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。 ...

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 ...

Core Insights - The rapid advancement of technology, particularly AI, has outpaced the ability of businesses to effectively integrate and capitalize on these innovations, leading to strategic confusion and misallocation of resources [3][5][12] - Companies are increasingly recognizing the value of external perspectives to recalibrate their strategies and clarify their market positions amidst uncertainty [5][10][20] Group 1: Industry Challenges - Many companies are struggling to translate technological innovations into sustainable business value, resulting in a lack of clear growth trajectories [3][12] - The overwhelming pace of innovation has led to a situation where businesses find it difficult to determine where to allocate resources and when to pivot, often resulting in costly trial-and-error processes [3][12] - The issue is not a lack of innovation but rather an excess of it, with many firms focusing on technological capabilities without adequately addressing specific market needs [3][12] Group 2: Strategic Insights - The introduction of strategic consulting firms, such as Ries, has become crucial for companies seeking to navigate complex environments and make informed decisions about long-term investments [5][10] - Successful companies often rely on external consultants to help them compress complexity and clarify strategic choices, which is essential in a rapidly changing market landscape [5][10] - The importance of positioning theory is highlighted, emphasizing that businesses must solve real, identifiable problems for users to achieve sustainable growth [12][21] Group 3: Case Studies - The collaboration between Great Wall Motors and Ries Consulting exemplifies how strategic positioning can lead to significant growth, as seen in the development of the Haval and Tank brands [8][22] - The case of Xpeng Motors illustrates the importance of redefining a company's identity to align with market needs, transitioning from a traditional car manufacturer to a global AI driving technology company [15][21] - The success of brands like Junlebao and Weilong in the competitive dairy and snack markets demonstrates how precise positioning and addressing consumer needs can create new growth opportunities [22][23] Group 4: Market Dynamics - As the Chinese economy shifts from high-speed growth to a more stable phase, companies must adapt their strategies to focus on clarity in decision-making rather than merely expanding [18][20] - The competitive landscape is evolving, with technology becoming less scarce and the challenge now being the ability to translate it into understandable and marketable business forms [21][24] - Companies face the dual challenge of leveraging technological advancements while establishing a clear mental position in the market to ensure sustainable growth [20][25]