证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-033 重庆市涪陵榨菜集团股份有限公司 关于召开 2025 年第一次临时股东会的通知 一、召开会议的基本情况 (一)股东会届次：2025年第一次临时股东会。 (二)会议召集人：公司董事会。 公司于2025年6月6日召开第五届董事会第二十九次会议审议通过了《关于提 请召开公司2025年第一次临时股东会的议案》，具体内容请见公司2025年6月7日 披露在巨潮资讯网（www.cninfo.com.cn）上的《第五届董事会第二十九次会议 决议公告》（公告编号：2025-030）。 (三)会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定。 (四)会议召开时间 1.现场会议时间: 2025年6月23日（星期一）下午14:30。 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年6月23日上午9:15—9:25、9:30—11:30和下午13:00—15:00;通过深圳证 券交易所互联网投票系统投票的具体时间为2025年6月23日上午9:15至下午 15:00期间的任意 ...

Core Viewpoint - The article discusses the declining performance of Fuling Mustard, the leading pickled vegetable brand in China, highlighting a significant drop in sales and market presence due to changing consumer preferences and increased competition from other food products like dipping sauces [3][9][30]. Financial Performance - Fuling Mustard reported a decline in both revenue and net profit for the second consecutive year, with five out of seven major sales regions experiencing varying degrees of decline [3][5]. - The company's market value has decreased by 300 billion yuan from a peak of over 350 billion yuan five years ago [5][11]. Market Dynamics - The consumption of Fuling Mustard has significantly changed, with the product now being less visible in key consumption scenarios such as supermarkets and high-speed trains, where consumers are opting for more diverse meal options [10][20]. - The brand's pricing strategy has led to a reduction in the number of distributors, with a notable decline of nearly 60% in the South China sales region [17][20]. Consumer Preferences - Younger consumers are increasingly sensitive to health concerns related to high-sodium products, leading them to seek alternatives like dipping sauces, which are perceived as more sophisticated and versatile [25][30]. - The rise of various brands in the dipping sauce market, including those from influencers and traditional brands, has created a competitive landscape that Fuling Mustard struggles to navigate [28][30]. Product Strategy - Fuling Mustard has heavily relied on its flagship product, which now accounts for over 80% of its revenue, limiting its growth potential [22][23]. - The company has attempted diversification by exploring other products like pickled radish and seaweed, but these efforts have not yielded significant results [23][30]. Marketing Efforts - In response to declining sales, Fuling Mustard has increased its marketing budget by over 30% in 2024, allocating 100 million yuan for promotional activities [32][34]. - Despite past successful marketing campaigns, current strategies have not resonated with younger consumers, leading to ineffective promotional efforts [34][36]. Industry Challenges - The challenges faced by Fuling Mustard reflect broader issues within the traditional food industry, emphasizing the need for value reconstruction rather than merely targeting premium markets [38].

Core Viewpoint - Fuling Pickle is attempting to revitalize its business through an acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd, as the company has faced a significant decline in stock price and performance over recent years [1][2][3] Group 1: Acquisition Details - The acquisition involves issuing shares and cash to purchase Weizimei, which specializes in the development, production, and sales of Sichuan-style compound seasonings and prepared dishes [1][2] - Weizimei has established C-end product development capabilities but struggles with B-end operations and scaling, which limits its ability to quickly integrate resources for C-end sales channels [2][3] - The acquisition is part of Fuling Pickle's strategy to leverage Weizimei's resources to enhance its own C-end distribution network and expand into new markets [2][3] Group 2: Financial Performance - Weizimei reported a revenue of 265 million yuan and a net profit of approximately 39.62 million yuan in 2024, reflecting a year-on-year decline of 6.69% and 2.67% respectively [3] - Fuling Pickle's stock price has dropped over 60% since February 2021, indicating a prolonged period of underperformance [1] - The company's net profit margin is currently 33%, significantly higher than Weizimei's 15%, suggesting that the acquisition could dilute Fuling Pickle's profitability [3] Group 3: Strategic Challenges - Fuling Pickle has faced declining sales and revenue, with a 12.61% drop in sales volume in 2022 and a continued downward trend in subsequent years [4][5] - The company has struggled with market expansion strategies, particularly in lower-tier cities, leading to issues with distributor management and market saturation [5] - A dual strategy of "internal growth + external mergers" has been proposed to address these challenges, focusing on new product development and expanding into emerging channels [5][6] Group 4: Operational Issues - Fuling Pickle's production capacity has fluctuated, with a significant drop from 25.63 million tons in 2023 to around 15 million tons in 2024, while actual production was only 11.36 million tons [6] - The company has invested heavily in a green intelligent production base, but progress has been slow, with only 12.59% completion as of 2024 [6] - The reliance on interest income from unutilized funds has become a significant profit source, raising concerns about the company's operational efficiency and future growth potential [6]

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][53]. Core Insights - The food and beverage sector experienced a decline of 1.06% last week, slightly outperforming the CSI 300 index by 0.02 percentage points, ranking 27th among 31 sectors [4][9]. - The liquor segment is in a bottoming phase, with a focus on leading companies for recovery. The impact of recent "alcohol bans" is expected to be limited, as business banquets and personal consumption remain the primary drivers of demand [4][9]. - The beer sector is showing signs of improvement as the peak consumption season approaches, with April production figures indicating a 4.8% year-on-year increase [4][23]. - The snack segment is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy sector is expected to stabilize as upstream production capacity adjusts, with milk prices anticipated to recover gradually [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.06%, with soft drinks showing a notable increase of 9.27% [4][9]. - Top-performing stocks included Junyao Health and Kweichow Moutai, with gains of 38.58% and 32.17% respectively [4][9]. 2. Key Consumer Products and Raw Material Prices 2.1 Liquor Prices - As of June 1, 2025, the price for 2024 Moutai (bottle) is 2,070 CNY, down 50 CNY from the previous month [18]. 2.2 Beer Data - April production for major beer companies reached 2.896 million kiloliters, a 4.8% increase year-on-year [23]. 2.3 Upstream Raw Material Data - As of May 30, 2025, the price of fresh milk is 12.17 CNY per liter, with a year-on-year decrease of 0.49% [25]. 3. Industry Dynamics - Significant growth in wine sales was reported during the JD 618 shopping festival, with red wine sales increasing by 200% year-on-year [50]. - Guangdong province's beer production increased by 1.3% in the first four months of 2025 [50]. 4. Core Company Dynamics - Fuling Zhacai announced a cash dividend of 4.20 CNY per share, totaling 4.85 billion CNY [52]. - Haitian Flavoring announced a cash dividend of 8.60 CNY per share, totaling 47.73 billion CNY [52].

Group 1 - Tianfeng Securities reports that trading indicators in May continue to decline month-on-month, indicating that market trading sentiment remains at a phase low [1] - Asset linkage indicators and market allocation indicators suggest significant potential for upward movement in the market [1] - Investor behavior shows a substantial increase in repurchase scale month-on-month, while the net reduction of industrial capital has widened significantly [1] Group 2 - CICC states that the market may maintain a volatile pattern due to a combination of internal and external factors [2] - Small and medium-sized growth stocks are performing relatively well, benefiting from ample liquidity and technology narratives [2] - Key areas to focus on include mergers and acquisitions, sectors with policy support, and industries less affected by tariffs, such as the AI industry chain and export chains with low exposure to the US [2] Group 3 - CITIC Securities indicates that the food and beverage sector's Q1 reports maintain high quality, with overall stability since April [3] - The government aims to boost consumption as a primary driver of economic growth, with a comprehensive plan to guide consumption recovery [3] - Four key segments are highlighted: 1) Baijiu with stable performance from leading companies, 2) Beer with a rebound in sales, 3) Restaurant chains with strong product channel layouts, and 4) High demand for leisure snacks and health-focused products [3]

关于使用闲置自有资金及募集资金理财的进展公告 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-029 重庆市涪陵榨菜集团股份有限公司 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 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）《关于使用闲置自有资 金购买理财产品的议案》《关于使用闲置募集资金购买理财产品的议案》经 2025 年 3 月 27 日召开的第五届董事会第二十七次会议及第五届监事会第二十次会议审议通过， 并经 2025 年 4 月 25 日召开的 2024 年年度股东会审议批准：同意公司使用不超过人 民币 40 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；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 ...

Core Insights - 聚鸣投资 recently conducted a research on 涪陵榨菜, highlighting its strategic initiatives and market performance in the second quarter [1] Group 1: Company Performance - 涪陵榨菜 is entering its sales peak season in Q2, with increased promotional investments and moderate terminal performance [1] - The company is developing various products for the catering channel to expand consumption scenarios and is adjusting its cooperation model, maintaining a rapid growth in this channel [1] - Traditional offline channels remain the primary sales avenue, with plans to deepen penetration in mature markets and expand into county-level markets [1] Group 2: Strategic Initiatives - The company sees significant market potential in the复调 market, with cross-category复调 products being a strong initiative for category expansion [1] - The acquisition of 味滋美 is expected to facilitate rapid channel expansion [1] - Projected raw material costs are not expected to have a significant impact on the overall performance for the year [1] Group 3: Future Outlook - Sales expenses are anticipated to increase in 2025 compared to 2024, with a focus on Q2 and Q3 for new product launches and promotions [1]

一、权益分派方案 1、公司 2024 年年度权益分配方案以固定总额的方式分配：以公司现有总股本 1， 153,919,028 股为基数，向全体股东每 10 股派 4.20 元人民币现金（含税；扣税后， 通过深股通持有股份的香港市场投资者、QFII、 RQFII 以及持有首发前限售股的个 人和证券投资基金每 10 股派 3.78 元；持有首发后限售股、股权激励限售股及无限售 流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人 转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售 股及无限售流通股的证券投资基金所涉红利税，对香港投资者持有基金份额部分按 10% 征收，对内地投资者持有基金份额部分实行差别化税率征收），共计派现金 484,645,991.76 元（含税）,本年度不送红股,不以资本公积转增股本。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个 月（含 1 个月）以内，每 10 股补缴税款 0.84 元；持股 1 个月以上至 1 年（含 1 年） 的，每 10 股补缴税款 0.42 元；持股超过 1 年的，不需补缴税款。】 2、 ...

Group 1: Company Performance and Strategy - The second quarter is traditionally a peak sales season for the company, with strategic promotional investments increased compared to the first quarter, leading to improved terminal performance [2] - The company aims to enhance its family channel by conducting promotional activities and improving product displays to increase market share against competitors [2] - The company is expanding its product matrix in the restaurant channel, introducing new products like chili, pickled vegetables, and radishes to meet diverse consumer needs [3] Group 2: Channel Development - The traditional offline channel remains the primary focus, while the company continues to develop emerging channels and penetrate county-level markets [4] - The company is leveraging the acquisition of Weizimei to enhance its product offerings in the restaurant channel and improve its market response capabilities [6] Group 3: Market Insights and Cost Management - The compound seasoning market presents significant growth potential, with many subcategories still lacking dominant brands, indicating a competitive landscape [5] - Raw material costs are expected to remain stable, with no significant impact on overall costs for 2024 and 2025 [7] Group 4: Sales and Marketing Investments - The planned sales expense for 2025 is higher than in 2024, with increased investments in the second and third quarters to support new product launches and market promotions [8]

Core Viewpoint - Fuling Pickle (002507.SZ) is actively expanding into the leisure snack market amid ongoing performance pressure, including a recent acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to enhance its competitive edge and product offerings [1][4]. Financial Performance - For 2024, Fuling Pickle reported a revenue of 2.387 billion, a year-on-year decline of 2.56%, and a net profit attributable to shareholders of 799 million, down 3.29% [2]. - In Q1 2024, the company achieved a revenue of 713 million, a decrease of 4.75%, while the net profit was 272 million, showing a slight increase of 0.24% [3]. - The company’s cash flow from operating activities saw a significant increase of 87.59%, reaching 817 million [2]. Market Competition - The industry is characterized by intense competition, with many companies facing low profit margins due to low entry barriers [3][4]. - Fuling Pickle's competitors include brands like Huaitong, Tongqianqiao, and Yiquan, which also hold significant market influence [3]. Capacity Utilization and Expansion - The company faces concerns regarding underutilized capacity, with the Northeast production base's utilization rate falling below 37% in 2024 [4]. - Fuling Pickle's planned expansion project for a green intelligent production base has faced delays, with only 10.94% of the project completed by the end of 2024 [3]. New Market Ventures - The company is venturing into the leisure snack sector, which is also experiencing fierce competition and price wars [5]. - Competitors in the snack industry, such as Liangpinpuzi and Laiyifen, have reported significant losses, indicating the challenges within the sector [5][7].