Group 1 - The core viewpoint of the article highlights that Wei Long Mei Wei (09985) has seen a stock price increase of over 3%, currently trading at 12.5 HKD with a transaction volume of 23.37 million HKD [1] - Goldman Sachs' research report indicates that during a recent meeting with Wei Long Mei Wei's management, they emphasized a revenue growth forecast of over 15% year-on-year for the fiscal year 2025, with a net profit margin expected to be between 18% and 20% [1] - The management anticipates steady growth in konjac products this year, while the flavored noodle products are expected to recover growth through the launch of innovative products and channel expansion [1] Group 2 - According to Aijian Securities, konjac products have high plasticity and good flavoring properties, making them naturally suitable for diverse seasoning, which opens up growth opportunities through flavor innovation [1] - The marginal cost of flavor iteration for konjac is low, while the marginal returns are considerable, indicating that the growth potential of konjac depends more on innovation capability rather than industry cycles [1] - The cost of konjac flour is expected to rise significantly in 2024, with the gross profit margin of vegetable products declining by 6 percentage points year-on-year due to high prices [1] Group 3 - The increase in prices has stimulated upstream farmers' planting enthusiasm, leading to an expansion in planting area [1] - As new production capacity is gradually released by 2025, a downward cycle in konjac flour costs is anticipated in 2026 [1]

Core Viewpoint - Wei Long Wei Wei (09985) has seen a stock price increase of over 3%, currently trading at 12.5 HKD with a transaction volume of 23.37 million HKD, following a Goldman Sachs report highlighting the company's growth prospects and management's guidance for fiscal year 2025 [1] Group 1: Company Guidance - Management has indicated a revenue growth of over 15% year-on-year for fiscal year 2025, with a net profit margin expected to be between 18% and 20% [1] - The company anticipates steady growth in its konjac products this year, while its flavored noodle products are expected to recover growth through innovative product launches and channel expansion [1] Group 2: Product Insights - According to Aijian Securities, konjac products have high plasticity and good flavoring properties, making them naturally suitable for diverse seasonings, which opens up growth opportunities through flavor innovation [1] - The inherent blandness of konjac allows it to absorb seasoning flavors effectively, resulting in low marginal costs for flavor iteration and significant marginal returns [1] Group 3: Cost and Supply Dynamics - The cost of konjac flour is expected to rise significantly in 2024, with the gross profit margin for vegetable products projected to decline by 6 percentage points year-on-year due to high costs in the first half of 2025 [1] - Rising prices have stimulated upstream farmers' planting enthusiasm, leading to an expansion in planting area, and with new production capacity expected to be released gradually by 2025, a downward cycle in konjac flour costs is anticipated by 2026 [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].

Group 1 - The core viewpoint of the article is that Goldman Sachs has provided a positive outlook for Weidong, projecting over 15% year-on-year revenue growth for the fiscal year 2025 and a net profit margin between 18% and 20% [1] - Weidong's management highlighted expectations for steady growth in konjac products this year, while the growth of seasoning noodle products is anticipated to recover through the launch of innovative products and channel expansion [1] - Goldman Sachs has set a target price of HKD 13.9 for Weidong, corresponding to a projected price-to-earnings ratio of approximately 19 times for 2027, and has rated the stock as "Buy" [1]

FF301 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12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1月6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 ...

Core Viewpoint - Wei Long Delicious (09985) has seen a nearly 9% increase in stock price, currently at 12.1 HKD, with a trading volume of 87.75 million HKD, indicating strong market interest and confidence in the company's growth potential [1] Company Summary - The company is recognized as a leader in the spicy snack sector, leveraging its strong market position in both spicy strips and konjac products to build competitive barriers across brand, product, and channel dimensions [1] - The company is approaching a cost inflection point, with profit elasticity expected to be released significantly as upstream farmers increase planting due to rising prices, leading to an expansion in planting area [1] - With new production capacity expected to be gradually released by 2025, a downward cost cycle for konjac powder is anticipated by 2026 [1] - The company has successfully entered high-end channels, exemplified by the introduction of its mushroom konjac product into Sam's Club, marking a shift from mass distribution to premium membership-based channels [1] Industry Summary - The konjac snack food industry has maintained rapid growth and is currently in a phase of rapid expansion, although upstream raw material supply is tight and midstream capacity is limited, indicating that the industry will eventually enter a consolidation phase [1] - The competitive landscape is becoming more concentrated, with leading companies solidifying their competitive barriers [1]

Group 1 - The core viewpoint of the article highlights the strong market position of Weilong Delicious (09985) as a leading player in the spicy snack sector, driven by its dual product categories of spicy strips and konjac, which create competitive barriers across brand, product, and distribution channels [1] - The company is expected to experience a profit elasticity release as the cost inflection point approaches, with an increase in planting enthusiasm among upstream farmers leading to an expansion in planting area [1] - By 2026, the company anticipates a downward cost cycle for konjac powder as new production capacity is gradually released, indicating a positive outlook for profitability [1] Group 2 - The successful entry of the company's mushroom konjac product into Sam's Club in July marks a significant shift from mass distribution channels to high-end membership channels, enhancing product recognition and channel structure [1] - The industry is currently in a rapid expansion phase, but the tight supply of upstream raw materials and limited midstream capacity suggest that the industry will eventually enter a consolidation period [1] - The competitive landscape is becoming more concentrated, with leading companies solidifying their competitive barriers, indicating a trend towards industry consolidation [1]

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。 ...