消息面上，爱建证券指出，公司作为辣味零食龙头，凭借辣条和魔芋双品类断层领先的市场地位，在品 牌、产品、渠道三个维度构筑竞争壁垒：品牌与品类深度绑定形成消费者优先认知、大单品模式带来领 先同业的盈利能力、全国化经销网络支撑新品快速铺货。 智通财经APP获悉，卫龙美味(09985)涨近9%，截至发稿，涨8.81%，报12.1港元，成交额8774.51万港 元。 该行认为，公司成本拐点临近，利润弹性有望集中释放。受价格上涨刺激，上游农户种植积极性提升， 种植面积已开始扩张，随着2025年新增产能逐步释放，预计2026年将迎来魔芋精粉成本下行周期；高端 渠道突破，渠道结构与产品认知双重优化。7月牛肝菌魔芋成功进入山姆会员店，标志着公司产品从大 众流通渠道向高端会员制渠道的跨越；行业格局走向集中，龙头竞争壁垒加速固化。魔芋休闲食品行业 近年保持高速增长，当前仍处于快速扩容阶段，但上游原料供给紧张、中游产能有限的格局意味着行业 终将进入整合期。 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

于李先生辞任联席公司秘书后，彼亦已辞任上市规则第3.05条规定的公司授权代表。董事会宣布，沈女 士已获委任为授权代表，以接替李先生根据上市规则第3.05条履行授权代表的职责，自2025年12月31日 起生效。执行董事余风先生将继续担任另一位授权代表。 卫龙美味(09985)发布公告，李健威先生因其其他工作安排，已辞任公司联席公司秘书，自2025年12月 31日起生效。另一位联席公司秘书沈晓春女士，近期已获联交所确认，其符合香港联合交易所有限公司 证券上市规则第3.28条所规定担任公司的公司秘书的资格，因此毋须取得进一步豁免。于李先生辞任 后，沈女士将继续担任公司唯一公司秘书。 ...

于李先生辞任联席公司秘书后，彼亦已辞任上市规则第3.05条规定的公司授权代表。董事会宣布，沈女 士已获委任为授权代表，以接替李先生根据上市规则第3.05条履行授权代表的职责，自2025年12月31日 起生效。执行董事余风先生将继续担任另一位授权代表。 智通财经APP讯，卫龙美味(09985)发布公告，李健威先生因其其他工作安排，已辞任公司联席公司秘 书，自2025年12月31日起生效。另一位联席公司秘书沈晓春女士，近期已获联交所确认，其符合香港联 合交易所有限公司证券上市规则第3.28条所规定担任公司的公司秘书的资格，因此毋须取得进一步豁 免。于李先生辞任后，沈女士将继续担任公司唯一公司秘书。 ...

格隆汇12月31日丨卫龙美味(09985.HK)宣布，李健威因其其他工作安排，已辞任公司联席公司秘书，自 2025年12月31日起生效。于李健威辞任联席公司秘书后，彼亦已辞任上市规则第3.05条规定的公司授权 代表。 董事会宣布，沈晓春已获委任为授权代表，以接替李健威根据上市规则第3.05条履行授权代表的职责， 自2025年12月31日起生效。执行董事余风将继续担任另一位授权代表。 另一位联席公司秘书沈晓春，近期已获联交所确认，其符合香港联合交易所有限公司证券上市规则第 3.28条所规定担任公司的公司秘书的资格，因此毋须取得进一步豁免。于李健威辞任后，沈晓春将继续 担任公司唯一公司秘书。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 – 1 – （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9985） 聯席公司秘書之辭任及授權代表之變更 聯席公司秘書之辭任 衛 龙美味全球控股有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，李 健威先生 （「李先生」）因 其 其 他 工 作 安 排，已 辭 任 本 公 司 聯 席 公 司 秘 書（「聯席公司秘書」）， 自2025年12月31日 起 生 效。李 先 生 確 認，彼 與 董 事 會 並 無 意 見 分 歧，亦 無 有 關 彼辭任的事宜須提請本公司股東及香港聯合交易所有限公司（「聯交所」）垂 注。 另一位聯席公司秘書沈曉春女士（「沈女士」），近 期 已 獲 聯 交 所 確 認，其 符 合 香 港聯合交易所有限公司證券上市規則（「上市規則」）第3.28條所規定擔任本公司 之 公 司 秘 書 的 資 ...

36氪观察到，部分获得阶段性胜利的科技公司背后，开始出现战略咨询公司的身影：而战略咨询领域， 绕不开的就是定位理论体系以及创立者之一里斯咨询。 当AI重塑时代， 企业为何陷入战略迷航。 过去几年，技术进步的速度明显快于商业消化的速度。 以AI为代表的超级技术，几乎在所有行业同步推进：算力升级、模型迭代、应用场景快速扩张，新产 品、新概念层出不穷。但另一面同样清晰，大量技术发明，并未顺利转化为可持续的商业价值。不少企 业押中了技术趋势，却迟迟没有等来对应的增长曲线；产品不断更新，战略却愈发摇摆。 这并非个别公司的问题，而是一种高度普遍的行业状态。当技术变化过快，企业反而更难判断该把资源 押向哪里，又该在什么时候做取舍。每一个方向看起来都"有道理"，每一次投入似乎都符合趋势，但资 源和时间终究有限，一旦判断失误，代价往往不是慢一点，而是被拖入长期、高成本的试错消耗。 在这一轮技术浪潮中，问题并不在于行业是否缺乏创新，恰恰相反，是创新过于密集。模型、工具、产 品形态、商业模式不断刷新，很多科技企业天然站在技术视角思考问题，把"能不能做出来"视为阶段性 胜利，把"技术领先"当作护城河，却对一个更现实的问题缺少同等强度 ...

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 | | --- | --- | --- | -- ...