证券日报网12月25日讯 ，涪陵榨菜在接受投资者提问时表示，随着消费者日益增长的食品品质化及多 样化的需求，公司未来品类矩阵以差异化、多元化为目标，在基本维持整体利润率水平的基础上，不断 优化已有产品味型、开发新品类，整体品类向多元化升级，充分满足不同消费者的需求。 （文章来源：证券日报） ...

证券代码：002507 证券简称：涪陵榨菜 编号：2025-020 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 其他 参与单位名称 及人员姓名 本次参与交流的人员名单如下： 序号 姓名 机构 1 王尧 中金公司 2 李茗蕙 中金公司 3 李彦诚 东证资管 时间 2025 年 12 月 24 日 14:00-15:30 地点 2025 年 12 月 24 日 14:00-15:30 在公司重庆分部会议室现场交流 上市公司参会 人员 公司董事、董事会秘书、副总经理兼财务负责人：韦永生 投资者关系活 动主要内容介 绍 本次会议纪要如下： 1、并购味滋美的考虑。 回复：拓品类是公司中长期发展规划的重要举措，公司拟通过并购方 式切入复合调味料赛道。味滋美作为主营 B 端的复调企业，在针对 B 端的 产品与渠道均相对成熟，同时其正在推出 C 端产品，公司的 C 端渠道优势 能够支持味滋美 C 端产品快速入市，若并购成功，公司与味滋美将在产品 品类及渠道上达成互补双赢；后续经过双方对收购协议对价等核心条款商 讨，双方未达成一致意见，并购项目无法继续开 ...

Core Insights - The new tea beverage industry is entering a phase of stock competition as market saturation increases, with six major listed companies reporting a total revenue exceeding 33 billion yuan in the first half of 2025 [1][2][8] Revenue Performance - The total revenue of the six major companies in the new tea beverage sector reached over 33 billion yuan in the first half of 2025, with a significant performance from Mixue Group leading the industry with 14.875 billion yuan in revenue and 2.718 billion yuan in net profit [2][4] - Guming achieved a remarkable net profit growth of 121.5%, with revenues of 5.663 billion yuan and net profits of 1.625 billion yuan [4] - Nayuki's revenue was 2.178 billion yuan, a decrease of 14.4% year-on-year, but its adjusted net loss narrowed significantly by 73.1% [4] Market Dynamics - The industry is experiencing a clear differentiation, with leading brands like Mixue and Guming adapting strategies to navigate intense competition [2][8] - The number of stores has become a crucial revenue driver, with Mixue surpassing 53,000 stores globally, and Guming also crossing the 10,000 store mark [5][8] Product Innovation - Health-focused product innovation is becoming a key differentiator, with brands launching numerous new products aimed at healthier options [9][10] - Nayuki's "No Sugar Natural Nutrition+" initiative and Guming's collaboration with Longjing tea highlight the trend towards integrating health into product offerings [10][16] Cultural Empowerment - Cultural elements are increasingly integrated into product offerings, enhancing brand differentiation and consumer connection [14][18] - Brands like Hushang Ayi and Tea Baidao are leveraging cultural experiences to create unique consumer interactions [16][18] Diversification and Globalization - The new tea beverage brands are diversifying their product lines, with coffee becoming a significant growth area [19][21] - Global expansion is a strategic focus, with brands like Mixue and Bawang Chaji increasing their international presence [22][24][26] Digital Transformation - Digitalization is essential for operational efficiency and product innovation, with brands investing heavily in digital marketing and supply chain management [27] - The competition is shifting towards brands that can effectively utilize data for decision-making and enhance customer experiences [27]

Core Viewpoint - The company's 1H25 performance is in line with expectations, with a revenue decline of 6.9% year-on-year and a net profit drop of 16.4% primarily due to losses from joint ventures [1][2]. Financial Performance - Revenue for 1H25 was 41.57 billion yuan, with a year-on-year decrease of 6.9% - Net profit attributable to shareholders was 2.05 billion yuan, down 16.4% year-on-year - Operating profit margin (OPM) increased by 1.5 percentage points year-on-year [1][2]. Segment Performance - Liquid milk, ice cream, milk powder, and cheese revenues changed by -11.2%, +15%, +2.5%, and +12.3% respectively - The decline in liquid milk revenue was attributed to weak consumer confidence and demand, leading to a price reduction for certain products to enhance distributor profitability [1][2]. Strategic Focus - The company is focusing on product innovation and channel strategy upgrades to counteract weak demand - New product launches include prebiotic and vitamin-enriched milk, with initial success in expanding partnerships with membership supermarkets and snack retailers [1][3]. Profitability and Cost Management - Gross margin improved by 1.4 percentage points year-on-year due to lower raw milk prices - Sales expense ratio decreased by 0.5 percentage points, while management expenses increased due to factory shutdown costs and higher R&D investments [2][3]. Future Outlook - The company aims to maintain a focus on product innovation and channel adaptation to mitigate sales pressure in the second half of 2025 - Long-term goals include enhancing the industrial chain and deep processing, with an expected annual OPM increase of 30-50 basis points over the next 3-5 years [3]. Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been revised down by 19% and 9% to 4.2 billion yuan and 5.2 billion yuan respectively - The current trading multiples are 13.4x and 10.8x for 2025 and 2026 P/E, with a target price of 23 HKD, indicating a potential upside of 45% [3].

Core Viewpoint - The dairy market is experiencing a prolonged downturn, with leading companies like Mengniu reporting declining revenues and facing challenges in recovering from the low milk price cycle that began in 2021 [2][6]. Group 1: Financial Performance - Mengniu's revenue for the first half of 2025 was 41.57 billion yuan, a year-on-year decrease of 6.9%, with both sales volume and average prices showing low single-digit declines [2]. - The liquid milk segment, which constitutes a significant portion of Mengniu's revenue, saw a revenue drop of over 10% to 32.1917 billion yuan, reducing its share of total revenue from 81.2% to 77.4% [3]. - The net profit attributable to shareholders decreased by 16.4% to 2.0455 billion yuan, influenced by losses from its joint venture, Modern Dairy, which reported a net loss of 913.5 million yuan [4]. Group 2: Market Dynamics - The dairy industry is currently facing an oversupply of raw milk and slower-than-expected demand recovery, particularly affecting the ambient milk segment [3][6]. - The average price of fresh milk in major producing provinces was 3.02 yuan per kilogram, down 5.6% year-on-year, reflecting a nearly 30% decline from the peak in September 2021 [6]. - The current cycle of low prices is prolonged due to the presence of large-scale farms that can sustain operations during downturns, leading to a slower adjustment in supply [6]. Group 3: Strategic Adjustments - Mengniu is focusing on diversifying its product offerings to mitigate the pressures from the liquid milk market, with ice cream and cheese segments showing significant growth [9]. - The ice cream business generated 3.8785 billion yuan in revenue, up 15% year-on-year, while the cheese segment grew by 12.3% to 2.3739 billion yuan [9]. - The company is also investing in high-value products and expanding its international market presence, with a focus on technological innovation and product diversification [10][11].

Core Viewpoint - The dairy industry is experiencing a prolonged downturn, with leading companies like Mengniu reporting declining revenues and profits due to a combination of oversupply and weak demand in the liquid milk segment [2][3][5]. Group 1: Financial Performance - Mengniu's revenue for the first half of 2025 was 41.57 billion yuan, a decrease of 6.9% year-on-year, with liquid milk sales dropping over 10% [3][4]. - The net profit attributable to shareholders decreased by 16.4% to 2.0455 billion yuan, influenced by losses from joint venture Modern Dairy and the absence of previous year's gains from subsidiary sales [4][5]. - The average price of fresh milk in major producing provinces fell to 3.02 yuan per kilogram, down 5.6% year-on-year, reflecting a nearly 30% decline since the peak in September 2021 [5][6]. Group 2: Market Dynamics - The dairy industry is facing a supply-demand imbalance, exacerbated by a prolonged down cycle in raw milk prices, which have dropped nearly 30% since their peak in 2021 [2][5]. - The current market conditions are characterized by a significant decline in sales volume and prices, particularly in the liquid milk segment, which remains under pressure [3][4]. Group 3: Strategic Adjustments - Mengniu is diversifying its product offerings to mitigate the impact of declining liquid milk sales, with ice cream and cheese segments showing growth [7][8]. - The ice cream business generated 3.8785 billion yuan in revenue, up 15% year-on-year, while cheese revenue increased by 12.3% to 2.3739 billion yuan [7][8]. - The company is focusing on innovation and product development to address the challenges posed by the current market environment, with plans to enhance its presence in high-value segments [9]. Group 4: Future Outlook - Analysts predict that the supply-demand relationship in the raw milk market may begin to stabilize by the end of 2025 or early 2026, although current production levels remain high [6]. - Mengniu's management acknowledges the need for time to achieve a full recovery and emphasizes the importance of developing new products to alleviate supply-demand conflicts [5][9].

Core Insights - Company reported a revenue of approximately 1.313 billion yuan for the first half of 2025, representing a year-on-year growth of 0.51% [1] - Net profit attributable to shareholders decreased by 1.66% to 441 million yuan [1] - Gross profit margin improved by 3.28 percentage points to 54.15%, attributed to raw material cost control and enhanced production efficiency [1] Revenue Breakdown - Core product, pickled vegetables, generated revenue of 1.123 billion yuan, up 0.45%, accounting for 85.53% of total revenue [1] - Revenue from radish products surged by 38.35% to 33.15 million yuan, indicating strong market acceptance of new products [1] - Revenue from pickled cabbage declined by 8.37% to 119 million yuan, with plans to optimize flavors and channel layouts for recovery [1] - Other products generated 36.55 million yuan, reflecting a year-on-year growth of 9.30%, showcasing the effectiveness of the diversification strategy [1] Channel Strategy - Company maintains a "distribution as primary, e-commerce as supplementary" model, with 2,446 distributors as of the end of June, a reduction of 186 from the previous year [1] - Online channels, particularly Douyin, showed significant growth, becoming a key platform for reaching younger consumers [2] - Offline channels are being optimized through improved supermarket displays and expansion into community group buying and warehouse membership stores [2] Financial Management - Accounts receivable increased by 1,421.45% to 125 million yuan due to moderate relaxation of credit policies to enhance channel competitiveness [2] - Core investment project, "Wujiang Fuling Pickled Vegetable Green Intelligent Production Base (Phase I)," is progressing steadily with an investment of 54.84 million yuan this period, totaling 458 million yuan [2] - The project aims for a production capacity of 160,000 tons per year, expected to be completed by June 2027, which will strengthen the company's capacity and technological advantages in the pickled vegetable industry [2] Raw Material Management - Company possesses 300,000 tons of raw material storage capacity, with 336 million yuan spent on acquiring green vegetables in the first half of the year [2] - This capability is industry-leading and helps mitigate risks associated with agricultural product price fluctuations [2]

Core Viewpoint - The company reported a revenue of 5.7 billion RMB for the first half of 2025, representing an 11% year-on-year increase, with a net profit of 858 million RMB, up 8.6% year-on-year [1][2] Financial Performance - The gross profit margin stood at 41.5%, reflecting a 0.2 percentage point increase year-on-year [1] - The company plans to distribute an interim dividend of 20.4 Hong Kong cents, with a payout ratio of 45.0% [1] Product Development - Research and development expenditure accounted for 2.8% of revenue, with over 230 new SKUs of high-quality products launched in the first half of 2025 [1] - The company achieved sales of over 14.6 million units of its premium products across all channels [1] Brand and Market Expansion - The company officially launched the official sports apparel for the 20th Asian Games and is a partner for the 2025 Harbin Winter Games, showcasing its commitment to supporting sports in China [1] - The company has become a global partner of FINA for the 2026-2029 period, promoting water sports worldwide [1] New Category Development - The professional racing shoe lineup has achieved significant success, helping athletes reach the podium 85 times [1] - The company is expanding into popular sports categories such as skateboarding, badminton, and cycling to meet diverse market demands [1] Retail Innovation - The company operates 7,026 global sales outlets, with 5,669 located in mainland China and 2,494 dedicated to children's products [1] - The company opened 49 new stores in the first half of the year, enhancing its retail presence and creating a differentiated advantage in the market [2] Profit Forecast - The company maintains its profit forecast for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively [2] - Corresponding EPS is projected to be 0.61 RMB, 0.69 RMB, and 0.79 RMB, with PE ratios of 9x, 8x, and 7x [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [8] Core Insights - The company reported a revenue of 5.7 billion RMB for the first half of 2025, representing an 11% year-on-year increase, and a net profit attributable to shareholders of 858 million RMB, up 8.6% [1] - The gross margin stands at 41.5%, reflecting a 0.2 percentage point increase year-on-year [1] - The company plans to distribute an interim dividend of 20.4 Hong Kong cents, with a payout ratio of 45% [1] - Research and development expenses accounted for 2.8% of revenue, with over 230 new SKUs launched in the first half of 2025, and over 14.6 million units of premium products sold across all channels [2] - The company has expanded its resource matrix by becoming the official sportswear partner for the 20th Asian Games and the 2026-2029 FINA global partner [3] - The professional racing shoe matrix has achieved significant success, contributing to athletes winning 85 medals [4] - The retail network includes 7,026 global sales points, with 5,669 in mainland China and 2,494 dedicated to children's products [5] - The company has opened 49 new stores in the first half of 2025, enhancing its retail presence and creating a differentiated advantage [5] - The company maintains its profit forecasts for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively [6]

Core Insights - The IWSR report indicates a significant restructuring in the Asia-Pacific alcoholic beverage market, with an overall slowdown in growth, particularly in China where baijiu sales have declined by 5% while gin sales surged by 20% [1][6] Group 1: Market Overview - The total beverage alcohol (TBA) volume in the Asia-Pacific region is projected to decrease by 2% in 2024, with a 3% decline in total value [2] - Major categories such as beer (-3%), spirits (-2%), and wine (-4%) have all experienced value declines, while ready-to-drink (RTD) beverages saw a slight increase in sales (+1%) [2] - India stands out with a TBA growth of 6%, driven by a 19% increase in ultra-premium product consumption, contrasting sharply with China's 5% decline [2][5] Group 2: Regional Performance - The Philippines, Thailand, and Vietnam recorded a TBA growth of 2%, while Japan (-1%), South Korea (-1%), and Australia (-3%) faced declines [2] - The Indian market is benefiting from a recent UK-India free trade agreement, which will significantly reduce import tariffs on Scotch whisky and British gin, fostering growth in these categories [5] Group 3: Category-Specific Trends - In India, there is a notable increase in the consumption of Irish whiskey (+58%) and vodka (+17%), indicating a shift in consumer preferences beyond traditional whiskey [5] - In China, the decline in key categories such as baijiu (-5%), cognac (-14%), and Scotch whisky (-8%) is attributed to reduced formal consumption occasions [6][8] - Gin and vodka are benefiting from the rising cocktail culture, with gin sales increasing by 20% and vodka by 4% in China [6] Group 4: Future Projections - IWSR forecasts that from 2024 to 2034, beer sales in China will remain stable, while RTDs are expected to grow at a CAGR of 2%, and sparkling wine at +5% [9] - The report predicts a compound annual growth rate (CAGR) of 7% for Scotch whisky and 3% for gin in India from 2024 to 2029 [5] - The overall spirits category in the Asia-Pacific is expected to decline by 1% CAGR, but excluding baijiu, the growth rate is projected at +2% [9] Group 5: Wine and Beer Trends - The wine category in the Asia-Pacific region faced a 4% decline in 2024, an improvement from the 8% drop in 2023, with still wine and other wine categories contributing to the decrease [13] - Beer sales are expected to continue declining until 2026, with a projected recovery starting in 2027, particularly in India, Vietnam, Thailand, and the Philippines [14][16] Group 6: RTD Growth - RTDs are positioned for strong growth in the coming years, primarily driven by Japan and Korea, with a projected CAGR of +3% from 2024 to 2029 [17] - Japan is expected to be a key driver for RTD growth, while China, Korea, and India are also anticipated to see increases in this category [17]