为海底捞供货！聚慧食品深陷“价格战” 调料越卖越不挣钱？

作者：希波文章来源：子弹财经

2026-08-04 09:57

作者：希波文章来源：子弹财经

2026-08-04 09:57

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本文核心是讲述国内最大第三方中式复合调味品定制供应商聚慧食品的经营现状与IPO相关情况，核心干货如下：

1. 企业基本情况：聚慧食品由西南大学校友创立，主打B端生意，为海底捞、呷哺呷哺、老乡鸡等头部连锁餐饮提供定制调料，累计服务超13万家门店，按营收算行业第一，市占率7.6%；

2. 资本动向：IPO前夕所有A轮投资方都全额收回本金退出，还放弃了全部利息，本质是机构对聚慧短期内上市信心不足，选择落袋为安；

3. 经营困境：当前行业价格战激烈，聚慧主动降价抢份额，出现销量上涨但售价连年下滑的情况，2025年营收、净利润双降，毛利率、净利率持续下滑，陷入越卖越不挣钱的尴尬；同时高度依赖B端渠道，C端业务未起步，核心大客户门店扩张停滞甚至收缩，抗风险能力弱，尚未找到第二增长曲线。

本文给调味品及餐饮连锁品牌商提供的干货参考如下：

1. 行业发展趋势：当前国内餐饮连锁化率为22.9%，行业逐步走向集中，头部品牌加速拓店带动第三方定制调味品需求增长，但赛道涌入大量新玩家，行业竞争加剧，B端客户议价能力持续提升；

2. 价格竞争启示：聚慧为抢份额主动降价，导致盈利空间被大幅压缩，毛利率从2024年的33.4%回落至2025年的30.7%，核心火锅调料毛利率累计下滑1.7个百分点，可见低价价格战对品牌利润侵蚀严重，品牌需要警惕恶性低价竞争陷阱；

3. 渠道布局参考：聚慧高度依赖B端大客户，下游客户扩张停滞直接影响企业业绩，对比天味食品B+C双渠道布局对冲风险的模式，可见多渠道布局才能分散风险，品牌需要提前布局第二增长曲线；

4. 产品研发参考：聚慧累计推出3142款定制新品，积累超1.9万个SKU，匹配不同餐饮客户的定制化需求，该研发思路值得品牌参考。

本文给复合调味品赛道卖家提供的干货内容如下：

1. 市场机会：国内餐饮连锁化率持续提升，头部连锁餐饮对标准化定制调味品的需求不断增长，目前行业集中度较低，头部市占仅7.6%，仍有较多市场空间可以切入，卖家可以瞄准细分餐饮的定制需求布局；

2. 风险提示：当前赛道涌入大量参与者，行业价格战已经非常激烈，B端大客户议价能力强，会持续挤压卖家利润空间；如果高度依赖少数B端大客户，一旦下游餐饮收缩门店，就会引发业绩大幅波动，本次IPO前所有投资方提前全额退出，也反映出资本对赛道当前盈利前景信心不足；

3. 可借鉴经验：可以学习聚慧深度绑定头部客户、围绕客户需求做定制化产品的运营思路，提升客户复购率，聚慧的客户复购率已经提升至72.1%；同时要借鉴天味食品B+C双渠道布局的模式，不要局限单一B端赛道，分散经营风险，提升抗波动能力。

本文给复合调味品生产工厂提供的干货启示如下：

1. 产品生产设计需求：当前国内连锁餐饮规模化发展的核心痛点是菜品口味难以统一，人工调味无法精准量化，对标准化、定制化的复合调味品有大量刚性需求，工厂可以瞄准这一痛点，调整产能布局，切入B端定制调味品赛道，匹配餐饮客户的标准化需求；

2. 商业机会：目前国内中式第三方定制复合调味品行业第一名市占率仅7.6%，行业整体集中度较低，仍有较多市场机会，工厂可以依托自身生产研发优势，对接连锁餐饮客户，开拓定制业务；

3. 发展启示：当前行业价格竞争激烈，降价抢份额会大幅压缩利润空间，工厂要避免过度依赖单一B端渠道和少数大客户，需要探索多元业务方向，可尝试打造面向C端的自有产品线，对冲下游餐饮行业波动带来的风险；另外可以参考聚慧全国布局30个应用中心的模式，搭建覆盖全国的服务网络，提升客户粘性，聚慧前十大客户平均合作时长达到6.7年，复购率持续提升，该模式值得参考。

本文给餐饮供应链相关服务商提供的干货内容如下：

1. 行业发展趋势：国内餐饮连锁化持续推进，带动第三方复合调味品定制行业快速发展，目前行业处于分散竞争阶段，头部企业已经陷入价格战，利润持续下滑，同时多数企业存在增长瓶颈，对第三方服务商的需求不断增加；

2. 客户核心痛点：当前定制调味品企业的核心痛点包括四点：一是价格竞争下的成本管控需求，迫切需要降本增效；二是渠道单一依赖B端，缺乏打造第二增长曲线的能力；三是下游大客户扩张停滞，业绩波动大，抗风险能力弱；四是上市融资不确定性高，资本运作需求得不到满足；

3. 解决方案拓展方向：服务商可以针对客户痛点拓展相关业务，针对成本管控需求推出供应链降本服务，针对渠道拓展需求推出C端品牌孵化、运营流量服务，针对资本运作需求推出上市辅导、资本对接服务，还可以针对定制化研发需求，推出风味研发、配方测试等配套服务，匹配行业发展的新需求。

本文给餐饮供应链平台商提供的干货内容如下：

1. 行业对平台的核心需求：当前复合调味品企业普遍面临价格竞争压力、渠道单一增长瓶颈，需要平台帮助拓展客源、对接多元渠道资源，中小定制调味品企业更是需要平台提供流量、渠道对接支持，获取更多客户资源；

2. 行业现存问题对平台的启示：头部定制调味品企业普遍高度依赖B端大客户，抗风险能力弱，缺乏对接C端打造自有品牌的能力，需要平台提供C端资源对接、品牌孵化服务，帮助其打造第二增长曲线；

3. 平台运营与风险规避方向：招商层面可以重点引入有定制研发能力的调味品工厂入驻，匹配连锁餐饮日益增长的定制化需求；运营层面可以帮助入驻企业平衡定价与利润，引导企业避免恶性价格战；风险层面需要提示入驻企业避免过度依赖少数大客户，引导企业拓展多元客户与渠道，同时平台可以对接资本资源，帮助符合条件的企业对接融资，降低企业融资的不确定性。

本文为复合调味品产业研究者提供的干货内容如下：

1. 产业新动向：国内第三方中式复合调味品定制行业伴随餐饮连锁化浪潮快速崛起，目前行业仍处于分散竞争阶段，头部企业市占率仅7.6%，增长空间较大；当前头部企业已经启动港股IPO进程，但资本对赛道盈利前景信心回落，出现了头部企业IPO前夕所有投资方全额收回本金提前退出的新情况；

2. 行业新问题：行业新进入者不断增加，价格战持续加剧，头部企业为抢占份额主动降价，出现了销量增长但营收、净利润双降的情况，盈利空间被持续压缩；同时头部企业普遍存在商业模式单一、渠道高度依赖B端大客户的问题，下游餐饮客户扩张停滞就会引发业绩波动，抗风险能力弱，第二增长曲线缺失是行业普遍面临的问题；

3. 商业模式研究参考：当前行业形成了两种典型商业模式，分别是聚慧食品的纯B端定制模式，以及天味食品的B+C双渠道模式，对比可见双渠道模式更能对冲单一渠道风险，为行业商业模式优化提供了研究样本，也为研究餐饮供应链企业的增长逻辑提供了新的案例。

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Quick Summary

This article shares an overview of the operations and upcoming IPO of Juhui Food, China’s largest third-party custom Chinese compound condiment supplier, with key takeaways below:

1. Company background: Founded by alumni of Southwest University, Juhui Food focuses on B2B business, supplying custom condiments to leading chain restaurant brands including Haidilao, Xiabu Xiabu, and Laoxiangji. It serves over 130,000 stores nationwide, ranks first in the industry by revenue, and holds a 7.6% market share.

2. Capital development ahead of IPO: All Series A investors exited the company ahead of its IPO with full principal recovery and waived all interest. This move essentially reflects institutions’ lack of confidence in Juhui’s near-term listing prospects and their choice to lock in gains early.

3. Operational challenges: Intense price competition in the industry has pushed Juhui to cut prices to gain market share, leading to rising sales volume but consecutive years of falling selling prices. In 2025, the company saw both revenue and net profit decline, with gross and net margins continuing to contract, leaving it in the awkward position of earning less as it sells more. At the same time, Juhui is heavily reliant on B2B channels, has yet to enter the consumer-facing C-end market, and faces slowing or even contracting store expansion among its core large clients, leaving it with weak risk resistance and no clear second growth curve.

This article shares key insights for condiment and chain restaurant brands as follows:

1. Industry trends: China’s restaurant chain penetration rate currently stands at 22.9%, and the industry is gradually consolidating. Accelerated store expansion by leading brands is driving growth in demand for third-party custom condiments, but a flood of new entrants has intensified competition, and B-end clients have gained increasing bargaining power.

2. Lessons from price competition: Juhui’s decision to cut prices for market share significantly compressed its profit margins, with gross margin falling from 33.4% in 2024 to 30.7% in 2025, and gross margin for its core hot pot condiment line dropping 1.7 percentage points cumulatively. This demonstrates that low-price price wars severely erode brand profits, and brands should guard against the trap of cutthroat low-price competition.

3. Channel layout takeaways: Juhui’s heavy reliance on large B-end clients left its performance directly exposed to slowing client expansion. In contrast, Twin Dragon Foods’ (Tianwei Food) B2B + C2C dual-channel model effectively hedges risks. This shows that multi-channel layout is necessary to diversify risk, and brands should build out a second growth curve in advance.

4. R&D takeaways: Juhui has launched 3,142 custom new products and built a portfolio of over 19,000 SKUs to match the custom needs of different restaurant clients. This R&D approach is a useful reference for brands.

This article shares key takeaways for sellers in the compound condiment track as follows:

1. Market opportunities: China’s rising restaurant chain penetration is driving growing demand for standardized custom condiments from leading chain restaurants. The industry remains relatively fragmented, with the leading player holding just 7.6% market share, leaving plenty of room for new entrants. Sellers can target custom demand in niche restaurant segments for market entry.

2. Risk warnings: A flood of new participants has led to extremely intense price competition, and large B-end clients’ strong bargaining power continues to squeeze sellers’ profit margins. Heavy reliance on a small number of large B-end clients can trigger sharp performance volatility if downstream restaurants cut store counts. The full early exit of all investors ahead of Juhui’s IPO also reflects weak investor confidence in the sector’s current profitability outlook.

3. Actionable insights: Sellers can learn from Juhui’s strategy of deeply partnering with leading clients and developing custom products aligned with client needs to boost customer retention; Juhui’s repeat purchase rate has risen to 72.1%. Sellers should also adopt Twin Dragon Foods’ B+C dual-channel layout, rather than limiting themselves to the single B-end track, to diversify operational risk and improve resilience against market fluctuations.

This article shares key insights for compound condiment manufacturing factories as follows:

1. Production and design demand: The core pain point for large-scale development of chain restaurants in China is inconsistent dish flavor, as manual seasoning cannot deliver precise standardization. This creates strong rigid demand for standardized, custom compound condiments. Factories can target this pain point, adjust capacity布局, and enter the B-end custom condiment track to match the standardized needs of restaurant clients.

2. Business opportunities: The market share of the top player in China’s third-party custom Chinese compound condiment industry is only 7.6%, meaning the industry remains highly fragmented with plenty of remaining market opportunities. Factories can leverage their existing production and R&D advantages to partner with chain restaurant clients and expand custom condiment business.

3. Development insights: Intense price competition means cutting prices for market share will heavily compress profit margins. Factories should avoid over-reliance on a single B-end channel and a small number of large clients, and explore diversified business lines, including launching in-house C-end product lines to hedge against volatility in the downstream restaurant industry. Factories can also draw on Juhui’s model of 30 nationwide application centers to build a national service network that improves customer stickiness; Juhui reports an average 6.7-year partnership tenure with its top 10 clients and steadily rising repeat purchase rates, making this model well worth reference.

This article shares key insights for food supply chain service providers as follows:

1. Industry trends: The ongoing expansion of restaurant chain operation in China has driven rapid growth of the third-party custom compound condiment industry. The sector is still in a fragmented competitive stage, where leading players are already locked in price wars that have driven continuous profit declines. Most players also face growth bottlenecks, creating growing demand for third-party service support.

2. Core client pain points: Custom condiment enterprises currently face four core pain points: First, demand for cost control amid price competition, with an urgent need to cut costs and improve efficiency. Second, over-reliance on a single B-end channel and lack of capability to build a second growth curve. Third, high performance volatility and weak risk resistance stemming from stalled expansion among large downstream clients. Fourth, high uncertainty around IPO financing, with unmet demand for capital operation support.

3. New service expansion directions: Service providers can develop targeted offerings to address these pain points: launch supply chain cost reduction services for clients seeking cost control; offer C-end brand incubation and operational traffic services for clients seeking channel expansion; provide IPO consulting and capital connection services for clients with capital operation demand; and offer supporting services including flavor R&D and formula testing to meet demand for custom product development, aligning with new industry needs.

This article shares key insights for food supply chain platform operators as follows:

1. Core industry demand from platforms: Most custom compound condiment enterprises currently face price competition pressure and single-channel growth bottlenecks, and need platforms to help expand customer sources and connect to diversified channel resources. Small and medium-sized custom condiment enterprises in particular need platforms to provide traffic and channel matching support to acquire more customers.

2. Implications from existing industry problems: Leading custom condiment enterprises are generally heavily reliant on large B-end clients, have weak risk resistance, and lack the capability to access C-end markets and build in-house brands. They need platforms to provide C-end resource matching and brand incubation support to help them build a second growth curve.

3. Platform operation and risk mitigation directions: For merchant acquisition, platforms should prioritize onboarding condiment factories with custom R&D capability to match the growing custom demand from chain restaurants. For operations, platforms can help onboarding enterprises balance pricing and profitability and guide them to avoid cutthroat price competition. For risk management, platforms should warn onboarding enterprises against over-reliance on a small number of large clients, guide them to expand diversified customers and channels, and can connect onboarding enterprises that meet requirements with capital resources to reduce financing uncertainty.

This article shares key insights for researchers of the compound condiment industry as follows:

1. New industry developments: China’s third-party custom Chinese compound condiment industry has grown rapidly alongside the wave of restaurant chain expansion, and remains in a fragmented competitive stage with the leading player holding just 7.6% market share and large room for growth. The leading industry player has now launched a Hong Kong Stock Exchange IPO process, but investor confidence in the sector’s profitability outlook has cooled, leading to the unprecedented development of all pre-IPO investors exiting early with full principal recovery.

2. New emerging industry problems: Continuous entry of new players has intensified price competition, and leading players have cut prices proactively to gain market share, resulting in rising sales volume alongside declines in both revenue and net profit, with profit margins continuously compressed. At the same time, leading players generally suffer from a single business model and heavy reliance on large B-end clients; stalled expansion among downstream restaurant clients directly triggers performance volatility, leaving weak risk resistance, and the lack of a second growth curve is a common industry-wide challenge.

3. Reference for business model research: Two typical business models have emerged in the current industry: Juhui Food’s pure B-end custom model, and Twin Dragon Foods’ B+C dual-channel model. A comparison of the two shows the dual-channel model is more effective at hedging risks from over-reliance on a single channel. This provides a useful research sample for business model optimization in the industry, and a new case study for exploring the growth logic of food supply chain enterprises.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

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站在海底捞、呷哺呷哺、老乡鸡背后的供应商，聚慧食品科技有限公司（以下简称“聚慧食品”）正在加速走向台前。

近日，聚慧食品正式向港交所递交招股书，向资本市场发起冲击。

作为国内最大的第三方中式复合调味品定制供应商，公司2025年收入、净利润双双下滑，且毛利率和净利率同步下滑。

IPO前，公司引入的投资者已经提前退出。

除此之外，公司正面临行业价格竞争、客户增长放缓以及渠道单一等多重挑战。

在重重挑战面前，资本市场十分关心，聚慧食品未来还能不能继续增长？

01 为海底捞提供底料，IPO前夕投资方撤退

聚慧食品由苟中军和王斌共同创立，二人是同班同学，均为西南大学化学教育专业毕业。

其中，苟中军毕业后加入重庆食品工业研究所，从此与食品行业结缘。

苟中军在为餐饮企业提供食品技术咨询时发现，餐饮连锁规模化最大痛点是菜品口味难以统一，由于人工制作无法实现精准量化，门店规模越大，口味失控风险越高。

瞄准这一痛点，苟中军和王斌于2002年创立重庆渝来香食品有限公司，承接批量火锅底料订单；2008年又联合创办重庆聚慧食品有限公司，致力于中式餐饮标准化建设的创新与应用，是国内较早布局复合调味品定制业务的企业之一。

聚慧食品的发展伴随着国内餐饮行业连锁化、产业化的整体发展浪潮。近年来，国内餐饮市场整体呈现由高度分散逐步走向集中的发展趋势，头部连锁餐饮品牌持续加速拓店布局，定制调味品企业也迎来快速发展时期。2025年，我国餐饮连锁化率为22.9%。

不同于天味食品、颐海国际等直接面向终端消费者销售火锅底料，聚慧食品聚焦于B端生意，其主要客户并不是终端消费者，而是需要标准化、定制化产品的连锁餐饮品牌。

据悉，聚慧食品的客户包括海底捞、呷哺呷哺、老乡鸡、鱼你在一起和蒙自源等连锁餐饮品牌，累计服务餐饮门店超过13万家。

聚慧食品的快速发展也曾吸引了不少外部投资者。2021年3月，聚慧食品定向发行A轮优先股，投资方包括CPE源峰、经纬中国在内的四家机构，募资1.4亿美元。

与此同时，聚慧食品还与投资方签署了对赌协议。

招股书显示，上述四家投资者享有自主转股、IPO自动转股、股息优先分配的权利。同时约定，若聚慧食品在A轮融资后三年内未能首发上市，或出现重大合规相关问题等情形，投资方有权要求公司按照投资本金加年化8%单利及欠付股息赎回股份。

2022年7月，公司与投资者对赎回权条款重新修订。双方约定，聚慧食品按原始成本回购半数优先股，将IPO赎回期限延期至五年，并调整了利息计算方式。

距离融资落地仅过去一年多，聚慧食品便向投资方退还了半数本金，侧面反映出公司的上市进度或许不及早期预期。

后续双方又分别在2024年4月和2025年5月达成回购约定，聚慧食品以初始本金回购剩余全部优先股，且免去所有应付利息，全部回购款项于2025年5月兑付完成，相关特殊股东权利随之全部终止。

投资方最终放弃全部利息收益、全额收回本金退出，或许可以看出历经漫长的等待，机构投资者对聚慧食品短期内顺利登陆资本市场的信心持续走弱，不愿继续承担上市延期的不确定性，选择“落袋为安”。

02 市占率仅7.6%，陷入“越卖越便宜”的尴尬

聚慧食品的核心业务为复合调味品定制品，占收入的比例在95%以上。

复合调味品定制品包括两大类，第一类是火锅类调味品，主要为火锅底料，例如传统的重庆火锅和地方特色风味火锅；第二类是非火锅类复合调味品，涵盖酱汁、酱料、汤底、粉料及其他调配配方。

招股书显示，聚慧食品已经累计为复合调味品定制客户推出3142款新产品。依据弗若斯特沙利文数据，以2025年合作门店数量统计，国内五大头部火锅连锁品牌中，已有四家选择与聚慧食品达成合作；以2025年营收规模统计，公司位列国内中式第三方定制复合调味品行业第一名，市场占有率达到7.6%。

而“行业第一”的光环背后，聚慧食品的业绩却有所下滑。

2023年至2026年前三个月（以下简称“报告期”），聚慧食品的收入分别为10.30亿元、11.36亿元、11.06亿元和2.97亿元，净利润分别为1.23亿元、1.53亿元、1.25亿元和2973.2万元。

以此来看，2025年时，聚慧食品的收入和净利润双双下滑。

「子弹财经」注意到，在收入下滑的同时，聚慧食品的产品销量其实仍在增长。

报告期内，聚慧食品复合调味品销量分别为4.77万吨、5.36万吨、5.54万吨和1.53万吨。

也就是说，2025年聚慧食品的复合调味品卖得更多，营收、利润却更少，这与产品价格走低有关。

报告期内，聚慧食品的产品平均售价分别为21.6元/公斤、21.2元/公斤、20.0元/公斤和19.4元/公斤，处在连年下滑趋势。

对此，聚慧食品在招股书中表示，公司主动调整定价策略，以应对行业市场竞争，并扩大市场份额。也就是说，为了保持在调味品行业的竞争力，主动加入这场“价格战”。

随着越来越多企业进入复合调味品赛道，以及连锁餐饮客户采购议价能力增强，价格持续承压，聚慧食品面临着较大的盈利压力。

报告期内，聚慧食品的毛利率分别为30.5%、33.4%、30.7%和30.2%，2024年毛利率上涨后，2025年迅速回落，且下行态势延续至2026年初。

其中，核心产品火锅类复合调味品的毛利率分别为30.5%、32.2%、29.4%和28.8%，报告期内累计下滑了1.7个百分点。对于毛利率的下滑，聚慧食品同样归因于，为应对市场竞争加剧而主动调整定价。

不仅如此，报告期内，聚慧食品的净利率分别为12.0%、13.5%、11.3%和10.0%，下降趋势明显。可见主动降价抢占市场的策略，在拉动销量的同时也持续压缩了整体盈利空间，陷入了“越卖越便宜，却越不挣钱”的尴尬。

03 依赖B端，第二增长曲线在哪？

针对销往B端的企业客户，聚慧食品打造了由定制化产品及标准化产品共同组成的产品组合。

其中，定制化产品专为特定餐饮连锁店和食品加工企业开发；标准化产品采用固定配方，风味较为稳定。截至2026年3月末，公司拥有超过1.9万个SKU。

据悉，聚慧食品通过“火锅魔方”和“川好美”两个自有品牌，经营标准化产品线。其中，“火锅魔方”是专注于火锅赛道的专属品牌，“川好美”则聚焦于非火锅类复合调味品。

这两大品牌均以中小型餐饮营运商为主要服务对象，涵盖多元的中式菜肴应用场景。

不过，报告期内，标准化定制品的收入目前尚未形成规模，占收入的比例不足5%。

聚慧食品最大的优势在于B端，深度绑定餐饮连锁品牌。招股书显示，截至2026年3月底，公司已建立30个应用中心，形成覆盖全国的服务网络。此外，公司前十大客户平均合作时间达到6.7年。

2023年至2025年，聚慧食品的客户复购率分别为54.2%、55.4%和72.1%，复购率快速增长。

然而，聚慧食品高度依赖B端用户，直接面向终端消费者的C端业务仍十分有限。尽管聚慧食品手握火锅魔方、川好美、佬油集等多项商标，但上述品牌的研发设计、包装规格、定价体系全部围绕餐饮后厨商用打造，并未直面C端用户。

聚慧食品也在招股书中坦言，现阶段公司暂不独立运营面向消费者的品牌。

可见，聚慧食品的业绩深度绑定餐饮赛道，未来业绩增长依旧高度依赖国内餐饮市场复苏、连锁餐饮品牌拓店扩张。一旦下游餐饮开店节奏放缓、连锁品牌收缩门店，将会给公司业绩带来不少压力。

以公司的核心大客户之一海底捞为例，2023年至2025年，海底捞分别经营餐厅1374家、1368家和1383家，门店规模整体维持平稳，没有进行大规模扩张。

此外，2023年至2025年，呷哺呷哺的门店数量（不包含凑凑，包含境内外餐厅）分别为833家、760家和758家，门店规模处在持续缩减的状态。

核心客户之一呷哺呷哺缩减门店数量，也将考验聚慧食品的抗风险能力。

反观公司同行企业天味食品，其采用C端大众零售为主、B端餐饮配套为辅的模式。

据悉，天味食品旗下面向C端的品牌包括好人家、加点滋味；B端品牌包括大红袍、拾翠坊等，以及提供定制调味品服务，既做家庭消费者生意，也服务餐饮门店，以对冲单一渠道风险。

成于餐饮连锁，却困于依赖B端客户渠道单一，聚慧食品若始终局限B端赛道，很难彻底摆脱业绩波动的风险。如何破局单一依赖，打造第二增长曲线，是聚慧食品登陆港股必须回答的长期命题。

注：文/希波，文章来源：子弹财经，本文为作者独立观点，不代表亿邦动力立场。

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FAQ回顾

聚慧食品是一家什么企业？

聚慧食品是国内头部中式第三方定制复合调味品B端供应商，2002年起步，核心服务连锁餐饮品牌，客户包括海底捞、呷哺呷哺、老乡鸡等，累计服务餐饮门店超13万家，2025年行业市占率7.6%位列第一，目前已递交港交所招股书。

聚慧食品为什么会越卖越不挣钱？

受复合调味品赛道竞争加剧、连锁餐饮客户议价能力增强影响，聚慧食品主动下调产品定价抢占市场，2023-2025年产品平均售价从21.6元/公斤降至20元/公斤，虽然销量持续增长，但毛利率、净利率持续下滑，陷入量增利降的处境。

聚慧食品面临哪些核心经营风险？

聚慧食品核心经营风险包括三点：一是高度依赖B端餐饮客户，暂无C端业务布局，业绩受下游餐饮拓店节奏影响大；二是海底捞、呷哺呷哺等核心客户门店扩张停滞甚至收缩；三是行业价格战持续压缩盈利空间。

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