Core Viewpoint - The new consumption concept stocks in the Hong Kong market are showing localized strength, with several companies experiencing notable gains [1] Group 1: Stock Performance - "沪上阿姨" (Hushang Auntie, 02589.HK) has risen over 4% [1] - Other stocks such as "蔚来-SW" (NIO, 09866.HK), "卫龙" (Weilong, 09985.HK), "茶百道" (Chabaidao, 02555.HK), and "古茗" (Guming, 01364.HK) are also seeing upward movement [1]

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 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.2.0 截至月份: 2026年1月31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: 2026年2月5日 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 | | | | 本月底結存 | | | 5,0 ...

Group 1 - The Hong Kong stock market saw a rise in new consumer stocks, with Pop Mart leading the gains at nearly 5% [1] - Other notable performers included Blukoo, Maogeping, and Guming, which all rose over 3% [1] - Companies such as Laopu Gold, Shangmei Group, Mixue Group, Miniso, Weilon Delicious, and others also experienced increases of over 2% [1] Group 2 - Pop Mart's stock rose by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock increased by 3.84%, with a latest price of 72.950 and a market cap of 18.13 billion, showing a year-to-date rise of 8.96% [2] - Maogeping's stock rose by 3.83%, priced at 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Guming's stock increased by 3.58%, with a latest price of 29.500 and a market cap of 70.156 billion, reflecting a year-to-date rise of 19.05% [2] - Laopu Gold's stock rose by 2.91%, priced at 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei Group's stock increased by 2.92%, with a latest price of 67.000 and a market cap of 26.673 billion, showing a year-to-date decline of 7.97% [2] - Mixue Group's stock rose by 2.80%, priced at 396.600, with a market cap of 150.557 billion, reflecting a year-to-date decline of 3.22% [2] - Miniso's stock increased by 2.43%, with a latest price of 37.100 and a market cap of 44.916 billion, showing a year-to-date increase of 1.92% [2] - Weilon Delicious's stock rose by 2.63%, priced at 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock increased by 1.28%, with a latest price of 86.750 and a market cap of 9.126 billion, reflecting a year-to-date increase of 1.34% [2] - Chazhidao's stock rose by 1.11%, priced at 6.370, with a market cap of 9.413 billion, showing a year-to-date decline of 3.19% [2] - Wuwu Hen Mang's stock increased by 0.90%, with a latest price of 403.000 and a market cap of 86.851 billion, reflecting a year-to-date increase of 70.33% [2]

Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

我国零食行业容量大，但供需两端分散，整体呈现"品类丰富、品牌不足"，竞争门槛低、产品生命周期 较短以及消费者品牌粘性不高等特点。相较零食行业整体，我国辣味零食市场增长更快；其中，细分类 目辣条对比其他零食品类口味独特，消费者复购率高，尤其行业重塑后呈现品牌化、高端化发展，进一 步延长产品生命周期；而魔芋零食更是凭借健康低卡、稳定可塑等特征，成为近年行业现象级爆品，且 借鉴日本等成熟市场，未来魔芋成长空间广阔。 辣条、魔芋零食市场集中度相对较高，卫龙品类&品牌&渠道等综合优势明显 对比竞争对手，公司在辣条、魔芋领域具备明显的品类先发优势，研发创新端更注重厚积薄发；而大单 品规模效应、年轻化的品牌运营进一步巩固卫龙在两大品类的品牌优势；公司全渠道布局，市场覆盖广 度、产品铺设陈列面优于同业对手。 多品类大单品驱动成长，高盈利有望延续 智通财经APP获悉，华源证券发布研报称，预计卫龙美味(09985)2025-2027年归母净利润分别为 13.84/16.96/20.12亿元，同比增速分别为29.53%/22.52%/18.65%，当前股价对应的PE分别约20/16/13倍。 参考相似业态公司盐津铺子、万辰集团、劲 ...

Group 1: Transportation Industry - The express delivery sector shows resilient demand, with a "反内卷" (anti-involution) trend driving up prices and releasing profit elasticity for companies, indicating a favorable long-term competitive environment for e-commerce logistics [17] - The civil aviation sector is experiencing a significant recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses, setting a solid foundation for 2026 [8][9] - The shipping market is witnessing a "strong off-season" for dry bulk freight rates due to a combination of concentrated cargo volumes and tight capacity, with the Baltic Dry Index (BDI) showing a notable increase [13][14] Group 2: Energy Storage Industry - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, which is expected to enhance the energy storage sector's growth [21] - By the end of 2025, China's cumulative installed capacity for energy storage is projected to reach 213.3 GW, a 54% year-on-year increase, with new energy storage technologies, particularly lithium-ion batteries, experiencing rapid growth [21] - A total of 13 core companies in the energy storage industry have been identified, including Changhong Energy and Haixi Communications, which are positioned to benefit from the expanding market [21] Group 3: Media and Internet Industry - Google's Project Genie has launched, allowing users to create and edit interactive 3D environments, indicating a significant advancement in AI applications within the media sector [25] - The AI gaming creation tool "TapTap Manufacturing" has been introduced, enabling creators to develop games without leaving the chat interface, showcasing the integration of AI in game development [25] - The competition for AI entry points is expected to continue evolving, with major platforms like WeChat and Douyin playing crucial roles in user education and ecosystem integration [25][28] Group 4: Food and Beverage Industry - Weidong Delicious is recognized as a leading player in the spicy snack sector, capitalizing on the trend of health-conscious consumption and maintaining a strong brand presence [4] - The company has established a robust multi-category product strategy, which is expected to drive growth and sustain high profitability [4] Group 5: Real Estate Industry - China Merchants Shekou is focusing on core cities and leveraging its state-owned enterprise advantages to optimize its asset structure and enhance its competitive position [4] - The company has proactively addressed historical burdens by writing down approximately 22.6 billion yuan in asset and credit impairments since 2020, positioning itself for future growth [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][9][47]. Core Insights - The company, known as a leader in the spicy snack sector, has successfully capitalized on the industrialization of snacks and has redefined standards and consumer perceptions in the spicy strip market. The company benefits from a strong brand and channel power, ensuring its competitive edge [5][6][11]. - The domestic spicy snack market is growing rapidly, with significant potential in the konjac market. The company has established a strong presence in both spicy strips and konjac snacks, leveraging its first-mover advantage and comprehensive advantages in product categories, branding, and distribution channels [6][25][39]. - The company is expected to maintain high profitability driven by its konjac product line, with projected net profits for 2025-2027 of 1.384 billion, 1.696 billion, and 2.012 billion RMB, respectively, reflecting growth rates of 29.53%, 22.52%, and 18.65% [7][46]. Summary by Sections Market Performance - As of January 30, 2026, the closing price of the company's stock is 12.29 HKD, with a market capitalization of approximately 29.88 billion HKD [3]. Financial Projections - The company is projected to achieve revenues of 73.73 billion, 86.51 billion, and 99.69 billion RMB for the years 2025-2027, with year-on-year growth rates of 18%, 17%, and 15% respectively [9][46]. - The konjac product line is expected to see revenue growth rates of 38%, 26%, and 21% during the same period, indicating strong market demand [10][46]. Competitive Landscape - The spicy snack market in China is characterized by a high concentration of brands, with the company holding a significant market share of 28% in the spicy strip segment, far ahead of competitors [25][35]. - The company has a robust distribution network, covering approximately 690,000 retail outlets across China, and is actively exploring international markets, including North America and Southeast Asia [40][39]. Growth Drivers - The company is focusing on product innovation and expanding its product offerings, including new flavors and overseas market penetration, which are expected to drive future growth [40][11]. - The report highlights the company's strategic initiatives to enhance its brand positioning and operational efficiency, which are anticipated to sustain its competitive advantage in the market [39][40].

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The liquor sector is gaining attention, with strong sales performance from Guizhou Moutai, which has seen its batch price rise to 1700 yuan, reflecting positive sales momentum despite existing inventory risks [2][11] - The consumer goods sector is experiencing overall weakness, but there are opportunities in the "snack/meal supply/dairy beverage" segments due to the upcoming Spring Festival [3][12] Market Performance Review - The food and beverage sector saw a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - Specific performance highlights include a 3.86% increase in the liquor sector, while other segments like snacks and health products saw declines of 6.07% and 5.59%, respectively [1][17] Sector Investment Recommendations - **Liquor Sector**: The report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Guxi Gongjiu, anticipating strong sales during the Spring Festival [3] - **Consumer Goods**: Emphasis is placed on the Spring Festival stocking opportunities in snacks, meal supplies, and dairy beverages, with specific recommendations for companies like East Peak, Weilong, and New Dairy [3][12][14] Sector and Stock Performance - The report details stock performance, with top gainers in the liquor sector including Huangtai Liquor (+22.92%) and Luzhou Laojiao (+9.10%), while major losers included Haoxiangni (-20.89%) and Yanghe Distillery (-11.56%) [19][22] - The dynamic price-to-earnings ratio for the food and beverage sector is reported at 20.9 times, with liquor at 18.47 times, indicating a favorable valuation environment for liquor stocks [24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for Moutai during the Spring Festival is more resilient than expected, indicating a clear improvement trend for mass-market products [4] - The food and beverage index increased by 1.6% from January 26 to January 30, outperforming the CSI 300 by approximately 1.5 percentage points [4][15] - The white wine market is gaining attention due to expectations of improvement in related industries, with Moutai's wholesale prices showing unexpected resilience [4][43] Market Performance - The food and beverage sector ranked 5th among primary sub-industries, with white wine (+3.9%), meat products (+0.5%), and other foods (0.0%) leading the performance [4][15] - Notable individual stock performances include Huangtai Liquor, Liziyuan, and CITIC Niya showing significant gains, while Haoxiangni, *ST Chuntian, and Anji Food experienced declines [4][15][20] Upstream Data - Some upstream raw material prices have decreased, with the price of fresh milk at 3.04 yuan/kg, down 2.6% year-on-year [21] - The price of pork is 18.6 yuan/kg, down 19.9% year-on-year, while the price of white strip chicken is 17.0 yuan/kg, down 1.2% year-on-year [23][29] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Ganyuan Food, with each showing potential for growth in 2026 [6]

Core Viewpoint - The report from Kaiyuan Securities maintains a "Buy" rating for Weilong Delicious (09985), anticipating strong performance driven by the upcoming Spring Festival in 2026 and the introduction of new products and celebrity endorsements [1] Group 1: Performance Expectations - The Spring Festival in 2026, falling in mid-February, is expected to boost demand for consumer goods, with inventory buildup starting in January [1] - The company forecasts net profits for 2025, 2026, and 2027 to be 1.38 billion, 1.70 billion, and 2.06 billion yuan respectively, representing year-on-year growth of 29.2%, 23.1%, and 21.1% [1] - Current price-to-earnings ratios are projected at 19.6, 15.9, and 13.1 times for the years 2025, 2026, and 2027 [1] Group 2: Product and Brand Strategy - The company is a leading brand in the spicy snack sector, leveraging a big product strategy for rapid growth [2] - New flavors such as crayfish and spicy beef are set to launch in 2025, supported by celebrity endorsements to drive sales [1][2] - The company plans to enhance its konjac product line with new flavors like high-fiber beef liver mushrooms and Dai-style chicken feet in the second half of 2025, aiming for sustained growth [1] Group 3: Channel Strategy - The company is enhancing its traditional offline supermarket channels while embracing new emerging channels, including collaborations with bulk snack retailers and membership stores [2] - Initial efforts are being made to penetrate the Southeast Asian market, alongside seizing opportunities in new e-commerce platforms like Douyin and Kuaishou [2] - Increased investment in new product launches and core terminal promotions is expected to enhance brand strength and overall operational momentum [2]