健康零食方兴未艾，量贩之风蒸蒸日上 - 零食行业2026年投资策略

Summary of the Snack Industry Conference Call Industry Overview - The snack industry is experiencing significant differentiation in performance among companies, with leading firms benefiting from health-oriented product categories, while others face challenges due to high raw material costs and low-priced competition [1][2] - The market is dominated by two major players in the bulk snack segment, with "Very Busy" focusing on store expansion and "Wancheng" emphasizing profitability per store [1][2] Key Companies and Performance - Hecha Food: Under pressure due to high costs of sunflower seeds and nuts, as well as competition from private label brands [1][2] - Jinzai and Ganyuan: Focused on e-commerce and retail channels, but increased channel costs are suppressing short-term profits [1][2] - Very Busy: Over 21,000 stores, leading in store count [2] - Wancheng: 19,000 stores, focusing on single-store profitability [2] - Market Share: The two leading companies hold nearly 80% of the C22 market share [2] Investment Recommendations - Focus on Leading Brands: There is a recommendation to pay attention to Wancheng Group and Very Busy due to their potential for category expansion and supply chain efficiency [1][4] - Innovative Categories: The potential for innovation in konjac and oat products is highlighted, with companies like Weilong, Yanjin, and Ximai expected to perform well [1][4] - Profitability Trends: The snack industry is entering a phase of profit elasticity release, with net profit margins expected to improve through reduced subsidies, upstream price negotiations, and scale effects [3][6] Market Dynamics - Consumer Demand: The snack industry remains highly fragmented with diverse consumer demands, leading to two main investment themes: expansion of product categories by leading brands and innovation in specific product lines [4] - Konjac Market: The konjac snack market is currently valued at approximately 18 billion yuan, with potential growth to 30-80 billion yuan, indicating sustained high growth in the coming years [5] Competitive Landscape - Concerns about new brands entering the konjac market and the impact of declining raw material prices are deemed manageable, as established brands like Weilong and Yanjin are expected to maintain their market positions through brand and shelf competition [5] - The focus on brand loyalty and market expansion is anticipated to continue, with both companies likely to lead industry growth [5] Future Outlook - The snack industry is expected to continue its growth trajectory, with emphasis on multi-category models, store operations, membership systems, and private label development as key areas for future development [6] - Recommendations for investment include Ximai, Wancheng, Yanjin, and Weilong, with a note on the potential for Very Busy’s IPO to catalyze investment returns [3][6]