证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-045 经公司 2024 年 3 月 28 日召开的第五届董事会第二十一次会议及第五届监事会第 十五次会议审议通过，并提交 2024 年 4 月 26 日召开的 2023 年年度股东大会审议批 准的《关于使用闲置募集资金购买理财产品的议案》，同意公司在确保不影响募集资 金投资计划正常进行的情况下，使用额度不超过人民币 32 亿元的闲置募集资金购买 安全性高、流动性好、有保本约定的理财产品，期限为自获审议本议案股东大会通过 之日起一年内有效，所购理财产品单笔最长期限不超过 1 年，在上述额度与期限范围 内募集资金可以滚动使用。具体内容详见 2024 年 3 月 30 日和 2024 年 4 月 27 日刊登 在指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn）和《中国证券报》《上 海证券报》《证券日报》《证券时报》上的《关于使用闲置募集资金购买理财产品的 公告》（公告编号：2024-014）和《2023 年年度股东大会决议公告》（公告编号：2024-023）。 重庆市涪陵榨菜集团股份有限公司 关于使用闲置自有资金及募集资 ...

Group 1: Financial Performance and Strategy - The company reported an increase in current liabilities by approximately 1 million, which is not expected to significantly impact cash flow management [4] - Non-current assets increased compared to the beginning of the period, contrary to initial observations of a decrease of about 4.7 billion [4] - The company has a strong cash flow and plans to continue reasonable investments in product R&D and acquisitions of related companies [6] Group 2: Research and Development - Significant growth in R&D investment, particularly in automated equipment for pickled vegetables, is expected to enhance production efficiency and reduce costs [2] - The company is focusing on optimizing product taste and packaging design to meet consumer preferences, including a "low-salt" product that reduces salt by 30% without compromising flavor [3][5] - Future product optimization will focus on four areas: taste and form, packaging design, packaging materials, and health-oriented upgrades [5] Group 3: Market Expansion and Innovation - The company is constructing a "Green Intelligent Production Base" to enhance production capacity and operational efficiency, which will support long-term strategic planning [3][7] - The company has established a new restaurant division to optimize cooperation with dining enterprises and develop customized products based on market feedback [6] - Marketing strategies include diversifying channels such as offline supermarkets, online sales, and dining channels to enhance brand competitiveness [5] Group 4: Environmental and Social Governance (ESG) - The company is recognized as a key pollutant discharge unit and has strong capabilities in pollution control, as detailed in the 2023 annual report [3] - The company is committed to sustainable practices and has measures in place for water resource management and waste treatment [3] Group 5: Acquisition and Growth Strategy - The company is considering acquisitions in the pickled vegetable and compound seasoning markets, with plans to initiate these activities when appropriate [2][4] - There is a suggestion to consider acquiring well-known condiment manufacturers to enhance company value and market share [3]

Group 1: Distributor Management - The company optimizes distributors by assessing their operational difficulties and performance, ensuring a balanced distribution across supermarkets and circulation channels [1] - New incentive policies for distributors include increased credit limits for long-term partners, removal of penalties for unmet sales targets, and enhanced support for offline promotions [2] Group 2: Product Quality and Brand Positioning - The company emphasizes product quality through superior packaging (aluminum foil bags) and standardized production processes, ensuring consistent taste and quality [2] - The brand has established a strong market presence, associating its products with high quality and a positive brand image, which is expected to continue [2] Group 3: New Product Development and Sales Strategy - The company has introduced a 60g product priced at 2 yuan, which now accounts for 25% of sales, with plans for further promotion [3] - Sales performance for new product categories will initially be assessed based on sales volume, with ongoing adjustments based on market demand [2] Group 4: Financial Planning and Investment - The company allocates raised funds specifically for building a green intelligent production base, while self-owned funds are directed towards product R&D and potential acquisitions [2] - The company aims to steadily increase dividend payouts over the years [2] Group 5: Channel Expansion - In 2023, the company established a catering division to expand into industrial channels, targeting restaurants, hotels, and processing industries [2]

Group 1: Event Details - The company will participate in the "Chongqing District 2024 Investor Online Collective Reception Day" on November 28, 2024, from 15:00 to 17:00 [1] - Investors can join the event via the P5W website, WeChat public account, or the P5W Roadshow APP [1] Group 2: Company Representatives - The attendees from the company include Mr. Wei Yongsheng (Director, Secretary of the Board, Vice General Manager and Financial Officer), Ms. Yang Ya (Assistant General Manager), and Mr. Xie Zhengjin (Securities Affairs Representative) [2] Group 3: Communication Focus - The company will address various investor concerns regarding corporate governance, operational status, and sustainable development during the online communication [2]

Group 1: Investor Relations Activity - The investor relations activity took place on November 14-15, 2024, involving a telephone conference format [1][3]. - Participants included representatives from various financial institutions, such as Guolian Securities and E Fund [1][2]. Group 2: Sales Organization and Compensation - The company restructured its sales organization into eight major regions, aiming for a flatter management structure [3][4]. - Sales personnel compensation is now based on a combination of base salary and performance bonuses, promoting a results-oriented assessment model [3][4]. Group 3: Revenue and Profit Strategy - The company prioritizes revenue growth while maintaining profit levels, especially for mature products like pickled vegetables [3][4]. - New product launches are focused on expanding sales scale, with initial investments aimed at increasing market presence [3][4]. Group 4: Channel Development - The company is actively expanding both distribution channels and product categories, integrating traditional and emerging channels [3][4]. - The current revenue distribution shows that KA supermarket channels account for approximately 20%, with the largest share coming from circulation channels [4]. Group 5: Restaurant and E-commerce Channels - The restaurant channel is a strategic focus, with new products developed for this market segment, yielding positive results [4]. - E-commerce management includes price control and monitoring of distributors to prevent price discrepancies and unauthorized sales [4]. Group 6: Investment Projects - Recent investment projects have led to the completion of new storage facilities, increasing capacity by 30,000 tons for the upcoming vegetable harvest [4].

Summary of Conference Call Company and Industry - The conference call pertains to a company in the food industry, specifically focusing on the production and sales of pickled vegetables, including a notable product line of pickled mustard greens. Key Points and Arguments Organizational Changes - The company has undergone significant organizational restructuring, reducing the number of sales regions from ten to eight, aiming for a flatter management structure to enhance efficiency [2][3]. - Adjustments have been made to the sales team, including the introduction of a new role, "Senior Sales Representative," which comes with higher compensation and increased performance expectations [4][15]. Sales Strategy and Performance - The sales assessment model has shifted from a focus on process (40%) and results (60%) to a more straightforward results-based approach, where sales personnel are incentivized based on year-over-year growth [4][5]. - The company is experiencing a challenging sales environment, with overall sales volume declining due to economic conditions and increased competition [6][7]. Product and Pricing Strategy - The company is optimizing its product offerings, including introducing new packaging and product sizes to meet market demands [5][35]. - A strategic decision was made to relax previous pricing restrictions, allowing for more competitive pricing in the market, particularly in the two-yuan price range [21][23]. - The company aims to maintain a balance between product quality and pricing, ensuring that any price adjustments align with consumer expectations and market conditions [22][28]. Market Position and Competition - The overall market for pickled vegetables is stable, with growth primarily in lower-tier cities, while competition remains fierce in first-tier markets [19][20]. - The company is focusing on maintaining market share and enhancing brand presence through strategic pricing and product diversification [20][24]. Future Outlook - The company is cautiously optimistic about future growth, with plans to continue optimizing its sales and marketing strategies while adapting to market conditions [40][43]. - There is an emphasis on maintaining a healthy inventory and ensuring that sales strategies are aligned with market demand to avoid excess stock [38][39]. Financial Performance - The company anticipates a slight contraction in revenue for the fourth quarter compared to the previous quarter, but overall, it aims to stabilize its financial performance moving forward [42][44]. - Future budget allocations for marketing and sales initiatives will be evaluated based on performance metrics and market conditions [43][44]. Other Important Content - The company is actively working on expanding its product lines, including new offerings in the pickled vegetable category, to capture a broader market share [31][35]. - There is a focus on enhancing the efficiency of the sales team through targeted training and performance incentives to drive sales growth [6][11]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, market challenges, and future plans.

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company has shown improvement in sales performance during the traditional peak season, with a notable increase in revenue and net profit in Q3 2024 [1][2]. - The adjustments in sales assessment and focus on results-oriented strategies have positively impacted sales personnel motivation and market performance [2][3]. - The company has strengthened channel management and promotional efforts, leading to a better alignment with market demand and improved product structure [3]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 6.57 billion yuan, representing a year-on-year increase of 6.81%, and a net profit of 2.23 billion yuan, up 17.88% [1]. - The gross margin improved to 52.63%, an increase of 1.90 percentage points year-on-year, while the net profit margin rose to 34.18%, up 0.40 percentage points [1]. - The company expects revenues for 2024, 2025, and 2026 to be 25.04 billion yuan, 26.90 billion yuan, and 28.94 billion yuan, respectively, with corresponding net profits of 8.48 billion yuan, 8.72 billion yuan, and 9.45 billion yuan [4][11]. Sales and Market Strategy - The company has increased promotional spending during the peak season, which has contributed to improved sales performance [2]. - Adjustments in the sales organization and assessment model have incentivized sales personnel, leading to better market penetration [2][3]. - The company has optimized its distributor network, enhancing market operations and product availability [2]. Future Outlook - The report forecasts continued revenue growth for the next three years, with expected growth rates of 2.2%, 7.5%, and 7.6% for 2024, 2025, and 2026, respectively [4][11]. - The company is expected to maintain a stable gross margin and improve net profit margins in the coming years [4][11].

证券代码：002507 证券简称：涪陵榨菜 编号：2024-015 重庆市涪陵榨菜集团股份有限公司 2024 年 11 月 7 日、11 月 11 日-12 日投资者关系活动记录表 | --- | --- | --- | --- | |----------------------------|--------------------------------------------------------------------------------------|----------------|--------| | 投资者关系活 \n动类别 \n | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n☑ 现场参观 □其他 | □路演活动 | | | | 本次参与交流的人员名单如下： | | | | | | 序号 机构 姓名 | | | | 1 | 招商证券 | 任龙 | | | 2 | 华西证券 | 寇星 | | | 3 | 华西证券 | 吴越 | | | 4 | 万家基金 | 王丁 | | | 5 | 中金资管 | 王凯 | | | 6 | 平安基金 | 周金菲 | | ...

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-043 重庆市涪陵榨菜集团股份有限公司 关于使用闲置自有资金及募集资金理财的进展公告 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。 一、闲置自有资金和募集资金理财的审批情况 经重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）2022 年 3 月 16 日召 开的第五届董事会第七次会议及第五届监事会第六次会议审议通过，并提交 2022 年 4 月 18 日召开的 2021 年年度股东大会审议批准《关于使用闲置自有资金购买理财产品 的议案》，同意公司使用不超过人民币 30 亿元的闲置自有资金购买银行、证券公司 或其他金融机构发行的低风险理财产品，期限为自获审议本议案股东大会通过之日起 三年内有效，所购理财产品单笔最长期限不超过 1 年，在上述额度与期限范围内自有 资金可以滚动使用。具体内容详见公司分别于 2022 年 3 月 18 日和 2022 年 4 月 19 日 刊登在指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn）和《中国证券报》 《上海证券报》《证券日报》《 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 6.6 billion yuan, a year-on-year increase of 6.8%, and a net profit of 2.2 billion yuan, up 17.9% year-on-year [1][3] - The improvement in sales is attributed to increased marketing expenses during the consumption peak, adjustments in organizational structure, and timely product launches based on regional demand [2] - The gross margin improved to 56.2%, a year-on-year increase of 10.5 percentage points, primarily due to the use of low-cost raw materials [3] - The company is expected to see a recovery in performance throughout the year, with projected net profits of 8.9 billion yuan, 9.6 billion yuan, and 10.3 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Summary - Revenue for 2024 is estimated at 25.93 billion yuan, with a year-on-year growth rate of 5.9% [1] - The net profit for 2024 is projected to be 8.88 billion yuan, reflecting a growth rate of 7.4% year-on-year [1] - The company's return on equity (ROE) is expected to be 10.1% in 2024, slightly improving in subsequent years [1] - The earnings per share (EPS) for 2024 is forecasted at 0.77 yuan, with a gradual increase to 0.89 yuan by 2026 [1][3]