Core Viewpoint - Salted Fish intends to focus on long-termism and aims to build a world-class snack brand by concentrating on three strategic segments: "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks" [2] Strategic Segments - The company sees significant potential in the Chinese-flavored snacks segment, particularly with konjac and bean-based snacks, which are expected to drive growth [3] - The "Da Mo Wang" brand, launched in October 2023, has achieved remarkable growth, with projected sales exceeding 1 billion yuan in 2024 [3] - In the healthy high-protein snacks segment, the company has developed brands like "Egg Emperor" quail eggs, with expectations for high-quality egg products to become popular globally [3][4] Core Capabilities - Salted Fish focuses on building four core capabilities centered around product excellence [5] - The company emphasizes deepening its supply chain, leveraging partnerships in regions like Indonesia and Southeast Asia to ensure a stable supply of quality raw materials [6] - The company has established a modern quail egg breeding base in Jiangxi, ensuring rapid processing times from farm to market [6] - Salted Fish is committed to smart manufacturing and innovation, aiming to produce high-quality products that meet consumer trust [7] Global and Domestic Market Strategy - The company benchmarks against international giants like Lays and Mondelez, expanding its global presence with the "Mowon" brand in 25 countries [8] - In the domestic market, Salted Fish aims to build a community with distributors, enhancing their capabilities in product selection and operational efficiency [8] - Recent collaborations, such as with Liu Biju and Nongshim, highlight the company's focus on product innovation and cross-industry integration [8]

Core Viewpoint - Salted Fish is committed to long-termism, focusing on three strategic segments: "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks," aiming to build a world-class snack brand [1] Strategic Segments - The company sees significant potential in the Chinese-flavored snacks segment, particularly with konjac and bean-based snacks, which are expected to drive growth [2] - The "Da Mo Wang" brand, launched in October 2023, achieved remarkable growth, with projected sales exceeding 1 billion yuan in 2024, marking it as the first 10 billion yuan product for Salted Fish [2] - In the healthy high-protein snacks segment, the company has developed brands like "Egg Emperor" quail eggs, with expectations for high-quality egg products to become popular globally [2] - The healthy sweet snacks segment will focus on dried fruits, baked goods, and jellies, promoting health upgrades [3] Core Competencies - Salted Fish emphasizes the importance of product quality, focusing on building four core competencies: supply chain management, smart manufacturing, innovation, and brand building [4] - The company has invested in a robust supply chain, sourcing high-quality raw materials from regions like Indonesia and Southeast Asia, ensuring stability and safety [4] - Smart manufacturing initiatives include the establishment of a modern quail egg breeding base, enabling rapid processing from farm to factory [4] - Continuous innovation in flavor and technology is crucial for transforming traditional ingredients into popular products, enhancing product quality and consumer trust [5] - The company has demonstrated its brand-building capabilities through successful brands like "31 Degree Fresh," "Da Mo Wang," and "Egg Emperor" [5] Global and Domestic Market Strategy - Salted Fish aims to compete with international giants like Lays and Mondelez, leveraging its brand "Mowon" for global market penetration, with products already in 25 countries [6] - In the domestic market, the company seeks to empower distributors through collaboration in branding, product offerings, and services, enhancing their operational capabilities [6] - The company is actively creating a "big ecosystem" for snacks through brand collaborations and cross-industry partnerships, exemplified by its strategic cooperation with Liu Biju and the launch of the "Spicy Tofu" product in collaboration with Nongshim [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on three major product categories: Chinese-flavored snacks, healthy high-protein snacks, and healthy sweet snacks, aiming to build a world-class brand [8] - The company is transitioning from a channel-driven model to a product-driven model, enhancing its competitive edge through supply chain management, smart manufacturing, innovation, and brand building [8] - The company has successfully launched major products like "Da Mo Wang" konjac and quail eggs, which have gained significant market recognition and sales [8] - The company is optimizing its distribution channels and focusing on high-quality growth, with a projected net profit growth of 25% for 2025 [8] Financial Projections - Total revenue is projected to grow from 4,115 million RMB in 2023 to 8,165 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 15.81% [1] - Net profit attributable to the parent company is expected to increase from 505.77 million RMB in 2023 to 1,223.36 million RMB in 2027, reflecting a CAGR of 21.67% [1] - The earnings per share (EPS) is forecasted to rise from 1.85 RMB in 2023 to 4.49 RMB in 2027 [1]

Core Insights - The event titled "Big Demon King Strategy Release Conference and Channel Dealer Conference" was successfully held by Yanjinpuzi Food Co., Ltd. in Changsha, focusing on the transformation and upgrading path of the Chinese snack food industry [1] Company Strategy - Yanjinpuzi's Chairman, Zhang Xuewu, outlined the company's future core strategies, emphasizing three key product categories: Chinese-flavored snacks represented by konjac snacks and bean snacks, health-oriented high-protein snacks centered on egg products, and healthy sweet snacks featuring dried mango [3] - The company aims to build four core capabilities: deepening the source supply chain, establishing a benchmark for intelligent manufacturing, adhering to innovation-driven strategies, and successfully building a brand [3] Market Positioning - Yanjinpuzi's Executive Vice President, Lan Bo, discussed the company's strategy to "return to supermarkets," highlighting the retail transformation driven by examples like "Fat Donglai," which is bringing supermarkets back to the market mainstream [3] - The company believes that supermarkets hold irreplaceable value in consumer experience, trust endorsement, and scalability, and has planned four supporting measures: stabilizing big products, enhancing innovative products, coordinating customized products, and empowering strong promotions [3] Product Innovation and Performance - The event showcased significant collaborative achievements, including a deepened ten-year strategic partnership with Beijing Liubiju Food Co., Ltd. and the launch of a new product "Spicy Tofu" in collaboration with South Korea's Nongshim Group, demonstrating Yanjinpuzi's strength in product innovation and cross-industry integration [5] - Since the launch of the "Big Demon King" brand in October 2023, it achieved remarkable growth, with sales exceeding 1 billion yuan in 2024, marking it as Yanjinpuzi's first 1 billion-level product. The "Big Demon King" sesame-flavored vegetarian tripe reached over 100 million yuan in monthly sales within just 16 months [5] - In the first half of 2025, the "Big Demon King" series of konjac snacks generated revenue of 791 million yuan, making it the fastest-growing and highest-contributing core category for Yanjinpuzi [5]