机构：爱建证券 品、豆制品及其他三大品类。2024 年蔬菜制品营收占比53.8%、同比增长59.1%，首次超越调味面制品 成为第一大品类。2018-2024 年蔬菜制品营收CAGR 达50%，魔芋品类已成为核心增长引擎。2）行业： 据弗若斯特沙利文，辣条行业2024 年市场规模约615亿元，公司市占率约30%、连续三年全国销量第 一，断层领先第二名。魔芋休闲食品仍处快速渗透阶段，公司凭借先发优势在该品类市占率同样位居第 一且显著领先，收入规模数倍于第二名，双品类龙头地位稳固。 关键假设点：蔬菜制品方面，魔芋品类仍处于快速渗透阶段，经典口味保持稳定增长，麻酱、牛肝菌等 新口味持续放量，叠加量贩及会员店等新渠道拓展，预计2025/2026/2027 年蔬菜制品收入分别为 50.6/65.7/78.9 亿元，同比增长50.0%/30.0%/20.0%，毛利率分别为46.4%/47.5%/48.5%。调味面制品方 面，公司主动下架低毛利SKU、聚焦四大核心系列，短期收入承压但产品结构优化，预计 2025/2026/2027 年调味面制品收入分别为25.9/26.1/27.2 亿元，同比变动-3.0%/+1.0%/+4 ...

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

- 辣味零食龙头地位稳固，魔芋高增打开空间 ——卫龙美味（9985.HK）首次覆盖报告 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 资料来源：聚源数据 相关研究 - 范林泉 S0820525020001 021-32229888-25516 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com 报告原因： | | | | 市场数据： | 2025 | 年 | 12 | 月 23 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.75 | | | 一年内最高/最低（港元） | | | | 17.82/6.90 | | | 总股本（亿股） | | | | 243,115 | | | 总市值（亿港元） | | | | | 279 | | | | | | | 日 | 一年内股价与恒生指数对比走势： 投资要点： | 报告期（人民币） | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | -- ...

12月22日，港股市场新消费概念股走强，其中，蜜雪集团涨近10%，老铺黄金涨超5%，锅圈涨超4%， 布鲁可、泡泡玛特、古茗涨超3%，沪上阿姨、毛戈平、卫龙美味涨超2%。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02097 | 奢雪集团 | 9.97% | 434.400 | 1649.06亿 | 114.52% | | 06181 | 老铺黄金 | 5.24% | 692.500 | 1221.49亿 | 209.43% | | 02517 | 锅圈 | 4.49% | 3.490 | 91.95亿 | 96.09% | | 00325 | 布鲁可 | 3.75% | 71.850 | 178.58亿 | 19.06% | | 09992 | 泡泡玛特 | 3.58% | 199.800 | 2683.2亿 | 125.10% | | 01364 | 古客 | 3.04% | 25.060 | 595.97亿 | 178.14% | | 02589 | 沪上阿姨 | 2.84% | 94. ...

港股新消费概念股集体走高，蜜雪集团、老铺黄金、布鲁可涨超4%，卫龙美味、古茗、泡泡玛特涨超 3%。 | 代码 | 名称 | 最新价 | 涨跌幅 > | | --- | --- | --- | --- | | 02097 | 蜜雪集团 | 414.200 | 4.86% | | 00325 | 布鲁可 | 72.200 | 4.26% | | 06181 | 老铺黄金 | 685.000 | 4.10% | | 09992 | 泡泡玛特 | 199.700 | 3.53% | | 02015 | 理想汽车-W | 67.450 | 3.06% | | 09985 | 卫龙美味 | 11.550 | 3.13% | | 01364 | 古客 | 25.060 | 3.04% | | 02517 | 据 | 3.410 | 2.10% | | 09868 | 小鹏汽车-W | 78.150 | 1.96% | | 05252 | 茶白道 | 7.200 | 1.12% | 个股消息面上，北京时间12月20日，蜜雪冰城洛杉矶好莱坞店正式营业。据悉，门店位于星光大道"中 国剧院"对面，凭借1.19美元冰淇淋等平价产品与 ...

报告指出，我国魔芋食品消费已从 "单一场景、小众人群" 转向 "多元场景、广泛人群"，呈现 "健康 化、年轻化、便捷化" 特征。辣味口味、魔芋毛肚品类及卫龙品牌成为媒体与消费者最关注的三大热 点，卫龙的媒体关注度月频次达51次，是行业平均水平的4倍。国信证券此前指出，公司利用品类品牌 模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定。 智通财经获悉，卫龙美味(09985)午后涨超6%，截至发稿，涨5.87%，报11.19港元，成交额3816.02万港 元。 消息面上，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。 本文源自：智通财经网 ...

（文章来源：每日经济新闻） 每经AI快讯，卫龙美味(09985.HK)午后一度涨超6%，截至发稿涨5.87%，报11.19港元，成交额3816.02 万港元。 ...

卫龙美味(09985)午后涨超6%，截至发稿，涨5.87%，报11.19港元，成交额3816.02万港元。 消息面上，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（603888）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。 报告指出，我国魔芋食品消费已从"单一场景、小众人群"转向"多元场景、广泛人群"，呈现"健康化、 年轻化、便捷化"特征。辣味口味、魔芋毛肚品类及卫龙品牌成为媒体与消费者最关注的三大热点，卫 龙的媒体关注度月频次达51次，是行业平均水平的4倍。国信证券此前指出，公司利用品类品牌模式构 筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定。 ...

Core Insights - The core focus of the article is on the rapid growth and market dominance of the company Wei Long in the konjac food industry, particularly through its flagship product, "Konjac Shuang" [1][2][20]. Company Overview - Wei Long was established in 1999 and went public in 2022, becoming the first "spicy strip" stock in Hong Kong [2]. - The company pioneered the konjac snack category in China with the introduction of "Konjac Shuang" in 2014, which has since become the highest-selling konjac product in the country, with a production volume exceeding 100,000 tons and sales surpassing 3 billion yuan in 2024 [2][20]. Market Position - Wei Long holds a market share of over 60% in the konjac product segment, making it the leading company in the industry [2]. - The company has successfully established itself as the only publicly listed snack food company with two core products each generating over 2.5 billion yuan in sales [2]. Consumer Insights - The most popular konjac product among consumers is "spicy konjac tripe," with Wei Long being the most recognized brand, achieving a mention frequency of 51 times per month [1]. - The brand's mental penetration rate in the "Konjac Shuang" category is reported to be 78%, indicating strong brand recognition and consumer loyalty [4][12]. Product Characteristics - "Konjac Shuang" is characterized by its low-fat, low-calorie, and high dietary fiber content, making it appealing for health-conscious consumers [9][12]. - The company uses high-quality konjac sourced from Yunnan, ensuring superior product quality through direct partnerships with local farmers [12]. Marketing Strategy - Wei Long actively engages in brand building and consumer interaction, exemplified by its participation in the first "Konjac Superfood Launch Conference" to promote the health benefits of konjac [13][14]. - The company has leveraged social media and collaborations with popular brands like Pizza Hut and KFC to enhance consumer engagement and meet diverse consumer needs [15]. Industry Growth - The konjac industry in China is projected to grow significantly, with an estimated total output value of 32 billion yuan in 2024 and a potential increase to 45 billion yuan by 2030, reflecting a compound annual growth rate of 11.8% [17]. - Wei Long's revenue from konjac products has increased from 298 million yuan in 2018 to 3.37 billion yuan in 2024, marking an elevenfold growth over six years [16][20]. Future Outlook - The company is positioned to benefit from the expanding konjac market, with expectations of continued revenue growth and market expansion [20]. - Wei Long's market capitalization has reached approximately 26 billion HKD, reflecting a 53% increase year-on-year, indicating strong investor confidence in the company's growth potential [20].

Core Insights - The konjac industry in China is experiencing rapid growth, with a projected total output value of 32 billion yuan in 2024, supplying 63% of the global konjac raw materials [3] - The annual compound growth rate of the konjac industry is expected to maintain at 11.8%, potentially reaching a market size of 45 billion yuan by 2030 [3] - Konjac is recognized as a "superfood" due to its high dietary fiber content, which accounts for 80%, making it the highest among plants [5] Industry Overview - The konjac planting area and total output in China account for over 60% of the global total, establishing China as the largest producer and exporter of konjac [3] - The demand for konjac products is expanding across various age groups, with younger consumers favoring low-calorie snacks and older consumers preferring konjac-based staple foods [6] Company Developments - Weilang Meishi, a leading company in the konjac snack sector, has developed the "Konjac Shuang" product line, achieving annual sales exceeding 3 billion yuan [6][8] - The company has been innovating in product categories, processing techniques, and packaging, contributing to the growth of the konjac snack market [7] - Weilang Meishi aims to collaborate with various stakeholders in the industry to enhance product quality and drive innovation [8]