"面向未来，我们将坚守长期主义，聚焦'中国风味零食''健康高蛋白零食''健康甜味零食'三大战略板 块，努力打造一个世界级的休闲零食品牌。"近日，盐津铺子董事长张学武向上海证券报记者表示。 聚焦休闲零食三大战略板块 在张学武看来，盐津铺子的未来建立在休闲食品三大战略板块之上。其中，以魔芋零食、豆制品零食为 代表的中国风味零食板块大有可为，有望率先发力。 "魔芋作为一种健康的全球性超级食材，将成为中国风味零食的最佳载体。以魔芋为核心的中国风味零 食，有望像乐事的薯片一样，成长为一个全球性品类，这是盐津铺子未来增长的第一曲线。同样基于植 物基蛋白的豆腐零食，将成为继麻酱素毛肚之后，推动风味零食品类增长的第二大引擎。"张学武表 示。 实际上，盐津铺子已在中国风味零食板块打造出战略子品牌——"大魔王"。据介绍，"大魔王"品牌自 2023年10月创立以来，短短两年内实现了跨越式增长：2024年，"大魔王"系列含税销售额突破10亿元， 成为盐津铺子首个10亿级大单品。其中，"大魔王"麻酱素毛肚上市16个月便实现单月销售额破亿元（含 税），创下行业纪录。 张学武介绍说，在健康高蛋白零食板块，盐津铺子已经孵化"蛋皇"鹌鹑蛋等品 ...

Core Viewpoint - Salted Fish is committed to long-termism, focusing on three strategic segments: "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks," aiming to build a world-class snack brand [1] Strategic Segments - The company sees significant potential in the Chinese-flavored snacks segment, particularly with konjac and bean-based snacks, which are expected to drive growth [2] - The "Da Mo Wang" brand, launched in October 2023, achieved remarkable growth, with projected sales exceeding 1 billion yuan in 2024, marking it as the first 10 billion yuan product for Salted Fish [2] - In the healthy high-protein snacks segment, the company has developed brands like "Egg Emperor" quail eggs, with expectations for high-quality egg products to become popular globally [2] - The healthy sweet snacks segment will focus on dried fruits, baked goods, and jellies, promoting health upgrades [3] Core Competencies - Salted Fish emphasizes the importance of product quality, focusing on building four core competencies: supply chain management, smart manufacturing, innovation, and brand building [4] - The company has invested in a robust supply chain, sourcing high-quality raw materials from regions like Indonesia and Southeast Asia, ensuring stability and safety [4] - Smart manufacturing initiatives include the establishment of a modern quail egg breeding base, enabling rapid processing from farm to factory [4] - Continuous innovation in flavor and technology is crucial for transforming traditional ingredients into popular products, enhancing product quality and consumer trust [5] - The company has demonstrated its brand-building capabilities through successful brands like "31 Degree Fresh," "Da Mo Wang," and "Egg Emperor" [5] Global and Domestic Market Strategy - Salted Fish aims to compete with international giants like Lays and Mondelez, leveraging its brand "Mowon" for global market penetration, with products already in 25 countries [6] - In the domestic market, the company seeks to empower distributors through collaboration in branding, product offerings, and services, enhancing their operational capabilities [6] - The company is actively creating a "big ecosystem" for snacks through brand collaborations and cross-industry partnerships, exemplified by its strategic cooperation with Liu Biju and the launch of the "Spicy Tofu" product in collaboration with Nongshim [6]

12月11日，盐津铺子（002847）食品股份有限公司（以下简称"盐津铺子"）在长沙举办"大魔王战略发 布会暨渠道经销商大会"。大会以"百亿征程 魔王领航"为主题，汇聚了战略伙伴、行业专家、投资人及 全球经销商代表，共同探讨休闲零食行业穿越周期、实现可持续增长的战略路径。 大会同时展示了公司在战略合作与产品力根基上的持续夯实。盐津铺子与百年老字号六必居确认深化为 期十年的战略合作，确保核心风味原料的优质供应。此外，公司与农心的联名新品及全新"辛辣豆腐"产 品正式亮相，展现了强大的跨界整合与创新能力。这些动作背后，是公司持续的研发高投入、超过200 人的研发团队，以及在印尼等地布局原料工厂，从源头保障产品"超级质价比"的供应链实力。 布局全球与共建生态，践行长期主义打造"盐津样本" 盐津铺子以国际休闲零食巨头为对标，旗下"大魔王"品牌自创立之初便具备全球化视野，产品目前已进 入全球25个国家和地区，与泰国7-11、新加坡思家客、美国99大华超市等主流渠道合作，践行全球本土 化运营。面向国内市场，盐津铺子提出与经销商共建"命运共同体"，通过品牌、产品、政策、服务四大 维度进行赋能，并呼吁经销商伙伴提升选品、终端运 ...

Core Insights - The event titled "Big Demon King Strategy Release Conference and Channel Dealer Conference" was successfully held by Yanjinpuzi Food Co., Ltd. in Changsha, focusing on the transformation and upgrading path of the Chinese snack food industry [1] Company Strategy - Yanjinpuzi's Chairman, Zhang Xuewu, outlined the company's future core strategies, emphasizing three key product categories: Chinese-flavored snacks represented by konjac snacks and bean snacks, health-oriented high-protein snacks centered on egg products, and healthy sweet snacks featuring dried mango [3] - The company aims to build four core capabilities: deepening the source supply chain, establishing a benchmark for intelligent manufacturing, adhering to innovation-driven strategies, and successfully building a brand [3] Market Positioning - Yanjinpuzi's Executive Vice President, Lan Bo, discussed the company's strategy to "return to supermarkets," highlighting the retail transformation driven by examples like "Fat Donglai," which is bringing supermarkets back to the market mainstream [3] - The company believes that supermarkets hold irreplaceable value in consumer experience, trust endorsement, and scalability, and has planned four supporting measures: stabilizing big products, enhancing innovative products, coordinating customized products, and empowering strong promotions [3] Product Innovation and Performance - The event showcased significant collaborative achievements, including a deepened ten-year strategic partnership with Beijing Liubiju Food Co., Ltd. and the launch of a new product "Spicy Tofu" in collaboration with South Korea's Nongshim Group, demonstrating Yanjinpuzi's strength in product innovation and cross-industry integration [5] - Since the launch of the "Big Demon King" brand in October 2023, it achieved remarkable growth, with sales exceeding 1 billion yuan in 2024, marking it as Yanjinpuzi's first 1 billion-level product. The "Big Demon King" sesame-flavored vegetarian tripe reached over 100 million yuan in monthly sales within just 16 months [5] - In the first half of 2025, the "Big Demon King" series of konjac snacks generated revenue of 791 million yuan, making it the fastest-growing and highest-contributing core category for Yanjinpuzi [5]

Core Insights - Salted Fish Food Co., Ltd. (referred to as "the company") held a strategic release conference themed "The Billion Journey, The Demon King Leads" to discuss strategies for sustainable growth in the industry [2] Group 1: Strategic Focus - The company aims to establish itself as a world-class snack brand by focusing on three key segments: "Chinese-flavored snacks," "healthy high-protein snacks," and "healthy sweet snacks" [3] - The core strategy is built on three pillars: Chinese-flavored snacks represented by konjac and bean products, health-oriented snacks made from eggs and high-quality protein, and a range of healthy sweet products like dried fruits and baked jelly [3] - The company emphasizes the importance of product quality as the foundation of its strategy, focusing on building four core capabilities: securing quality raw materials, establishing smart manufacturing, driving innovation, and successful brand building [3] Group 2: Channel Strategy - The company is shifting its channel strategy to become a "growth partner" for supermarkets, emphasizing the irreplaceable value of supermarkets in consumer experience, trust, and scale [4] - Four key initiatives support this channel strategy: maintaining strong sales with high-performing products, creating value through innovative collaborations, developing customized products for specific retailers, and enhancing promotional efforts [4] Group 3: Strategic Partnerships - The company is deepening strategic partnerships, including a ten-year collaboration with Beijing Liubiju Food Co., Ltd. to ensure quality ingredients for its products [5] - New collaborative products, such as the "Spicy Tofu," were launched, showcasing the company's product innovation and cross-industry integration capabilities [5] Group 4: Research and Development - The company is committed to ongoing R&D investments, with a team of over 200 and a global R&D center, ensuring control over core raw materials through new factories [6] - The company aims to compete with global giants like Lays and Mondelez, positioning its "Demon King" brand for global expansion, with products already sold in 25 countries [6] Group 5: Market Performance - The "Demon King" brand achieved remarkable growth, with projected sales exceeding 1 billion yuan in 2024, making it the company's first product to reach this milestone [6] - The snack category of konjac products generated 791 million yuan in revenue in the first half of 2025, a year-on-year increase of 155.10%, contributing significantly to the company's overall revenue [7] - The conference served as a declaration of the company's commitment to long-term growth and innovation in the Chinese consumer market [7]

Core Insights - The company reported Q3 2025 results with revenue of 1.486 billion, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 232 million, up 33.55% year-on-year [1] - Gross margin improved both year-on-year and quarter-on-quarter, reaching 31.63%, an increase of 1.01 percentage points year-on-year and 0.65 percentage points quarter-on-quarter, attributed to a higher proportion of high-margin brand products [1] - The company optimized channel investment, resulting in a decrease in expense ratio to 13.44%, down 3.34 percentage points year-on-year, with sales expense ratio at 8.59%, down 3.54 percentage points year-on-year [1] Financial Performance - Q3 2025 net profit margin reached 15.60%, an increase of 3.21 percentage points year-on-year, while the net profit margin excluding non-recurring items was 14.78%, up 3.97 percentage points year-on-year [1] - The company expects revenue growth for 2025-2027 to be 61.86 billion, 76.66 billion, and 89.42 billion respectively, with year-on-year growth rates of 16.63%, 23.93%, and 16.64% [2] - Projected net profits for 2025-2027 are 833 million, 1.052 billion, and 1.259 billion respectively, with year-on-year growth rates of 30.24%, 26.25%, and 19.66% [2] Strategic Focus - The company is focusing on a category brand strategy, optimizing product channel structure by eliminating low-efficiency SKUs and emphasizing high-potential products like "Da Mo Wang" sesame sauce and "Egg Yolk Quail Eggs" [2] - The company is enhancing its channel structure by prioritizing quantitative distribution channels and launching new products in membership stores like Sam's Club [2] - A long-term strategic partnership has been established with Liu Bi Ju, indicating confidence in the sustained growth potential of key products [2]

Core Insights - Salted Fish has been focusing on the "category brand" strategy, particularly on the core product "Big Devil" sesame-flavored konjac, leading to continuous improvement in profitability and steady revenue growth [1] - The company reported a revenue of 4.427 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.67%, and a net profit of 605 million yuan, up 22.63% year-on-year [1] Product and Brand Development - The strategic sub-brand "Big Devil" launched in October 2023 has shown remarkable performance, achieving over 1 billion yuan in sales within a year and becoming the company's top-selling product [1] - The "Egg Emperor" brand, launched in March 2024, has been recognized as the top-selling quail egg snack in China by shipment volume [2] - New product innovations include the "Soft Heart Quail Egg," which has made it to the "Sam's New Products Hot Sale List" [3] Strategic Partnerships and Collaborations - A strategic partnership was established with Liu Biju for a ten-year collaboration focused on developing and promoting konjac products, particularly sesame-flavored konjac [3] Supply Chain and Market Position - The company has built a strong supply chain based on high-quality raw material bases in Indonesia and Qujing, Yunnan, ensuring a solid foundation for the "Big Devil" brand [4] - Salted Fish is enhancing its global presence with the "Mowon" brand, entering mainstream supermarkets in North America and Southeast Asia, showcasing Chinese flavors abroad [5] Future Plans and Marketing Strategies - From 2025 to 2027, the company plans to deepen the core product strategy for "Big Devil" sesame-flavored konjac, utilizing diverse marketing methods tailored to different channels and regions [5] - Continuous product innovation will focus on flavor and texture, with ongoing brand collaborations [5]

Core Insights - Salted Fish Shop (002847.SZ) 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 attributable to shareholders of 605 million yuan, up 22.63%, indicating enhanced profitability [1][2] Group 1: Financial Performance - The company's revenue growth is attributed to its ongoing "category brand" strategy, focusing on core products in the konjac category [1] - The "Big Devil" sesame konjac tripe, launched in October 2023, has rapidly gained traction, achieving over 1 billion yuan in sales within a year, becoming the company's top-selling product [1] - The "Egg Emperor" brand, launched in March 2024, has also performed well, recognized as the top-selling quail egg snack in China by shipment volume [1] Group 2: Product Innovation and Brand Development - Continuous brand collaboration and product innovation are evident, with the "Big Devil" brand partnering with Samyang Foods to launch new products [2] - A ten-year strategic cooperation was established with Liubiju on October 16, focusing on joint research and promotion of konjac products [2] - The company has built a robust supply chain and channel layout, leveraging high-quality raw material bases in Indonesia and Qujing, Yunnan [2] Group 3: Market Expansion and Future Strategy - The "Big Devil" sesame konjac tripe has successfully entered mainstream supermarkets in North America and Southeast Asia, with recent launches in the U.S. [2] - The company aims to become a globally recognized snack brand, with plans to expand into markets like Hong Kong and Malaysia [2] - From 2025 to 2027, the company will continue to deepen its single-product strategy centered around the "Big Devil" sesame konjac tripe, focusing on channel expansion and regional marketing [2]

Group 1: Industry Overview - The food and beverage industry is experiencing a gradual supply-demand turning point, with structural highlights emerging [4][6] - The overall market performance shows a total market value of 48,501.92 billion, with a circulating market value of 47,287.20 billion [2] - The absolute performance over the last 12 months is 25.0%, while the relative performance has decreased by 17.6% [2] Group 2: Wine Sector Insights - Demand for wine has improved on a month-on-month basis, although there is still a year-on-year decline [4][6] - Wine companies are pragmatically adjusting growth targets, focusing on channel health and providing support to improve channel profits [4][6] - The report suggests paying attention to the health of channels and the quality of receivables as companies are expected to release operational pressure in the second half of the year [4][6] Group 3: Consumer Goods Sector Insights - Traditional leading brands in the consumer goods sector are emerging from the bottom, with clear trends in industry prosperity [4][6] - The dairy industry is facing ongoing supply-demand contradictions, with expectations for gradual bottoming out in 2026 [6][9] - Companies like Chongqing Beer are exploring new growth avenues while maintaining stable operational strategies [6][9] Group 4: Investment Recommendations - Emphasis on the bottom-catalyzing of the wine sector and selective investment in consumer goods based on industry trends [10][12] - Recommendations include focusing on companies with strong performance and those undergoing significant transformations, such as Moutai and Gujing [10][12] - In the consumer goods sector, strategic recommendations include investing in yeast products and the yellow wine market, which is expected to see significant growth [10][12]

Core Insights - The konjac product is emerging as a phenomenon in the snack market, with several companies focusing on this segment to drive revenue growth [1][3][4]. Group 1: Company Performance - Salted Fish (002847.SZ) has successfully capitalized on the konjac snack sub-brand "Big Demon King," contributing 791 million yuan in revenue in the first half of 2025, a year-on-year increase of 155.10%, accounting for 26.90% of total revenue [1][7]. - Wei Long Delicious (09985.HK) reported that its konjac products "Konjac Shuang" and "Little Demon Girl" significantly boosted its vegetable product segment revenue by 44.3% to 2.109 billion yuan in the first half of 2025, representing 60.5% of total revenue [4][5]. - In the first half of 2025, Salted Fish achieved a revenue of 2.941 billion yuan, a year-on-year growth of 19.58%, with a net profit of 373 million yuan, up 16.70% [7]. Group 2: 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 [3]. - More than 30 companies, including Cha Cha Food (002557.SZ) and Three Squirrels (300783.SZ), are entering the konjac snack market, indicating a competitive landscape [8][9]. - The konjac product category has become a significant growth driver for companies, with Salted Fish's konjac snacks growing from 476 million yuan in 2023 to 838 million yuan in 2024 [8]. Group 3: Channel Expansion - The snack industry is experiencing intensified competition in offline markets, with the Ming Ming Group surpassing 20,000 stores nationwide [2][10]. - Salted Fish has shifted its strategy to prioritize channel penetration, with over 70% of its revenue coming from distribution channels, including snack retail chains [11][12]. - Cha Cha Food has also increased its investment in emerging channels, reporting a rise in revenue from snack retail channels from 5 million yuan in January 2023 to approximately 45 million yuan in April 2024 [13].