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]

Core Insights - The company reported a total revenue of 713 million yuan in Q1 2025, a decrease of 4.75% compared to the same period last year [1] - Despite the decline in revenue, the net profit attributable to shareholders reached 272 million yuan, a slight increase of 0.24% year-on-year [1] - The company demonstrated strong profitability with a gross margin of 55.96%, up 7.38% year-on-year, and a net margin of 38.19%, an increase of 5.24% [2] Revenue and Profitability - The total revenue for Q1 2025 was 713 million yuan, reflecting a 4.75% decline from the previous year [1] - The net profit attributable to shareholders was 272 million yuan, showing a minor increase of 0.24% year-on-year [1] - The company's gross margin improved to 55.96%, indicating effective cost control and enhanced product value [2] Cost Control and Cash Flow - Total sales, management, and financial expenses amounted to 89.33 million yuan, representing 12.53% of total revenue, which is a 19.19% increase from the previous year [3] - Operating cash flow per share improved from -0.03 yuan to 0.02 yuan, marking a significant increase of 158.20% [3] Asset and Liability Situation - As of the end of the quarter, the company's cash balance was 3.202 billion yuan, a decrease of 26.89% year-on-year [4] - Accounts receivable decreased to 79.64 million yuan, down 50.26% compared to the previous year [4] - Interest-bearing liabilities slightly increased to 12.66 million yuan, a year-on-year growth of 7.00% [4] Investor Returns - Since its listing, the company has raised a total of 3.958 billion yuan and distributed a total of 2.145 billion yuan in dividends, resulting in a dividend-to-financing ratio of 0.54 [5] - The company remains committed to shareholder returns despite facing revenue challenges in Q1 2025 [5]

Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue declining but net profit showing slight growth, indicating a complex market environment and ongoing cost management efforts [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 713 million yuan, a year-on-year decrease of 4.75% [1]. - The net profit attributable to shareholders was 272 million yuan, reflecting a year-on-year increase of 0.24% [1]. - The company's gross profit margin was 55.96%, up by 3.85 percentage points year-on-year, primarily due to a 31% decrease in the purchase price of key raw materials [1]. - The net profit margin for Q1 2025 was 38.19%, an increase of 1.90 percentage points year-on-year [1]. Strategic Developments - The company announced a plan to acquire 51% of Sichuan Weizimei Food Technology Co., which specializes in the development and production of compound seasonings and prepared dishes [2]. - The acquisition aims to enhance the company's product offerings and distribution channels, supporting its dual growth strategy of internal and external expansion [2]. - Weizimei reported a revenue of 265 million yuan in 2024, down 6.56% year-on-year, and a net profit of 40 million yuan, down 2.67% year-on-year [2]. Profit Forecast - The company anticipates continued growth driven by both internal product development and external acquisitions, with expected net profits for 2025-2027 projected to increase by 8.5%, 8.2%, and 7.9% respectively, reaching 870 million, 940 million, and 1.01 billion yuan [3]. - The ongoing cost benefits from lower raw material prices are expected to sustain gross margin improvements [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 713 million yuan in Q1 2025, a year-on-year decrease of 4.75%, while the net profit attributable to the parent company was 272 million yuan, a slight increase of 0.24% year-on-year [1] - The company benefits from cost advantages due to a significant decrease in the price of raw materials, specifically a 31% year-on-year drop in the purchase price of the main ingredient, green cabbage [1] - The company is pursuing a dual strategy of organic growth and external acquisitions, with plans to acquire a 51% stake in Sichuan Weizimei Food Technology Co., which specializes in compound seasonings and prepared dishes [2][3] - The addition of Weizimei is expected to enhance the company's product categories and distribution channels, contributing to its long-term growth strategy [2][3] Financial Summary - The company's gross profit margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, attributed to cost reductions from lower raw material prices [1] - The report forecasts that the company's net profit attributable to the parent company will grow by 8.5%, 8.2%, and 7.9% in 2025, 2026, and 2027, respectively, reaching 870 million, 940 million, and 1,010 million yuan [3] - The projected revenue for 2025 is 2.579 billion yuan, reflecting an 8% year-on-year growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 713 million yuan in Q1 2025, a year-on-year decrease of 4.75%, while the net profit attributable to shareholders was 272 million yuan, a slight increase of 0.24% [1] - The company benefits from cost advantages due to a significant drop in the price of raw materials, specifically a 31% decrease in the purchase price of the main ingredient, green radish [1] - The company is pursuing a dual strategy of organic growth and external acquisitions, with plans to acquire a 51% stake in Sichuan Weizimei Food Technology Co., which specializes in compound seasonings and prepared dishes [2][3] - The integration of Weizimei is expected to enhance the company's product offerings and distribution channels, contributing to its long-term growth strategy [2][3] Financial Summary - The company's gross margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, attributed to cost reductions from lower raw material prices [1] - The report forecasts net profits for 2025-2027 to grow by 8.5%, 8.2%, and 7.9% respectively, reaching 870 million, 940 million, and 1.01 billion yuan [3] - The projected revenue for 2025 is 2.579 billion yuan, reflecting an 8% year-on-year growth [4] - The earnings per share (EPS) is expected to increase from 0.75 yuan in 2025 to 0.88 yuan by 2027 [4]

Financial Performance - The company's basic earnings per share for Q1 2025 remained unchanged at 0.2400 CNY compared to Q1 2024, while it increased from 0.2300 CNY in Q1 2023 [1] - The net profit for Q1 2025 was 2.72 billion CNY, consistent with Q1 2024, and an increase from 2.61 billion CNY in Q1 2023 [1] - The operating revenue for Q1 2025 decreased by 4.81% to 7.13 billion CNY compared to Q1 2024, down from 7.6 billion CNY in Q1 2023 [1] - The return on equity for Q1 2025 was 3.08%, a decrease of 4.94% from 3.24% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively held 49,863.8 million shares, accounting for 43.41% of the circulating shares, with a decrease of 813.27 million shares from the previous period [2] - The largest shareholder, Chongqing Fuling State-owned Assets Investment and Operation Group Co., Ltd., held 40,689.79 million shares, representing 35.42% of the total share capital, with no change [2] - New entrants among the top shareholders included several funds, while South China CSI 500 ETF and others exited the top ten list [2][3] Dividend Policy - The company has decided not to distribute dividends or allocate shares this time [4]

重庆市涪陵榨菜集团股份有限公司 董事会关于本次交易前 12 个月内购买、出售资产情况的说 明 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金购买四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权（以 下简称"本次交易"）。公司于 2025 年 4 月 25 日召开第五届董事会第二十八次 会议审议通过了《关于本次交易前 12 个月内购买、出售资产情况的议案》。 根据《上市公司重大资产重组管理办法》的相关规定："上市公司在十二个 月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算相应数额。 已按照本办法的规定编制并披露重大资产重组报告书的资产交易行为，无须纳入 累计计算的范围。中国证监会对本办法第十三条第一款规定的重大资产重组的累 计期限和范围另有规定的，从其规定。交易标的资产属于同一交易方所有或者控 制，或者属于相同或者相近的业务范围，或者中国证监会认定的其他情形下，可 以认定为同一或者相关资产。" 在公司审议本次交易方案的董事会召开日前十二个月内，不存在购买、出售 与本次交易同一或相关的资产情况，不存在需纳入本次交易累计计算范围的情况。 特此说明。 重庆市涪陵 ...

根据公司审慎自查，本次交易符合《上市公司监管指引第 9 号——上市公司 筹划和实施重大资产重组的监管要求》第四条的规定，具体分析如下： 重庆市涪陵榨菜集团股份有限公司 1.本次交易标的资产为味滋美 51%股权，不涉及立项、环保、行业准入、用 地、规划、建设施工等有关报批事项。公司已在《重庆市涪陵榨菜集团股份有限 公司发行股份及支付现金购买资产预案》中详细披露已向有关主管部门报批的进 展情况和尚需呈报批准的程序，并对报批事项可能无法获得批准的风险作出特别 提示。 董事会关于本次交易符合《上市公司监管指引第 9 号——上 市公司筹划和实施重大资产重组的监管要求》第四条规定的 说明 2.根据交易对方的书面确认，味滋美不存在出资不实或者影响其合法存续的 情况，交易对方已经合法拥有标的资产的完整权利，不存在限制或者禁止转让的 情形。 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金购买四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权（以 下简称"本次交易"）。公司于 2025 年 4 月 25 日召开第五届董事会第二十八次 会议审议通过了《关于本次交易符合<上市公司监管指引第 9 ...

重庆市涪陵榨菜集团股份有限公司 董事会关于本次交易采取的保密措施及保密制度的说明 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金购买四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权（以 下简称"本次交易"）。公司于 2025 年 4 月 25 日召开第五届董事会第二十八次 会议审议通过了《关于本次交易采取的保密措施及保密制度的议案》。 公司在筹划及操作本次交易事宜过程中，严格按照中国证监会及深圳证券交 易所的要求，采取了必要且充分的保密措施，制定并执行了行之有效的保密制度， 现就本次交易采取的保密措施及保密制度作出如下说明： 1、公司与本次交易的交易对方对相关事宜进行磋商时，采取了必要且充分 的保密措施，参与项目商议的人员仅限于本公司少数核心管理层，限定了相关敏 感信息的知悉范围，确保信息处于可控范围之内。 2、公司及公司相关人员，在参与制订、论证本次交易方案等相关环节严格 遵守了保密义务。 3、公司按照深圳证券交易所的要求及时、完整记录编写了重大事项进程备 忘录、内幕信息知情人登记表等相关材料。 4、根据《上市公司重大资产重组管理办法》的规定，公司与聘请的相关中 介机 ...

重庆市涪陵榨菜集团股份有限公司 董事会关于本次交易符合《上市公司重大资产重组管理办法》 第十一条和第四十三条规定的说明 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金购买四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权（以 下简称"本次交易"或"本次重组"）。公司于 2025 年 4 月 25 日召开第五届董 事会第二十八次会议审议通过了《关于本次交易符合<上市公司重大资产重组管 理办法>第十一条和第四十三条规定的议案》。 （二）本次重组不会导致公司不符合股票上市条件； （三）本次重组标的资产的交易价格将以符合法律法规规定的资产评估机构 出具的评估结果为基础，由交易各方协商确定，所涉及的资产定价公允，不存在 损害公司和股东合法权益的情形； （四）本次重组的标的资产为味滋美的 51%股权，交易对方已经合法拥有标 的资产的完整权利，不存在限制或者禁止转让的情形，资产权属清晰，资产过户 或者转移不存在法律障碍，相关债权债务处理合法； （五）本次重组有利于公司增强持续经营能力，不存在可能导致公司重组后 主要资产为现金或者无具体经营业务的情形； （六）本次重组有利于公司在业务、资 ...