本文系基于公开资料撰写，仅作为信息交流之用，不构成任何投资建议。 出品｜公司研究室IPO组 文｜曲奇 一拖再拖后，近期随着港股回暖，"辣条一哥"卫龙赴港上市又有了新动向。 11月23日，卫龙再度更新招股书，市场消息称，卫龙将于11月24日进行上市前的投资者教育，最快年内在港交所主板 上市，预计筹集资金不足1.5亿美元。 从最初拟募资10亿美元，到如今不足1.5亿美元，这一年半的时间里，卫龙的募资额下滑了85%。 市场变了，卫龙也变了。如今，卫龙是摆正了位置不再谋求高估值，还是拖不下去急于上市了？ 01、一再拖延上市，募资额减少85% 有些赴港上市的公司，一而再再而三地递交招股书，却迟迟不能获得港交所聆讯导致无法上市。然而，三次递表的卫 龙却是一个例外。 2021年5月，卫龙向港交所首次递交招股书，这家来自河北闻名全国的辣条公司，终于迈出了上市路上最关键的一 步。等了6个月，直到招股书失效，卫龙都没有获得港交所聆讯。 紧接着，2021年11月，上市心切的卫龙马上更新招股书，并如愿通过港交所聆讯。当时，市场消息称，卫龙拟募资10 亿美元，目标市值或在百亿美元以上。 但通过聆讯后的卫龙却一反常态，没有按常规动作启动 ...

辣条拌面创新融合速食拌面与辣条，以辣椒粉和成的面饼打底，搭配定制辣条风味酱，并加入一整包12 克卫龙经典辣条，旨在打造"面、酱、辣条"一体的三重爽辣体验。 这款产品背后，是白象持续推进年轻化战略的缩影。旗下子品牌"大辣娇"自2006年起便专注"辣"赛道， 已累计全国热销超45亿份，并先后打造了小龙虾拌面、牛油麻辣火锅面等多个爆品，其明星产品白象大 辣娇经典火鸡拌面，因更适合中国人口味，一经上市，便稳居国产火鸡面市场首位，累计销量已突破10 亿份。 在辣椒成为年轻人饮食文化新符号的当下，白象与卫龙推出的"辣条拌面"迅速走红社交媒体。 近日，国货品牌白象食品与卫龙官宣合作，并推出首款联名产品"辣条拌面"。新品以白象旗下专注于中 国地道辣味美食的子品牌"大辣娇"为主体，创新融合速食拌面与辣条，搭配定制辣条风味酱，打 造"面、酱、辣条"一体的三重爽辣体验。新品一经推出即在社交媒体引发热议，电商平台销量火爆。 辣条拌面的爆红并非偶然。在Z世代消费趋势中，"情绪价值"正成为商品的关键吸引力。《2024中国青 年消费趋势报告》显示，近三成年轻人愿意为"情绪疗愈"而消费。为「快乐」买单，不只是随时随地主 打陪伴的玩偶，还有最 ...

智通财经APP获悉，中金发布研报称，保持卫龙美味(09985)2025/2026年净利润预测14.1/17.1亿元。当 前股价对应25.1/20.4倍25/26年P/E。维持跑赢行业评级，维持目标价17.5港元，对应约27/22倍25/26年 P/E，较当前股价有约9.5%上行空间。公司发布配售方案公告，配售价格每股股份14.72元，配售股数为 80,000,000股股份(占公司公告日期已发行股份的3.40%)。 展望2025年，该行预计公司借助全渠道扩张及产品规格、口味及品类扩容有望保持收入快速增长趋势。 收入端：该行预计2025年零食量贩渠道、线上渠道及其他新兴渠道有望保持较快的增速，并且公司在产 品规格、口味上也有扩容，比如公司魔芋产品增加盒装产品、麻酱口味等。利润端：该行预计公司2025 年毛利率端由于魔芋精粉价格上涨及渠道结构影响会有一定同比下降压力，但考虑到在供应链生产、人 效等方面会有效率的提升且收入增速较快下费用率会有一定摊薄，该行预计整体净利率有望保持较稳健 的水平。 报告提及，公司以每股股份14.72 港元的价格配售80,000,000股，最大配售及认购所得款项总额约11.776 亿港元( ...

假设认购股份数目与配售股份数目相同，且有关认购股份获悉数认购，则预期最大配售及认购所得款项总额约为11.78亿港元， 雷递网 乐天 5月8日 卫龙美味全球控股有限公司（简称："卫龙"，股份代号：9985）日前宣布进行配售，配售价为14.72港元，配售8000万股，预期最大配售及认购所得款项净 额（扣除佣金及估计开支后）合共约为11.67亿港元。 | | | | 聚隨歐售完成後 | | | | --- | --- | --- | --- | --- | --- | | | 於本公告日期 | | 但於認購完成前 | | 緊 陸 | | 股東 | 持股數目 | 自分比 | 持股數目 | 目分比 | 持 | | | | (96) | | (%) | | | 主要股東(除劉衛平先生及劉福平先生外) | | | | | | | 雪 方(1)(4) | 1,904,243,183 | 80.99 | 1,824,243,183 | 77.59 | 1,904,1 | | 和和綠色理念(2)(4) | 1,904,243,183 | 80.99 | 1,824,243,183 | 77.59 | 1,904. | | The ...

港股卫龙食品(09985.HK)跌超7%，消息面上，公司拟以14.72港元配售8000万股。 ...

卫龙美味跌超7% 拟配售8000万股 智通财经5月8日电，截至发稿，卫龙美味(09985.HK)跌7.26%。根据公告，2025年5月8日，公司、卖方 和和全球资本有限公司及配售代理订立配售协议，据此，卖方同意出售或促使出售配售股份，而配售代 理作为卖方代理，同意尽最大努力（自行或透过其联系人）按配售协议所载条款及条件，促使承配人以 每股股份14.72港元的价格购买卖方持有的8000万股股份。配售价较最后交易日于联交所所报的收市价 每股15.98港元折让约7.88%。 ...

智通财经APP讯，卫龙美味(09985)发布公告，于2025年5月8日(交易时段前)，公司、卖方和和全球资本 有限公司及配售代理订立配售协议，据此，卖方同意出售或促使出售配售股份，而配售代理作为卖方代 理，同意尽最大努力(自行或透过其联系人)按配售协议所载条款及条件，促使承配人以每股股份14.72港 元的价格购买卖方持有的8000万股股份。预期配售代理将促使不少于6名承配人(须为专业、机构或其他 投资者)认购配售股份。预期概无承配人将于紧随配售及认购完成后成为公司主要股东。配售价每股 14.72港元较最后交易日于联交所所报的收市价每股15.98港元折让约7.88%。 假设认购股份数目与配售股份数目相同，且有关认购股份获悉数认购，则预期最大配售及认购所得款项 总额约为11.78亿港元，预期最大配售及认购所得款项净额(扣除佣金及估计开支后)合共约为11.67亿港 元。 配售及认购完成后，筹集所得款项将增强集团的财务实力、市场竞争力及综合实力，促进集团长远健康 及可持续发展。配售及认购亦将透过吸引若干高品质机构投资者进一步丰富公司股东基础，并且进一步 加强股份流动性。基于当前市场条件，董事认为，配售协议及认购协议的 ...

证券研究报告 卫龙美味 (9985 HK) 港股通 魔芋开启新纪元，辣味王者再启航 华泰研究 首次覆盖 2025 年 4 月 28 日│中国香港 食品 首次覆盖卫龙美味并给予"买入"，目标价 19.96 港元（基于 25 年 32xPE）。 中国零食行业在较长时间内呈现多品类、弱品牌的特点，辣味零食成瘾性更 强、复购率更高，有效延长产品生命周期。卫龙已成功打造国民辣条品牌形 象、领先优势明显，并作为魔芋赛道的先行者、有望率先享受品类高速扩张 的红利。卫龙根基稳固，品牌力构成竞争力的核心，并具备开创创新品类的 定力与能力，敢为人先、勇于求变，后续或仍将聚焦打造大单品+拥抱新渠 道，有望突破零食行业产品生命周期短、渠道结构多变两大痛点。 行业层面：辣条品类规模稳定，魔芋品类蓬勃发展 辣味零食赛道高景气、强粘性。1）辣条品类：据尼尔森，品类销售体量~100 亿，市场规模稳定，头部品牌显露，据马上赢，23 年卫龙市占率达 28%。 2）魔芋品类：公众健康意识崛起、独特的口感与高性价比之下，魔芋品类 蓬勃发展，中国 24 年魔芋食品出厂口径市场规模~70 亿（据盐津铺子公众 号），年增长 20%+，考虑魔芋的受众较辣条 ...

Product Development and Innovation - The Group launched new products in the Current Year, including explosively spicy Mala Mala and vegetarian tripe Konjac Shuang, which have gained popularity among consumers[7]. - The Group's product development philosophy emphasizes maximizing the intrinsic value of nature with an industrialized approach[8]. - The Group launched a variety of new products based on consumer preferences, enhancing its product matrix[46]. - New product launches in 2024 are expected to contribute an additional RMB 300 million in revenue[22]. - The Group's product strategy includes a diverse range of categories, such as seasoned flour products, vegetable products, and bean-based products, reinforcing its leadership in the spicy snack food industry[70]. - The "XIAO MO NV" series introduced spicy barbecue-flavored konjac vegetarian tendon and hot and sour hotpot-flavored konjac vegetarian tripe, catering to consumer preferences for novel flavors and health[74]. - New product launches, such as the extra spicy braised flavour Fengchi Kelp, reflect the company's insight into market trends and consumer preferences[79]. Financial Performance - The company reported a revenue of RMB 1.5 billion for the fiscal year 2023, representing a year-over-year increase of 20%[22]. - The overall revenue for the year was RMB 6,266.3 million, representing an increase of 28.6% compared to the previous year[43]. - Gross profit increased by 29.9% from RMB 2,322.7 million in the previous year to RMB 3,016.1 million, with a gross profit margin rising from 47.7% to 48.1%[67]. - Net profit for the year was RMB 1,068.1 million, reflecting a growth of 21.3% compared to the previous year[43]. - The adjusted net profit for the year is projected to be RMB 1,104.3 million for 2024[31]. - The company aims to reduce operational costs by 15% through efficiency improvements in its production plants[22]. - The company’s gross margin improved to 35%, up from 30% in the previous year[22]. Market Expansion and Strategy - The Group has expanded its sales and distribution network to include supermarkets, chained convenience stores, and various e-commerce channels, effectively reaching young consumers[10]. - The company is expanding its market presence in Southeast Asia, aiming for a 10% market share by the end of 2025[22]. - The Group is actively pursuing expansion into overseas markets while optimizing sales channels through both online and offline strategies[50]. - The Group's omni-channel strategy allows it to adapt quickly to changing consumer purchasing behaviors[10]. - The Group's omni-channel strategy was implemented to strengthen connections with consumers amid the diversification of retail channels in China[66]. Awards and Recognition - The Group has won over 20 awards in 2024, including recognition in the "Hurun China Top 100 Domestic Brands List" and "Top 10 Brands Favored by Generation Z" by National Business Daily[9]. - The Group was selected as a constituent stock by Hang Seng Indexes Company Limited, effective March 10, 2025[14]. Quality Assurance and Safety - The Group focuses on product quality through an industry-leading production system and strict quality assurance measures[8]. - The company has implemented a new quality management system (HACCP) to ensure product safety and compliance[22]. - The Group has established a comprehensive food safety and quality assurance system covering the entire production process, from R&D to sales[114]. - Advanced detection equipment such as HPLC-MS, GC-MS, and ICP-MS are utilized to monitor food additives and heavy metals, ensuring product safety[114]. Corporate Governance and Management - The Board is responsible for formulating the overall strategy, setting performance objectives, and monitoring management performance[193]. - The Group has adopted good governance practices and complies with the Corporate Governance Code, ensuring the protection of shareholder interests[192]. - The management provides monthly reports to the Board, ensuring timely access to relevant information for informed decision-making[196]. Social Responsibility and Sustainability - The Group's commitment to social responsibility includes initiatives like giant panda conservation, enhancing its brand image[48]. - The Group aims to create long-term corporate value while actively practicing social responsibility and promoting sustainable development[188]. - The focus on sustainable and high-quality development will be prioritized in the upcoming year to create value for shareholders and customers[50]. Research and Development - Research and development expenses increased by 30% to RMB 200 million, focusing on innovative snack products[22]. - The Group collaborates with leading domestic food science universities to strengthen its R&D capabilities and resource sharing[119]. - As of December 31, 2024, the Group has established a basic and applied R&D center in Shanghai, focusing on food engineering, safety, and nutrition[119]. Operational Efficiency - The Group aims to enhance operational efficiency through the development of a Sales Management System, improving POS coverage and management quality[124]. - A fully automated intelligent Warehouse System has been implemented to reduce warehousing and logistics costs while fulfilling market demand promptly[124]. - The Group focuses on improving supply chain quality and efficiency, continuously monitoring automation levels to ensure product quality and enhance overall efficiency[186].

伴随着消费场景多元化、消费者性价比偏好提升，辣味休闲食品赛道走进了创新迭代的变革路口。权威 调研机构CBNData发布的《2025辣味休闲食品行业报告》（简称"报告"）显示，辣味文化从调料到休闲 食品，其风味体系与形态持续迭代，以正餐能量补给、健康多元等特点不断扩容，逐渐成为了消费者喜 爱的主流形式。 当一众竞品纷纷加码魔芋赛道的时候，卫龙又通过风味研究在品种上做"乘法"，再次推出了"风吃海 带"这款超级爆品，集健康、美味和营养于一身，并以卡路里标签切入轻食场景，深受年轻消费者的喜 爱，也为企业发展构建了更多元的收入结构。 而在消费群体变迁、消费观念迭代等大环境影响下，行业头部企业应该如何顺势而变，不断挖掘尚未被 满足的需求？其中以卫龙为代表的头部企业，通过数十年如一日的坚持，开辟并完善了辣味休闲食品赛 道，形成了一个千亿规模的产业集群。同时卫龙持续精进产品力、不断创新口味，以"不止一种辣"的多 元口味满足消费者需求，并在营销、场景等维度推陈出新，上演了一场破局之道！ 由辣条到辣味的多点爆破 根据报告显示，近年来辣味食品呈现六大趋势。62%的消费者认为口味最重要，在单一口味中偏微辣口 味广受欢迎，而火锅/麻辣 ...