Investment Rating - The report provides a positive investment rating for the low-alcohol and beverage sectors, recommending specific companies based on their performance and market positioning [2]. Core Insights - The report emphasizes the structural recovery in the consumer goods sector, highlighting the importance of channel dynamics and product innovation in driving growth [2][25]. - It identifies key players in the beer segment, such as Yanjing Beer and Zhujiang Beer, which are expected to outperform due to their strong regional presence and operational efficiency [2][11]. - The report also notes the challenges faced by the seasoning and food supply sectors, particularly due to weak downstream demand, but suggests potential for recovery as the restaurant industry stabilizes [2][26]. Summary by Sections Beer Sector - The beer sector experienced a revenue of 41.73 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [7]. - Major companies like Qingdao Beer and China Resources Beer showed mixed performance, with Qingdao Beer achieving a revenue increase of 1.9% [11][12]. - The report highlights the impact of channel structure on revenue performance, with companies like Yanjing and Zhujiang benefiting from a higher proportion of non-immediate sales channels [11][12]. Yellow Wine Sector - The yellow wine sector reported a revenue of 1.93 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.4% [26]. - Kuaijishan, a leading player, achieved a double-digit growth rate of 11% in the same period, driven by its high-end and youth-oriented strategies [26][27]. - The report indicates a trend of market share concentration among leading companies, with Kuaijishan and Guyue Longshan capturing a larger portion of the market [31]. Seasoning and Food Supply Sector - The seasoning and food supply sector faced revenue pressure due to weak restaurant demand, but companies that successfully launched new products or expanded channels showed resilience [2][26]. - The report suggests that a recovery in restaurant demand could lead to increased supply chain needs, benefiting leading companies in the sector [2][26]. Beverage Sector - The beverage sector is highlighted for its high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its national presence [2]. - The report recommends focusing on companies that are effectively navigating the competitive landscape and capitalizing on emerging consumer trends [2][26].

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-046 公司出席本次活动的人员有：董事、董事会秘书、副总经理兼财务负责人韦永生 先生，证券事务代表谢正锦先生。公司将在本次活动中就公司治理、经营状况、可持 续发展等众多投资者关心的问题，与投资者进行在线沟通与交流，欢迎广大投资者踊 跃参与。 特此公告。 重庆市涪陵榨菜集团股份有限公司 董事会 2025 年 9 月 19 日 重庆市涪陵榨菜集团股份有限公司 关于参加重庆辖区 2025 年 投资者网上集体接待日活动的公告 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。 为进一步做好投资者关系管理工作，增强与广大投资者的互动交流，重庆市涪陵 榨菜集团股份有限公司（以下简称"公司"）将参加由重庆证监局指导、重庆上市公 司协会联合深圳市全景网络有限公司举办的"重庆辖区 2025 年投资者网上集体接待 日活动"（以下简称"本次活动"），本次活动将采用网络远程的方式，于 2025 年 9 月 25 日（星期四）下午 15:00-17:00 举行，投资者可以登录全景网（http://rs.p5w.net）， 或关 ...

Core Viewpoint - Fuling Zhacai has established a catering division to expand into various special channels such as catering, aviation, and schools, collaborating with multiple hotels and well-known chain restaurants [1] Group 1 - The company has formed a dedicated team within the catering division [1] - The focus is on diversifying product categories, specifications, and price ranges for the catering sector [1] - The company aims to continuously enrich its product offerings in the catering segment [1]

Market Overview - The seasoning and fermentation sector experienced a decline of 0.37% on September 17, with ST Jia Jia leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Key stocks in the seasoning and fermentation sector showed mixed results, with notable declines in several companies: - ST Jia Jia (002650) closed at 6.53, down 4.39% with a trading volume of 114,000 shares and a turnover of 75.18 million yuan [2] - Anji Food (603696) closed at 12.41, down 3.87% with a trading volume of 152,800 shares and a turnover of 192 million yuan [2] - Other notable declines include: - Day Chen Co. (603755) down 1.40% - Jialong Co. (002495) down 1.37% [2] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 228 million yuan from institutional investors, while retail investors contributed a net inflow of 180 million yuan [2] - The following stocks had significant capital flow changes: - Tianwei Food (603317) had a net inflow of 5.51 million yuan from institutional investors, but a net outflow of 6.63 million yuan from retail investors [3] - ST Jia Jia (002650) experienced a net outflow of 12.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.33 million yuan [3] - Fuling Pickles (002507) had a net outflow of 17.49 million yuan from institutional investors, with a net inflow of 19.78 million yuan from retail investors [3]

Group 1 - The company Fuling Zhacai (002507) has established a catering division to expand into various special channels such as catering, aviation, and schools [1] - The team within the catering division is responsible for collaborating with multiple hotels and well-known chain restaurants [1] - The company plans to continuously enrich the product categories, specifications, and price ranges for the catering segment in the future [1]

Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 0.81% on September 16, with Haitian Flavoring leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] - The following companies in the seasoning and fermentation sector showed varied performance: - ST Jiajia (002650) closed at 6.83, up 4.75% with a trading volume of 151,700 shares and a turnover of 103 million yuan - Jialong Co., Ltd. (002495) closed at 2.92, up 2.10% with a trading volume of 521,200 shares and a turnover of 150 million yuan - Rihou Co., Ltd. (603755) closed at 28.48, up 1.10% with a trading volume of 41,750 shares and a turnover of 49.75 million yuan - Other companies like Zhongjing Food (300908) and Lianhua Holdings (600186) also showed slight increases [1] Group 2: Capital Flow - The seasoning and fermentation sector saw a net outflow of 176 million yuan from main funds, while retail investors contributed a net inflow of 116 million yuan [3] - Speculative funds recorded a net inflow of approximately 59.99 million yuan [3]

Core Viewpoint - The seasoning and fermentation products sector experienced a slight increase of 0.3% on September 15, with Baoli Food leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.26% and the Shenzhen Component Index up by 0.63% [1] Group 1: Market Performance - The seasoning and fermentation products sector saw Baoli Food closing at 14.49, up by 3.65%, with a trading volume of 47,100 hands and a transaction value of 67.81 million yuan [1] - Other notable performers included Jialong Co. at 2.86, up by 2.14%, and Richen Co. at 28.17, up by 2.10% [1] - The overall trading volume in the sector was characterized by a net outflow of 147 million yuan from main funds, while retail funds saw a net inflow of 66.92 million yuan [2] Group 2: Individual Stock Analysis - Baoli Food had a main fund net inflow of 2.84 million yuan, while retail funds showed a net outflow of 3.26 million yuan [3] - Jialong Co. experienced a main fund net inflow of 15.76 million yuan, but retail funds had a net outflow of 6.47 million yuan [3] - Anji Food saw a significant main fund net outflow of 7.52 million yuan, despite a retail net inflow of 12.02 million yuan [3]

Core Viewpoint - The report from Tianfeng Securities indicates that Fuling Zhacai's revenue and net profit for H1 2025 were 1.313 billion and 441 million yuan, showing a year-on-year growth of 0.51% and a decline of 1.66% respectively, while Q2 2025 figures were 600 million and 168 million yuan, reflecting a year-on-year increase of 7.59% and a decrease of 4.59% [1] Company Performance - Fuling Zhacai's revenue improved on a quarter-on-quarter basis, although net profit showed a decline [1] - The sales volume of radishes increased significantly due to the launch of a new product, dried radish, which enriched the product line [1] - The company aims to maintain a "dual-driven" strategy in H2 2025, focusing on product optimization and channel deepening, with expectations for continued performance in the catering channel [1] Industry Outlook - The seasoning industry is experiencing a slowdown in growth amid high competition in the market [1] - The stability of vegetable prices, particularly for green vegetable heads, is expected to highlight profit elasticity for the company [1] - Due to the competitive landscape, the profit forecast has been slightly adjusted, but the "buy" rating is maintained [1]

Core Viewpoint - Fuling Pickle maintains a stable outlook in the pickled vegetable industry, focusing on a diversified long-term development strategy to enhance market penetration and adapt to consumer demands [2][5]. Group 1: Industry and Growth Space - The pickled vegetable industry is currently in a phase of stock competition, with overall stability [2]. - The company is implementing a "diversification strategy" by expanding product categories and channels, including supermarkets, e-commerce, and catering [2]. Group 2: New Product Strategy - The company has learned from past experiences that promoting radish products in the same way as pickled vegetables was ineffective, leading to a revised strategy that increases market support for new categories [3]. - Sales personnel's performance evaluation has been adjusted to focus on positive incentives to enhance channel development [3]. Group 3: New Channel Development - A large customer operations center has been established to provide direct services to major supermarkets like Sam's Club and Hema, allowing for customized product development and direct feedback from end customers [4]. Group 4: Raw Material Costs and Gross Margin - Recent low costs of raw materials, particularly for green cabbage, are attributed to favorable weather and stable planting areas, with a reasonable price range of 800 to 1000 yuan per ton expected [5]. - The company plans to increase the purchase of green cabbage and reduce semi-finished product purchases to stabilize gross margins [5]. Group 5: Brand Investment and Consumer Changes - Brand investment strategies are tailored to different stages of product maturity, with increased investment for new product launches and targeted advertising [6]. - The primary consumer demographic remains women aged 30 to 50, with a focus on diverse consumption scenarios [6]. Group 6: Channel Penetration and Strategic Adjustments - In response to changing consumer habits, the company has introduced a 60g product priced at 2 yuan to attract price-sensitive consumers [7]. - The new chairman emphasizes a "dual-driven" strategy, focusing on product diversification, sales, and management optimization, with funds allocated for expanding product categories and markets [7].

Industry Overview - The pickled vegetable industry remains relatively stable, characterized by stock competition. The company is expanding its product categories and channels to adapt to consumer demand and enhance growth [1][2]. Product Development and Innovation - The company has shifted its strategy for new product launches, focusing on expanding the scale of new categories like pickled radish and pickled vegetables before controlling costs. This includes adjusting sales personnel evaluation mechanisms to encourage channel development [3][7]. - New product categories include pickled vegetable sauces and stir-fried pickled vegetables, with a focus on optimizing existing pickled vegetable products [2]. Channel Expansion - The company has established a large customer operations center to directly engage with major supermarkets like Sam's Club and Hema, allowing for customized product development and improved feedback loops for product optimization [4]. Raw Material Cost Management - Favorable weather conditions and stable planting areas have kept raw material costs low, with the price of green cabbage expected to remain around 800-1000 RMB per ton. The company is increasing its raw material procurement to mitigate future price fluctuations [5]. Profit Margin Outlook - The initial focus on expanding product volume may lead to lower profit margins, but as scale increases, profit margins are expected to improve. The pickled vegetable category is projected to maintain stable profit margins in the coming years [7]. Brand Strategy - The company maintains a consistent brand presence, adjusting marketing investments based on product maturity and market conditions. New product launches will see increased marketing efforts tailored to specific cities and competitive landscapes [8]. Consumer Demographics and Trends - The primary consumer demographic remains women aged 30-50, with consumption scenarios expanding to include snacks and outdoor activities. The company is exploring diverse product specifications and flavors to cater to these evolving consumer needs [9]. Market Penetration Challenges - In response to changing consumer habits during economic downturns, the company has introduced a 60g product priced at 2 RMB to attract price-sensitive consumers. Future plans include further product development and penetration into lower-tier markets [10]. Strategic Changes Under New Leadership - The company continues to implement a "dual-wheel drive" strategy, focusing on product category expansion and sales optimization. Adjustments to sales policies and incentive mechanisms aim to enhance sales performance and management efficiency [11]. Future Funding Plans - Funds raised will be allocated to the Wujiang green intelligent production base project, with expenditures planned for acquisitions, market promotion, and increased dividends to shareholders [12][13].