Core Viewpoint - Fuling Pickle has encountered a performance growth bottleneck, with both revenue and net profit declining for the second consecutive year, prompting the company to adapt its product strategy to meet changing consumer preferences [1][3][4]. Financial Performance - In 2024, Fuling Pickle reported revenue of 2.408 billion yuan, a slight decrease of 1.71% year-on-year, and a net profit of 824 million yuan, down 0.31% year-on-year [3]. - The company's stock price closed at 13.35 yuan per share on February 28, reflecting a decline of over 50% from its historical peak [3]. Market Environment - The overall market consumption environment and consumer willingness to spend have negatively impacted revenue, despite lower raw material costs in 2024 [4]. - The decline in sales during the fourth quarter of 2024 is attributed to the disappearance of stockpiling demand that was prevalent during the COVID-19 pandemic [4]. Product Strategy - Fuling Pickle has introduced a new 60g product priced at 2 yuan to cater to price-sensitive consumers, which has become one of the company's main products, accounting for 25% of sales [9][10]. - The company has not considered lowering prices for its main products but is adapting by offering lower-priced alternatives to attract consumers [6][9]. Competitive Landscape - The industry is facing a slowdown in growth, with limited pricing power due to a focus on cost-effectiveness among consumers [5][7]. - Fuling Pickle's brand image and value remain strong, but the company must carefully evaluate the long-term impact of any pricing strategies on its brand [7][8]. Future Outlook - Analysts suggest that Fuling Pickle should focus on product innovation, expand sales channels, and enhance brand marketing to overcome its performance challenges [10].