Summary of the Conference Call Company and Industry - The conference call involved **Wujang Pickled Vegetables**, a company in the **pickled food industry** focusing on the production and sales of pickled vegetables, particularly mustard greens. Key Points and Arguments 1. **2024 Performance Overview**: The company acknowledged concerns regarding its performance in 2024, particularly the lack of positive growth, and emphasized the need for communication about its strategies and challenges moving forward [2][3][4]. 2. **Organizational Changes**: The new chairman's arrival in 2014 marked a year of significant reforms, including restructuring and process reengineering, which have shown some positive results [2][3]. 3. **Product Development and Market Adaptation**: The company has been actively working on product development and market responsiveness, establishing a streamlined process that integrates research, market analysis, and production [3][4]. 4. **Sales Strategy**: The company has focused on enhancing its sales strategy by improving relationships with distributors and adjusting its product offerings to better compete with rivals [4][5]. 5. **Pricing Strategy**: In response to market conditions, the company decided to maintain a stable pricing strategy, particularly focusing on keeping the price of its core products around two yuan, despite previous attempts to increase prices [6][7]. 6. **Raw Material Management**: The company reported a successful acquisition of raw materials, achieving record levels in 2024, which has helped maintain cost control [7][8]. 7. **Production Upgrades**: The company is investing in upgrading its production lines to improve quality and flexibility, adapting to changing market demands [8][9]. 8. **Sales Growth Expectations**: The company expressed optimism about sales growth in 2025, driven by a focus on core products and new product lines [9][10]. 9. **Consumer Insights**: The company conducted consumer research indicating a strong brand recognition and a diverse consumer base, primarily targeting women aged 25-45 [21][22]. 10. **Challenges in Sales Volume**: The company acknowledged a decline in sales volume due to changes in consumer preferences and competitive pressures, particularly in lower price segments [15][18]. 11. **New Product Development**: The company is exploring new product lines, including pickled radishes and other vegetables, to diversify its offerings and meet consumer demand [19][20]. 12. **E-commerce Strategy**: The company is enhancing its online sales strategy, focusing on distinct marketing approaches for different platforms to avoid internal competition [26][27]. 13. **Future Growth Plans**: The company aims for an 8% growth target for 2025, balancing volume and pricing strategies to enhance competitiveness [31][32]. 14. **Market Competition**: The company is aware of increasing competition from both established brands and new entrants in the pickled vegetable market, prompting strategic adjustments [44][45]. Other Important but Overlooked Content - The company is committed to increasing dividends in the future as part of its strategy to enhance shareholder returns [24]. - The management emphasized the importance of adapting to consumer trends and market dynamics to maintain its leadership position in the industry [34][35]. - The company is also focusing on strengthening its presence in the restaurant channel, which has shown significant growth potential [41][42]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategies, challenges, and future outlook in the pickled food industry.

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Summary of Key Points Core Viewpoint - The company held its 2024 annual performance briefing on April 11, 2025, to discuss its operational performance and future development plans, addressing investor concerns within the scope of information disclosure [1][2]. Group 1: Performance and Strategy - The company reported a decline in revenue and net profit in the previous year due to challenges from emerging channels, weak product strength in the radish category, and ongoing adjustments in product specifications [6][7]. - The company plans to enhance the strength of its radish products, optimize its traditional pickled vegetable offerings, and accelerate the launch of new products to achieve performance growth [7]. - In 2024, the company’s sales from the catering channel exceeded 100 million, accounting for approximately 4% of total sales, with a growth rate of around 30% [5]. Group 2: Distribution and Marketing - The company is focusing on expanding its distribution channels, with traditional channels remaining dominant while new channels like e-commerce account for about 10% of sales [7]. - Different marketing strategies are being implemented for various channels, including differentiated product specifications and pricing systems [7]. - The company aims to enhance brand recognition and market competitiveness through promotional activities and product upgrades, leveraging the existing brand reputation of "Wujiang" [9]. Group 3: Product Development and Innovation - The company has optimized the manufacturing process and flavor profiles of its radish products, launching new offerings like "Crispy Dried Radish" to expand its product range [4]. - The company is committed to a "category expansion" strategy, focusing on developing new products tailored for the catering sector [4]. - The company is exploring opportunities in the compound seasoning market, which shows significant growth potential and lacks established brands [13]. Group 4: Supply Chain and Cost Management - The company has implemented a raw material purchase protection price policy to stabilize supply and control procurement costs, ensuring a stable cost level [8]. - The company collaborates with farmers and cooperatives to promote sustainable agricultural practices and secure a stable supply of raw materials [8]. Group 5: Future Outlook - The company anticipates that the overall market for pickled vegetables will continue to concentrate among leading enterprises, with plans for expansion into multiple categories and channels [12][13]. - The company is focused on identifying and capitalizing on growth opportunities in emerging product categories with significant market demand [13].

一、业绩说明会召开情况 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-018 重庆市涪陵榨菜集团股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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。 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日 15:00-17:00 通过线上交流的方式召开了 2024 年度业绩说明会。关于本次业绩说明会 的召开事项，公司已于 2025 年 3 月 29 日在巨潮资讯网发布了《关于召开 2024 年度 业绩说明会的公告》（公告编号：2025-016）。 现将有关事项公告如下： 2025 年 4 月 11 日公司董事、总经理赵平先生，董事、董事会秘书、副总经理兼 财务负责人韦永生先生，独立董事张志宏先生，公司 2020 年非公开发行股票项目持 续督导保荐代表人孔辉焕先生，公司证券事务代表谢正锦先生出席了本次说明会。公 司就 2024 年度经营情况和未来发展规划等事项进行了详细介绍，在信息披露允许的 范围内就投资者普遍关注的问题进行了回答。 二、投资者提出的主要问题及公 ...

Core Viewpoint - Fuling pickled vegetables, recognized as a "Chinese Consumer Brand," combines traditional craftsmanship with modern technology, showcasing the brand's innovative spirit and cultural heritage [2][6]. Group 1: Historical and Cultural Significance - Fuling pickled vegetables originated in 1898, created by local merchant Qiu Shou, who developed a unique preservation method involving drying and fermentation [2][3]. - The traditional production process includes 17 meticulous steps, emphasizing the importance of quality and craftsmanship in creating the final product [3]. Group 2: Technological Advancements - The Fuling Pickled Vegetable Group has introduced smart equipment to enhance production efficiency, such as the first intelligent peeling device and various preservation technologies that eliminate the need for artificial preservatives [3][4]. - The company maintains a balance between traditional methods and modern technology, ensuring that skilled artisans still play a crucial role in the production process [3][4]. Group 3: Economic Impact and Market Position - Fuling pickled vegetables have transformed from a local delicacy to a globally recognized product, competing with international pickled products [4][5]. - The industry has established a comprehensive supply chain, with 735,000 acres of planting area and a production output of 512,800 tons in 2023, generating sales revenue of 5.314 billion yuan [4][5]. Group 4: Innovation and Product Development - The company is actively developing new products, including leisure pickles and pickled vegetable sauces, to enhance product value and expand market reach [5]. - Fuling pickled vegetables are exported to over 80 countries, indicating a strong international presence and demand [5]. Group 5: Future Development and Strategic Goals - The Fuling district plans to leverage its historical museum and modern manufacturing systems to create a comprehensive industrial ecosystem that integrates cultural heritage with global trade [6]. - The recognition as a national-level intangible cultural heritage and a top condiment industry base reflects the brand's commitment to innovation and cultural representation [6].

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...

证券研究报告 | 2025年04月07日 2024 年收入同比减少 2.56%。2024 年实现营业总收入 23.87 亿元，同比减少 2.56%；实现归母净利润 7.99 亿元，同比减少 3.29%；实现扣非归母净利润 7.32 亿元，同比减少 3.13%；2024Q4 实现营业总收入 4.25 亿元，同比减少 14.77%；实现归母净利润 1.29 亿元，同比减少 23.12%；实现扣非归母净利 润 0.95 亿元，同比减少 37.64%。 榨菜略有下滑，经销商团队调整优化。2024 年公司榨菜/萝卜/泡菜收入 20.4/0.5/2.3 亿元，同比-1.5%/-24.4%/+2.2%，其中萝卜主因推广资源减少。 华南/华东/华中/华北/中原/西北/西南/东北销售大区收入同比 -3.1%/-3.0%/+0.2%/-4.9%/-7.1%/-6.3%/+0.7%/+11.2%，截至 2024 年底， 公司经销商净减少 607 家至 2632 家，主因公司优化部分布局不合理、渠道 冲突的经销商。公司四季度表现疲弱，预计主因淡季叠加消费力仍处于偏低 水平，2024 年平稳过渡。 加大市场投放，盈利能力坚韧。2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with an expectation of a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company is facing operational pressure in Q4 2024 but aims for an 8% revenue growth in 2025, benefiting from cost reductions [4]. - The company has adjusted its profit forecasts downward due to overall weak demand, with expected revenues of 2,578 million, 2,754 million, and 2,903 million for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8%, 7%, and 5% [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2,387 million, a year-on-year decrease of 3% [2]. - The net profit attributable to the parent company for 2024 was 799 million, down 3% year-on-year [2]. - Q4 2024 saw a revenue of 425 million, a significant decline of 14.77% year-on-year, with net profit dropping by 23.12% to 129 million [4]. Revenue Breakdown - The main business of pickled vegetables showed stable performance, with 2024 revenue from pickled vegetables at 2,044 million, a slight decrease of 1.5% year-on-year [4]. - The company reduced its number of distributors by 607 to 2,632, optimizing its market presence and pricing control [4]. Cost and Profitability - The overall gross margin for 2024 improved by 0.27 percentage points to 50.99%, primarily due to lower raw material costs [4]. - However, Q4 2024 gross margin fell by 7.27 percentage points to 43.38% [4]. - The net profit margin for 2024 decreased by 0.25 percentage points to 33.49%, with Q4 net profit margin down by 3.29 percentage points to 30.28% [4]. Future Projections - The company plans to achieve an 8% revenue growth in 2025, with operating costs expected to rise by only 6.25% [4]. - The earnings per share (EPS) are projected to be 0.75, 0.79, and 0.83 for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.9, 17.0, and 16.3 [4][5].

全年净利率平稳，收入规模及买赠扰动24Q4 盈利能力。2024/24Q4 公司毛利率分别为51.0%/43.4%，同 比分别变动+0.27pct/-7.3pct，全年毛利率有所改善，单四季度毛利率下滑系促销买赠影响；销售费用 率、管理费用率、研发费用率分别为13.6%/12.3%、3.9%/7.6%、0.4%/0.9%，同比分别变动 +0.2pct/-1.0pct、+0.35pct/2.7pct、+0.2pct/0.4pct，销售费用管控较好，管理费用率提升是职工薪酬增长 所致，此外产品研发投入加大；综合影响下，2024/24Q4 公司净利率分别为33.5%/30.3%，同比分别变 动-0.3pct/-3.3pct，四季度收入下滑及买赠活动扰动盈利能力。 25 年在研发、生产、渠道等方面持续深化改革，期待需求修复。展望2025 年公司以"夯基拓新，优化产 品，强化渠道，深化改革"为战略指引，持续进行产品优化与开发，解决产品力的问题；优化销售管 理，着重持续解决渠道基础薄弱与两支队伍的能力与活力问题；大力开展全年性推广活动，加强针对 性，着力解决终端售卖的问题，包括新品类夯实基础与动销问题；推进生产模式变革，系 ...

3、2024 年度公司主要规格产品占比。 回复：60g 产品于下半年正式放开调货限制，全年占比 25%左右，70g 系列产品占比 30%左右。 | 证券代码：002507 | 证券简称：涪陵榨菜 | 编号：2025-002 | | --- | --- | --- | | | □特定对象调研 □分析师会议 | | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | ☑现场参观 □其他 | | | | 本次参与交流的人员名单如下： 序号 姓名 | 机构 | | | 1 吴悠 | 兴全基金 | | 参与单位名称 | 2 胡运昶 | 国泰基金 | | 及人员姓名 | 3 刘健 | 上投摩根 | | | 4 吕昌 | 申万宏源 | | | 5 周缘 | 申万宏源 | | | 6 杜宛泽 浙商证券 | | | 时间 | 2025 年 4 月 2 日 10:00-12:00 | | | | 2025 年 4 月 2 日 14:30-15:30 | | | | 2025 年 4 月 2 日 10:00-12:00 | | | 地点 | 2025 年 4 月 2 日 ...