卫龙美味_买入评级_公司调研核心要点

Buy: Key takeaways from company visit 2H25 outlook. Due to high prices of konjak mannan, Weilong's gross margin narrowed by 2.6ppt y-o-y to 47.2% in 1H25. Despite the recent slight correction in konjak mannan prices, the company expects gross margin to stay stable compared to 1H25 due to increased quantity of konjac products without increasing prices, and the festive promotion for the new year in 4Q25. Operating expenses ratio may go up in 2H25 due to higher marketing expenses for the konjac market. Overall ...