2.2025年三季度趋势：尽管基数较高，2025年三季度业绩依然表现稳健;不过以百分比计的增速水平可 能相比上半年有所波动。麻酱魔芋爽产品在8-9月的月销售额达到人民币6000万-7000万元，调味面制品 也呈现企稳迹象，甚至在三季度个别月份实现了同比正增长。 3.渠道点评：零食折扣店：折扣店仍是增长最快的渠道，在渠道扩张的推动下，全年销售额贡献占比有 望达到25-30%，长期目标占比为30-35%。渠道盈利能力/增速排名：传统经销商是盈利能力最强的渠 道，其次是折扣店、KA渠道和电商渠道。折扣店渠道的营业利润率与公司整体水平大致相当，趋势稳 定但竞争激烈;折扣店渴望与卫龙这样具备强大知名度和高产品周转率的品牌合作。这些渠道合作伙伴 的快速门店扩张通过产品布局创新而为卫龙带来了可观的增长机会。 智通财经APP获悉，高盛发布研报称，对卫龙美味(09985)的评级为"买入"，12个月目标价为13.9港元， 基于19倍2027年预期市盈率并以8.6%的股权成本贴现回2026年计算得出。尽管零食行业竞争激烈，但 该行预计公司仍能实现增长，这得益于：1)先发优势，可凭借其全国覆盖和资源来适应日益加剧的竞争 形势;2)小 ...

Investment Rating - The report maintains a positive outlook on the consumer sector, particularly focusing on leading companies in the Hong Kong stock market [1]. Core Insights - The consumer sector's performance has shown a significant recovery, with a 55.8% increase over the past 12 months, indicating strong growth potential [3]. - The report highlights the importance of consumption support policies introduced recently, which are expected to stabilize consumption growth in the upcoming quarters [7]. - Key recommendations include focusing on undervalued leading companies and sectors with significant growth potential, such as snacks, beverages, and health products [8][9]. Industry Overview - The consumer sector comprises 1,214 listed companies, with a total market capitalization of 18,636.7 billion and a circulating market value of 17,056.8 billion [1]. - The retail sales growth rate for August was 3.4%, slightly lower than expected, but the overall trend is expected to improve due to upcoming holidays and promotional events [6][7]. - The beverage sector is highlighted for its strong performance, particularly companies like Nongfu Spring, which saw over 30% sales growth in August [8]. - The snack sector is also recommended, with companies like Wei Long benefiting from back-to-school stocking, showing a 20-25% increase in sales [8]. - The health product sector is projected to grow, with companies like H&H International Holdings expected to see an upward revision in profit forecasts [8][9]. Company Recommendations - The report recommends focusing on leading companies such as Nongfu Spring in the beverage sector and Wei Long in the snack sector, both of which are expected to perform well in the near term [8][9]. - Traditional consumer leaders like Haitian Flavoring and Li Du are also highlighted for their growth potential and strategic initiatives [9]. - In the electronics sector, companies like Yadi Holdings and Aima Technology are recommended due to their low valuation and growth prospects [12]. Market Trends - The report notes a shift in consumer preferences towards high-quality and innovative products, particularly in the health and wellness sectors [18]. - The overall market sentiment is cautiously optimistic, with expectations of gradual recovery in consumer spending supported by government policies [7][18].

Core Insights - The company reported a total revenue of 3.483 billion RMB for the first half of 2025, reflecting an 18.5% year-on-year growth, with net profit also increasing by 18.5% to approximately 736 million RMB, showcasing strong operational efficiency and growth potential [1][4][12] Revenue and Profit Growth - The company achieved a total revenue of 3.483 billion RMB, with a net profit of approximately 736 million RMB, both showing double-digit growth compared to the previous year [1] - The core categories of the company demonstrated a structural growth pattern, contributing significantly to the overall revenue increase [3][4] Product Innovation and Market Expansion - The company launched several new products in the first half of 2025, including various flavors of snacks, which contributed to an accelerated market share expansion [3][4] - The vegetable product line, particularly the konjac snacks, generated over 2.1 billion RMB in revenue, marking a 44.3% increase year-on-year, and now accounts for 60.5% of total revenue [4][12] Channel Strategy and Marketing - The company has strengthened its omnichannel strategy, achieving over 3.4 billion RMB in revenue from both online and offline channels, with offline sales growing by 21.5% year-on-year [7][9] - The company has engaged in co-branding marketing strategies, collaborating with various brands to enhance its market presence and brand image [9][10] Production Efficiency and Sustainability - The introduction of the seventh-generation konjac production line has significantly improved production efficiency, doubling capacity while reducing the footprint by half [10][12] - The company has implemented smart technologies for energy monitoring and water-saving processes, aligning with green and low-carbon production goals [12] Future Outlook - The spicy snack market is projected to reach 132.38 billion RMB by 2029, indicating a robust growth trajectory for the industry [12] - The company aims to continue its multi-category strategy and deepen its structural transformation to maintain resilience in a competitive market [12]

Core Viewpoint - Wei Long is reducing its reliance on "spicy strips" while focusing on expanding its vegetable product line, which has shown significant growth potential [2][3]. Financial Performance - In the first half of the year, Wei Long achieved total revenue of 3.483 billion yuan, a year-on-year increase of 18.5% [2]. - The gross profit margin decreased from 49.8% to 47.2% due to rising material costs, but the net profit margin remained stable at 21.1% [2]. - The net profit attributable to shareholders was 733 million yuan, up 18% year-on-year [2]. - The board declared an interim dividend of 0.18 yuan per share, totaling approximately 438 million yuan, which represents 60% of the net profit for the period [2]. Product Structure - Revenue from traditional "main business" seasoning noodle products, including various spicy strips, declined by 3.2% to 1.31 billion yuan, leading to a decrease in their revenue share from 46.1% to 37.6% [2][3]. - The vegetable product line, which includes products like konjac and seaweed, saw revenue growth of 44.3% to 2.109 billion yuan, surpassing 60% of total revenue for the first time, reaching 60.5% [3]. Production Capacity - The designed production capacity for seasoning noodle products was reduced from 117,100 tons to 81,300 tons, with capacity utilization increasing from 56.5% to 80.8% [3]. - The vegetable product line's designed production capacity increased from 59,400 tons to 94,700 tons, now exceeding that of seasoning noodle products [3]. Market Strategy - Wei Long is enhancing its market presence for vegetable products through new product launches and marketing initiatives, including appointing a brand ambassador for its seaweed product line [3]. - Offline sales remain the foundation of Wei Long's performance, with offline channel revenue of 3.147 billion yuan, a year-on-year increase of 21.5%, accounting for 90.4% of total revenue [4]. - Online channel revenue decreased by 3.8% to 336 million yuan due to ongoing traffic differentiation across platforms [4].

Investment Rating - The report maintains a rating of "Outperform" for the konjac industry [5] Core Viewpoints - The konjac industry is recognized as a healthy superfood with broad applications, indicating significant growth potential [15][16] - The konjac snack segment is rapidly growing and has a high degree of market concentration, with leading companies like Wei Long and Yan Jin Pu Zi experiencing substantial growth [39][49] Summary by Sections 1. Konjac Industry Overview - Konjac is rich in soluble dietary fiber, beneficial for health, and is recognized as a superfood by the World Health Organization [16] - The internal composition of konjac includes up to 50% glucomannan, which can lower the risk of various diseases [16] - China is the leading producer of konjac and konjac powder, with a significant economic benefit compared to other mountainous crops [26] 2. Konjac Industry Chain Analysis - The konjac industry chain consists of upstream (planting and initial processing), midstream (deep processing), and downstream (various applications) [20] - Upstream konjac has a high yield value, but requires land rotation every three years due to soil depletion [23][24] - Midstream processing focuses on producing different grades of konjac powder, with a strong market for konjac gum [31] 3. Konjac Snacks - The konjac snack market is small but has high growth potential, with a market size exceeding 12 billion yuan in 2024 [42] - Compared to traditional spicy snacks, konjac snacks are healthier and have lower calories, making them appealing to consumers [42] - The competitive landscape is concentrated, with Wei Long holding a 70% market share in the konjac snack segment [49] 4. Key Companies in the Konjac Industry - **YI ZHI Konjac**: Focuses on konjac powder as its core product, with strong market demand and plans for capacity expansion [2] - **Wei Long**: Implements a multi-category strategy, with konjac products expected to become a major revenue driver [3][4] - **Yan Jin Pu Zi**: Known for its rapid growth in the konjac snack segment, leveraging a multi-channel distribution strategy [3][4]