Core Viewpoint - Wei Long Delicious (09985) has seen a stock price increase of over 6%, currently trading at HKD 13.55 with a transaction volume of HKD 44.41 million, indicating strong market interest and positive sentiment towards the company [1][1]. Financial Performance - In September, Wei Long's overall growth rate exceeded 20%, with significant growth in konjac products and stabilization in spicy snack products [1][1]. - The cost pressure for konjac powder has peaked, and a downward cost cycle is expected from 2025 to 2027 [1][1]. Product Development - Wei Long's konjac products are in a rapid growth phase, with classic flavors such as spicy, numbing, and sour continuing to penetrate the market, and new sesame flavor sales are quickly gaining traction [1][1]. Channel Strategy - The company has achieved comprehensive channel coverage, developing a "supplementary sales + assisted sales" model that supports the growth of distributors [1][1]. - Wei Long is positioned at the top level in the snack industry regarding network coverage and terminal control, effectively empowering new product promotions [1][1].

Core Viewpoint - Wei Long Delicious (09985) has seen a stock price increase of over 6%, currently trading at 13.55 HKD with a transaction volume of 44.41 million HKD, indicating strong market interest and positive sentiment towards the company's growth prospects [1] Group 1: Company Performance - In September, Wei Long's overall growth rate exceeded 20%, with significant growth in konjac products and stabilization in spicy snack products [1] - The cost pressure for konjac powder has passed its peak, and a downward cost cycle is expected from 2025 to 2027 [1] Group 2: Product and Market Development - Wei Long's konjac products are in a rapid growth phase, with classic flavors such as spicy, numbing, and sour continuing to penetrate the market, and new sesame-flavored products experiencing rapid sales growth [1] - The company has achieved comprehensive channel coverage, forming a "supplementary sales + assisted sales" model that supports the growth of distributors [1] Group 3: Competitive Positioning - Wei Long is positioned as a leading player in the snack industry, with strong terminal control and extensive network coverage, effectively empowering new product promotions [1]

Core Viewpoint - Weitlong Delicious (09985) has seen a stock price increase of over 6%, currently trading at 13.55 HKD with a transaction volume of 44.41 million HKD, indicating strong market interest and positive growth prospects for the company [1] Group 1: Company Performance - In September, Weitlong's overall growth rate exceeded 20%, with significant growth in konjac products and stabilization in spicy snack products [1] - The cost pressure for konjac powder has passed its peak, and a downward cost cycle is expected from 2025 to 2027 [1] Group 2: Product and Market Insights - Weitlong's konjac products are in a rapid growth phase, with classic flavors such as spicy, numbing, and sour gaining market penetration, and new sesame flavor sales are quickly rising [1] - The company has achieved comprehensive channel coverage, utilizing a "supplementary sales + assisted sales" model to support distributors and enhance growth [1] Group 3: Competitive Position - Weitlong is positioned at the top level in the snack industry regarding network coverage and terminal control, effectively empowering new product promotions through its channels [1]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights the upcoming Q3 performance period and suggests a focus on valuation shifts in thriving sectors such as beverages, snacks, and pet products [13][14]. - It notes that the consumption sector has shown relative weakness, but low valuations may attract investment [13]. - The report emphasizes the stable growth of key companies like Shanxi Fenjiu and Wuliangye, with the latter's major shareholder completing a significant share buyback, reflecting confidence in the company [2][3]. Summary by Sections Core Company Tracking - Shanxi Fenjiu's "Glass Fen" series is experiencing steady growth, with plans to expand into markets with weaker consumption atmospheres [10]. - Wuliangye's major shareholder has completed a buyback of shares worth over 800 million yuan, increasing their stake to 55.1% [3]. - Chongqing Beer is expected to continue gaining market share in China, with a current market share of 9%, up from 6% in 2017 [11]. - Qiaqia Foods has seen improved sales in September, with expectations of a slight recovery in gross margin for Q3 [12]. Investment Recommendations - The report recommends focusing on growth stocks in the snack sector, particularly Ximai Foods and Wei Long [14]. - It continues to recommend leading companies in the Hong Kong market such as Nongfu Spring and H&H International Holdings, while suggesting attention to Haitian Flavoring [14]. - In the new consumption sector, it highlights Zhongchong Co., Guibao Pet, and Bairun Co., with additional recommendations for Yuanfei Pet and Petty Co. [14]. - Traditional consumption is entering a configuration phase, with a focus on leading liquor brands like Shanxi Fenjiu, Luzhou Laojiao, and Guizhou Moutai [14].