内容概要：魔芋粉是以魔芋块茎为原料提取的天然功能性添加剂，核心成分葡甘露聚糖（KGM）具有 高黏度、强吸水性等特性，按工艺分为普通与纯化两大类六小类，纯化产品因品质高成为高端领域主流 原料。政策层面，魔芋被列入国家健康产业重点发展作物，全产业链标准化建设加速，云南新平等地通 过"种植-加工-销售"一体化模式推动乡村振兴，为行业提供原料保障。近年来受种植成本高、技术门槛 及市场波动影响，2024年种植面积降至178万亩，但价格走高预计2025年种植面积回升10%。下游应用 覆盖食品、医药、日化等领域，2024年终端市场规模达269亿元，其中休闲零食占比近七成，卫龙魔芋 爽年销超30亿元。供需端，2024年销量达5.48万吨，需求增速超产量，推动市场规模从2020年20亿元跃 升至2024年55亿元（CAGR超20%），预计2025年突破65-75亿元，对比日本市场存在5-10倍增长空间。 未来，技术驱动的高端化、场景多元化及全球化布局将成为核心趋势，精深加工与差异化创新将重塑产 业格局。 相关企业：湖北一致魔芋生物科技股份有限公司、四川新星成明生物科技有限公司、湖北强森魔芋科技 有限公司、岚皋县明富魔芋生物科技 ...

有着"人类猫条"之称的魔芋爽、素毛肚正在成为休闲食品领域的现象级品类，也成为盐津铺子 （002847）、卫龙美味业绩增长的重要推手。 值得注意的是，魔芋下游需求的爆发性增长，正持续向上游原料供应端传导压力。北京商报记者从魔芋 制品代工厂相关人员处了解到，近年来魔芋精粉价格持续上涨，导致工厂利润越来越薄。同样，盐津铺 子和卫龙美味在半年报中均有提及原材料成本上涨带来的影响，两家企业的毛利率也出现不同程度的下 滑。业内人士认为，对于盐津铺子和卫龙美味等休闲零食品牌而言，当务之急是如何从产业链上游来稳 定供应，降低成本。 魔芋制品推动业绩 卫龙美味靠调味面制品，即俗称的辣条起家，而盐津铺子最初主要销售特色凉果蜜饯产品，如今，这两 家企业都开始靠魔芋制品"赚钱养家"。 2023年10月，卫龙美味继魔芋爽后再次推出新品——"小魔女"魔芋素毛肚；同月，盐津铺子推出了魔芋 素毛肚品牌"大魔王"。此外，据北京商报记者粗略统计，三只松鼠（300783）、佳龙、劲仔、口水娃、 百草味、周黑鸭、来伊份（603777）等30多个品牌都已在持续推出同类产品，抢占该细分赛道。 随着诸多企业加码布局，市场竞争愈发激烈，魔芋产品也呈现多元化 ...

有着"人类猫条"之称的魔芋爽、素毛肚正在成为休闲食品领域的现象级品类，也成为盐津铺子、卫龙美味业绩增长的重要推手。正如盐津铺 子在业绩发布会上所表示的，魔芋品类因其"超级大单品"特性，符合消费者当下及未来对健康零食的需求，目前正处于高速扩张期，预计 2025年至2027年期间，魔芋零食市场仍将继续保持较高增速的发展。市场高速增长下，三只松鼠、劲仔食品、洽洽食品等30多个品牌均已推 出同类产品，抢占魔芋制品这一细分赛道。 值得注意的是，魔芋下游需求的爆发性增长，正持续向上游原料供应端传导压力。北京商报记者从魔芋制品代工厂相关人员处了解到，近年 来魔芋精粉价格持续上涨，导致工厂利润越来越薄。同样，盐津铺子和卫龙美味在半年报中均有提及原材料成本上涨带来的影响，两家企业 的毛利率也出现不同程度的下滑。业内人士认为，对于盐津铺子和卫龙美味等休闲零食品牌而言，当务之急是如何从产业链上游来稳定供 应，降低成本。 魔芋制品推动业绩 卫龙美味靠调味面制品，即俗称的辣条起家，而盐津铺子最初主要销售特色凉果蜜饯产品，如今，这两家企业都开始靠魔芋制品"赚钱养 家"。 魔芋本是西南地区的家常食材，近年来以其为原料制成的魔芋爽，正在成为 ...

文 | 财天COVER 张向阳 编辑 | 吴跃 01 营收占比再次提升 4月，卫龙正式官宣青年演员王安宇成为魔芋爽的品牌代言人。8月，卫龙又宣布管乐成为风吃海带的品 牌大使。此前，这两款产品都没有代言人。在短短4个月内接连签约两位人气高涨的年轻艺人，足见卫 龙对魔芋爽与风吃海带的重视程度。 签约代言人，自然是希望扩大品牌的影响力，拓展更多的消费者。魔芋爽与风吃海带，同属于卫龙旗下 蔬菜制品业务板块，这是卫龙美味业绩的核心驱动力。 不久前，卫龙美味发布的中期业绩显示，2025年上半年实现总收入约34.83亿元，同比增长18.5%；实现 归母净利润7.33亿元，同比增长约18%。 虽然业绩增速远不及2024年同期，但卫龙能取得双位数的增长也实属难得。 卫龙美味向《财经天下》表示，其上半年业绩的增长，主要有两大核心驱动力：一是蔬菜制品的持续爆 发式增长；二是全渠道战略的深化执行，特别是在新兴渠道的快速渗透。 在产品阵容方面，卫龙美味主要包含三个板块：一是调味面制品，也就是常说的辣条，主要产品有大面 筋、小面筋、麻辣棒、小辣棒、亲嘴烧、麻辣麻辣；二是蔬菜制品，主要有魔芋爽、风吃海带及小魔 女；三是豆制品及其他产品，主 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit showing significant year-on-year growth, driven by the popularity of konjac products and a robust offline channel strategy [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.483 billion yuan, an increase of 18.5% year-on-year, and a net profit of 733 million yuan, up 18% year-on-year [1]. - The proposed interim dividend is 0.18 yuan per share, totaling 438 million yuan, which represents approximately 60% of net profit [1]. Product Segment Performance - Revenue from konjac products continued to thrive, while the seasoning noodle products experienced a slight decline. Revenue for seasoning noodles, vegetable products, and bean products was 1.31 billion, 2.109 billion, and 64 million yuan, respectively, with year-on-year changes of -3.24%, +44.31%, and -48.06% [1]. - The decline in seasoning noodle revenue was attributed to the company's strategic resource reallocation and product matrix optimization, expanding flavors from sweet and spicy to include mala, crayfish, and barbecue [1]. Channel Performance - Revenue from domestic and overseas markets reached 3.429 billion and 53 million yuan, respectively, with year-on-year growth of 18.09% and 54.43% [2]. - Online and offline revenues were 336 million and 3.147 billion yuan, with year-on-year changes of -3.81% and +21.53%, representing 9.6% and 90.4% of total revenue [2]. - The decline in online revenue was primarily due to a 21.1% drop in online distribution revenue to 108 million yuan, while direct online sales grew by 7.3% to 228 million yuan [2]. Cost and Efficiency - The company's gross margin for H1 2025 was 47.2%, a decrease of 2.6 percentage points year-on-year, influenced by rising raw material costs and a "more quantity without increasing price" strategy [2]. - Management and sales expense ratios were 5.8% and 15.1%, down 2.4 percentage points and 1.1 percentage points year-on-year, respectively, indicating improved efficiency [3]. - The utilization rates for spicy strips and konjac production lines were 80.8% and 77.5%, with year-on-year changes of +24.3 percentage points and -7.4 percentage points, respectively [3]. Future Outlook - The company is expected to continue benefiting from internal cost reduction and efficiency improvement initiatives, which are anticipated to release long-term value despite short-term cost fluctuations [3]. - Revenue projections for 2025 to 2027 are set at 7.473 billion, 8.751 billion, and 10.110 billion yuan, with net profits of 1.430 billion, 1.737 billion, and 2.035 billion yuan, respectively [3].

Group 1: Monetary Policy and Market Trends - The second quarter monetary policy report emphasizes a focus on domestic demand, with a shift towards supporting technology innovation and consumption [3] - The bond market is expected to remain volatile in the short term due to cautious monetary policy and a relatively active fiscal policy [3][4] Group 2: Company Performance and Industry Insights - Today International's H1 2025 revenue decreased by 14.36% to 1.412 billion yuan, with a net profit decline of 22.53% [6][7] - The company signed new orders worth 2.14 billion yuan, a year-on-year increase of 101.2%, driven by the renewable energy sector [7] - Wei Long's H1 2025 revenue increased by 18.5% to 3.483 billion yuan, with a net profit growth of 18% [10][11] - The company’s gross margin decreased to 47.2% due to rising raw material costs, but internal cost reduction measures helped maintain profitability [13] - Shenhuo Co. reported a 12.1% increase in revenue to 20.43 billion yuan in H1 2025, despite a 16.6% decline in net profit [15][16] - The company’s aluminum production increased by 16.2% to 871,000 tons, benefiting from lower alumina prices [16] - Yanghe Co. experienced a significant revenue drop of 35.32% to 14.796 billion yuan in H1 2025, attributed to industry-wide challenges [19][20] - The company’s sales expenses increased, impacting profitability, with a net profit margin of 18.84% [21] - Dongfang Cable's H1 2025 revenue grew by 9.0% to 4.432 billion yuan, but net profit fell by 26.6% [23][24] - The company has a record high backlog of orders, indicating strong future revenue potential [25] - Weilon Co. announced a stock incentive plan to boost long-term growth, with a target revenue increase of 11%-14% from 2025 to 2027 [28][29] - Haichuang Pharmaceutical's first product, Deuteroenzalutamide, has been commercialized, contributing 13.07 million yuan in revenue in Q2 2025 [32][33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Insights - The company continues to experience high demand for konjac products, while the revenue from flavored noodle products has slightly declined. In H1 2025, the company achieved a revenue of 3.483 billion yuan, representing a year-on-year increase of 18.5%, and a net profit attributable to shareholders of 733 million yuan, also up by 18% [7][8][11] Summary by Sections Recent Performance - In H1 2025, the revenue breakdown was as follows: flavored noodle products at 1.31 billion yuan (down 3.24%), vegetable products at 2.109 billion yuan (up 44.31%), and other products at 64 million yuan (down 48.06%) [8] - The company’s revenue from China and overseas markets was 3.429 billion yuan (up 18.09%) and 53 million yuan (up 54.43%), respectively [8] Financial Metrics - The company proposed an interim dividend of 0.18 yuan per share, totaling 438 million yuan, which accounts for approximately 60% of the net profit [7] - The gross profit margin for H1 2025 was 47.2%, a decrease of 2.6 percentage points year-on-year, primarily due to rising raw material costs [9] Cost Management and Efficiency - The company has effectively reduced management and sales expense ratios, with management expenses at 5.8% and sales expenses at 15.1%, down 2.4 and 1.1 percentage points year-on-year, respectively [9] - The utilization rates for production lines were 80.8% for spicy strips and 77.5% for konjac products, with overall capacity utilization increasing from 66.5% in H1 2024 to 79.0% in H1 2025 [9] Future Projections - The company’s revenue forecasts for 2025 to 2027 are 7.473 billion yuan, 8.751 billion yuan, and 10.110 billion yuan, respectively, with net profits projected at 1.430 billion yuan, 1.737 billion yuan, and 2.035 billion yuan [10][11] - The expected EPS for the same period is 0.59 yuan, 0.71 yuan, and 0.84 yuan, with corresponding P/E ratios of 20, 17, and 14 times [10][11]

Core Viewpoint - In a challenging global consumption environment, Weilong Delicious (09985.HK) reported impressive mid-year results, with total revenue reaching 3.483 billion yuan, an increase of 18.5% year-on-year, and net profit also growing by 18.5% to 736 million yuan [1] Group 1: Financial Performance - For the first half of 2025, the company's total revenue was 3.483 billion yuan, reflecting an 18.5% year-on-year increase [1] - Net profit for the same period reached 736 million yuan, also up 18.5% year-on-year [1] - The company declared an interim dividend of 0.18 yuan per share, with a payout ratio of nearly 60% [2] Group 2: Growth Drivers - Revenue from vegetable products grew by 44.3% year-on-year to 2.109 billion yuan, accounting for 60.5% of total revenue, becoming the core driver of the company's growth [3] - In contrast, revenue from seasoning noodle products decreased by 3.2% to 1.31 billion yuan, representing 37.6% of total revenue [3] - The company is strategically investing in market segments with greater potential, focusing on vegetable products and expanding into seaweed product development [3] Group 3: Channel Strategy - The revenue growth is attributed to enhanced multi-channel and brand building, optimizing channel structure [4] - Online revenue reached 336 million yuan, accounting for 9.6% of total revenue, driven by investments in e-commerce platforms [4] - Offline revenue was approximately 3.147 billion yuan, making up 90.4% of total revenue, with partnerships established with 1,777 offline distributors [4] Group 4: Production Capacity - To meet the growing market demand, the company has increased its production capacity, unveiling its seventh-generation konjac production equipment [5] - The new equipment has doubled production capacity while reducing the footprint and improving quality [5] - The overall expense ratio showed a downward trend, indicating effective cost control and resource allocation [5][6]

Core Viewpoint - The company, Weilong Delicious, has demonstrated strong performance in the first half of 2025, achieving significant revenue and profit growth, driven by product innovation and optimized channel structures [1][12]. Group 1: Financial Performance - In the first half of 2025, Weilong Delicious reported revenue of 3.483 billion yuan, a year-on-year increase of 18.5%, and a net profit of 736 million yuan, also up 18.5% [1]. - The company has achieved double-digit growth in revenue for one and a half years and in net profit for two and a half years [3]. - The revenue for 2023 and 2024 was 4.87 billion yuan and 6.266 billion yuan, reflecting year-on-year growth of 5.2% and 28.6%, respectively [2]. Group 2: Product Innovation - The company has focused on product innovation, launching differentiated products such as the spicy beef-flavored "Qin Zui Shao" and the sesame-flavored "Mo Yu Shuang" [6][9]. - The revenue from vegetable products has surpassed 60% for the first time, with the "Mo Yu Shuang" series being a significant contributor [8]. - The market for konjac products is expected to exceed 20 billion yuan by 2024, with a compound annual growth rate of 28% [8]. Group 3: Market Trends - The snack food market in China is evolving, with the spicy snack segment expected to grow from 51.7 billion yuan in 2022 to over 90 billion yuan by 2026, with a compound annual growth rate exceeding 15% [5]. - The company is positioning its seaweed products as a potential third growth driver, responding to the increasing demand for healthy snacks [10][11]. Group 4: Channel Optimization - The company has optimized its channel structure, achieving over 3.4 billion yuan in revenue from both online and offline channels, with offline revenue growing by 21.5% year-on-year [12]. - The company has implemented a multi-channel strategy, enhancing its presence in both online and offline markets to improve operational efficiency and market share [12][13].

Financial Performance - Wei Long's revenue for 1H25 increased by 19% year-on-year to RMB 3.5 billion, exceeding market expectations[1] - Net profit for 1H25 rose by 18% year-on-year to RMB 733 million, outperforming market forecasts by 7%[1] - Gross margin decreased by 2.6 percentage points to 47.2% due to rising raw material costs[1] Product Segmentation - Revenue from vegetable products reached RMB 2.11 billion, a 44% year-on-year increase, making it the core growth driver[2] - Seasoned flour products generated RMB 1.31 billion, showing a slight decline of 3% year-on-year[2] - Revenue from bean-based products fell by 48% year-on-year to RMB 64 million, attributed to SKU optimization[2] Cost Management - Selling and administrative expenses as a percentage of revenue decreased by 1 percentage point and 2.5 percentage points, respectively[1] - Net profit margin remained stable at 21% due to strict cost control measures[1] Market Strategy - Offline revenue grew by 22% to RMB 3.15 billion, while online revenue declined by 4% to RMB 335 million[2] - Wei Long has established a network of 1,777 offline distributors and is expanding into new online channels like Douyin and WeChat[2]