集权又募资，卖辣条的漯河首富又在酝酿新的改革风暴。 近日，卫龙美味发布公告称，彭宏志因个人职业发展安排，已辞任公司执行董事、首席财务官等职务。该辞任将于今年8月31日后生效。公 司执行董事余风将接任首席财务官一职。 半年不到，这已是卫龙离任的第二位核心高管。今年3月，卫龙原执行董事兼首席执行官孙亦农宣布辞任，从4月30日起，由公司副董事长刘 福平兼任首席执行官职务。 截图来源于公司公告 卫龙的转型发展依然任重道远。 01 "家族色彩"加深 近年来，卫龙高薪聘请的"外来和尚"，被一个个清退出公司权力核心。 2022年，曾在跨国食品巨头玛氏、亿滋国际工作多年的洪星容、李卫洪空降卫龙；2023年，洪、李二人被任命为卫龙副总裁，分别负责公司 销售中心与供应链中心的管理工作。 同一时期，卫龙公告成立海外事业发展中心，任命时任执行董事、首席财务官兼高级副总裁的彭宏志兼任该中心负责人。 然而，两年间，卫龙部分高管走马灯似的发生更替。据多家媒体报道，有知情人士透露，洪星容在卫龙内部上演"除旧扶新"的剧情后，尚未 让自己的团队站稳脚跟，就被创始人团队"边缘化"处理。 另一边，卫龙原首席执行官孙亦农在今年3月27日公告辞任，由公 ...

Group 1 - The CEO and CFO of Weilong have resigned within four months, with CFO Peng Hongzhi's resignation effective from August 31, 2025, and Yu Feng appointed as the new CFO [1][4] - Peng Hongzhi has been with Weilong for 15 years, with a total compensation of approximately 18.22 million RMB for 2024, including salary, bonuses, and other benefits [2][3] - The stock price of Weilong dropped nearly 13% following the announcement of the management changes, closing at 12.62 HKD per share, with a total market capitalization of 30.681 billion HKD [4] Group 2 - The management changes reflect a consolidation of family control within the company, as the chairman and vice-chairman are brothers, and other key executives are also family members [7] - Since 2020, Weilong's revenue and annual profit have been on the rise, with 2024 revenue exceeding 6 billion RMB and annual profit surpassing 1 billion RMB, although challenges remain [7][8] - The revenue from seasoned flour products, a core product, decreased from 52.3% of total revenue in 2023 to 42.6% in 2024, while vegetable products increased from 43.5% to 53.8% [8][9] Group 3 - The flagship product, konjac snacks, has gained popularity but faces intense competition from other brands, leading to a saturated market [10] - A recent quality issue regarding the konjac product went viral, prompting the company to apologize and commit to improving quality control [10] - The return of the founding family to key positions may ensure strategic direction but raises concerns about corporate governance and transparency [11]

Core Viewpoint - The recent executive changes at Weilong Delicious (09985.HK) indicate a shift back to family leadership, with the appointment of Yu Feng as CFO following the resignation of Peng Hongzhi, amidst a backdrop of significant company growth in revenue and profit [1][3]. Group 1: Executive Changes - Peng Hongzhi resigned as CFO for personal career development, effective September 1, with Yu Feng taking over the role [1]. - Yu Feng has over 14 years of experience in the snack food industry and has held various significant positions within the company since joining in 2011 [2]. - This marks the second executive change at Weilong Delicious in the first half of the year, following the resignation of CEO Sun Yinan in March [2][3]. Group 2: Company Performance - For the fiscal year 2024, Weilong Delicious reported a revenue increase of 28.6% to 6.266 billion yuan and a net profit increase of 21.3% to 1.068 billion yuan, with basic earnings per share of approximately 0.46 yuan [3]. - The board proposed a final dividend of 0.11 yuan per share and a special dividend of 0.18 yuan per share, totaling approximately 423 million yuan in special dividends [3]. Group 3: Market Reaction - As of July 11, Weilong Delicious shares closed at 12.560 HKD, reflecting a decrease of 0.48% [4].

Core Viewpoint - The recent resignation of the CFO of Weilong, following the earlier departure of the CEO, indicates a significant shift in the company's leadership structure, which may reflect strategic concerns and a desire to stabilize management amidst challenges in the market [1][2][7]. Group 1: Executive Changes - CFO Peng Hongzhi has resigned due to personal career development plans, effective immediately [2]. - Yu Feng, currently an executive director, will take over as CFO starting September 1, 2023, bringing over 14 years of experience in the snack food industry [4]. - This marks the second high-level executive change at Weilong in the first half of the year, following the resignation of CEO Sun Yinong in March [4]. Group 2: Company Background and Family Ties - Weilong is a family-run business, with significant familial relationships among its executives, which may influence management dynamics [4]. - Peng Hongzhi is a cousin of Liu Zhongsi, while Yu Feng is a cousin of Liu Fuping, the new CEO, indicating a strong family presence in key positions [4][6]. Group 3: Financial Performance - Weilong's latest financial report shows a revenue increase of 28.6% year-on-year to 6.266 billion yuan, with a profit increase of 21.1% to 1.068 billion yuan [8]. - Adjusted net profit rose by 13.8% to 1.104 billion yuan, and the gross margin slightly increased from 47.7% in 2023 to 48.1% [8]. Group 4: Market Challenges - The company faces challenges such as declining sales of its core product, spicy strips, and increasing competition from imitators [7]. - Analysts suggest that the recent personnel changes may be aimed at enhancing the company's stock value [7].

Core Viewpoint - Wei Long Delicious Global Holdings Ltd is experiencing significant management changes, with both the CEO and CFO resigning in a short period, which may impact investor confidence and company operations [1][10][12]. Management Changes - CFO Peng Hongzhi has resigned for personal career development reasons, effective from August 31, 2025 [1][5]. - Yu Feng, currently an executive director, will take over as CFO starting September 1, 2025 [4]. - CEO Sun Yinong resigned due to personal matters, with his departure effective from April 30, 2025, and he will continue as an advisor [10][12]. Company Background - Wei Long Delicious was established in March 2021 in the Cayman Islands and is headquartered in Luohe, Henan Province. The company went public on the Hong Kong Stock Exchange in December 2022 [8]. - The company specializes in various food products, including flavored noodle products, vegetable products, and bean products [8]. Financial Performance - As of July 10, the company's stock price was HKD 12.62, reflecting a decline of 12.97%, with a total market capitalization of approximately HKD 30.681 billion [13][14]. - The company reported an earnings per share of 0.47 and a price-to-earnings ratio of 27.00 [14].

Core Viewpoint - Recent management changes at Weilong Delicious, including the resignation of CFO Peng Hongzhi and the appointment of Yu Feng, reflect potential challenges the company faces in product and market areas [2][3][4] Management Changes - CFO Peng Hongzhi will resign on August 31, with Executive Director Yu Feng taking over from September 1 [3] - This marks the second management change within six months, following the appointment of a new CEO in April [3] - The current executive directors are all members of the Liu family, indicating a strong family control over the company [3] Industry Challenges - The snack food industry is becoming increasingly competitive, prompting the Liu family to regain control of key positions to ensure consistent strategic direction [4] - The traditional "spicy strips" product line is losing popularity among mainstream consumers due to health concerns, impacting sales [5][7] - Sales of spicy strips have declined from 193,600 tons in 2021 to 124,400 tons in 2023 [5] Financial Performance - In 2024, Weilong Delicious reported revenue of 6.266 billion yuan, a year-on-year increase of 28.63%, and a net profit of 1.069 billion yuan, up 21.37% [6] - Revenue from vegetable products reached 3.371 billion yuan, growing 59.1% and surpassing the revenue from spicy strips [6] Product Development - The company is shifting towards healthier product offerings, increasing the sales of vegetable products like konjac snacks [6][7] - However, the konjac products have faced quality control issues, leading to consumer complaints [7] - The market for konjac snacks is becoming crowded, with competitors like Salted Fish and Three Squirrels entering the space [7]

Core Viewpoint - The recent executive changes at Wei Long, including the resignation of CFO Peng Hongzhi and the appointment of Yu Feng as the new CFO, indicate a significant shift in the company's leadership structure, which may impact its operational continuity and strategic direction [2] Financial Performance - Wei Long reported a revenue of 6.266 billion RMB for 2024, representing a 28.6% increase from 4.872 billion RMB in the previous year [3] - The gross profit for 2024 was 3.016 billion RMB, up 29.9% from 2.323 billion RMB in 2023, with a gross margin of 48.1%, an increase of 0.4 percentage points year-on-year [3] - Operating profit for 2024 reached 1.4 billion RMB, a 27% increase from 1.1 billion RMB in 2023 [4] - The net profit for the year was 1.068 billion RMB, reflecting a 21.3% growth compared to 880.354 million RMB in the previous year [4] Leadership Changes - CFO Peng Hongzhi will resign effective August 31, 2025, and Yu Feng will take over as CFO and authorized representative starting September 1, 2025 [2] - The previous CEO, Sun Yinan, resigned in March 2025, with core shareholder Liu Fuping appointed as the new CEO effective April 30, 2025 [2]

Core Insights - The report indicates a stabilization in food and beverage demand, with signs of recovery becoming increasingly clear [1] - The core conclusion emphasizes a transition between old and new market dynamics, prioritizing market share [4] Industry Review - The food and beverage industry faced pressure in Q2 due to seasonal consumption declines and policy impacts, with significant differentiation among segments. Notably, the liquor and beer sectors were most affected, while beverages and snacks continued to show good growth [6] - Alcoholic beverages, particularly high-end liquor, are undergoing adjustments due to policy changes, while lower-alcohol options are experiencing growth. The report suggests monitoring long-term trading opportunities in the liquor sector [6][12] - The beverage sector remains robust, with double-digit growth expected in categories like electrolyte water and coconut water. The report highlights the upcoming IPO of a coconut water brand, projecting an 80% revenue growth for 2024 [6] - The snack industry is transitioning from channel expansion to category-driven growth, with strong momentum expected to continue into 2026 [6] - The restaurant supply chain is experiencing weak demand, but signs of stabilization are emerging, particularly in basic condiments and frozen prepared foods [6] Investment Recommendations - The report recommends focusing on sectors sensitive to policy changes, such as liquor, beer, and dairy products, with specific stock picks including Guizhou Moutai and Yanjing Beer [6] - It suggests selecting strong individual stocks with clear market share gains or strong earnings certainty, such as Dongpeng Beverage and Haitian Flavoring [6] - High dividend yields are highlighted as a significant safety net in the current weak market environment, with Chongqing Beer being a notable example [6] Liquor Sector Analysis - The liquor index has underperformed the broader market, with a 12% decline year-to-date, primarily due to weakening consumer demand and increased competition [12] - The report notes that the performance of individual liquor stocks has diverged, with some brands gaining market share while others struggle [13] - Guizhou Moutai's price has seen a significant decline, with a year-on-year drop exceeding 20%, impacting overall sector valuations [12][19] Profitability Forecasts - The report anticipates that many companies will struggle to meet their growth targets in 2025, with a general downward revision of revenue growth expectations [44] - It highlights that the external environment remains uncertain, putting pressure on demand, and companies are focusing on inventory reduction and sales promotion [45]

Investment Rating - The report maintains a cautious outlook on the liquor industry, suggesting a bottoming opportunity for investment in high-end liquor brands and potential cyclical recovery in beer and yellow wine sectors [2][11][12]. Core Insights - The liquor industry is experiencing pressure on sales due to external risks and a need for demand improvement, with expectations for the price of original box Feitian Moutai to stabilize around 2000 RMB [2][11]. - The beer industry is showing signs of stabilization with a recovery in dining demand and potential for high-frequency sales tracking, suggesting a favorable outlook for the upcoming peak season [3][12]. - The yellow wine sector is witnessing a trend towards premiumization and market promotion efforts by leading brands, indicating a shift in consumer preferences [3][13]. - The snack food industry remains robust, driven by channel expansion and new product penetration, with expectations for continued high growth in Q2 [3][12]. - The soft drink sector is seeing demand improvement driven by health-oriented and functional beverages, with a positive outlook for brands like Dongpeng Beverage and Nongfu Spring [4][14]. - The seasoning industry is stabilizing at a low point, with growth relying on structural upgrades and increased demand from the restaurant sector [5][15]. Summary by Sections Liquor Industry - Feitian Moutai's original box price is stable between 1900-1950 RMB, with expectations for a price stabilization around 2000 RMB [2][11]. - The industry is under pressure, but the market's expectations for short-term performance have been adequately priced in, suggesting a potential for recovery [12]. Beer Industry - The beer sector is expected to stabilize with a recovery in dining demand and increased focus on non-drinking channels [3][12]. - The industry is positioned for a favorable performance in the upcoming peak season, with anticipated steady mid-year earnings [3][12]. Yellow Wine Industry - The trend towards premiumization is becoming a consensus among leading brands, with increased marketing efforts and a focus on younger consumers [3][13]. Snack Food Industry - The snack food sector is maintaining high growth due to channel expansion and new product introductions, with Q2 performance expected to continue the positive trend [3][12]. Soft Drink Industry - The soft drink market is improving, driven by health and functional beverages, with brands like Dongpeng Beverage and Nongfu Spring expected to perform well [4][14]. Seasoning Industry - The seasoning sector is stabilizing, with growth dependent on structural upgrades and increased demand from the restaurant industry [5][15].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [4]. Core Viewpoints - The company is a leading player in the spicy snack sector, benefiting from the growth of the konjac product category, which has driven rapid revenue growth over the past 25 years. The company possesses strong brand power and product development capabilities, supported by a big product strategy and refined channel management for long-term growth [1][2]. Summary by Sections Future Development Highlights - The konjac snack industry is projected to reach a scale of 12 billion yuan in 2024, characterized by high customer unit prices, broad audience coverage, and health benefits, indicating significant market potential. The company, as a pioneer in the konjac category, is expected to generate over 3 billion yuan in revenue from konjac products in 2024, maintaining its industry leadership [2]. Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 7.881 billion, 9.494 billion, and 11.265 billion yuan, with year-on-year growth rates of 26%, 20%, and 19% respectively. Net profit forecasts for the same period are 1.360 billion, 1.670 billion, and 1.984 billion yuan, with growth rates of 27%, 23%, and 19%. The expected EPS for 2025-2027 is 0.56, 0.69, and 0.82 yuan, corresponding to P/E ratios of 23.68, 19.29, and 16.24 times. The company is currently in a konjac product growth phase, with a valuation of 25-30 times P/E, translating to a market value of 34-40.8 billion yuan, indicating further upside potential [4][6]. Financial Summary - The company's revenue has shown steady growth, increasing from 2.76 billion yuan in 2018 to 6.266 billion yuan in 2024, with a CAGR of 14.6%. The net profit has also risen from 476 million yuan in 2018 to 1.069 billion yuan in 2024, with a net profit margin of 17.06% in 2024, reflecting strong profitability [24][30]. Core Competitiveness - The company has established a robust brand foundation and a comprehensive product matrix, with a strong focus on the spicy snack market. The konjac product line has emerged as a significant growth driver, with revenue from this category increasing from 298 million yuan in 2018 to 3.371 billion yuan in 2024, achieving a CAGR of 49.84% [36][37]. Product Foundation - The company has a well-structured product matrix, including traditional spicy snacks, vegetable products, and bean products. The konjac product "Konjac Delight" has become a key growth driver, while traditional spicy snacks remain a core product line despite a decrease in revenue share [41][43].