本报告仅供 Choice 东方财富 使用，请勿传阅。 新品榨菜酱表现亮眼，盈利能力短期承压 需求仍有承压，新品榨菜酱表现亮眼 2023 年实现毛利率 50.72%，同比-2.43pct，其中榨菜毛利率 54.78%， 同比-2.17pct，主要系青菜头收购价同比增长约 40%，原材料压力加 大，销售/管理/财务费用率分别为 13.4%/3.6%/-4.1%，同比1.0/+0.2pct/持平，品牌宣传费/市场推广费同比-22.5%/-27.7%，综 合实现净利率 33.74%，同比-1.53pct。其中 23Q4 实现毛利率 50.6%， 同比+3.3pct，促销返利减少促进毛利率提升，销售/管理/财务费用 率分别为 13.2%/4.9%/-5.2%，同比+9.1/0/0.2pct，销售费用率增长 主要系咨询费计提，综合实现净利率 33.6%，同比-6.7pct。 风险提示：新渠道开拓进度不及预期；品类扩张不及预期等 资料来源： zhaogf1@essence.com.cn | --- | --- | |---------------------------------|------------| | 相关报告 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company faces pressure from market demand, but its dual expansion strategy supports medium to long-term growth [1] - Cost increases have impacted profitability, but efficiency in expense allocation is expected to improve [1] - Product category expansion is progressing, with e-commerce and catering channels gaining traction [1] - The company is expected to see a gradual recovery in gross margin in 2024 due to raw material price stabilization and increased procurement of semi-finished products [1] Financial Performance Summary - In 2023, the company reported total revenue of 2.45 billion yuan (-4% YoY) and net profit attributable to shareholders of 827 million yuan (-8% YoY) [1] - Q4 2023 revenue was 498 million yuan (-1% YoY), with net profit attributable to shareholders of 167 million yuan (-17% YoY) [1] - Gross margin in 2023 was 50.72%, down 2 percentage points YoY, mainly due to rising raw material prices and the launch of lower-priced bulk products [1] - Sales expense ratio and management expense ratio in 2023 were 13.37% and 3.59%, respectively, with sales expenses decreasing due to reduced advertising and optimized expense structure [1] Product and Channel Development - In 2023, pickled vegetable revenue was 2.076 billion yuan (-5% YoY), accounting for a decreased proportion of total revenue, while other products, especially sauces, saw significant growth [1] - Direct sales revenue increased by 28% YoY, driven by e-commerce, while catering channels showed growth potential, with seasoning product shipments exceeding 80 million yuan (+30% YoY) [1] - The number of distributors increased by 112 to 3,239 by the end of 2023, supporting cross-channel expansion [1] Financial Forecast - Revenue is expected to grow to 2.757 billion yuan in 2024 (+12.5% YoY), 3.052 billion yuan in 2025 (+10.7% YoY), and 3.336 billion yuan in 2026 (+9.3% YoY) [13] - Net profit attributable to shareholders is forecasted to reach 923 million yuan in 2024 (+11.7% YoY), 1.029 billion yuan in 2025 (+11.5% YoY), and 1.139 billion yuan in 2026 (+10.7% YoY) [13] - EPS is projected to be 0.80 yuan in 2024, 0.89 yuan in 2025, and 0.99 yuan in 2026, with a current PE ratio of 17x for 2024 [3][13] Strategic Focus - The company continues to implement its "dual-wheel drive" strategy, focusing on consolidating its core pickled vegetable business while expanding into new product categories and channels [3]

Investment and Research - The company has invested over 100 million yuan in the research and improvement of MVR brine concentration and membrane filtration technology[1]. - The company has established a research institute for product technology innovation, recognized as a national center for pickled vegetable processing technology, enhancing its R&D capabilities[116]. - Research and development expenses increased by 42.22% to CNY 5,995,177.17, driven by new product development and standardization projects[125]. - The company has developed 30 new pickled vegetable products and 8 new sauce products during the reporting period, enhancing product competitiveness[161]. - The company is focusing on expanding its product range to include probiotic pickled vegetables, enhancing its technological innovation capabilities[161]. Environmental and Social Responsibility - The company has built environmental protection facilities using self-owned funds amounting to several hundred million yuan in recent years[1]. - The company is committed to rural revitalization through its procurement model, which supports local farmers and stabilizes raw material prices[53]. - The company has not faced any penalties related to environmental protection, food quality, or safety during the reporting period, indicating a commitment to safe production and quality operations[54]. Financial Performance - In 2023, the company achieved a revenue of CNY 2,445,952,896.81, with a gross margin of 50.78%, compared to CNY 2,545,881,409.11 and a gross margin of 53.10% in 2022, indicating a revenue decrease of 3.93% year-on-year[58]. - The company reported a net profit attributable to shareholders of approximately 167.25 million CNY in the fourth quarter of 2023[112]. - The basic earnings per share (EPS) decreased by 7.69% to ¥0.72 in 2023, compared to ¥0.78 in 2022[69]. - The weighted average return on equity (ROE) was 10.41% in 2023, down from 12.09% in 2022, indicating a decline in profitability[69]. - Total operating revenue for 2023 was CNY 2,449,845,145.50, a decrease of 3.86% compared to CNY 2,548,315,095.90 in 2022[128]. Market Position and Product Development - The company maintains a leading position in the industry with a high market share, particularly with its "Wujiang" brand, which is well-known and highly regarded[49]. - The company’s main products include pickled vegetables, side dishes, and sauces, catering to diverse consumer needs across various regions[50]. - The company has upgraded its main product, "Wujiang Light Salt Pickled Vegetables," which reduces salt without compromising flavor, setting a new benchmark for healthy pickled vegetables[50]. - The company launched new products including "Kwai Wei" chili sauce and sesame sauce, enhancing its product line to meet consumer demand for healthier options[56]. - The company has developed and initiated pilot production for new probiotic pickled vegetable products, including the selection of 2 high GABA-producing strains and 3 cholesterol-reducing strains, with over 90% reduction in nitrite levels achieved by 2 strains[164]. Sales and Distribution - The company adopted a distribution-based sales model supplemented by e-commerce platforms, implementing a "city-based precision marketing management model" to allocate sales tasks according to city demographics and market maturity[54]. - The total number of distributors increased to 3,239 by the end of 2023, representing a growth of 112 distributors or 3.58% compared to 3,127 at the end of 2022[61]. - The sales volume of pickled mustard greens decreased by 6.60% year-on-year, from 11.82 million tons in 2022 to 11.04 million tons in 2023[89]. Operational Efficiency - The company has implemented a production model based on sales forecasts, utilizing mechanization and automation to enhance production efficiency and ensure food safety[53]. - The company operates over 10 modern production lines, positioning itself as a large-scale player in the condiment vegetable industry, which helps reduce costs and improve gross margins[116]. - The company has a raw material storage capacity of approximately 300,000 tons, providing a competitive edge in stabilizing raw material prices and ensuring sustainable development[117]. Corporate Governance and Compliance - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[10]. - There were no significant lawsuits or arbitration matters during the reporting period[22]. - The company has maintained a continuous audit service from Tianjian Accounting Firm for 5 years, with an audit fee of 750,000 CNY[18]. - The company has committed to not engaging in any competitive activities that threaten its main business during the period of actual control[9]. Future Outlook and Strategic Initiatives - The company aims to lead the industry in high-quality development and innovation through endogenous growth strategies[1]. - The company plans to distribute a cash dividend of 3.00 CNY per 10 shares to all shareholders based on a total share capital of 1,153,919,028 shares as of December 31, 2023[5]. - The company aims to leverage capital market opportunities for funding and pursue mergers and acquisitions to expand its product line and strengthen its market position[120]. - The company’s future development plans include addressing potential operational risks as detailed in the management discussion section[4].

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-008 重庆市涪陵榨菜集团股份有限公司 第五届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）第五届董事会第二十一 次会议通知于2024年3月15日以书面、电子邮件及电话确认等方式向全体董事发出， 会议于2024年3月28日上午10:00在公司总部会议室以现场结合通讯方式召开。本次会 议由公司董事长高翔先生召集和主持，本次会议应出席董事（含独立董事）10人，实 际出席董事10人（其中董事赖波先生、独立董事史劲松先生以通讯表决方式出席会议）， 公司全体监事及高级管理人员列席了本次会议，会议的召集、召开与表决程序符合《中 华人民共和国公司法》等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 1、会议以10票同意、0票反对、0票弃权的结果审议通过了《公司2023年年度报 告及其摘要》。 公司 2023 年年度报告全文及其摘要同日刊载于公司指定信息披露网站巨潮资讯 网（http://www. ...

专项审计说明 天健审〔2024〕8-55 号 重庆市涪陵榨菜集团股份有限公司全体股东： 我们接受委托，审计了重庆市涪陵榨菜集团股份有限公司（以下简称涪陵榨 菜公司）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债 表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我 们审计了后附的涪陵榨菜公司管理层编制的 2023 年度《非经营性资金占用及其 他关联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3 页 非经营性资金占用及其他关联资金往来情况的 我们的责任是在实施审计工作的基础上对涪陵榨菜公司管理层编制的汇总 表发表专项审计意见。 四、工作概述 我们的审计是根据中国注册会计师执业准则进行的。中国注册会计师执业准 则要求我们计划和实施审计工作，以对审计对象信息是否不存在重大 ...

重庆市涪陵榨菜集团股份有限公司 未来三年（2024-2026年度）股东分红回报规划 公司董事会应当根据《公司章程》确定的利润分配政策，制定股东分红回报 规划。如公司根据生产经营情况、投资规划、长期发展的需要或因外部经营环境、 自身经营状况发生较大变化，需要调整利润分配政策的，公司董事会需结合公司 实际情况调整规划并报股东大会审议；同时也应当结合股东特别是中小股东、独 立董事的意见，对公司正在实施的利润分配政策做出适当的、必要的修改，以确 定该时段的股东分红回报计划。 第四条 公司未来三年（2024-2026年度）的股东分红回报规划如下： 为进一步增强重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）现金 分红的透明度，完善和健全公司分红决策和监督机制，保持利润分配政策的连续 性和稳定性，保护投资者的合法权益，便于投资者形成稳定的回报预期，同时， 为强化公司回报股东的意识，充分维护公司股东依法享有的资产收益等权利，根 据中国证券监督管理委员会《关于进一步落实上市公司现金分红有关事项的通知》 （证监发〔2012〕37号）、《上市公司监管指引第3号——上市公司现金分红（2023 年修订）》等文件和《公司章程》的相关 ...

重庆市涪陵榨菜集团股份有限公司 董事会审计与风险管理委员会对会计师事务所 2023 年度履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》和重庆市涪陵榨菜集 团股份有限公司（以下简称"公司"）《公司章程》《董事会审计与风险管理委 员会议事规则》等规定和要求，公司董事会审计与风险管理委员会本着勤勉尽责 的原则，恪尽职守，认真履职。现将董事会审计与风险管理委员会对会计师事务 所2023年度履职评估及履行监督职责的情况汇报如下： 一、2023年年审会计师事务所基本情况 （一）会计师事务所基本情况 天健会计师事务所成立于 1983 年 12 月，前身为浙江会计师事务所；1992 年首批获得证券相关业务审计资格；1998 年脱钩改制成为浙江天健会计师事务 所；2011 年转制成为天健会计师事务所（特殊普通合伙）；2010 年 12 月成为首 批获准从事 H 股企业审计业务的会计师事务所之一。截至 2023 年 12 月 31 日， 天健会计 ...

| 内部控制规则落实自查事项 | 是/否/不适用 | 说明 | | --- | --- | --- | | 一、内部审计和审计委员会运作 | | | | 1、内部审计部门负责人是否为专职，并由审 | 是 | | | 计委员会提名，董事会任免。 | | | | 2、公司是否设立独立于财务部门的内部审计 | 是 | | | 部门，是否配置专职内部审计人员。 | | | | 3、内部审计部门是否至少每季度向审计委员 | 是 | | | 会报告一次。 | | | | 4、内部审计部门是否至少每季度对如下事项 | --- | --- | | 进行一次检查： | | | | （1）募集资金的存放与使用 | 是 | | | （2）对外担保 | 是 | | | （3）关联交易 | 是 | | | （4）证券投资 | 是 | | | （5）风险投资 | 是 | | | （6）对外提供财务资助 | 是 | | | （7）购买和出售资产 | 是 | | | （8）对外投资 | 是 | | | （9）公司大额资金往来 | 是 | | | （10）公司与董事、监事、高级管理人员、 | | | | 控股股东、实际控制人及其关联人资金往来 ...

监事会对公司2023年年度报告提出审核意见：经审核，董事会编制和审核公司 2023年年度报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准 确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司2023年年度报告全文及其摘要同日刊载于公司指定信息披露网站巨潮资讯 网（http://www.cninfo.com.cn），年报摘要同日刊登于《证券时报》《中国证券报》 《证券日报》和《上海证券报》。公司监事会就该事项出具的审核意见同日刊登于公 司指定信息披露网站巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：同意3票、反对0票、弃权0票。 证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-009 重庆市涪陵榨菜集团股份有限公司 第五届监事会第十五次会议决议公告 本公司及监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"）第五届监事会第十五次 会议于 2024 年 3 月 15 日以书面、电子邮件及电话确认等方式向全体监事发出，会议 于 2024 ...

我们鉴证了后附的重庆市涪陵榨菜集团股份有限公司（以下简称涪陵榨菜公 司）管理层编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告………………第 3—9 页 募集资金年度存放与使用情况鉴证报告 天健审〔2024〕8-56 号 重庆市涪陵榨菜集团股份有限公司全体股东： 本鉴证报告仅供涪陵榨菜公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为涪陵榨菜公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 涪陵榨菜公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年 修订）》（证监会公告〔2022〕15 号）和《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作（2023 年 12 月修订）》（深证上〔2023〕 1145 号）的规定编制《关于募集资金年度存放与使用情况的专项报告》，并保 证其内 ...