格隆匯9月15日｜高盛發表報吿指，歷史先例顯示厄爾尼諾現象對堅果類構成不利影響，葵花籽影響不一，而魔芋所受影響較小。展望2026年第四季至2027年初，其零食及冷凍食品覆蓋範圍在消費品板塊中對厄爾尼諾驅動的農產品通脹週期曝險較低，因糖、棕櫚油及大豆的銷售成本佔比低於10%(除利高佔棕櫚油成本組合30%外)，而該行消費品覆蓋範圍的相關佔比為5%至30%、6%至30%及10%至21%。該行亦認為競爭格局可能緩和，從而提升定價能力(堅果)或新產品創新(魔芋、蛋白質產品)，有助抵銷成本壓力。個股方面，該行維持衞龍美味“買入”評級，目標價9.76港元，基於2027年預測市盈率14倍並按8.6%折現。該行維持安井食品H股“買入”評級，目標價86港元，基於安井A股估值折讓15%。

格隆匯8月14日｜據法新社，在海外網絡掀起對中國文化的熱潮，也就是所謂“Chinamaxxing”之後，辣條正在吸引越來越多外國消費者。TikTok和Instagram上如今充斥着外國人試吃辣條的視頻。報道形容：“這種紅色、富有彈性的條狀食品，看起來就像被壓扁後裹滿油的薯條。”湖南辣條品牌“麻辣王子”的副總裁透露，該公司的辣條已經出口到全球160多個國家，顯示這個市場正越來越走向國際化。中國最大的辣條生產商、香港上市公司衞龍去年海外銷售額達到1.17億元人民幣，比2024年增長近50%。辣條於1998年在湖南平江誕生。當時當地遭遇嚴重洪災，大豆作物絕收，辣條最初被開發為一種應急主食。之後，辣條逐漸遍佈中國各地超市，但也被認為是不健康的食物。辣條如今已經成長為一個規模超過600億元人民幣的產業。

8月13日晚間，衞龍美味(09985)發佈2026年中期業績公吿。期內，公司緊抓消費市場品質化、健康化轉型機遇，持續推進產品創新與全渠道佈局，上半年總收入達37.15億元(人民幣，下同)，同比增長6.7%；毛利同比增長8.1%至17.76億元，毛利率提升0.6個百分點至47.8%。

2026年上半年，衞龍美味緊跟行業品質化、精細化消費趨勢，完成企業文化重大升級，確立"奉獻美味健康，分享樂爽時光"之使命及"大眾信賴和喜愛的世界一流食品企業，樂活 123 年"之願景，並堅持以"產品第一、痴迷消費者；以奮鬥者為本；創新是活下來的唯一出路；堅持批判與自我批判。"為核心價值觀。在此戰略引領下，集團期內淨利潤為7.66億元，同比增長4.0%；淨利潤率為20.6%。基於期內整體績效和集團整體財務狀況，集團董事會決議派發2026年中期股息每股普通股 0.19 元及特別股息每股普通股0.09 元，合計每股派息0.28 元，派息比率約為90%，較2025年度中期派息60%有着顯著提升。

值得留意的是，集團蔬菜製品以魔芋、海帶等低負擔食材為核心，依託產品創新方向，圍繞美味、健康主線，結合各地經典風味持續打造新品類、新口味、新場景，期內收入貢獻進一步提升，有效迴應消費者對健康美味零食的增量需求。產品體系升級持續落地，搭建端到端集成開發管理體系，堅定推行多品類策略。上半年全新推出高蛋白臭豆腐創新產品矩陣，涵蓋經典原味、聯合中華老字號王致和打造的腐乳香辣風味、爆香螺螄粉味及紅油肥腸風味四款地域風格單品，將傳統市井小吃轉化為輕量化即食零食，該系列更榮獲第八屆 iSEE 全球食品創新獎銀獎。同時，面製品開展口味迭代與便攜小包裝升級，貼合年輕羣體對新穎風味的偏好，持續豐富產品組合，驅動產品力與市場需求精準匹配。

品牌建設方面，衞龍美味推進品牌升級，持續深化與年輕消費羣體的情感連結，落實品牌年輕化煥新戰略。今年上半年，官宣時代少年團為全球品牌代言人，依託整合營銷優化思路，通過户外媒介投放、專屬主題產品及線上立體傳播夯實年輕化形象；為親嘴燒打造主題限定版本與專屬周邊，賦予產品情感價值與收藏屬性；同時深耕短視頻及生活分享平台，踐行營銷創新思路，打造線上線下整合式營銷模式，依託話題策劃、場景化直播及多層級創作者合作矩陣實現消費者深度互動與自發傳播，推動用户沉澱與轉化。集團亦推出大熊貓主題公益營銷項目，以趣味傳播踐行社會責任，有效提升品牌認同感，進一步鞏固品牌年輕化與趣味化的發展根基。

渠道方面，集團落實渠道升級戰略，推進線上線下全域佈局，積極擁抱新興渠道。面對零售渠道深度重構與消費入口日趨分散，衞龍美味加快新興渠道佈局，同時鞏固傳統渠道精細化運營。線下持續賦能經銷商強化陳列管理，推出差異化 SKU，積極把握零食量販店等機遇；線上深耕傳統電商與內容電商，同步佈局即時零售賽道，實現全域觸達。

此外，集團持續推進供應鏈創新，圍繞安全、質量、交付、庫存、效率推動標準化運營落地，加速生產設施自動化、智能化、精益化升級。河南五個工廠穩定運營，廣西南寧新工廠穩步建設，為未來產能擴張儲備力量。集團全面強化全鏈條食品安全管理體系，設立全面質量管理中心，構建從源頭准入到售後響應的閉環管控。數字化層面，集團推動 AI 技術融入各業務和辦公場景，並持續完善採購、生產、倉儲、流通及終端全鏈路數據建設，賦能銷售和供應鏈數字化升級，同時健全信息安全機制，保障數字化體系穩定運行。

立足全新升級的企業文化，衞龍美味秉承企業使命與願景，恪守核心價值觀，致力打造辣味休閒食品龍頭企業。緊跟健康化、多元化、個性化消費趨勢，衞龍美味將持續推進產品創新、品牌升級、全域渠道佈局、供應鏈提效及組織人才建設，穩步開拓海外市場，不斷夯實核心競爭優勢。衞龍美味聚焦長期價值創造，積極履行社會責任，力求為消費者、客户、股東、員工及社會創造更大價值。

(13 August 2026, Hong Kong) Weilong Delicious Global Holdings Ltd ("WL Delicious" or the "Company") and together with its subsidiaries (the "Group") (Hong Kong stock code: 9985.HK) announced its unaudited interim results for the six months ended 30 June 2026 (the "Reporting Period").

In the first half of 2026, China’s economy continued to operate within a reasonable range, with new demand for quality consumption unleashed at an accelerated pace. China’s domestic consumer market is shifting from extensive, rigid-demand-driven growth to a new stage of refined and quality growth, and competition in the snack food industry has evolved into comprehensive rivalry centred on raw materials, nutritional value and health attributes, with high-protein, high dietary fibre, low-calorie and clean-label snacks achieving notable growth. Offline channels are accelerating their transformation towards experiential development, while online instant retail is achieving rapid growth. During the Reporting Period, keeping closely aligned with these industry trends, WL Delicious completed a major upgrade of its corporate culture, establishing the mission of "Serve delicious wholesome food, share joyful moments", the vision of "to become a world-class food enterprise trusted and beloved by the public, bringing happiness to people for 123 years", and the core values of "putting products first and staying obsessed with consumer demands, valuing those who strive, regarding innovation as our only way to survive, and embracing criticism and self-criticism", externally elevating product competitiveness and brand influence and internally activating organisational vitality, thereby laying a solid cultural underpinning for the Group’s high-quality, long-term development.

During the Reporting Period, the Group continued to advance its core initiatives, recording steady growth in both revenue and gross profit. In the first half of 2026, the Group achieved a total revenue of 3,715 million (RMB, same hereinafter), representing a year-on-year increase of 6.7%, primarily due to the Group’s continuous efforts in strengthening product innovation and brand building during the Reporting Period. Meanwhile, the Group also proactively optimised its channel strategies in response to the rapid development of new channel formats and the innovation of consumption scenarios. The Group’s gross profit increased by 8.1% year-on-year to 1,776 million, and the gross profit margin rose by 0.6 percentage points from 47.2% in the corresponding period of the previous year to 47.8%, mainly attributable to the Group’s continuous advancement of cost reduction and efficiency improvement across the supply chain during the Reporting Period. The Group’s net profit for the Reporting Period was 766 million, representing a year-on-year increase of 4.0%, with a net profit margin of 20.6%.

Based on the Group’s overall performance during the Reporting Period, the Board of Directors has resolved to distribute a 2026 interim dividend of 0.19 per ordinary share and a special dividend of 0.09 per ordinary share, representing a combined dividend of approximately 0.28 per share and a payout ratio of approximately 90%, significantly up from approximately 60% in the corresponding period of the previous year.

In terms of products, the Group upholds a "products first" philosophy and adheres to its multi-category strategy, continuing to refine its consumer demand insight mechanism and its end-to-end integrated product development system to accelerate the responsiveness of its R&D function and deliver healthy and delicious snack foods. During the Reporting Period, the Group’s vegetable products took healthy, nutritious and low-burden ingredients such as konjac and kelp as the core, combined with classic regional flavours, to meet consumers’ demand for healthy and delicious snacks, while its seasoned flour products underwent flavour iteration and portable small-packaging upgrades to cater to young consumers’ preference for novel flavours. In addition, the Group newly launched an innovative high-protein product matrix of stinky tofu, featuring four differentiated single SKUs with unique regional characteristics: the Classic Original flavour, the Fermented Bean Curd Spicy Hot flavour, the Fragrant Spicy Luosifen flavour and the Chilli Oil Pork Intestine flavour, transforming authentic urban street food into lightweight ready-to-eat snacks. This stinky tofu product matrix was awarded the Silver Prize at the 8th iSEE Global Food Innovation Awards.

In terms of brand building, the Group continued to advance brand rejuvenation, deepening its emotional connection with young consumer groups. During the Reporting Period, the Group officially named Teens in Times as its Global Brand Ambassador and optimised its integrated marketing around the ambassador. Through offline urban outdoor media placement, the launch of ambassador-themed exclusive products and multi-dimensional omni-channel online content communication, the Group further consolidated Weilong’s youthful brand image. The Group also launched limited-edition themed versions and matching exclusive peripheral gifts for its classic product Kiss Burn, endowing the product with emotional value and collectible attributes. Meanwhile, the Group continued to deepen its presence on mainstream content platforms such as short-video and lifestyle-sharing channels, engaging consumers in depth through topic campaigns, scenario-based live streaming and a multi-tiered matrix of content creator partnerships, thereby sparking spontaneous user-driven brand and topic dissemination and driving user accumulation and conversion. The Group also rolled out a giant panda-themed public welfare marketing initiative, fulfilling corporate social responsibility through this approach and enhancing brand recognition.

In terms of channels, facing the profound restructuring of retail channels and increasingly fragmented consumption entry points, the Group continued to deepen its tiered omni-channel strategy, accelerating its layout across emerging online and offline channels while consolidating refined operations across traditional channels, building an ecosystem for win-win outcomes with customers, channels and points of sale. Offline, the Group continued to empower quality distributors, optimising standardised in-store display and improving market coverage efficiency, rolling out customised SKUs for certain direct sales channels, and actively capturing development opportunities in channels such as snack specialty retailers, membership supermarkets and O2O. Online, the Group pursued a diversified layout, consolidating the fundamental base of traditional e-commerce while leveraging content e-commerce to drive traffic and new product launches, and simultaneously entering the instant retail segment to capture near-field consumption opportunities, achieving comprehensive consumer reach.

In terms of supply chain and operations, the Group continued to advance the automation and intelligent upgrading of its production facilities. As at the end of the Reporting Period, the Group’s five plants in Henan Province were operating steadily, while the new plant in Nanning, Guangxi was under orderly construction, reserving capacity for the Group’s long-term expansion. The Group strengthened its full-chain food safety management system, setting up a Comprehensive Quality Management Center to build a closed-loop control system spanning from raw material admission to after-sales response. On the digital front, the Group promoted the integration of AI technology into various business and office scenarios, and continued to refine full-chain data infrastructure covering procurement, production, warehousing, distribution and terminal sales to empower the digital upgrading of sales and supply chain functions, while also strengthening its information security mechanisms to safeguard the stable operation of its digital systems.

Mr. Liu Weiping, Chairman of WL Delicious, stated: "2026 is a pivotal year for WL Delicious’ strategic upgrade. Amid the profound transformation of the consumer market towards health orientation, diversification and personalisation, the Group, grounded in its newly upgraded corporate culture, continues to strengthen its insight into consumer needs, and continuously reinforces its competitiveness through product innovation, brand upgrading, omni-channel deployment, digital transformation and organisational efficiency enhancement. Looking ahead, the Group will closely follow the consumption trend towards healthy and delicious food, continuously refine its innovation and R&D mechanisms, enrich its product portfolio for new consumption scenarios, steadily advance brand upgrading, continue to strengthen its interaction and emotional connection with consumers, deepen its omni-channel strategy, and actively pursue its overseas market layout, so as to create greater value for consumers, customers, shareholders and society."

(2026年8月13日，香港訊) — 中國辣味休閒食品行業龍頭企業，衞龍美味全球控股有限公司(「衞龍美味」或「集團」)及附屬公司(「集團」)(香港聯交所股票代碼：09985.HK)公佈截至2026年6月30日止六個月(「報吿期內」)之中期業績。

2026年上半年，中國經濟延續平穩運行態勢，品質化消費需求加速釋放。消費市場正從粗放型剛需增長轉向品質化、精細化發展新階段，休閒食品行業競爭重心已拓展至原料、營養與健康價值的綜合較量，高蛋白、高膳食纖維、低卡及清潔標籤零食增長顯着，線下渠道加速向體驗化轉型，線上即時零售迎來高速成長。報吿期內，衞龍美味緊跟行業趨勢，完成企業文化重大升級，確立「奉獻美味健康，分享樂爽時光」之使命、「大眾信賴和喜愛的世界一流食品企業，樂活123年」之願景，及「產品第一、痴迷消費者；以奮鬥者為本；創新是活下來的唯一出路；堅持批判與自我批判」之核心價值觀，對外提升產品競爭力與品牌影響力，對內激活組織活力，為高質量長遠發展提供堅實文化支撐。

報吿期內，衞龍美味持續推進各項核心工作，收入與毛利均錄得穩健增長。2026年上半年實現總收入37.15億元(人民幣，下同)，同比增長6.7%，主要由於集團期內持續加強產品創新和品牌建設，並積極根據渠道新業態的快速發展及消費場景的創新持續優化渠道策略。集團的毛利同比增長8.1%至17.76億元，毛利率由上年度同期的47.2%增加0.6個百分點至47.8%，主要得益於集團期內持續推進供應鏈降本提效。集團期內淨利潤為7.66億元，同比增長4.0%；淨利潤率為20.6%。

基於期內整體績效表現，集團董事會決議派發2026年中期股息每股普通股人民幣0.19元及特別股息每股普通股人民幣0.09元，合計派息約為每股人民幣0.28元，派息比率約為90%，較去年同期的60%顯着提升。

產品方面，集團秉承產品第一的理念，堅持多品類策略，持續完善消費需求洞察機制與端到端的產品集成開發體系，提升研發響應速度，打造健康美味休閒零食。期內蔬菜製品以魔芋、海帶等健康、營養和低負擔食材為核心，結合各地經典風味持續創新，滿足消費者對健康美味零食的需求；面製品則開展口味迭代與便攜小包裝升級，貼合年輕羣體對新穎風味的偏好。此外，集團全新推出高蛋白臭豆腐創新產品矩陣，涵蓋經典原味、腐乳香辣風味、爆香螺螄粉味及紅油肥腸風味四款地域風格單品，將傳統市井小吃轉化為輕量化即食零食，該系列更榮獲第八屆 iSEE 全球食品創新獎銀獎。

品牌建設方面，集團持續推進品牌年輕化煥新，深化與年輕消費羣體的情感連結。期內官宣時代少年團為全球品牌代言人，圍繞代言人開展整合營銷優化，透過户外媒介投放、專屬主題產品及線上立體傳播夯實年輕化形象；為親嘴燒打造主題限定版本與專屬周邊，賦予產品情感價值與收藏屬性；同時深耕短視頻及生活分享平台，透過話題策劃、場景化直播及多層級創作者合作矩陣，實現與消費者深度互動，從而激發用户自發的品牌和話題傳播，推動用户沉澱與轉化。集團亦推出大熊貓主題公益營銷項目，從而播踐行社會責任，提升品牌認同感。

渠道方面，面對零售渠道深度重構與消費入口日趨分散，集團持續深化全域分層渠道戰略，在鞏固傳統渠道精細化運營的同時加快線上線下新興渠道佈局，打造與客户、渠道、終端共贏的生態。線下持續賦能優質經銷商，優化終端標準化陳列、提升鋪市效能，面向部分直營渠道推出定製化 SKU，積極把握零食量販、會員商超及 O2O 等渠道發展機遇；線上多元佈局，穩固傳統電商基本盤的同時，依託內容電商進行引流推新，同步進軍即時零售搶佔近場消費賽道，實現全域消費者觸達。

供應鏈與運營方面，集團持續推進生產設施自動化與智能化升級。截至期末，河南五座工廠穩定運營，廣西南寧新工廠有序建設，為長遠產能擴充儲備空間。集團夯實全鏈條食品安全管理體系，設立全面質量管理中心，構建由原料准入到售後響應的全流程品控閉環。數字化領域，集團推動 AI 技術融入各業務和辦公場景，並持續完善採購、生產、倉儲、流通及終端全鏈路數據建設，賦能銷售和供應鏈數字化升級，同時健全信息安全機制，保障數字化體系穩定運行。

衞龍美味董事長劉衞平先生表示：「2026年是衞龍美味戰略升級的關鍵之年。面對消費市場健康化、多元化、個性化的深刻變革，集團立足全新升級的企業文化，持續加強消費者需求洞察，以產品創新、品牌升級、全渠道佈局、數字化轉型、組織提效等持續夯實競爭力。展望未來，集團將緊跟健康美味的消費趨勢，持續優化創新研發機制，完善新消費場景產品組合，穩步推進品牌升級，並持續加強與消費者的互動和情感連結，深化全域渠道策略，積極推進海外市場佈局，致力為消費者、客户、股東及社會創造更大價值。」

格隆匯8月13日｜衞龍美味(9985.HK)公佈截至2026年6月30日止六個月中期業績。報吿期內公司實現營收約37.15億元（人民幣，下同），同比增長6.7%；淨利潤約7.66億元，同比增長4.0%。公司毛利率提升至47.8%，淨利潤率為20.6%，盈利能力保持穩健。值得留意的是，期內公司完成企業文化重大升級，穩步推進美味健康戰略佈局，圍繞核心品類持續創新拓展，深化品牌年輕化運營，加快全域渠道佈局與供應鏈提效，長期發展動能持續夯實。同時董事會決議派發中期股息及特別股息合計每股0.28元，派息比率大幅提升至90%，股東回報力度較上年同期顯著增強。

格隆匯8月13日丨衞龍美味(09985.HK)公吿，截至2026年6月30日止6個月的中期業績，總收入為人民幣37.15億元，同比上升6.7%；期內利潤為人民幣7.66億元，同比上升4.0%；每股基本盈利為人民幣0.32元，同比上升3.2%；決議派發中期股息每股普通股人民幣0.19元，決議派發特別股息每股普通股人民幣0.09元。

報吿期內，集團堅持"以產業化思維，讓美食的原點價值最大化釋放"的產品研發理念，持續完善消費需求洞察機制，並以市場和消費者需求為起點，搭建了端到端的產品集成開發管理體系，從而提升研發對市場和消費者需求的響應速度。集團持續挖掘多元飲食風味，開發多款地域特色風味產品，同時貼合消費趨勢，推出豆製品全新品類。公司堅信，產品力是發展根基，是鏈接消費者、獲取信賴並維繫長期忠誠的核心。集團堅持多品類產品策略，一方面對經典產品開展工藝升級與品質優化，鞏固市場領先地位；另一方面從新品類、新口味、新包裝、新場景等維度持續創新，進一步豐富產品組合。

報吿期內，集團持續優化整合營銷體系，深化與年輕消費羣體的互動與情感連結，穩步擴大公司的品牌影響力。品牌年輕化建設方面，集團官宣青年藝人組合時代少年團為衞龍全球品牌代言人及品類推薦官，透過線下城市户外媒介投放、代言人專屬主題產品發行及全渠道線上內容立體傳播，持續夯實衞龍年輕化品牌形象；產品營銷維度，集團為經典產品親嘴燒打造主題限定版本，升級定製化包裝設計，配套推出專屬周邊禮品及線上趣味互動活動，賦予產品情感價值與收藏屬性，增強消費者購買動機；品牌內容傳播方面，集團持續深耕短視頻、生活分享等主流內容平台，透過熱點話題策劃、場景化直播及多層級內容創作者合作矩陣，持續輸出高傳播價值內容，同步實現用户沉澱與市場轉化效率提升；社會價值層面，集團推出大熊貓主題公益互動營銷項目，以輕鬆趣味的傳播形式踐行社會責任，提升公眾對品牌的認同感與好感度。