央视网消息：一年之计在于春，一日之"补"在于晨。美好的一天就是从早餐开始。早餐弥漫着美食的香气，也氤氲着城市的烟火气，如今 更是催生了新消费场景，成为文旅融合的纽带。跨越南北东西，不同地域的早餐各有风情。 《我的早餐"攻略"》带着大家品味烟火中的中国味道，感受"早餐经济"背后的城市温度与发展动能。11月21日，我们就先来体验吉林延吉 的凌晨四点。当城市还在沉睡，水上市场的商家们已经忙碌起来，用最新鲜的食材和地道手艺等候着前来探寻风味的游客。 拥有20多年历史的延吉水上市场，并非建在水上，而是沿当地河道修建而成，是延吉最具生命力的市井地标，更是读懂当地美食与民俗的 关键。这里全长约200米，集聚300多个商家，朝鲜族特色美食琳琅满目。其中，江米鸡是标志性佳肴，以黑土地江米为基底，搭配鲜醇鸡汤与 养生食材，深受本地人与游客喜爱。 吉林延吉：早餐火出圈 冰雪邀盛宴 随着游客越来越多，延吉的这个水上市场也从传统本地采购市场，摇身一变成为全国游客必访的文旅地标。本地商家顺势而为，升级商品 与服务，让"早餐经济"成为延吉文旅融合的生动缩影。 清晨五点刚过，延吉水上市场已人头攒动。商家热情吆喝，游客或拎着各色美食袋，或边走 ...

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].

Core Insights - South Korea's agricultural and food exports are projected to grow by 5% year-on-year, reaching $8.59 billion in the first ten months before 2025, driven by strong demand from the Middle East, EU, and North America [1] Group 1: Export Growth by Region - Exports to the Middle East increased by 20.4% year-on-year [3] - Exports to the EU grew by 14.8% year-on-year [3] - Exports to North America rose by 13.9% year-on-year [3] - Exports to the U.S. saw a slight increase of 0.6% during the same period, attributed to escalating tariffs [3] - Exports to the Middle East surged by 23.5% from July to October [3] Group 2: Export Growth by Product - Exports to Greater China increased by 7.7% over the past four months, with instant noodle exports rising by 62.9% [3] - Overall instant noodle exports from July to October amounted to $520 million, reflecting a year-on-year growth of 21.7% [3] - Coffee product shipments increased by 21.3%, reaching $130 million [3] - Kimchi exports grew by 6.4% [3] - Exports of grapes and ice cream saw significant increases of 50.9% and 22.1%, respectively [4]

Core Insights - The South Korean government is set to announce measures on October 4 to ensure a stable supply of kimchi ingredients, particularly cabbage and radishes, in response to rising prices [1] - Prime Minister Kim Boo-kyum visited a market in Seoul to assess the supply and pricing of key ingredients like cabbage, radishes, garlic, and chili powder, while gathering public opinions on kimchi preparation plans and current prices [1] - Extreme weather conditions, including heatwaves, heavy rainfall, and cold snaps, have led to significant price fluctuations in vegetable markets during the summer and autumn seasons [1] Group 1 - The government aims to ensure that citizens can purchase kimchi-related vegetables and seasonings at reasonable prices [1] - The Prime Minister's market visit highlights the government's proactive approach to monitoring supply and demand for essential food items [1] - The government is seeking cooperation from sellers to alleviate the financial burden on consumers regarding vegetable prices [1]

Group 1: APEC Meeting and Trade Relations - The APEC 32nd informal leaders' meeting will be held in Gyeongju, South Korea from October 31 to November 1, highlighting the close economic ties between China and South Korea within the APEC framework [1] - China and South Korea are significant economic entities in APEC, with trade resilience rooted in pragmatic complementarity and mutual benefits [1] Group 2: Kimchi and Agricultural Products - In 2024, South Korea produced 530,000 tons of kimchi and imported 310,000 tons, with 99.98% of the imports coming from China [3] - The price of cabbage in South Korea has fluctuated significantly due to extreme weather, with market prices ranging from 7.5 RMB to as high as 130 RMB per cabbage [5][8] - The crisis in cabbage supply has created opportunities for Chinese kimchi exports, with Shandong Pingdu becoming a key export base and a "green channel" at Rongcheng Shidao Port ensuring quick customs clearance and freshness for kimchi [8] Group 3: Agricultural Technology and Trade - Chinese products account for 67% of the agricultural drones supported by the South Korean government through subsidies or loans [10] - Due to limited arable land in South Korea, Chinese-made drones are being utilized for seeding and fertilization in major agricultural areas [11] - In 2024, the trade volume between China and South Korea reached 2.33 trillion yuan, with China remaining South Korea's largest trading partner and South Korea becoming China's second-largest trading partner [13]

Core Viewpoint - Fuling Zhacai reported steady revenue and profit growth in Q3 2025, indicating a robust business model despite a challenging consumer market and intense competition in the condiment industry [1][2]. Financial Performance - For the first nine months of 2025, Fuling Zhacai achieved revenue of 1.998 billion yuan, a year-on-year increase of 1.84%, and a net profit of 673 million yuan, up 0.33% [1]. - In Q3 alone, the company recorded revenue of 686 million yuan, representing a 4.48% year-on-year growth, and a net profit of 232 million yuan, which is a 4.34% increase [1]. Dividend Policy - The company has prioritized investor returns, implementing a total dividend of 0.62 yuan per share for 2024, amounting to 715 million yuan, which is 89.49% of the net profit for 2024, resulting in a static dividend yield of 4.83% [1]. Growth Strategy - Fuling Zhacai is exploring new growth avenues beyond its traditional products and channels, focusing on online and restaurant markets to rejuvenate its traditional pickled vegetable offerings [2]. - The company has seen a gradual increase in non-pickled vegetable sales, with online non-pickled vegetable sales accounting for 21% of total sales [2]. Product Innovation - The company has intensified its innovation efforts, launching new products such as pickled vegetable sauce and stir-fried sauerkraut, with sales of certain new categories exceeding 10 million yuan [2]. - The restaurant segment has shown significant growth, with sales nearing 100 million yuan in Q3, reflecting a nearly 40% year-on-year increase [3]. Strategic Decisions - On October 24, the company decided to terminate the acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., citing changes in external conditions and disagreements on core business terms [3]. - Despite the termination of this acquisition, the company stated that its business operations remain normal and that this decision will not adversely affect its strategic development [3]. Future Outlook - Fuling Zhacai plans to continue focusing on the production, research, and sales of condiment products, and does not rule out the possibility of revisiting the acquisition of Weizimei in the future under suitable conditions [4].

（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 ...

Group 1: Management Changes - The recent announcement from Fuling Zhacai indicates that Zhao Ping has resigned as the board director and general manager but will continue as a senior manager, while He Yunchuan has retired and will no longer hold any position in the company [1][3] - Zhao Ping, who joined the company in 1995 and has served as general manager since 2011, is also recognized as a non-material cultural heritage inheritor of pickled vegetables [3][4] - The management transition reflects a trend towards younger leadership, with Gao Xiang, a post-80s executive, taking over as general manager, and Fu Rong and Wu Yan also being appointed to key positions [4][3] Group 2: Diversification Strategy - Fuling Zhacai is facing challenges in its core pickled vegetable market, with sales declining from 117,800 tons in 2022 to an expected 111,400 tons in 2024 [6] - The company's revenue has also seen a decline, with projected revenues of 2.45 billion yuan and 2.387 billion yuan for 2023 and 2024, respectively, representing year-on-year decreases of 3.86% and 2.56% [6] - To counteract these challenges, the company is actively pursuing diversification, including entering the pickled vegetable and compound seasoning markets, with plans to acquire a 51% stake in Weizimei, a company specializing in Sichuan-style compound seasonings [7][6]

Core Viewpoint - Fuling Pickle is facing stagnation in performance, leading to significant management changes and a need for new growth strategies as traditional sales channels decline [1][2][6]. Management Changes - Zhao Ping, the long-serving general manager, has stepped down, and Gao Xiang has been appointed as the new general manager [1]. - Zhao Ping has been with the company since 1995 and has played a crucial role in its development over the past 15 years [1]. Performance Stagnation - The company's revenue growth slowed to 1.18% in 2022, with projections for continued decline in 2023 and 2024 [1]. - Sales volume of pickled vegetables peaked at 135,600 tons in 2020 but is expected to drop to 111,400 tons by 2024, a decrease of nearly 18% [1]. Market Dynamics - The pickled vegetable market is experiencing increased competition, with consumers shifting preferences towards alternative products [2]. - The core consumer base, primarily urban migrant workers, is diminishing as many return to their hometowns due to economic factors [2]. Sales and Distribution Challenges - Despite expanding the number of distributors from 1,790 in 2019 to 3,239 in 2023, revenue growth has stagnated since 2022 [3]. - In the first half of the year, revenue was 1.313 billion yuan, a slight increase of 0.51%, while net profit declined by 1.66% [3]. Financial Metrics - Accounts receivable and inventory have significantly increased, with accounts receivable up 28% and inventory up 12% year-on-year [3]. - The inventory turnover days reached a historical high of 193.3 days, indicating potential liquidity issues [3]. Production Capacity - The production capacity utilization rate is low, at only 76%, with actual production of 113,600 tons against a designed capacity of 149,900 tons [4]. - A planned expansion project has been delayed, with only 19.04% of the investment progress completed as of mid-year [5]. Growth Strategy - The company is pursuing a dual growth strategy, focusing on expanding into related product categories and developing new markets for compound seasonings and pre-prepared dishes [6]. - New product lines have been introduced, but their contribution to overall revenue remains minimal, with pickled vegetables still accounting for 86% of total revenue [6]. Acquisition Plans - Fuling Pickle is in the process of acquiring a 51% stake in Sichuan Weizimei Food Technology Co., which specializes in compound seasonings and pre-prepared dishes [7]. - The acquisition is still in the audit phase, and Weizimei's financial performance has shown a decline, with a projected revenue of 265 million yuan and a net profit of 39.62 million yuan for 2024 [7]. Financial Position - The company has accumulated 3.053 billion yuan in cash and 3.084 billion yuan in trading financial assets, indicating a strong liquidity position for potential acquisitions and market promotions [7].

Core Viewpoint - Fuling Zhacai is actively pursuing the acquisition of a 51% stake in Weizimei to address performance pressures and expand its business portfolio, viewing mergers and acquisitions as a crucial strategy for overcoming development bottlenecks [1][4][6]. Financial Performance - For 2024, Fuling Zhacai expects revenue of 2.387 billion yuan, a decrease of 2.56% year-on-year, with net profit attributable to shareholders at 799 million yuan, down 3.29% [4][5]. - In the first half of 2024, the company reported revenue of 1.313 billion yuan, a slight increase of 0.51%, while net profit fell by 1.66% to 441 million yuan [5][6]. Dealer Network and Market Strategy - The number of dealers decreased from 3,239 at the end of 2023 to 2,632 by the end of 2024, representing an 18.74% decline, with significant reductions in the South China region [7][8]. - The company is optimizing its dealer network to address market order issues and channel conflicts, resulting in a further reduction to 2,446 dealers by mid-2024 [7][8]. Acquisition Details - Fuling Zhacai plans to acquire Weizimei, which specializes in the development and production of compound seasonings and pre-prepared dishes, with 2023 and 2024 revenues of 284 million yuan and 265 million yuan, respectively [9]. - The acquisition aims to enhance Fuling Zhacai's product matrix and sales channels, thereby improving its competitive edge and market influence [9].