Core Viewpoint - The company, Weilong Delicious, has demonstrated strong performance in the first half of 2025, achieving significant revenue and profit growth, driven by product innovation and optimized channel structures [1][12]. Group 1: Financial Performance - In the first half of 2025, Weilong Delicious reported revenue of 3.483 billion yuan, a year-on-year increase of 18.5%, and a net profit of 736 million yuan, also up 18.5% [1]. - The company has achieved double-digit growth in revenue for one and a half years and in net profit for two and a half years [3]. - The revenue for 2023 and 2024 was 4.87 billion yuan and 6.266 billion yuan, reflecting year-on-year growth of 5.2% and 28.6%, respectively [2]. Group 2: Product Innovation - The company has focused on product innovation, launching differentiated products such as the spicy beef-flavored "Qin Zui Shao" and the sesame-flavored "Mo Yu Shuang" [6][9]. - The revenue from vegetable products has surpassed 60% for the first time, with the "Mo Yu Shuang" series being a significant contributor [8]. - The market for konjac products is expected to exceed 20 billion yuan by 2024, with a compound annual growth rate of 28% [8]. Group 3: Market Trends - The snack food market in China is evolving, with the spicy snack segment expected to grow from 51.7 billion yuan in 2022 to over 90 billion yuan by 2026, with a compound annual growth rate exceeding 15% [5]. - The company is positioning its seaweed products as a potential third growth driver, responding to the increasing demand for healthy snacks [10][11]. Group 4: Channel Optimization - The company has optimized its channel structure, achieving over 3.4 billion yuan in revenue from both online and offline channels, with offline revenue growing by 21.5% year-on-year [12]. - The company has implemented a multi-channel strategy, enhancing its presence in both online and offline markets to improve operational efficiency and market share [12][13].

证券研究报告 | 2025年08月18日 卫龙美味（09985.HK） 优于大市 蔬菜制品延续高增速，费率下降有效对冲成本压力 卫龙美味公布 2025 年半年度业绩：1H25 实现营业总收入 34.8 亿元，同比 +18.5%；实现归母净利润 7.4 亿元，同比+18.5%。公司同时宣布拟派发中期 股息每股 0.18 元，分红比率约 60%。 收入端：蔬菜制品延续高增速，线上渠道收入略有下滑。1H25 收入同比+18.5%。 分品类看，面制品收入同比-3.2%，收入下滑主要系受到公司主动调整 sku、 面制品行业竞争加剧的影响；蔬菜制品收入同比+44.3%，延续高增速的主要 原因为年初以来公司加强蔬菜制品的铺市、优化终端陈列、推出麻酱素毛肚 新品，同时也受益于魔芋细分品类扩容红利。豆制品及其他产品收入同比 -48.1%，主因公司主动退市卤蛋等产品。分渠道看，线下渠道同比+21.5%； 线上渠道同比-3.8%，主要系电商渠道团队人员和策略调整。 毛利率：魔芋精粉价格同比涨幅明显，供应链提效部分对冲成本压力。1H25 毛 利率 47.2%，同比-2.6pt。分品类看，面制品/蔬菜制品/豆制品及其他毛利 率分别同比 ...

Core Viewpoint - The company, Weilong, has demonstrated strong performance in the first half of 2025, achieving significant revenue and profit growth, driven by product innovation and channel optimization, amidst a stable economic environment in China [1][2][14]. Group 1: Financial Performance - In the first half of 2025, Weilong reported revenue of 3.483 billion yuan, a year-on-year increase of 18.5%, and a net profit of 736 million yuan, also up 18.5% [1]. - For the full year of 2025, Weilong's revenue is expected to exceed 7 billion yuan for the first time, following a trend of double-digit growth in both revenue and net profit over the past two and a half years [2]. Group 2: Product Innovation - Weilong's product lineup includes a variety of snacks, with the spicy noodle products being a stable revenue source, generating over 1.3 billion yuan in the first half of 2025 [2][5]. - The company has invested in product innovation, launching new flavors such as the spicy beef-flavored "Qin Zui Shao" and the sesame-flavored "Mogua Shuang," catering to evolving consumer tastes [5][8]. Group 3: Market Trends - The snack food market in China, particularly for spicy snacks, is experiencing significant growth, with the market size for spicy strips expected to exceed 90 billion yuan by 2026, reflecting a compound annual growth rate of over 15% [4]. - The demand for healthy snacks is rising, with consumers increasingly seeking products that combine taste and health benefits, which aligns with Weilong's strategy to expand its seaweed product line [10][12]. Group 4: Channel Optimization - Weilong has optimized its channel structure, achieving over 3.4 billion yuan in revenue from both online and offline channels in the first half of 2025, with offline revenue growing by 21.5% year-on-year [14]. - The company has focused on enhancing its brand presence among younger consumers through various marketing initiatives and collaborations, effectively reaching its target demographic [16].

Core Viewpoint - The acquisition of a 51% stake in Lixing Food by Huangshanghuang for 495 million yuan marks a strategic move to capture core resources in the freeze-dried food sector, enhancing the company's growth potential and aligning with market reforms [1][5][6] Group 1: Acquisition Details - Huangshanghuang plans to acquire 51% of Lixing Food for 495 million yuan, gaining control and integrating it into its consolidated financial statements [1] - The acquisition is progressing in accordance with relevant laws and regulations, indicating a structured approach to the transaction [1] Group 2: Market Opportunity - The global freeze-dried food market is projected to grow from 2.98 billion USD in 2023 to 5.2 billion USD by 2030, with a compound annual growth rate (CAGR) of 8.35% from 2024 to 2030 [2] - In China, the freeze-dried food market is expected to expand from 3.8 billion yuan in 2024 to 8.8 billion yuan by 2030, with a forecasted CAGR of 15% over the next five years [2] Group 3: Industry Landscape - The freeze-dried food industry has high entry barriers due to significant investment in equipment and stringent quality control requirements, with fewer than 10 leading companies capable of large-scale production [3] - Lixing Food, established in 2006, is a leading player in the freeze-dried food sector, with 37 production lines and an annual output capacity of nearly 6,000 tons of various freeze-dried products [3] Group 4: Strategic Fit - The acquisition allows Huangshanghuang to diversify its product offerings by adding freeze-dried products, which complement its existing fresh and snack food lines [4] - Lixing Food's customer base and distribution channels will enhance Huangshanghuang's market reach and operational efficiency, facilitating entry into new markets [4] Group 5: Policy Environment - The timing of the acquisition aligns with recent reforms in China's capital markets, which encourage mergers and acquisitions to enhance industry integration and transformation [5][6] - The acquisition strategy is consistent with national policies aimed at improving investment value and focusing on core business areas, thereby enhancing operational efficiency [5][6]

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on distribution channels and a decline in profitability, with a significant drop in revenue and net profit in the first half of 2025 compared to the previous year [4][6] - The company is undergoing a transformation period, with fluctuations in revenue and performance, but is expected to return to a growth trajectory as channel adjustments are completed and new products are launched [9] Financial Performance Summary - In H1 2025, the company achieved revenue of 945 million yuan, a year-on-year decrease of 9.3%, and a net profit attributable to shareholders of 75 million yuan, down 55.2% year-on-year [4] - The second quarter of 2025 saw revenue of 441 million yuan, a decline of 3.4% year-on-year, and a net profit of 22 million yuan, down 71.0% year-on-year [4] - The company plans to distribute a cash dividend of 5.8 yuan per 10 shares, totaling 53 million yuan, with a payout ratio of 71.22% [4] Product and Channel Performance - The company’s product performance in H1 2025 showed mixed results, with revenue from green peas at 234 million yuan (down 1.56%), sunflower seeds at 125 million yuan (down 9.51%), and broad beans at 125 million yuan (up 2.11%) [6] - E-commerce revenue increased by 12.42% to 153 million yuan, while direct sales and other models surged by 154.63% to 83 million yuan, indicating strong growth in these channels despite a 19.84% decline in distribution revenue [6] Cost and Profitability Analysis - The gross margin for H1 2025 was 33.61%, a decrease of 1.33 percentage points year-on-year, with Q2 gross margin at 32.79%, down 1.57 percentage points [6] - Rising raw material costs, particularly for palm oil, have pressured profit margins, alongside increased sales and management expense ratios [6] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 2.236 billion yuan, 2.486 billion yuan, and 2.813 billion yuan, respectively, with expected year-on-year growth rates of -1%, +11%, and +13% [9] - Net profit forecasts for the same period are 235 million yuan, 324 million yuan, and 379 million yuan, with corresponding year-on-year growth rates of -37%, +38%, and +17% [9]

Investment Rating - The report assigns a rating of "Outperform" for WEILONG Delicious Global Holdings, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - WEILONG Delicious reported a revenue of RMB 3.48 billion for the first half of 2025, reflecting an 18.5% year-on-year increase, with a net profit of RMB 0.74 billion, also up 18.5% year-on-year, maintaining a net profit margin of 21.1% [1][7]. - The vegetable products segment showed remarkable growth, with a 44% year-on-year increase in revenue, driven by innovative product offerings and a strong focus on consumer demand [2][9]. - The offline channel structure has been optimized, with a 66% year-on-year increase in the number of stores, and East China remains a key revenue-generating region [3][10]. Revenue Breakdown - Revenue from seasoned flour products, vegetable products, and bean-based products was RMB 1.31 billion, RMB 2.11 billion, and RMB 0.06 billion respectively, with year-on-year changes of -3.2%, +44.3%, and -48.1% [2][8]. - The contribution of vegetable products to total revenue increased to 60.5%, while seasoned flour products accounted for 37.6% [2][8]. Profitability Analysis - The gross profit reached RMB 1.64 billion, a 12.3% increase year-on-year, but the gross profit margin decreased to 47.2%, down 2.6 percentage points due to rising raw material costs [4][11]. - Despite the decline in gross profit margin, the company managed to stabilize its net profit margin at 21.1% through effective cost management, with administrative expenses decreasing by 17.0% [4][12]. Dividend Policy - The company declared an interim dividend of RMB 0.18 per share, maintaining a high dividend payout ratio of 60% [5][13].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9]. Core Views - The report emphasizes the ongoing performance of new consumption sectors, particularly in bottom-tier liquor and leisure snacks, indicating a sustained high demand [6][9]. - The liquor sector is experiencing a rebound, with companies like Kweichow Moutai showing resilience despite market pressures, and the report suggests a focus on cyclical and high-dividend leaders [6][9]. - The new consumption sector is expected to see steady performance driven by strong fundamentals, with specific attention on companies like Tea Baidao and Gu Ming [7][9]. Summary by Sections Industry News - Qingdao Beer production reached 1.1037 million tons in the first half of the year, and liquor prices have decreased by 2.0% year-on-year from January to July [6][19]. - New standards for Dongxiang liquor are in progress, indicating regulatory developments in the industry [6][19]. Company News - Kweichow Moutai reported a revenue of 89.389 billion yuan for H1 2025, a 9% increase year-on-year, with net profit also up by 9% [6][9]. - Anji Yeast's revenue for H1 2025 was 7.899 billion yuan, a 10% increase, driven by reduced costs and improved operational efficiency [7][9]. - Wei Long's revenue for H1 2025 was 3.483 billion yuan, a 19% increase, with expectations for stable sales growth in the second half of the year [7][9]. Key Company Feedback - The report highlights the performance of various companies, with Kweichow Moutai, Wuliangye, and Luzhou Laojiao being recommended for their strong market positions and potential for growth [6][9]. - The report also notes the performance of new consumption brands, indicating a positive outlook for companies like Nai Xue's Tea and other beverage brands [7][9]. Industry Performance - The food and beverage sector has shown varied performance over the past months, with a 0.4% increase over the last month but a 6.9% decrease over the last three months [3][4]. - The liquor sector is highlighted as having a significant rebound potential, with Kweichow Moutai's price stabilizing and expectations for improved performance in the coming quarters [6][9].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Insights - The company demonstrated strong earnings performance with a total revenue of 3.483 billion yuan in H1 2025, representing a 19% year-on-year increase, and a net profit of 733 million yuan, up 18% year-on-year [5][10]. - The growth in performance is attributed to the company's continuous enhancement of its omnichannel strategy and brand building, along with optimization of its channel structure [5][10]. - The report highlights the company's focus on cost control, which has helped mitigate cost pressures, resulting in a stable net profit margin of 21.05% despite a slight decrease in gross margin [6][10]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin decreased by 3 percentage points to 47.16% due to rising prices of konjac powder affecting the profitability of konjac products [6]. - The sales and management expense ratios decreased by 1 percentage point and 2 percentage points to 15.14% and 5.77%, respectively [6]. Product and Channel Strategy - The revenue from seasoning noodle products declined by 3% to 1.31 billion yuan, while vegetable products saw a 44% increase to 2.109 billion yuan [7]. - The company is focusing on optimizing its product offerings and enhancing channel display quality, with expectations for sales stabilization in the second half of the year [7]. - The offline channel revenue increased by 22% to 3.147 billion yuan, benefiting from the company's omnichannel strategy, while online channel revenue decreased by 4% to 336 million yuan [8]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.57, 0.68, and 0.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 16 times [10][12]. - The company is expected to continue benefiting from the high demand in the konjac market, with projections for steady growth in the second half of the year [10].

2025 年 8 月 12 日公司发布公告，公司拟以现金方式收购子公司南京万 优商业管理有限公司 49%股权。 投资要点: | 相对沪深 300 | 表现 | | 2025/08/15 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万辰集团 | -1.9% | -0.7% | 621.5% | | 沪深 300 | 4.6% | 7.6% | 25.7% | | 市场数据 | | | 2025/08/15 | | 当前价格（元） | | | 154.74 | | 周价格区间（元） 52 | | | 22.55-199.90 | | 总市值（百万） | | | 29,031.55 | | 流通市值（百万） | | | 25,291.24 | | 总股本（万股） | | | 18,761.51 | | 流通股本（万股） | | | 16,344.34 | | 日均成交额（百万） | | | 324.72 | | 近一月换手（%） | | | 1.55 | | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 ...