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2025新国货COOLTOP100品牌榜:新国货的硬核内功与软叙事:千骑卷平冈
EqualOcean· 2025-10-10 05:25
〖亿欧智库 千骑卷平冈 新国货的硬核内功与软叙事 << 2025新国货CoolTop100品牌榜 亿欧智库 https://www.iyiou.com/research Copyright reserved to EO Intelligence, September 2025 INTRO ◆ 在当下复杂多变的经济格局中,消费环境正经历深刻变革。国内消费潜力加速释放,消费需求 从追求性价比向质价比转变,场景化消费兴起,需求分化明显;对外开放水平不断提高,国货 出海浪潮涌动,但也面临文化差异、贸易壁垒等诸多考验。 ◆ "两新两重"及国产化替代政策为新国货发展注入强劲动力,全球化与消费升级的双重驱动, 促使国货品牌从产品输出迈向价值输出,技术创新与供应链智能化成为坚实支撑,国潮文化更 成为出海破圈的关键力量。 ◆ 本报告通过剖析新国货的发展新征程、新动向与新趋势,结合新国货系列榜单,挖掘优秀品牌 及产品案例。期望能为新国货在激烈的市场竞争中找准方向,助力其以创新破局、以品质立身、 以文化赋能,实现本土深耕与跨境出海的协同发展,在全球舞台上绽放光彩,书写国货崛起的 新篇章。 目录 CONTENTS 第一章 国货新征程 ...
中国“土味”零食,靠邪修馋哭老外
3 6 Ke· 2025-09-28 10:29
世界的悲欢从不相通,商业世界亦是如此。 最近,有媒体透露,娃哈哈明年将改名娃小宗,有人大赞宗馥莉有魄力,也有粉丝直呼"童年回忆消失","听起来像山寨的"。 与此同时,曾被群嘲是"屌丝饮料"的冰红茶却成了名媛新宠。最近,在韩国的明星圈里,正在上演"女神爱上屌丝饮料"的戏码,有30多个韩国女艺人成了 冰红茶的野生代言人。 除了冰红茶,还有一堆 "土味" 国产零食在国外爆火。 韩国年轻人不顾身材,把酸辣粉和魔芋爽买断货;在泰国、越南和马来西亚,中国的瓜子、雪饼和辣条成了年轻人的社交货币;在欧美国家,沙琪玛和香 飘飘也成了送礼爆款…… 当大家都被新能源电车、无人机出海吸引时,中国零食在海外闷声赚大钱。 盐津铺子去年在海外赚了5.16亿,同比增长7.7%;旺旺在海外的收入,占总营收的20%;洽洽、盼盼、甘源等零食品牌,在海外也都年入过亿。 没高科技不搞花活在国内还被嫌弃的土味零食,为何能征服老外? 点击这里边听边看 中国土味零食,被老外捧成奢侈品 中国零食在外国第一次出圈,是大家发现,辣条在海外竟是奢侈品。 5包65克的卫龙辣条,在美国能卖到16.99美元,每包合24.6元人民币,比国内贵了数十倍。 这么高的价格老外对 ...
卫龙美味(09985.HK):从单极领先到双轮驱动 以美味勾勒品类扩张新路径
Ge Long Hui· 2025-09-28 03:24
Core Viewpoint - The company has successfully transformed from a street snack into a national business over the past two decades, with a strong focus on product innovation, channel expansion, and governance efficiency [1][2] Group 1: Product and Revenue - The classic spicy strips continue to provide stable cash flow, while vegetable products like konjac and seaweed snacks are capturing the growing health-conscious demand, with projected revenue of 3.37 billion yuan in 2024, accounting for 54% of total revenue [1] - The spicy strip industry is experiencing expansion, with the company leading in the sweet and spicy segment, supported by a differentiated product strategy that includes five major flavor types [1][2] Group 2: Channel Strategy - The company has a solid foundation in traditional retail channels such as supermarkets and convenience stores, while rapidly expanding into bulk snacks and live e-commerce, achieving 94 live broadcasts on Douyin in 90 days [1] - The company employs a dual-channel strategy to enhance control over distributors, with the number of cooperative distributors increasing to 1,879, a year-on-year growth of approximately 10% [1] Group 3: Supply Chain and Governance - The company operates five direct-owned factories in Henan and has introduced 5G production lines, which have reduced costs and ensured food safety [1] - Family ownership of 78% enhances decision-making efficiency, and equity incentives are in place to bind the core team for future expansion [1] Group 4: Growth Potential in Konjac Products - The konjac food segment has shown a compound annual growth rate of over 20% from 2014 to 2023, indicating significant market potential [2] - The company is focusing on enhancing flavor research and expanding its product offerings to solidify its leading position in the konjac market [2] Group 5: Financial Projections - Revenue projections for the company are 7.517 billion yuan, 9.019 billion yuan, and 10.630 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.0% for the first two years and 17.9% for 2027 [2] - Expected net profit for the same years is 1.408 billion yuan, 1.739 billion yuan, and 2.151 billion yuan, with growth rates of 31.8%, 23.5%, and 23.7% respectively [2]
国投证券:予卫龙美味(09985)“买入-A”评级 目标价14.27港元
智通财经网· 2025-09-26 07:43
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]
卫龙美味(09985):从单极领先到双轮驱动,以美味勾勒品类扩张新路径
Guotou Securities· 2025-09-26 05:17
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].
卫龙美味20250924
2025-09-26 02:29
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].
我可能是全网最晚写这波品牌翻车的,就言简意赅地说说
Hu Xiu· 2025-09-24 12:52
Group 1 - The core issue in recent brand failures is the imbalance in breaking the circle, where brands face internal structural conflicts exacerbated by external black swan events [2][3] - Brands must balance the needs and values of original users and pillar users, as these two groups often have different expectations and contributions to the brand [4][6] - The failure of brands like Arc'teryx and others can be attributed to neglecting the values of original users while focusing on the narratives appealing to pillar users [6][10] Group 2 - Brands should maintain a steadfast commitment to the values of original users, even if they contribute less to revenue and market share [9][12] - A product matrix should be utilized to cater to the diverse needs of different user groups while preserving the brand's core promises [11][13] - Brands should avoid downward compatibility with lower-tier brands to maintain their prestige and market position [14][23] Group 3 - Brands must manage user expectations carefully, ensuring that the perceived value aligns with the actual product and service offerings [26][28] - Misalignment of user expectations can lead to significant backlash, as seen in the cases of Xibei and others [24][30] - Brands should actively engage with their original users to explain and clarify during crises, rather than solely relying on public statements [39] Group 4 - Entering opposing user segments can be beneficial, but brands must do so cautiously to avoid alienating their core audience [29][35] - Recent failures highlight the sensitivity of brand positioning, especially regarding gender and social identity [33][36] - Successful brands, like Xiaomi, demonstrate the importance of low-key approaches when appealing to new demographics without alienating existing ones [34] Group 5 - Brands should quickly dissociate from negative concepts and focus on addressing specific criticisms rather than engaging in self-justification [37][38] - Maintaining deep communication with original users is crucial for brand loyalty and crisis management [39]
1/2、3/5、1/3、1/4、……“数”说新兴产品频繁出圈 “国人厨房”“世界餐桌”底气更足
Yang Shi Wang· 2025-09-24 08:19
Group 1 - Henan has established itself as a crucial grain production area, focusing on food security and enhancing crop yields through technology and management [1][3] - The province has developed a diversified food supply system, with significant production in oilseeds, edible fungi, and livestock, leading to the establishment of 18 industrial chains [3][25] - Henan's food industry has evolved from being a grain storage hub to a significant player in the global food market, producing a variety of products including traditional and emerging snacks [5][10] Group 2 - The production of spicy strips in Henan has reached over 10 billion packages annually, supported by 75,000 tons of high-quality wheat flour [10][12] - The establishment of wheat industrial alliances has ensured stable raw material supply for food companies, enhancing their market confidence [12][14] - The province is transitioning from primary processing to deep processing in the food industry, with government support for technological advancements [16][19] Group 3 - The Central Plains Food Laboratory has become a key driver of innovation, collaborating with enterprises to develop healthier food processing techniques [19][22] - Henan produces a significant portion of various food products in China, including half of the country's ham sausages and three-fifths of dumplings [25] - The province is enhancing its meat processing capabilities and implementing modern cold chain logistics for meat products [29][31] Group 4 - New food products like spicy strips and tea beverages are gaining popularity, with some brands expanding internationally [33][35] - The government is facilitating brand promotion and consumer engagement through various activities and logistics improvements [35][38] - The number of large-scale agricultural processing enterprises in Henan has reached 6,103, with plans for further technological integration in the food sector [38]
华鑫证券:维持卫龙美味“买入”评级 未来业绩有望快速增长
Zhi Tong Cai Jing· 2025-09-24 02:41
Core Viewpoint - Wei Long Mei Wei (09985) is positioned as the leader in the spicy snack industry, with significant growth potential driven by channel expansion and category benefits, expecting rapid earnings growth in the coming years [1][2]. Group 1: Company Overview - Wei Long was established in 2001 in Luohe, Henan, starting with spicy strips and later launching the popular konjac product in 2014, which became a phenomenon [1]. - The company is projected to achieve revenue of 6.266 billion yuan in 2024, with vegetable products surpassing spicy strips as the primary growth driver [1]. Group 2: Industry Dynamics - The spicy snack industry in China is expected to reach a scale of 228.4 billion yuan in 2024, with a 7-year CAGR of 9%, significantly outpacing the overall snack market [2]. - Wei Long holds a 28% market share in spicy strips as of 2023, with the market size for spicy strips projected to be 61.5 billion yuan in 2024 [2]. - The konjac snack industry is anticipated to grow to approximately 16.4 billion yuan by 2025, with Wei Long commanding a 56% market share [2]. Group 3: Brand and Product Strategy - Wei Long has established a strong brand presence as a leader in the spicy snack sector, enhancing its brand image through production line upgrades [3]. - The company is focusing on product price increases to maintain gross margin, with expectations of reaching a scale of 4 billion yuan in the medium term [3]. - The expansion into new channels, including high-potential platforms like Sam's Club and Douyin, is expected to enhance market penetration and capitalize on industry channel evolution [3].
华鑫证券:维持卫龙美味(09985)“买入”评级 未来业绩有望快速增长
智通财经网· 2025-09-24 02:40
Group 1 - Company is a leading player in the spicy snack industry, with two core products each generating over 2.5 billion in revenue, and holds the top market share [1][2] - The company was established in 2001 and has seen significant growth, with projected revenue of 6.266 billion in 2024, where vegetable products are expected to surpass spicy strips as the primary growth driver [2] - The spicy snack industry in China is projected to reach 228.4 billion in 2024, with a 7-year CAGR of 9%, indicating strong demand and high repurchase rates due to the addictive nature of spicy flavors [3] Group 2 - The company has a strong brand effect that creates a solid competitive moat, with product price increases helping to maintain gross margins while expanding product categories [4] - The company is expanding into new channels, including traditional and emerging ones, which is expected to enhance growth and efficiency, benefiting from the industry's channel evolution [4] - The company is well-positioned to capitalize on the growth of the konjac product segment, with a projected market size of approximately 34.2 billion, indicating significant growth potential [3][4]