证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-027 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。 自本次交易预案披露以来，公司及相关各方积极推进本次交易的各项工作。截至 本公告披露日，本次交易所涉及的审计、评估、尽职调查等工作仍在积极推进中。公 司将在相关工作完成后，再次召开董事会审议本次交易的相关事项，编制并披露《重 庆市涪陵榨菜集团股份有限公司发行股份及支付现金购买资产报告书》及其摘要，本 次交易涉及的经审计的财务数据、资产评估结果将在该等文件中予以披露，公司将按 照相关法律法规的规定履行有关后续审批程序及信息披露义务。 三、风险提示 特别提示： 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）拟通过发行股份及支付 现金购买四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权（以下简称"本 次交易"）。公司于 2025 年 4 月 25 日召开第五届董事会第二十八次会议审议通过了《关 于 <重庆市涪陵榨菜集团股份有限公司发行股份及支付现金购买资产预案> 及其摘要 的议案》等与本次交易相关的各项议 ...

特别提示： 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）拟通过发行股份及支付 现金购买四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权（以下简称"本 次交易"）。公司于 2025 年 4 月 25 日召开第五届董事会第二十八次会议审议通过了《关 于<重庆市涪陵榨菜集团股份有限公司发行股份及支付现金购买资产预案>及其摘要 的议案》等与本次交易相关的各项议案，具体内容详见 2025 年 4 月 26 日公司刊登在 指定信息披露媒体上的相关公告，《重庆市涪陵榨菜集团股份有限公司发行股份及支 付现金购买资产预案》及其摘要中已对本次交易涉及的有关风险因素及尚需履行的审 批程序进行了详细说明，敬请广大投资者认真阅读相关内容，并注意投资风险。 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-027 重庆市涪陵榨菜集团股份有限公司 关于筹划发行股份及支付现金购买资产的进展公告 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。 截至本公告披露日，除本次交易预案披露的重大风险外，公司尚未发现可能导致 公司董事会或者交易对方撤销、中止本次交易方案或者对 ...

| 变更事项 | 董事会秘书 | 证券事务代表 | | --- | --- | --- | | 联系人 | 韦永生 | 谢正锦 | | 投资者热线电话 （含传真） | 023-88516507 | 023-88516507 | | 邮箱 | weiys@flzc.com | xiezj@flzc.com | 除上述变更内容外，公司其他信息均保持不变。敬请广大投资者注意上述变更 事项。 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-026 重庆市涪陵榨菜集团股份有限公司 关于变更投资者热线电话的公告 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。 因业务需要，重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）自 2025 年 5 月 26 日起启用新的投资者热线电话，原联系电话不再使用，相关情况公告如下： 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 24 日 ...

Core Insights - The condiment industry is experiencing significant challenges, with 40% of listed companies reporting revenue declines in their 2024 annual reports, and some leading firms like Xue Tian Salt Industry and Zhong Ju High-tech seeing net profits nearly halved [2][4][5] Group 1: Company Performance - Hai Tian Wei Ye reported a revenue of 26.9 billion yuan, a year-on-year increase of 9.53%, with a net profit of 6.34 billion yuan, up 12.75% [2] - Xue Tian Salt Industry's net profit plummeted over 57% to 893 million yuan, with revenue down more than 13% [4] - Zhong Ju High-tech's net profit fell by 47.37% to 893 million yuan, with both revenue and net profit declining in the first quarter of 2025 [4] Group 2: Market Dynamics - The industry is undergoing severe channel disruptions, with Fuling Zha Cai cutting 607 distributors in a year, while Jia Long Co. saw its distributor count surge from 156 to 535 [2][6] - The overall trend shows that over half of the companies are experiencing continued revenue shrinkage into the first quarter of 2025 [2][5] Group 3: Sales and Marketing Trends - A common issue in the industry is the focus on marketing over research and development, with many companies having R&D expenses below 5% of their total expenditures [9] - Sales expenses are rising significantly, with 11 out of 18 companies reporting increased sales costs, including Lianhua Holdings, which saw a 79.60% increase in sales expenses [8][9]

Core Viewpoint - The condiment industry is experiencing significant challenges, with many companies reporting declining revenues and profits, indicating a survival battle driven by cost and innovation rather than marketing alone [1][3][11]. Revenue and Profit Trends - Among 18 listed condiment companies, 40% reported revenue declines in their 2024 reports, with leading firms like Xue Tian Salt Industry and Zhong Ju Gao Xin seeing net profits nearly halved [1][3]. - In Q1 2025, over half of the companies continued to experience revenue shrinkage, with Tian Wei Food's net profit plummeting over 57% [1][3][11]. - Xue Tian Salt Industry's 2024 net profit was 8.93 billion yuan, down over 57% year-on-year, with Q1 2025 showing a further decline in revenue by 27.24% [4][9]. Company-Specific Performance - Hai Tian Wei Ye reported a 9.53% increase in 2024 revenue to 26.901 billion yuan, while Zhong Ju Gao Xin's net profit fell by 47.37% to 8.93 billion yuan [2][9]. - Tian Wei Food's Q1 revenue dropped by 24.80%, with net profit down over 57% [5][11]. - Jia Jia Food faced a loss exceeding 200 million yuan in 2024, attributed to declining sales and increased market expenses [9]. Distribution Channel Dynamics - The industry is undergoing severe channel disruptions, with companies like Fuling Zha Cai cutting over 607 distributors, while Xue Tian Salt Industry reduced its out-of-province outlets by over 3,000 [1][12][17]. - In contrast, Jia Long Food saw a significant increase in its distributor count, growing by 242.95% [12][13]. Sales and Marketing Expenses - Sales expenses are rising across the industry, with Lian Hua Holdings' sales expenses surging by 80% despite a revenue increase of 25.98% [18][20]. - Hai Tian Wei Ye's sales expenses reached 1.628 billion yuan, up 24.73%, while its R&D expenses grew by only 17.35% [20].

Core Viewpoint - Humanoid robotic arms are becoming a crucial focus for companies in the technology landscape, with many enterprises developing products around this technology, including standalone robotic arms and humanoid robots [2]. Company Summaries - **Yuejiang Robotics**: Established in 2015, Yuejiang has launched over 20 collaborative robot products and the world's first humanoid robot Atom, widely applied across more than 15 industries and recognized by over 80 Fortune 500 companies [3]. - **Ruiliman Intelligent**: A national high-tech enterprise focusing on ultra-lightweight humanoid robotic arms, with a team experienced in foundational robotics technology for over 10 years, serving various sectors [4]. - **Elephant Robotics**: Founded in 2016, this company specializes in robot development and has released several humanoid robot products, including the Mercury series [5]. - **Titan Robot**: Established in 2020, Titan focuses on high-end robotic hardware and solutions, offering humanoid robots "Yaoguang" and "Mozhi" [6][7]. - **Tianlian Robotics**: Founded in 2012, Tianlian has over 50 patents in robotics, including more than 20 related to humanoid robots, and has developed a collaborative robotic arm with a weight capacity greater than 2:1 [8]. - **Crab Intelligent**: Founded in 2019, this company specializes in harmonic reducers and joint modules, developing a humanoid robotic arm capable of lifting 50 kg for hazardous environments [9]. - **Zhongke Xinsong**: A subsidiary of Xinsong, focusing on intelligent robots, with plans for humanoid robot development [10]. - **Huayan Robotics**: Originating from Dazhu Laser, this company has a global presence and is developing humanoid robot joint modules [11]. - **Feixi Technology**: Established in 2016, this company focuses on adaptive robots integrating industrial control, computer vision, and AI [12]. - **Tianji Robotics**: A subsidiary of Changying Precision, it has released a dual-arm robot suitable for industrial and commercial applications [13][14]. - **Aobo Intelligent**: Specializes in high-precision collaborative robots, with products that mimic human actions in various applications [15]. - **Jeka Robotics**: The first domestic company to develop humanoid dual-arm robots, enhancing flexibility and agility [16]. - **Ligong Industry**: A leader in collaborative and composite robots, having launched dual-arm humanoid robots with high payload capacities [17]. - **Luoshi Robotics**: Focuses on multi-joint industrial and collaborative robots, advancing technology in humanoid robotics [18]. - **Aston Coolzhu**: Founded in 2022, this company aims to revolutionize human-robot interaction and has launched its first humanoid robot [19]. Industry Trends - The humanoid robot industry is accelerating towards scale and intelligence, with production costs decreasing at an annual rate of 18%, and the global market expected to exceed 120 billion yuan by 2025 [21]. - The development of new materials in the chemical industry is crucial for the robotics sector, enhancing lightweight, durability, and flexibility in robotic structures [21]. - The first "Embodied Robot Innovation Manufacturing Forum" will be held in Hefei, focusing on the application of polymer and composite materials in humanoid robots [22][24].

Core Insights - The Chinese seasoning market has seen significant growth, with market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 9.60% [1][2] - The shift in consumer behavior towards home cooking and health-conscious eating, particularly among younger generations, is reshaping the seasoning landscape [1][2] Group 1: Market Dynamics - The seasoning market in China is characterized by a mix of established brands and emerging players, with over 6,000 companies and the top ten brands holding less than 30% market share, indicating a highly fragmented market [2][3] - Traditional brands like Haidilao and Lee Kum Kee dominate, while new entrants focusing on health and natural ingredients are gaining traction [2][3] Group 2: Product Trends - The compound seasoning segment is experiencing rapid growth, with a CAGR of 13.90% from 2011 to 2021, driven by the increasing popularity of ready-to-use cooking solutions [4][6] - Health-conscious consumers are prioritizing clean ingredient labels, leading to a rise in products that emphasize natural and additive-free formulations [7][8] Group 3: Consumer Behavior - New consumption scenarios, such as solo dining and outdoor activities, are driving demand for convenient and personalized seasoning options [8][9] - Brands targeting younger consumers are leveraging aesthetics and lifestyle branding to create emotional connections with their products [11][14] Group 4: Cultural and Regional Influences - The diverse culinary landscape in China fosters regional seasoning brands that resonate with local tastes, creating opportunities for cultural storytelling and brand differentiation [15][16] - Successful regional brands can achieve high profit margins, but the challenge lies in expanding their reach beyond local markets [15][16] Group 5: Competitive Landscape - The competition in the seasoning industry is evolving, with a focus on digital marketing and e-commerce channels, such as live-streaming sales and instant retail [16][17] - Brands that can effectively address niche consumer needs and create standout products are likely to succeed in this competitive environment [17][18]

Core Viewpoint - The condiment industry is experiencing significant challenges, with many companies reporting declining revenues and profits, indicating a shift towards a survival battle focused on cost and innovation [1][2][6]. Revenue and Profit Trends - Among 18 listed condiment companies, 40% reported revenue declines in their 2024 annual reports, with notable companies like Xue Tian Salt Industry and Zhong Ju Gao Xin seeing net profits nearly halved [2][4]. - In Q1 2025, over half of the companies continued to experience revenue shrinkage, with Tian Wei Food's net profit plummeting over 57% [1][4][11]. Company-Specific Performance - Xue Tian Salt Industry's 2024 net profit was 8.93 billion yuan, down over 57%, with Q1 2025 showing a further decline in revenue by 27.24% [4][5]. - Zhong Ju Gao Xin reported a 47.37% drop in net profit for 2024, attributed to legal settlements affecting financials [9]. - Jia Jia Food faced a loss exceeding 200 million yuan in 2024, citing declining sales and increased market expenses [9]. Distribution Channel Dynamics - The industry is undergoing severe channel disruptions, with companies like Fuling Zha Cai cutting over 600 distributors, while others like Jia Long Holdings saw a 242.95% increase in distributor numbers [12][16]. - Xue Tian Salt Industry reduced its distributor count by over 3,000, primarily in provincial markets, as part of a strategy to optimize customer relationships [17]. Sales and Marketing Expenses - 11 out of 18 companies reported increased sales expenses, with Lianhua Holdings' sales expenses surging by 79.60% [18][20]. - The trend of "heavy marketing and light R&D" is prevalent, with R&D expenses generally below 5% of total expenses for most companies, while sales expenses often exceed 10% [22]. Overall Industry Outlook - The condiment industry is facing a survival battle characterized by cost management and innovation, as many companies struggle with declining revenues and profits amid a challenging economic environment [1][6].

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 13.26 CNY per share [5]. Core Views - The company reported a slight pressure in Q1 2025, achieving revenue and net profit of 713 million CNY and 272 million CNY respectively, with a year-on-year change of -4.75% and +0.24% [1]. - The main product, pickled vegetables, remains stable, with continuous product optimization and the introduction of new products such as stir-fried series [1]. - The company is pursuing an acquisition of a 51% stake in Weizimei, which is expected to create synergies and enhance its market position in the food sector [2]. - The company aims for a revenue growth of 6% annually from 2025 to 2027, with net profit growth projected at 9% in 2025 and 7% in the following years [3]. Financial Summary - Revenue for 2023 is projected at 2,449.85 million CNY, with a slight decline expected in 2024 before a recovery in 2025 to 2,540.51 million CNY [4]. - The net profit for 2023 is estimated at 826.58 million CNY, with a forecasted increase to 870.75 million CNY in 2025 [4]. - The company’s EBITDA is expected to grow from 981.32 million CNY in 2023 to 1,131.48 million CNY in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 17.57, 16.46, and 15.44 respectively, indicating a favorable valuation trend [4].