Zhu Laoliu (920726) Discloses Investor Research Findings; Growth Prospects Expected for Fermented Tofu and Pickled Vegetables Business

Zhu Laoliu (920726) held a targeted research activity at Wanda Rehua Hotel in Wuhan on March 20, 2026. Participants included institutions such as Huayuan Securities, Jianghai Securities, Kaiyuan Securities, and Puzhuo Capital. Ms. Zhu Ying, the company’s Chief Financial Officer and Board Secretary, was responsible for hosting.

Regarding the downstream customer structure, the company stated that “B-end customers downstream account for a smaller proportion” and noted that changes in the consumer market can be felt from customers and distributors. “The recovery of dining consumption indicates an overall positive consumption trend, and consumers’ willingness to spend has increased, which has a positive transmission effect on the company’s performance.”

In terms of cooperation with dumpling chain enterprises, the company revealed that “discussions or negotiations with chain enterprises such as Xibei and Xijiade are still in the early stages, and large-scale supply has not yet begun.” The company expressed confidence in this year’s operations, with specific growth data for fermented bean curd and pickled vegetables to be “based on the information disclosed in periodic reports.”

Regarding plans for pre-made dishes, the company indicated considering combining pickled vegetables with pre-made dish development, as consumers are unfamiliar with cooking methods for pickled vegetables. “If made into pre-made dishes (such as pairing with peppercorns and spices), it can solve standardization issues.” The company pointed out that “Hema has launched ready-to-eat iron pot stew products, which is also one of the company’s directions.” For new product plans in 2026, “a new hotpot dipping sauce will be launched, initially tested in small markets, and then promoted based on the test results.”

On raw material prices, the company disclosed that “soybean prices have been rising over the past year, starting at 4,400 yuan per ton in early 2025 and now rising to 5,000 yuan per ton.” However, since “the soybean procurement for the entire year of 2026 has already been completed and inventory is in place,” the “fluctuation in gross profit margin for fermented bean curd in 2026 will not be significant.”

According to Bibu Finance, the company’s main business involves the research, production, and sales of Northeast-style seasonings such as fermented bean curd, cooking wine, and pickled vegetables. Through years of development and technological research, the company has established a relatively complete product production line. The “Zhu Laoliu” brand enjoys a good reputation and broad recognition within the seasoning industry. Its products have a strong brand influence in the market and are well received by consumers.

The company is a key leading enterprise in agricultural industrialization at the national level. After years of continuous business practice, it has developed a unique operating model. The company mainly adopts a distribution model for sales, establishing good and stable cooperative relationships with distributors. This strong sales channel provides a solid guarantee for the sales of its products.

Adhering to the business philosophy of “Products stem from integrity, and honesty builds the future,” the company upholds food quality and safety principles. It has passed ISO9001 quality management system certification and ISO22000 food safety management system certification, continuously providing consumers with safe and healthy Northeast-style seasonings.

Channel development is crucial for the survival and growth of seasoning enterprises. Since fermented bean curd’s downstream mainly includes the catering industry and household consumers, it relies heavily on a large distribution network. After nearly twenty years of development, the company has over 130 distributors in Northeast China, forming a distribution network that covers all cities and counties and extends to towns and villages. Its products are available in various large chain supermarkets, farmers’ markets, fresh produce stores, convenience stores, and catering businesses, achieving a comprehensive terminal market layout across multiple formats. This well-developed channel network enhances product penetration, shortens the distance between products and consumers, and lays a foundation for sustained growth and stable performance.

The raw materials for fermented bean curd production are mainly non-GMO soybeans. Northeast China, as China’s primary soybean producing region, provides highly convenient raw material procurement, which can save transportation costs compared to other regions’ fermented bean curd manufacturers. Currently, the company has established a stable procurement model and channels, enabling it to control soybean quality from the source and effectively ensure product quality.