榨菜卖不动，涪陵榨菜挤入休闲零食红海

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].