（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，公司积极拥抱各类终端新渠道的开拓， 目前已完成盒马、山姆、零食渠道等新渠道的合作，与各新渠道合作研发了定制型产品，因目前进入时 间较短，暂时无法判断对公司长期营收的贡献，目前主要通过各新渠道展现公司品质、宣传品牌；电商 渠道方面同样进行了各种直播带货、信息流投放等工作，电商渠道销售链路更短，能够及时收到消费者 反馈，作为传统C端渠道的补充。 ...

Group 1 - The core idea is the emphasis on technological innovation to build a competitive edge and enhance product value while maintaining traditional craftsmanship [1][2] - Companies are actively expanding their product lines and improving product quality, as seen with Sichuan Senniu Family Food Co., which has successfully integrated industrial standards and research to create healthier and unique products [1][4] - The promotion of high-quality products from underdeveloped counties is a key focus, with initiatives aimed at improving sales channels and product positioning [1][3] Group 2 - The introduction of innovative products like low-glycemic buckwheat noodles and snacks has changed the perception of agricultural products, demonstrating a successful market response within six months of launch [2][3] - Companies like Huan Tai Biotechnology Co. have adopted a model that integrates standardized planting with local farmers, significantly increasing the purchase price of buckwheat from 0.2 yuan to around 4 yuan per jin, benefiting local farmers [3] - The industrial value added in 39 underdeveloped counties grew by 9.1% year-on-year in the first three quarters, surpassing the provincial average by 2.7 percentage points, indicating strong industrial growth [3] Group 3 - Sichuan Senniu Family Food Co. has achieved significant growth, with a revenue increase of 10 million yuan, primarily driven by e-commerce sales, which account for 90% of its revenue [4] - The company has built a comprehensive e-commerce team and actively participates in trade fairs to enhance market presence and product visibility [4][5] - The "company + village collective + farmers" model has effectively addressed the lack of industrial foundation in villages, leading to stable income for farmers through order-based planting and local employment [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company's performance has stabilized at the bottom, with successful channel expansion [1] - The company reported a total revenue of 760 million yuan for the first three quarters of 2025, a decrease of 36% year-on-year, and a net loss attributable to shareholders of 10 million yuan, a decrease of 117% year-on-year [4][5] - The company has shown significant improvement in cost control, with a gross margin decrease of 3 percentage points to 61.22% and a sales expense ratio decrease of 31 percentage points to 34.98% [5] - The company has successfully opened new channels, particularly in banquet scenarios, with a notable increase in events in Hunan province [6] Summary by Sections Financial Performance - For Q3 2025, total revenue was 198 million yuan, an increase of 1% year-on-year, with a net loss of 19 million yuan compared to a loss of 65 million yuan in Q3 2024 [4] - The company’s contract liabilities decreased by 43% to 117 million yuan [5] Investment Highlights - The company is actively adjusting its business strategy, focusing on cost control and enhancing its product offerings, which are gaining market recognition [7] - Earnings per share (EPS) forecasts for 2025-2027 are 0.04, 0.24, and 0.49 yuan respectively, with corresponding price-to-earnings (PE) ratios of 1461, 279, and 135 times [7] Market Strategy - The company is deepening its marketing strategies through banquet and consumer engagement, leading to improved sales performance [6] - New product launches, such as the co-branded product "Jiu Gui · Free Love," have quickly gained consumer acceptance [6]