Dongfang Securities research report points out that with steady expansion and accelerated new product launches, Fuling Zhacai maintains its core business while broadening its boundaries. The company is accelerating the expansion of its "pickled vegetables + side dishes + seasoning vegetables" matrix, continuously solidifying its main business and enhancing the speed of new product iterations. In May 2025, the company launched the "Only Wujiang" series of multi-flavor pickled vegetable core products, and in July, it introduced two new varieties of pickled cowpeas. Recently, the company established a "Joint Innovation Center for Production, Education, and Research" to collaborate with universities and research institutions to strengthen product development and process optimization, focusing on reducing salt, low sugar, and multi-flavor directions. To match new products with flexible manufacturing of various specifications, the company's green intelligent production base Phase I project is still underway, with plans to commence production in June 2027, designed for an annual capacity of 200,000 tons. Considering the slow recovery pace of core business sales, the new products are still in the investment phase, and the pressure on expenses has increased temporarily, the profit forecast has been lowered, with expected EPS for the company in 2025-2027 being 0.72/0.79/0.88 yuan respectively. The company still possesses advantages such as strong brand barriers, continuous optimization of product structure, and clear expansion pace of production capacity. Based on the current valuation levels of comparable companies, a 20 times PE is given for the company in 2025, corresponding to a target price of 14.40 yuan, and the rating is adjusted to "Overweight."