Core Viewpoint - Fuling Zhacai reported stable performance in the first half of 2025 despite challenges in the consumer market and internal sales model changes, achieving revenue of 1.313 billion yuan, a year-on-year increase of 0.51%, and a net profit of 441 million yuan, a year-on-year decrease of 1.66% [1][3]. Group 1: Main Business Performance - The revenue from the pickled vegetable category reached 1.123 billion yuan, with a year-on-year growth of 0.45%, indicating a stable business model [3]. - The company launched new products and optimized existing ones, including a "value-added" strategy to enhance product appeal and repurchase rates [3][5]. - The establishment of the "Future Pickled Vegetable Industry-University-Research Joint Innovation Center" aims to develop market-friendly products and improve traditional preservation methods [3]. Group 2: New Product Development - The revenue from the radish category saw a significant increase of 38.35%, with successful product innovations and international collaborations [6]. - New products such as "Gaji Cui" customized radish and various other items have been launched, enhancing the product line and brand recognition [8]. - The company is also developing other new products, including health-oriented options, to strengthen its market position [8]. Group 3: Market Expansion and Channel Development - Fuling Zhacai is exploring new business growth points beyond its traditional family consumer market by establishing new divisions for catering, new channels, and international business [10]. - The catering business experienced a year-on-year growth of 37%, indicating successful penetration into the restaurant sector [10]. - Export growth of 8% was achieved despite challenges from the US trade war, with significant market expansion in Japan and Cambodia [12]. Group 4: Online and Multi-Channel Strategy - The proportion of online sales in the meal accompaniment category increased from 10% to 17%, with new product sales exceeding 3.6 million yuan [15]. - The company is leveraging online channels to promote new products and engage with new consumer demographics [15]. - Overall, Fuling Zhacai is focusing on product innovation and multi-channel expansion to explore new growth trajectories [15].