证券之星消息，9月26日休闲食品板块较上一交易日上涨4.41%，麦趣尔领涨。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002719 | 麦趣尔 | 66'8 | 1.93% | 7.00万 | | 6265.86万 | | 603697 | 有友食品 | 11.46 | 1.42% | 5.63万 | | 6447.06万 | | 003000 | 劲仔食品 | 12.06 | 1.17% | 4.53万 | | 5459.47万 | | 002956 | 西麦食品 | 20.71 | 1.12% | 2.69万 | | 5591.75万 | | 605339 | 南侨食品 | 17.32 | 1.11% | 1.51万 | | 2609.81万 | | 001219 | 青岛食品 | 13.80 | 0.95% | 2.18万 | | 3002. ...

Company Overview - Guotou Securities has issued a "Buy-A" investment rating for Weilong Delicious (09985) with a 6-month target price of HKD 14.27 [1] - The classic spicy strips continue to provide stable cash flow, while vegetable products like konjac and seaweed snacks are capturing the health-conscious demand, with projected revenue of CNY 3.37 billion in 2024, accounting for 54% of total revenue, marking the first time these products become the largest category [1] Industry Trends - The spicy strip industry is experiencing expansion, with flavor differentiation reshaping the competitive landscape, where Weilong's sweet and spicy flavor leads the market [2] - The industry has seen a compound annual growth rate (CAGR) of over 20% from 2014 to 2023, indicating a robust growth trajectory [3] Competitive Advantages - Weilong has established itself as a high-trust brand through automated and transparent factories, enhancing production efficiency [2] - The company employs a differentiated strategy with five major flavor categories: sweet, spicy, fragrant, durian spicy, and regional spicy, continuously innovating its product matrix [2] - Weilong has effectively turned spicy strips into a social currency among younger consumers, increasing user engagement [2] Distribution and Supply Chain - The company maintains a solid foundation in traditional channels such as supermarkets and convenience stores while rapidly expanding into bulk snacks and live e-commerce, with 94 live broadcasts on Douyin in 90 days, leading to a continuous increase in online sales proportion [1][2] - The number of cooperative distributors is expected to increase to 1,879 in 2024, a year-on-year growth of approximately 10% [2] - Weilong's supply chain includes five direct-operated factories in Henan, incorporating 5G production lines to reduce costs and ensure food safety [1] Future Outlook - The konjac food segment is still in its early growth phase, with significant market potential, and the versatility of konjac allows for extensive flavor innovation [3] - To maintain its leading position, Weilong needs to enhance flavor research and development, leverage its brand influence to promote new flavors, and expand its distribution network and SKU offerings [3]

Company Overview - Guotou Securities has given Wei Long Delicious (09985) a "Buy-A" investment rating with a 6-month target price of HKD 14.27 [1] - Wei Long's classic spicy strips continue to provide stable cash flow, while products like konjac snacks and seaweed cater to health-conscious consumers, with projected revenue of CNY 3.37 billion in 2024, accounting for 54% of total revenue, making it the largest product category for the first time [1] Industry Trends - The spicy strip industry is experiencing expansion, with flavor differentiation reshaping the competitive landscape, where Wei Long's sweet and spicy flavor leads in market size [2] - The industry has seen a compound annual growth rate (CAGR) of over 20% from 2014 to 2023, indicating robust growth potential [3] Competitive Advantages - Wei Long leverages automated and transparent factories to enhance production efficiency and establish itself as a high-trust brand among consumers [2] - The company employs a differentiated strategy with five major flavor categories: sweet, spicy, fragrant, durian spicy, and regional spicy, continuously innovating its product matrix [2] - Wei Long capitalizes on the social aspect of spicy strip consumption, positioning its products as social currency among younger consumers, thereby increasing user engagement [2] Distribution and Channel Strategy - Wei Long's traditional dual-channel strategy strengthens control over distributors, with the number of cooperative distributors expected to increase to 1,879 in 2024, a year-on-year growth of approximately 10% [2] - The company has established a multi-channel approach with "snack wholesale - online platforms - O2O," creating a comprehensive competitive advantage [2] Future Outlook - The konjac food segment is still in its early growth phase, with significant market potential, and the versatility of konjac allows for extensive flavor innovation in the midstream processing [3] - Wei Long is encouraged to enhance flavor research and development, fully utilize its brand influence to promote new flavors, and expand its distribution network and SKU offerings to solidify its leading position [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.27 CNY within six months [5][8]. Core Insights - The company has established a strong market presence in the spicy snack sector, evolving from a single product (spicy strips) to a diversified portfolio including vegetable and bean products, with a projected revenue of 33.7 billion CNY from vegetable products in 2024, accounting for 54% of total revenue [1][3][25]. - The spicy strip industry is experiencing growth, with a market size expected to exceed 700 billion CNY, driven by economic recovery and changing consumer preferences [31][34]. - The company leverages its production capabilities and marketing strategies to maintain its leading position in the spicy strip market, with a focus on product innovation and channel expansion [2][43]. Summary by Sections Company Overview - The company, established in 1999, has grown from a local snack producer to a national leader in spicy snacks, listing on the Hong Kong Stock Exchange in 2022 [14][18]. - The ownership structure is family-based, with the founding family holding approximately 78% of the shares, which enhances decision-making efficiency [22]. Product Matrix and Manufacturing System - The product range includes spicy strips, vegetable snacks, and bean products, with a focus on health-conscious offerings like konjac snacks [23][25]. - The company operates five factories in Henan, utilizing advanced production technologies, including 5G smart production lines, to enhance efficiency and ensure food safety [28][30]. Spicy Strip Market Dynamics - The spicy strip market is characterized by a growing consumer base and evolving taste preferences, with a projected compound annual growth rate of 4.2% from 2020 to 2024 [34][36]. - The company has adopted a differentiated flavor strategy, offering a variety of spicy strip flavors to cater to diverse consumer tastes [2][41]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 75.17 billion CNY, 90.19 billion CNY, and 106.30 billion CNY, respectively, with year-on-year growth rates of 20.0%, 20.0%, and 17.9% [4][9]. - Net profit projections for the same years are 1.408 billion CNY, 1.739 billion CNY, and 2.151 billion CNY, reflecting significant growth potential [9].

2025 年 09 月 26 日 西麦食品(002956.SZ) 深耕燕麦核心赛道，健康消费红利下迎 增长新周期 西麦食品：燕麦行业标杆品牌 西麦食品公司于 1994 年创立，专注于以燕麦为代表的健康谷物食品 的研发、生产、销售，并于 2019 年成功登陆深交所，成为"燕麦第 一股"。公司治理上，西麦食品为家族企业，合计持股超 50%股权，股 权结构清晰，管理层结构稳定；股权激励计划绑定核心团队，为公司 继续扩张留足后劲。 燕麦行业渗透率较低，提升空间显著 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 中国燕麦行业规模保持稳健增长，2024 年行业规模达 101.34 亿元， 其中冲泡燕麦占比 68.6%，即食燕麦占 31.4%，但与全球市场相比人 均消费仍处于洼地，提升空间显著。需求端，我国人口规模庞大，银 发经济+健康需求推动行业进一步发展，政策出台保驾护航；供给端， 2024 年我国燕麦行业 CR3、CR10 分别达 51.9%、76.1%，行业集中度 呈持续提升态势，其中西麦受益于产品本土化与渠道下沉策略，以 26%的市占率稳居国产龙头地位；桂格（18.2%）强调"科学营养"概 念 ...

Summary of Wei Long Mei Wei Conference Call Company Overview - Wei Long Mei Wei is a leading domestic spicy snack company that started with spicy strips and has expanded into vegetable products, achieving significant growth from 2018 to 2024 [2][7]. Key Points Industry Insights - The snack food industry is a massive market, potentially reaching a trillion yuan scale. Despite disruptions from the pandemic, the industry is expanding with steady economic growth [4]. - The market is fragmented, lacking the concentration seen in industries like liquor or beer, primarily due to diverse product attributes and regional tastes in China [4]. Company Performance - Revenue from vegetable products reached 3.5 billion yuan in 2024, a nearly 60% year-on-year increase, surpassing the revenue from noodle products for the first time [2][12]. - The company expects vegetable product growth to approach 50% in 2025, with a projected overall revenue increase of over 20% [5][16]. - Online sales grew nearly 40% year-on-year in 2024, accounting for about 10% of total revenue [5][15]. Product Development - Wei Long has successfully launched new vegetable products like konjac snacks, creating a second growth curve [2][8]. - The core product, spicy strips, remains stable despite competitive pressures, with new flavors introduced to maintain market leadership [10]. - Konjac products, particularly konjac snacks, have become a significant growth driver, benefiting from the rapid development of the domestic konjac industry [11]. Competitive Advantages - The company has a stable governance structure and an experienced management team, continuously introducing external talent [9]. - Wei Long employs intelligent production and modern channel management, demonstrating excellent cost control, which supports sustainable development [9]. Future Growth Potential - The company is exploring new growth avenues beyond spicy strips and konjac, including products like stinky tofu and seaweed [14]. - The management anticipates maintaining a net profit of over 1.35 billion yuan in 2025, increasing to around 2 billion yuan by 2027, with a corresponding price-to-earnings ratio of about 20 times [5][16]. Market Trends - The snack industry has undergone significant channel transformations, with rapid growth in offline emerging channels and online social e-commerce replacing traditional shelf e-commerce [6]. - Companies that adapt to these channel changes tend to achieve better growth [6]. Margin Management - Wei Long's choice of low-cost raw materials, such as noodle and konjac products, has helped maintain a gross margin close to 50%, which is higher than the overall company level [3][13]. Conclusion - Wei Long Mei Wei is well-positioned for continued growth in the snack food industry, leveraging its innovative product development, strong management, and effective channel strategies to capitalize on market opportunities and consumer trends [2][8][16].

北京商报讯（记者 郭秀娟 王悦彤） 9月25日，盐津铺子官微发布新品——大魔王蒜蓉麻酱素毛肚，据 悉，新品采用金乡大蒜和六必居麻酱为原料，以国家地理标志和百年老字号相碰撞而成，适合欢聚时 刻、加班回血、日常追剧时刻食用。 ...

Group 1 - The leisure food sector increased by 0.74% on September 25, with Yan Jin Pu Zi leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the leisure food sector showed varied performance, with Yan Jin Pu Zi closing at 70.15, up 2.56% [1] Group 2 - The leisure food sector experienced a net outflow of 8.28 million yuan from main funds, while retail investors saw a net inflow of 22.61 million yuan [2] - Major stocks like Wan Chen Group had a net inflow of 34.23 million yuan from main funds, but a net outflow from retail and speculative funds [3] - The overall trend indicates a mixed sentiment among different types of investors within the leisure food sector [2][3]

Investment Rating - The industry rating is maintained as "Outperform the Market" [7] Core Viewpoints - The pre-prepared food concept is driving short-term performance in the catering supply sector, with a focus on the upcoming double festival catalysis [5][16] - The overall food and beverage sector experienced a decline of 2.53% from September 15 to September 19, with specific segments like pre-processed foods and soft drinks showing positive performance [23][26] Summary by Sections Market Performance Review - From September 15 to September 19, the food and beverage sector declined by 2.53%, while the Shanghai Composite Index and CSI 300 Index fell by 1.30% and 0.44%, respectively [23] - Specific segment performances included: pre-processed foods (+0.32%), soft drinks (+0.07%), and health products (+0.05%), while snacks (-1.28%) and meat products (-3.64%) saw declines [23] Alcoholic Beverages - The liquor sector saw a decline of 2.95%, underperforming compared to the overall food and beverage sector and the CSI 300 [14] - Key brands like Jinhuijiu and Gujinggongjiu experienced significant drops, with the overall consumption environment remaining under pressure [14] - The current PE-TTM for the liquor index is 19X, indicating a relatively low valuation compared to the past decade [14] Beer Sector - The beer sector showed a slight increase of 0.03%, with brands like Qingdao Beer and Yanjing Beer performing well [15] - Cumulative beer production from January to August 2025 was 26.83 million kiloliters, a slight decrease of 0.2% year-on-year [15] Investment Recommendations - For the liquor sector, three main investment lines are recommended: strong beta stocks (e.g., Jiugui Jiu, Shui Jing Fang), value recovery stocks (e.g., Yingjia Gongjiu), and strong alpha stocks (e.g., Shanxi Fenjiu, Guizhou Moutai) [22] - In the beer sector, focus on companies with sustained growth potential and those benefiting from cost reductions [22] Key Data Tracking - The average price of fresh milk in major production areas was 3.03 yuan/kg as of September 18, 2025, with no year-on-year change [20] - The production capacity of Daizhou yellow wine increased from 18,000 tons to 130,000 tons over the past three years, with a reported output value of 263 million yuan in the first half of the year, up 14.3% year-on-year [14]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603517 | ST绝味 | 13.77 | -4.97% | 7730.0 | 1064.42万 | | 603777 | 来伊份 | 13.11 | -0.30% | 6.66万 | 8723.79万 | | 002956 | 西麦食品 | 20.74 | -0.10% | 2.46万 | 5103.40万 | | 603866 | 桃李面包 | 5.46 | 0.37% | 1 14.50万 | 7910.45万 | | 002557 | 治治食品 | 21.66 | 0.37% | 3.66万 | 7918.40万 | | 002820 | 桂发祥 | 12.21 | 0.41% | 5.95万 | 7249.64万 | | 603697 | XD有友食 | 11.45 | 0.53% | 4.43万 | 5089.65万 | | 002991 | 甘源食品 | 55.24 | 0.56% | 4242.6 | 2342.08万 | | ...