operational efficiency and service across all time periods, aiming to create a conversion loop from content marketing to in-store visits [4] Group 5: Market Outlook - The marinated food industry in China is projected to grow at a compound annual growth rate of 5.93%, reaching a market size of 356.96 billion yuan by 2024 [4] - The competition in the marinated food market is intensifying, signaling a critical point for industry restructuring and growth opportunities [4]

Core Viewpoint - The "three giants" of the marinated food industry are collectively facing revenue decline in the first half of 2025, indicating overall industry pressure. Despite efforts to stabilize profits through store reductions and cost control, the main business growth remains weak [1] Group 1: Revenue and Profit Trends - The marinated food market showed signs of weakness in the first half of this year, with major players like Juewei Food experiencing a 15.57% year-on-year decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [2] - Huangshanghuang reported a 7.19% decline in revenue to 984 million yuan, while net profit increased by 26.9% to 76.92 million yuan, attributed to cost-cutting measures despite a decline in main business segments [2] - Zhou Hei Ya's revenue decreased by 2.9% to 1.22 billion yuan, but net profit surged by 228% to 108 million yuan, driven by improved single-store operational efficiency [3] Group 2: Cost Control Measures - The decline in raw material prices has helped some marinated food companies maintain net profit levels. Huangshanghuang noted that the prices of key raw materials remained low, leading to a decrease in production costs and a 2.23 percentage point increase in gross profit margin for its marinated meat products [4] - The overall market dynamics indicate that the marinated food industry faces significant challenges due to decreased consumer willingness and confidence, alongside high prices and insufficient cost-performance ratios [4] Group 3: Strategic Shifts and New Ventures - The three giants are exploring new business avenues to sustain performance, with Zhou Hei Ya launching a coconut water brand and entering into partnerships for compound seasoning and convenience food products [5] - Huangshanghuang is investing 495 million yuan to acquire a 51% stake in a freeze-dried food company, aiming to enter the freeze-dried food market [5][6] - Juewei Food has opened a new "Juewei Plus" store in Changsha, venturing into the casual dining sector with a diverse product offering [7]

Group 1 - The core idea of the article is that Zhou Hei Ya is enhancing its marketing strategy by offering free products to college students, aiming to strengthen its connection with the Z generation [1] - The upgraded campaign, starting from September 1 to September 30, involves distributing 400,000 yuan worth of products, with 30,000 free items available each week [1] - The previous summer campaign successfully distributed 300,000 free products, generating significant social media buzz and engagement among college students [1] Group 2 - Zhou Hei Ya's founder, Zhou Fuyu, emphasizes the company's commitment to integrating into the lifestyle of the Z generation, aiming to be both a food choice and a companion in their youth [1] - The brand seeks to resonate with the vitality of the Z generation, promoting a narrative of "sweet and spicy youth" that reflects the current era [1]

Core Viewpoint - Juewei Foods (603517.SH) is struggling to achieve its ambitious revenue target of 10 billion yuan by 2025, as the company reported a significant decline in both revenue and net profit in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Juewei Foods achieved revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71% year-on-year [1][4]. - The company aims to reach a total revenue of 10.94 billion yuan by 2025, requiring a revenue of 8.12 billion yuan in the second half of 2025, which is deemed highly unlikely given current performance [1][5]. Production and Expansion - As of the end of 2024, Juewei Foods had established 21 production bases nationwide, including three under construction, down from 22 bases the previous year [1][10]. - Two of the three under-construction bases in Guangdong and Guangxi have been delayed by two years, impacting the company's production capacity [1][12]. Market Presence - Juewei Foods has seen a reduction in its store count, with a net closure of nearly 1,000 stores in the first half of 2024, bringing the total to 14,969 stores [8][9]. - The company had previously experienced rapid growth in store numbers, reaching 15,950 stores by the end of 2023, but the recent trend indicates a slowdown [7][8]. Stock Performance - Juewei Foods' stock price has significantly declined from a peak of 105.2 yuan per share in February 2021 to 16.21 yuan per share as of August 29, 2025, representing a drop of approximately 85% [6].

Core Insights - The trend in the snack food industry, particularly in the marinated food segment, is shifting towards more diverse offerings that combine traditional snacks with full meal options, catering to changing consumer preferences for dining experiences [7][11] Company Strategies - Companies like Jiujia and Zhou Hei Ya are innovating by integrating hot pot elements into their offerings, such as Jiujia's fresh boiling of marinated items and Zhou Hei Ya's introduction of rice and noodle dishes [1][3] - Absolute Taste has launched a "plus store" concept, featuring a trendy atmosphere with a menu that includes fried snacks and craft beer, appealing to younger consumers looking for a social dining experience [5] - Zhou Hei Ya has expanded its product line to include marinated sauce packages for home cooking, while Absolute Taste has collaborated with tea brands to offer meal sets, indicating a strategy to diversify revenue streams [9] Market Trends - The marinated food market experienced a modest growth of only 3.7% last year, prompting brands to adapt by offering more substantial meal options rather than just snacks [7] - The evolving consumer behavior shows a preference for dining in and enjoying a variety of food options, leading brands to create environments conducive to longer stays and social interactions [11] Challenges and Risks - The shift towards freshly prepared items raises concerns about hygiene and food safety, particularly for brands like Zhou Hei Ya that are moving away from vacuum packaging [7] - The expansion into new markets, such as the U.S. for brands like Ziyuan Baiwei Chicken, presents challenges in consumer acceptance of traditional flavors among non-Chinese customers [9]

Group 1 - The core event is the "Summer Carnival" co-hosted by the brand "Lian Shang Ya," the well-known snack store "Lao Po Da Ren," and "Snow Beer," featuring actor Ding Jiawen as the event ambassador [2] - The event runs from July to August 2025, with a highlight being Ding Jiawen's "One-Day Store Manager" appearance and offline meet-and-greet on August 16, which significantly boosted the summer campaign [2] - The event attracted a large number of fans and customers, enhancing the brand's visibility and engagement [1][4] Group 2 - "Lian Shang Ya" has established itself as a leader in the duck meat snack market, recognized by Frost & Sullivan for being the top-selling brand in the supermarket channel for three consecutive years from 2022 to 2024 [4] - The brand emphasizes the use of fresh meat and unique double-marination techniques, along with scientific sterilization and preservation methods, to provide high-quality duck meat snacks [4] - The successful marketing and promotional activities are expected to continue, with the brand aiming to deliver more delightful products in the future [4]

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating improved operational efficiency despite challenging market conditions [1] Financial Performance - The company's revenue for the first half of 2025 was 984 million yuan, a year-on-year decrease of 7.19% [1] - The net profit attributable to shareholders was 76.92 million yuan, reflecting a year-on-year increase of 26.9% [1] Cost Management - The prices of key raw materials, including duck wings, duck necks, and frozen duck products, remained low during the reporting period [1] - The comprehensive gross profit margin for the company's marinated meat products increased by 2.23 percentage points year-on-year [1] - Sales expenses decreased significantly, with a year-on-year decline of 27.38%, attributed to reduced labor costs and marketing expenditures [1]

以下文章来源于启阳路4号 ，作者公司研究院 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1 万，"明明是街边小店非要卖出酒店摆盘的价格"、"每次都说拿一点点就够了，一称40块"、"它 明明可以抢，却还给了我一些鸭脖"，话题词下网友诉说起那些年被价格刺客支配的往事。 反映在卤味三巨头的财报里，营收和利润双跌。 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑 15%；煌上煌营收17.39亿元，同比下滑9.44%；归属净利润4033万元，同比下滑42.86%；绝 味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不 动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤味三巨头"到底怎么了？ 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、 120克鸭舌50元。根据周黑鸭小程 ...

以下文章来源于启阳路4号 ，作者公司研究院 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑15%；煌上煌营收17.39亿元，同比下滑9.44%；归属 净利润4033万元，同比下滑42.86%；绝味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤 味三巨头"到底怎么了？ 01 三巨头，一年或缩水超3600家 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、120克鸭舌50元。根据周黑鸭小程序，300克鸭脖36 元、230克鸭翅29元、80克鸭肠25元、140克鸭舌59元。 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 来源丨公司研究院 因为价格贵被吐槽上热搜，快成了"零食界爱马仕"的标配。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1万，"明明是街边小店非要卖 ...