Changjiang Securities: Initiate coverage of Fuling Pickles with a "buy" rating, actively embracing new channels.

Changjiang Securities research report pointed out that Fuling Zhacai is the leader in China's pickled vegetable industry, with a focus on both internal growth and external expansion. In the early stages, the company continued to deeply cultivate the pickled vegetable business with the "Wujiang" core brand. Later, they entered the pickled cabbage, radish, and other segmented tracks through internal cultivation and acquisitions. In April 2025, the company announced its intention to acquire Weizimei to enter the compound seasoning industry. The company has long held the leading position in the industry, with a market share of about 36% in 2019. Currently, the core price range of pickled vegetables is relatively stable, and with the leading background in brand, product, and channel strength, the company is expected to stabilize its core market share and achieve quality growth. The company actively embraces new channels, using pickled vegetables as a leisure entry point, and expects to see its products entering various channels. For example, Gazi Crispy Radish has entered Hema, and in the future, various new products are expected to open up new markets. First coverage, with a "buy" rating.