涪陵榨菜：对电商渠道积极拥抱、谨慎对待，并针对该渠道与线下渠道进行产品区隔

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]