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 ...

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]