登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-044 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控 ...

Core Viewpoint - Wei Dan International (02317) reported a revenue of $184 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.48% [1] - The profit attributable to shareholders was $7.598 million, down 8.8% year-on-year, with basic earnings per share at $0.005 [1] - The company proposed an interim dividend of $0.003 per share [1] Revenue Analysis - The decline in revenue is attributed to increasing competition in various markets, particularly affecting the sales prices and revenue of the company's main product, monosodium glutamate, due to a slowdown in consumer demand [1] - Despite a decrease in raw material and energy costs compared to last year, market competition has led to a decline in gross margin [1] Product Performance - Sales and revenue of modified starch decreased due to oversupply in Thailand, while the company's products maintained relatively high prices, resulting in reduced sales volume and revenue [1] - However, the decrease in raw material prices compared to the same period last year led to an increase in gross profit for modified starch [1] - Specialty products faced weak demand due to economic downturn and competition, prompting the company to lower prices to maintain sales, resulting in a slight revenue decrease compared to last year [1] Market Conditions - Hydrochloric acid revenue decreased due to weak market demand and continuous decline in average selling prices, despite slight reductions in raw material and energy costs [1] - The company is actively developing other product lines in the fertilizer and feed sector to address market competition and low demand [1] - Other products, such as coffee and bulk ingredients, saw revenue increases due to price hikes and sustained demand compared to last year [1]

Core Viewpoint - The company reported a decrease in revenue and profit for the six months ending June 30, 2025, primarily due to intensified market competition and reduced consumer demand [1] Financial Performance - Revenue for the period was $184 million, a decrease of 0.48% year-on-year [1] - Profit attributable to shareholders was $7.598 million, down 8.8% year-on-year [1] - Basic earnings per share were 0.5 cents [1] - A mid-term dividend of 0.3 cents per share is proposed [1] Revenue Drivers - The decline in revenue is attributed to increased competition and a slowdown in consumer demand for the company's main product, monosodium glutamate [1] - Despite a decrease in raw material and energy costs compared to last year, market competition led to a decline in gross margin [1] - Sales and revenue from modified starch decreased due to oversupply in Thailand, although raw material prices fell, resulting in an increase in gross profit compared to the same period last year [1] - Demand for specialty products remained weak due to economic downturn and competition, leading the company to lower prices to maintain sales, resulting in a slight revenue decrease [1] - Hydrochloric acid revenue decreased due to weak market demand and declining average selling prices, despite a slight reduction in raw material and energy costs [1] - The company is actively developing other products in the feed sector to address market competition and low demand [1] - Revenue from other products, such as coffee and bulk ingredients, increased due to price rises and sustained demand [1]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - The report highlights a general decline in wholesale prices across most categories of consumer staples, particularly in the baijiu segment, with significant price drops noted for Moutai and Wuliangye [3][32]. - It emphasizes the structural opportunities arising from policy catalysis in the consumer staples sector, suggesting that investors should focus on these potential growth areas [3]. Summary by Sections Price Trends - Recent wholesale prices for Moutai show a decrease, with Feitian Moutai (case) priced at 1845 yuan, down 70 yuan from the previous month, and a year-to-date decline of 395 yuan [32]. - Wuliangye's eighth-generation price remains stable at 920 yuan, with no change since the beginning of the year [32]. - The report notes that the prices of various baijiu brands have shown a downward trend, with year-on-year declines for many products [4][32]. Discount Trends - Discounts on mass-market consumer goods have widened, particularly for liquid milk, soft drinks, infant formula, seasonings, and beer, indicating a shift in consumer purchasing behavior [19][30]. - The average discount rate for liquid milk decreased from 79.1% to 74.8%, while soft drinks saw a drop from 91.8% to 88.3% [19][30]. - The report provides a detailed overview of discount rates across various categories, showing a general trend of increasing discounts in the consumer staples market [20][21].

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 - Fuling Zhacai (002507.SZ) reported its 2025 semi-annual results, showing a slight increase in revenue but a decline in net profit [1] Financial Performance - The company achieved an operating income of 1.313 billion yuan, representing a year-on-year growth of 0.51% [1] - The net profit attributable to shareholders was 441 million yuan, reflecting a year-on-year decrease of 1.66% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 415 million yuan, down 2.33% year-on-year [1] - Basic earnings per share stood at 0.38 yuan [1]

格隆汇8月26日丨涪陵榨菜(002507.SZ)公布2025年半年度报告，上半年公司实现营业收入13.13亿元，同 比增长0.51%；归属于上市公司股东的净利润4.41亿元，同比下降1.66%；归属于上市公司股东的扣除非 经常性损益的净利润4.15亿元，同比下降2.33%；基本每股收益0.38元。 ...

重庆市涪陵榨菜集团股份有限公司监事会 关于第五届监事会第二十二次会议相关事项的审核意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》及《重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）章 程》等有关规定，公司监事会对第五届监事会第二十二次会议审议的相关事项进 行了认真审核，发表审核意见如下: 一、对《公司 2025 年半年度报告及其摘要》的审核意见 经审核，监事会认为：董事会编制和审议公司2025年半年度报告的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、对《关于募集资金 2025 年半年度存放与使用情况的专项报告》的审核 意见 经审核，监事会认为：公司关于募集资金2025年半年度存放与使用情况的专 项报告能够真实、准确、完整地反映公司2025年半年度募集资金使用情况，2025 年半年度，公司募集资金存放与使用严格按照《深圳证券交易所上市公司自律监 管指引第1号——主板上市公司规范运作》及公司《 ...

Core Viewpoint - The 113th National Sugar and Wine Fair showcases a diverse range of products in the seasoning and ingredient exhibition area, highlighting the growth and innovation within the seasoning industry, as well as the collaboration between traditional brands and new entrants in the market [6][12][20]. Group 1: Exhibition Highlights - The seasoning and ingredient exhibition area features a wide variety of products, including essential seasonings like soy sauce, vinegar, and sugar, as well as compound seasonings that cater to diverse cooking needs, particularly appealing to young consumers and the restaurant industry [6][12]. - Notable brands such as Angel Yeast, COFCO, and Shandong Yuhuang Grain and Oil are present, alongside innovative new brands that contribute to a strong brand aggregation effect [6][12]. - The exhibition also emphasizes local agricultural products and unique regional flavors, promoting the integration of county-level products into the national agricultural collaboration network [7][10]. Group 2: Competition Dynamics - The exhibition features a competition between traditional well-established brands and emerging new brands, creating a dynamic "battle" in the seasoning industry [12][13]. - Established brands leverage their deep-rooted heritage and manufacturing expertise to maintain market presence, while new brands utilize innovative product designs and social media to connect with younger consumers [14][17]. - The ongoing evolution of consumer preferences and market demands will continue to drive competition and innovation in the seasoning industry [18][19].

Core Viewpoint - Hengshun Vinegar achieved a net profit attributable to shareholders of 111 million yuan in the first half of 2025, representing a year-on-year increase of 18.07% [1] - The company aims to strengthen its core vinegar business and enhance profitability, with significant growth in online channels and notable performance in the southern Jiangsu region [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 54 million yuan, showing a year-on-year increase of 40.61% [1] - The number of distributors increased from 2,034 at the end of Q1 2025 to 2,049 in Q2 2025, indicating stable adjustments in the distribution network [1] Strategic Outlook - Under the leadership of the new chairman, the company will focus on strengthening its core business and improving profitability through quality, innovation, and cost reduction [1] - The company is expected to achieve strong development in the vinegar industry, expand into the seasoning industry, and reinforce its position in the health industry [1] Cost and Profitability - The cost advantages from raw materials are expected to continue, leading to potential growth in profit margins [1] - The company forecasts net profits attributable to shareholders for 2025-2027 to grow by 21.3%, 30.4%, and 13.0%, reaching 160 million, 200 million, and 230 million yuan respectively [1]