| | | | For the six months ended June 30, | | | | --- | --- | --- | --- | --- | --- | | | | | 截至6月30日止六個月 | | | | | | 2025 | | 2024 | | | | | 2025年 | | 2024年 | | | | | | % of total | | % of total | | | | RMB'000 | revenue | RMB'000 | revenue | | Product category | 產品類別 | 人民幣千元 | 佔總收入% | 人民幣千元 | 佔總收入% | | Seasoned flour products | 調味麵製品 | 1,309,964 | 37.6% | 1,353,826 | 46.1% | | Vegetable products | 蔬菜製品 | 2,108,786 | 60.5% | 1,461,256 | 49.7% | | Bean-based and other products | 豆製品及其他產品 | 64,185 | 1.9% | 1 ...

长沙晚报掌上长沙1月6日讯（全媒体记者 陈星源）春节的脚步越来越近，置办年货的氛围逐渐浓烈。今年，一个 更广阔的"美味朋友圈"正在集结——来自长沙、株洲、湘潭的优质食品企业将齐聚1月16日开幕的"共享计划"长株 潭好物乐购汇，从开胃零食到宴席硬菜、从调味灵魂到缤纷礼盒的"全链路"美味，将一站式承包您的春节餐桌。 零食与风味，点燃年节的第一味 年味，往往最先从舌尖上苏醒。追求风味与趣味的休闲零食，已成为春节聚会中不可或缺的"气氛组"，长株潭地 区为此提供了丰富的选择。 想吃点地道的湖南味儿？来自长沙的湖南省翻天娃食品有限公司生产的辣条和薄饼，是无数人童年的味觉记忆， 一口咸香麻辣，瞬间点燃热闹氛围。无独有偶，湖南长沙尊飨农业科技有限公司出品的"小鸭仙"酱板鸭，肉质紧 实、酱香醇厚，是绝佳的佐餐冷盘，为家宴增添鲜明的地方特色。 厨房好帮手，解锁"大师级"年宴 春节是传递祝福的时节。在这一点上，长株潭企业同样提供了丰富而贴心的选择，那些充满吉祥寓意的经典礼包 最引人注目。 提到节日礼盒，旺旺无疑是承载了几代人童年记忆的符号。此次活动上，"旺上加旺""旺情旺意"等多款旺旺主题 礼包将登场，成为走亲访友、家庭分享的"不 ...

消息面上，爱建证券指出，公司作为辣味零食龙头，凭借辣条和魔芋双品类断层领先的市场地位，在品 牌、产品、渠道三个维度构筑竞争壁垒：品牌与品类深度绑定形成消费者优先认知、大单品模式带来领 先同业的盈利能力、全国化经销网络支撑新品快速铺货。 该行认为，公司成本拐点临近，利润弹性有望集中释放。受价格上涨刺激，上游农户种植积极性提升， 种植面积已开始扩张，随着2025年新增产能逐步释放，预计2026年将迎来魔芋精粉成本下行周期；高端 渠道突破，渠道结构与产品认知双重优化。7月牛肝菌魔芋成功进入山姆会员店，标志着公司产品从大 众流通渠道向高端会员制渠道的跨越；行业格局走向集中，龙头竞争壁垒加速固化。魔芋休闲食品行业 近年保持高速增长，当前仍处于快速扩容阶段，但上游原料供给紧张、中游产能有限的格局意味着行业 终将进入整合期。 卫龙美味(09985)涨近9%，截至发稿，涨8.81%，报12.1港元，成交额8774.51万港元。 ...

消息面上，爱建证券指出，公司作为辣味零食龙头，凭借辣条和魔芋双品类断层领先的市场地位，在品 牌、产品、渠道三个维度构筑竞争壁垒：品牌与品类深度绑定形成消费者优先认知、大单品模式带来领 先同业的盈利能力、全国化经销网络支撑新品快速铺货。 智通财经APP获悉，卫龙美味(09985)涨近9%，截至发稿，涨8.81%，报12.1港元，成交额8774.51万港 元。 该行认为，公司成本拐点临近，利润弹性有望集中释放。受价格上涨刺激，上游农户种植积极性提升， 种植面积已开始扩张，随着2025年新增产能逐步释放，预计2026年将迎来魔芋精粉成本下行周期；高端 渠道突破，渠道结构与产品认知双重优化。7月牛肝菌魔芋成功进入山姆会员店，标志着公司产品从大 众流通渠道向高端会员制渠道的跨越；行业格局走向集中，龙头竞争壁垒加速固化。魔芋休闲食品行业 近年保持高速增长，当前仍处于快速扩容阶段，但上游原料供给紧张、中游产能有限的格局意味着行业 终将进入整合期。 ...

Group 1 - The article discusses the evolution of China's economic planning, particularly the "15th Five-Year Plan," emphasizing a shift in focus from macroeconomic statistics to industry-specific data and market dynamics [1][2][4] - The concept of "Made in China 2025" is highlighted as a significant goal for advancing manufacturing capabilities, with provinces like Henan exemplifying successful implementation through technological advancements in various industries [5][6] - The article contrasts China's long-term strategic planning with the short-term focus of U.S. policies, suggesting that China's ability to maintain consistent goals over decades is a key advantage [6][7] Group 2 - The article emphasizes the importance of consumer goods in the national economy, noting that approximately 1.75 million product categories exist, with 1.2 million directly facing consumers [29] - It points out the need for innovation in consumer products, suggesting that integrating advanced technologies into everyday items can lead to significant market opportunities [30][31] - The article also discusses the challenges faced by private enterprises in adapting to technological advancements and the need for a more connected approach between scientific innovation and market demands [23][26][42] Group 3 - The article highlights the importance of vertical innovation in industries, suggesting that focusing on specific product categories can lead to breakthroughs and market leadership [36][37] - It mentions the potential for new consumer trends, such as the "T-shaped revolution," which aims to apply cutting-edge technology to ordinary products, thereby enhancing their market appeal [26][30] - The article concludes with a call for businesses to adapt to changing consumer behaviors and technological advancements, emphasizing the need for continuous innovation and responsiveness to market needs [39][44]

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Sector Outlook for 2026**: The consumer sector is expected to recover significantly, driven by a focus on domestic demand and policy support, particularly in service consumption and new product categories. The real estate sector's negative impact is diminishing, with core CPI showing six months of recovery [2][5][8]. Core Insights and Arguments - **Long Bull Market Prediction**: A long bull market similar to 2016-2019 is anticipated to begin in the second half of 2026, led by AI-driven new products, service consumption, overseas opportunities, and durable goods. The first half of 2026 will see strong performance in overseas markets, while domestic demand will gain attention in the latter half [1][5][6]. - **Policy Support for Consumer Spending**: The introduction of a resident income increase plan by the central economic work conference, along with the appreciation of the RMB and favorable trade policies, will provide a solid foundation for consumer spending in the coming years [1][9][10]. - **AI and 3D Printing Opportunities**: The AI and 3D printing sectors are poised for significant growth, with opportunities across the entire supply chain, including leading companies and innovative hardware products like AI glasses and smart mattresses [1][12]. Key Sectors and Companies to Watch - **Service Consumption**: Focus on service consumption growth in 2026, particularly in travel and tourism, as well as the elderly care sector, which is expected to see increased demand [3][15]. - **Alcohol and Snack Industries**: The liquor sector, particularly major brands like Moutai, is expected to maintain strong performance due to price stability measures. The snack sector is also showing promise, with companies like Wanchen and Yanjin expected to perform well during the pre-Spring Festival period [16][20][24]. - **Elderly Economy**: The silver economy is anticipated to grow, with companies like Sanxia Tourism and Aima Technology showing potential in the elderly travel and mobility sectors [15][11]. Investment Logic and Recommendations - **Consumer Sector Investment**: The consumer sector is seen as undervalued, with significant room for valuation recovery. The focus should be on companies benefiting from policy support and improving domestic demand [2][30]. - **Emerging Technologies**: Investment opportunities in AI and new technologies, particularly in 3D printing and AI-enhanced products, are highlighted as key growth areas [12][35]. - **Overseas Expansion**: Companies with strong overseas branding and supply chain capabilities are recommended for investment, especially in light of the RMB appreciation [13][31]. Additional Insights - **Real Estate Market Impact**: The negative impact of the real estate market on consumer spending is expected to be limited, as government measures to boost public spending and social security are likely to stabilize purchasing power [7][8]. - **Consumer Market Drivers**: Key drivers for the consumer market include urbanization, rising GDP per capita, and demographic shifts, particularly the aging population, which will influence consumption patterns [10][11]. - **Food and Beverage Sector**: The snack and beverage sectors are expected to benefit from new retail models and consumer trends, with specific companies recommended for their growth potential [20][24][27]. This summary encapsulates the essential insights and recommendations from the conference call records, providing a comprehensive overview of the anticipated trends and investment opportunities in the consumer sector for 2026.

西海新闻记者 马小玮 12月25日上午，西宁市城北区、城东区市场监管执法人员，前往辖区校园周边开展经营乱象专项检查， 行动在晨光中有序展开。 城北区：细查热销小零食 两人排查中发现几包标签模糊、配料标注不全的膨化食品，当场指出问题并要求立即下架整改，店主连 忙应声配合，快步上前将不合规货品逐一从货架取下归置，全程主动高效完成现场整改。 城东区：严查不合格文具和非法读物 在一所小学旁的文具店内，西宁市城东区市场监督管理局执法人员查验玩具货架，排查无3C认证、存 在安全隐患的儿童玩具，逐一翻阅儿童读物，严查含暴力、迷信等有害内容的违规读物，细致核对文具 造型与标识，杜绝不良导向商品。 针对店内售卖的盲盒，执法人员现场要求店主张贴"8周岁以上未成年人谨慎购买"的醒目提示，杜绝盲 盒抽奖卡等诱导赌博类产品，当场叫停各类损害未成年人身心健康的经营乱象。 "我们会严格筛选货品，不进不合规的商品，全力给孩子们营造安全放心的消费环境。"接受检查的文具 店店主张先生当场表态。 接下来，西宁市、区两级市场监管部门将持续加大日常巡查频次，坚持排查整改与普法宣传同步推进， 从严从细管控各类违规经营行为，全力净化校园周边市场环境。 " ...

机构：爱建证券 品、豆制品及其他三大品类。2024 年蔬菜制品营收占比53.8%、同比增长59.1%，首次超越调味面制品 成为第一大品类。2018-2024 年蔬菜制品营收CAGR 达50%，魔芋品类已成为核心增长引擎。2）行业： 据弗若斯特沙利文，辣条行业2024 年市场规模约615亿元，公司市占率约30%、连续三年全国销量第 一，断层领先第二名。魔芋休闲食品仍处快速渗透阶段，公司凭借先发优势在该品类市占率同样位居第 一且显著领先，收入规模数倍于第二名，双品类龙头地位稳固。 关键假设点：蔬菜制品方面，魔芋品类仍处于快速渗透阶段，经典口味保持稳定增长，麻酱、牛肝菌等 新口味持续放量，叠加量贩及会员店等新渠道拓展，预计2025/2026/2027 年蔬菜制品收入分别为 50.6/65.7/78.9 亿元，同比增长50.0%/30.0%/20.0%，毛利率分别为46.4%/47.5%/48.5%。调味面制品方 面，公司主动下架低毛利SKU、聚焦四大核心系列，短期收入承压但产品结构优化，预计 2025/2026/2027 年调味面制品收入分别为25.9/26.1/27.2 亿元，同比变动-3.0%/+1.0%/+4 ...

- 辣味零食龙头地位稳固，魔芋高增打开空间 ——卫龙美味（9985.HK）首次覆盖报告 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 资料来源：聚源数据 相关研究 - 范林泉 S0820525020001 021-32229888-25516 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com 报告原因： | | | | 市场数据： | 2025 | 年 | 12 | 月 23 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.75 | | | 一年内最高/最低（港元） | | | | 17.82/6.90 | | | 总股本（亿股） | | | | 243,115 | | | 总市值（亿港元） | | | | | 279 | | | | | | | 日 | 一年内股价与恒生指数对比走势： 投资要点： | 报告期（人民币） | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | -- ...

Core Viewpoint - The article highlights the rising health concerns associated with excessive oil consumption in China, where daily cooking oil intake significantly exceeds recommended levels, leading to various health issues including obesity and chronic diseases [10][13][15]. Group 1: Current Consumption Trends - The average daily cooking oil intake in China is 43.2 grams, which is about 33% higher than the recommended 25-30 grams [13][14]. - The total daily fat intake per person is 79.1 grams, exceeding the recommended 50-70 grams [13][14]. - In 2024, the estimated consumption of edible vegetable oil in China is projected to be 37.08 million tons, translating to an average per capita consumption of approximately 26.3 kilograms [13]. Group 2: Health Implications - Excessive oil consumption is linked to increased risks of hypertension, diabetes, and various cancers, with obesity being a significant public health issue in China [15][16][18]. - The prevalence of overweight and obesity among children and adults is alarming, with rates of 6.8% and 34.3% respectively [18][19]. - Long-term high oil intake can lead to metabolic diseases, including non-alcoholic fatty liver disease and type 2 diabetes [16][19]. Group 3: Cultural and Behavioral Factors - The preference for high-oil foods is deeply rooted in Chinese culinary traditions, where oil is seen as essential for enhancing flavor [21][22]. - Many consumers rely on intuition rather than measurement for oil usage, with 65% using personal experience to determine oil amounts [22][23]. - The shift from limited oil availability in the past to an abundance today has contributed to the current high consumption levels [24][25]. Group 4: Industry Response and Initiatives - A nationwide "reduce oil" campaign is being promoted, with guidelines suggesting daily oil intake should not exceed 25-30 grams [30][31]. - The food and restaurant industry is responding by offering smaller portion sizes and healthier cooking options, such as low-oil meals [33][35]. - Initiatives are being taken to educate consumers about healthier cooking practices and the importance of balanced oil consumption [30][31][38].