Fuling Zhacai(SZ:002507)2025-04-30 11:24Group 1: Company Strategy and Operations - The company adheres to the strategy of "stabilizing pickled vegetables and expanding new foundations," focusing on optimizing the pickled vegetable category and diversifying development [3] - In 2024, the company streamlined its management structure and sales organization to enhance efficiency and responsiveness to market competition [3] - The company aims to deepen traditional channels while exploring new ones, such as the catering sector, to adapt to the competitive landscape of the pickled vegetable industry [4] Group 2: Product and Market Performance - The 60g pickled vegetable product is expected to account for approximately 25% of total sales in 2024, with a combined share of 50% for 60g and 70g products in the first quarter of 2025 [5] - The company has accelerated the introduction of new products, with multiple series launched both online and offline, including a trial sale of a 48g product that achieved sales of 3-4 million in a single month [10] Group 3: Financial Management and Investments - The company plans to utilize new raw materials acquired in 2025 starting from July or August, due to a surplus of retained materials from the previous year [6] - The acquisition strategy combines equity and cash to ensure long-term benefits for both parties involved [7] - The company has established a positive incentive mechanism, including salary adjustments, to enhance employee motivation and performance [9] Group 4: Channel Development and Sales Strategy - The company is entering the snack channel through both distributor-led and self-operated methods, tailoring products to meet the specific needs of this market segment [13] - In the first quarter of 2025, the catering channel for non-pickled products is in its initial phase, with products like pickled cabbage and garlic being introduced [12] Group 5: Challenges and Future Outlook - The company is addressing the significant increase in accounts receivable from distributors by offering credit limits to loyal and high-performing partners [12] - The company anticipates that the net profit margin of the newly acquired brand, Weizimei, will improve as it scales and enhances its brand value [9]