Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

Core Viewpoint - The spring transportation season has seen a decline in the popularity of "marinated snacks," particularly the three major duck brands, which are facing performance downturns and store closures due to market saturation and changing consumer preferences [2][3][8]. Group 1: Company Performance - The three major duck brands, Zhou Hei Ya, Jue Wei, and Huang Shang Huang, have experienced significant declines in performance, with Jue Wei projected to lose between 160 million to 220 million yuan in 2025, marking its first annual loss [6][19]. - The market capitalization of these brands, once in the hundreds of billions, has now dwindled to tens of billions, and over 5,300 stores were closed in the first half of 2025 alone [6][19]. - Zhou Hei Ya, despite its high-end positioning, saw its net profit drop by over 94% in 2022, while Huang Shang Huang's store count fell below 2,898 by mid-2025, lower than in 2019 [19][21]. Group 2: Market Dynamics - The marinated snack market is experiencing a slowdown, with the market size expected to reach 157.3 billion yuan in 2024, reflecting a drastic decline in growth rate to 3.7% compared to over 15% in previous years [21][23]. - Consumer behavior has shifted, with a preference for lower-priced options; the most common spending range for marinated snacks is 20-30 yuan, while the major brands often exceed this price point [23][25]. - The competitive landscape has evolved, with local brands and snack giants entering the marinated snack market, offering similar or better value propositions, thus diluting the unique selling points of the major brands [25][27]. Group 3: Strategic Changes - To regain market share, the major brands are attempting various marketing strategies, including collaborations with popular culture and introducing new product lines [30][32]. - There is a push towards redefining their product offerings, with Zhou Hei Ya and Jue Wei introducing lower-priced items and expanding into hot marinated dishes to attract younger consumers [34][36]. - Operational efficiency is becoming crucial, with brands needing to close underperforming stores and focus resources on profitable locations to improve overall performance [38][41].

以下文章来源于金错刀 ，作者祥燎 想当初，周黑鸭立志做"鸭脖界爱马仕"，选在高铁、机场等场所开直营店，一度还能拿来送礼。2017-2020年，周黑鸭客单价均维持在60元以上，以至于网 友吐槽"周黑鸭快成周大福了"。 其余两大巨头——绝味和煌上煌——虽然没贵得如此离谱，但也给人留下了不便宜的印象。所以过去对三大"鸭王"的评价普遍是"明明可以抢，但还是给你 一根鸭脖"。 金错刀 . 科技商业观察家。爆品战略提出者。 春运卤味遇冷，三大鸭王业绩滑坡关店， 产品趋同陷存量困局。 文 ｜ 祥燎 编辑 ｜ 张一弛 来源｜ 金错刀（ID：ijincuodao） 封面来源 ｜ pexels 正文热闹的春运如期而至，过去返乡路上常见的零食却落寞了。 说的不是花生瓜子啤酒饮料，而是近几年人们敬而远之的 "卤味刺客" 。 "鸭王们"沦为难兄难弟，还能重振雄风吗？ 各有特色的"鸭王们"，越来越像了 随着"卤味刺客"的形象深入人心，"年轻人为何不爱吃鸭脖了"之类的话题频上热搜， "鸭王们"的日子终于开始坎坷起来了。 业绩上，绝味2025年预计亏损1.6亿元到2.2亿元，这是其首次出现年度亏损。 市值上，它们曾经都高达几百亿，如今都只剩 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong consumer stocks, with notable increases in share prices for companies such as Mengniu Dairy and Sun Art Retail, both rising over 2% [1] - Other companies in the consumer sector, including Haidilao, Zhou Hei Ya, and Bosideng, also experienced share price increases, indicating a positive trend in the market [1]

热闹的春运如期而至，过去返乡路上常见的零食却落寞了。 说的不是花生瓜子啤酒饮料，而是近几年人们敬而远之的"卤味刺客"。 想当初，周黑鸭立志做"鸭脖界爱马仕"，选在高铁、机场等场所开直营店，一度还能拿来送礼。2017-2020年，周黑鸭客单价均维持在60元以上，以至于 网友吐槽"周黑鸭快成周大福了"。 市值上，它们曾经都高达几百亿，如今都只剩下几十亿。 门店数量的变化同样明显，仅2025上半年，三大"鸭王"就闭店了超5300家。 | 21世纪经济报道 ■ » | | 十关注 | | --- | --- | --- | | 置顶 2-1 21世纪经 ... 已编辑 | | | | 【#卤味三巨头半年闭店超5300家#】#已有4000家 | | | | 绝味鸭脖倒下#近期卤味上市公司相继发布年度业 | | | | 绩预告,其中"卤味三巨头"的业绩表现呈现两极分 | | | | 化:煌上煌与周黑鸭利润增长,而门店最多的绝味 | | | | 食品却自上市以来首次录得年度亏损。 | | | | 股价上三巨头亦表现欠佳,其中市值对比上市首 | | | | 日,仅煌上煌显示增长约32亿... 全文 | | | | 证券简称 ...

智通财经APP讯，周黑鸭(01458)发布公告，于2026年2月2日，该公司斥资49.51万港元回购30.85万股。 ...

格隆汇2月2日丨周黑鸭(01458.HK)发布公告，2026年2月2日耗资49.5万港元回购30.9万股，回购价格每 股1.6-1.61港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 周黑鴨國際控股有限公司 呈交日期： 2026年2月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01458 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周黑鴨國際控股有限公司 呈交日期: 2026年2月2日 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01458 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,159,709,500 0 2,159,709,500 增加 / 減少 (-) 0 0 本月底結存 2,159,709,500 0 2,159,709,500 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾 ...

Core Insights - Zhou Hei Ya has launched a new product, the Black Duck Turkey Noodles, targeting the convenient instant food market [1] - The new product features a classic Black Duck flavored turkey noodle sauce, combined with seaweed and sesame, offering a sweet and spicy flavor profile [1] - The product is priced at 29.9 yuan for a pack of five 141g bags on Zhou Hei Ya's official store on JD.com [1]