近年来，随着市场需求急速扩张，魔芋在食品健康、国家政策、国际竞争上均展现出重要地位及巨大前 景。12月10日，魔芋产业企业代表、魔芋休闲零食行业的开创者卫龙美味邀请了数位中国魔芋产业的专 家代表相聚西双版纳，探访这个中国魔芋的核心产区，共商中国魔芋产业的高质量发展之道。 在企业端，位于产业上游、主营种芋培育的云南富源魔芋种业2024年营收超过3亿元。位于产业中游、 主营鲜魔芋初加工的四川顺达魔芋年加工魔芋10万吨；主营魔芋加工业务的湖北一致魔芋2025年上半年 收入超过3亿元。 "小魔芋，大生态"，这是中国园艺学会魔芋分会荣誉会长及西南大学魔芋研究中心主任张盛林对中国魔 芋产业"现状与未来"的判断。 张盛林指出，魔芋是产业链最长的农产品，因为凝胶性等特性，下游延伸至医疗领域。我国魔芋的种植 面积与总产量，均占全球总量的60%以上。我国不仅是最大的生产国，也是最重要的出口国，可以 说"世界魔芋看中国"。 中国园艺学会魔芋分会荣誉会长及西南大学魔芋研究中心主任张盛林。 魔芋有很强的营养价值，它是一种"超级食材"。中国疾病预防控制中心营养与健康所副所长王志宏表 示，魔芋的膳食纤维占比达80%，是膳食纤维占比最高的植 ...

12月10日，卫龙美味以"健康零食新主张 超级食材魔芋爽"为主题举行发布会。本次活动汇聚了营养专家、行业协会代表、产业链企业代表卫龙及媒体 代表等多方力量，共同解码魔芋产业的转型路径与未来机遇。 年销超30亿元的"超级单品"如何炼成 卫龙自2014年推出魔芋爽以来，不仅将其打造成年销超30亿元的超级单品，更凭借精准战略推动品类爆发。2024年以魔芋爽为核心的蔬菜制品收入同比 增长59.1%至33.71亿元，占总营收比重达54%，2025年上半年更进一步攀升至60.55%，成为强劲的第二增长曲线。 产品策略上，基础口味的持续精进为魔芋爽奠定了坚实市场根基。作为魔芋零食化的开创者，卫龙深谙辣味消费逻辑，经典香辣、酸辣、麻辣三款基础 口味历经十余年市场检验，凭借24道生产工序打造的Q弹脆爽口感成为复购核心。 地域化与场景化创新持续拓宽产品边界。卫龙敏锐洞察到年轻消费者对新奇味觉的追求，近年来不断推出地域限定与场景适配产品：2024年推出湘味麻 辣小龙虾风味、辣椒炒肉风味魔芋爽，精准拿捏地域饮食记忆；2025年与山姆会员店合作定制高纤牛肝菌魔芋，切入高端零食场景；麻酱魔芋爽以芝麻酱替 代传统红油，实现"减辣不减味"， ...

智通财经APP获悉，12月10日，"健康零食新主张・超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚了营养专家、行业协会代表、产业链企业代 表卫龙(09985)及媒体代表等多方力量，共同解码魔芋产业的转型路径与未来机遇。会上，由西南大学魔芋研究中心、中国社会科学院食品药品产业发展与 监管研究中心、新华网和中国园艺学会魔芋分会编制的《我国魔芋食品产业的发展与研究》报告正式发布，标志着我国魔芋产业进入标准化、价值化发展的 新阶段。 作为全球魔芋生产与消费第一大国，我国魔芋种植面积和产量均占全球60%以上，云南、四川、湖北、陕西四大核心产区构建起完整产业链。此次发布会落 地西双版纳，正是看中当地丰富的魔芋种植资源与非遗文化底蕴。活动通过主题演讲、行业对话、非遗走秀等多元形式，展现这一"土疙瘩"从深山食材到国 民零食的华丽蜕变。 政策赋能+产业升级 构建千亿级发展生态 今年2月，农业农村部等三部委联合发布《中国食物与营养发展纲要(2025-2030)》，明确提出"加大魔芋等富含膳食纤维的特色食物供给，推动产品全产业链 标准化生产"，为产业发展注入强劲动力。 卫龙美味全球控股有限公司董事长刘卫平在致辞中表示，随着 ...

12月10日，"健康零食新主张・超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚了营养专 家、行业协会代表、产业链企业代表卫龙及媒体代表等多方力量，共同解码魔芋产业的转型路径与未来 机遇。会上，由西南大学魔芋研究中心、中国社会科学院食品药品产业发展与监管研究中心、新华网和 中国园艺学会魔芋分会编制的《我国魔芋食品产业的发展与研究》报告正式发布，标志着我国魔芋产业 进入标准化、价值化发展的新阶段。 作为全球魔芋生产与消费第一大国，我国魔芋种植面积和产量均占全球60%以上，云南、四川、湖北、 陕西四大核心产区构建起完整产业链。此次发布会落地西双版纳，正是看中当地丰富的魔芋种植资源与 非遗文化底蕴。活动通过主题演讲、行业对话、非遗走秀等多元形式，展现这一"土疙瘩"从深山食材到 国民零食的华丽蜕变。 政策赋能+产业升级 构建千亿级发展生态 今年2月，农业农村部等三部委联合发布《中国食物与营养发展纲要（2025-2030）》，明确提出"加大 魔芋等富含膳食纤维的特色食物供给，推动产品全产业链标准化生产"，为产业发展注入强劲动力。 卫龙美味全球控股有限公司董事长刘卫平在致辞中表示，随着消费者健康需求升级，古老的魔芋 ...

Core Viewpoint - The event held in Xishuangbanna focused on the transformation and future opportunities of the konjac industry, highlighting the release of a report that marks a new phase of standardized and value-driven development in China's konjac food industry [1][3]. Industry Development - China is the world's largest producer and consumer of konjac, with over 60% of global planting area and production, primarily in Yunnan, Sichuan, Hubei, and Shaanxi [1]. - The konjac industry has formed a development pattern driven by market demand, enterprise innovation, and brand value enhancement, with the overall industry scale exceeding 100 billion yuan [7]. - The Ministry of Agriculture and Rural Affairs has emphasized increasing the supply of konjac and other fiber-rich foods, injecting strong momentum into the industry [3]. Nutritional Value and Market Trends - Konjac is rich in glucomannan (KGM), a soluble dietary fiber that enhances satiety and slows down the absorption of sugars and fats, making it a low-calorie and low glycemic index food [9]. - The consumption of konjac products has shifted from niche markets to a broader audience, characterized by health-conscious, youthful, and convenient consumption trends [9][11]. Corporate Innovation and Strategy - Weilian, a leading company in the konjac snack sector, has achieved a 61% market share since launching its first konjac product in 2014 and has established the first group standard for konjac instant food [5][13]. - The company has set up R&D centers in Henan and Shanghai, continuously optimizing product taste and efficiency, with plans to launch new flavors in 2024 [13][17]. - Weilian employs a "standardized planting base + deep processing + all-channel sales" model to ensure stable income for farmers and expand market reach [17]. Future Prospects - The application of konjac is expanding beyond food to areas such as medical carriers, daily chemical materials, and green packaging, necessitating breakthroughs in technology and a complete standard system for the industry [18]. - The event and report provide significant guidance for the high-quality development of the konjac industry and serve as a practical example for the value re-creation and brand upgrading of specialty agricultural products [18].

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 卫龙美味全球控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年12月4日 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 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 ...

12月3日，卫龙美味(09985)在社交媒体发布公告，宣布通过香港红十字基金会向香港大埔火灾捐赠300 万港元，用于支援受灾群众的救助工作。 11月26日下午，香港大埔宏福苑多栋住宅楼发生火灾，造成重大人员伤亡和财产损失。卫龙美味表示， 该笔捐款将专项用于为受灾群众提供临时安置补助、日常生活补助等需要。 卫龙在对参与一线救援的消防人员、医护人员及其他抢险人员表示敬意，并表示"心系香港，同根同 心。守望相助，支援香江，祈愿早日度过难关！" 此次捐赠是近期香港火灾事故后公开的企业爱心援助行动之一。目前，香港特区政府正在有序开展灾后 安置工作，与社会各界同心协力、共渡难关，帮助受灾民众早日重建家园。 ...

11月26日下午，香港大埔宏福苑多栋住宅楼发生火灾，造成重大人员伤亡和财产损失。卫龙美味表示， 该笔捐款将专项用于为受灾群众提供临时安置补助、日常生活补助等需要。 12月3日，卫龙美味(09985)在社交媒体发布公告，宣布通过香港红十字基金会向香港大埔火灾捐赠300 万港元，用于支援受灾群众的救助工作。 卫龙在对参与一线救援的消防人员、医护人员及其他抢险人员表示敬意，并表示"心系香港，同根同 心。守望相助，支援香江，祈愿早日度过难关！" 此次捐赠是近期香港火灾事故后公开的企业爱心援助行动之一。目前，香港特区政府正在有序开展灾后 安置工作，与社会各界同心协力、共渡难关，帮助受灾民众早日重建家园。 ...

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Core Viewpoint - The report from Guotou Securities emphasizes the importance of consumption in economic growth, predicting a stabilization in the consumption fundamentals in 2026, which presents a significant opportunity for investment in the food and beverage industry [1] Group 1: Alcohol Industry - The liquor sector is at a cyclical bottom, with low expectations, low holdings, and low valuations, suggesting potential for left-side layout opportunities [2] - The rapid clearing of financial reports in the past two quarters indicates a resolution of supply-demand conflicts, with a gradual recovery in household consumption expected [2] - The white liquor business model remains strong, and with a potential economic recovery, valuations are likely to rebound quickly [2] Group 2: Beer Industry - The beer sector is expected to maintain a structural market in 2026, with investment opportunities in companies with strong single-product growth logic and those benefiting from competitor adjustments [3] - Overall profitability in the beer sector is on an upward trend, driven by the expansion of products priced between 8-10 yuan and improved efficiency from lean management [3] Group 3: Dairy Industry - The dairy sector is positioned for a turnaround in the raw milk cycle in 2026, with a focus on the profitability elasticity of the dairy supply chain [4] - Demand for dairy products has shown differentiation, with low-temperature fresh milk and cheese experiencing healthy growth, while room temperature liquid milk has been a drag [4] - The average milk price in major production areas is expected to recover above the average cost of production in 2026, making it an opportune time to invest in the dairy supply chain [4] Group 4: Soft Drink Industry - The soft drink sector has seen significant performance differentiation, with companies in strong growth categories leading the industry [5] - In 2026, there is a focus on functional beverages and the competitive landscape of packaged water, with an emphasis on companies introducing new products [5] - The demand for low-sugar functional beverages is anticipated to grow, particularly among white-collar workers seeking fatigue-relief options [5] Group 5: Snack Industry - The snack sector is benefiting from strong new channel drivers, with expectations of improved gross and net profit margins due to scale effects [6] - The konjac product category is maintaining high market interest, with significant growth potential in China [6] - Investment recommendations include focusing on companies with strong performance during the adjustment period and those with leading products in the snack sector [6]