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 第五届董事会第二十九次会议决议公告 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。 1 二、董事会会议审议情况 1、会议以9票同意、0票反对、0票弃权的结果审议通过了《关于提名董事候选人 的议案》。 经公司董事会提名委员会审查通过并提议，公司董事会决定提名黄亿琼女士为公 司第五届董事会非独立董事候选人(简历附下)，任期与公司第五届董事会成员任期一 致。本次提名及 ...

一、董事调整情况 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-032 重庆市涪陵榨菜集团股份有限公司 关于调整公司董事的公告 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。 特此公告。 重庆市涪陵榨菜集团股份有限公司 董事会 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）于 2025 年 6 月 4 日收到 重庆市涪陵国有资产投资经营集团有限公司下发的《关于向重庆市涪陵榨菜集团股份 有限公司推荐董事的函》〔涪国投函 2025 年 22 号〕，拟将公司董事调整为黄亿琼女士， 原董事赖波先生不再担任公司董事职务，且不再担任公司任何职务。截至本公告披露 日，赖波先生、黄亿琼女士均不持有公司股票。 根据《公司法》《上市公司自律监管指引第 1 号——主板上市公司规范运作》和 《公司章程》等相关规定，本次董事调整不会导致公司董事会成员人数低于法定最低 人数，不会影响公司董事会正常运作。 二、提名董事情况 公司于 2025 年 6 月 6 日召开第五届董事会提名委员会 2025 年第 1 次会议、第五 届董事会第二十九次会议，分别审议通过了《关于提名 ...

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-031 重庆市涪陵榨菜集团股份有限公司 关于注销子公司的公告 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"）按照涪陵区"三攻坚一 盘活"改革突破工作要求，结合公司业务运营实际情况，优化公司组织结构和管理体 系，整合公司内部资源，提高运营效率和管理效能，公司拟将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"）进行吸收合并，并成立为蜀留香分公司。 具体情况如下： 一、子公司基本情况 名称：重庆市蜀留香调味品有限公司； 经营范围：许可项目：食品生产；调味品生产；食品销售；道路货物运输（不含 危险货物）；生产、加工、销售：蔬菜制品（酱腌菜、其他蔬菜）(取得相关行政许 可后，在许可范围内从事经营)。***。（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 一般项目： 普通货物仓储服务（不含危险化学品等需许可审批的项目）；榨菜原料收购、仓储（不 含危化品）（依法须经批准的项目，经相关部门批准 ...

证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-033 重庆市涪陵榨菜集团股份有限公司 关于召开 2025 年第一次临时股东会的通知 一、召开会议的基本情况 (一)股东会届次：2025年第一次临时股东会。 (二)会议召集人：公司董事会。 公司于2025年6月6日召开第五届董事会第二十九次会议审议通过了《关于提 请召开公司2025年第一次临时股东会的议案》，具体内容请见公司2025年6月7日 披露在巨潮资讯网（www.cninfo.com.cn）上的《第五届董事会第二十九次会议 决议公告》（公告编号：2025-030）。 (三)会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定。 (四)会议召开时间 1.现场会议时间: 2025年6月23日（星期一）下午14:30。 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年6月23日上午9:15—9:25、9:30—11:30和下午13:00—15:00;通过深圳证 券交易所互联网投票系统投票的具体时间为2025年6月23日上午9:15至下午 15:00期间的任意 ...

Core Viewpoint - The article discusses the declining performance of Fuling Mustard, the leading pickled vegetable brand in China, highlighting a significant drop in sales and market presence due to changing consumer preferences and increased competition from other food products like dipping sauces [3][9][30]. Financial Performance - Fuling Mustard reported a decline in both revenue and net profit for the second consecutive year, with five out of seven major sales regions experiencing varying degrees of decline [3][5]. - The company's market value has decreased by 300 billion yuan from a peak of over 350 billion yuan five years ago [5][11]. Market Dynamics - The consumption of Fuling Mustard has significantly changed, with the product now being less visible in key consumption scenarios such as supermarkets and high-speed trains, where consumers are opting for more diverse meal options [10][20]. - The brand's pricing strategy has led to a reduction in the number of distributors, with a notable decline of nearly 60% in the South China sales region [17][20]. Consumer Preferences - Younger consumers are increasingly sensitive to health concerns related to high-sodium products, leading them to seek alternatives like dipping sauces, which are perceived as more sophisticated and versatile [25][30]. - The rise of various brands in the dipping sauce market, including those from influencers and traditional brands, has created a competitive landscape that Fuling Mustard struggles to navigate [28][30]. Product Strategy - Fuling Mustard has heavily relied on its flagship product, which now accounts for over 80% of its revenue, limiting its growth potential [22][23]. - The company has attempted diversification by exploring other products like pickled radish and seaweed, but these efforts have not yielded significant results [23][30]. Marketing Efforts - In response to declining sales, Fuling Mustard has increased its marketing budget by over 30% in 2024, allocating 100 million yuan for promotional activities [32][34]. - Despite past successful marketing campaigns, current strategies have not resonated with younger consumers, leading to ineffective promotional efforts [34][36]. Industry Challenges - The challenges faced by Fuling Mustard reflect broader issues within the traditional food industry, emphasizing the need for value reconstruction rather than merely targeting premium markets [38].

Core Viewpoint - Fuling Pickle is attempting to revitalize its business through an acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd, as the company has faced a significant decline in stock price and performance over recent years [1][2][3] Group 1: Acquisition Details - The acquisition involves issuing shares and cash to purchase Weizimei, which specializes in the development, production, and sales of Sichuan-style compound seasonings and prepared dishes [1][2] - Weizimei has established C-end product development capabilities but struggles with B-end operations and scaling, which limits its ability to quickly integrate resources for C-end sales channels [2][3] - The acquisition is part of Fuling Pickle's strategy to leverage Weizimei's resources to enhance its own C-end distribution network and expand into new markets [2][3] Group 2: Financial Performance - Weizimei reported a revenue of 265 million yuan and a net profit of approximately 39.62 million yuan in 2024, reflecting a year-on-year decline of 6.69% and 2.67% respectively [3] - Fuling Pickle's stock price has dropped over 60% since February 2021, indicating a prolonged period of underperformance [1] - The company's net profit margin is currently 33%, significantly higher than Weizimei's 15%, suggesting that the acquisition could dilute Fuling Pickle's profitability [3] Group 3: Strategic Challenges - Fuling Pickle has faced declining sales and revenue, with a 12.61% drop in sales volume in 2022 and a continued downward trend in subsequent years [4][5] - The company has struggled with market expansion strategies, particularly in lower-tier cities, leading to issues with distributor management and market saturation [5] - A dual strategy of "internal growth + external mergers" has been proposed to address these challenges, focusing on new product development and expanding into emerging channels [5][6] Group 4: Operational Issues - Fuling Pickle's production capacity has fluctuated, with a significant drop from 25.63 million tons in 2023 to around 15 million tons in 2024, while actual production was only 11.36 million tons [6] - The company has invested heavily in a green intelligent production base, but progress has been slow, with only 12.59% completion as of 2024 [6] - The reliance on interest income from unutilized funds has become a significant profit source, raising concerns about the company's operational efficiency and future growth potential [6]

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][53]. Core Insights - The food and beverage sector experienced a decline of 1.06% last week, slightly outperforming the CSI 300 index by 0.02 percentage points, ranking 27th among 31 sectors [4][9]. - The liquor segment is in a bottoming phase, with a focus on leading companies for recovery. The impact of recent "alcohol bans" is expected to be limited, as business banquets and personal consumption remain the primary drivers of demand [4][9]. - The beer sector is showing signs of improvement as the peak consumption season approaches, with April production figures indicating a 4.8% year-on-year increase [4][23]. - The snack segment is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy sector is expected to stabilize as upstream production capacity adjusts, with milk prices anticipated to recover gradually [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.06%, with soft drinks showing a notable increase of 9.27% [4][9]. - Top-performing stocks included Junyao Health and Kweichow Moutai, with gains of 38.58% and 32.17% respectively [4][9]. 2. Key Consumer Products and Raw Material Prices 2.1 Liquor Prices - As of June 1, 2025, the price for 2024 Moutai (bottle) is 2,070 CNY, down 50 CNY from the previous month [18]. 2.2 Beer Data - April production for major beer companies reached 2.896 million kiloliters, a 4.8% increase year-on-year [23]. 2.3 Upstream Raw Material Data - As of May 30, 2025, the price of fresh milk is 12.17 CNY per liter, with a year-on-year decrease of 0.49% [25]. 3. Industry Dynamics - Significant growth in wine sales was reported during the JD 618 shopping festival, with red wine sales increasing by 200% year-on-year [50]. - Guangdong province's beer production increased by 1.3% in the first four months of 2025 [50]. 4. Core Company Dynamics - Fuling Zhacai announced a cash dividend of 4.20 CNY per share, totaling 4.85 billion CNY [52]. - Haitian Flavoring announced a cash dividend of 8.60 CNY per share, totaling 47.73 billion CNY [52].

｜2025年6月3日星期二｜ NO.1天风证券：市场交易情绪依然处于阶段性低位 天风证券（601162）研报表示，5月交易类指标环比持续下滑，表明市场交易情绪依然处于阶段性低 位，同时资产联动指标、市场配置指标指向市场向上的潜在空间依然较大，另外在投资者行为方面，回 购规模环比持续大幅上升，产业资本净减持幅度则大幅走阔，资金主体指标整体出现小幅回落迹象。 NO.2中金：综合内外部因素，市场或维持震荡格局 中金公司（601995）研报称，综合内外部因素，市场或维持震荡格局。风格层面，得益于流动性充裕与 科技叙事催化，中小盘成长股表现相对占优；利率下行背景下高股息资产吸引力相对提升但配置仍偏结 构性。配置层面：1.持续关注并购重组、破净修复等政策支持领域。2.景气回升并且受关税影响不大的 领域，例如AI产业链中的云计算、算力等基础设施环节，再到机器人、智能驾驶等应用环节，我们认 为仍是重要主线。此外，部分对美敞口不高的出口链，如工程机械、电网设备、商用车等也值得关注。 3.现金流优质、与外需关联度不高的红利板块，例如水电、电信运营商、食品饮料、银行等行业的龙头 公司。 NO.3中信建投：啤酒销量反弹，关注旺季改善 ...

关于使用闲置自有资金及募集资金理财的进展公告 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-029 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、闲置自有资金和募集资金理财的审批情况 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）《关于使用闲置自有资 金购买理财产品的议案》《关于使用闲置募集资金购买理财产品的议案》经 2025 年 3 月 27 日召开的第五届董事会第二十七次会议及第五届监事会第二十次会议审议通过， 并经 2025 年 4 月 25 日召开的 2024 年年度股东会审议批准：同意公司使用不超过人 民币 40 亿元的闲置自有资金购买银行、证券公司或其他金融机构发行的低风险理财 产品，期限为自获审议本议案股东会通过之日起三年内有效，所购理财产品单笔最长 期限不超过 1 年，在上述额度与期限范围内自有资金可以滚动使用；同意公司在确保 不影响募集资金投资计划正常进行的情况下，使用额度不超过人民币 32 亿元的闲置 募集资金购买安全性高、流动性好、有保本约定的理财产品，期限为自获审议本议案 股东 ...

Core Insights - 聚鸣投资 recently conducted a research on 涪陵榨菜, highlighting its strategic initiatives and market performance in the second quarter [1] Group 1: Company Performance - 涪陵榨菜 is entering its sales peak season in Q2, with increased promotional investments and moderate terminal performance [1] - The company is developing various products for the catering channel to expand consumption scenarios and is adjusting its cooperation model, maintaining a rapid growth in this channel [1] - Traditional offline channels remain the primary sales avenue, with plans to deepen penetration in mature markets and expand into county-level markets [1] Group 2: Strategic Initiatives - The company sees significant market potential in the复调 market, with cross-category复调 products being a strong initiative for category expansion [1] - The acquisition of 味滋美 is expected to facilitate rapid channel expansion [1] - Projected raw material costs are not expected to have a significant impact on the overall performance for the year [1] Group 3: Future Outlook - Sales expenses are anticipated to increase in 2025 compared to 2024, with a focus on Q2 and Q3 for new product launches and promotions [1]