事件：2025 年12 月17 日公司发布新一轮股权激励。 股权激励方案概况：本次股权激励拟授予的限制性股票数量为300 万股，占公司股本总数的1.1%，激励 对象包括高管、核心技术（业务）人员等，本轮股权激励包括三个限售期，分别为12 个月、24 个月和 36 个月，考核年度为2026-2028 年，完全解锁考核目标分别为：1）26 年净利润不低于8.5 亿元，2）26- 27 年净利润合计不低于18.5 亿元，27 年净利润增速大约为17.6%；3）26-28 年净利润合计不低于31 亿 元，28 年净利润增速大约为25%，净利润考核指标均以归属于上市公司股东的扣除非经常性损益后的 净利润且以剔除本次激励计划股份支付费用影响的数值作为计算依据。本次股权激励预计将于26 年2 月 1 日授予，26-29 年分别摊销的费用为6349.43 万元、3019.31 万元、1198.84 万元、88.80 万元，合计为 1.07 亿元。限制性股票的授予价格为每股35.18 元，为公告前一日股票均价的50%。 持续推出长效激励机制，充分激发员工积极性，筑牢公司核心竞争力。人才是公司的核心竞争力，公司 在过去的发展历程 ...

Core Insights - Salted Fish has reported a revenue of 4.427 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.67%, and a net profit of 605 million yuan, up 22.63% year-on-year [1] Product and Brand Development - The company has established a clear product and brand matrix centered around konjac, with strategic sub-brands like "Big Devil" and "Egg Emperor" [1] - The "Big Devil" brand, launched in October 2023, achieved over 1 billion yuan in sales within a year, becoming the company's top-selling product [1] - The "Big Devil" product "Six Must-Haves Sesame Sauce Konjac" topped various charts on Douyin, and its monthly sales exceeded 100 million yuan by March 2025 [1] Innovation and Collaborations - Salted Fish continues to innovate with product launches, such as the "Egg Emperor" brand, which became the top-selling quail egg snack in China by shipment volume [1] - The company has formed a ten-year strategic partnership with Liubiju to co-develop and promote konjac products, enhancing its market position [2] Supply Chain and Market Expansion - A robust supply chain and channel layout support the brand's development, leveraging high-quality raw material bases domestically and internationally [3] - The company is expanding its global presence with its brand "Mowon," entering mainstream markets in North America and Southeast Asia [4] - The "Big Devil" product has been launched in major U.S. supermarkets, marking a significant step in international expansion [4] Future Strategies - From 2025 to 2027, the company plans to deepen its core product strategy for "Big Devil" sesame-flavored konjac, utilizing diverse marketing approaches across channels and regions [5] - Continuous brand collaborations and innovations in flavor and texture will be prioritized to enhance product offerings [5]

Core Viewpoint - Konjac, known as "human cat strips," is becoming a phenomenon in the snack food industry, with companies like Salted Fish Pouch and Wei Long capitalizing on this trend through their konjac product lines [1][4]. Company Performance - Salted Fish Pouch's konjac snack brand "Big Demon King" generated revenue of 791 million yuan in the first half of 2025, a year-on-year increase of 155.10%, contributing significantly to the company's total revenue of 2.941 billion yuan [1][12]. - Wei Long's konjac products "Konjac Shuang" and "Little Witch" drove a 44.3% increase in the vegetable products segment to 2.109 billion yuan, accounting for 60.5% of total revenue in the first half of 2025 [7][8]. - In the first half of 2025, Salted Fish Pouch reported total revenue of 2.941 billion yuan, up 19.58% year-on-year, with a net profit of 373 million yuan, an increase of 16.70% [12][18]. Market Trends - The konjac food industry has seen a compound annual growth rate of 20% over the past decade, with the market size expected to reach 26.9 billion yuan by 2024 [5]. - More than 30 companies, including Qiaqia Food and Three Squirrels, are entering the konjac snack market, indicating a competitive landscape [14]. Channel Development - The competition among snack companies is intensifying in the offline market, with the Mingming Busy Group surpassing 20,000 stores nationwide [3][19]. - Salted Fish Pouch has shifted its strategy to prioritize channel development, emphasizing the importance of distribution channels in its growth [19]. - Qiaqia Food has also increased its investment in emerging channels like snack wholesale stores and membership stores, reflecting a broader trend in the industry [20].