In 2025, Juewei Food reported its first annual loss since listing.
Full-year operating revenue was 5.467 billion yuan, down 12.6% year-on-year; net profit attributable to the parent company recorded a loss of 191 million yuan, turning from profit to loss compared to the previous year; adjusted net profit was 75 million yuan, still down 62.8% year-on-year.
This cliff-like decline stems from one-time retroactive adjustments due to past violations.
In April 2025, Juewei announced it needed to pay back taxes and late payment fees totaling 342 million yuan, with the vast majority charged to current period earnings, leading to a significant increase in non-operating expenses.
Coupled with prior financial disclosure violations, the company was subjected to other risk warnings in September 2025, and its stock name was changed to &#34;ST JUEWEI FOOD&#34;.
In a horizontal comparison, Juewei's performance recovery is clearly slower than that of its peers.
The braised food sector is undergoing channel restructuring. New channels such as discount snack stores and supermarket instant retail are capturing some demand with lower prices and higher-frequency scenarios. The annual report explicitly states that the industry is shifting from &#34;channel-driven&#34; to &#34;product-driven,&#34; intensifying homogeneous competition and raising risks of overcapacity.
Amid weakening demand and dispersed foot traffic, the franchise store system that Juewei relied on for years has become a &#34;double-edged sword,&#34; causing rapid transmission of declining channel efficiency to the revenue side.
Although Juewei stopped disclosing store counts in its 2024 annual report, data from third-party platform Nimen Canyan shows its store footprint shrank by about one-third from its peak of over 15,000 at the end of 2023.
In contrast, some peers achieved temporary stabilization or even improvement through product mix optimization, channel differentiation, or price strategy adjustments.
Zhou Hei Ya saw revenue grow 3.5% year-on-year in 2025, with net profit surging nearly 60%; Huang Shang Huang expects net profit to double. Juewei remains the only one among the &#34;Three Giants of Braised Food&#34; yet to recover.
Another notable shift is the subtle change in Juewei's role within the industrial chain.
From a business structure perspective, besides sales of braised foods, the company also operates segments including franchise management, centralized procurement, and supply chain logistics.
In 2025, centralized procurement revenue fell 38.39% year-on-year, while supply chain logistics revenue grew 20.14%, becoming the only growth segment.
According to the annual report, the company's largest sales customer is the emerging braised food brand Wang Xiao Lu, accounting for 1.96% of total annual sales.
Facing these challenges, Juewei proposed several response directions in its annual report: upgrading and renovating stores, extending from duck by-products to full product categories; building a digital intelligence operation system to improve single-store efficiency.
However, entering 2026, market pressures have not dissipated. First-quarter revenue fell 16% year-on-year to 1.265 billion yuan, and net profit attributable to the parent company dropped by more than 40%.
For this former &#34;King of Duck,&#34; emerging from the gloom will require a long time.

603517

Massive Tax Backlog and Retreat from the '10,000 Stores' Boom: ST JUEWEI FOOD Enters a Troubled Autumn