Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved stable performance in 2025, with total revenue of 7.224 billion yuan, a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 1.425 billion yuan, up 33.4% [5] - The growth in revenue was driven by the konjac product category, which led to a significant increase in the vegetable product segment, accounting for 62.4% of total revenue, up 8.6 percentage points year-on-year [6] - The company is focusing on product innovation and exploring overseas markets, with overseas revenue reaching 117 million yuan, a year-on-year increase of 48% [7] Financial Performance - In 2025, the company reported a gross margin of 48.0%, with a slight decrease of 0.1 percentage points year-on-year, while the net profit margin increased by 2.7 percentage points to 19.7% [7] - The company plans to distribute dividends totaling approximately 851 million yuan, corresponding to a payout ratio of 60% [5] - The forecast for net profit attributable to shareholders for 2026-2028 is 1.64 billion, 1.90 billion, and 2.14 billion yuan, with respective growth rates of 15.1%, 15.7%, and 12.9% [8]
卫龙美味（09985）：业绩平稳收官,魔芋品类引领成长：卫龙美味（09985.HK）