Analysis of the Contribution of Juewei Duck Neck’s Hot Braised Food Business to Average Order Value Growth

Based on the collected information, I conducted a systematic analysis of the contribution of Juewei Duck Neck’s hot braised food business to average order value growth.

As a leading enterprise in the braised food industry, Juewei Food has actively deployed its hot braised food business in recent years, which is a strategic transformation against the backdrop of sluggish growth in traditional cold braised food business. According to the Red Meal Industry Research Institute’s “2025 Braised Food Category Development Report”, the strategic significance of the hot braised food business is mainly reflected in the following aspects:

• The core goal of the hot braised food business is to shift from “snack-type braised food” to “main meal replacement”, and to enter the lunch and dinner main meal track from the snack supplement consumption scene
• Transform braised food from an “incidental” snack to a core option for “solving a meal”

• The pricing of hot braised food combinations generally falls in the range of 4.9 yuan to 8.9 yuan
• The pricing of hot braised food single-serve packages highly overlaps with the mainstream consumption price range (20-30 yuan, accounting for 42.7%) [1]
• According to a survey by the Red Meal Industry Research Institute, the most concentrated price range for single consumption of braised food is 20-30 yuan, accounting for 42.7%; 10-20 yuan and 30-40 yuan account for 23.6% and 21.3% respectively [1]

• By matching staple foods (rice, noodles, etc.), hot braised food has the function of staple food replacement and higher satiety
• It can meet the core consumption demand of a meal, naturally driving the increase in average order value
• The transformation of store role from retail counter to light meal space creates conditions for higher average order value

• Achieved full-year revenue of 6.257 billion yuan in 2024, a year-on-year decrease of 13.84%
• Net profit attributable to parent company was 227 million yuan, a year-on-year decrease of 34.04% [2]
• The 2025 Q1 report shows that revenue was 1.501 billion yuan, a year-on-year decrease of 11.47%; net profit attributable to parent company was 120 million yuan, a year-on-year decrease of 27.29% [2]

• The total number of stores decreased by 981 in 2024 [3]
• Single-store revenue in Q1 2025 declined by mid-single digits year-on-year [3]
• From historical data, Juewei Food’s single-store revenue showed a downward trend from 2017 to 2024, and began to decline after reaching a peak in 2023 [4]

Although the hot braised food business is highly expected at the strategic level, from the actual data, its contribution to the increase in average order value has not yet reached the expected target, mainly reflected in:

• The company’s overall revenue and profit continue to decline, indicating that the increment brought by the hot braised food business is not enough to make up for the decline of traditional business
• Single-store revenue continues to decline, indicating that the hot braised food business has limited effect in improving single-store efficiency

• The market size of the braised food industry was 157.3 billion yuan in 2024, with a year-on-year growth rate of only 3.7%, showing a slowdown in growth [1]
• The elimination rate of hot braised food brands is high, and the market has changed from a blue ocean to a red ocean
• The three giants of the braised food industry have collectively deployed hot braised food, intensifying the level of competition

• Although the expansion of the hot braised food business has a market foundation, consumer acceptance and cultivation of consumption habits take time
• The role transformation from snack to main meal requires systematic changes in store form and service process

• The hot braised food business has higher requirements for product standardization and temperature-taste stability
• Stores need to transform from retail display to efficient service, optimize the food delivery line and the closed loop of online and offline experience
• It puts forward higher requirements for the enterprise’s stock preparation ability, supply-side responsiveness, and front-back kitchen connection ability

• Although the pricing of hot braised food packages overlaps with the mainstream consumption range, whether consumers are willing to pay a higher price for hot braised food still needs to be verified
• Under the trend of rational consumption, consumers’ price sensitivity has increased, and the price increase space of the hot braised food business is limited

1. Performance Data Does Not Support
   : Juewei Food’s revenue, profit, number of stores, and single-store revenue have all declined
2. Market Environment Constraints
   : The growth rate of the braised food industry has slowed down, and competition in hot braised food has intensified
3. Delayed Transformation Effect
   : The role transformation from snack to main meal requires a long market cultivation period

The hot braised food business still has long-term development potential, but its contribution to the increase in average order value is limited in the short term. The company needs to continue to work hard in the following aspects:

1. Deepen Digital Transformation
   : Improve operational efficiency and optimize consumer experience through AI technology
2. Improve Product Portfolio
   : Build a stable, replicable, and sustainable hot braised food product system
3. Optimize Store Model
   : Improve the store efficiency per unit area and average order value of the hot braised food business

The hot braised food business is an important strategic layout for Juewei Food to respond to the industry cycle, but its effect takes time to appear. At the current stage, the contribution of the hot braised food business to the increase in average order value has not yet reached the expected target, and the company still faces greater operational pressure.

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[1] Caifuhao - “Seeking Increment from Main Meals, Three Braised Food Giants Turn ‘Hot’” (https://caifuhao.eastmoney.com/news/20251230083244499533810)

[2] Securities Times - “Juewei Food: 2024 Revenue of 6.257 Billion Yuan, Proposed Dividend of 3.3 Yuan per 10 Shares” (https://www.stcn.com/article/detail/1651324.html)

[3] Juewei Food Co., Ltd. 2024 Annual and 2025 First Quarter Performance Briefing Record (https://pdf.dfcfw.com/pdf/H22_AN202506301700365708_1.pdf)

[4] Beijing Business Daily - Juewei Food Single-Store Revenue Change Trend Chart (https://media.bjnews.com.cn/image/2025/04/11/5574661685068770962.png)