管理团队行稳致远，推进供应链建设和数字化提升，提升组织凝聚力，提升经营效率。我们预计公司 2025-2027 年收入分别为77.2、93.3、110.6 亿元，同比增长23.2%、20.8%、18.6%；归母净利润分别为 13.8、17.0、20.6 亿元，同比增长29.2%、23.1%、21.1%；对应EPS 分别为0.57、0.70、0.85 元，当前股 价对应PE 分别为20.9、17.0、14.0 倍，首次覆盖给予"增持"评级。 机构：开源证券 研究员：张宇光/陈钟山 辣味零食行业龙头，收入利润持续增长，首次覆盖给予"增持"评级卫龙美味是辣味休闲食品赛道龙头企 业，聚焦于调味面制品和调味蔬菜制品，经过多年布局，公司梳理核心品类，发力魔芋产品，布局新兴 渠道，实现亮眼增长。 推进全渠道覆盖，积极拥抱新兴渠道，费用投入精细化管理卫龙在渠道端，传统线下渠道使用辅销助销 双轮驱动的策略，对销售终端网点实现精细化运营管理；对新兴线下渠道战略拥抱，与量贩零食、山姆 会员店深度合作，推出定制规格、口味新品；海外初步布局，东南亚市场作为发力试点；线上渠道巩固 传统货架电商，同时把握抖音等新兴电商机遇，卫龙的线上收入2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [4] Core Viewpoints - The company is a leading brand in the spicy snack industry, focusing on flavored noodle products and vegetable snacks, achieving impressive growth through strategic product expansion and channel development [4][5] - The management team is stable and experienced, enhancing operational efficiency and supply chain capabilities [4][5] - Revenue and profit are expected to grow significantly from 2025 to 2027, with projected revenues of 77.2 billion, 93.3 billion, and 110.6 billion yuan, and net profits of 13.8 billion, 17.0 billion, and 20.6 billion yuan respectively [4][7] Summary by Sections 1. Company Overview - The company has established itself as a leader in the spicy snack market, with a strong brand presence and innovative product offerings [14] - It has built a comprehensive sales network across 22 regions in China and has expanded its product line to include new flavors and healthier options [14][20] 2. Industry Growth - The snack food industry in China is experiencing steady growth, with the spicy snack segment expected to reach a market size of 273.7 billion yuan by 2026, growing at a compound annual growth rate (CAGR) of 9.6% [32][33] - The vegetable snack segment, particularly konjac products, is also seeing rapid growth, with the market size projected to exceed 180 billion yuan by 2024 [45][53] 3. Product Development - The company is focusing on enhancing its core products, particularly spicy noodle snacks, while also expanding its vegetable product line, which has seen significant revenue growth [5][20] - The konjac product line has become a second growth engine for the company, with a strong brand presence and consumer acceptance [5][51] 4. Channel Strategy - The company is actively expanding its distribution channels, including traditional retail and emerging online platforms, with a notable increase in online sales [6][43] - Collaborations with discount retailers and membership stores are part of the strategy to enhance market penetration [6][57] 5. Financial Performance - The company's revenue has shown a robust growth trend, with a significant increase in net profit expected in the coming years [17][19] - The gross margin has improved due to the rising share of high-margin vegetable products in the overall product mix [21][20]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09985 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF3 ...

大众品板块半年报显示整体需求承压且市场竞争普遍加剧，这主要体现在以下三个维度，1）量价维度，在充分竞争 的环境中以及下游渠道向上挤压成本的背景下，单价呈现下降的趋势。2）结构维度，产品结构升级速度放缓且基本 为提质不提价，如零添加概念食品、低温奶、复合调味品等品类渗透速度放缓，且价格下探到大众价位水平，大众普 遍关注质价比。3）竞争维度，随着渠道愈发多元化和碎片化，获取潜在客群的付费成本提高，企业持续探索新渠道 合作模式，销售费用端面向市场投放、广告营销等费用增长。因此整体来看，大众品板块收入和业绩总体处于承压加 剧阶段。其中零食和软饮料具备结构性景气赛道相对占优，而餐饮链、乳制品等需求总体疲软。 在此背景下，仍有两类企业表现突出，1）各自子板块龙头业绩韧性增长，如海天、酵母、农夫等在需求承压背景下 持续巩固产品和渠道优势，稳步提升市场份额。2）具备品类红利的企业仍呈现较高的成长性，如魔芋、能量饮料、 无糖茶等品类受益于健康、功能等概念传播，渗透率大幅提升，盐津、卫龙、东鹏等个股实现高速成长。 具体细分子板块来看： 敬请参阅最后一页特别声明 1 扫码获取更多服务 休闲食品：1）零食：业绩表现分化，行业已从渠道 ...

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9985） 董事名單與其角色及職能 衛 龍 美味全球控股有限公司董事（「董 事」）會（「董事會」）成 員 載 列 如 下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 衛龍美味全球控股有限公司 WEILONG Delicious Global Holdings Ltd – 1 – 董 事 會 下 設 三 個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 任 的 職 位 信 息。 | 董 事 | | 董事會委員會 | | | --- | --- | --- | --- | | | 審核委員會 | 提名委員會 | 薪酬委員會 | | 劉衛平 | | 主席 | | | 劉福平 | | | | | 劉忠思 | | | | | 余風 | | | 成員 | | 徐黎黎 | 成員 | 成 ...

有着"人类猫条"之称的魔芋爽、素毛肚正在成为休闲食品领域的现象级品类，也成为盐津铺子、卫龙美味业绩增长的重要推手。正如盐津铺 子在业绩发布会上所表示的，魔芋品类因其"超级大单品"特性，符合消费者当下及未来对健康零食的需求，目前正处于高速扩张期，预计 2025年至2027年期间，魔芋零食市场仍将继续保持较高增速的发展。市场高速增长下，三只松鼠、劲仔食品、洽洽食品等30多个品牌均已推 出同类产品，抢占魔芋制品这一细分赛道。 值得注意的是，魔芋下游需求的爆发性增长，正持续向上游原料供应端传导压力。北京商报记者从魔芋制品代工厂相关人员处了解到，近年 来魔芋精粉价格持续上涨，导致工厂利润越来越薄。同样，盐津铺子和卫龙美味在半年报中均有提及原材料成本上涨带来的影响，两家企业 的毛利率也出现不同程度的下滑。业内人士认为，对于盐津铺子和卫龙美味等休闲零食品牌而言，当务之急是如何从产业链上游来稳定供 应，降低成本。 魔芋制品推动业绩 卫龙美味靠调味面制品，即俗称的辣条起家，而盐津铺子最初主要销售特色凉果蜜饯产品，如今，这两家企业都开始靠魔芋制品"赚钱养 家"。 魔芋本是西南地区的家常食材，近年来以其为原料制成的魔芋爽，正在成为 ...

Core Insights - The konjac snack segment has seen significant revenue growth, with companies reporting substantial increases in sales figures for these products [1][2]. Company Performance - Salted Fish (002847.SZ) reported that its konjac snack products generated revenue of 791 million RMB, accounting for 26.90% of total revenue, marking a year-on-year growth of 155.10% [1][4]. - Wei Long's parent company, Wei Long Mei Wei (09985.HK), reported a revenue of 2.11 billion RMB for its vegetable products segment, which includes konjac snacks, reflecting a year-on-year increase of 44.3% and representing 60.5% of total revenue [2][6]. Market Trends - The demand for konjac snacks is driven by their low-calorie and high dietary fiber attributes, leading to increased consumer interest [2]. - Despite the growth in konjac snack sales, the prices of raw materials, particularly konjac powder, have risen by over 30% year-on-year [2]. - The konjac snack market is expected to surpass traditional spicy strips in market size due to its diverse flavors and forms, appealing to a broader consumer base [2].

Core Viewpoint - Weitlong Delicious (09985) reported a significant increase in stock price, rising over 5% to HKD 13.68, with a trading volume of HKD 119 million, following the release of its semi-annual report [1] Financial Performance - The company achieved total revenue of approximately CNY 3.483 billion in the first half of the year, representing a year-on-year increase of 18.5% [1] - The profit attributable to the company's owners was approximately CNY 733 million, reflecting a year-on-year growth of 18% [1] Revenue Growth Drivers - Revenue growth was primarily driven by the company's ongoing enhancement of omnichannel development and brand building, as well as optimization of channel structure [1] - Vegetable products showed strong growth, with revenue increasing by 44.3% year-on-year to CNY 2.109 billion, accounting for 60.5% of total revenue, up from 49.7% in the previous year [1] Market Outlook - Zheshang Securities believes that the company has strong medium to long-term growth momentum due to its brand barriers and continuous innovation in product incubation [1] - Dongwu Securities noted that new products, such as stinky tofu, are set to be launched in the second half of the year, and the third quarter is expected to be a peak season, which could lead to revenue growth [1] - The company has significant overseas potential, with konjac as a major product expected to enhance its international influence [1]

Core Viewpoint - Weitlong Delicious (09985) has seen a stock price increase of over 5%, currently at 13.68 HKD, with a trading volume of 119 million HKD, following the release of its semi-annual report showing significant revenue growth [1] Financial Performance - The company reported total revenue of approximately 3.483 billion CNY for the first half of the year, representing a year-on-year increase of 18.5% [1] - The profit attributable to the owners of the company was about 733 million CNY, reflecting a year-on-year growth of 18% [1] Revenue Growth Drivers - Revenue growth was primarily driven by the company's ongoing enhancement of omnichannel development and brand building, as well as optimization of channel structure [1] - Vegetable products demonstrated strong growth, with revenue increasing by 44.3% year-on-year to 2.109 billion CNY, accounting for 60.5% of total revenue, up from 49.7% in the previous year [1] Market Outlook - Zheshang Securities believes that the company has strong medium to long-term growth momentum due to its brand barriers and continuous innovation in product incubation [1] - Dongwu Securities indicates that new products, such as stinky tofu, will begin to be launched in the second half of the year, with Q3 entering a peak season, suggesting potential revenue growth from new product launches [1] - The company has significant overseas potential, with konjac as a major product expected to enhance its influence in international markets [1]