WL DELICIOUS (09985) rose more than 3%. As of the time of writing, the stock was up 2.71%, trading at HKD 12.5, with a turnover of HKD 23.37 million. On the news front, a Goldman Sachs research report noted that during the recent Goldman Sachs Asia Pacific Consumer Corporate Day, the bank engaged with WL DELICIOUS's management. Management reaffirmed its guidance for fiscal year 2025, targeting revenue growth exceeding 15% year-over-year and a net profit margin between 18% and 20%. It also projected that konjac products could achieve steady growth this year, while growth in seasoned flour products is expected to resume through the launch of innovative products and channel expansion. Aijian Securities pointed out that konjac products are highly malleable, possess excellent seasoning properties, and are naturally suitable for carrying diverse flavors, with flavor innovation unlocking growth potential. Konjac itself has a mild taste and can fully absorb seasoning flavors; this characteristic makes the marginal cost of flavor iteration low while the marginal returns are considerable. The growth space for konjac depends more on innovation capability than on industry cycles. On the cost side, the price of konjac refined powder increased significantly in 2024 and remained high in the first half of 2025, leading to a 6-percentage-point year-on-year decline in the gross profit margin of vegetable products. Stimulated by the price increase, upstream farmers have become more active in planting, and the cultivation area has already begun to expand. With the gradual release of new production capacity in 2025, a cost downcycle for konjac refined powder is anticipated in 2026.