Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 91.84 CNY [1][4]. Core Viewpoints - The company is transitioning from "product export" to "supply chain + brand export," with a significant investment of 220 million CNY in establishing its first overseas factory in Thailand, focusing on konjac and potato chip categories [3]. - The company aims to achieve a 10%-20% share of overseas business within 3-5 years, indicating a strategic shift towards globalization [3]. - The financial performance remains robust, with projected net profits for 2025-2027 at 783 million CNY, 999 million CNY, and 1.215 billion CNY respectively, despite adjustments due to raw material and labor cost fluctuations [4][8]. Financial Summary - The company’s revenue is expected to grow from 4.115 billion CNY in 2023 to 9.190 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 17.1% [6]. - The net profit margin is projected to stabilize around 12% over the forecast period, with net profit growth rates of 67.8%, 26.5%, and 22.3% for the years 2023, 2024, and 2025 respectively [6][10]. - The company’s earnings per share (EPS) are forecasted to increase from 1.85 CNY in 2023 to 4.45 CNY in 2027 [6][10].

Core Viewpoint - Company is transitioning from "product export" to "supply chain + brand export," aiming to establish a global growth trajectory through local manufacturing and branding strategies [1][2] Group 1: Overseas Expansion Strategy - Company announced an investment of 220 million yuan to establish its first overseas factory in Thailand, focusing on konjac and potato chip products, leveraging local low-cost raw materials and labor advantages [1] - The chairman set a target for overseas business to account for 10%-20% of total revenue within 3-5 years, indicating a significant strategic shift towards international markets [1] Group 2: Market Potential and Product Performance - The konjac market is experiencing rapid growth, with the "Big Devil" konjac product projected to achieve a 76% year-on-year revenue increase in 2024, highlighting its status as a phenomenon in the industry [1] - The Chinese konjac snack market has surpassed 30 billion yuan, with an expected five-year CAGR of 28%, indicating strong growth potential [1] Group 3: Channel and Organizational Evolution - The company is undergoing a channel transformation, with the share of supermarkets decreasing from 54% in 2017 to 3.6% in 2024, while e-commerce and new retail channels now account for over 96% [1] - The company has established a foundation for "standardized replication" across supply chain, branding, and channels, supporting its ability to replicate success in overseas markets [1] Group 4: Financial Performance and Projections - In Q1 2025, the company reported revenue of 1.537 billion yuan, a 25.7% increase, and a net profit of 178 million yuan, an 11.6% increase, with a net profit margin of 11.5% [2] - The gross profit margin was 28.5%, down 3.6 percentage points year-on-year, primarily due to changes in channel and product category structures [2] - Forecasts for net profit attributable to the parent company for 2025-2027 are 783 million yuan, 999 million yuan, and 1.215 billion yuan, reflecting adjustments due to fluctuations in raw material and labor costs [2]

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 Chinese snack industry is undergoing a critical transformation from following market trends to defining them, driven by health demands, new channels, and globalization [1][2][3] Group 1: Health and Innovation - The first step to breaking through is to challenge the stereotype of Chinese snacks being "high in oil and fat" by focusing on health and flavor innovation [1] - The explosive growth of products like "konjac" snacks demonstrates that "healthy ingredients + Chinese seasoning" can create new category value [1] - Companies like Jinzai Foods are customizing spice levels for different regions, indicating a shift from "ingredient thinking" to "solution thinking" [1] Group 2: Channel Transformation - The core of breaking through lies in capturing the migration patterns of consumer scenarios, as seen in Salted Fish's channel transformation [2] - Salted Fish's direct supermarket channel share plummeted from 53.57% to 3.55%, replaced by snack wholesale and e-commerce, showcasing a deep insight into "people, goods, and venues" [2] - The channel transformation is driving upstream upgrades in the supply chain, with companies like Spicy Prince investing 300 million yuan to build GMP-standard production facilities [2] Group 3: Globalization Strategy - The ultimate goal of breaking through is to solve the challenges of cross-cultural taste adaptation and truly open international markets [3] - Leading companies like Salted Fish and Jinzai Foods are establishing overseas production bases to control raw material costs through a model of "initial processing abroad + fine processing domestically" [3] - The challenge lies in balancing "taste localization" with "cultural authenticity," creating a "new global flavor" that combines Chinese ingredients with local tastes [3]

以下文章来源于有意思报告 ，作者JeanW 有意思报告 . 有意思报告，报告有意思！《中国新闻周刊》旗下生活方式新媒体 来源：有意思报告（ID：youyisi_cn） 作者：JeanW 编辑：余源 在无数个做题发疯、熬夜追剧的夜晚，年轻人抱着魔芋零食，一口一袋。不知不觉，20袋已下肚，减肥 的flag早已抛在脑后。 近几年，魔芋成为新晋的"零食大王"。素肚片、蒟蒻果冻、魔芋爽等制品应运而生，哪怕是在饮品界， 魔芋也凭着魔芋晶球、魔芋冻粉等小料闯了进去。 2024年，魔芋俨然成为休闲零食中最亮眼的存在，甚至反超"大哥"辣条，成为卫龙的顶梁柱。根据卫 龙美味2024年年报，其调味面制品（即辣条）的年度收入占比下滑至42.6%，首次被占比为53.8%的 蔬菜制品（即魔芋）超过。 靠魔芋狠赚一笔的不止卫龙，盐津铺子、劲仔、百草味、良品铺子、来伊份等品牌都纷纷加入魔芋赛 道，推出了自己的明星产品。 图片来源：微博@卫龙美味 年轻人为何爱魔芋？这个地域食物是怎么火起来的？ 从"胶水块"变身零食新宠 年轻人有多爱魔芋零食？单是小红书上， #魔芋爽就有近4亿热度 。 当代零食爱好者，尤其是减脂门徒们，很难不为魔芋动心。素毛肚 ...