Group 1 - Fuling District is known as the "Hometown of Chinese Pickled Vegetables," with Fuling pickled vegetables being recognized as one of the "three major pickled vegetables in the world" alongside European sour cucumbers and German sweet-sour cabbage [2] - The total output value of the Fuling pickled vegetable industry is expected to exceed 15.5 billion yuan in 2024 [2] - Fuling District has established a national modern agricultural industrial park and a national agricultural science and technology park, creating the world's largest genetic resource gene bank for green cabbage with 1,336 varieties [2] Group 2 - Fuling pickled vegetables have expanded their market presence, exporting to over 80 countries and regions, with an export volume of 22,400 tons and an export value of 210 million yuan in 2024, representing growth rates of 22.2% and 25.7% respectively [3] - The Fuling pickled vegetable industry has developed a complete industrial chain from seed selection to planting, processing, and sales of by-products, with over 100 varieties across four major series [3] - Future efforts will focus on product diversification, building an online marketing system, and enhancing brand culture to further increase market scale and industry competitiveness [3]

Core Viewpoint - Fuling Pickle is venturing into the snack food sector, launching various products to diversify its offerings amid declining sales in its core pickled vegetable business [1][3][5]. Group 1: Company Strategy - Fuling Pickle has introduced new snack products, including the self-developed "Little Crispy" and the co-branded "Kaiwei Shuo" series, as well as the "Only Wujiang" series of flavored pickled vegetable cores [1][3]. - The company previously attempted to enter the snack market in 2015 with products like beef jerky and tofu, but faced challenges due to market saturation and product homogeneity [3][4]. - The need for new growth avenues is underscored by declining sales of its flagship products, prompting the company to explore the snack food segment again [4][5]. Group 2: Financial Performance - Fuling Pickle's revenue for 2023 was 2.45 billion yuan, a year-on-year decline of 3.86%, with a net profit of 827 million yuan, down 8.04% [3][4]. - In 2024, the company reported revenue of 2.387 billion yuan, a decrease of 2.56%, and a net profit of 799 million yuan, down 3.29% [3][4]. - The pickled vegetable business accounted for 85.64% of the company's revenue in 2024, but has seen a decline in both sales volume and revenue from 2022 to 2024 [4][5]. Group 3: Industry Context - The pickled vegetable industry is characterized by intense competition, with many brands like Huitong, Tongqianqiao, and Yiquan also vying for market share, leading to low profit margins [4][5]. - The snack food market is described as a "red ocean," facing challenges such as product homogeneity and a shift in distribution channels, with volume discount stores capturing 37% of the market share [5][6]. - Experts suggest that Fuling Pickle should focus on expanding its product line while leveraging its core competencies in pickled vegetables to create differentiated offerings [5][6].

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-036 同时，根据《<重庆市市属重点国有企业公司章程指引>的通知》（涪陵国资发〔2024〕 78）修订公司章程、根据《关于推进加快监事会改革的通知》（〔2025〕107 便函）取 消监事的相关规定，公司对相关子公司进行了工商备案登记。 现将完成情况公告如下： 一、子公司完成注销事项 重庆市涪陵榨菜集团股份有限公司 关于全资子公司完成注销及工商备案的公告 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"）第五届董事会第二十九 次会议审议通过了《关于注销子公司的议案》，同意注销全资子公司重庆市蜀留香调 味品有限公司（以下简称"蜀留香"），由公司将其吸收合并后成立为蜀留香分公司， 具体内容详见公司于 2025 年 6 月 7 日披露在《中国证券报》《上海证券报》《证券时 报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关于注销子公 司的公告》（公告编号：2025-031）。 资监管的相关要求做出的适应性调整，不会对公司 ...

Pricing Strategy - The company last raised prices at the end of 2021 due to rising raw material costs, impacting sales in 2022 [1] - In 2023, the company introduced a 60g product at a price of 2 yuan to stabilize low-price competition and plans to lift restrictions on 60g product distribution in 2024 [1] - An "increase quantity without increasing price" strategy was implemented for the 80g product this year to enhance consumer perception and brand loyalty [2] Market Dynamics - The company's sales are primarily concentrated in first-tier cities, but there is a shift as consumers return to county-level markets, affecting sales strategies [3] - The pickled vegetable market is currently in a state of stock competition, with competitors increasing promotional efforts, prompting the company to enhance its marketing strategies [3] Collaboration with Retailers - The company has established a large customer group sales department to directly engage with major retailers like Sam's Club and Hema, allowing for customized product development and direct feedback [4] Mergers and Acquisitions - The company is pursuing a "dual-wheel drive" strategy, planning to acquire Weizimei to enter the compound seasoning market, which has significant growth potential [5] - Weizimei has established capabilities in B-end product development, which the company aims to leverage for rapid channel expansion [5] Online Presence - The company has invested in online advertising and promotions, but the short-term returns are lower compared to offline channels, impacting profit margins [6] - The online market is characterized by low-price competition, which could disrupt the company's mid-to-high-end product positioning [6] Product Development - The company has focused heavily on promoting pickled vegetables, leading to weaker support for other product categories [7] - Adjustments have been made to the production process and positioning of radish products, with new offerings like "Crispy Dried Radish" launched in Hema [7] Sales Model - The company has implemented a credit system for long-term, high-volume distributors, allowing them to use credit mid-year, while others continue with a "payment before delivery" model [8] Competitive Advantages - The company benefits from strong brand recognition, particularly for "Wujiangs" pickled vegetables, and has a stable supply of raw materials from the Fuling region [9] - Advanced production technology and a seasoned management team provide a competitive edge in the industry [9] Employee Incentives - The company is exploring long-term incentive mechanisms, including stock options, to enhance employee motivation [10]

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-035 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 一、本次交易的基本情况 公司拟通过发行股份及支付现金的方式向味滋美 5 名自然人股东陈伟、漆桂彬、 范鹏杰、杜弘坤、尼海峰购买其合计持有的味滋美 51%股权（以下简称"本次重组"）， 本次交易不构成关联交易，本次交易的审计及评估工作尚未完成，标的资产估值及定 价尚未确定，本次交易预计不会达到《上市公司重大资产重组管理办法》第十二条规 定的重大资产重组标准，不构成上市公司重大资产重组，本次交易预计不会导致上市 公司控制权发生变化，不构成重组上市。 二、本次交易的进展情况 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。 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 ...

本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《重 庆市涪陵榨菜集团股份有限公司公司章程》（以下简称"《公司章程》"）的规定，就 本次会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结 果等事宜，出具本法律意见书。 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于重庆市涪陵榨菜集团股份有限公司 2025 年第一次临时股东会的 法律意见书 国枫律股字[2025]A0330 号 致：重庆市涪陵榨菜集团股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第一次临时 ...

特别提示： 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-034 重庆市涪陵榨菜集团股份有限公司 2025年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 二、议案审议表决情况 1.本次股东会没有出现否决议案的情形。 2.本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）2025年第一次临时股东 会通知于2025年6月7日公告。本次股东会于2025年6月23日下午14:30在公司九楼会议 室召开，会议由董事会召集,董事长高翔先生主持。本次会议符合《中华人民共和国 公司法》等有关法律、行政法规、部门规章、规范性文件和《重庆市涪陵榨菜集团股 份有限公司章程》的规定。 | 项目 | 现场+网络投票合计 | 现场投票 | 网络投票 | 其中：中小股东 | | --- | --- | --- | --- | --- | | 股东人数 | 650 | 7 | 643 | 643 | | 有表决权 股份数量 | 443,270,805 | 413,570,605 | 2 ...

Investment Rating - The report gives a "Buy" rating for the company [11][13][90]. Core Views - Fuling Pickles is a leader in China's pickled vegetable industry, focusing on the production and sales of pickled mustard tuber, radish, and pickles. The company is transitioning from a pickled vegetable leader to a platform-based condiment enterprise through both organic growth and acquisitions [8][22][44]. Summary by Sections Company Overview - Fuling Pickles is primarily engaged in the production and sales of pickled vegetables, with a significant market share in the pickled mustard tuber segment, reaching approximately 36% in 2019 [10][69]. - The company has a stable shareholding structure, with the local state-owned assets supervision and administration commission holding 35.26% as of Q1 2025 [37][39]. Market Trends - The pickled vegetable market in China is experiencing growth driven by packaging trends and increased consumer demand. The market size for packaged pickled vegetables is expected to reach around 18.2 billion yuan by 2024, with a packaging rate of approximately 22% in 2022 [9][47]. - The report identifies three main growth drivers: stable demand for traditional products, upgrades in C-end products driven by younger consumers, and opportunities for quality companies in the B-end market during the restaurant recovery phase [9][65]. Financial Performance - In 2024, the company achieved a revenue of 2.387 billion yuan, with a compound annual growth rate (CAGR) of 3.75% from 2018 to 2024. The net profit attributable to the parent company was 799 million yuan, with a CAGR of 3.20% during the same period [25][29]. - The company's gross margin, sales margin, and net profit margin for 2024 are projected to be 50.99%, 37.41%, and 33.49%, respectively, indicating a strong profitability position compared to industry peers [29][30]. Strategic Initiatives - The company is actively exploring new channels and product innovations, including the introduction of new products into membership-based supermarkets and the expansion into the restaurant channel [11][68]. - A planned acquisition of Weizimei aims to enhance the company's capabilities in the B-end market, which is expected to create synergies and strengthen the restaurant channel [11][90]. Future Outlook - The report forecasts net profits for the company to be 846 million yuan, 956 million yuan, and 1.013 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18, 16, and 15 times [11][90].

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-030 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。 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"）第五届董事会第二十九 次会议通知于2025年6月4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2025年6月6日上午10:00以通讯方式召开。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9人，董事赖波先 生因个人原因缺席本次会议。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 年第一次临时股东会的议案》。 根据《公司章程》相关规定，公司第五届董事会第二十九次会议审议的相关事项 需要提请公司股东会审议并表决，现提请于2025年6月23日召开公司2025年第一次临 时股东会。具体内容详见公司同日刊登于《证券时报》《中国证券报》《证券日报》 《上海证券报》和中国证监会指 ...

Meeting Information - The company will hold its first extraordinary general meeting of 2025 on June 23, 2025 [1] - The meeting will be convened by the company's board of directors [1] - The meeting complies with relevant laws, regulations, and the company's articles of association [1] Voting Details - Voting will be conducted through a combination of on-site and online methods [2] - The online voting period is from 9:15 AM to 3:00 PM on June 23, 2025 [2] - Shareholders must choose either on-site or online voting, with duplicate votes being counted only once [2] Attendance and Registration - All registered shareholders can attend the meeting, and those unable to attend can appoint a proxy [3] - The meeting will take place at the company's conference room on the ninth floor [3] - Shareholders must register with appropriate identification and documentation [5] Proposals and Voting Process - The proposals for the meeting have been approved by the board and require more than half of the voting rights to pass [4] - Small investors' votes will be counted separately and disclosed promptly [4] Network Voting Procedure - Shareholders can participate in online voting through the Shenzhen Stock Exchange's trading system [6] - Detailed procedures for online voting are provided in the attachments [6]