Core Viewpoint - Chayan Yuese, a popular tea brand, is expanding internationally by adopting an online-only model, focusing on the North American market rather than traditional physical store openings [5][6][28]. Group 1: Company Strategy - Chayan Yuese has chosen to enter the North American market without physical stores, utilizing e-commerce platforms such as Shopify, Amazon, TikTok Shop, Walmart, Weee, and Yami [6][18]. - The brand is launching over 40 products, primarily snacks and cultural items, rather than its signature milk tea, which reflects a strategic shift to cater to the online market [3][7][28]. - The company has been cautious in its expansion, previously focusing on regional growth in China before venturing abroad [13][17]. Group 2: Market Positioning - Chayan Yuese's decision to sell snacks instead of tea is influenced by the complexities of exporting tea products to the U.S., including regulatory challenges and the need for FDA certification [12][28]. - The brand has established a certain level of brand recognition among the Chinese community in North America, which may facilitate its entry into the market [22][28]. - The competitive landscape for Asian snacks in North America is intense, with many established brands, which may challenge Chayan Yuese's market position [28]. Group 3: Financial Performance - The company's online sales exceeded 100 million yuan in 2024, indicating a successful transition to e-commerce and retail products [18]. - Popular items like the "bread cubes" have shown strong sales, with some products selling out quickly on their Shopify store [9][18]. Group 4: Future Considerations - The absence of tea products in the initial launch may hinder Chayan Yuese's ability to establish itself as a "new tea drink" brand in the North American market [31]. - The brand's approach may signify a shift in the new tea drink sector towards more refined operations, as companies seek unique paths for international expansion [28].

Core Viewpoint - The recent resignation of the CFO of Weilong, following the earlier departure of the CEO, indicates a significant shift in the company's leadership structure, which may reflect strategic concerns and a desire to stabilize management amidst challenges in the market [1][2][7]. Group 1: Executive Changes - CFO Peng Hongzhi has resigned due to personal career development plans, effective immediately [2]. - Yu Feng, currently an executive director, will take over as CFO starting September 1, 2023, bringing over 14 years of experience in the snack food industry [4]. - This marks the second high-level executive change at Weilong in the first half of the year, following the resignation of CEO Sun Yinong in March [4]. Group 2: Company Background and Family Ties - Weilong is a family-run business, with significant familial relationships among its executives, which may influence management dynamics [4]. - Peng Hongzhi is a cousin of Liu Zhongsi, while Yu Feng is a cousin of Liu Fuping, the new CEO, indicating a strong family presence in key positions [4][6]. Group 3: Financial Performance - Weilong's latest financial report shows a revenue increase of 28.6% year-on-year to 6.266 billion yuan, with a profit increase of 21.1% to 1.068 billion yuan [8]. - Adjusted net profit rose by 13.8% to 1.104 billion yuan, and the gross margin slightly increased from 47.7% in 2023 to 48.1% [8]. Group 4: Market Challenges - The company faces challenges such as declining sales of its core product, spicy strips, and increasing competition from imitators [7]. - Analysts suggest that the recent personnel changes may be aimed at enhancing the company's stock value [7].

Core Viewpoint - Recent management changes at Weilong Delicious, including the resignation of CFO Peng Hongzhi and the appointment of Yu Feng, reflect potential challenges the company faces in product and market areas [2][3][4] Management Changes - CFO Peng Hongzhi will resign on August 31, with Executive Director Yu Feng taking over from September 1 [3] - This marks the second management change within six months, following the appointment of a new CEO in April [3] - The current executive directors are all members of the Liu family, indicating a strong family control over the company [3] Industry Challenges - The snack food industry is becoming increasingly competitive, prompting the Liu family to regain control of key positions to ensure consistent strategic direction [4] - The traditional "spicy strips" product line is losing popularity among mainstream consumers due to health concerns, impacting sales [5][7] - Sales of spicy strips have declined from 193,600 tons in 2021 to 124,400 tons in 2023 [5] Financial Performance - In 2024, Weilong Delicious reported revenue of 6.266 billion yuan, a year-on-year increase of 28.63%, and a net profit of 1.069 billion yuan, up 21.37% [6] - Revenue from vegetable products reached 3.371 billion yuan, growing 59.1% and surpassing the revenue from spicy strips [6] Product Development - The company is shifting towards healthier product offerings, increasing the sales of vegetable products like konjac snacks [6][7] - However, the konjac products have faced quality control issues, leading to consumer complaints [7] - The market for konjac snacks is becoming crowded, with competitors like Salted Fish and Three Squirrels entering the space [7]

中金研究 1H25消费需求低位企稳，在整体消费信心偏弱背景下食饮消费不乏结构性亮点，满足年轻人悦己需求及高质价比产品表现突出。展望下半年，在国家 持续出台相关政策拉动内需、提振消费、鼓励生育的背景下，我们认为食饮板块需求有望边际企稳改善。分板块看大众食品基本面自3月起边际改善， 下半年基本面有望稳中改善，我们预计新消费标的延续相对高成长，辣味零食、健康饮品、气泡黄酒等新消费趋势景气度有望保持，带动板块估值抬 升，看好休闲零食、软饮料等子板块下半年表现。白酒受宏观经济及政策影响出现板块性估值回调，基本面处于筑底阶段，虽下半年白酒基本面或仍 有所承压，但估值已基本反映悲观预期，配置价值渐显。 点击小程序查看报告原文 Abstract 摘要 大众食品：预计新消费趋势延续，关注高景气赛道龙头。 展望2025年下半年，我们预计大众食品板块需求有望稳中向上，并预计具备新消费属性的子赛 道如休闲零食中魔芋等品类、软饮料中无糖茶、电解质水、椰子水等健康品类有望保持创新活力，通过持续抓取新消费趋势延续较高景气度。子板块方面 我们优先推荐软饮料、休闲零食，建议关注估值处于低位的乳制品、啤酒板块。长期看，行业结构性增长机会仍存，悦 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [4]. Core Viewpoints - The company is a leading player in the spicy snack sector, benefiting from the growth of the konjac product category, which has driven rapid revenue growth over the past 25 years. The company possesses strong brand power and product development capabilities, supported by a big product strategy and refined channel management for long-term growth [1][2]. Summary by Sections Future Development Highlights - The konjac snack industry is projected to reach a scale of 12 billion yuan in 2024, characterized by high customer unit prices, broad audience coverage, and health benefits, indicating significant market potential. The company, as a pioneer in the konjac category, is expected to generate over 3 billion yuan in revenue from konjac products in 2024, maintaining its industry leadership [2]. Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 7.881 billion, 9.494 billion, and 11.265 billion yuan, with year-on-year growth rates of 26%, 20%, and 19% respectively. Net profit forecasts for the same period are 1.360 billion, 1.670 billion, and 1.984 billion yuan, with growth rates of 27%, 23%, and 19%. The expected EPS for 2025-2027 is 0.56, 0.69, and 0.82 yuan, corresponding to P/E ratios of 23.68, 19.29, and 16.24 times. The company is currently in a konjac product growth phase, with a valuation of 25-30 times P/E, translating to a market value of 34-40.8 billion yuan, indicating further upside potential [4][6]. Financial Summary - The company's revenue has shown steady growth, increasing from 2.76 billion yuan in 2018 to 6.266 billion yuan in 2024, with a CAGR of 14.6%. The net profit has also risen from 476 million yuan in 2018 to 1.069 billion yuan in 2024, with a net profit margin of 17.06% in 2024, reflecting strong profitability [24][30]. Core Competitiveness - The company has established a robust brand foundation and a comprehensive product matrix, with a strong focus on the spicy snack market. The konjac product line has emerged as a significant growth driver, with revenue from this category increasing from 298 million yuan in 2018 to 3.371 billion yuan in 2024, achieving a CAGR of 49.84% [36][37]. Product Foundation - The company has a well-structured product matrix, including traditional spicy snacks, vegetable products, and bean products. The konjac product "Konjac Delight" has become a key growth driver, while traditional spicy snacks remain a core product line despite a decrease in revenue share [41][43].

魔芋类零食终端销售调研 20250618 摘要 卫龙 2025 年初销售增速约为 16%，略低于全年 20%的目标。魔芋产 品占比 40%且增长强劲，辣条占比虽小但已止跌回升，面筋产品也呈现 复苏态势。公司正积极推动魔芋爽以期实现全年目标。 2024 年辣条销量不足 1,000 万元，魔芋爽销量略高于 1,000 万元，其 他产品销量约 100 万元。辣条市场竞争激烈，低价产品层出不穷，但卫 龙通过产品调整和品牌建设稳住了市场。 卫龙主要在河南北部销售，库存周转周期约为 24-25 天。2024 年魔芋 粉增长率高达 50%，显示出魔芋产品强劲的增长势头，成为公司业绩增 长的重要驱动力。 卫龙通过调价和精简 SKU 策略，使辣条在连续下滑后于 2024 年实现个 位数增长。预计未来一两年内，辣条和面筋品类将保持稳定增长，增速 或达低双位数或高个位数。 卫龙魔芋爽的成功得益于其健康理念和先发优势，更符合年轻消费者需 求。公司通过线上线下多渠道推广，并进行口味和包装创新，提高客单 价，增强市场竞争力。 Q&A 卫龙在 2024 年的销售情况如何？2025 年的销售目标是什么？ 2024 年卫龙的进货金额约为 2, ...

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]

投资评级：看好（维持） 食品饮料 2025 年 06 月 15 日 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-06 2024-10 2025-02 食品饮料 沪深300 行业走势图 相关研究报告 《新消费驱动板块上行，关注业绩可 持续兑现品种—行业周报》-2025.6.8 《白酒弱复苏中筑底，黄酒契合新消 费趋势—行业周报》-2025.6.2 《茅台引领行业新周期，4 月社零数据 略有回落—行业周报》-2025.5.25 威士忌新品上市，看好魔芋品类发展 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：关注板块中新品类扩张的投资逻辑 行 业 6 月 9 日-6 月 13 日，食品饮料指数跌幅为 4.4%，一级子行业排名第 28，跑输沪 深 300 约 4.1pct，子行业中保健品（+2.4%）、其他食品（+0.0%）、烘焙食品（-0.7%） 表现相对领先。百润股份旗下威士忌崃州新品如期上市，产 ...

在卫龙总部的一个会议室里，近百位身经百战的企业掌舵人，因为"增长"的话题坐在了一起。 过去两年，食品饮料行业的"内卷"已是共识：瓶装水混战，无糖茶上演"千茶大战"，零食卷入价格血战，预制菜走向两极分化……零增长甚至负增长，正 在多个赛道真实发生。 但就在这样一个背景下，卫龙却逆势而上，依靠辣条和魔芋爽两大主力品类，交出了一份亮眼的增长答卷。 想必这也是吸引100多位标杆性品牌创始人和高管来参加这场由里斯品类创新企业家俱乐部所主办此次闭门活动的主要原因之一。 走进中国零食品类创新的第一案例，大家都想解密一下这家靠"辣条"起家的公司，如何通过两次品类创新，向百亿规模迈进？在这里，我们能学到什么， 又能带走什么？ 1 当行业卷到极致，卫龙选择"放大差异" 随着里斯战略咨询全球CEO张云和卫龙美味董事长刘卫平的对话开始，在座的每一个人不禁思考：今天的增长怎么做？渠道、内容都卷到极致了，我们是 不是忽略了更底层的东西？ "渠道已经被开发到极致了，内容也开始高度重复。"一位企业创始人感叹道，"还能从哪里找增长？" 起家于辣条、成名于国民口味，但卫龙并未止步于此，而是在"辣条品类第一"的基础上，精准卡位魔芋这一健康趋势品类 ...

摘要 白酒板块展现较强韧性，其他酒类如啤酒、黄酒、预调酒毛利率较高。 白酒受禁酒令及线上活动影响批价震荡，但龙头企业通过渠道话语权和 政策调控稳定供需，保持价格稳定。关注白酒边际基本面变化。 乳制品行业受疫情影响，走亲访友需求减少，消费场景缺失。上游奶牛 存栏量扩张导致供给过剩，小品牌低价抢占市场，龙头乳企因社会责任 无法压低收奶价格，价格战加剧，牛奶价格下行，品牌溢价减少。关注 奶价格回升预期下伊利等利润率提升。 零食行业中，线下零食连锁和线上抖音渠道崛起带来新机会，但消费者 对价格敏感，品牌忠诚度不高。工业效率高、成本低的企业通过性价比 路线抢占市场份额，如盐津铺子和三只松鼠。头部公司在单一品类中仍 享有较高溢价，如卫龙、盐津铺子、有友食品。 卤味行业受包装类休闲零食冲击，龙头企业积极转型，如周黑鸭涉足副 业务，绝味食品探索新店型。保健品行业客户相对愿意支付溢价，但竞 争激烈，需新剂型和突出营销能力。汤臣倍健等传统品牌溢价空间较弱。 Q&A 在食品饮料行业中，悦己消费和悦人消费分别有哪些细分赛道？ 食品饮料行业可以分为酒类和非酒类两大块。酒类方面，白酒板块市值占比较 大，主要以悦己消费为主。此外，啤酒、预 ...