Industry Outlook - The leisure food industry is experiencing multi-dimensional development driven by younger consumer demographics, diverse product demands, and the application of AI and smart technologies [2][3] - The Z generation, comprising 19% of the total population, is leading the demand for healthier and scenario-based products, while the aging population is creating a market for high-protein, easy-to-chew foods [2] - Traditional supermarkets maintain a 35% market share through digital transformation, emphasizing the importance of multi-channel collaboration [2] Company Performance - In 2024, the company achieved a revenue growth of 7.47%, compared to the industry median of 0.43%, and a net profit growth of 13.2%, against an industry median decline of -2.28% [3] - The company's cash dividend ratios from 2021 to 2023 were 39%, 38%, and 52%, with a total cash dividend of 106.2 million yuan and a proposed dividend of 58.4951 million yuan for 2024 [3][4] Financial Management - As of the end of 2024, the company reported cash and cash equivalents totaling 239.0406 million yuan [5] - The sales profit margin for 2024 reached 25%, indicating a stable and competitive position within the industry [6] Market Strategy - The company is focusing on expanding its market presence through product innovation, brand promotion, and channel diversification, particularly targeting the Z generation and the elderly [2][10] - Plans include enhancing e-commerce and new retail collaborations, as well as leveraging data-driven marketing strategies to penetrate deeper into the market [9][10] Future Growth - Future growth will be driven by product innovation towards healthier and functional products, as well as a comprehensive channel strategy to enhance national coverage [9][10] - The company is also exploring opportunities in the seasoning market and plans to launch more new products in the future [9][10]

Group 1: Sales Performance - The company's overseas market sales revenue for 2024 is approximately $34 million, representing a year-on-year increase of about 90% [2] - In Q1 2025, the company reported revenue of $595 million, a year-on-year growth of 10.27%, with a net profit of $67.55 million [4] - The company's contract liabilities decreased from $150 million at the beginning of the quarter to $70 million by the end, indicating a significant reduction [5] Group 2: Product Development and Innovation - The company has developed multiple konjac products and plans to innovate based on market needs to enhance sales scale [3] - In 2024, the company launched several innovative products, including nitrogen-packed deep-sea fish rich in DHA and zero-additive quail eggs [4] - The company focuses on three main categories: fish products, poultry products, and bean products, with six major product lines [4] Group 3: Market Strategy and Brand Development - The company is enhancing brand awareness through collaborations with celebrities and influencers on social media platforms [5] - There are no current plans to invest in snack chain stores to increase market share [4] - The company emphasizes a high dividend policy, having introduced mid-term dividends in 2024 [4] Group 4: Operational Challenges and Responses - The company faces challenges in its internationalization strategy but is actively working to develop products that meet local tastes and standards [2] - The negative change in operating cash flow in Q1 was primarily due to increased cash payments for goods and services [3] - The company has no current plans for share reduction but will disclose any future plans as required [3]

Core Viewpoint - The company Wei Long (09985.HK) is facing significant challenges in the competitive snack food market, leading to a decline in stock price and the decision to conduct a share placement to raise capital for expansion and brand enhancement [1][2][4]. Group 1: Share Placement Details - Wei Long announced a placement of 80 million new shares, representing 3.29% of the enlarged share capital, at a price of HKD 14.72 per share, which is a 7.88% discount to the closing price of HKD 15.98 on May 7, 2025 [2]. - The placement is expected to raise approximately HKD 1.178 billion, with a net amount of about HKD 1.167 billion after deducting commissions and estimated expenses [3]. Group 2: Use of Proceeds - Approximately 50% of the proceeds from the placement will be used to expand and upgrade production facilities and supply chain systems [3]. - About 20% will be allocated to further expand the sales and distribution network, and another 20% will be used to strengthen brand building to enhance brand influence and consumer recognition [3]. - The remaining 10% will be used for general corporate purposes [3]. Group 3: Market Performance and Challenges - Wei Long's stock price fell by 5.26% to HKD 15.14 per share, reflecting cautious market sentiment following the announcement [1][4]. - The company has experienced a slowdown in sales growth for its signature spicy strips due to changing consumer preferences towards healthier options and increased competition from brands like Liangpinpuzi and Three Squirrels [5]. - In 2024, Wei Long's overall revenue reached RMB 6.266 billion, a year-on-year increase of 28.6%, while net profit rose by 21.3% to RMB 1.068 billion [5]. Group 4: Business Segment Performance - The revenue from Wei Long's seasoning noodle products grew only 4.6% to RMB 2.667 billion, decreasing its revenue share from 52.3% to 42.6% [5]. - In contrast, the vegetable products segment saw a significant revenue increase of 59.1% to RMB 3.371 billion, surpassing the seasoning noodle products for the first time, with its share rising from 43.5% to 53.8% [5][6]. Group 5: Marketing and Brand Strategy - The success of the vegetable products segment is attributed to heavy advertising investments and enhanced multi-channel marketing efforts, with sales expenses reaching RMB 1.026 billion, a 27.22% increase year-on-year [6]. - The introduction of the new product "Konjac Snack" has achieved a market penetration rate of 78%, significantly outperforming competitors [6].

数据新闻编辑 陈华罗 新媒体设计 苗奇卉 校对 李立军 一边涨价一边关店，年轻人不爱吃卤味了吗？ 因为价格贵被吐槽上热搜，年轻人直呼吃不起卤味了。 当"卤味三巨头一年关店数千家"的词条冲上微博热搜，评论区的年轻人们用表情包和段子织成了一张吐槽大网："明明是街边小店却要卖酒店摆盘的价 格""每次都说拿一点点就够了，一上称40块"；有人翻出三年前的消费记录，感慨"那时买鸭脖像买辣条，现在得算着钱包过日子"。 相关话题词下网友吐槽已将卤味定位为奢侈品，也有人称其为"价格刺客"。 ▲来自网络评论 这些集中吐槽，还原出了一个残酷的现实——曾经趴在便利店冷藏柜前挑选鸭脖的年轻人，如今正皱着眉头计算卤味的单价，而绝味食品（维权）、周黑 鸭、煌上煌的财报，更像一份冰冷的行业诊断书，揭示着这场"卤味正在失去年轻人"的深层病灶。 业绩下滑，"卤味三巨头"卖不动了 大家越来越不爱吃卤味了，并不仅仅是一个新闻热搜，而是实打实的表现在了"卤味三巨头"的财报里。 近日，"卤味三巨头"绝味食品、周黑鸭、煌上煌披露了2024年财报，去年三家品牌营收共105亿元，比2023年少了14亿元，净利润均出现不同程度下滑， 业绩难言乐观。 被称为"卤 ...

Group 1 - The core viewpoint of the report is that the company maintains its net profit forecasts for 2025 and 2026 at 1.41 billion and 1.71 billion HKD respectively, with a current stock price corresponding to 25.1 and 20.4 times the P/E ratio for those years [1] - The company announced a placement plan to issue 80 million shares at a price of 14.72 HKD per share, which represents approximately 3.40% of the total shares outstanding as of the announcement date [2] - The total proceeds from the placement are expected to be around 1.1776 billion HKD, with net proceeds estimated at approximately 1.167 billion HKD after deducting commissions and estimated expenses [2] Group 2 - The company plans to use about 50% of the proceeds to expand and upgrade its production facilities and supply chain, 20% to further develop its sales and distribution network, 20% for brand building, and 10% for other general corporate purposes [2] - The company is expected to maintain a rapid revenue growth trend through multi-channel expansion and product diversification, including new packaging and flavors [3] - Although the company may face some pressure on gross margin due to rising prices of konjac powder and channel structure impacts, overall net profit margin is expected to remain stable due to efficiency improvements and revenue growth [3]

假设认购股份数目与配售股份数目相同，且有关认购股份获悉数认购，则预期最大配售及认购所得款项总额约为11.78亿港元， 雷递网 乐天 5月8日 卫龙美味全球控股有限公司（简称："卫龙"，股份代号：9985）日前宣布进行配售，配售价为14.72港元，配售8000万股，预期最大配售及认购所得款项净 额（扣除佣金及估计开支后）合共约为11.67亿港元。 | | | | 聚隨歐售完成後 | | | | --- | --- | --- | --- | --- | --- | | | 於本公告日期 | | 但於認購完成前 | | 緊 陸 | | 股東 | 持股數目 | 自分比 | 持股數目 | 目分比 | 持 | | | | (96) | | (%) | | | 主要股東(除劉衛平先生及劉福平先生外) | | | | | | | 雪 方(1)(4) | 1,904,243,183 | 80.99 | 1,824,243,183 | 77.59 | 1,904,1 | | 和和綠色理念(2)(4) | 1,904,243,183 | 80.99 | 1,824,243,183 | 77.59 | 1,904. | | The ...

Core Viewpoint - The stock of the company, Wei Long Foods (09985.HK), has dropped over 7% following the announcement of a plan to place 80 million shares at a price of HKD 14.72 [1] Company Summary - Wei Long Foods is planning to issue 80 million shares to raise capital, which has led to a significant decline in its stock price [1]

"我们单日可消化30吨原料，产品直供上海、山东等地。"该公司负责人指着正在调试的新生产线说，新 增的坚果混合生产线投产后，年产值将突破1.5亿元。 在数公里外的龙北综合加工产业园中，广西龙州恒享吃食品有限公司的无菌车间内正飘散着芒果的甜 香。工人们将越南青芒削皮去核，果肉经过热漂、糖渍、真空冻干等工艺，变成即食果干。"每2.5吨鲜 果可产出1吨成品，附加值大幅提升。"该企业的生产主管介绍，企业采用"边民合作社直供+定向采 购"模式，既保障了原料的稳定供应，又让边民每吨增收数百元。 发挥沿边区位优势 发展落地加工产业 广西龙州打造休闲食品产业集群 日前，在广西壮族自治区崇左市龙州县的水口口岸，满载越南腰果、芒果的货车有序排队，快速通关入 境。与往日"过境即走"不同，如今这些原料正快速转运至龙州县各产业园区，经过精深加工变身"龙州 制造"销往全国，将"过路财"转化为"落地金"。数据显示，今年一季度，龙州县落地加工产值突破2.03亿 元，同比增长500%，创造出沿边产业发展新速度。从"通道经济"到"口岸经济"、从"边贸过境"到"产业 落地"，龙州县正走出一条"产业留税、企业留利、百姓留业"的兴边富民新路。 "一区四 ...

Core Viewpoint - Youyou Food, known as the "first stock of spicy chicken feet," is experiencing management instability with its fourth secretary resigning since its IPO in 2019, reflecting growth anxiety despite its leading position in the niche market [1][2][7]. Management Changes - The company has seen four secretaries resign since its listing in May 2019, with the most recent, Liang Yu, leaving after just over three months in office [2][3][6]. - The current chairman, Lu Youzhong, is temporarily acting as the secretary due to the prolonged vacancy [1][5]. Financial Performance - Youyou Food's net profit attributable to shareholders has declined for three consecutive years from 2021 to 2023, raising concerns about its growth trajectory [1][7]. - However, there is a recent turnaround, with both revenue and net profit showing growth in 2024 and the first quarter of 2025, with a net profit increase of 35.44% year-on-year [2][7]. Strategic Partnerships - The collaboration with Sam's Club is seen as a potential new growth driver for Youyou Food, enhancing its sales channels and brand image [7][8]. - The company is optimistic about achieving a revenue growth of no less than 20% in 2025, supported by its strong financial position and strategic partnerships [8][9]. Financial Management - As of April 30, the company had invested a total of 12 billion yuan in financial management, with 8.3 billion yuan still unredeemed, raising questions about its investment confidence [9][10].

Core Viewpoint - The company aims to replicate its domestic success in overseas markets within 3-5 years, targeting an overseas revenue of 5.304 billion yuan by 2024, which would require a compound annual growth rate of approximately 142.85% [1][2]. Group 1: Overseas Market Strategy - The company plans to solidify its overseas market strategy, with a goal to achieve overseas revenue of over 600 million yuan in 2024, indicating a strong start in international expansion [1]. - The company’s overseas sales currently account for only 1.18% of total revenue, highlighting the challenges ahead in reaching its ambitious targets [1]. - The company has identified key products, such as konjac and quail eggs, to focus on in Southeast Asia, with over 80% of current overseas sales coming from Thailand [5][6]. Group 2: Product Performance - The konjac product line has shown significant growth, achieving 838 million yuan in revenue in 2024, a 76.09% increase from 2023, contributing 15.81% to total revenue [5]. - Quail egg snacks also demonstrated strong performance, generating 580 million yuan in revenue in 2024, up 81.87% year-on-year, contributing 10.93% to total revenue [5]. - The company believes that these products have a competitive edge in overseas markets due to their health attributes and alignment with local consumer trends [6]. Group 3: Operational Strategy - The company is investing 220 million yuan to establish a wholly-owned subsidiary and production base in Thailand, focusing on local production to reduce costs [7]. - The company has previously established fruit processing facilities in Cambodia and Thailand, indicating a strategy of localizing supply chains to enhance operational efficiency [7]. - The company is adopting a strategic partnership approach for distribution in overseas markets, focusing on quality over quantity in selecting distributors [8]. Group 4: Market Comparison - The company’s ambitious overseas revenue target contrasts sharply with competitors like Qiaqia Foods, which reported overseas revenue of 569 million yuan in 2024, reflecting a more modest growth trajectory [9]. - The comparison with Qiaqia Foods highlights the high stakes and challenges the company faces in achieving its overseas ambitions within the set timeframe [9].