Group 1 - The stock of Wei Long Delicious (09985.HK) has increased by over 5%, specifically by 5.29%, reaching a price of 11.54 HKD [1] - The trading volume for Wei Long Delicious is reported at 33.9842 million HKD [1]

Core Viewpoint - Goldman Sachs initiates a "Buy" rating for Weilang Meiwai (09985) due to a favorable risk-reward profile after a 30% price correction since April [1] Group 1: Stock Performance - Weilang Meiwai's stock has risen over 5%, currently trading at HKD 11.54 with a transaction volume of HKD 33.98 million [1] Group 2: Sales and Growth Channels - Discount stores are identified as the fastest-growing channel, expected to contribute 25-30% to annual sales, with a long-term target of 30-35% [1] - The operating profit margin of the discount store channel is comparable to the overall company level, indicating stable trends despite intense competition [1] - Rapid expansion of discount store partnerships is anticipated to provide significant growth opportunities for Weilang through innovative product placements [1] Group 3: Marketing and Expenses - The company expects higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing efforts [1] - Investments are primarily aimed at supporting the growth of konjac and kelp product lines, enhancing brand equity and market share [1] Group 4: Sales Targets and Partnerships - Management reaffirms an annual sales target of approximately RMB 100 million [1] - The company is actively seeking partners in other Southeast Asian countries and has made progress in product listings with major retailers like 7-11 and Lotus's [1]

Group 1 - The Hong Kong stock market for new consumption concepts showed strength at the beginning of trading on November 10, with notable gains in several stocks [1] - "Hushang Auntie" (02589.HK) surged over 10%, indicating strong investor interest [1] - "Pop Mart" (09992.HK) rebounded with an increase of over 6%, reflecting positive market sentiment [1] Group 2 - Other stocks in the sector, including "Weilong Delicious" (09985.HK), "Naixue's Tea" (02150.HK), "Chabaidao" (02555.HK), and "Mixue Group" (02097.HK), also experienced upward movement [1]

Core Viewpoint - Goldman Sachs initiates a "Buy" rating for Weilong Delicious (09985) after a 30% price correction since April, indicating a favorable risk-reward profile at current valuations [1] Group 1: Sales and Growth Channels - Discount stores are identified as the fastest-growing channel, expected to contribute 25-30% to annual sales, with a long-term target of 30-35% [1] - The operating profit margin of the discount store channel is comparable to the overall company level, indicating stable trends despite intense competition [1] - Rapid expansion of discount store partnerships with well-known brands like Weilong is anticipated to provide significant growth opportunities through innovative product placements [1] Group 2: Marketing and Financial Projections - The company expects higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing efforts, particularly for its key growth categories, konjac and seaweed [1] - A planned investment aims to enhance brand equity and market share [1] - The management has reaffirmed an annual sales target of approximately RMB 100 million and is actively seeking partners in other Southeast Asian countries, noting progress in product listings at major retailers like 7-11 and Lotus's [1]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Viewpoints - The liquor sector is entering a layout phase, with the snack segment being the preferred choice for consumer goods. The food and beverage index experienced a decline of 0.6% from November 3 to November 7, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 1.4 percentage points. The processed food (+2.3%), baked goods (+1.7%), and meat products (+0.8%) sectors performed relatively well. The food and beverage sector has significantly underperformed the market since the beginning of 2025 due to changes in consumer environment and market style. Factors include the impact of alcohol bans, pressure on household income expectations, and a noticeable shift of funds towards technology sectors. The current underlying logic of the sector indicates that the fundamentals are nearing a bottom, with recovery expectations gradually warming up. The negative impacts on the industry have largely been released, and the marginal effects of alcohol bans are slowing down. Some companies are actively reducing supply to achieve a balance between supply and demand, alleviating channel pressures and releasing channel risks. Strengthened policy expectations are boosting demand in related consumption areas. The fundamentals are at a bottom, and the sector's valuation has dropped to a low point, with fund holdings in food and beverage remaining at a low level, indicating a relatively good chip structure. Therefore, there is no need for pessimism at this stage. Looking ahead to 2026, the main theme for the food and beverage industry is a recovery from the bottom, with the pace and strength of recovery being closely related to macroeconomic conditions. It is expected that consumer resilience will be maintained, and increased economic activity will boost business consumption [4][12][13]. Summary by Sections Weekly Viewpoints - The liquor sector is entering a layout phase, with the snack segment being the preferred choice for consumer goods. The food and beverage index experienced a decline of 0.6% from November 3 to November 7, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 1.4 percentage points. The processed food (+2.3%), baked goods (+1.7%), and meat products (+0.8%) sectors performed relatively well [12][14]. Market Performance - The food and beverage index declined by 0.6%, ranking 25th out of 28 sectors, and underperformed the CSI 300 by about 1.4 percentage points. Leading individual stocks included Anji Food, Huifa Food, and Barbie Food, while Jinzi Ham, Jiu Gui Jiu, and Gu Qing Gong Jiu saw significant declines [14][19]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder at GDT auction was $3,503 per ton, down 3.0% month-on-month and 5.7% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, down 0.3% month-on-month and 3.2% year-on-year [19][21]. Liquor Industry News - The launch of the 2025 special edition of Langpai Lang was announced, with a suggested retail price of 299 yuan per bottle. The product features classic packaging elements and is limited in availability. Additionally, significant growth in white liquor sales was reported during the Double 11 shopping event, with brands like Moutai and Wuliangye seeing year-on-year increases exceeding 100% [47][48]. Recommended Portfolio - The recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bairun Shares. Guizhou Moutai is focusing on sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty. Ximai Food is expanding rapidly in new channels, while Weilong Delicious is stabilizing its base with new product launches. Bairun Shares is improving its pre-mixed liquor trends [5][54].

Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Weilong Delicious (09985) with a 12-month target price of HKD 13.9, based on a 19x expected P/E ratio for 2027 and an 8.6% cost of equity discounting back to 2026. Despite fierce competition in the snack industry, the company is expected to achieve growth due to its first-mover advantage, brand image, and insights into konjac products and market dynamics [1] Group 1 - The company reaffirms its annual guidance with a projected sales growth of 15-20%, gross margin of 46-48%, and net profit margin of 17-20%. The company anticipates higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing efforts, particularly for konjac and kelp products [1] - In Q3 2025, despite a high base, the company's performance remains robust, with monthly sales of the sesame konjac product reaching RMB 60-70 million in August and September, and seasoning noodle products showing signs of stabilization [2] - Discount stores are the fastest-growing channel, expected to contribute 25-30% of annual sales, with a long-term target of 30-35%. Traditional distributors are the most profitable channel, followed by discount stores, KA channels, and e-commerce [2] Group 2 - The company maintains an optimistic outlook on raw material costs, expecting prices of konjac flour to normalize by 2026-2027 as planting areas expand, despite previous high prices due to supply-demand imbalances [2] - The management has reiterated a sales target of approximately RMB 100 million for the year and is actively seeking partners in other Southeast Asian countries, with progress in product listings at major retailers like 7-11 and Lotus's [3]

Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Weidong Meishi (09985) with a 12-month target price of HKD 13.9, based on a 19x expected P/E ratio for 2027 and an 8.6% cost of equity discounted back to 2026 [1] Group 1: Company Growth Potential - Despite fierce competition in the snack industry, the company is expected to achieve growth due to its first-mover advantage, national coverage, and resources to adapt to increasing competition [1] - Smaller competitors are likely to be more affected by rising costs and price pressures due to their scale disadvantages [1] - The company's strong brand image and insights into konjac products and the market provide potential for multiple enhancements in consumer penetration, channel expansion, SKU, and flavor variety [1] Group 2: Financial Guidance - The company reaffirms its annual guidance with a sales growth of 15-20% year-on-year, a gross margin of 46-48%, and a net profit margin of 17-20% [1] - The company anticipates higher sales, general, and administrative expense ratios in the second half of the year due to increased online and offline marketing activities aimed at supporting konjac and kelp product categories [1] - The long-term goals include maintaining a gross margin above 45% and a net profit margin exceeding 15% [1] Group 3: Sales Trends and Channel Insights - In Q3 2025, despite a high base, the company's performance remains robust, with monthly sales of the konjac sesame product reaching RMB 60-70 million in August and September [2] - Discount stores are the fastest-growing channel, expected to contribute 25-30% of annual sales, with a long-term target of 30-35% [2] - Traditional distributors are the most profitable channel, followed by discount stores, KA channels, and e-commerce [2] Group 4: Raw Material Cost Outlook - Supply-demand imbalance has kept konjac powder prices high, but the company is optimistic that prices will normalize in 2026-2027 as planting areas expand [2] Group 5: International Expansion - The management has reiterated a sales target of approximately RMB 100 million for the year and is actively seeking partners in other Southeast Asian countries [3] - Progress has been made in getting konjac and kelp products listed in major Southeast Asian retailers such as 7-11 and Lotus's [3]

Group 1: Core Insights - The report emphasizes a turning point in supply and demand equilibrium, particularly in the liquor industry, with a focus on the accelerated clearance of inventory in the baijiu sector [3][15][21] - The report suggests that the liquor industry is transitioning from a "U-shaped adjustment" to a "V-shaped adjustment," indicating a potential for recovery as market pessimism is already reflected in stock prices [15][25] - The report highlights the resilience of consumer staples, particularly in the beverage and snack sectors, which are expected to show strong growth despite the challenges faced by the liquor industry [3][12] Group 2: Baijiu Industry Analysis - The baijiu sector is experiencing a significant adjustment, with sales and inventory levels rapidly clearing, particularly in the high-end and mid-range segments [3][15][21] - The report notes that the current adjustment cycle has a longer duration compared to previous cycles, with a single-quarter decline exceeding previous lows, indicating a deeper market correction [15][25] - Key companies to watch in the baijiu sector include Shanxi Fenjiu, Gujing Gongjiu, and Moutai, with a focus on both growth and stable performers [3][21][28] Group 3: Beer and Beverage Sector Insights - The beer industry is characterized by stable pricing and sales, with a recommendation to focus on regional leaders that have competitive advantages [3][41] - The beverage sector is noted for its structural growth, with leading companies like Dongpeng Beverage and Nongfu Spring expected to perform well [3][41] - The report indicates that the beer industry's profitability is improving due to cost advantages and a stable competitive landscape, despite facing demand pressures [41][42] Group 4: Consumer Goods and Snacks - The consumer goods sector is showing signs of recovery, with food raw materials and health products still in a growth phase, indicating high elasticity in certain categories [3][12] - The snack industry is highlighted for its innovation and growth potential, with companies like Three Squirrels and Wei Long expected to drive future growth [3][12] - The report suggests that the overall consumer goods market is stabilizing, with a focus on companies that demonstrate strong innovation and channel expansion capabilities [3][12]

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10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: 2025年11月4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 | | 0 | | 本月底結存 | | | 5,000,000,000 USD | | 0.00001 | USD | | 50,000 | 本月 ...

Core Insights - The food and beverage sector has underperformed the market, with a decline of 1.6% from January to October 2025, lagging behind the CSI 300 by approximately 37.2 percentage points, ranking last among primary sub-industries [4][11][25] - The snack segment has shown better performance with a growth of 32.5%, while beer, seasoning, and liquor have experienced declines of 9.7%, 6.5%, and 4.8% respectively [4][11][25] - The sector's price-to-earnings (PE) ratio has decreased by 10.4% compared to the end of 2024, with an expected net profit growth of 5.4% for 2025, leading to a 5.6% decline in market capitalization [4][17][20] Market Performance - The food and beverage sector has underperformed the market, with a decline of 1.6% from January to October 2025, ranking last among primary sub-industries [4][11] - The snack segment has shown better performance with a growth of 32.5%, while beer, seasoning, and liquor have experienced declines of 9.7%, 6.5%, and 4.8% respectively [4][11] - The sector's PE ratio has decreased by 10.4% compared to the end of 2024, with an expected net profit growth of 5.4% for 2025, leading to a 5.6% decline in market capitalization [4][17] Fund Holdings - In Q3 2025, the allocation of food and beverage in the overall market funds dropped to a new low of 6.4%, down from 8.0% in Q2 2025, marking the lowest level since 2020 [5][37] - The allocation in active equity funds also decreased from 5.6% in Q2 2025 to 4.1% in Q3 2025, indicating a significant reduction in food and beverage exposure [5][37] - The white liquor segment has seen a reduction in fund allocation, with companies like Luzhou Laojiao and Shede Liquor gaining more market favor due to their performance [5][42] Industry Judgment - The macroeconomic environment shows a weak recovery, with China's GDP growth at 4.8% in Q3 2025, slightly down from Q2 2025 [6][46] - Retail sales of consumer goods grew by 3.5% year-on-year in Q3 2025, reflecting a slower recovery pace, primarily due to the impact of the alcohol ban on dining consumption [6][46] - The food manufacturing sector has faced pressure, with revenue growth of only 1.5% and profit growth of 2.1% from January to September 2025, indicating a downward trend [6][52] Investment Opportunities - The food and beverage industry is expected to see a recovery from its bottom, with a focus on resilient consumer spending and improved economic activity [7][65] - The white liquor sector is nearing a left-side layout zone, suggesting gradual investment opportunities in companies like Kweichow Moutai and Luzhou Laojiao [7][68] - The snack segment is recommended for investment due to its growth potential, with companies like Wei Long and Ximai Foods highlighted for their market opportunities [7][69][62]