Juewei Foods Co., Ltd. (Juewei Foods), its net profit attributable to shareholders of listed companies, excluding non-recurring gains and losses, was 203 million yuan in 2024, a decrease of 49.39% year-on-year, marking the company’s worst performance in its eight years of being listed.
According to the annual report released by Juewei Foods on April 9, 2024, the company achieved operating income of approximately 6.257 billion yuan in 2024, down 13.84% year-on-year. The net profit attributable to shareholders of the listed company was about 227 million yuan, a decrease of 34.04% year-on-year. The net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was around 203 million yuan, a decline of 49.39% year-on-year. By the end of 2024, Juewei Foods’ net assets attributable to shareholders of the listed company were approximately 6.373 billion yuan, down 8.91% year-on-year, and total assets were about 8.198 billion yuan, down 11.97% year-on-year.
The Beijing News reported on April 11 that in terms of the absolute value of net profit attributable to shareholders, this is the worst performance for Juewei Foods in its eight years of being listed.
Juewei Foods’ report released on April 9 indicated that the company’s operational situation has not improved in the first quarter of 2025.
In the first quarter of 2025, Juewei Foods had a revenue of 1.501 billion yuan, a decrease of 11.47% year-on-year, and a net profit of 120 million yuan, a decrease of 27.29% year-on-year, showing no signs of recovery.
The New Beijing News stated on April 11 that one of the main reasons for Juewei Foods’ double-digit revenue decline in 2024 was the reduction in the number of its stores. As of the end of June 2024, Juewei Foods had a total of 14,969 stores in mainland China (excluding Hong Kong, Macao, Taiwan, and overseas markets), compared to 15,950 stores at the end of 2023 in mainland China (excluding Hong Kong, Macao, Taiwan, and overseas markets). Additionally, the revenue from franchisee management for Juewei Foods decreased from 83.0498 million yuan in 2023 to 61.2202 million yuan in 2024.
An article by Jiemian News on April 10 mentioned that higher marketing expenses also contributed to Juewei Foods’ poor performance in 2024. In 2024, Juewei Foods’ sales expenses increased by 23.31% year-on-year from 541 million yuan in 2023 to 667 million yuan, further dragging down the net profit. Public information shows that in July 2024, Juewei Foods initiated a brand upgrade and officially announced Fan Chengcheng (Chinese actor and singer) as the first global spokesperson in the brand’s 19-year history. However, Fan Chengcheng’s endorsement could not stem the decline in performance.
Regarding this, Chinese food industry analyst Zhu Danpeng told the New Beijing News, “In recent years, Juewei Foods’ overall performance has been relatively flat, with its core business revenue, profits, including stock prices, and other aspects not performing as well as expected, and it has not achieved significant results in other investment areas. The company’s most critical task now is to focus on improving its supply chain construction and product innovation upgrades.”
Not only Juewei Foods, but another company operating in the same niche market of braised snacks, Zhouheiya (Zhouheiya International Holdings Limited), is also facing pressure. According to Zhouheiya’s 2024 annual report, the company’s total revenue was 2.451 billion yuan, a decrease of 10.7%; the net profit was 98 million yuan, a decrease of 15%. At the same time, Zhouheiya’s total number of stores decreased to 3,031, down by 785 stores compared to 2023.
Regarding the growth dilemma faced by the braised snacks industry, the Vice President of Lisi Strategic Consultation in China, Luo Xianliang, analyzed on China National Radio’s website on April 10, stating that braised products belong to a leisure scenario where consumers have a wide range of choices like freshly brewed tea, baked goods, packaged snacks, etc., and the evolution and innovation in these categories are very frequent. In comparison, braised snacks are gradually becoming outdated, which is the fundamental issue that Juewei Foods and Zhouheiya are currently facing.
Jiemian News cited Chinese food industry analyst Zhu Danpeng’s analysis, stating that the current braised snacks industry is facing severe internal competition, entering an era of fast expansion and high innovation, where consumers prefer products with high value for money, while the pricing of leading companies’ products tends to be relatively high.
Online users have expressed their opinions on this matter, with a significant portion criticizing the high prices of these braised snacks.
“Struggling to Live” commented: “Juewei Foods is too expensive, the rich don’t care, and the less wealthy can’t afford it! It’s more expensive than a proper meal!”
“Endlessly Loving You” also remarked: “As the prices keep rising, it’s normal for sales to decline.”
User “Liang” expressed: “Since Zhouheiya changed to boxed packaging, I haven’t bought it. Just a few pieces from Juewei Foods cost around ten yuan, hardly enough for one person to eat. It’s two to three times more expensive than having a proper meal.”
Some online users believe that these braised snacks contain too many additives and are not healthy.
A Tencent user, 8szwob0, said: “Braised snacks are not just about competition; there are too many technological ingredients that are harmful to our bodies, and more and more ordinary people understand this, which is why no one is buying them!”
User 5uc1lwn also questioned: “Can things with so much technology and harmful ingredients last long?”
As of April 11, 2025, 14:15:00 (Beijing time), Juewei Foods’ stock price was reported at 16.12 yuan per share, a decrease of 1.71%, with a total market value of 9.763 billion yuan.
Established on December 17, 2008, Juewei Foods Co., Ltd. is engaged in the chain operation of leisure food products, with its headquarters located in Hunan.