重庆市涪陵榨菜集团股份有限公司 2025 年 11 月 18 日、20 日-21 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：2025-016 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 其他 投资者线上交流会 参与单位名称 及人员姓名 本次参与交流的人员名单如下： 序号 姓名 机构 1 吴文德 财通证券 2 黄欣培 财通证券 3 费馨涵 汇丰晋信 4 李文华 汇丰晋信 5 徐犇 汇丰晋信 6 徐洋 国泰海通证券 7 黄琦 翼虎 8 房俊 国联安基金管理有限公司 9 施旭健 浙江龙航资产管理有限公司 10 方军平 上海人寿保险股份有限公司 11 张夺 合煦智远基金管理有限公司 12 张珈玮 华泰资产管理有限公司 13 鲍强 嘉实基金管理有限公司 14 金昊 中国人民健康保险股份有限 公司 15 宋芳 南京证券（自营） 16 李梦遥 中国国际金融股份有限公司 17 熊正寰 中庚基金管理有限公司 18 王子昂 申万宏源证券股份有限公司 回复：主要从两个方面进行推广，一方面在线上进行试销后转线下， 销售通路上，前 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved revenue and net profit of 1.999 billion and 673 million yuan respectively in the first three quarters of 2025, reflecting a year-on-year growth of 1.84% and 0.33% [1]. - In Q3 2025, the company reported revenue and net profit of 686 million and 232 million yuan, showing a year-on-year increase of 4.48% and 4.34% [1]. - The main product category, pickled vegetables, is expected to remain stable, with the fastest growth coming from the catering channel, which saw a 20% increase in the first three quarters [1]. - The company plans to continue developing new products to explore new growth areas in the condiment market [1]. - The family consumption channel remains the largest, while the catering and e-commerce channels have shown growth rates of 20% and approximately 10% respectively [1]. Financial Summary - Gross margin and net margin in Q3 2025 decreased by 3.24 and 0.04 percentage points to 52.93% and 33.86% respectively, primarily due to increased promotional support for new products and rising costs [2]. - The company expects stable raw material prices for green vegetables, indicating no significant fluctuations in costs [2]. - Revenue projections for 2025-2027 are 2.4 billion, 2.6 billion, and 2.7 billion yuan, with growth rates of 2%, 6%, and 6% respectively [2]. - Net profit forecasts for the same period are 820 million, 890 million, and 950 million yuan, with growth rates of 3%, 8%, and 7% respectively [2]. - The corresponding price-to-earnings ratios are projected to be 19X, 18X, and 16X for 2025, 2026, and 2027 [2]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 2.449 billion yuan, with a slight decline of 3.86% [3]. - The estimated EBITDA for 2025 is 983.14 million yuan, with a projected net profit of 824.21 million yuan [3]. - The earnings per share (EPS) for 2025 is expected to be 0.71 yuan, with a price-to-earnings ratio of 18.91 [3]. - The company’s total assets are projected to reach 9.714 billion yuan by 2025, with a debt-to-asset ratio of 5.94% [8].

Core Viewpoint - Fuling Zhacai (002507) emphasizes its commitment to product diversification and adapting to consumer trends to capture more market share [1] Group 1: Product Strategy - The company currently has a rich product line and a comprehensive product matrix [1] - It offers a variety of products at different price points to meet diverse consumer needs [1] - Future plans include continuous promotion of product diversification to align with changing consumer trends [1] Group 2: Market Expansion - The company aims to broaden consumption scenarios and target demographics to win more market share [1]

Core Viewpoint - Fuling Zhacai (002507) is committed to continuously adjusting and optimizing its products based on market demand and company strategy to better meet consumer needs [1] Group 1 - The company is actively engaging with investors through interactive platforms to address inquiries [1] - The focus on product optimization indicates a responsive approach to changing market conditions [1]

Core Viewpoint - Chongqing Fuling Zhacai Group Co., Ltd. has decided to abolish its supervisory board and amend its articles of association accordingly, with the audit and risk management committee of the board of directors taking over the supervisory functions [1][2][31]. Group 1: Abolishment of Supervisory Board - The company has canceled the supervisory board in accordance with relevant laws and regulations, including the Company Law of the People's Republic of China and the Guidelines for Articles of Association of Listed Companies [1][2][39]. - The supervisory board members, including Chairman Xiao Dabo, have been relieved of their duties, with Xiao Dabo holding 2,939,305 shares in the company [2][3]. - The functions of the supervisory board will now be performed by the audit and risk management committee of the board of directors [2][39]. Group 2: Amendment of Articles of Association - The company has proposed amendments to its articles of association, which will be submitted for approval at the second extraordinary general meeting of shareholders in 2025 [3][31]. - The amendments are in line with the latest regulations issued by the China Securities Regulatory Commission regarding the guidelines for articles of association [31][39]. - The company will seek authorization from the shareholders' meeting for the board of directors to handle the necessary business registration changes related to the amendments [31][32]. Group 3: Upcoming Shareholders' Meeting - The second extraordinary general meeting of shareholders is scheduled for November 28, 2025, at 14:30, combining on-site voting and online voting [8][36]. - The meeting will discuss the proposed amendments to the articles of association and other related matters, requiring a special resolution for approval [15][36]. - Shareholders must register for the meeting by November 25, 2025, and can participate either in person or through a proxy [10][11].

Core Insights - Ningbo has launched the "Ningbo Nonghao" quality traceability system as part of its Green Food Promotion Month, aiming to enhance the transparency and quality of local agricultural products [1][2] - The initiative is a response to national efforts in promoting green food and signifies a step towards ensuring food safety and increasing the market recognition of high-quality agricultural products [1][2] Group 1: Event Overview - The Green Food Promotion Month will last for two months, featuring the distribution of a guidebook on green quality agricultural products and the launch of the traceability system [1] - Four companies were recognized for their inclusion in the national green food label directory, and 20 agricultural entities showcased their products at the event [1] Group 2: Agricultural Quality and Safety - Ningbo is committed to ensuring food safety by implementing strict standards and regulations, enhancing the supply and quality of green agricultural products [2] - The city has developed a digital traceability system that allows consumers to access detailed information about agricultural products through a unified identification code [2] Group 3: Industry Development - Currently, Ningbo has 257 green food enterprises and 375 certified products, with a total annual output value of nearly 5 billion [3] - The city aims to optimize the structure of green food products and improve the effectiveness of certification processes while enhancing the overall agricultural industry development [3]

Core Viewpoint - Fuling Zhacai (002507) has shown a positive sales trend in Q3 2025, driven by effective marketing strategies and new product launches, with a focus on maintaining high gross margins and exploring new market channels [2][9][10]. Sales Performance - The company reported a 1.84% year-on-year increase in revenue for the first three quarters of 2025, totaling 1.999 billion yuan, and a 0.33% increase in net profit to 673 million yuan [13]. - In Q3 2025 alone, the company achieved a revenue of 686 million yuan, up 4.48% year-on-year, and a net profit of 232 million yuan, up 4.34% year-on-year [13]. New Product Launches - The company plans to introduce several new products in 2024, including the "Stir-fried" series and various bean products, with initial sales conducted through e-commerce channels to gather consumer feedback [3][10]. Marketing and Promotion Strategy - Fuling Zhacai has implemented a comprehensive annual planning for marketing expenses, adjusting allocations based on product launches and market feedback [4][10]. - The company has increased its focus on the restaurant channel, developing new products like pickled chili and ginger, and expanding its sales team to enhance customer outreach [5]. Management Changes - The appointment of new senior management, including a vice general manager with local agricultural expertise, aims to strengthen the company's operational capabilities [6]. Dividend and Shareholder Engagement - The company is in the process of planning its dividend distribution, pending approval from the shareholders' meeting [8]. Gross Margin Stability - The company has maintained a stable gross margin of 53.73%, attributed to stable raw material prices and sufficient inventory of key ingredients [9]. Institutional Ratings - Over the past 90 days, 17 institutions have rated the stock, with 14 buy ratings and 3 hold ratings, indicating positive market sentiment [13].

Sales Performance - The sales situation in Q3 showed a recovery, attributed to the company's promotional marketing strategies [2] - The company expects to maintain the recovery rhythm of terminal inventory adjustments based on market feedback [2] New Product Launches - New products such as the "Stir-fried" series and various bean products will be launched in 2024, with initial sales conducted online [3] - The online sales channel allows for broader consumer reach and quicker feedback, enhancing brand promotion [3] Marketing and Expense Planning - The company plans its annual marketing expenses at the beginning of the year, adjusting based on product launches and promotional needs [4] - Sales expenses have increased to accelerate new product launches and enhance terminal promotion for the pickled vegetable category [10] Restaurant Channel Development - The company has developed new products for the restaurant channel, including pickled chili and ginger, expanding its customer base [5] - The sales team for the restaurant sector consists of approximately 50 personnel, focusing primarily on pickled vegetables [5] Management Changes - The company appointed a new executive vice president, who has experience in local agricultural products, and a new vice president with strong expertise in quality management [6] Shareholder Matters - The company is exploring the feasibility of equity incentives but currently has no plans in place [7] - Dividend distribution is pending approval from the shareholders' meeting, with arrangements to be made post-approval [8] Profitability and Cost Management - The company maintains high gross margins for pickled vegetables due to stable raw material prices and sufficient inventory [9] - The company has established a value management system in response to requirements from the local state-owned assets supervision and administration commission [11] Organizational Changes - The company has streamlined its organizational structure to improve efficiency and adjusted its sales strategies to focus on results-oriented incentives [12]

Economic News - The National Immigration Administration announced 10 innovative measures to support high-quality development and expand openness, including the implementation of a "national handling" policy for mainland residents applying for travel permits to Taiwan [1] - The Ministry of Finance and the State Administration of Taxation announced tax policies related to gold, exempting value-added tax for members or clients trading standard gold through designated exchanges [1] - The People's Bank of China announced the resumption of public market treasury bond trading, reflecting a shift in monetary policy management from "total adjustment" to "structured management" [1] - The China Macro Economic Monitoring and Forecasting Platform was launched to enhance the precision and effectiveness of macroeconomic analysis [1] - The contribution of margin financing business to the performance of listed brokerages has become a market focus, with a 70% year-on-year increase in margin financing scale for 42 listed brokerages [1] - A notification was issued to improve duty-free shop policies to boost consumption, effective from November 1, 2025 [1] - Several car manufacturers reported strong sales performance in October, with new energy vehicle sales expected to exceed previous forecasts due to favorable policies [1] Company Insights - Sailyus announced its H-share issuance price at HKD 131.5 per share, with listing on the Hong Kong Stock Exchange expected on November 5, 2025 [6] - Vanke entered into a loan framework agreement with Shenzhen Metro Group, agreeing to a loan of up to RMB 22 billion [6] - Visionox is planning to issue A-shares to specific investors, which may lead to a change in control [6] - Longji Technology announced a potential change in control due to share transfer plans by its actual controllers [7] Industry Reports East Star Food and Beverage - Fuling Mustard's revenue for the first three quarters reached RMB 2 billion, a year-on-year increase of 1.84%, with net profit of RMB 670 million, up 0.3% [8] - The company achieved a revenue growth of 4.48% in Q3, indicating stable performance [9] - The gross margin for the first three quarters was 53.7%, with a slight decrease in Q3 due to increased promotional activities [9] - The company is expanding into the catering channel, with sales in this segment nearing RMB 100 million, a growth of nearly 40% [9] East Star Metals and New Materials - Zhongmin Resources reported a revenue of RMB 4.818 billion for the first three quarters, a year-on-year increase of 34.99%, with a net profit of RMB 204 million, down 62.58% [10] - The company produced 256,000 tons of spodumene concentrate, with stable production of lithium salt [12] - The cesium and rubidium segment saw a revenue of over RMB 900 million, with a gross margin of approximately 66.67% [13] East Star Banking - Postal Savings Bank reported a revenue of RMB 265.08 billion and a net profit of RMB 76.565 billion for the first three quarters, with a year-on-year growth of 1.8% and 1.0% respectively [18] - The bank's non-interest income grew by 20.2%, contributing to a more balanced income structure [18] - The bank's loan growth was strong, with total loans increasing by 10% year-on-year [19] East Star Machinery - Lanjian Intelligent reported a revenue of RMB 508 million in Q3, a year-on-year increase of 62.62%, with a net profit growth of 97.12% [26] - The company is focusing on intelligent logistics equipment, with a significant demand increase [27] - The establishment of a research institute in collaboration with Shandong University aims to enhance the development of embodied intelligence robots [28]

Core Insights - The company anticipates stable competition in the pickled vegetable market, with growth primarily driven by existing market competition and new product development in the condiment sector [1][2] Group 1: Revenue and Market Trends - The pickled vegetable category remains the largest segment of the company's product offerings, with limited overall growth expected [1] - The family consumption channel continues to dominate, including large supermarkets, community stores, and farmers' markets, while the restaurant sector has seen a 20% growth in the first three quarters [1] - E-commerce channels have increased promotional spending, resulting in a growth rate of around 10%, although the overall base remains small [1] Group 2: Profit Margins and Cost Outlook - The decline in gross profit for the third quarter is attributed to the introduction of new products, which required higher promotional support, and adjustments in product specifications that affected margins [1] - The company expects stable raw material costs for the coming year, particularly for green vegetable heads, as planting progresses normally [1] Group 3: M&A Activity - The company has terminated its merger and acquisition project due to a lack of agreement on key terms during negotiations, but it remains open to future M&A opportunities in the condiment and compound seasoning sectors [2]