辣条魔芋双驱动，卫龙上半年营利逆势大涨近2成

Core Insights - The overall consumer market is showing signs of recovery, but consumer vitality still needs to be further activated [1] - Companies that maintain performance growth share common traits, such as forward-looking category layout and the establishment of a robust second growth curve [1][3] - McKinsey's survey indicates that consumer expectations for growth in 2025 remain cautious, with a projected growth rate of 2.3% [1] Company Performance - In the first half of 2025, Wei Long achieved total revenue of 3.483 billion RMB, a year-on-year increase of 18.5%, with net profit also growing by 18.5% to 736 million RMB [3] - Wei Long's gross profit increased by 12.3% to 1.642 billion RMB, with a gross margin of 47.2% [3] - The company attributes its growth to a multi-category product strategy and enhanced brand penetration among younger consumers [3] Second Growth Curve - Wei Long's vegetable products saw a significant revenue increase of 44.3% in the first half of 2025, reaching 2.109 billion RMB, accounting for 60.5% of total revenue [4] - The company has effectively targeted the health-conscious consumer trend, leading to innovations in various product categories [4] - Wei Long's early entry into the konjac market has allowed it to maintain a competitive edge and drive market expansion [5][7] Channel Strategy - Wei Long has been expanding its offline channels, with revenue from offline sales increasing by 21.5% to 3.147 billion RMB [10][11] - The company is adapting to changing consumer shopping trends by entering discount stores and warehouse membership stores [13] - Wei Long's strategy includes optimizing store operations and enhancing sales team effectiveness to improve performance in offline channels [11] Ecosystem Development - Wei Long is positioning itself as an "ecological creator" in the spicy snack market, focusing on sustainable growth rather than short-term sales spikes [14] - The company has developed a "spicy snack ecosystem" that integrates product development, supply chain management, and consumer engagement [14][15] - This ecosystem approach allows Wei Long to continuously innovate and expand its product offerings, contributing to structural growth [17]