榨菜不好卖了？涪陵榨菜营收增速不足1%，押注味滋美遇整合难题

Core Viewpoint - Fuling Pickle's recent semi-annual report indicates a trend of "slight revenue increase, slight profit decline," reflecting ongoing challenges in growth and market competition [1][4]. Financial Performance - The company achieved approximately 1.313 billion yuan in revenue for the first half of the year, a year-on-year increase of 0.51%, while net profit was about 441 million yuan, down 1.66% year-on-year [2][4]. - Sales expenses increased by 22.94% due to new product launches and marketing activities aimed at enhancing competitiveness in the market [2][3]. - Accounts receivable surged to 1.246 billion yuan, marking a year-on-year increase of 1421.45%, attributed to providing credit to customers to support sales [2]. Market Dynamics - The number of distributors decreased from 2,632 at the end of the previous year to 2,446 by mid-year, as the company optimized its distribution channels [3][6]. - The core business of pickles has seen revenue decline from 2.175 billion yuan in 2022 to 2.044 billion yuan in 2024, with a slight increase of 0.45% in the first half of 2025 [5][6]. Industry Challenges - The pickle market is experiencing stagnation, with a compound annual growth rate of only 1.25% from 2007 to 2021, as consumer preferences shift towards diverse options [8][9]. - The company has faced increased competition from emerging brands and changing consumer habits, particularly among younger demographics [8][10]. Strategic Initiatives - Fuling Pickle has adopted a "dual-driven" strategy of "internal growth + external expansion," planning to acquire Weizimei to enter the compound seasoning market [1][11]. - The acquisition of Weizimei, which specializes in Sichuan-style compound seasonings, is seen as a critical step to overcome growth bottlenecks [12][13]. - The company aims to leverage its existing distribution channels to enhance Weizimei's market presence post-acquisition [13]. Integration Challenges - The integration of the acquired business poses challenges due to differences in operational models, user demographics, and resource allocation [14].