证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-064 重庆市涪陵榨菜集团股份有限公司 2025年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1.本次股东会没有出现否决议案的情形。 2.本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）2025年第二次临时股东 会通知于2025年11月12日公告。本次股东会于2025年11月28日14：30点在公司九楼会 议室召开。本次股东会由董事会召集,董事长高翔先生主持。本次会议符合《中华人 民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定。 公司部分董事和董事会秘书现场出席了本次会议,全体高管列席了本次会议，北 京国枫律师事务所对本次股东会予以现场见证。 二、议案审议表决情况 本次议案采用现场投票与网络投票相结合的表决方式。 项目 现场+网络投票合计 现场投票 网络投票 其中：中小股东 股东人数 459 7 452 455 有表决权 股份数量 423,575,287 40 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 2025 年第二次临时股东会的 法律意见书 国枫律股字[2025]A0581 号 关于重庆市涪陵榨菜集团股份有限公司 致：重庆市涪陵榨菜集团股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第二次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《重 庆市涪陵榨菜集团股份有限公司公司章程》（以下简称"《公司章程》"）的规定，就 本次会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决 ...

Core Insights - The seasoning and fermentation products sector saw a slight increase of 0.22% on November 28, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Anji Food (603696) closed at 12.96, with a rise of 5.02% and a trading volume of 260,300 shares, amounting to a transaction value of 331 million yuan [1] - Other notable stocks include: - Baoli Food (603170) at 15.01, up 2.04% [1] - Zhu Laoliu (920726) at 21.01, up 1.30% [1] - Hengshun Vinegar (600305) at 7.93, up 1.15% [1] - Anding Yeast (600298) at 41.00, up 0.96% [1] Capital Flow - The seasoning and fermentation products sector experienced a net outflow of 80.487 million yuan from institutional investors, while retail investors saw a net inflow of 42.9313 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Anji Food had a net inflow of 9.449 million yuan from institutional investors, but a net outflow of 10.4815 million yuan from retail investors [3] - Tianwei Food (603317) saw a net inflow of 3.9827 million yuan from institutional investors, but also a net outflow from retail investors [3] - Fuling Pickles (002507) had a net inflow of 3.5402 million yuan from institutional investors, with significant retail outflows [3]

Group 1: Market Position and Product Pricing - The pickled vegetable industry is currently in a stock competition market, with little change in overall market demand and numerous companies targeting different consumer groups and regions. The company's product positioning is in the mid-to-high end of the industry, primarily focusing on city-level markets, accounting for approximately 70% of total revenue [1] - The last price increase for the company's main products occurred at the end of 2021, and there have been no further price adjustments since then. Overall, the product prices remain stable [1] Group 2: Profit Margin Outlook - The company's profit margins have been stable in recent years, and with the price of raw materials (pickled vegetables) remaining stable, costs are generally controllable. However, since 2024, the company has accelerated the launch of new products, which currently have lower gross margins than pickled vegetable products and are smaller in scale. The increased promotional expenses for these new products have had a certain impact on overall profit margins [2] Group 3: Sales Channels - The company's sales channels are divided into three main categories: online e-commerce, which has a volume of around 100 million; the catering channel; and the family consumption channel, which serves as the primary distribution channel [3] Group 4: Dividend Considerations - The company considers dividends primarily in response to shareholder requests and in line with current regulatory encouragement, aiming to share company benefits with shareholders and protect investor interests. Future dividend amounts will gradually increase based on capital expenditure plans and the company's actual situation [4] Group 5: Self-Funded Capital - The company currently has approximately 3 billion in self-owned funds, which will be primarily used for future planned mergers and acquisitions, product research and development, promotion, and brand advertising to support the execution of the company's medium- to long-term strategic plans [5]

Core Viewpoint - Fuling Zhacai is focusing on expanding its product matrix and channels for overseas markets as a strategy to navigate the current competitive landscape [1] Group 1: Product Strategy - The company plans to increase its multi-category layout to enhance product offerings [1] - There is an emphasis on developing a diverse range of products to meet varying consumer demands [1] Group 2: Market Expansion - Fuling Zhacai aims to continuously explore and develop overseas markets to drive sales [1] - The strategy includes promoting product sales both domestically and internationally, as well as through online and offline channels [1]

Core Insights - The seasoning and fermentation products sector experienced a decline of 0.4% on November 26, with Baoli Food leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Stock Performance - Zhu Laoliu saw a significant increase of 13.18%, closing at 22.41, with a trading volume of 121,000 shares and a turnover of 258 million [1] - Anji Food and Lianhua Holdings also reported gains of 2.85% and 1.83%, respectively [1] - Baoli Food, on the other hand, declined by 0.87%, closing at 14.80, with a trading volume of 22,700 shares and a turnover of approximately 33.8 million [2] Capital Flow - The seasoning and fermentation products sector had a net inflow of 8.96 million from institutional investors, while retail investors saw a net outflow of 37.35 million [2][3] - Qianhe Flavor Industry had a net inflow of 28.12 million from institutional investors, but a significant outflow of 25.31 million from retail investors [3] - Zhu Laoliu attracted a net inflow of 20.73 million from institutional investors, indicating strong interest despite the overall sector decline [3]

Core Insights - The annual Double 11 shopping festival concluded successfully, with Wujing Pickled Vegetables achieving a total online sales of 37.8857 million yuan, marking a 63% year-on-year increase in flagship store sales, demonstrating its leading position in the condiment market [1][8] Sales Performance - Wujing Pickled Vegetables dominated multiple core category rankings across various platforms, including first and third place in the "Pickled Vegetables" category on Tmall, and first place in the "Seasoning Sauce" category on JD [3] - The brand's flagship store on Tmall maintained the top position in the "Pickled Vegetables" sales ranking, while its JD flagship store ranked first in the cumulative sales of the seasoning sauce category [3] Marketing Strategy - To effectively reach diverse consumer groups, Wujing Pickled Vegetables enhanced its live-streaming marketing efforts during Double 11, collaborating with top influencers and hosts to create a comprehensive streaming matrix [5] - The brand partnered with five major influencers, including Li Jiaqi, achieving a single-day sales of 1.56 million yuan in Li Jiaqi's Tmall live stream, alongside nearly 200 sessions with mid-tier influencers [5] New Product Development - Under the "Pickled Vegetables+" strategy, new product categories significantly contributed to growth during Double 11, with sales of Wujing's new products reaching 8.268 million yuan, and a single-day peak of over 400,000 yuan [6] - The new products, such as Wujing Minced Meat with Cowpea and Wujing Old Chongqing Sauce, ranked highly on Douyin's new product and popularity lists, showcasing their market appeal [6] Future Outlook - The impressive results from Double 11 reflect the synergy of brand strength, product quality, and marketing effectiveness, with Wujing Pickled Vegetables committed to expanding its product range and enhancing channel development to meet diverse consumer needs [8]

Group 1: Market Position and Product Strategy - The company has established a price range for its pickled vegetable products between 2 RMB and 12 RMB, with the 60g and 70g products accounting for approximately 50% of total revenue [2] - The B-end channel, particularly in the catering sector, has shown growth, with sales expected to exceed 20% this year, and overall B-end sales surpassing 100 million RMB [2] - The company is focusing on maintaining brand exposure through promotional activities in offline channels, including supermarket displays and targeted marketing campaigns [2] Group 2: Product Development and Innovation - New products launched this year, such as the crispy series, have generated approximately 5 million RMB in sales since May, while other new items have collectively exceeded 10 million RMB in e-commerce sales [7] - The company plans to slow down the introduction of new products next year, focusing on optimizing existing offerings and adopting a flexible, small-batch production model to meet diverse consumer demands [9] Group 3: Supply Chain and Raw Material Management - The company has established a protection price mechanism for raw materials, agreeing to purchase green vegetable heads at a minimum price of 800 RMB per ton, which encourages local farmers to cultivate these materials [5] - The construction of the China Pickled Vegetable City project is progressing, with foundational structures completed and production lines set to be updated based on market demand [6] Group 4: Mergers and Acquisitions - The company is actively seeking suitable acquisition targets within the condiment and compound seasoning sectors, with ongoing evaluations of potential candidates [3] Group 5: Sales and Marketing Strategies - The company employs a dual-channel approach for sales, utilizing both online platforms (e.g., Tmall, JD.com) and offline channels, with dedicated teams for each segment [9] - New product promotions involve online trials followed by offline sales, supported by incentives for sales personnel to boost new product visibility and consumer adoption [4]

Core Insights - Fuling Mustard Greens experienced a slight increase of 0.07% in stock price on November 17, with a trading volume of 170 million yuan [1] - The company reported a net financing outflow of 298.54 million yuan on the same day, with a total financing and securities balance of 456 million yuan [1] - For the period from January to September 2025, Fuling Mustard Greens achieved a revenue of 1.999 billion yuan, reflecting a year-on-year growth of 1.84% [2] Financing and Trading Activity - On November 17, the financing buy amount for Fuling Mustard Greens was 13.36 million yuan, while the financing repayment was 16.35 million yuan [1] - The current financing balance stands at 4.52 billion yuan, accounting for 2.90% of the circulating market value, which is above the 70th percentile of the past year [1] - The short selling activity included a repayment of 1,300 shares and a sale of 700 shares, with a short selling balance of 434.45 million yuan, also above the 50th percentile of the past year [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders for Fuling Mustard Greens was 96,300, a decrease of 4.40% from the previous period [2] - The company has distributed a total of 2.63 billion yuan in dividends since its A-share listing, with 1.168 billion yuan distributed in the last three years [3] - Notable institutional shareholders include Southern CSI 500 ETF and Huatai-PineBridge Consumer Industry Mixed Fund, with varying changes in their holdings [3]

Group 1: Company Strategy and Product Development - The company continues to implement a "dual expansion" strategy focusing on "expanding product categories and channels" [2] - New products launched this year include "Crispy" dried radish and "Stir-fried" series, among others [2] - The company is optimizing its product offerings towards lower salt, healthier options, and younger packaging to meet consumer demands [9] Group 2: Customer Channels and Partnerships - Collaboration with major clients includes the launch of "Crispy" dried radish for Hema in March and "Dual-flavor pickled vegetables" for Sam's Club at the end of October [2] - The company is actively managing its e-commerce platforms, with Tmall Supermarket handled by distributors and other platforms managed directly by the company [2] Group 3: Financial Performance and Cost Management - The company maintains a stable profit margin, although new product launches have temporarily lowered overall profit margins [6] - Major expenses are focused on offline channels, including promotions and community store signage, with some investment in online product promotion [2] Group 4: Product Categories and Sales Incentives - The company has optimized flavors for its four existing pickled vegetable sauces and introduced new products like tiger skin green pepper sauce [4] - Sales personnel compensation includes a base salary plus commission, with reforms since 2024 to enhance long-term incentives and promote new product sales [8] Group 5: Market Trends and Future Outlook - Sales of bottled pickled products have slightly declined this year, indicating a need for strategic adjustments [7] - The company is committed to long-term development, focusing on sustainable supply and timely product optimization based on market needs [9]