Core Viewpoint - Despite challenges in the consumer market and intensified industry competition, Weilong (09985.HK) has demonstrated resilience and growth, achieving a total revenue of 6.266 billion yuan in 2024, a year-on-year increase of 28.6%, and a net profit of 1.068 billion yuan, up 21.3% [1] Group 1: Financial Performance - In 2024, Weilong's total revenue reached 6.266 billion yuan, reflecting a 28.6% year-on-year growth [1] - The net profit for the same period was 1.068 billion yuan, marking a 21.3% increase [1] - The gross profit margin remained stable at 48.1% [1] Group 2: Product Strategy and Market Position - The balanced product matrix contributed to Weilong's growth, with seasoning noodle products (spicy strips) and vegetable products accounting for 98.9% of total revenue [3] - Vegetable products surpassed spicy strips for the first time, contributing 53.8% of revenue compared to 42.6% from spicy strips, establishing a "dual-engine" growth model [3] - Revenue from spicy strips was 2.667 billion yuan, showing a 4.6% year-on-year growth, while vegetable products saw a 59.1% increase to 3.371 billion yuan [3] Group 3: Competitive Landscape - The Chinese spicy snack food market is projected to reach 273.7 billion yuan by 2026, with a compound annual growth rate (CAGR) of 9.6% from 2021 to 2026 [4] - Weilong is transitioning from "product competition" to "strategic ecosystem competition," leveraging its multi-category strategy and brand positioning [4] - The company is expanding its market presence through collaborations and innovative product launches targeting younger consumers [4] Group 4: Operational Efficiency - Weilong achieved significant operational improvements, with offline channel revenue increasing by 27.5% to 5.562 billion yuan and online channel revenue surging by 38.1% to 0.705 billion yuan [5] - The production capacity utilization rates for seasoning noodle products and vegetable products improved to 65.4% and 96.3%, respectively [5] - The company has implemented cost control measures and optimized production processes to enhance gross profit margins [5] Group 5: Industry Outlook - The Chinese snack food market is expected to reach 1.2378 trillion yuan by 2027, with a CAGR of over 10% in the next five years [6] - The spicy snack food segment remains one of the most promising and dynamic sectors in the fast-moving consumer goods market, providing a fertile ground for Weilong's continued growth [6] - The industry is shifting from "scale expansion" to "value creation," aligning with Weilong's mission to promote Chinese flavors globally [6]

2025 年 3 月 30 日 公司研究 24H2 收入增长提速，全年分红比例提升 ——卫龙美味（9985.HK）2024 年年报点评 增持（维持） 当前价：14.16 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 23.51 | | 总市值(亿港元)： | 332.92 | | 一年最低/最高(港元)： | 4.81/14.76 | | 近 3 月换手率： | 11.30% | 股价相对走势 -50% 0% 50% 100% 150% 200% 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 卫龙美 ...

Investment Rating - The report suggests a stable configuration value for the liquor sector, indicating a defensive characteristic despite being in a bottoming phase [1][11]. Core Viewpoints - The liquor industry is currently experiencing a downtrend in market sentiment, similar to the period from late 2014 to 2015, with a slight decline in overall sales due to weak demand [1][10]. - The price of Feitian Moutai has decreased by approximately 50 yuan week-on-week, with the original box price falling below 2200 yuan, indicating a soft demand in the off-season [1][10]. - The report anticipates that the price of Feitian Moutai will fluctuate between 2100 and 2200 yuan before the upcoming peak seasons of Mid-Autumn and National Day, while monitoring the recovery of business demand [1][11]. - Despite the price drop, market sentiment towards the liquor sector remains stable, with expectations for a smooth performance in Q1 2025 for most liquor companies [1][11]. - The report highlights potential offensive opportunities in the liquor sector due to ongoing policy implementations that may bolster economic recovery expectations [2][11]. Summary by Sections Liquor Sector - The liquor sector is in a downtrend but shows signs of stabilization, with a focus on high-end brands like Guizhou Moutai and Wuliangye, which are expected to benefit from resilient consumer demand [2][11]. - Recommendations include focusing on high-end liquor with solid pricing and market positioning, as well as cyclical stocks with potential for growth [2][11]. Soft Drinks - The soft drink sector is entering a peak season, with an upward turning point in market sentiment. The report expresses optimism for improved performance in 2025, particularly for companies like Nongfu Spring and Dongpeng Beverage [3][12]. Snacks - The snack industry continues to thrive due to the release of new channels and product categories, with companies like Weilong and Yanjinpuzi expected to perform well [3][13]. Restaurant Chains - The restaurant chain sector is stabilizing at a low point, with strong growth in customized meal preparation services benefiting from the trend towards standardized dishes in chain restaurants [3][4][13].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company achieved a revenue of 6.266 billion CNY in 2024, representing a year-on-year growth of 28.63%, and a net profit attributable to shareholders of 1.069 billion CNY, up 21.37% year-on-year [2]. - The growth in revenue and profit is driven by the recovery in the noodle products segment and accelerated sales in vegetable products, with significant increases in online and offline sales channels [3][4]. - The company is expected to benefit from the growth of the konjac product category and its diversified channel strategy, which includes traditional and emerging sales channels [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 48.1%, with a slight increase of 0.5 percentage points year-on-year, although the second half of the year saw a decline due to rising costs [4]. - The company’s net profit margin for 2024 was 17.1%, down 1.0 percentage points year-on-year, impacted by a one-time loss from financial assets [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.3 billion, 1.6 billion, and 1.96 billion CNY, respectively, with growth rates of 22%, 24%, and 22% [5][10].

3月27日，卫龙美味发布2024年业绩年报。图/卫龙官网 "双曲线"稳健增长 业绩公告显示，卫龙美味2024年实现收入62.66亿元，同比增长28.6%，年内利润10.68亿元，同比增长21.3%， 实现营收、净利双增长。天眼查资料显示，卫龙2001年在漯河成立，公司于2022年12月15日在香港联合交易 所主板正式挂牌上市，成为"辣条第一股"。 3月27日，卫龙美味正式披露2024业绩年报。在消费市场整体承压、休闲零食行业竞争白热化的背景下，卫龙 以62.66亿元总营收、10.68亿元净利润的成绩，再次验证了其作为行业龙头的韧性与创新力。从业绩来看， 2024年，卫龙的蔬菜品类迎来大爆发。近年来，魔芋爽成为现象级单品，营收与辣条旗鼓相当，成功实现"双 轮驱动"增长，这也标志着卫龙正式进入多品类协同发展的新阶段。 调味面制品领域，卫龙对辣味的探索愈发大胆且富有成效。继经典大面筋之后，卫龙在2022年重磅推出"麻辣 麻辣"系列产品，并逐步细分为小麻小辣、很麻很辣、爆麻爆辣三个辣度档位。其中，爆麻爆辣款创新性地采 用魔鬼辣椒与武都花椒进行复合调味，辣度高达20000SHU（史高维尔辣度单位），迅速成为社交媒体 " ...

有分析师预测，展望后市新兴渠道有望继续贡献增长势能，预计到2027年，电商渠道和量贩零食的占比 将分别提升至19.4%、14.9%。 机构看好估值提升 本报记者李静 3月27日晚间，辣味休闲食品行业龙头卫龙美味全球控股有限公司（以下简称"卫龙美味"）发布了2024 年全年业绩公告。2024年公司收入同比增长28.6%至62.66亿元，净利润同比增长21.3%至10.68亿元。 卫龙美味董事长刘卫平先生表示："2024年是卫龙美味砥砺奋进、有效实施各项业务发展策略、收获成 长的一年。面对消费市场不断呈现出新的快速变化，集团坚持以消费者体验为中心，持续开拓市场。" 双轮驱动构建增长护城河 作为中国辣味休闲食品行业领军品牌，卫龙美味凭借多元化的产品矩阵和持续创新能力，展现出健康均 衡的经营结构和强劲的长期发展动能。具体来看，卫龙美味的收入主要来自"辣条"等调味面制品以及蔬 菜制品的销售额。其中，调味面制品（辣条）上市二十余年仍保持增长态势，卫龙辣条连续3年全国销 量第一。财报显示，2024年调味面制品实现收入26.67亿元，同比增长4.6%，在总收入中占比为42.6%； 蔬菜制品作为战略性布局的第二增长曲线加速扩容 ...

Core Viewpoint - The company, Wei Long Mei Wei, reported a strong financial performance for the fiscal year 2024, with total revenue reaching 6.266 billion RMB, a year-on-year increase of 28.6%, and a net profit of approximately 1.068 billion RMB, up 21.3% from the previous year [1][2][8] Financial Performance Summary - Total revenue for 2024 was 6.266 billion RMB, representing a 28.6% increase year-on-year [2] - Gross profit amounted to 3.016 billion RMB, with a growth of 29.9% [2] - Gross margin improved to 48.1%, an increase of 0.4 percentage points [2] - Net profit for the year was 1.668 billion RMB, up 21.3% [2] - Basic earnings per share were 0.46 RMB, reflecting a 21.1% increase [2] - Proposed final dividends include a regular dividend of 0.11 RMB per share and a special dividend of 0.18 RMB per share [2] Strategic Developments - The company has adopted a "multi-category big single product" strategy since 2023, which has been further enhanced in 2024, leading to a more diversified product structure [2][3] - The revenue from vegetable products, particularly the konjac products, increased significantly, contributing to 53.8% of total revenue, up from 43.5% the previous year [3] - The company continues to innovate and expand its product offerings, launching new items to meet diverse consumer tastes [5] Market Position and Channel Strategy - Wei Long Mei Wei has made significant strides in channel development, enhancing its online and offline marketing strategies [6] - The company reported that offline revenue reached approximately 5.562 billion RMB, a 27.5% increase year-on-year, while online revenue grew to 0.705 billion RMB, up 38.1% [6] - The company has expanded its distribution network, with 1,879 offline distributors and a comprehensive online presence across various platforms [6][7] Brand and Consumer Engagement - The company has successfully engaged younger consumers through innovative marketing strategies, maintaining a strong brand presence [7] - Recent marketing campaigns, such as the "Durian Spicy Strip" and "Magic Konjac" promotions, have generated significant consumer interest and brand visibility [7] - Wei Long Mei Wei's brand evolution from "spicy strips" to a broader identity of "not just spicy" reflects its commitment to innovation and market relevance [8]

Core Viewpoint - The food and beverage industry is facing pressure in 2024 due to slowing economic growth and weak consumer demand, yet leading companies like Wei Long are achieving robust growth despite these challenges [1] Financial Performance - Wei Long reported a total revenue of approximately 6.266 billion RMB in 2024, representing a year-on-year increase of 28.6% [1] - The net profit for the year was about 1.068 billion RMB, up 21.3% compared to the previous year [2] - The overall gross profit margin improved by 0.4 percentage points to 48.1% [1] Product Performance - Revenue from Wei Long's spicy strips (flavored noodle products) increased by 4.6% to 2.667 billion RMB, demonstrating the brand's strong market position [2][3] - The vegetable product line, represented by konjac snacks, saw a significant revenue increase of 59.1% to 3.371 billion RMB, accounting for 53.8% of total revenue [3] Market Strategy - Wei Long has successfully created a new category of snack food with its spicy strips, maintaining strong sales for over 20 years and continuously innovating with various flavors [3] - The company has expanded its product offerings beyond spicy strips to include konjac snacks, which have gained popularity due to their health benefits [3][4] Brand and Marketing - Wei Long emphasizes product innovation and has introduced new flavors and products to cater to diverse consumer preferences [6][8] - The company has focused on brand rejuvenation through creative marketing strategies aimed at younger consumers, enhancing brand recognition [9] Channel Development - Wei Long has improved its channel operations, with online revenue increasing by 38.1% to 705 million RMB and offline revenue rising by 27.5% to 5.562 billion RMB [8] - The company has explored new sales channels, including social e-commerce platforms and membership supermarkets, to capture more market opportunities [8] Future Outlook - The company is expected to benefit from a recovery in the food industry due to policy support for consumption and a resurgence in domestic demand [10] - Wei Long's strong growth momentum and comprehensive channel coverage are anticipated to drive long-term development and profitability [10]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 6,266.3 million, an increase of 28.6% year-on-year[3]. - Gross profit reached RMB 3,016.1 million, reflecting a year-on-year increase of 29.9%[3]. - Net profit for the year was RMB 1,068.1 million, up 21.3% compared to the previous year[3]. - Basic earnings per share increased to RMB 0.46, representing a 21.1% rise year-on-year[3]. - The company reported a gross margin of 48.1%, which is an increase of 0.4 percentage points year-on-year[3]. - Operating profit for the year was RMB 1,401.0 million, up from RMB 1,103.7 million in 2023[5]. - Other income netted RMB 76,980 thousand in 2024, significantly higher than RMB 43,470 thousand in 2023, driven by government subsidies and sales of waste materials[29]. - The profit attributable to equity holders for 2024 is RMB 1,068,512,000, an increase of 21.4% from RMB 880,354,000 in 2023[46]. - The company recorded a total revenue of RMB 6,266.3 million for the year, an increase of 28.6% compared to the previous year[55]. - Net profit reached RMB 1,068.1 million, representing a 21.3% increase year-over-year[55]. Dividends - The proposed final dividend is RMB 0.11 per ordinary share, with a special dividend of RMB 0.18 per ordinary share[3]. - The total amount of dividends declared for the year ending December 31, 2024, is RMB 376,183,000, with an interim dividend of RMB 0.16 per share[49]. - The company approved a profit distribution plan for the year ending December 31, 2023, with a final dividend of RMB 0.10 per share, totaling RMB 235,115,000[48]. - The group proposed a final dividend of RMB 0.11 per share, totaling approximately RMB 258.6 million, which is about 24% of the net profit for the year[106]. - The company plans to distribute a final dividend of RMB 0.11 per share for the year ending December 31, 2024, totaling approximately RMB 258.6 million, and a special dividend of RMB 0.18 per share, totaling approximately RMB 423.2 million[133]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 8,182.4 million, compared to RMB 7,053.5 million in 2023[8]. - Total liabilities increased to RMB 2,175.98 million from RMB 1,347.68 million in the previous year[10]. - The company has unallocated retained earnings of RMB 2,830,214,000 as of December 31, 2024, down from RMB 2,889,370,000 in 2023, with no provision for withholding tax[41]. - The company’s deferred tax liabilities increased to RMB 86,064,000 in 2024 from RMB 60,144,000 in 2023, reflecting changes in tax positions[35]. - The total liabilities increased to RMB 826,627,000 in 2024 from RMB 662,744,000 in 2023, reflecting a growth of 24.7%[53]. Revenue Breakdown - Revenue from the Chinese market amounted to RMB 6,187,110 thousand in 2024, up 29.5% from RMB 4,774,043 thousand in 2023[26]. - Sales from vegetable products surged by 59.1% to RMB 3,370.6 million, increasing its share of total revenue from 43.5% to 53.8%[75]. - Revenue from seasoning noodle products grew by 4.6% to RMB 2,667.1 million, but its share of total revenue decreased from 52.3% to 42.6%[74]. - Offline channels generated revenue of RMB 5,561.6 million, up 27.5% from RMB 4,361.2 million, maintaining a stable share of 88.8% of total revenue[80]. - Online channel revenue increased by 38.1% to RMB 704.7 million, with online distribution revenue rising by 43.1% to RMB 280.4 million and online direct sales increasing by 34.9% to RMB 424.3 million[80]. Operational Efficiency - The production capacity utilization rate improved to 77.7% in 2024 from 55.3% in 2023, indicating enhanced operational efficiency[84]. - The actual production of seasoning noodle products was 132,113.9 tons in 2024, with a utilization rate of 65.4%, compared to 114,791.6 tons and 48.3% in 2023[84]. - The design capacity for vegetable products increased to 129,986 tons in 2024, with an actual output of 125,116.3 tons, achieving a high utilization rate of 96.3%[84]. - The company emphasizes quality control and food safety, implementing a comprehensive management system covering all production stages[87]. - The company is committed to innovation and R&D to meet the diverse needs of consumers for healthier and tastier snack foods[87]. Market Strategy - The company launched several new products that resonated well with consumer preferences, enriching its product matrix[56]. - The company expanded and optimized its sales channels, enhancing cooperation with traditional retail and exploring new retail formats[56]. - Marketing strategies focused on creating a youthful and personalized brand image, successfully engaging younger consumers[57]. - The company emphasizes a multi-category product strategy, covering various snack types to solidify its leadership in the spicy snack market[71]. - The company is actively expanding its presence on e-commerce platforms, including Tmall and JD.com, to improve product visibility and consumer engagement[78]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial results for the year ending December 31, 2024, ensuring compliance with applicable accounting principles[141]. - The financial statements for the year ending December 31, 2024, have been verified by Ernst & Young, confirming consistency with the group's consolidated financial reports[142]. - The company has adhered to all applicable provisions of the corporate governance code as of December 31, 2024[143]. - The company has adopted the standard code for securities trading by directors, confirming compliance by all directors as of December 31, 2024[144]. Future Outlook - Looking ahead, the company plans to strengthen product innovation and brand building while expanding sales channels[58]. - The company aims to enhance employee experience and growth within a sustainable work environment to drive long-term development[65]. - The company is committed to advancing its digital transformation to improve operational efficiency and drive business innovation[132]. - The company will continue to deepen its multi-category strategy, develop innovative products, and drive iterations of existing products to meet diverse consumer needs[129]. - The company will actively explore new business opportunities in emerging channels while optimizing traditional channel layouts to enhance market penetration[131].

Core Viewpoint - The article highlights significant fluctuations in the stock market, particularly focusing on the performance of stocks included in the Hong Kong Stock Connect, with some experiencing dramatic increases of over 70% [1][2][13]. Market Performance - The A-share market showed weakness, with major indices declining: the Shanghai Composite Index fell by 0.59%, the Shenzhen Component Index by 0.62%, and the ChiNext Index by 0.81% [3][4]. - Conversely, the Northbound 50 Index demonstrated strength, with an intraday increase exceeding 2% [3][4]. - The Hong Kong market also faced adjustments, with the Hang Seng Index dropping over 2% and the Hang Seng Tech Index falling more than 3% [2][14]. Stock Highlights - Several stocks included in the Hong Kong Stock Connect saw substantial gains, such as Ark Health, which surged over 70% within 10 minutes of trading, and others like Wei Long Delicious and Mao Ge Ping, which rose by over 25% and 15% respectively [15][16]. - The article notes that the inclusion of these stocks in the Hong Kong Stock Connect is a significant factor contributing to their price surges [16]. Sector Performance - In terms of sector performance, engineering machinery, shipbuilding, daily chemical products, and coal sectors showed positive movement during the morning session [5]. - Conversely, sectors such as software services, telecommunications, and insurance experienced notable declines [5]. Individual Stock Movements - The article mentions specific stocks that experienced significant price changes, including Inno Laser, which rose by 20.01%, and Huifeng Diamond, which increased by 10.19% [7]. - Additionally, the article discusses the performance of Dongfang Group, which faced a continuous decline, hitting its sixth consecutive trading day of losses due to ongoing financial difficulties [11]. Clinical Trial Announcements - The article also covers the announcement from Tongyuan Kang Pharmaceutical regarding its drug TY-9591, which showed significant clinical benefits in treating EGFR mutation lung cancer, further boosting investor interest [18][19][20].