Core Insights - The event held by Weilong on December 10 focused on the theme of "Healthy Snack New Proposition: Super Ingredient Konjac," gathering various stakeholders to discuss the transformation and future opportunities in the konjac industry [1] Company Performance - Since its launch in 2014, Weilong's Konjac Snack has achieved annual sales exceeding 3 billion yuan, with revenue from vegetable products centered around Konjac expected to grow by 59.1% year-on-year to 3.371 billion yuan in 2024, accounting for 54% of total revenue [3] - By the first half of 2025, this revenue is projected to further increase to 6.055 billion yuan, establishing a strong second growth curve for the company [3] Product Strategy - The success of Weilong's Konjac Snack is attributed to a systematic approach involving brand, product, and channel strategies, effectively capturing industry trends and young consumers' demands [4] - The product strategy focuses on continuous improvement of basic flavors, with classic spicy flavors being the core of repeat purchases, supported by 24 production processes that ensure a chewy and crispy texture [6] - Recent innovations include regional and scenario-based products, such as the launch of Hunan-style spicy crayfish flavor and collaborations with Sam's Club for high-fiber products, aligning with health trends [6] Market Strategy - Weilong has adapted its marketing strategies to resonate with young consumers, emphasizing fun and engaging content through social media platforms like Douyin and Kuaishou, leading to a 38% year-on-year increase in online channel revenue, reaching 700 million yuan in 2024 [6] - The brand's marketing also focuses on emotional resonance, creating social conversations through limited edition flavors and creative packaging [7] Industry Outlook - The konjac industry in China is projected to have a total output value of 32 billion yuan in 2024, with an expected annual compound growth rate of 11.8%, potentially reaching 45 billion yuan by 2030, indicating significant growth opportunities [9] - The development of konjac food enterprises is fostering regional agricultural clusters, enhancing farmers' income and contributing to the industry's overall growth [9] - The chairman of Weilong stated that the konjac ingredient is undergoing a value redefinition, with the company holding a 61% market share in the category and leading the establishment of industry standards [9][11]

Core Insights - The event "New Propositions for Healthy Snacks: Superfood Konjac" held in Xishuangbanna, Yunnan, highlighted the transformation and future opportunities of the konjac industry in China, marking a new phase of standardized and value-driven development [1][2]. Industry Overview - China is the world's largest producer and consumer of konjac, accounting for over 60% of global planting area and production, with Yunnan, Sichuan, Hubei, and Shaanxi as the four core production regions [1]. - The konjac industry has evolved from traditional products to a diverse range of offerings, including snacks, meal replacements, and plant-based foods, with the entire industry chain exceeding 100 billion yuan [7]. Policy and Market Dynamics - The "China Food and Nutrition Development Outline (2025-2030)" emphasizes increasing the supply of konjac and other fiber-rich foods, driving the industry's growth [2]. - The demand for low-fat, high-fiber konjac products in markets like Japan and Europe is growing at an annual rate of 15% [7]. Company Innovations - Weidong, a leading company in the konjac snack sector, holds a 61% market share since launching its first konjac product in 2014 and has established the first industry standard for konjac ready-to-eat foods [4]. - The company is focusing on product innovation, upgrading the supply chain, and enhancing quality management to support the high-quality transformation of the konjac industry [4][17]. Nutritional Value and Health Trends - Konjac is recognized for its low energy, high fiber, and low glycemic index properties, making it beneficial for health, especially in addressing obesity and related chronic diseases [9][10]. - The consumption of konjac products is shifting from niche markets to a broader audience, characterized by trends of health consciousness, youth appeal, and convenience [10][12]. Future Directions - The konjac industry is expected to expand its applications beyond food into medical, daily chemical, and green packaging sectors, necessitating technological advancements and a comprehensive standard system [17]. - The recent report aims to provide valuable insights for the high-quality development of the konjac industry, focusing on the synergy of policy support, technological progress, and consumer upgrades [12].

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。 ...

Core Viewpoint - Wei Long Mei Wei (09985) announced a donation of 3 million HKD to support victims of the Tai Po fire in Hong Kong through the Hong Kong Red Cross Foundation [1][3] Group 1: Donation Details - The donation will be specifically used for providing temporary accommodation assistance and daily living subsidies to the affected individuals [3] - This donation is part of a broader corporate charitable response to recent fire incidents in Hong Kong [3] Group 2: Company Response - Wei Long Mei Wei expressed respect for the frontline rescue workers, including firefighters and medical personnel, and emphasized solidarity with Hong Kong [3] - The company conveyed a message of hope for the affected community, wishing for a swift recovery and rebuilding of homes [3] Group 3: Context of the Incident - The fire incident occurred on November 26, resulting in significant casualties and property damage [3] - The Hong Kong government is actively conducting post-disaster resettlement efforts in collaboration with various sectors to assist affected residents [3]

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]

Group 1 - The core viewpoint is that new consumption concept stocks in Hong Kong are experiencing a strong performance, with notable increases in share prices for several companies [1][2] Group 2 - Gu Ming (01364.HK) and Cha Bai Dao (02555.HK) have both risen over 4% [1] - Wei Long (09985.HK) and Nai Xue's Tea (02150.HK) have seen nearly a 3% increase [1]