Group 1: Management Changes - The recent announcement from Fuling Zhacai indicates that Zhao Ping has resigned as the board director and general manager but will continue as a senior manager, while He Yunchuan has retired and will no longer hold any position in the company [1][3] - Zhao Ping, who joined the company in 1995 and has served as general manager since 2011, is also recognized as a non-material cultural heritage inheritor of pickled vegetables [3][4] - The management transition reflects a trend towards younger leadership, with Gao Xiang, a post-80s executive, taking over as general manager, and Fu Rong and Wu Yan also being appointed to key positions [4][3] Group 2: Diversification Strategy - Fuling Zhacai is facing challenges in its core pickled vegetable market, with sales declining from 117,800 tons in 2022 to an expected 111,400 tons in 2024 [6] - The company's revenue has also seen a decline, with projected revenues of 2.45 billion yuan and 2.387 billion yuan for 2023 and 2024, respectively, representing year-on-year decreases of 3.86% and 2.56% [6] - To counteract these challenges, the company is actively pursuing diversification, including entering the pickled vegetable and compound seasoning markets, with plans to acquire a 51% stake in Weizimei, a company specializing in Sichuan-style compound seasonings [7][6]

Core Viewpoint - Fuling Pickle is facing stagnation in performance, leading to significant management changes and a need for new growth strategies as traditional sales channels decline [1][2][6]. Management Changes - Zhao Ping, the long-serving general manager, has stepped down, and Gao Xiang has been appointed as the new general manager [1]. - Zhao Ping has been with the company since 1995 and has played a crucial role in its development over the past 15 years [1]. Performance Stagnation - The company's revenue growth slowed to 1.18% in 2022, with projections for continued decline in 2023 and 2024 [1]. - Sales volume of pickled vegetables peaked at 135,600 tons in 2020 but is expected to drop to 111,400 tons by 2024, a decrease of nearly 18% [1]. Market Dynamics - The pickled vegetable market is experiencing increased competition, with consumers shifting preferences towards alternative products [2]. - The core consumer base, primarily urban migrant workers, is diminishing as many return to their hometowns due to economic factors [2]. Sales and Distribution Challenges - Despite expanding the number of distributors from 1,790 in 2019 to 3,239 in 2023, revenue growth has stagnated since 2022 [3]. - In the first half of the year, revenue was 1.313 billion yuan, a slight increase of 0.51%, while net profit declined by 1.66% [3]. Financial Metrics - Accounts receivable and inventory have significantly increased, with accounts receivable up 28% and inventory up 12% year-on-year [3]. - The inventory turnover days reached a historical high of 193.3 days, indicating potential liquidity issues [3]. Production Capacity - The production capacity utilization rate is low, at only 76%, with actual production of 113,600 tons against a designed capacity of 149,900 tons [4]. - A planned expansion project has been delayed, with only 19.04% of the investment progress completed as of mid-year [5]. Growth Strategy - The company is pursuing a dual growth strategy, focusing on expanding into related product categories and developing new markets for compound seasonings and pre-prepared dishes [6]. - New product lines have been introduced, but their contribution to overall revenue remains minimal, with pickled vegetables still accounting for 86% of total revenue [6]. Acquisition Plans - Fuling Pickle is in the process of acquiring a 51% stake in Sichuan Weizimei Food Technology Co., which specializes in compound seasonings and pre-prepared dishes [7]. - The acquisition is still in the audit phase, and Weizimei's financial performance has shown a decline, with a projected revenue of 265 million yuan and a net profit of 39.62 million yuan for 2024 [7]. Financial Position - The company has accumulated 3.053 billion yuan in cash and 3.084 billion yuan in trading financial assets, indicating a strong liquidity position for potential acquisitions and market promotions [7].

Core Viewpoint - Fuling Zhacai is actively pursuing the acquisition of a 51% stake in Weizimei to address performance pressures and expand its business portfolio, viewing mergers and acquisitions as a crucial strategy for overcoming development bottlenecks [1][4][6]. Financial Performance - For 2024, Fuling Zhacai expects revenue of 2.387 billion yuan, a decrease of 2.56% year-on-year, with net profit attributable to shareholders at 799 million yuan, down 3.29% [4][5]. - In the first half of 2024, the company reported revenue of 1.313 billion yuan, a slight increase of 0.51%, while net profit fell by 1.66% to 441 million yuan [5][6]. Dealer Network and Market Strategy - The number of dealers decreased from 3,239 at the end of 2023 to 2,632 by the end of 2024, representing an 18.74% decline, with significant reductions in the South China region [7][8]. - The company is optimizing its dealer network to address market order issues and channel conflicts, resulting in a further reduction to 2,446 dealers by mid-2024 [7][8]. Acquisition Details - Fuling Zhacai plans to acquire Weizimei, which specializes in the development and production of compound seasonings and pre-prepared dishes, with 2023 and 2024 revenues of 284 million yuan and 265 million yuan, respectively [9]. - The acquisition aims to enhance Fuling Zhacai's product matrix and sales channels, thereby improving its competitive edge and market influence [9].

Core Viewpoint - Fuling Pickle (002507.SZ) is experiencing significant challenges, including a recent management change with the resignation of General Manager Zhao Ping, amid declining financial performance and a shrinking distributor network [2][4][11]. Management Changes - Zhao Ping resigned as General Manager on September 26, 2023, after serving for over 14 years, and will take on the role of Senior Manager [2][4][6]. - Zhao Ping, who is 59 years old and approaching retirement, has been a key figure in the company's transformation from a traditional workshop to a modern enterprise [5][7]. - The company is undergoing a shift towards younger leadership, as indicated by the age of its board members [10][11]. Financial Performance - Fuling Pickle's revenue has stagnated, with reported revenues of 24.50 billion yuan in 2023, 23.87 billion yuan in 2024, and 13.13 billion yuan in the first half of 2025, reflecting year-on-year declines of -3.86%, -2.56%, and a slight increase of 0.51% respectively [11][12]. - The net profit attributable to shareholders has also decreased, with figures of 8.27 billion yuan, 7.99 billion yuan, and 4.41 billion yuan for the same periods, showing declines of 8.04%, 3.29%, and 1.66% respectively [12]. Product Diversification Efforts - The company has attempted to diversify its product offerings beyond pickles, including radishes and kimchi, but 85% of its revenue still comes from pickles, indicating limited success in diversification [3][13]. - The gross profit margin for pickles remains significantly higher at 58.08%, compared to lower margins for other products [13]. Distributor Network Challenges - The number of distributors has been declining, with a drop from 3,239 at the end of 2023 to 2,446 by mid-2025, indicating challenges in maintaining sales channels [14]. - The company primarily relies on a distribution model supplemented by e-commerce, and the reduction in distributors has contributed to the pressure on revenue growth [14]. Market Competition - Fuling Pickle faces increasing competition from emerging brands and product combinations that are encroaching on its market share, further complicating its growth prospects [13][14]. - The company has been actively promoting its products, with sales expenses rising to 1.95 billion yuan in the first half of 2025, but revenue growth has been minimal [14].

Core Viewpoint - Fuling Pickle (002507.SZ) is facing significant challenges, including a recent management change with the resignation of General Manager Zhao Ping, amid declining performance and shrinking distributor numbers [1][4][10]. Management Changes - Zhao Ping resigned as General Manager on September 26, 2023, after serving for 14 years and 5 months, and will continue as a senior manager [2][6][4]. - Zhao Ping, who is 59 years old and approaching retirement, has been a key figure in the company's transformation from a traditional workshop to a modern enterprise [5][7]. - The company is undergoing a shift towards younger leadership, as indicated by the age of the current board members [10][11]. Financial Performance - Fuling Pickle's revenue has stagnated, with reported revenues of 24.50 billion yuan in 2023, 23.87 billion yuan in 2024, and 13.13 billion yuan in the first half of 2025, reflecting year-on-year changes of -3.86%, -2.56%, and 0.51% respectively [11][12]. - The net profit attributable to shareholders has also declined, with figures of 8.27 billion yuan, 7.99 billion yuan, and 4.41 billion yuan for the same periods, showing decreases of 8.04%, 3.29%, and 1.66% respectively [12][11]. Product Diversification Efforts - The company has attempted to diversify its product offerings beyond pickles, including products like radishes and kimchi, but 85% of its revenue still comes from pickles, indicating limited success in diversification [3][13]. - The gross profit margin for pickles remains significantly higher at 58.08%, compared to lower margins for other products [13]. Distributor Network Challenges - The number of distributors has been decreasing, with 2,632 distributors at the end of 2024, down by 607 from 2023, and further reduced to 2,446 by mid-2025 [3][14]. - The decline in distributor numbers is impacting sales performance, as the company relies heavily on a distributor model supplemented by e-commerce [14]. Market Competition - Fuling Pickle faces increasing competition from other brands, which is squeezing its growth potential [13][14]. - The company is actively promoting its products, with sales expenses rising to 1.95 billion yuan in the first half of 2025, but revenue growth remains minimal [14].

Core Viewpoint - Fuling Pickle is planning to acquire a 51% stake in Weizimei from five individual shareholders through a combination of issuing shares and cash payment, which has attracted significant attention from investors regarding the reasons for the acquisition, timeline, and expected benefits [1][2]. Group 1: Acquisition Strategy - The acquisition is seen as an important method for the company to develop its product category matrix [2]. - The specific timeline for the acquisition is currently uncertain due to various internal and external factors, but the company is actively progressing with the process [2]. Group 2: Market and Product Synergy - Weizimei has established production capabilities and market coverage in the compound seasoning product sector, which will enable Fuling Pickle to quickly enter this market [2]. - The resource advantages of Weizimei in the catering channel can complement Fuling Pickle's strengths in the household consumption channel, facilitating mutual benefits in product and channel strategies [2].

Group 1 - The company held its 31st meeting of the 5th Board of Directors on September 26, 2025, where several key resolutions were passed [2][3][4] - High Xiang was appointed as the General Manager of the company, with a term consistent with the current Board of Directors [3][35] - Dai Furong and Wu Yan were appointed as Executive Vice General Manager and Vice General Manager, respectively, also with terms aligned with the current Board [3][4] Group 2 - The company proposed a profit distribution plan for the first half of 2025, intending to distribute cash dividends of RMB 2.00 per 10 shares, totaling approximately RMB 230.78 million [4][18][27] - The total share capital as of June 30, 2025, was 1,153,919,028 shares, and the remaining profits will be retained for operational needs [4][26][27] - The profit distribution plan is subject to approval at the upcoming shareholders' meeting [6][20] Group 3 - The company plans to renew its audit engagement with Xinyong Zhonghe Accounting Firm for the 2025 fiscal year, with an audit fee of RMB 738,000 [8][40][46] - The renewal of the audit firm is pending approval from the shareholders' meeting [49] Group 4 - Zhao Ping, the former General Manager, resigned due to work adjustments but will continue as a senior manager within the company [33][36] - The company expressed gratitude for Zhao Ping's contributions during his tenure, highlighting his role in the company's transformation and brand development [36][37] Group 5 - Vice General Manager He Yunchuan retired upon reaching the legal retirement age, and his responsibilities have been fully transitioned [38][39] - The company acknowledged He Yunchuan's dedication during his service [39]

（编辑 姚尧） 证券日报网讯 9月26日晚间，涪陵榨菜发布公告称，公司于2025年9月26日收到公司副总经理贺云川先 生的辞职申请，由于达到法定退休年龄，贺云川先生申请不再担任公司副总经理职务，且不再担任公司 任何职务。 ...

Core Viewpoint - Fuling Zhacai announced the resignation of its director and general manager, Zhao Ping, due to work adjustments, effective from the date of submission to the board [1] Group 1 - Zhao Ping will no longer serve as the director and general manager of the company [1] - Following his resignation, Zhao Ping will take on the role of a senior manager within the company [1]

Core Points - Fuling Zhacai announced the resignation of its director and general manager Zhao Ping due to work adjustments, effective immediately upon delivery to the board [1] - Following Zhao Ping's departure, he will assume the role of a senior manager within the company [1] - The board of directors approved the appointment of Gao Xiang as the new general manager on the same day [1]