Core Viewpoint - Zhou Hei Ya, a leading brand in the marinated food sector, is diversifying into the compound seasoning market amid declining sales in its core products, raising questions about the viability of this strategic shift [1][4]. Financial Performance - Zhou Hei Ya's total revenue for 2024 decreased to 2.451 billion RMB from 2.744 billion RMB in 2023, representing a year-on-year decline of 10.7% [2]. - The net profit for 2024 fell to 98.204 million RMB from 115.576 million RMB in 2023, a decrease of 15% [2]. - The average transaction value dropped from 56.9 RMB in 2023 to 54.39 RMB in 2024, a reduction of approximately 4.4% [2]. Market Strategy and Adjustments - Zhou Hei Ya is closing underperforming stores, reducing its total number of offline stores from 3,816 at the end of 2023 to 3,031 by the end of 2024, marking a net decrease of 785 stores [4]. - The company is focusing on retaining stores in high-tier cities and key commercial areas while closing 129 self-operated and 656 franchised stores [4]. New Ventures - Zhou Hei Ya has entered a strategic partnership with Sichuan Shentang Industrial Group to establish a joint venture, "Sichuan Zhou Hei Ya Food Technology Co., Ltd.," aimed at developing the "Gaga Flavor" series of compound seasonings and convenient ready-to-eat products [5][7]. - The joint venture will leverage Zhou Hei Ya's expertise in marinated products and Shentang's experience in compound seasonings to create a dual-engine model that integrates ready-to-eat and cooking scenarios [7]. Industry Context - The compound seasoning market in China has shown double-digit growth over the past five years and is expected to maintain a 13.5% annual growth rate in the next five years, with a market size projected to reach 687.1 billion RMB in 2024 [8][16]. - The marinated food market has seen slower growth, with a compound annual growth rate of approximately 6.42% from 2018 to 2023, indicating a need for Zhou Hei Ya to explore new growth avenues [8][16]. Competitive Landscape - The compound seasoning market is characterized by a fragmented competitive landscape, with leading players like Tianwei Foods and Yihai International dominating the market [16]. - Zhou Hei Ya's entry into this market will require differentiation through product innovation and competitive pricing to establish a foothold [20].
一年关店近800家，继椰子水后，周黑鸭又做起了调料生意