Group 1: Market Overview - The Hang Seng Index fell by 0.43%, down 111 points, closing at 25,799 points, while the Hang Seng Tech Index dropped by 1.36% [1] - The Hong Kong stock market saw a trading volume of HKD 156.2 billion in the morning session [1] Group 2: Biotechnology and Pharmaceuticals - HEC Pharm (02617) experienced a short-term surge, rising by 42% with a trading volume exceeding HKD 1.1 billion [1] - Rongchang Bio (09995) rose over 5% following the publication of its Phase III clinical trial results for Taitasip in treating systemic lupus erythematosus in NEJM [2] - Baixin An-B (02185) increased by over 10%, with institutions indicating that its commercialization is set to accelerate [5] Group 3: Telecommunications and Technology - ZTE Corporation (00763) saw a peak increase of 7%, with its stock price up over 80% year-to-date, as the company strengthens its research and development in intelligent computing products [3] Group 4: Aviation Sector - Major airlines in Hong Kong reported strong operational data for September, indicating a potential sustained recovery in the industry, with China Eastern Airlines (00670) up 4.9% and China Southern Airlines (01055) up 2% [3] Group 5: Consumer Sector - New consumption concept stocks in Hong Kong collectively rose, with Lao Pu Gold (06181) up 6%, Wei Long (09985) up 3%, Pop Mart (09992) up over 5%, and Guoquan (02517) up over 3% [3] Group 6: Education Sector - Education stocks in Hong Kong surged, with Think Tank Education (01769) leading with an increase of over 18%, and New Oriental-S (09901) rising over 6% [4] Group 7: Energy Sector - COSCO Shipping Energy (01138) rose over 4% due to strong demand in the crude oil tanker market in September, with VLCC freight rates expected to strengthen [6] Group 8: Market Volatility - Bit Strategy (06113) fell over 9% after being named by the Hong Kong Securities and Futures Commission for having highly concentrated shareholding [7] - Xiaomi Group-W (01810) declined by 3%, with institutions noting that its stock price volatility is influenced by multiple news events and market rumors [8]

Core Viewpoint - The Hong Kong stock market saw a significant rally in new consumption concept stocks on October 16, with multiple companies experiencing notable gains [1] Group 1: Stock Performance - Lao Pu Gold increased by over 7% [1] - Wei Long Delicious and Pop Mart both rose by over 6% [1] - Guo Quan saw a rise of over 5% [1] - Mi Xue Group experienced a 3% increase [1] - Gu Ming rose nearly 3% [1]

Core Viewpoint - Wei Long Delicious (09985) has seen a stock price increase of over 6%, currently trading at 13.55 HKD with a transaction volume of 44.41 million HKD, indicating strong market interest and positive sentiment towards the company's growth prospects [1] Group 1: Company Performance - In September, Wei Long's overall growth rate exceeded 20%, with significant growth in konjac products and stabilization in spicy snack products [1] - The cost pressure for konjac powder has passed its peak, and a downward cost cycle is expected from 2025 to 2027 [1] Group 2: Product and Market Development - Wei Long's konjac products are in a rapid growth phase, with classic flavors such as spicy, numbing, and sour continuing to penetrate the market, and new sesame-flavored products experiencing rapid sales growth [1] - The company has achieved comprehensive channel coverage, forming a "supplementary sales + assisted sales" model that supports the growth of distributors [1] Group 3: Competitive Positioning - Wei Long is positioned as a leading player in the snack industry, with strong terminal control and extensive network coverage, effectively empowering new product promotions [1]

Group 1 - The stock of Wei Long Delicious (09985.HK) increased by over 6%, specifically rising by 6.53% to reach 13.55 HKD [1] - The trading volume for Wei Long Delicious was reported at 44.4098 million HKD [1]

Core Viewpoint - Weitlong Delicious (09985) has seen a stock price increase of over 6%, currently trading at 13.55 HKD with a transaction volume of 44.41 million HKD, indicating strong market interest and positive growth prospects for the company [1] Group 1: Company Performance - In September, Weitlong's overall growth rate exceeded 20%, with significant growth in konjac products and stabilization in spicy snack products [1] - The cost pressure for konjac powder has passed its peak, and a downward cost cycle is expected from 2025 to 2027 [1] Group 2: Product and Market Insights - Weitlong's konjac products are in a rapid growth phase, with classic flavors such as spicy, numbing, and sour gaining market penetration, and new sesame flavor sales are quickly rising [1] - The company has achieved comprehensive channel coverage, utilizing a "supplementary sales + assisted sales" model to support distributors and enhance growth [1] Group 3: Competitive Position - Weitlong is positioned at the top level in the snack industry regarding network coverage and terminal control, effectively empowering new product promotions through its channels [1]

Summary of Weilong Delicious Global Holdings (9985.HK) Conference Call Company Overview - **Company**: Weilong Delicious Global Holdings (9985.HK) - **Industry**: Snacks, specifically konjac-based and seasoned flour products - **Market Position**: Dominant player in the konjac-based snacks category with a market share of approximately 42% as of 2024 [1][29] Key Points and Arguments 1. Growth Projections - **Sales and Net Profit CAGR**: Expected to grow at 11% and 13% respectively from 2025 to 2027 [2][44] - **Revenue Forecast**: Projected revenues of RMB 6,266.3 million in 2024, increasing to RMB 9,087.4 million by 2027 [7][17] - **Volume Growth in Konjac**: Anticipated konjac volume growth of 25% CAGR from 2025 to 2027, driven by consumer penetration and channel expansion [22][29] 2. Competitive Landscape - **Rising Competition**: Acknowledgment of increasing competition from smaller players and the second-largest competitor, Yankershop [2][48] - **Weilong's Competitive Advantages**: - Established brand equity and market insight, allowing for better pricing strategies and consumer preference capture [23][51] - First-mover advantage with extensive national coverage, enabling flexible pricing in response to competition [24][56] - Smaller competitors face higher cost pressures and lower margins, making them vulnerable to Weilong's strategic pricing [23][51] 3. Pricing Strategy - **Gradual Price Reductions**: Expected price declines of 3% in 2025, 6% in 2026, and 5% in 2027 due to increased market overlap with Yankershop [24][56] - **Impact of Pricing on Margins**: Despite competitive pricing pressures, Weilong is projected to maintain a stable gross profit margin (GPM) supported by raw material cost tailwinds and operational efficiencies [22][35] 4. Margin Trajectory - **Net Profit Margin (NPM) Improvement**: Expected to increase from 18.9% in 2025 to 19.5% in 2027 due to: - Declining raw material costs, with a projected 15% year-on-year decrease starting in 2026 [35] - Enhanced utilization rates and automation efforts, aiming for a utilization rate increase from 59% in 2022 to 95% by 2027 [36] - Positive operating leverage from scaling up operations and cross-selling between konjac and seasoned flour products [37] 5. Financial Metrics - **Earnings Per Share (EPS)**: Projected to grow from RMB 0.48 in 2024 to RMB 0.73 in 2027 [7][17] - **Valuation**: Target price set at HK$13.90, based on a 19x P/E ratio for 2027E [3][41] - **Key Risks**: Include higher-than-expected competition, unfavorable raw material costs, and slower channel development [3][42] 6. Strategic Initiatives - **Channel Expansion**: Plans to increase point-of-sale (POS) coverage from 0.6 million to 1 million, enhancing market penetration [30] - **Product Diversification**: Opportunities for new SKUs and flavor enhancements to cater to diverse consumer preferences [31] Additional Important Insights - **Market Trends**: The konjac category is aligned with health-conscious consumer trends, with potential for significant growth as consumer awareness increases [21][29] - **Financial Health**: The company maintains a strong financial position with a market cap of HK$30.9 billion and an enterprise value of HK$24.4 billion [7][41] This summary encapsulates the key discussions and insights from the conference call regarding Weilong Delicious Global Holdings, highlighting its market position, growth potential, competitive advantages, and financial outlook.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a decline in liquor sales during the recent double festival period, while new consumer categories maintain growth [3][11] - The food and beverage index experienced a slight decline of 0.2%, ranking 15th among 28 sectors, outperforming the CSI 300 by approximately 0.4 percentage points [11][13] - The liquor market is estimated to have seen an overall sales decline of 20% during the double festival, aligning with previous market expectations [11][12] Summary by Sections Weekly Insights - The report notes that the liquor market is facing two types of differentiation: scene differentiation, where banquet scenarios are supported by demand for gatherings, and price differentiation, where high-end and cost-effective products perform well [11][12] - The beverage sector shows resilience due to its essential consumption nature, with functional drinks aligning with health trends and outdoor activities [12] Market Performance - The beverage sector outperformed the liquor sector, with soft drinks (+4.9%), dairy products (+1.8%), and health products (+1.3%) leading the performance [11][13] - Individual stocks such as Zhuangyuan Pasture, Yangyuan Beverage, and Guangming Meat Industry showed significant gains, while brands like Huanlejia and Gujing Gongjiu faced declines [11][13] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder showing a year-on-year increase of 6.1% [17][21] - The price of fresh milk has decreased by 3.2% year-on-year, indicating a downward trend in domestic milk prices [17][21] Liquor Industry News - The report mentions the global launch of a new 25-degree product by Shanxi Fenjiu, highlighting the brand's commitment to quality and innovation [42] - The report also notes a significant increase in sales for the "Maopu" brand, which saw a 115% year-on-year growth in September [42] Recommended Portfolio - The report recommends stocks such as Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bairun Shares, emphasizing their growth potential and market positioning [4][46]

Core Viewpoint - The Hong Kong stock market is witnessing a strong performance in new consumer stocks, with significant gains observed in several companies [1] Group 1: Company Performance - Mixue Group saw a rise of 9.07%, reaching a latest price of 409.000 and a total market capitalization of 155.264 billion, with a year-to-date increase of 101.98% [2] - Gu Ming experienced a 4.35% increase, with a latest price of 21.600 and a market cap of 51.369 billion, marking a year-to-date rise of 117.30% [2] - Miniso recorded a 3.55% gain, with a latest price of 43.800 and a market cap of 53.51 billion, although it has seen a year-to-date decline of 4.47% [2] - Guoquan increased by 3.24%, with a latest price of 3.190 and a market cap of 8.454 billion, reflecting a year-to-date rise of 79.23% [2] Group 2: Other Notable Companies - NIO-SW rose by 1.50%, with a latest price of 61.000 and a market cap of 150.315 billion, showing a year-to-date increase of 75.29% [2] - Mao Geping saw a 1.18% increase, with a latest price of 102.900 and a market cap of 50.447 billion, reflecting a year-to-date rise of 79.04% [2] - Bubble Mart experienced a slight increase of 0.47%, with a latest price of 256.000 and a market cap of 343.793 billion, showing a significant year-to-date increase of 188.41% [2]

Core Conclusions - The report emphasizes that the food and beverage industry is currently at a bottoming phase, with strong players continuing to thrive [4] - The market has underperformed due to weak domestic demand and consumer confidence, with A-share food and beverage sector down 4.7% year-to-date, while H-share food and beverage sector increased by 29.5% [4] - There is a notable divergence among product categories, with alcoholic beverages facing pressure while mass-market products show signs of improvement, particularly in leading brands [4] Market Indicators - The trading volume, open interest, and valuation of the food and beverage sector are at historically low levels, with the sector's trading volume in A-shares dropping below 2% [9][10] - The price-to-earnings (PE) ratio for food and beverage has been declining since 2021, with categories like liquor and beer at historically low percentiles [12][16] Fundamental Analysis - The report discusses the need for a top-down approach to assess the investment value of leading companies like Kweichow Moutai, which holds a 31% weight in the food and beverage sector [27] - A bottom-up approach is also suggested to identify rapidly growing segments or companies in recovery [27] Company Recommendations - The report recommends focusing on policy-sensitive sectors such as liquor and the restaurant supply chain, highlighting companies like Kweichow Moutai, Luzhou Laojiao, and Haidilao [4] - Strong brands in the mass-market segment are also recommended, including Nongfu Spring, Dongpeng Beverage, and Yili Group [4] Industry Outlook - The report anticipates a recovery in liquor consumption as the impact of recent policies diminishes, with positive signals expected from the supply side [4] - The fourth quarter is projected to see improvements in key indicators for the liquor sector, including the price of Moutai [4] Performance Forecast - For Q3 2025, Kweichow Moutai is expected to generate revenue of 1,863.3 billion yuan, reflecting a 7% year-on-year increase, while Luzhou Laojiao is projected to see a 10% decline in revenue [49][50] - The report provides detailed forecasts for various companies, indicating expected revenue and profit changes for the upcoming quarters [49][50]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,431,145,578 | | 0 | | 2,431,145,578 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,431,145,578 | | 0 | | 2,431,145,578 | 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: ...