Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The sales performance of the food and beverage industry is recovering during the Spring Festival, with structural differentiation observed. The high-end liquor segment shows strong demand, particularly for brands like Moutai and Wuliangye, which have seen year-on-year sales growth. The market demonstrates resilience and confidence in distribution channels [4][11] - The food and beverage index declined by 1.5%, ranking 26th among 28 sub-industries, underperforming the CSI 300 by approximately 2.6 percentage points. Sub-industries such as processed foods (+6.7%), beer (+2.6%), and health products (+1.2%) performed relatively well [4][11][13] - The current valuation of the food and beverage sector is low, with institutional holdings being relatively low, indicating high allocation value. Investment strategies suggest focusing on leading companies with strong brands and channel barriers in the liquor sector, while in the mass market, three core lines are recommended: snack foods benefiting from channel changes, dairy and livestock sectors with potential profit elasticity, and frozen and compound seasoning products linked to the recovery of the catering supply chain [4][11] Summary by Sections Market Performance - The food and beverage index experienced a decline of 1.5%, ranking 26th out of 28 sectors, and underperformed the CSI 300 by about 2.6 percentage points. Leading stocks included Sanquan Foods, Anjuke Foods, and Jinhui Industrial, while Gujing Gongjiu, Dongpeng Beverage, and Gujing Gongjiu saw significant declines [4][11][13] Upstream Data - As of February 17, 2026, the price of whole milk powder was $3,706 per ton, down 10.8% year-on-year. The price of fresh milk was 3.04 yuan per kilogram, down 2.3% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [19][35] Liquor Industry Data - In mid-February, the national liquor price index decreased by 0.07%. The wholesale price index for liquor increased by 6.13% year-on-year, indicating a stable long-term outlook for premium liquor brands [40][41] Recommended Stocks - Recommended stocks include Moutai, Shanxi Fenjiu, Ximai Foods, Weilong Delicious, and Ganyuan Foods, with each company showing strong growth potential and market positioning [6][45]

Group 1 - The article emphasizes the importance of using authoritative and professional analyst reports for stock trading, highlighting their role in identifying potential investment opportunities [1][2] - It mentions that the source of the information is a collaboration with a media partner, indicating a focus on timely and comprehensive market insights [1][2] Group 2 - The content is presented as a reference and does not constitute investment advice, suggesting that investors should conduct their own research before making decisions [1][2][3]

Core Viewpoint - Wei Long is a leading company in the Chinese snack food industry, specializing in spicy snacks, and has evolved into a modern enterprise integrating R&D, production, and sales over the past two decades [1] Group 1: Company Overview - Wei Long has developed into the largest modern enterprise in China for spicy snacks, focusing on a single product, the spicy strip, and expanding into a comprehensive range of products including flavored noodles, vegetable products, and others [1] - The company has established multiple industrial parks and branches nationwide, creating a broad production and sales network [1] - In 2023, the company adjusted its strategy to include konjac products, leading to a rebound in revenue, although net profit experienced fluctuations due to costs, one-time losses, and strategic investments [1] Group 2: Product Strategy - The product line includes flavored noodles, vegetable products, bean products, and others, with vegetable products becoming the largest category [1] - The company adheres to a multi-category strategy, enhancing product diversity and quality through continuous innovation and upgrades across various aspects such as taste, form, nutrition, and packaging [1] - The trend in the spicy snack food industry is shifting from flavored noodles and marinated foods to vegetable-based snacks represented by konjac products [1] Group 3: Sales Channels - The company has a strong sales structure primarily based on offline channels, with offline revenue fluctuating between 88% and 91%, expected to reach 90.40% by H1 2025 [2] - The highest market shares for offline channels are in East and South China, with a continuous increase in share, while overseas market revenue remains relatively low [2] - Although the number of offline distributors has decreased, the number of covered sales points has continued to rise, exceeding 580,000 by the end of June 2025 [2] Group 4: Future Outlook - The company plans to deepen its multi-category layout and focus on innovation and iteration in products [2] - Increased R&D investment will be directed towards key areas such as food texture, flavor, sterilization, and preservation technology [2] - The brand will continue to cultivate a young, fun, and creative image while enhancing execution in key offline stores and expanding online and overseas market strategies [2]

Core Viewpoint - The company, Relyon Technology, is actively involved in the food safety inspection sector, providing X-ray detection technology widely used for foreign object detection in food products [1] Group 1: Company Involvement - Relyon Technology has confirmed its engagement in the food safety inspection industry, specifically through its X-ray detection technology [1] - The company serves several leading domestic food companies, including Haitian Flavoring & Food, COFCO Group, Three Squirrels, Weidong Delicious, and Fuling Zhacai [1]

Group 1 - The company, 日联科技, has confirmed its involvement in the production safety testing for leading domestic food companies [1] - The company's X-ray detection technology and products are widely used in the food foreign object detection sector [1] - Notable clients of the company include 海天味业, 中粮集团, 三只松鼠, 卫龙美味, and 涪陵榨菜 [1]

Group 1 - The company, Wei Long Wei Wei (09985), announced the appointment of Mr. Wei Zhe as a non-executive director, effective after the board meeting on February 6, 2026 [1]

Group 1 - The core point of the article is the appointment of Wei Zhe as a non-executive director of Weilong Delicious (09985.HK), effective after the board meeting on February 6, 2026 [1]

Group 1 - The core point of the article is the appointment of Mr. Wei Zhe as a non-executive director of Weilong Delicious (09985), effective after the board meeting on February 6, 2026 [1]

衛龍美味全球控股有限公司 WEILONG Delicious Global Holdings Ltd （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9985） 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的內容概不 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 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 張弼弘 執行董事 劉衛平 （董 事 會 主 席） 劉福平 （副 董 事 長 兼 首 席 執 行 官） 劉忠思 余 風 非執行董事 衛 哲 獨立非執行董事 徐黎黎 董事名單與其角色及職能 衛 龍 美味全球控股有限公司董事（「董 事」）會（「董事會」）成 員 載 列 如 下： 邢冬梅 附 註： 主 席：有 關 董 事 會 委 員 會 的 主 席 成 員：有 關 董 事 會 委 員 會 的 成 員 中國香港 2026年2月6日 – 2 – – 1 – 董 事 會 下 設 三 個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 ...

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。 衛龍美味全球控股有限公司 WEILONG Delicious Global Holdings Ltd （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9985） 委任非執行董事 衛 龍 美味全球控股有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董 事 會（「董事會」）謹 此 宣 佈，衛 哲 先 生（「衛先生」）已 獲 委 任 為 本 公 司 非 執 行 董 事，自 2026年2月6日 董 事 會 會 議 結 束 後 生 效。 衛 龙美味全球控股有限公司 衛 先 生 為 嘉 禦 資 本 的 創 始 合 夥 人 兼 董 事 長，嘉 禦 資 本 為 專 注 於 在 中 國 投 資 的 私 募 股 權 基 金 管 理 公 司。於2011年 創 辦 嘉 禦 資 本 之 前，衛 先 生 於2007年 至201 ...