| | | | For the six months ended June 30, | | | | --- | --- | --- | --- | --- | --- | | | | | 截至6月30日止六個月 | | | | | | 2025 | | 2024 | | | | | 2025年 | | 2024年 | | | | | | % of total | | % of total | | | | RMB'000 | revenue | RMB'000 | revenue | | Product category | 產品類別 | 人民幣千元 | 佔總收入% | 人民幣千元 | 佔總收入% | | Seasoned flour products | 調味麵製品 | 1,309,964 | 37.6% | 1,353,826 | 46.1% | | Vegetable products | 蔬菜製品 | 2,108,786 | 60.5% | 1,461,256 | 49.7% | | Bean-based and other products | 豆製品及其他產品 | 64,185 | 1.9% | 1 ...

36氪观察到，部分获得阶段性胜利的科技公司背后，开始出现战略咨询公司的身影：而战略咨询领域， 绕不开的就是定位理论体系以及创立者之一里斯咨询。 当AI重塑时代， 企业为何陷入战略迷航。 过去几年，技术进步的速度明显快于商业消化的速度。 以AI为代表的超级技术，几乎在所有行业同步推进：算力升级、模型迭代、应用场景快速扩张，新产 品、新概念层出不穷。但另一面同样清晰，大量技术发明，并未顺利转化为可持续的商业价值。不少企 业押中了技术趋势，却迟迟没有等来对应的增长曲线；产品不断更新，战略却愈发摇摆。 这并非个别公司的问题，而是一种高度普遍的行业状态。当技术变化过快，企业反而更难判断该把资源 押向哪里，又该在什么时候做取舍。每一个方向看起来都"有道理"，每一次投入似乎都符合趋势，但资 源和时间终究有限，一旦判断失误，代价往往不是慢一点，而是被拖入长期、高成本的试错消耗。 在这一轮技术浪潮中，问题并不在于行业是否缺乏创新，恰恰相反，是创新过于密集。模型、工具、产 品形态、商业模式不断刷新，很多科技企业天然站在技术视角思考问题，把"能不能做出来"视为阶段性 胜利，把"技术领先"当作护城河，却对一个更现实的问题缺少同等强度 ...

Core Insights - The rapid pace of technological advancement, particularly in AI, has outstripped the ability of businesses to effectively integrate these innovations into sustainable commercial value, leading to strategic confusion among companies [3][5] - Many companies are struggling to determine where to allocate resources amidst a plethora of technological options, resulting in costly trial-and-error processes [3][5] - The importance of external perspectives is highlighted, as companies begin to engage strategic consulting firms to help clarify their positioning and strategic direction [5][15] Group 1 - The issue is not a lack of innovation but rather an overwhelming density of innovation, leading to difficulties in identifying specific commercial applications for new technologies [3][20] - Companies often become trapped in their internal narratives, leading to decision-making failures even during periods of apparent success [9][13] - The case of Great Wall Motors illustrates the tension between successful niche positioning and the risks of over-expansion and strategic dilution [10][11] Group 2 - The concept of "category innovation" is emphasized as a response to saturated markets, where companies must redefine their market positions to achieve growth [29][30] - The strategic opportunities for Chinese companies include leveraging AI technologies, adapting to evolving consumer perceptions, and establishing global brands [29][30] - The competitive landscape is shifting, requiring companies to establish clear mental positions in the minds of consumers to navigate the complexities of the market [25][33] Group 3 - The need for clarity in strategic direction is underscored, as companies face the challenge of distinguishing between various growth opportunities and determining which are worth long-term investment [27][29] - The role of strategic consulting is framed as essential for helping companies navigate the complexities of modern competition and avoid confirmation bias [15][16] - The ongoing evolution of the positioning theory reflects the necessity for companies to continuously recalibrate their strategies in response to changing market dynamics [32][33]

机构：爱建证券 品、豆制品及其他三大品类。2024 年蔬菜制品营收占比53.8%、同比增长59.1%，首次超越调味面制品 成为第一大品类。2018-2024 年蔬菜制品营收CAGR 达50%，魔芋品类已成为核心增长引擎。2）行业： 据弗若斯特沙利文，辣条行业2024 年市场规模约615亿元，公司市占率约30%、连续三年全国销量第 一，断层领先第二名。魔芋休闲食品仍处快速渗透阶段，公司凭借先发优势在该品类市占率同样位居第 一且显著领先，收入规模数倍于第二名，双品类龙头地位稳固。 关键假设点：蔬菜制品方面，魔芋品类仍处于快速渗透阶段，经典口味保持稳定增长，麻酱、牛肝菌等 新口味持续放量，叠加量贩及会员店等新渠道拓展，预计2025/2026/2027 年蔬菜制品收入分别为 50.6/65.7/78.9 亿元，同比增长50.0%/30.0%/20.0%，毛利率分别为46.4%/47.5%/48.5%。调味面制品方 面，公司主动下架低毛利SKU、聚焦四大核心系列，短期收入承压但产品结构优化，预计 2025/2026/2027 年调味面制品收入分别为25.9/26.1/27.2 亿元，同比变动-3.0%/+1.0%/+4 ...

- 辣味零食龙头地位稳固，魔芋高增打开空间 ——卫龙美味（9985.HK）首次覆盖报告 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 24 日 资料来源：聚源数据 相关研究 - 范林泉 S0820525020001 021-32229888-25516 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com 报告原因： | | | | 市场数据： | 2025 | 年 | 12 | 月 23 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.75 | | | 一年内最高/最低（港元） | | | | 17.82/6.90 | | | 总股本（亿股） | | | | 243,115 | | | 总市值（亿港元） | | | | | 279 | | | | | | | 日 | 一年内股价与恒生指数对比走势： 投资要点： | 报告期（人民币） | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | -- ...

证券研究报告 | 2025年12月20日 2025年12月21日 食品饮料周报（25 年第 47 周） 优于大市 把握成本红利与效率提升主线，关注创新与困境反转机会 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 1.97%，其中 A 股食品饮 料（申万食品饮料指数）上涨 2.01%，跑赢沪深 300 约 2.29pct；H 股食品饮 料（恒生港股通食品饮料）上涨 1.36%，跑赢恒生消费指数 1.07pct。本周 食品饮料板块涨幅前五分别为欢乐家(44.42%)、庄园牧场(35.96%)、皇氏集 团(21.16%)、均瑶健康(17.02%)和阳光乳业(14.72%)。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：需求仍然偏 弱，优质酒企聚焦供给端优化。当前板块进入左侧布局阶段，具备价位、区 域话语权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒、贵 州茅台、迎驾贡酒，也建议关注五粮液/洋河股份/舍得酒业的改革节奏。啤 酒：行业库存良性，静待需求回暖。全年啤酒龙头利润增长具备较强支撑， 建议积极布局啤酒板块，继续优先推荐大单品快速增长、内部改革持续深化、 业绩成长性强的燕京啤酒。（2） ...

报告指出，我国魔芋食品消费已从 "单一场景、小众人群" 转向 "多元场景、广泛人群"，呈现 "健康 化、年轻化、便捷化" 特征。辣味口味、魔芋毛肚品类及卫龙品牌成为媒体与消费者最关注的三大热 点，卫龙的媒体关注度月频次达51次，是行业平均水平的4倍。国信证券此前指出，公司利用品类品牌 模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定。 智通财经获悉，卫龙美味(09985)午后涨超6%，截至发稿，涨5.87%，报11.19港元，成交额3816.02万港 元。 消息面上，12月10日，"健康零食新主张・超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚 了营养专家、行业协会代表、产业链企业代表卫龙及媒体代表等多方力量，共同解码魔芋产业的转型路 径与未来机遇。会上，由西南大学魔芋研究中心、中国社会科学院食品药品产业发展与监管研究中心、 新华网和中国园艺学会魔芋分会编制的《我国魔芋食品产业的发展与研究》报告正式发布，标志着我国 魔芋产业进入标准化、价值化发展的新阶段。 本文源自：智通财经网 ...

卫龙美味(09985)午后涨超6%，截至发稿，涨5.87%，报11.19港元，成交额3816.02万港元。 消息面上，12月10日，"健康零食新主张超级食材魔芋爽"发布会在云南西双版纳召开。本次活动汇聚了 营养专家、行业协会代表、产业链企业代表卫龙及媒体代表等多方力量，共同解码魔芋产业的转型路径 与未来机遇。会上，由西南大学魔芋研究中心、中国社会科学院食品药品产业发展与监管研究中心、新 华网（603888）和中国园艺学会魔芋分会编制的《我国魔芋食品产业的发展与研究》报告正式发布，标 志着我国魔芋产业进入标准化、价值化发展的新阶段。 报告指出，我国魔芋食品消费已从"单一场景、小众人群"转向"多元场景、广泛人群"，呈现"健康化、 年轻化、便捷化"特征。辣味口味、魔芋毛肚品类及卫龙品牌成为媒体与消费者最关注的三大热点，卫 龙的媒体关注度月频次达51次，是行业平均水平的4倍。国信证券此前指出，公司利用品类品牌模式构 筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定。 ...

Core Insights - The core focus of the article is on the rapid growth and market dominance of the company Wei Long in the konjac food industry, particularly through its flagship product, "Konjac Shuang" [1][2][20]. Company Overview - Wei Long was established in 1999 and went public in 2022, becoming the first "spicy strip" stock in Hong Kong [2]. - The company pioneered the konjac snack category in China with the introduction of "Konjac Shuang" in 2014, which has since become the highest-selling konjac product in the country, with a production volume exceeding 100,000 tons and sales surpassing 3 billion yuan in 2024 [2][20]. Market Position - Wei Long holds a market share of over 60% in the konjac product segment, making it the leading company in the industry [2]. - The company has successfully established itself as the only publicly listed snack food company with two core products each generating over 2.5 billion yuan in sales [2]. Consumer Insights - The most popular konjac product among consumers is "spicy konjac tripe," with Wei Long being the most recognized brand, achieving a mention frequency of 51 times per month [1]. - The brand's mental penetration rate in the "Konjac Shuang" category is reported to be 78%, indicating strong brand recognition and consumer loyalty [4][12]. Product Characteristics - "Konjac Shuang" is characterized by its low-fat, low-calorie, and high dietary fiber content, making it appealing for health-conscious consumers [9][12]. - The company uses high-quality konjac sourced from Yunnan, ensuring superior product quality through direct partnerships with local farmers [12]. Marketing Strategy - Wei Long actively engages in brand building and consumer interaction, exemplified by its participation in the first "Konjac Superfood Launch Conference" to promote the health benefits of konjac [13][14]. - The company has leveraged social media and collaborations with popular brands like Pizza Hut and KFC to enhance consumer engagement and meet diverse consumer needs [15]. Industry Growth - The konjac industry in China is projected to grow significantly, with an estimated total output value of 32 billion yuan in 2024 and a potential increase to 45 billion yuan by 2030, reflecting a compound annual growth rate of 11.8% [17]. - Wei Long's revenue from konjac products has increased from 298 million yuan in 2018 to 3.37 billion yuan in 2024, marking an elevenfold growth over six years [16][20]. Future Outlook - The company is positioned to benefit from the expanding konjac market, with expectations of continued revenue growth and market expansion [20]. - Wei Long's market capitalization has reached approximately 26 billion HKD, reflecting a 53% increase year-on-year, indicating strong investor confidence in the company's growth potential [20].

Core Viewpoint - The leisure snack industry is facing significant challenges, including declining gross margins and increasing pressure on net profit due to rising raw material costs and market competition [1][5]. Group 1: Financial Performance - Salted Fish's half-year report shows revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit of 373 million yuan, up 16.7%, but growth momentum is weakening compared to previous years [3]. - The gross margin for Salted Fish has decreased from 32.53% to 29.66%, marking a continuous decline over five years with a cumulative drop of over 12 percentage points [3]. - Other brands like Yummy and Three Squirrels also reported declines in gross margins, with Yummy's margin down 9.16% to 31.58% and Three Squirrels down 0.70 percentage points to 25.27% [4]. Group 2: Industry Challenges - The overall consumption capacity and willingness are declining, making the leisure snack industry, a non-essential category, face more severe challenges [5]. - The industry is expected to grow, with the market size projected to exceed 1.6 trillion yuan by 2025, maintaining an annual growth rate of about 6%-8% [5]. - Brands are advised to focus on upgrading supply chains and product innovation rather than relying on marketing for short-term performance [5]. Group 3: Raw Material Costs - Rising raw material costs are a direct pressure source, with some brands reporting cost increases of over 30% for key ingredients [6]. - For example, a brand's operating costs rose by 24.67% to 2.068 billion yuan due to increased prices of core raw materials [6]. - Many brands are struggling with the inability to control raw material procurement effectively, leading to increased costs and reduced profit margins [7]. Group 4: Channel Transformation - New emerging channels like snack wholesale stores and Douyin interest e-commerce are rapidly changing the growth path of traditional snack brands [8]. - Traditional channels are expected to shrink to 50% of market share by 2025, down from 80% in 2015, leading to significant revenue declines for brands reliant on these channels [8]. - Brands that adapt to new channels have seen success, with some reporting significant revenue growth through strategic partnerships [8]. Group 5: Scale vs. Profitability - Brands are expanding market scale through various strategies, but this often leads to increased costs without corresponding profit growth [10]. - Sales expenses are rising faster than revenue, with brands spending heavily on marketing to maintain competitive positions in new channels [11]. - The contradiction between scale and profitability is becoming more pronounced, necessitating a reevaluation of growth strategies and cost structures [11]. Group 6: Product Differentiation - Many brands rely on OEM models, leading to high product similarity and increased competition, which compresses profit margins [13]. - Some brands recognize the need for differentiation but face challenges in investing in R&D and production capabilities [14]. - Successful brands are investing in supply chain integration and product innovation to enhance competitiveness and profitability [15][16]. Group 7: Multi-Dimensional Strategies - Brands need to explore multiple dimensions for breakthroughs, including increasing R&D investment and innovating product offerings to meet consumer demands [17]. - There is a growing need for brands to adopt a user-centric approach, building emotional connections with consumers through storytelling and sustainable practices [18]. - The industry must achieve systematic breakthroughs in product strength, channel efficiency, and brand value to overcome current challenges [18].