重庆市涪陵榨菜集团股份有限公司 2025 年 6 月 26 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：2025-006 回复：公司坚持"双轮驱动"战略，目前川渝味复合调味料市场空间 大，需求广泛，且行业内暂无明显龙头企业，公司拟通过收购味滋美快速 进入复调领域同时具有一定的复调行业基础。一方面，味滋美深耕川调领 域多年，主营川式风味复合调料和预制菜，已经具备成熟的 B 端产品研发 生产能力，在产品研发、柔性生产、市场快速反应等方面独具优势，通过 本次收购，公司可依托其餐饮终端，完善新渠道布局，从而快速实现渠道 拓展，开辟第二增量市场。另一方面，公司经过多年的 C 端产品渠道精耕， 在经销商和渠道网络、销售网络上具备优势，味滋美目前正在储备开发 C 端产品，并购完成后，可借助公司自身渠道优势对其进行快速铺货上市。 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | |  现场参观其他 | | | 本次参与交流的人员名单如下： | | | 序号 姓名 机构 | ...

以下是活动回顾： 线下零售市场趋势洞察 孔庆宇（马上赢 饮料与休食行业总监） 在2025 CHINASHOP 新食饮闭门论坛上，马上赢饮料与休闲零食行业总监孔庆宇分享了2024年行业格局的变化及2025年的发展趋势。他指出，当前食品 饮料行业面临消费信心低迷、线下业态销售额下滑的挑战，但部分细分赛道仍呈现增长态势。 在休闲零食领域，健康化趋势显著。膨化食品整体下滑，但非油炸品类如雪饼、米饼等逆势增长。魔芋爽因兼具辣味与健康属性成为热门品类，卫龙等品 牌受益明显。此外，槟榔和礼品装零食大礼包也表现亮眼，尤其是百事食品通过跨品类礼包策略抢占市场份额。糖果赛道中，与玩具结合的产品更受低龄 消费者青睐。 整理 ｜消费纪 发布 ｜消费纪 声明 ｜原创文章未经授权，严禁复制再发布 如今，消费需求不断迭代，情绪价值愈发重要。年轻人秉持 "向野而生" 的理念，让消费市场发生了翻天覆地的变化。 在这样的背景下，纳食携手消费纪联合打造的2025 CHINASHOP 新食饮闭门论坛以"野性消费"为主题，深入探讨了食饮行业如何创新，满足消费者对自 然、健康和情绪价值的渴望，探寻从"流量狂欢"迈向"长期价值"的发展路径。 饮料行业同样 ...

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]