证券研究报告 农林牧渔 | 农产品加工 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | 年 | | 日 | 2025 | 26 | | 08 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | 47.45 | | | | | | | | 一 年 最 高 / 最 低 | | 84.00/9.37 | | | | 内 | | | | （元） | | | | | | | | | | 总市值（百万元） | | 4,896.29 | | | | | | | | 流通市值（百万元） | | 3,215.17 | | | | | | | | 总股本（百万股） | | 103.19 | | | | | | | | 资产负债率（%） | | 21.41 | | | ...

Group 1: Investor Relations Activities - The company conducted investor relations activities including specific object research and on-site visits [3] - The activities took place from July 2 to July 3, 2025, at the company meeting room and via Tencent online meeting [3] - Attendees included major financial institutions such as JP Morgan, Goldman Sachs, and UBS Global Asset Management [3] Group 2: Product and Supply Chain Insights - Konjac (魔芋) is primarily grown in specific regions of China, thriving at altitudes between 250-2500 meters, and is sensitive to various environmental conditions [4] - The company ensures raw material supply through equipment leasing, technical support, and order locking with reputable cooperatives and processing plants [5] - The company also imports konjac raw materials from Southeast Asia to supplement local supply [5] Group 3: Market Demand and Product Development - The demand for konjac powder surged in 2024, driven by the growth in leisure food products, tea beverage markets, and deeper applications in food processing [6] - The shelf life of konjac powder is 18 months, while konjac gel can last up to 24 months [7] - Konjac balls offer advantages over traditional tapioca pearls, including lower calories and easier preparation, appealing to younger consumers [8] Group 4: Future Market Potential - The tea beverage market is seen as having significant potential, particularly among young consumers with high coverage and repurchase rates [9] - Future product development plans include ready-to-eat frozen products and new ingredients for beverages and dairy products, aligning with consumer health trends [9] - The konjac industry is expected to explore markets focused on health, functionality, and sustainability, including low-calorie meal replacements and biodegradable materials [11]

Group 1: Investor Relations Activities - The company conducted a specific investor research activity on June 25, 2025, via Tencent online meeting and in the company conference room [3][4] - Attendees included major financial institutions such as Eastmoney Securities, Sequoia China, and BlackRock [4] Group 2: Market Insights and Predictions - The price of konjac raw materials in 2025 will depend on supply factors, including planting area and weather conditions, which directly affect production and pricing [4][5] - The probability of explosive growth in konjac planting area is low due to specific growing conditions, but an increase in planting area is expected this year due to rising prices [5] Group 3: Market Expansion Opportunities - The konjac industry is targeting growth in health-oriented, functional, and environmentally friendly markets, focusing on low-calorie meal replacements, plant-based innovations, and biodegradable materials [6] - The company plans to leverage technological upgrades and precise marketing to capture high-value market segments [6] Group 4: Production Capacity and Future Products - Current production capacity for konjac balls is 35,000 tons, with plans to increase to 80,000 tons based on market feedback [7] - New product development includes frozen products and jelly powders aimed at the beverage and dairy sectors [7] Group 5: Business Collaboration and Profitability - The company collaborates with clients like Wei Long and Mi Xue Bing Cheng, primarily through ODM production [8] - The company aims to maintain stable gross margins by gradually passing on cost pressures through a cost-plus pricing strategy [10] Group 6: Future Business Strategy - The company plans to increase investment in application research and development to explore new uses for konjac gum [11] - The konjac industry is viewed positively, with expectations of continued growth, and the company remains confident in its market prospects [11]

Core Insights - The konjac snack industry is gaining popularity due to its low-calorie, high-fiber attributes, appealing particularly to health-conscious consumers, especially women [2][5] - Konjac products are being marketed not only for their health benefits but also for their taste, with companies focusing on flavor enhancement while maintaining a relatively low caloric content [3][6] - The konjac industry is transitioning from a regional specialty to a global snack trend, with significant export potential and cultural significance [5][7] Industry Characteristics - The konjac snack market is characterized by diverse product forms, including "konjac shuang" and konjac jelly, which cater to various consumer preferences in the snack and beverage sectors [1][2] - There is a growing awareness of dietary fiber intake among Chinese consumers, with konjac serving as an ideal source to address this gap [2][6] - The industry faces challenges related to product quality, including concerns over high salt and oil content in some konjac snacks, necessitating consumer education [2][3] Market Opportunities and Challenges - The konjac snack industry has expanded its reach, exporting to nearly 44 countries, with a focus on flavors that resonate with local tastes while promoting Chinese culinary culture [7] - Companies are encouraged to develop standardized and scalable cultivation practices to ensure a stable supply chain, addressing climate and soil variability [5][6] - The future of konjac products includes potential applications beyond food, such as in medical and cosmetic fields, indicating a broadening market scope [6][7]

Group 1: Investor Relations Activities - The company held an earnings briefing on June 12, 2025, via the "Investor Relations Interactive Platform" [3] - Attendees included company directors and financial officers, specifically Mr. Tang Hualin and Mr. Huang Zhaosheng [3] Group 2: Strategic Plans and Collaborations - The company is actively expanding its konjac ingredient business and seeking partnerships with major chain restaurants [4] - Collaborations have been established with leading tea brands such as Mixue Ice City and Hu Shang Ayi, focusing on the significant market growth of konjac balls as a tea ingredient [5] Group 3: Supply Chain and Production - The company does not involve fresh konjac procurement but relies on dried konjac slices and konjac flour, ensuring stable supply through annual framework agreements with suppliers [5] - The company has stable supplier channels across major production areas in the country [5] Group 4: Mergers and Acquisitions - Currently, there are no merger or acquisition plans, but the company will monitor opportunities in line with regulatory guidelines [5] Group 5: Product Development and Market Expansion - The company focuses on three main product categories: konjac raw materials, konjac food products, and konjac beauty products, with ongoing new product development and market expansion efforts [6] - Significant progress has been made in the research and application of konjac ingredients [6] Group 6: New Market Ventures - The company has made advancements in the milk tea and pet food sectors, with notable progress in production capacity [6] - Collaborations with well-known pet food companies have been established, and the company plans to increase R&D investment to enhance market competitiveness [6]

Core Insights - The article highlights the rising popularity of konjac products, particularly among young consumers, with significant growth in online engagement and sales expected in 2024 compared to 2023 [1][3]. Group 1: Market Performance - In 2024, the total engagement for "konjac" on platforms like Weibo, Xiaohongshu, Douyin, and Kuaishou increased by 191% compared to 2023, with Q1 2025 engagement reaching about 60% of the total for 2023 [1]. - The konjac snack "Konjac Shuang" has become a major revenue driver for companies like Weilong, contributing to a 59.1% year-on-year revenue growth, reaching 3.37 billion yuan in 2024, accounting for 53.79% of total revenue [4]. - Salted Snack Company reported a revenue of 838 million yuan from konjac products in 2024, a 76.09% increase, with konjac jelly pudding contributing 301 million yuan, up 39.1% [5]. Group 2: Product Innovation - Brands like Akwan Foods and Wild Man Diary are innovating by transforming konjac into noodles, dumplings, and rice noodles, thus redefining consumer perceptions of traditional staples [6][8]. - Akwan Foods launched convenient konjac cold noodles and established a sub-brand "Mo Xiaobao" in 2024, while Wild Man Diary's konjac products accounted for about 85% of its 300 million yuan sales in 2024 [8]. Group 3: Consumer Demand - The low-calorie, low-fat, and high-fiber characteristics of konjac align with young consumers' dietary preferences for weight loss, reducing market education costs [7]. - The popularity of "Konjac Shuang" is attributed to its taste and convenience, with consumers appreciating its low-calorie profile compared to traditional snacks [24][28]. Group 4: Competitive Landscape - The konjac market is becoming increasingly competitive, with brands like Weilong and Salted Snack Company leading the way, holding market shares of 42% and 13% respectively in 2024 [19]. - The introduction of new flavors and product variations by brands is enhancing consumer choice and driving growth in the konjac snack segment [27]. Group 5: Pricing Trends - The price of konjac has doubled in 2024, reaching over 7 yuan per kilogram, driven by reduced supply from major production areas and increased demand from snack and meal replacement sectors [35].

Group 1: Agricultural Consumption Market - From May 2025, 56 institutions have conducted research on Yizhi Konjac, with 33 being overseas institutions. The company anticipates growth in konjac powder driven by three main scenarios: increased demand for konjac-based snacks, expansion in the konjac tea ingredient market, and deeper applications in food processing [1] - Yizhi Konjac's production capacity includes 10,000 tons for konjac snacks, 15,000 tons for konjac ingredients, and 3.5 tons for konjac balls. The company is also expanding its production capacity to meet market demand [1] Group 2: Seed Industry Insights - The corn seed industry in China is currently facing an oversupply, presenting both challenges and opportunities for seed companies. The government emphasizes food security, which supports the healthy development of the seed industry. Companies with superior varieties and marketing capabilities are expected to gain market share and improve profitability [2] - Qiule Seed Company reported a decline in performance in Q1 2025 due to intense competition in the corn seed market. The company plans to optimize its product structure and expand market promotion areas to increase market share [2] Group 3: Pharmaceutical Product Promotion - Sanyuan Gene indicated that 2024 is a critical year for centralized procurement, with a significant acceleration in hospital access expected in the second half of the year. The company aims to add over 1,100 new medical terminals and reach a total of over 6,000 hospitals [3] - Nothland announced that its NL003 ulcer drug submitted for registration in July 2024 received a supplementary data request from the regulatory authority, and the company is working on commercializing the product by establishing a sales division and conducting market research [3] Group 4: New Product Launch - Jinbo Bio is actively promoting its injectable recombinant type III humanized collagen gel product and has launched the HiveCOL "honeycomb" collagen tissue network gel technology at the 78th Cannes Film Festival [4]

Core Viewpoint - The article highlights the significant growth of the konjac industry in China, particularly focusing on the company "Yizhi Konjac," which has seen substantial revenue and profit increases due to rising consumer demand for konjac products [2][5][11]. Group 1: Company Performance - Yizhi Konjac reported a total revenue of 615.20 million yuan in 2024, a year-on-year increase of 28.76%, and a net profit of 86.72 million yuan, up 64.41% from the previous year [9][58]. - In Q1 2025, the company achieved a total revenue of 152 million yuan, reflecting a 35.03% year-on-year growth, with a net profit of 22.70 million yuan, up 36.95% [8][11]. - The main revenue sources for Yizhi Konjac in 2024 were konjac powder (70.34% of total revenue) and konjac food products (27.83%) [23][43]. Group 2: Market Trends - The konjac market has seen a shift from primarily export to domestic consumption, with the domestic market absorbing most of the konjac production [29][30]. - The konjac snack segment, particularly products like "konjac jelly," has become the largest part of the konjac consumption market, with a projected market size of 269 billion yuan in 2024 [39][38]. - Major snack brands like Weiduo and Salted Fish have significantly increased their konjac product offerings, contributing to the overall market growth [35][36]. Group 3: Industry Dynamics - The konjac industry is characterized by a strong connection between producers and downstream markets, with Yizhi Konjac acting as a bridge between farmers and consumers [27]. - The company has established partnerships with local cooperatives to ensure a steady supply of fresh konjac, addressing the concerns of farmers regarding market demand [27][59]. - The price of konjac has fluctuated significantly over the past decade, with recent increases attributed to supply-demand imbalances and adverse weather conditions affecting production [56][55]. Group 4: Future Outlook - Yizhi Konjac plans to expand its production capacity and product lines, including a focus on supplying large chain restaurants with konjac ingredients [49][48]. - The company is also investing in technological upgrades and capacity expansion to meet the growing demand for konjac products [46][45]. - Despite the positive growth trajectory, the konjac industry faces challenges such as raw material price volatility and increasing market competition [60].

Summary of the Conference Call for Yizhi Konjac Company Overview - Yizhi Konjac primarily engages in deep processing of konjac, with three main product lines: konjac powder, konjac food, and konjac beauty products. Konjac powder constitutes 70% of the revenue in 2024, with sales exceeding 6,000 tons and a global market share of 12%, leading the market [2][3][4]. Industry Insights - The konjac food segment, including snacks and tea additives, accounts for 28% of revenue, with rapid growth driven by health trends, particularly the "konjac crystal ball" favored by brands like Mixue Ice City [2][4]. - The konjac industry in China consists of four main segments: planting, initial processing, deep processing, and application. The deep processing segment is primarily focused on food but also extends to chemical, skincare, and medical applications [12]. Financial Performance and Projections - Yizhi Konjac is expected to benefit from rising raw material prices and overseas replenishment demand, projecting a revenue growth of over 15% in 2025, with potential for over 50% growth if external orders are secured [2][5]. - Forecasted net profits for 2025, 2026, and 2027 are 98 million, 126 million, and 174 million yuan respectively, with a compound annual growth rate exceeding 30% [2][6]. - The company's current valuation corresponds to a PE ratio of approximately 48 for 2025, which is above historical averages [6][23]. Cost Structure and Profitability - The gross margin is influenced by raw material prices, inventory levels, and procurement strategies. Historically, the gross margin has improved significantly, with a notable increase of nearly 4 percentage points in 2024 [8][9]. - The company has seen a decrease in expense ratios from 22.7% in 2014 to 10.2% in 2020, but this has increased due to expansion efforts [9]. Market Dynamics - The konjac raw material prices are primarily driven by demand, with expectations for prices to remain high or increase further in 2025 due to a projected 20% growth in downstream applications [13][14]. - China is a major producer of konjac, with annual production increases of 10%-20%. However, supply constraints due to seed shortages and adverse weather conditions are anticipated [14][16]. Competitive Landscape - Major competitors in the konjac market include Yizhi Konjac, Yizhi Magic, and others, with leading companies enhancing customer loyalty through vertical and horizontal integration [17][18]. - The company has established strong procurement relationships and a proprietary technology system, allowing for high-value konjac micro-powder production with a gross margin of 20%-25% [16]. Growth Drivers - Future growth is expected to stem from advancements in blending technology in mature markets and the exploration of new applications in pet food and health products [18][22]. - The company is positioned to capitalize on the rapid growth of the konjac snack and tea additive markets, benefiting from integrated service advantages and strong raw material control [18][21]. Overall Outlook - The company is anticipated to benefit from both supply and demand dynamics in the short term, with a strong potential for long-term growth driven by industry upgrades and increased market penetration [24].

Core Viewpoint - The rising popularity of konjac products, particularly "konjac snacks," has significantly impacted the stock prices of several listed companies, driven by consumer demand for low-calorie snacks [1][2][3] Group 1: Market Dynamics - The price of konjac has surged dramatically, with raw material prices increasing more than gold, reflecting a growing demand in the market [1] - The price of white konjac rose from 6000 yuan/ton to 9500 yuan/ton, a 58% increase, indicating a supply-demand imbalance [3][7] - The planting area for konjac has shrunk by 23% over the past three years, compounded by a 15% reduction in yield due to drought, leading to a significant shortage of raw materials [7][22] Group 2: Company Performance - Companies like Weilong and Yanjinpuzi have seen substantial stock price increases due to their konjac product lines, with Weilon's stock rising 142% and Yanjinpuzi's by 39% [2] - Yizhi Konjac, a smaller player in the konjac processing sector, experienced a staggering 742% increase in stock price, highlighting the potential for smaller companies in this niche market [2][11] - The revenue from konjac products for Weilon reached 3.371 billion yuan in 2024, a 59.1% year-on-year growth, marking a significant shift in their product portfolio [9][11] Group 3: Consumer Trends - The demand for konjac snacks has been fueled by health-conscious consumers seeking low-calorie options, with the retail sales of konjac snacks in China surpassing 12 billion yuan in 2024, growing over 20% year-on-year [22][25] - Other snack brands are also capitalizing on the konjac trend, with Yanjinpuzi reporting an 76% increase in revenue from konjac products [11][12] - The introduction of konjac in various forms, such as jelly and tea drinks, has further expanded its market presence, appealing to a broader consumer base [15][18] Group 4: Quality Concerns - There are concerns regarding the quality of konjac products, with reports of inferior ingredients being used to cut costs, potentially harming consumer perception and market growth [23][24] - The high sodium content in many konjac snacks has raised health concerns, as some products exceed recommended daily sodium intake levels [18][21] - The industry faces challenges in maintaining quality standards, as the rapid growth has led to a proliferation of lower-quality products that could undermine the market's reputation [22][25]