（编辑 袁冠琳） 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，从价格和定位考虑，公司的萝卜、泡菜 等产品在同品类中属于中端。在市场竞争中，一方面依托"乌江"品牌的品质保证及认知度触达消费者， 另一方面公司对其他品类新品投入的推广支持，同时加强品牌宣传力度，让消费者更直接、快速地了解 产品，从而占领消费者心智转化为动销。 ...

（文章来源：证券日报） 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，公司常态化对品牌宣传进行投入，但根 据不同阶段及产品推出计划制定不同类型的宣传投放策略，同时阶段性在不同的平台（例如央视、新媒 体、公交车身广告）及不同地区针对性投入费用进行线上、线下推广。 ...

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 ...

（文/霍东阳 编辑/张广凯） "挂面大王"又要下场开面馆了。 近日，在长沙雨花区，"陈克明面馆"的围挡十分引人注目。这家与超市货架上"陈克明"挂面同名的面馆，随后被多家媒体证实为克明食品旗下品牌，预计今 年12月开业。 早在2012年，克明食品就曾开设过面馆，将自家生产的挂面引入位于湖南农业大学校内的门店。但有媒体报道称，克明面馆开业当年即亏损79万元。在经历 数年经营后，公司于2015年叫停了这项业务。 2025年前三季度，公司实现营业收入31.95亿元，同比下降8.07%；归母净利润1.24亿元，同比下降20.17%；扣非净利润1.13亿元，同比下降22.55%。 其中，第三季度的营业收入为10.57亿元，同比下降1.89%；归母净利润2339.25万元，同比下降55.21%；扣非净利润1979.92万元，同比下降59.48%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初全报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增该 | | 营业收入(元) | 1.056. 935. 105. 12 | -1.89% | ...

"挂面第一股"克明食品再次杀入餐饮行业。近日，一则"陈克明面馆全国首店即将开业"的消息在社交平台上引发关注，北京商报记者从克明食品方面获悉， 该面馆为克明食品旗下品牌，预计今年12月在湖南省长沙市开业。值得一提的是，这是克明食品时隔13年再次启动面馆生意。 业界猜测，此次重新开设面馆，是克明食品近年来主业销量下滑、整体业绩波动情况下寻找新的增长点。对此，克明食品方面在接受北京商报记者采访时表 示，"公司开面馆核心目的并非快速盈利或规模扩张，更多是做品牌宣传以及新业务模式的试水"。 随着宣传的推进，更多细节浮出水面。据了解，陈克明面馆全国首店将于12月落地湖南省长沙市，定位新中式面馆，门店采用品牌直营方式，店内使用手打 面和克明食品自主研发的非遗手延面。陈克明面馆为克明食品旗下品牌，天眼查显示，其运营主体为长沙陈克明餐饮文化管理有限公司，由克明食品间接全 资持股。 这不是克明食品第一次试水面馆生意。早在2012年，上市不久的克明食品与其股东湖南湘御生物科技有限公司，合资成立湖南克明面馆有限公司，并将第一 家克明面馆开在湖南农业大学校内，店内售卖产品均使用公司生产的挂面。但面馆生意没有那么好做。财报显示，开设当年 ...

(编辑：王璨 林辰)关键字： 饮料 香飘飘 12月3日，香飘飘发布投资者关系活动记录表。当中披露，关于杭州新设门店的情况及未来的规划，香 飘飘表示，公司近期在杭州开设了两家线下茶饮门店，主要目的是将其作为公司主营业务冲泡、即饮产 品的品牌宣传窗口，核心定位是为消费者提供品牌体验与互动交流的空间，传递公司年轻、健康化的产 品特点与品牌定位；同时更直接地收集市场反馈，赋能产品研发与创新。目前仍处于试点探索阶段，暂 无开设新店及扩大规模的计划。 （企业公告） ...

Core Viewpoint - Li Ning's performance in H1 2025 exceeded market expectations, with revenue growth driven by wholesale channels and professional products, despite challenges in certain categories [1][2] Financial Performance - In H1 2025, Li Ning achieved revenue of 14.82 billion yuan, a year-on-year increase of 3.3%, and a net profit attributable to shareholders of 1.74 billion yuan, a decrease of 11.0% [1] - The company plans to distribute an interim dividend of 870 million yuan, with a payout ratio of 50% [1] Channel Performance - Revenue from direct sales, wholesale, and e-commerce channels in H1 2025 was 3.38 billion yuan (-3%), 6.88 billion yuan (+4%), and 4.30 billion yuan (+7%) respectively, aligning with overall sales growth [1] - The running and training categories saw significant growth, each increasing by 15% year-on-year, while basketball and lifestyle categories continued to decline, with decreases of 20% and 7% respectively [1] Operational Metrics - Gross margin in H1 2025 was 50.0%, a slight decrease of 0.4 percentage points year-on-year, attributed to deeper discounts and a slight increase in e-commerce sales proportion [1] - Operating profit margin (OPM) was 16.5%, a decrease of 0.2 percentage points year-on-year, but still above market expectations [1] - Advertising and marketing expenses increased by 0.3 percentage points to 9.0% of revenue, with higher spending anticipated in H2 2025 [1] Product and Inventory Management - The inventory turnover ratio remained stable at approximately 4 months, with new products accounting for 82% of sales, a slight decrease of 1 percentage point year-on-year [2] - Professional products contributed over 60% to revenue, with improved discount rates and a sell-through rate maintained between 70%-80% [2] Future Outlook - The company is expected to achieve net profits of 2.59 billion yuan, 2.77 billion yuan, and 2.99 billion yuan for the years 2025-2027, with corresponding price-to-earnings ratios of 17, 16, and 15 times [2] - Increased brand promotion efforts are anticipated to seek growth amidst intensifying competition, with potential recovery in the basketball category due to new product launches [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.82 billion yuan for H1 2025, representing a year-on-year increase of 3.3%, while the net profit attributable to shareholders was 1.74 billion yuan, down 11.0% year-on-year, slightly exceeding expectations. The company plans to distribute an interim dividend of 870 million yuan, with a payout ratio of 50% [2][4]. Summary by Sections Performance Overview - In H1 2025, the company's revenue reached 14.82 billion yuan, with a year-on-year growth of 3.3%. The net profit attributable to shareholders was 1.74 billion yuan, reflecting a year-on-year decline of 11.0%. The performance was slightly better than expected, and the company intends to distribute an interim dividend of 870 million yuan, maintaining a dividend payout ratio of 50% [2][4]. Channel Performance - Revenue from direct sales, wholesale, and e-commerce channels in H1 2025 was 3.38 billion yuan, 6.88 billion yuan, and 4.30 billion yuan, respectively, with year-on-year changes of -3%, +4%, and +7%. The running and training categories were the main drivers of revenue growth, while basketball and lifestyle categories continued to decline [6]. Operational Metrics - The overall operating profit margin (OPM) was 16.5%, slightly down by 0.2 percentage points year-on-year, but better than market expectations. The gross margin decreased by 0.4 percentage points to 50.0%. The company increased its advertising and marketing expenses, which accounted for 9.0% of revenue, up 0.3 percentage points year-on-year [6]. Future Outlook - The company is expected to achieve net profits of 2.59 billion yuan, 2.77 billion yuan, and 2.99 billion yuan for the years 2025, 2026, and 2027, respectively. The current price corresponds to price-to-earnings (P/E) ratios of 17, 16, and 15 times for the respective years [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported its Q2 2025 operational data, indicating low single-digit growth in overall channel revenue, a decline in direct sales, low single-digit growth in wholesale, and mid-single-digit growth in e-commerce, with retail performance meeting expectations [5][6]. - Short-term operational pressures are increasing, significantly impacting revenue and gross margin levels, and achieving annual targets will require further effort. Future marketing activities will need to be observed for their growth impact, and there is a need to balance expenses with growth in the short term [6]. - The company is increasing brand promotion spending to seek growth points amid intensifying competition, although the effectiveness of this spending remains to be seen. The operational environment has been under pressure for a prolonged period, but improvements in Nike's operations may gradually alleviate negative industry pressures, potentially allowing the company to restart a healthy upward trajectory, with performance showing high elasticity [6]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 2.39 billion, 2.54 billion, and 2.71 billion yuan for the years 2025, 2026, and 2027, representing year-on-year changes of -21%, +6%, and +7% respectively. The corresponding price-to-earnings ratios are projected to be 16, 15, and 14 times [6][10].

Core Viewpoint - The article highlights the upcoming "2025 European Battery Exhibition" scheduled for June 3-5, 2025, in Stuttgart, Germany, emphasizing the importance of this event for the energy and electronics sectors in Europe [1][3]. Group 1: Event Overview - The exhibition aims to be a leading platform for the advanced battery industry in Europe, attracting participants from 53 countries, including battery manufacturers, technology developers, and procurement experts [3]. - The event serves as an international platform for technology exchange, market expansion, and business cooperation [3]. Group 2: Participation Opportunities - Due to high booth costs and travel expenses, many companies are hesitant to participate, prompting the introduction of a unique promotional opportunity for those with limited budgets and time constraints [3]. - The company offers booth sharing services to reduce participation costs while providing international exposure [4]. Group 3: Advertising and Promotion Services - The company will distribute a "2025 Lithium Battery Industry Chain White Paper" at the event, allowing brands to advertise alongside authoritative industry information [4]. - Promotional materials such as roll-up banners will be placed in prime locations to attract attention from attendees [4]. - Additional advertising opportunities include branded tote bags for distributing materials and direct mailing of promotional materials to potential customers [5][6]. Group 4: Company Background - Established in 2010, the company specializes in research and consulting in the carbon, lithium battery, and electric furnace steel industries, providing comprehensive services to various clients [8]. - The company has become a leading institution in lithium battery industry research in China and has previously participated in European battery exhibitions to support Chinese lithium battery companies [8].