重庆市涪陵榨菜集团股份有限公司 2025 年 6 月 26 日投资者关系活动记录表 证券代码：002507 证券简称：涪陵榨菜 编号：2025-006 回复：公司坚持"双轮驱动"战略，目前川渝味复合调味料市场空间 大，需求广泛，且行业内暂无明显龙头企业，公司拟通过收购味滋美快速 进入复调领域同时具有一定的复调行业基础。一方面，味滋美深耕川调领 域多年，主营川式风味复合调料和预制菜，已经具备成熟的 B 端产品研发 生产能力，在产品研发、柔性生产、市场快速反应等方面独具优势，通过 本次收购，公司可依托其餐饮终端，完善新渠道布局，从而快速实现渠道 拓展，开辟第二增量市场。另一方面，公司经过多年的 C 端产品渠道精耕， 在经销商和渠道网络、销售网络上具备优势，味滋美目前正在储备开发 C 端产品，并购完成后，可借助公司自身渠道优势对其进行快速铺货上市。 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | |  现场参观其他 | | | 本次参与交流的人员名单如下： | | | 序号 姓名 机构 | ...

以下文章来源于金错刀 ，作者张一弛 金错刀 . 科技商业观察家。爆品战略提出者。 来源丨 金错刀 （ID： ijincuodao ） 作者丨张一驰 图源丨 涪陵榨菜集团 当年轻人沉迷刷短视频的 "电子榨菜"时，真正的榨菜巨头却卖不动了。 最近，"榨菜第一股"涪陵榨菜集团公布了一份"不太拿得出手"的财报，这是连续第二年营收和净利润双降。 最惨的是，销售过亿的7个大区中，有5个区域均出现不同程度的下滑。 仅仅在五年之前，涪陵榨菜被称为"酱菜小茅台"，不仅总市值就超过350亿元，而且创下了10年连涨10倍的记录。 如今，涪陵榨菜市值蒸发300亿元，早就跌的七零八落。 与此同时，榨菜的"同门兄弟"泡菜，反而活的越来越滋润。 据韩媒报道，韩国今年第一季度 泡菜 进口额刷新历史最高纪录。仅仅1月至3月，韩国泡菜进口额为4756万美元， 进口重量超过 了8000 吨，其中 几乎 100%的进口泡菜都来自中国。 涪陵榨菜曾在财报中说，2元一包的涪陵榨菜每月可以卖出1.6亿元。也就是说， 中国人至少每年吃掉9.6亿包榨菜，每月吃掉 8000万包。 而如今，榨菜最有存在感的地方，或许是不断缩水的飞机餐。 从最初5毛钱一包的榨菜， ...

近日，涪陵榨菜（002507.SZ）表示：公司目前已开通休闲零食渠道，休闲零食属性产品包括自研的"小 脆口"产品和其他定制型产品，还包括品牌联营的"开味说"多种口味花生。 南都湾财社记者注意到，在公司业绩承压背景下，涪陵榨菜近期在"开拓新赛道"上动作频频。此前4月 份，公司拟收购四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权，计划通过向特定对象发 行股份及支付现金方式完成此次收购，交易对方系陈伟等5名自然人。涪陵榨菜方面坦言："将并购重组 作为突破上市公司发展瓶颈的重要手段。" 市场竞争激烈，业绩持续承压 财务数据显示，2024年实现营业收入23.87亿元，同比下滑2.56%；同期归属于上市公司股东的净利润为 7.99亿元，同比下滑3.29%；扣非后净利润为7.32亿元，同比下滑3.13%。 | | | | 重庆市治陵和梁集团股份有限公司 2024年年度报告摘要 | | | --- | --- | --- | --- | --- | | | 2024年 | 2023 年 | 本年比上年增减 | 2022 年 | | 营业收入 | 2. 387. 126. 126. 55 | 2. 449. 845 ...

Core Viewpoint - The signing ceremony between Fuling Pickle Group and Chongqing Hailin Pig Development Co., Ltd. marks a significant step towards the integration of the Fuling Pickle and Fuling Black Pig industries, exploring a modern agricultural model focused on "circular farming and green low-carbon" practices [1][3]. Group 1: Industry Integration - The collaboration aims to combine the planting advantages of Fuling Pickle with the breeding resources of Fuling Black Pig, establishing a "vegetable-pig symbiosis" circular economy chain [3]. - Hailin Pig will provide organic fertilizer for pickle cultivation, promoting standardized planting, while Fuling Pickle Group will offer green planting technology and prioritize the purchase of high-quality raw materials for premium product production [3]. Group 2: Sustainable Development - The integration of the two industries is seen as essential for sustainable agricultural development, improving industry efficiency, enhancing ecological environment, and ensuring food safety [3]. - The "vegetable-pig integration" model has shown significant results in feed improvement, soil enhancement, and environmental benefits, with bio-feed developed from pickle stems replacing 20% of traditional feed, increasing the breeding profit by over 150 yuan per pig [3]. Group 3: Product Innovation - The first batch of innovative products launched includes Fuling Pickle Black Pig braised pork, black pig meat buns, and black pig sausages, indicating a shift from traditional seasoning to prepared and convenience food sectors [5]. - Future product development will include "Fuling Black Pig Pickle Shredded Meat" and "Fuling Pickle Black Pig Sauce," supported by a comprehensive quality control system to provide high-quality integrated products to consumers [5]. Group 4: Rural Revitalization - This partnership serves as a model for industry integration and injects new momentum into rural revitalization, accelerating the development of food processing industry clusters in Fuling District [8]. - The collaboration represents both a transformation and upgrade of traditional agriculture and an innovative practice in green development, positioning Fuling towards high-quality development through a dual-chain approach [8].

Core Viewpoint - Fuling Pickles is pursuing the acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to address declining performance amid intense market competition and to enhance its growth strategy through mergers and acquisitions [2][7]. Financial Performance - In 2024, Fuling Pickles reported a revenue of 2.387 billion yuan, a year-on-year decline of 2.56%, and a net profit attributable to shareholders of 799 million yuan, down 3.29% [2]. - For Q1 2024, the company achieved a revenue of 713 million yuan, a decrease of 4.75%, while the net profit slightly increased by 0.24% to 272 million yuan [2]. Market Competition - The company faces significant pressure due to fierce competition in a low-barrier industry, with many competitors like Huaitong, Tongqianqiao, and Yiquan also impacting market dynamics [3]. Production Capacity and Utilization - Fuling Pickles has struggled with production capacity expansion, with only 10.94% of the planned capacity for the "Wujiang Fuling Pickles Green Intelligent Production Base" completed after five years [4]. - The utilization rate of the Northeast production base is alarmingly low, at less than 37%, with a notable decline in sales volume for products like radishes, which dropped by 29.79% year-on-year [4]. Distributor Network - The number of distributors decreased from 3,239 at the end of 2023 to 2,632 by the end of 2024, marking an 18.74% decline, with the South China region experiencing a drastic reduction of 58.41% [8][9]. Acquisition Details - Weizimei, established in June 2018, has total assets of 203 million yuan and a net profit of approximately 39.62 million yuan for 2024, despite a decline in revenue [10]. - Fuling Pickles aims to leverage the acquisition to expand its product offerings and enhance its market competitiveness, although long-term sustainable growth will depend on various factors beyond the acquisition [10].

证券研究报告 | 公司 深度报告 2024年12月01日 签约客户可长按扫码阅读报告： 市场上对 涪陵榨菜的主要担忧在于公司及行业成长性放缓，同时历史上所体现的强提价能 力也有所减弱，估值修复难度大。行业层面看，增长放缓是事实，但包装化趋势下，新 消费场景、人群、渠道对行业增长仍有明显驱动。更重要的是，我们认为当前阶段应以 新的投资视角来看待公司投资逻辑，一方面公司业绩企稳，内部管理改善，竞争优势强 化，未来业绩更加平稳周期性减弱；另一方面公司现金流充裕，逐步进入资本开始减 弱，资本回报提升的战略新阶段。建议关注业绩企稳周期性弱化，投资回报提升拉动的 估值修复。 核心观点 行业层面：预期增速下降，包装化的趋势下关注消费力拐点 + 升级新方向。 虽然行业整体消费量增长放缓，但我国腌制品行业目前仍有一定增长驱动，主要体现在： 1 ） 行业规范性提升，包装化替代趋势延续； 2 ）健康趋势下轻盐产品兴起，产品接受度提升，拉动消费端需求增长； 3 ）消费场景、人群、渠道不断完善拓展，年轻群体消 费潜力得到挖掘，消费场景日益多元化，同时线上、餐饮等渠道拓展也带动了行业的进一步增长。 公司层面：根基牢固优势显著，管理变革催 ...