【卫龙美味（9985.HK）】蔬菜制品收入维持高增，上半年利润超预期——2025年半年报点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, exceeding market expectations, driven by strategic product innovation and channel expansion [4][5]. Product Performance - Revenue from seasoning noodle products decreased by 3.2% to 1.31 billion yuan, while vegetable products surged by 44.3% to 2.11 billion yuan, becoming the largest product category, accounting for 60.5% of total revenue [5]. - The company introduced new products like spicy beef-flavored snacks to expand its product matrix [5]. Channel Performance - Offline revenue grew by 21.5% to 3.147 billion yuan, while online revenue declined by 3.8% to 336 million yuan, attributed to traffic differentiation on online platforms [5]. - As of June 2025, the number of offline distributors decreased by 102 to 1,777 [5]. Regional Performance - Revenue growth by region showed significant increases: East China +22.9%, Central China +14.7%, North China +13.5%, South China +34.6%, Southwest +17.3%, Northwest +18.9%, and overseas markets +54.4% [5]. Financial Metrics - The gross margin for the first half of 2025 was 47.2%, down 2.6 percentage points due to rising raw material costs, but partially offset by improved supply chain efficiency [6]. - The sales expense ratio decreased by 1.1 percentage points to 15.1%, and the management expense ratio fell by 2.4 percentage points to 5.8%, leading to a stable net profit margin of 21.1% [6]. Marketing and Brand Strategy - The company is actively pursuing a multi-channel strategy, including new retail formats like bulk stores and warehouse membership supermarkets, and has seen success in channels like Sam's Club [7]. - Initiatives to engage younger consumers include collaborations with KFC and celebrity endorsements, enhancing brand appeal [7]. Future Outlook - The company plans to continue its multi-category development strategy and strengthen brand marketing, with expectations for sustained rapid growth driven by the "konjac" product line and recovery in spicy snack sales [8]. - Despite short-term pressures from rising raw material prices, the company aims for stable profit growth through supply chain efficiency and cost control [8].