卫龙美味(09985.HK)深度报告：国潮美味 热辣滚烫

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]