（央视财经《天下财经》）在吉林集安，一个早市每天从凌晨三点到上午九点半准时开启。这个原本只为街坊邻居服务的 露天市场，去年竟吸引了350万人次的游客，成为集安旅游的"必打卡地"。 集安早市，占地1.2万平方米，分土特产、食品和自产三个区域，不仅有本地特产集安白桃、边条参，还有朝鲜族特色美食 打糕、泡菜等，产品丰富多样。 总台记者 要越：早上7点，在集安早市的入口，可以看到已经人潮涌动。集安早市原本是街坊四邻买菜的露天市场，现在变 成了"没来早市，等于没来集安"的网红打卡点。 早市能火，全是"真材实料"。一边是集安本地的土特产——人参、白桃，山葡萄，这些产品新鲜得像刚从地里拔出来一样； 另一边是朝鲜族的特色——打糕现打、辣白菜现拌，摊主的朝鲜语叫卖和招呼都成了集安特色。更妙的是，游客来到集 安，早上逛早市吃早餐，上午去高句丽遗址，下午去五女峰，一天行程顺顺当当。 这早市不光热闹，实在劲儿也足，带动1000多人直接摆摊。国庆中秋这几天，早市闭市都延长到中午12点，每天来逛的游 客比平时多了近三倍。 转载请注明央视财经 编辑：王昕宇 ...

近日，涪陵榨菜发布公告称，因工作调整，公司董事、总经理赵平辞去董事、总经理职务，将继续担任公司一级资深经理；公司副总经理贺云川到龄退 休，且不再担任公司任何职务。同日，涪陵榨菜董事会还通过了多名高管聘任议案。 自2023年底涪陵榨菜前董事长周斌全、副总经理陈林相继到龄退休，到此次人事调整，涪陵榨菜的"老将们"已陆续从公司管理层淡出。与此同时，涪陵榨 菜的多元化发展也在加速，公司积极拓展非榨菜业务，推出泡菜、萝卜产品，并通过并购进入复合调味品行业……如何在巩固榨菜基本盘的同时，有效推 进公司多元化发展进程，将成为摆在接任者面前的关键课题。 管理层新老交替 涪陵榨菜再次迎来高管人事调整，其中，两位"老将"的辞职备受关注。 因工作调整辞去董事、总经理职务，仅继续担任公司一级资深经理的赵平，于1995年加入涪陵榨菜，从基层职工逐步成长，2009年，出任董事、常务副总 经理。2011年起，赵平一直担任董事、总经理，至今已有14年零5个月，还有一年到龄退休。 此外，赵平还是榨菜非遗传承人。公开信息显示，他每年坚持在本公司挑选10名技术骨干作为传承新人重点培养，以师徒一对一方式，亲手传授涪陵榨菜 传统加工技艺。 因到龄退休 ...

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 9月26日，涪陵榨菜发布公告，称董事、总经理赵平因工作调整，申请不再担任公司董事、总经理职 务，董事会聘任高翔为公司总经理。 赵平是涪陵榨菜元老，1995 年加入公司，历任技术科科长、副总经理等职，2011年5月起任公司董事、 总经理，在总经理一职务上已经待了15年，经历了涪陵榨菜的发展的崛起。而在2023年，掌舵23年的董 事长周斌全退休，"80后"高翔出任涪陵榨菜"一把手"。 元老的陆续离职背后，是涪陵榨菜业绩增长停滞的现实。2022年收入增速降到1.18%，2023年及2024年 连续下滑两年。2020年高峰时榨菜销售量为13.56万吨，2024年则降到了11.14万吨，减少近18%。 在这种情况下，公司能否依靠新品和对外并购培育起第二增长曲线呢？ 涪陵榨菜卖不动了 从近几年的销售来看，榨菜的确卖不动了！ 在2025年9月4日的投资者电话交流会上，管理层坦言，一方面，消费者对于佐餐类别的产品消费意愿发 生了变化，市场上涌现出更多可选择的其他品类替代产品；另一方面，城市人口出现回流迹象，公司主 要的销售渠道覆盖人群出现一定减少。 简单来说，榨菜行业已经 ...

今年上半年，涪陵榨菜业绩依旧承压。财务数据显示，公司今年上半年营业收入、归属于上市公司股东 的净利润分别为13.13亿元、4.41亿元，分别同比增长0.51%、-1.66%，扣非后净利润呈同比下滑态势。 | | 本报告期 | 上年同期 | 本报告期比上 年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 1.312.643.377.38 | 1, 305, 921, 590. 77 | 0.51% | | 归属于上市公司股东的净利润(元) | 440,706, 766, 02 | 448, 167, 297. 76 | -1.66% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 414,885,000.22 | 424, 789, 472. 39 | -2.33% | | 经营活动产生的现金流量净额(元) | 124,003, 304. 19 | 165, 478, 412, 13 | -25.06% | | 基本每股收益(元/股) | 0.38 | 0. 39 | -2.56% | | 稀释每股收益(元/股) | 0.38 | 0. 39 | -2 ...

Core Viewpoint - Fuling Pickle (002507.SZ) is experiencing significant challenges, including a recent management change with the resignation of General Manager Zhao Ping, amid declining financial performance and a shrinking distributor network [2][4][11]. Management Changes - Zhao Ping resigned as General Manager on September 26, 2023, after serving for over 14 years, and will take on the role of Senior Manager [2][4][6]. - Zhao Ping, who is 59 years old and approaching retirement, has been a key figure in the company's transformation from a traditional workshop to a modern enterprise [5][7]. - The company is undergoing a shift towards younger leadership, as indicated by the age of its board members [10][11]. Financial Performance - Fuling Pickle's revenue has stagnated, with reported revenues of 24.50 billion yuan in 2023, 23.87 billion yuan in 2024, and 13.13 billion yuan in the first half of 2025, reflecting year-on-year declines of -3.86%, -2.56%, and a slight increase of 0.51% respectively [11][12]. - The net profit attributable to shareholders has also decreased, with figures of 8.27 billion yuan, 7.99 billion yuan, and 4.41 billion yuan for the same periods, showing declines of 8.04%, 3.29%, and 1.66% respectively [12]. Product Diversification Efforts - The company has attempted to diversify its product offerings beyond pickles, including radishes and kimchi, but 85% of its revenue still comes from pickles, indicating limited success in diversification [3][13]. - The gross profit margin for pickles remains significantly higher at 58.08%, compared to lower margins for other products [13]. Distributor Network Challenges - The number of distributors has been declining, with a drop from 3,239 at the end of 2023 to 2,446 by mid-2025, indicating challenges in maintaining sales channels [14]. - The company primarily relies on a distribution model supplemented by e-commerce, and the reduction in distributors has contributed to the pressure on revenue growth [14]. Market Competition - Fuling Pickle faces increasing competition from emerging brands and product combinations that are encroaching on its market share, further complicating its growth prospects [13][14]. - The company has been actively promoting its products, with sales expenses rising to 1.95 billion yuan in the first half of 2025, but revenue growth has been minimal [14].

Core Viewpoint - Fuling Pickle (002507.SZ) is facing significant challenges, including a recent management change with the resignation of General Manager Zhao Ping, amid declining performance and shrinking distributor numbers [1][4][10]. Management Changes - Zhao Ping resigned as General Manager on September 26, 2023, after serving for 14 years and 5 months, and will continue as a senior manager [2][6][4]. - Zhao Ping, who is 59 years old and approaching retirement, has been a key figure in the company's transformation from a traditional workshop to a modern enterprise [5][7]. - The company is undergoing a shift towards younger leadership, as indicated by the age of the current board members [10][11]. Financial Performance - Fuling Pickle's revenue has stagnated, with reported revenues of 24.50 billion yuan in 2023, 23.87 billion yuan in 2024, and 13.13 billion yuan in the first half of 2025, reflecting year-on-year changes of -3.86%, -2.56%, and 0.51% respectively [11][12]. - The net profit attributable to shareholders has also declined, with figures of 8.27 billion yuan, 7.99 billion yuan, and 4.41 billion yuan for the same periods, showing decreases of 8.04%, 3.29%, and 1.66% respectively [12][11]. Product Diversification Efforts - The company has attempted to diversify its product offerings beyond pickles, including products like radishes and kimchi, but 85% of its revenue still comes from pickles, indicating limited success in diversification [3][13]. - The gross profit margin for pickles remains significantly higher at 58.08%, compared to lower margins for other products [13]. Distributor Network Challenges - The number of distributors has been decreasing, with 2,632 distributors at the end of 2024, down by 607 from 2023, and further reduced to 2,446 by mid-2025 [3][14]. - The decline in distributor numbers is impacting sales performance, as the company relies heavily on a distributor model supplemented by e-commerce [14]. Market Competition - Fuling Pickle faces increasing competition from other brands, which is squeezing its growth potential [13][14]. - The company is actively promoting its products, with sales expenses rising to 1.95 billion yuan in the first half of 2025, but revenue growth remains minimal [14].

Group 1: Financial Performance and Shareholder Returns - The company has maintained a cash flow of approximately 2.8 billion CNY annually, with 4.2 billion CNY allocated for financial management, yielding a return rate of only 2% [2][6]. - The sales net profit margin has consistently exceeded 30% over the past two years, while the net asset return rate has been impacted by a significant increase in net assets due to non-public fundraising in 2021 [19][32]. - The company has been increasing dividend payouts annually to provide stable returns to shareholders, while share buybacks are considered based on various factors [1][6]. Group 2: Market Strategy and Product Development - The company is focusing on expanding its product categories and channels, with a strategy to develop new products that meet consumer demands and to penetrate new markets [7][10]. - Recent innovations include the introduction of snack products like "Little Crunchy" and "Only Wujang," aimed at the snack food segment [2][10]. - The company is actively exploring the customization of products for B2B clients and has established a large customer operations center to facilitate direct service [5][10]. Group 3: Management and Operational Efficiency - The management team is subject to annual performance evaluations, and measures are in place to address underperformance [4][6]. - The company has implemented robotic applications in production processes to enhance efficiency and standardization [8][26]. - The company is committed to maintaining a focus on its core business of pickled vegetables while exploring strategic acquisitions to expand its product matrix [11][30]. Group 4: Market Challenges and Consumer Trends - The company acknowledges the challenges posed by market fluctuations, macroeconomic factors, and competition from alternative products [6][23]. - There is a noted shift in consumer preferences towards a wider variety of snack options, prompting the company to adapt its product offerings accordingly [23][24]. - The company is also exploring overseas markets and has established a dedicated subsidiary for export business, although specific revenue targets for the next three years have not yet been set [20][30].

Core Viewpoint - Fuling Zhacai is facing challenges in its core product, pickled vegetables, which has seen limited innovation and declining sales volume, prompting the company to explore new product categories to meet diverse consumer demands [2][4]. Financial Performance - In the first half of the year, Fuling Zhacai achieved revenue of 1.313 billion yuan, a year-on-year increase of 0.51%, while net profit was 441 million yuan, a decrease of 1.66% [2]. - The pickled vegetable category generated revenue of 1.123 billion yuan, up 0.45% year-on-year, while the radish category saw a significant revenue increase of 38.35% to 33.149 million yuan [2][3]. Sales Trends - The sales volume of pickled vegetables declined by 1% to 59,300 tons in the first half of the year, marking the third consecutive year of decline [4]. - Despite the growth in radish revenue, its small scale does not significantly contribute to overall performance [3]. Regional Performance - Sales in most regions, except for East China, Central China, Northeast China, and export business, experienced varying degrees of decline, although gross margins improved across regions [5]. Cost and Receivables - Sales expenses increased significantly by 22.94% to 195 million yuan, outpacing revenue growth, while accounts receivable surged by 1421.45% to 125 million yuan [5]. Market Challenges - The company acknowledges the need to adapt to health and diversification trends, as traditional pickled vegetables face declining popularity in a more diverse food market [5]. - Fuling Zhacai is exploring new opportunities beyond pickled vegetables, including radish and pickled cabbage, but these categories have not yet shown significant growth [5].

Core Insights - The article highlights the vibrant scenes of the agricultural harvest festival and the significant potential of urban and rural consumption markets during the autumn consumption season [1][3]. Group 1: Consumption Trends - The autumn consumption season, themed "Celebrating Agricultural Harvest and Enjoying a Better Life," runs from early September to the end of November [3]. - In Shandong Rizhao, the market sees an average daily sales volume of 100,000 jin (50,000 kg) for seasonal seafood due to the release of consumer demand [2]. - From September 10 to 19, Douyin reported over 120 million orders of various agricultural products, with a year-on-year increase of 56% in order volume and 47% in transaction value [5]. Group 2: E-commerce and Financial Support - Major e-commerce platforms and financial institutions have launched numerous subsidies and support measures, including 25 initiatives from six well-known e-commerce platforms and 34 measures from eight financial institutions [5]. - The integration of traditional product consumption with innovative online and offline models has revitalized the market, providing consumers with diverse choices [5]. Group 3: Youth Engagement - An increasing number of young consumers are drawn to "earthy and beautiful" products, with many participating in the autumn consumption season [6][7]. - The use of online platforms for purchasing agricultural products has become a preferred method for young consumers, who enjoy the unique flavors of rural products [7][8]. Group 4: Challenges and Opportunities - Despite the booming sales, issues such as incomplete cold chain logistics and internal competition in agricultural e-commerce have been raised [9]. - Experts suggest enhancing cold chain infrastructure and promoting digital technology applications to improve the management of agricultural product logistics [9]. - Local governments are taking initiatives to streamline agricultural product sales channels, enhancing the efficiency of rural products entering urban markets [9].

Core Viewpoint - Fuling Pickle maintains a stable outlook in the pickled vegetable industry, focusing on a diversified long-term development strategy to enhance market penetration and adapt to consumer demands [2][5]. Group 1: Industry and Growth Space - The pickled vegetable industry is currently in a phase of stock competition, with overall stability [2]. - The company is implementing a "diversification strategy" by expanding product categories and channels, including supermarkets, e-commerce, and catering [2]. Group 2: New Product Strategy - The company has learned from past experiences that promoting radish products in the same way as pickled vegetables was ineffective, leading to a revised strategy that increases market support for new categories [3]. - Sales personnel's performance evaluation has been adjusted to focus on positive incentives to enhance channel development [3]. Group 3: New Channel Development - A large customer operations center has been established to provide direct services to major supermarkets like Sam's Club and Hema, allowing for customized product development and direct feedback from end customers [4]. Group 4: Raw Material Costs and Gross Margin - Recent low costs of raw materials, particularly for green cabbage, are attributed to favorable weather and stable planting areas, with a reasonable price range of 800 to 1000 yuan per ton expected [5]. - The company plans to increase the purchase of green cabbage and reduce semi-finished product purchases to stabilize gross margins [5]. Group 5: Brand Investment and Consumer Changes - Brand investment strategies are tailored to different stages of product maturity, with increased investment for new product launches and targeted advertising [6]. - The primary consumer demographic remains women aged 30 to 50, with a focus on diverse consumption scenarios [6]. Group 6: Channel Penetration and Strategic Adjustments - In response to changing consumer habits, the company has introduced a 60g product priced at 2 yuan to attract price-sensitive consumers [7]. - The new chairman emphasizes a "dual-driven" strategy, focusing on product diversification, sales, and management optimization, with funds allocated for expanding product categories and markets [7].