公司董事会对王继亮先生在公司 2020 年非公开发行股票项目持续督导期间所做 的工作表示衷心感谢！ 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-025 重庆市涪陵榨菜集团股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）于近日收到西南证券股 份有限公司（以下简称"西南证券"）《关于更换重庆市涪陵榨菜集团股份有限公司 持续督导保荐代表人的函》，原保荐代表人王继亮先生因工作变动，不再担任公司 2020 年非公开发行股票项目持续督导工作的保荐代表人，为保证公司持续督导工作的顺利 进行，西南证券委派高正林先生（简历见附件）接替其持续督导工作，继续履行对公 司的持续督导义务。 本次保荐代表人更换后，公司 2020 年非公开发行股票项目的持续督导保荐代表 人为孔辉焕先生和高正林先生，持续督导期至中国证券监督管理委员会和深圳证券交 易所规定的持续督导义务结束为止。 特此公告。 重庆市涪陵榨菜集团股份有限公司 董事会 2025 年 5 月 13 日 附件：高正林 ...

Core Viewpoint - Fuling Zhacai is planning to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd. to enter the compound seasoning market, amid ongoing revenue and profit declines [1][5]. Financial Performance - Fuling Zhacai has experienced consecutive declines in revenue and net profit for two years, with 2023 revenue at 2.45 billion yuan, down 3.86% year-on-year, and net profit at 827 million yuan, down 8.04% [2]. - In 2024, revenue is projected to be 2.387 billion yuan, a decrease of 2.56%, with net profit expected to be 799 million yuan, down 3.29% [2]. - The company's flagship product, pickled mustard tuber, has also shown declining performance, with revenues dropping from 2.175 billion yuan in 2022 to 2.044 billion yuan in 2024 [2]. Market Challenges - The decline in performance is attributed to increased market competition, a single product structure overly reliant on pickled mustard tuber, changing consumer habits, and operational inefficiencies [3]. - The number of distributors has decreased significantly, particularly in the South China region, where it dropped by 58.41% [4]. Acquisition Details - The acquisition of Weizimei is aimed at leveraging both companies' strengths to enhance product offerings and distribution channels [5][10]. - Weizimei, established in 2018, has a total asset value of 203 million yuan and reported revenues of 284 million yuan in 2023 [6]. Strategic Implications - Post-acquisition, Fuling Zhacai aims to utilize Weizimei's established B-end resources to penetrate the restaurant market and expand its product sales [6][10]. - The transition to B-end business presents challenges, including the need for new sales channels and brand recognition [7]. Competitive Landscape - The compound seasoning market is highly competitive, with numerous local players, including Shentang and Weimanlong, posing significant challenges for differentiation [8][9]. - The market for hot pot base ingredients is projected to grow significantly, reaching 48 billion yuan in 2024 and potentially exceeding 100 billion yuan by 2029 [9].

Group 1: Company Strategy and Operations - The company adheres to the strategy of "stabilizing pickled vegetables and expanding new foundations," focusing on optimizing the pickled vegetable category and diversifying development [3] - In 2024, the company streamlined its management structure and sales organization to enhance efficiency and responsiveness to market competition [3] - The company aims to deepen traditional channels while exploring new ones, such as the catering sector, to adapt to the competitive landscape of the pickled vegetable industry [4] Group 2: Product and Market Performance - The 60g pickled vegetable product is expected to account for approximately 25% of total sales in 2024, with a combined share of 50% for 60g and 70g products in the first quarter of 2025 [5] - The company has accelerated the introduction of new products, with multiple series launched both online and offline, including a trial sale of a 48g product that achieved sales of 3-4 million in a single month [10] Group 3: Financial Management and Investments - The company plans to utilize new raw materials acquired in 2025 starting from July or August, due to a surplus of retained materials from the previous year [6] - The acquisition strategy combines equity and cash to ensure long-term benefits for both parties involved [7] - The company has established a positive incentive mechanism, including salary adjustments, to enhance employee motivation and performance [9] Group 4: Channel Development and Sales Strategy - The company is entering the snack channel through both distributor-led and self-operated methods, tailoring products to meet the specific needs of this market segment [13] - In the first quarter of 2025, the catering channel for non-pickled products is in its initial phase, with products like pickled cabbage and garlic being introduced [12] Group 5: Challenges and Future Outlook - The company is addressing the significant increase in accounts receivable from distributors by offering credit limits to loyal and high-performing partners [12] - The company anticipates that the net profit margin of the newly acquired brand, Weizimei, will improve as it scales and enhances its brand value [9]

金融界4月29日消息，上证指数低开震荡，中证食品主题指数 (食品主题，931728)报1013.94点。 从中证食品主题指数持仓样本的行业来看，调味品与食用油占比41.76%、其他食品占比31.62%、休闲 食品占比16.80%、肉制品占比9.82%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证食品主题指数十大权重分别为：海天味业（14.08%）、双汇发展（9.82%）、安 琪酵母（7.63%）、金龙鱼（6.52%）、新诺威（5.88%）、安井食品（5.57%）、中炬高新（4.36%）、 莲花控股（4.29%）、汤臣倍健（3.95%）、涪陵榨菜（3.77%）。 从中证食品主题指数持仓的市场板块来看，上海证券交易所占比51.83%、深圳证券交易所占比 48.17%。 数据统计显示，中 ...

Group 1 - The core point of the article is that Fuling Zhacai plans to acquire a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to expand its business amid declining performance [1][3] - The acquisition is part of a strategy to address the company's declining revenue and profit, as Fuling Zhacai has experienced a decrease in both metrics for two consecutive years [1][3] - Weizimei, established in June 2018, specializes in the research, production, and sales of Sichuan-style compound seasonings and prepared dishes, with projected revenues of 284 million yuan and 265 million yuan for 2023 and 2024, respectively [1] Group 2 - Fuling Zhacai's revenue fell by 3.86% in 2023, and net profit decreased by 8.04%, with further declines expected in 2024, where revenue is projected to be 2.56% lower and net profit down by 3.29% [1][3] - The company's flagship product, pickled vegetables, has seen a decline in sales, with total sales dropping to 111,000 tons in 2024, a decrease of 1.7% [3] - In response to market challenges, Fuling Zhacai is focusing on external acquisitions to enhance its product range and sales channels, aiming to improve its competitive position in the industry [3]

Core Viewpoint - In Q1 2025, Fuling Zhacai reported a revenue of 710 million yuan, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 270 million yuan, a slight increase of 0.2% [1] Group 1: Financial Performance - The gross profit margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, primarily due to a 31% decrease in the purchase price of green vegetable heads in 2024 [2] - The net profit margin reached 38.19% in Q1 2025, reflecting a year-on-year increase of 1.9 percentage points [2] - The sales expense ratio was 12.94%, up 0.72 percentage points year-on-year, attributed to the company's "targeted explosion" city projects and related brand advertising [2] Group 2: Strategic Development - The company is enhancing its e-commerce and catering channels, with a focus on product planning, pricing discounts, and live streaming promotions for e-commerce in 2025 [3] - The catering channel division has shown rapid growth, exceeding 100 million yuan in revenue in 2024, and the company plans to manage large packaging products to maintain balance between catering and household markets [3] - Fuling Zhacai aims to expand into "Zhacai+" and related categories through mergers and acquisitions, with a planned acquisition of 51% of Sichuan Weizimei Food Technology Co., Ltd. to enhance market reach and profitability [3] Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, estimating net profits of 878 million, 939 million, and 991 million yuan respectively, translating to EPS of 0.76, 0.81, and 0.86 yuan [4] - The current stock price corresponds to PE ratios of 18x, 17x, and 16x for 2025-2027 [4]

Core Viewpoint - Fuling Pickles is pursuing the acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to address declining performance amid intense market competition and to enhance its growth strategy through mergers and acquisitions [2][7]. Financial Performance - In 2024, Fuling Pickles reported a revenue of 2.387 billion yuan, a year-on-year decline of 2.56%, and a net profit attributable to shareholders of 799 million yuan, down 3.29% [2]. - For Q1 2024, the company achieved a revenue of 713 million yuan, a decrease of 4.75%, while the net profit slightly increased by 0.24% to 272 million yuan [2]. Market Competition - The company faces significant pressure due to fierce competition in a low-barrier industry, with many competitors like Huaitong, Tongqianqiao, and Yiquan also impacting market dynamics [3]. Production Capacity and Utilization - Fuling Pickles has struggled with production capacity expansion, with only 10.94% of the planned capacity for the "Wujiang Fuling Pickles Green Intelligent Production Base" completed after five years [4]. - The utilization rate of the Northeast production base is alarmingly low, at less than 37%, with a notable decline in sales volume for products like radishes, which dropped by 29.79% year-on-year [4]. Distributor Network - The number of distributors decreased from 3,239 at the end of 2023 to 2,632 by the end of 2024, marking an 18.74% decline, with the South China region experiencing a drastic reduction of 58.41% [8][9]. Acquisition Details - Weizimei, established in June 2018, has total assets of 203 million yuan and a net profit of approximately 39.62 million yuan for 2024, despite a decline in revenue [10]. - Fuling Pickles aims to leverage the acquisition to expand its product offerings and enhance its market competitiveness, although long-term sustainable growth will depend on various factors beyond the acquisition [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire a 51% stake in Weizimei, expanding into the prepared food sector [1][6] - The first quarter of 2025 showed a slight decline in revenue and profit, with revenue and net profit at 710 million and 270 million yuan respectively, reflecting a year-on-year change of -4.8% and +0.2% [3][4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 890 million, 960 million, and 1,035 million yuan, representing year-on-year growth of +11.6%, +7.8%, and +7.6% respectively [3][5] Financial Performance - In Q1 2025, the company experienced a revenue decline due to seasonal factors, but it continues to expand its product range across multiple price points, which is expected to enhance competitive strength [4] - The gross margin and net margin for Q1 2025 improved to 55.96% and 38.19%, respectively, primarily due to a decrease in procurement costs for key ingredients [5] - The company anticipates an 8% revenue growth for 2025, with a planned gross margin of 51.78% [5] Acquisition Strategy - The acquisition of Weizimei is expected to complement the company's distribution channels and support long-term growth potential [6]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Core Viewpoint - Fuling Zhacai plans to acquire 51% equity of Weizimei through a combination of issuing shares and cash payment, with the final transaction price yet to be determined based on asset evaluation [1][2] Group 1: Transaction Details - The transaction involves issuing domestic A-shares at a price of 10.79 RMB per share, which is not lower than 80% of the average trading price over the last 60 trading days [1] - The transaction is expected not to meet the criteria for a major asset restructuring as per relevant regulations [2] - The transaction counterparties do not have any prior relationship with the listed company, and post-transaction shareholding is expected to remain below 5% for each party [2] Group 2: Company Information - Weizimei specializes in the research, production, and sales of Sichuan-style compound seasonings and prepared dishes, with main products including hot pot seasonings and Chinese dish seasonings [2] - Projected revenues for Weizimei are 284.05 million RMB for 2023 and 265.42 million RMB for 2024, with net profits of 40.71 million RMB and 39.62 million RMB respectively [2][3] Group 3: Financial Data - Total assets for Weizimei are projected to be 2.034 billion RMB by the end of 2024, up from 1.657 billion RMB in 2023 [3] - Owner's equity is expected to increase from 1.268 billion RMB in 2023 to 1.564 billion RMB in 2024 [3] - Revenue is projected to decrease from 284.05 million RMB in 2023 to 265.42 million RMB in 2024, while net profit is also expected to decline slightly [3]