Group 1 - Japanese cuisine heavily relies on "dashi," a broth made from kelp and bonito flakes, which provides a rich umami flavor [1] - Soy sauce is a staple in Japanese cooking, often combined with sugar to enhance flavors [1][2] - The perception of Japanese cuisine is that it primarily consists of dashi and soy sauce, similar to how other countries have distinct aromas at their airports [2] Group 2 - Chinese ingredients and seasonings are increasingly available in Japan, with items like sweet bean sauce and doubanjiang being commonly found [4][3] - Authentic Chinese dishes, such as twice-cooked pork, face challenges due to the unavailability of specific ingredients like garlic sprouts, leading to adaptations using onions [5] - Japanese supermarkets offer various sauces, such as ginger and garlic sauces, which can be used as substitutes in cooking [7] Group 3 - The concept of "multicultural coexistence" in Japan promotes the blending of different culinary traditions, reflecting in the kitchen [8] - The popularity of Chinese vegetables in Japan surged in the 1980s, leading to the acceptance of various Chinese greens in Japanese households [23] - The naming and classification of vegetables have evolved in Japan, with official documents standardizing names for new vegetables introduced from China [25] Group 4 - The introduction of Chinese vegetables has led to a cultural exchange, with items like spinach and water spinach becoming more common in Japanese markets [28][29] - The availability of seasonal vegetables, such as garlic sprouts, has increased, indicating a growing interest in diverse culinary ingredients [30]

Core Viewpoint - The article highlights the successful implementation of a live-streaming e-commerce initiative in Wanquan County, aimed at promoting local agricultural products and enhancing farmers' income through online sales [6][7]. Group 1: Live Streaming E-commerce Initiative - A team of seven e-commerce influencers conducted a live-streaming sales event in Wanquan County, successfully selling local agricultural products such as handmade bean paste [3][4]. - The live-streaming event generated significant sales, with 254 orders and a total transaction amount of 8,501.57 yuan in one session [5]. - The initiative is part of a broader strategy to leverage the internet for agricultural promotion, allowing local farmers to reach a wider market [6]. Group 2: Government Support and Strategy - The local government has been actively involved in creating an "Internet + Agriculture" model to help local agricultural products reach broader markets [6]. - The "Wanquan Town E-commerce Influencer Live Streaming Team" consists of ten local e-commerce professionals who rotate through villages to conduct live-streaming sales [6]. - Since the launch of the initiative, a total of five live-streaming events have been held, generating over 60,000 yuan in sales and facilitating more than 1,300 transactions [7].

■寇博 王国灿 在当前乡村振兴与共同富裕战略背景下，"高质量建设共富市集促进农产品销售"是新时代乡村振兴的核心举措，旨在通过建设高标准、多功能的市场平台， 打通农产品从田间到餐桌的链条，直接提升农民收入，缩小城乡差距。这不仅响应了国家共同富裕的政策导向，还为农村经济注入新动能。在当前经济转型 期（如2025年消费升级趋势），此策略能有效缓解农产品"卖难"问题，促进内需增长。其本质上是将市场建设与民生福祉相结合，实现经济效率与社会公平 的统一。 本文提出通过"四维赋能"（数字赋能、品牌赋能、制度赋能、生态赋能）构建新型共富市集体系。基于对全国32个典型案例的实证研究，建议形成"政府引 导-市场运作-农民主体-科技支撑"的协同机制，可提升农产品溢价空间，以促进县域经济循环效率大力提升。 资料图 共富市集作为乡村振兴战略的重要载体，其促进农产品销售的社会意义已超越单纯的经济范畴，形成多维度的价值网络。基于当前城乡融合发展背景，其核 心价值主要体现在以下方面： （一）重构城乡要素流动的毛细血管 破解小农户对接难题通过建立"田头直供+社区直销"的短链体系，将农产品流通环节从6-8个缩减至2-3个。 浙江"百县千集"工程 ...

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Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is in a transitional phase focusing on stabilizing its core products while exploring new product lines and external growth opportunities. The first quarter performance aligns with expectations, maintaining profit forecasts for the upcoming years [7] - The company aims to leverage its brand, distribution channels, and capital advantages to achieve sustained growth through both organic and external means [7] Financial Summary - For Q1 2025, the company reported total revenue of 713 million yuan, a year-on-year decrease of 4.75%, while the net profit attributable to shareholders was 272 million yuan, showing a slight increase of 0.24% [7] - The projected net profits for 2025, 2026, and 2027 are 844 million yuan, 901 million yuan, and 982 million yuan respectively, reflecting year-on-year growth rates of 5.5%, 6.8%, and 8.9% [6][7] - The company's gross margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, with a net profit margin of 38.19%, up by 1.9 percentage points [7] Market Position and Strategy - The company is focusing on its core products, particularly pickled vegetables and bean paste, while also entering the Sichuan cuisine seasoning market through acquisitions [7] - The acquisition plan involves purchasing a 51% stake in Weizimei, which specializes in Sichuan-style compound seasonings and pre-prepared dishes, indicating a strategic move to enhance its product portfolio [7][8] Stock Performance and Valuation - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 19x for 2025, with a target PE of 23x, suggesting a potential upside of 24% from the current stock price [7] - The company has a strong cash position with over 6 billion yuan in cash and financial assets, and minimal debt, which supports its valuation [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing a release of cost benefits, leading to improved profitability and ongoing channel reforms [1][5] - The first quarter of 2025 saw total revenue of 713 million yuan, a decrease of 5% year-on-year, while net profit attributable to shareholders increased by 0.2% to 272 million yuan [4][5] Summary by Sections Market Performance - The company's stock price is currently at 13.53 yuan, with a total market capitalization of 15.6 billion yuan [1] Financial Performance - The gross margin for Q1 2025 increased by 4 percentage points to 55.96%, attributed to improved production efficiency and historically low raw material prices [5] - The net profit margin rose by 2 percentage points to 38.19%, indicating sustained profitability [5] Product and Channel Strategy - The company is focusing on enhancing product offerings and channel differentiation, with ongoing promotions for bundled products and a shift towards non-pickled vegetable categories [6] - The company is adjusting its product offerings between online and offline channels to optimize profitability and adapt to market demands [6] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 17, and 16 times [7][10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing a release of cost benefits, leading to improved profitability and ongoing channel reforms [1][5] - The first quarter of 2025 saw total revenue of 713 million yuan, a decrease of 5% year-on-year, attributed to a high base and a strategic shift to reduce sales proportion in Q1 [4][5] - The net profit attributable to shareholders for Q1 2025 was 272 million yuan, an increase of 0.2% year-on-year, while the non-recurring net profit was 257 million yuan, a decrease of 0.6% year-on-year [4] Summary by Sections Financial Performance - The company's gross margin increased by 4 percentage points to 55.96% in Q1 2025, driven by improved production efficiency and historically low raw material prices [5] - The net profit margin rose by 2 percentage points to 38.19%, indicating sustained profitability [5] Product and Channel Strategy - The company is enhancing product bundling efforts and strengthening channel price differentiation, with a focus on expanding non-pickled vegetable products [6] - The company is adjusting its product offerings between online and offline channels to improve profitability and adapt to market demands [6] Earnings Forecast - The company is expected to see EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 17, and 16 times [7] - Revenue projections for 2025-2027 are 2,578 million, 2,752 million, and 2,924 million yuan, reflecting growth rates of 8.0%, 6.7%, and 6.3% respectively [10]