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Leading Chinese maker of pickled mustard-tuber (zhacai) and other pickled-vegetable snack products.
Leading Chinese maker of pickled mustard-tuber (zhacai) and other pickled-vegetable snack products.
Sells small-pack pickled vegetables through distributors to supermarkets and convenience stores, building volume through brand recognition. Raw mustard tuber is an annual crop, so input costs move with the harvest.
In one line: China's dominant pickled-vegetable snack brand, a packaged-food category leader.
Moat: narrow (brand, scale, distribution). Dominant brand recognition and scale in China's pickled-vegetable snack category.
Headquarters: Fuling, Chongqing, China · Employees: 2,777
Size Chongqing Fuling Zhacai (002507.SZ) is a China Consumer Staples company (Food: Specialty/Candy) with a market value of $2.04B, the 1240th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.84 on 6 Nov 2026.
Performance Over six months the shares fell 5.9%, against +3.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 3.2% over the last twelve months (peer median +2.5%); the operating margin is 28.5% (peer median 7.5%).
Valuation It trades at 18.0× forward earnings against a peer median of 20.0× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.6 points above its cost of capital (8.4% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.50B | CN¥2.41B | CN¥2.37B | CN¥2.43B | CN¥2.53B |
| Revenue growth | — | +2% | -3% | -4% | — |
| Gross profit | CN¥1.34B | CN¥1.23B | CN¥1.18B | CN¥1.21B | CN¥1.32B |
| EBITDA | n/a | CN¥850M | CN¥875M | CN¥905M | CN¥972M |
| Net income | CN¥709M | CN¥768M | CN¥799M | CN¥827M | CN¥899M |
| Free cash flow | CN¥583M | CN¥369M | CN¥657M | CN¥501M | CN¥1.10B |
| Capital expenditure | CN¥505M | CN¥412M | CN¥261M | CN¥115M | CN¥131M |
| Total debt | CN¥79,090 | CN¥933,465 | CN¥1.76M | CN¥99,339 | CN¥1.53M |
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| Measure | 002507.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +3.6% | 9th highest of 21 |
| 6-month return | -5.9% | +3.1% | 8th lowest of 21 |
| Distance from 52-week high | -14.1% | -12.3% | 10th lowest of 21 |
| Revenue growth (TTM) | +3.2% | +2.5% | 10th highest of 21 |
| Operating margin | 28.5% | 7.5% | highest of 21 |
| Forward P/E | 18.0× | 20.0× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 0.8% | 7th least demanding of 19 |
| Growth delivered (Del g) | +1.4% | +6.9% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | -2.3 pp | -5.3 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | +13.6 pp | +2.3 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Fuling Zhacai 002507.SZ | China | $2.04B | -6% | +3% | 28% | 18.0× | -0.9% | +1.4% |
| UTZ Brands UTZ | United States | $2.05B | +90% | +2% | 4% | 17.9× | 31.8% | +8.3% |
| Nissui 1332.T | Japan | $1.97B | -16% | +8% | 4% | 10.8× | 0.9% | +8.7% |
| Weilong Delicious Global 9985.HK | Hong Kong | $2.22B | -20% | +13% | 25% | 9.6× | -6.3% | +11.1% |
| Sichuan Teway Food 603317.SS | China | $2.24B | -18% | +22% | 21% | 20.4× | 2.9% | +7.8% |
| Gambol Pet 301498.SZ | China | $2.25B | -32% | +14% | 7% | 43.6× | n/a | n/a |
| Robertet RBT.PA | France | $1.84B | +4% | 0% | 15% | 18.3× | -0.4% | +9.4% |
| Anhui Jinhe Industrial 002597.SZ | China | $1.83B | -8% | +22% | 4% | 19.4× | 10.3% | +6.0% |
| Cloetta CLA-B.ST | Sweden | $1.82B | +16% | 0% | 14% | 20.9× | -0.3% | +8.4% |
| Yantai North Andre Juice 2218.HK | Hong Kong | $2.31B | +27% | -14% | 18% | 21.9× | 21.9% | +14.0% |
| Premier Foods PFD.L | United Kingdom | $2.34B | +3% | +2% | 18% | 12.6× | -1.3% | +4.4% |
| Kanematsu 8020.T | Japan | $2.35B | +2% | +4% | 5% | 9.6× | -2.4% | +10.5% |
| CALBEE 2229.T | Japan | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% | +5.0% |
| Lotus 600186.SS | China | $2.37B | -18% | +21% | 13% | 35.2× | n/a | n/a |
| Nongshim 004370.KS | South Korea | $1.74B | +8% | +5% | 6% | 11.8× | -16.1% | +5.9% |
| Corbion CRBN.AS | Netherlands | $1.73B | +37% | -3% | 8% | 19.6× | 11.5% | +5.1% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |