卫龙 2025 业绩点评：25 年业绩符合预期，派息率下调至 61%

Investment Rating - The report maintains an "Outperform" rating for Weilong Delicious Global Holdings [2][7]. Core Insights - The full-year 2025 performance met expectations, with a dividend payout ratio lowered to 61.4% from 99.0% in 2024 [3][10]. - In 2H25, Weilong recorded revenue of RMB 3.74 billion, representing a year-on-year increase of 18.5%, with a gross profit margin of 48.8% [10][11]. - The vegetable products category, particularly Konjac Snacks, achieved revenue of RMB 2.397 billion in 2H25, a 26% year-on-year growth, marking over 62.4% of total revenue for the first time [3][10]. - The company plans to focus on innovation and efficiency improvements, targeting a 15% revenue growth in 2026 [12][13]. Financial Performance Summary - Revenue projections for 2026-2028 are RMB 8.34 billion, RMB 9.52 billion, and RMB 10.72 billion, with year-on-year growth rates of 15.4%, 14.2%, and 12.6% respectively [13]. - Net profit attributable to the parent company is expected to be RMB 1.67 billion, RMB 1.89 billion, and RMB 2.20 billion for 2026-2028, reflecting growth rates of 17.5%, 12.9%, and 16.6% [13]. - The projected P/E ratios for 2026-2028 are 12.1X, 10.9X, and 9.5X [13]. Market Strategy and Operations - The company is advancing omnichannel integration, with offline revenue reaching RMB 3.33 billion in 2H25, a 12% year-on-year increase, while online revenue was RMB 411 million, also up 12% [11][12]. - Future strategies include localized operations in overseas markets, particularly in Southeast Asia and Japan, and capital expenditure focused on new product R&D and production capacity upgrades [12][13].