摘要 对于 2026 年的零食行业，有哪些投资建议？ 展望 2026 年，我们认为零食行业仍然高度分散且消费者需求多样。核心有两 条投资主线：第一条是看好头部零食量贩品牌扩展品类、提升供应链效率，并 积极探索自由品牌带来的店效提升空间。市场对头部品牌的开店空间和同店韧 性仍存在预期差，因此继续推荐万辰集团和鸣鸣很忙；第二条主线是看好魔芋 和燕麦品类的创新空间，这两个品类有望进一步拓宽市场上限。其中浙江受益 受凭借自主自产自研能力及健全供应链体系，有望延续高景气度。此外，应重 点关注卫龙、盐津、西麦等企业的表现。 恰恰食品受瓜子和坚果成本及低价竞争影响，业绩承压；劲仔和甘源侧 重电商和零售渠道，但渠道费用增加抑制利润增长。零食企业业绩分化 明显。 零食量贩双寡头格局确立，很忙侧重开店规模领先，万辰则注重单店模 型盈利能力。截至目前，很忙门店超 2.1 万家，万辰为 1.9 万家，C22 市场份额接近 80%。 市场对头部零食量贩品牌扩展品类、提升供应链效率及自由品牌店效提 升空间存在预期差，推荐关注万辰集团和鸣鸣很忙。 看好魔芋和燕麦品类的创新空间，有望拓宽市场上限。浙江受益凭借自 主自产自研能力及健全供应链体 ...

在健康饮食浪潮的推动下，魔芋这一曾默默无闻的食材，正经历着从火锅配菜到零食"流量明星"的转身。 12月10日，"健康零食新主张 超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚了营养专家、行业协会代表、产业链企业代表卫龙及媒体代表 等多方力量，共同解码魔芋产业的转型路径与未来机遇。 作为关键推动者，卫龙凭借敏锐的市场洞察力与持续创新能力，不仅引领魔芋零食行业从"拓荒"走向"引领"，更推动魔芋产业从"小产业"迈向"大集群"， 为国民健康食品发展注入新动能。 01 从"拓荒者"到"引领者" 我国现有魔芋加工企业200多家，其中国家级农业产业化龙头企业10余家、规模以上企业150余家，主要集中在四川、湖北、陕西、云南等原料主产区，形 成"原料企业（供应精粉/干片）—制品企业（生产终端食品）—产业集群（区域协同）"企业格局。 在种植端，我国已成为全球魔芋第一大国。中国园艺协会魔芋分会发布的数据显示，中国魔芋产量占全球的65%，魔芋种植面积约为240万亩。 02 从"试验田"到"增长极" 从火锅配菜，到走入零食赛道，魔芋以其独有的"健康密码"，成为"流量明星"。卫龙是这一蜕变的关键推动者，也成功将魔芋从"试验田" ...

Core Insights - The event held by Weilong on December 10 focused on the theme of "Healthy Snack New Proposition: Super Ingredient Konjac," gathering various stakeholders to discuss the transformation and future opportunities in the konjac industry [1] Company Performance - Since its launch in 2014, Weilong's Konjac Snack has achieved annual sales exceeding 3 billion yuan, with revenue from vegetable products centered around Konjac expected to grow by 59.1% year-on-year to 3.371 billion yuan in 2024, accounting for 54% of total revenue [3] - By the first half of 2025, this revenue is projected to further increase to 6.055 billion yuan, establishing a strong second growth curve for the company [3] Product Strategy - The success of Weilong's Konjac Snack is attributed to a systematic approach involving brand, product, and channel strategies, effectively capturing industry trends and young consumers' demands [4] - The product strategy focuses on continuous improvement of basic flavors, with classic spicy flavors being the core of repeat purchases, supported by 24 production processes that ensure a chewy and crispy texture [6] - Recent innovations include regional and scenario-based products, such as the launch of Hunan-style spicy crayfish flavor and collaborations with Sam's Club for high-fiber products, aligning with health trends [6] Market Strategy - Weilong has adapted its marketing strategies to resonate with young consumers, emphasizing fun and engaging content through social media platforms like Douyin and Kuaishou, leading to a 38% year-on-year increase in online channel revenue, reaching 700 million yuan in 2024 [6] - The brand's marketing also focuses on emotional resonance, creating social conversations through limited edition flavors and creative packaging [7] Industry Outlook - The konjac industry in China is projected to have a total output value of 32 billion yuan in 2024, with an expected annual compound growth rate of 11.8%, potentially reaching 45 billion yuan by 2030, indicating significant growth opportunities [9] - The development of konjac food enterprises is fostering regional agricultural clusters, enhancing farmers' income and contributing to the industry's overall growth [9] - The chairman of Weilong stated that the konjac ingredient is undergoing a value redefinition, with the company holding a 61% market share in the category and leading the establishment of industry standards [9][11]

12月10日，"健康零食新主张・超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚了营养专 家、行业协会代表、产业链企业代表卫龙及媒体代表等多方力量，共同解码魔芋产业的转型路径与未来 机遇。会上，由西南大学魔芋研究中心、中国社会科学院食品药品产业发展与监管研究中心、新华网和 中国园艺学会魔芋分会编制的《我国魔芋食品产业的发展与研究》报告正式发布，标志着我国魔芋产业 进入标准化、价值化发展的新阶段。 作为全球魔芋生产与消费第一大国，我国魔芋种植面积和产量均占全球60%以上，云南、四川、湖北、 陕西四大核心产区构建起完整产业链。此次发布会落地西双版纳，正是看中当地丰富的魔芋种植资源与 非遗文化底蕴。活动通过主题演讲、行业对话、非遗走秀等多元形式，展现这一"土疙瘩"从深山食材到 国民零食的华丽蜕变。 政策赋能+产业升级 构建千亿级发展生态 今年2月，农业农村部等三部委联合发布《中国食物与营养发展纲要（2025-2030）》，明确提出"加大 魔芋等富含膳食纤维的特色食物供给，推动产品全产业链标准化生产"，为产业发展注入强劲动力。 卫龙美味全球控股有限公司董事长刘卫平在致辞中表示，随着消费者健康需求升级，古老的魔芋 ...

Core Insights - The snack industry is experiencing intense competition, with companies like Salted Fish and others facing challenges in profitability despite revenue growth [1][3] - Salted Fish has shown resilience, reporting a revenue of 44.27 billion yuan and a net profit of 6.05 billion yuan for the first three quarters of 2025, marking year-on-year growth of 14.67% and 22.63% respectively [1][3] - The company is expanding its market presence by targeting high-end channels and investing in a production base in Thailand [3][19] Financial Performance - For Q3 2025, Salted Fish achieved a revenue of 14.9 billion yuan, a 6.1% increase year-on-year, with a net profit of 2.3 billion yuan, reflecting a significant 33.6% growth [1][3] - The company's gross margin improved by 1.0 percentage points to 31.6%, driven by higher sales of high-margin konjac products and optimization of product structure [3][5] - The first three quarters of 2025 saw a net profit margin of 13.66%, with a cash flow from operating activities of 619 million yuan, indicating a decline of 29.79% [2][8] Market Position and Strategy - Salted Fish has successfully captured market share in the high-end snack segment while also expanding its distribution channels, covering over 40,000 retail outlets [5][15] - The company relies heavily on its konjac products, which accounted for 26.9% of total revenue in the first half of 2025, with a staggering year-on-year growth of 155.10% [10][12] - Despite its successes, Salted Fish faces challenges due to over-reliance on a single product category and the potential for market saturation [12][13] Industry Challenges - The snack industry is shifting from a focus on channel expansion to a need for innovation and efficiency, with many companies struggling to adapt [9][16] - Salted Fish's growth strategy has not addressed fundamental industry issues such as product homogeneity and weak innovation capabilities [9][17] - The competitive landscape is intensifying, with companies needing to enhance supply chain efficiency and product differentiation to maintain market relevance [16][20] Future Outlook - The snack market is projected to exceed 3.8 trillion yuan in 2025, but the underlying challenges of low entry barriers and intense competition remain [20][21] - Salted Fish's current growth model, which capitalizes on health trends and channel advantages, may not be sustainable in the long term without significant innovation and market adaptation [20][21] - The company must transition from being a beneficiary of market trends to a creator of lasting value to avoid potential declines in growth [21]

Core Insights - Fruitist is revolutionizing the blueberry market by offering consistently high-quality blueberries, aiming to eliminate the unpredictability often associated with berry purchases [3][4] - The company has achieved a valuation of $1 billion, supported by significant investments from notable financial entities, including Ray Dalio's family office and J.P. Morgan Asset Management [1][5] - Fruitist's innovative approach includes a complete value chain from patented varieties to global farms, utilizing data-driven logistics to ensure year-round supply [4][5] Company Strategy - The company focuses on redesigning blueberries to ensure quality stability, addressing the common issue of inconsistent fruit quality in the market [3][4] - Fruitist operates farms in eight countries, including Peru, Oregon, Morocco, Egypt, and Yunnan, China, to provide a seamless supply chain [4][5] - The company has developed algorithms to predict optimal quality and yield, showcasing a blend of technology and agriculture [5] Market Position - Fruitist's blueberries are positioned as a healthier snack option in a global snack market projected to reach $800 billion, with the healthy snack segment potentially hitting $100 billion [6][7] - The introduction of grab-and-go "snack cups" reflects the company's strategy to cater to the growing demand for convenient, nutritious snacks [7] - The pricing strategy for Fruitist's blueberries ranges from $5 to $12, with a focus on consumer loyalty driven by quality rather than luxury [8][9] Consumer Trends - The rise of GLP-1 medications, which reduce overall food intake except for fruits and vegetables, is seen as beneficial for Fruitist, aligning with health-conscious consumer trends [8] - The company aims to provide a reliable product that consumers can trust year-round, enhancing customer loyalty through consistent quality [9]

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本 的內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Liuliu Orchard Group Co., Ltd. 溜 溜 果 園 集 團 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記 前，不會向香港公眾人士提出要約或邀請。倘於適時向香港公眾人士提出要約或邀請，有意投資者務 請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定，該文件的文本將於發售期內 向公眾刊 ...

Core Insights - The konjac industry has transformed from a niche ingredient to a mainstream product in the snack market, driven by its low-fat and low-calorie appeal, resonating with consumer desires for guilt-free indulgence [1][3] - Capital markets have reacted positively, with stocks of leading companies like Yanjinpuzi and Weilong seeing significant price increases, indicating investor confidence in the konjac trend [1][5] Industry Dynamics - The konjac product narrative has shifted from health-focused messaging to emphasizing taste and texture, as companies adapt to changing consumer preferences [4][3] - The competitive landscape is intensifying, with numerous brands entering the market, leading to a shift from a "hot product" phase to a "red ocean" of competition [6][7] Financial Performance - Weilong's vegetable product revenue, primarily driven by konjac, grew by 59.1% in 2024, reaching 3.37 billion RMB, while Yanjinpuzi's konjac product revenue surged by 76.1% to 838 million RMB [5][8] - Both companies are experiencing rising costs, with konjac powder prices doubling in 2024, impacting profit margins [6][5] Strategic Positioning - Weilong relies heavily on konjac for brand transformation, with vegetable products now constituting 60.5% of its revenue, while Yanjinpuzi maintains a diversified product portfolio, using konjac as a growth engine [8][11] - The operational strategies differ: Weilong focuses on brand narrative and consumer engagement, while Yanjinpuzi emphasizes supply chain efficiency and distribution network [15][14] Market Outlook - The konjac market in China is projected to exceed 30 billion RMB by 2025, with a compound annual growth rate of approximately 11.8% [7][8] - The sustainability of growth for Weilong and Yanjinpuzi will depend on their ability to manage costs and adapt to market dynamics [7][13]

Core Insights - The demand for natural, low-sugar, and functional snacks is increasing due to rising national income levels and health awareness, with the market for South Jujube Cake expected to reach 1.758 billion yuan in 2024, a year-on-year growth of 38.65% [1][4][8] - The industry is experiencing a trend towards high-end products, with premium gift packaging growing rapidly, providing higher profit margins for companies and driving product structure upgrades [1][4][8] Overview - South Jujube, also known as Five-Eyed Fruit, is a plant from the Anacardiaceae family, with edible fruit that has a sweet and sour taste. It has medicinal properties such as detoxification and calming effects [2][4] - South Jujube Cake is primarily made from South Jujube fruit (≥30%) without added gelling agents, produced through various processes including selection, washing, and drying [2][4] Market Policies - Recent policies in China emphasize food safety, ensuring the quality and safety of South Jujube Cake products, and promoting the industry towards standardization and high quality [4][5] Industry Chain - The upstream of the South Jujube Cake industry includes suppliers of raw materials like South Jujube, sugar, and packaging materials, while the midstream consists of production companies, and the downstream includes sales channels such as supermarkets and e-commerce [6][7] Consumer Insights - Female consumers dominate the market, accounting for over 55%, with the core consumer group aged 25-35 years, representing 47%. Health attributes are the primary consideration for about 80% of consumers when choosing products [8] - Consumers prefer products that are low in sugar, free from additives, and rich in vitamins and minerals, with a strong preference for a balanced sweet and sour taste [8] Competitive Landscape - The South Jujube Cake industry is concentrated in regions like Jiangxi, Guangdong, and Hunan, with Jiangxi being the largest production area [9][10] - The market is characterized by high concentration, with the top three companies holding a market share of 53.4% in 2024. Jiangxi Qiyunshan Food Co., Ltd. leads the market with a 32.4% share [10][11] Company Profiles - Jiangxi Qiyunshan Food Co., Ltd. focuses on the development of natural and healthy South Jujube products, with a revenue of 339 million yuan in 2024, of which 294 million yuan comes from South Jujube Cake [10][11] - Jiangxi Wanzai Qinnian Food Co., Ltd. is a modern food production company with a range of products, including the "Qinnian" brand series, which is popular across major cities in China [11] Development Trends - Future trends in the South Jujube Cake industry include the introduction of new flavors and functional products, as well as diverse forms such as freeze-dried and chewable types to cater to various consumer needs [12]

Core Insights - Lay's, a classic brand under PepsiCo, has announced its largest brand overhaul in nearly a century, focusing on both visual identity and product formulation to align with consumer health trends [1][6] Brand Image Upgrade - The new visual identity features a modern logo inspired by sunlight, symbolizing the natural growth of potatoes, and emphasizes the brand's commitment to natural ingredients [2] - The updated packaging design highlights the golden color and crispy texture of the chips, using a refined color palette to enhance visual appeal and convey a sense of naturalness and health [2] - The use of matte materials and custom fonts in packaging creates a modern and simplistic aesthetic, contributing to a unique market presence for Lay's [2] Formula Reform: Moving Towards Healthier Snacks - By the end of 2025, Lay's plans to eliminate artificial flavors and colors from all products, opting for natural ingredients instead [3] - For instance, Lay's baked chips will use olive oil instead of corn oil, reducing fat content by 50%, while the classic sea salt flavor will use avocado oil with 40% less fat [3] - This initiative aligns with the "Make America Healthy Again" campaign and responds to the growing consumer demand for healthier, more natural food options [3] Comprehensive Brand Overhaul - Industry experts view this brand transformation as a historic change, marking the largest brand update in a decade, with significant efforts in packaging design and formula improvement [4] - Lay's commitment to removing artificial ingredients enhances brand credibility and reflects a dedication to health and transparency [4] - The brand's new packaging and focus on farm-sourced potatoes create a compelling visual narrative that distinguishes Lay's in the market [4] Industry Context - Lay's reform is part of a broader trend among PepsiCo's brands, with Tostitos also planning to eliminate artificial colors by 2025, and SunChips already achieving a goal of no artificial additives [5] - These changes demonstrate PepsiCo's proactive response to the health food trend, offering consumers more healthy snack options [5] Future Implications - Lay's brand overhaul signifies a significant shift in the food industry, reflecting rising consumer health awareness [6] - By updating its visual identity and optimizing formulations, Lay's is carving out new growth opportunities in a competitive market [6] - The strategic shift towards health and transparency is expected to enhance Lay's reliability and authority among modern consumers, paving the way for a brighter future [6]