Core Viewpoint - In the first half of 2025, Weilong's total revenue reached 3.483 billion yuan, with a year-on-year growth of 18.5%, and net profit was 736 million yuan, also up 18.5% [1][2] Group 1: Financial Performance - The company achieved a gross profit of 1.642 billion yuan, reflecting a year-on-year increase of 12.3% [1] - The board of directors decided to distribute an interim dividend of 0.18 yuan per share [1] Group 2: Product Performance - Vegetable products contributed the largest revenue increase, with their revenue share rising by 10.8 percentage points to 60.5%, benefiting from the rapid expansion of konjac products and health snack trends [1] - The company plans to launch new products such as stinky tofu to drive revenue growth during peak seasons [1] Group 3: Channel Performance - Offline channels generated revenue of 3.147 billion yuan, a year-on-year increase of 21.5%, accounting for 90.4% of total revenue [1] - The company collaborated with 1,777 offline distributors, with emerging channels like snack wholesale stores and membership stores contributing to new store openings [1] - Online channel revenue was 336 million yuan, down 3.8% year-on-year, as traditional e-commerce platforms faced pressure [1] Group 4: Cost Management - The company's gross margin decreased by 2.6 percentage points to 47.2% due to rising raw material prices, particularly konjac powder [2] - The company implemented cost optimization measures, resulting in a decrease in distribution and sales expense ratio by 1.1 percentage points to 15.1% and a management expense ratio decline of 2.4 percentage points to 5.8% [2] - These measures helped maintain a net profit margin of 21.1%, partially offsetting the impact of rising raw material costs [2] Group 5: Investment Outlook - The company is expected to achieve EPS of 0.51, 0.62, and 0.79 for 2025-2027, with corresponding PE ratios of 21.5, 17.6, and 13.8 based on the closing price of 13.94 HKD on September 9, 2025 [2] - Projected revenues for 2025-2027 are 7.587 billion, 9.190 billion, and 11.132 billion yuan, with a consistent year-on-year growth of 21.1% [2] - As a leading player in the spicy snack food industry, the company benefits from an omnichannel strategy and emerging channels contributing to revenue growth, leading to a recommendation of "Buy-A" [2]

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company achieved total revenue of 3.483 billion yuan in the first half of 2025, representing a year-on-year growth of 18.5%. Net profit also increased by 18.5% to 736 million yuan, while gross profit rose by 12.3% to 1.642 billion yuan [2][3]. - The vegetable products segment contributed the largest revenue increase, with its revenue share rising by 10.8 percentage points to 60.5%. This growth is attributed to the rapid expansion of konjac products and the health snack trend [3]. - Offline channels drove growth, with revenue from offline channels reaching 3.147 billion yuan, a year-on-year increase of 21.5%, accounting for 90.4% of total revenue. The company collaborated with 1,777 offline distributors [3][4]. - The company's gross margin decreased by 2.6 percentage points to 47.2% due to rising raw material costs, particularly for konjac powder. However, the company managed to reduce its distribution and sales expense ratio by 1.1 percentage points to 15.1% [4]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.51, 0.62, and 0.79 yuan for the years 2025, 2026, and 2027, respectively. Corresponding price-to-earnings (P/E) ratios are expected to be 21.5, 17.6, and 13.8 [5][8]. - Revenue forecasts for 2025, 2026, and 2027 are 7.587 billion, 9.190 billion, and 11.132 billion yuan, respectively, with a consistent year-on-year growth rate of 21.1% [5][10].

Core Viewpoint - Wei Long's stock price increased by 9.53%, currently at HKD 13.91, with a trading volume of HKD 134 million [1] Group 1: Company Performance - Wei Long has strategically developed its "konjac snack" products over the years, enhancing taste and quality through process upgrades, leading to a significant brand presence [1] - Revenue from vegetable products has surged from RMB 660 million in 2019 to RMB 3.37 billion in 2024, accounting for over half of the company's total revenue [1] - The company is expected to launch new konjac snack products, establishing a second growth engine amid rising health consumption trends and continuous food innovation [1] Group 2: Sales and Marketing Strategy - Wei Long employs a dual strategy of promotional and assistive sales in traditional offline channels, focusing on refined operational management of sales terminals [1] - The company is embracing new offline channels, collaborating deeply with bulk snack retailers and Sam's Club to introduce customized specifications and flavors [1] - Initial overseas expansion is underway, with Southeast Asia identified as a key pilot market [1] Group 3: Online Channel Development - Wei Long is consolidating its traditional e-commerce presence while seizing opportunities in emerging platforms like Douyin, projecting online revenue to reach RMB 700 million in 2024, a 38% increase [1] - The company is allocating more resources towards new product introductions and core terminal support, with a focus on steady online channel investment and refined spending [1] - Profit growth is anticipated due to these strategic investments and operational efficiencies [1]

卫龙美味(09985)涨超9%，截至发稿，涨9.29%，报13.88港元，成交额1.28亿港元。 该行指出，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2024年达7.0亿元，同增38.0%。在费用方面，公司在新品导入和核心终端给予更多费用 倾斜，线上渠道稳步投放，投入更加精细化，公司利润有望实现较快增长。 消息面上，开源证券近日发布研报称，卫龙公司多年布局"魔芋爽"零食产品，口感丰富爽滑，经过工艺 升级与品质改良，渠道深耕细作，卫龙魔芋爽品牌力已深入人心，公司蔬菜制品收入从2019年的6.6亿 快速增长至2024年的33.7亿元，收入占比过半。随着健康消费理念深入人心及食品创新持续突破，我国 魔芋行业景气度提升，公司推出魔芋爽新产品，构筑公司第二增长引擎。 ...

Core Viewpoint - Wei Long's stock price increased by over 9%, reaching HKD 13.88, with a trading volume of HKD 1.28 billion, following a report from Kaiyuan Securities highlighting the company's growth in the konjac snack segment [1] Company Summary - Wei Long has strategically developed its "konjac snack" products, which have gained significant brand recognition due to improved taste and quality, leading to a revenue increase from RMB 660 million in 2019 to RMB 3.37 billion in 2024, accounting for over half of the company's revenue [1] - The company is capitalizing on the rising health-conscious consumer trend and continuous food innovation, launching new konjac snack products to establish a second growth engine [1] - Wei Long employs a dual strategy of promotional and assistive sales in traditional offline channels, focusing on refined operational management of sales terminals [1] - The company is embracing new offline channels through deep collaborations with bulk snack retailers and Sam's Club, introducing customized specifications and flavors [1] - Wei Long has initiated preliminary overseas expansion, targeting the Southeast Asian market as a pilot [1] - The company is consolidating its online presence by maintaining traditional e-commerce channels while seizing opportunities in emerging platforms like Douyin, projecting online revenue to reach RMB 700 million in 2024, a 38% increase [1] - In terms of expenses, Wei Long is allocating more resources towards new product introductions and core terminal support, with a steady investment in online channels, which is expected to drive rapid profit growth [1]

Core Viewpoint - The company, Wei Long, is a leading player in the spicy snack industry, focusing on flavored noodle and vegetable products, and has shown impressive growth through strategic product development and channel expansion [1][2]. Group 1: Financial Performance - The company is expected to achieve revenues of 77.2 billion, 93.3 billion, and 110.6 billion yuan from 2025 to 2027, with year-on-year growth rates of 23.2%, 20.8%, and 18.6% respectively [1]. - The net profit attributable to the parent company is projected to be 13.8 billion, 17.0 billion, and 20.6 billion yuan for the same period, with growth rates of 29.2%, 23.1%, and 21.1% respectively [1]. - The earnings per share (EPS) are expected to be 0.57, 0.70, and 0.85 yuan, with corresponding price-to-earnings (PE) ratios of 20.9, 17.0, and 14.0 times [1]. Group 2: Product Development - Wei Long has solidified its position as a leader in the classic spicy strip category while developing the konjac product line as a second growth engine [2]. - The company has upgraded its classic noodle products and expanded its flavor offerings, including new tastes like crayfish and barbecue [2]. - The revenue from vegetable products has surged from 660 million yuan in 2019 to an expected 3.37 billion yuan in 2024, accounting for over half of the company's revenue [2]. Group 3: Channel Strategy - The company is enhancing its channel coverage by adopting a dual strategy of traditional offline and emerging channels, focusing on precise management of sales terminals [3]. - Wei Long is collaborating deeply with new offline channels such as bulk snacks and Sam's Club, launching customized products [3]. - Online revenue is projected to reach 700 million yuan in 2024, reflecting a 38.0% year-on-year increase, with a focus on both traditional e-commerce and emerging platforms like Douyin [3].

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 ...

Investment Rating - The report indicates a cautious outlook for the consumer goods sector, with specific recommendations for companies that demonstrate resilience and growth potential in challenging market conditions [2][4]. Core Insights - The consumer goods sector is experiencing pressure on overall demand and intensified market competition, characterized by declining prices, slow product structure upgrades, and increased costs for acquiring potential customers [2][3]. - Despite the overall challenges, certain companies are performing well, particularly those with strong brand positioning and innovative product offerings, such as salt and pepper products and energy drinks [2][4]. - The report highlights two main investment themes: companies with solid fundamentals and growth potential in the next 2-3 years, and those that may benefit from a recovery in demand across various segments [5][31]. Summary by Sections 1. Snack Foods - The snack food segment shows a divergence in performance, with leading brands like Salted Fish and Wei Long achieving significant revenue growth, while others face challenges due to channel shifts and lower consumer spending [3][12]. - The report notes that the market is transitioning from channel-driven growth to category-driven growth, with health-oriented products gaining traction [12][19]. 2. Restaurant Chains - The restaurant chain segment is under pressure, with major players like Hai Tian and Zhong Ju experiencing varied revenue growth rates, reflecting the competitive landscape and changing consumer preferences [4][34]. - The report emphasizes the importance of adapting to consumer trends, such as the increasing demand for healthy and convenient food options [33][34]. 3. Soft Drinks - The soft drink sector is witnessing improved sales during peak seasons, with health-focused products like sugar-free tea and electrolyte drinks gaining market share [4][12]. - Companies like Nongfu Spring and Dongpeng are highlighted for their strong performance, with significant revenue increases reported [4][12]. 4. Dairy Products - The dairy segment is facing challenges, particularly in liquid milk demand, but cost advantages are noted for certain products, leading to improved profit margins for some companies [5][29]. - The report suggests that companies with diversified product lines and effective cost management strategies are better positioned to navigate the current market conditions [5][29].

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]