行 业 及 产 业 食品饮料 2025 年 05 月 18 日 自下而上 继续关注新品与渠道变 行 业 研 究 / 行 业 点 评 《需求整体平淡 关注新品及新渠道变化— —食品饮料行业周报 20250506- 20250509》 2025/05/10 《大众品关注红利与成长，白酒增速回落 分化加剧——食品饮料行业周报 20250428—20250505》 2025/05/05 《板块持仓继续回落 关注新品与渠道共振 机会——食品饮料行业周报 20250421— 20250425》 2025/04/26 联系人 王子昂 (8621)23297818× wangza@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 化 看好 —— 食品饮料行业周报 20250512-20250516 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 严泽楠 A02305240 ...

涪陵榨菜分析师会议 调研日期：2025年05月15日 调研行业：食品饮料 参与调研的机构：兴全基金、华泰证券、太保资管、华泰资管、 天冶基金等 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ / 机构调研pro小程序 DJvanbao.com 洞 ...

Core Viewpoint - Fuling Zhacai is expanding into new channels such as e-commerce and catering, but faces challenges in profitability and competition, particularly in the e-commerce sector [1][2] Group 1: Channel Expansion - The company primarily relies on traditional offline channels, but has started to explore e-commerce, community group buying, and snack store channels in response to market trends [1] - E-commerce channels are experiencing intense price competition, leading to lower profit margins compared to offline channels, along with higher cost inputs [1] - The company maintains a cautious yet positive approach towards e-commerce, differentiating products between e-commerce and offline channels [1] Group 2: Catering Channel Growth - The catering channel is expected to grow by 30% in 2024, with initial entry focused on pickled vegetable products [2] - In the second half of 2024, the company plans to accelerate the development of customized products for the catering channel, including radish and pickled vegetable varieties [2] Group 3: M&A Considerations - The company has limited experience in developing and producing compound seasoning products, but sees significant market potential in this segment [2] - Through acquisitions, the company aims to quickly enter the compound seasoning market, leveraging the existing management team of the acquired company [2] - The company plans to utilize the acquired company's B-end channel advantages to support its catering channel development while promoting compound seasoning products through its C-end channels [2] Group 4: Marketing Expenses - In Q1, the company invested less in promotional expenses, but plans to increase spending in Q2 due to seasonal demand and new product launches [2] - The total marketing expenses for the year are expected to increase compared to the previous year [2]

Core Viewpoint - The signing ceremony between Fuling Pickle Group and Chongqing Hailin Pig Development Co., Ltd. marks a significant step towards the integration of the Fuling Pickle and Fuling Black Pig industries, exploring a modern agricultural model focused on "circular farming and green low-carbon" practices [1][3]. Group 1: Industry Integration - The collaboration aims to combine the planting advantages of Fuling Pickle with the breeding resources of Fuling Black Pig, establishing a "vegetable-pig symbiosis" circular economy chain [3]. - Hailin Pig will provide organic fertilizer for pickle cultivation, promoting standardized planting, while Fuling Pickle Group will offer green planting technology and prioritize the purchase of high-quality raw materials for premium product production [3]. Group 2: Sustainable Development - The integration of the two industries is seen as essential for sustainable agricultural development, improving industry efficiency, enhancing ecological environment, and ensuring food safety [3]. - The "vegetable-pig integration" model has shown significant results in feed improvement, soil enhancement, and environmental benefits, with bio-feed developed from pickle stems replacing 20% of traditional feed, increasing the breeding profit by over 150 yuan per pig [3]. Group 3: Product Innovation - The first batch of innovative products launched includes Fuling Pickle Black Pig braised pork, black pig meat buns, and black pig sausages, indicating a shift from traditional seasoning to prepared and convenience food sectors [5]. - Future product development will include "Fuling Black Pig Pickle Shredded Meat" and "Fuling Pickle Black Pig Sauce," supported by a comprehensive quality control system to provide high-quality integrated products to consumers [5]. Group 4: Rural Revitalization - This partnership serves as a model for industry integration and injects new momentum into rural revitalization, accelerating the development of food processing industry clusters in Fuling District [8]. - The collaboration represents both a transformation and upgrade of traditional agriculture and an innovative practice in green development, positioning Fuling towards high-quality development through a dual-chain approach [8].

Group 1: Market Strategy and Competition - The company is responding to the current competitive landscape by developing new product categories and expanding into emerging channels and dining channels, executing a long-term strategy of "expanding categories and channels" [2] - The company is conducting targeted projects in highly competitive markets to stabilize its terminal channel layout and market share [2] Group 2: Capacity and Cost Management - By the end of 2024, the company will have invested in approximately 30,000 tons of new pickling capacity, which will positively impact its ability to manage raw material price fluctuations [3] - The company has reduced its semi-finished product purchase ratio by acquiring a large quantity of low-priced green vegetables, leading to improved cost control [3] Group 3: Channel Development and Performance - The company has primarily relied on traditional offline channels but has also entered e-commerce, community group buying, and snack store channels, although the e-commerce channel currently faces intense price competition [5] - The growth rate of the dining channel is projected to reach 30% in 2024, with the company accelerating the development of customized products for this channel [8] Group 4: Product Development and Marketing - The company has attempted to develop casual snack products, launching a small crispy product in 2023, but has not made significant promotional investments in this category [11] - The company plans to increase its promotional expenses in the second quarter, anticipating a rise in demand for pickled vegetables and the introduction of new products [10] Group 5: Mergers and Acquisitions - The company is considering acquiring a compound seasoning enterprise to quickly enter a market with significant growth potential, leveraging the acquired company's B-end channel advantages [9] Group 6: Organizational Improvements - The company has made internal organizational adjustments to enhance the connection between research, production, and sales, significantly shortening the time from research to market for new products [12]

股票研究报告 重庆涪陵榨菜集团（002507 CH） 2025年第一季度运营疲软，并购将支持 外部扩张。 拟议的并购旨在释放渠道/产品协同效应。 富临榨菜宣布计划通过发行股票和现金支付的方式收购味美味51%的股份。味美 味专注于川味复合调味料（包括火锅底料和中式菜品调味料）的定制研发、柔性 生产和销售服务。根据味美味官网信息，该公司服务超过10000家餐饮终端客户， 包括三锅联盟和裕联等区域连锁品牌。根据公司公告，味美味2023/2024年的营收 分别为2.8亿/2.7亿人民币，净利润为4071万/3962万人民币，对应净利率为14.3%/ 14.9%。截至2024年底，该公司拥有两个现代化生产基地，总资产达2亿人民币。 虽然味美味主要聚焦川味复合调味料的B端销售，而富临榨菜专注于C端榨菜销售 ，但预计其将有扩张计划。 这两家企业将在渠道合作和产品方面形成协同效应。 对有机增长和外部增长的努力均持正面看法；重申买入评级 随着福陵榨菜在组织、产品和销售战略方面已完成内部调整，且外部并购稳步推 进，我们对其未来发展持乐观态度。我们维持盈利预测，预计2025/2026/2027年 的每股收益（EPS）分别为人民币0 ...

Group 1 - The company, Chongqing Fuling Zhacai Group Co., Ltd., has announced a change in its continuous supervision sponsor representative due to the work transfer of the previous representative, Wang Jiliang [1] - The new sponsor representative, Gao Zhenglin, has been appointed to ensure the smooth continuation of the company's continuous supervision obligations related to its 2020 non-public stock issuance project [1] - The continuous supervision representatives for the 2020 non-public stock issuance project are now Kong Huihuan and Gao Zhenglin, with the supervision period lasting until the obligations set by the China Securities Regulatory Commission and Shenzhen Stock Exchange are fulfilled [1] Group 2 - Gao Zhenglin, the new sponsor representative, holds a master's degree in economics and has extensive experience in investment banking, having participated in various significant projects [2] - His previous projects include involvement in IPOs and asset acquisitions for multiple companies, showcasing his theoretical knowledge and practical experience in investment banking operations [2]

公司董事会对王继亮先生在公司 2020 年非公开发行股票项目持续督导期间所做 的工作表示衷心感谢！ 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-025 重庆市涪陵榨菜集团股份有限公司 关于更换持续督导保荐代表人的公告 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"）于近日收到西南证券股 份有限公司（以下简称"西南证券"）《关于更换重庆市涪陵榨菜集团股份有限公司 持续督导保荐代表人的函》，原保荐代表人王继亮先生因工作变动，不再担任公司 2020 年非公开发行股票项目持续督导工作的保荐代表人，为保证公司持续督导工作的顺利 进行，西南证券委派高正林先生（简历见附件）接替其持续督导工作，继续履行对公 司的持续督导义务。 本次保荐代表人更换后，公司 2020 年非公开发行股票项目的持续督导保荐代表 人为孔辉焕先生和高正林先生，持续督导期至中国证券监督管理委员会和深圳证券交 易所规定的持续督导义务结束为止。 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 13 日 附件：高正林 ...

Core Viewpoint - Fuling Zhacai is planning to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd. to enter the compound seasoning market, amid ongoing revenue and profit declines [1][5]. Financial Performance - Fuling Zhacai has experienced consecutive declines in revenue and net profit for two years, with 2023 revenue at 2.45 billion yuan, down 3.86% year-on-year, and net profit at 827 million yuan, down 8.04% [2]. - In 2024, revenue is projected to be 2.387 billion yuan, a decrease of 2.56%, with net profit expected to be 799 million yuan, down 3.29% [2]. - The company's flagship product, pickled mustard tuber, has also shown declining performance, with revenues dropping from 2.175 billion yuan in 2022 to 2.044 billion yuan in 2024 [2]. Market Challenges - The decline in performance is attributed to increased market competition, a single product structure overly reliant on pickled mustard tuber, changing consumer habits, and operational inefficiencies [3]. - The number of distributors has decreased significantly, particularly in the South China region, where it dropped by 58.41% [4]. Acquisition Details - The acquisition of Weizimei is aimed at leveraging both companies' strengths to enhance product offerings and distribution channels [5][10]. - Weizimei, established in 2018, has a total asset value of 203 million yuan and reported revenues of 284 million yuan in 2023 [6]. Strategic Implications - Post-acquisition, Fuling Zhacai aims to utilize Weizimei's established B-end resources to penetrate the restaurant market and expand its product sales [6][10]. - The transition to B-end business presents challenges, including the need for new sales channels and brand recognition [7]. Competitive Landscape - The compound seasoning market is highly competitive, with numerous local players, including Shentang and Weimanlong, posing significant challenges for differentiation [8][9]. - The market for hot pot base ingredients is projected to grow significantly, reaching 48 billion yuan in 2024 and potentially exceeding 100 billion yuan by 2029 [9].

Group 1: Company Strategy and Operations - The company adheres to the strategy of "stabilizing pickled vegetables and expanding new foundations," focusing on optimizing the pickled vegetable category and diversifying development [3] - In 2024, the company streamlined its management structure and sales organization to enhance efficiency and responsiveness to market competition [3] - The company aims to deepen traditional channels while exploring new ones, such as the catering sector, to adapt to the competitive landscape of the pickled vegetable industry [4] Group 2: Product and Market Performance - The 60g pickled vegetable product is expected to account for approximately 25% of total sales in 2024, with a combined share of 50% for 60g and 70g products in the first quarter of 2025 [5] - The company has accelerated the introduction of new products, with multiple series launched both online and offline, including a trial sale of a 48g product that achieved sales of 3-4 million in a single month [10] Group 3: Financial Management and Investments - The company plans to utilize new raw materials acquired in 2025 starting from July or August, due to a surplus of retained materials from the previous year [6] - The acquisition strategy combines equity and cash to ensure long-term benefits for both parties involved [7] - The company has established a positive incentive mechanism, including salary adjustments, to enhance employee motivation and performance [9] Group 4: Channel Development and Sales Strategy - The company is entering the snack channel through both distributor-led and self-operated methods, tailoring products to meet the specific needs of this market segment [13] - In the first quarter of 2025, the catering channel for non-pickled products is in its initial phase, with products like pickled cabbage and garlic being introduced [12] Group 5: Challenges and Future Outlook - The company is addressing the significant increase in accounts receivable from distributors by offering credit limits to loyal and high-performing partners [12] - The company anticipates that the net profit margin of the newly acquired brand, Weizimei, will improve as it scales and enhances its brand value [9]