In 2025, the leisure snack industry is undergoing a significant reshuffle. The new normal is characterized by plateauing growth and intensified competition among existing players, with the battle for brand dominance reaching a fever pitch. A report from NielsenIQ, the "2025 Snack Store Channel Trends Insight Report," reveals a challenging reality: the year-on-year growth rate of China's FMCG industry across all channels has slowed to just 2.5%, with leisure snacks and dairy beverages being primary contributors to this deceleration. Against this backdrop of intense competition and growth pressure, WL DELICIOUS (09985) has delivered a remarkable performance, achieving positive growth against the trend and demonstrating the strong anti-cyclical resilience of a leading spicy snack company. Financial reports show that in 2025, WL DELICIOUS achieved steady improvement in both revenue and profit. Total revenue reached 7.223 billion yuan (in Renminbi, same below), a year-on-year increase of 15.3%. Net profit surged 33.6% to 1.427 billion yuan. The gross profit margin hit 48%, and basic earnings per share rose 30.4% to 0.6 yuan. Core indicators such as expense control and cash flow were simultaneously optimized, maintaining a healthy profit structure and indicating sustainable organic growth momentum.

Having deep roots in the industry for over twenty years, the core reason for WL DELICIOUS's steady long-distance run lies in the competitive moat it has built, encompassing multiple product categories, full-channel coverage, and a strong brand. These three synergistic barriers provide a solid foundation for the company's stable progress in a fiercely competitive market.

Innovation is driving category upgrades, with the product portfolio flourishing. In the leisure snack industry, product strength is the eternal core competency. WL DELICIOUS understands this well, insisting on innovation to drive category upgrades and making continuous breakthroughs in flavor, form, and consumption scenarios, building a multi-category product matrix that covers diverse needs. In 2025, revenue from WL DELICIOUS's seasoned flour products was 2.553 billion yuan. Revenue from vegetable products reached 4.5 billion yuan, a significant increase of 33.7% year-on-year, raising its contribution to total revenue from 53.8% the previous year to 62.4%. Vegetable products have undoubtedly become WL DELICIOUS's second growth engine. For seasoned flour products, WL DELICIOUS continues to explore flavor gradients through the revitalization of classics. While maintaining the core category of spicy strips, the company constantly introduces flavor innovations to sustain product popularity. In 2025, WL DELICIOUS launched new flavors such as Spicy Beef Flavor Kiss Burn and Spicy Crayfish Flavor Spicy Strips, introducing popular foodservice flavors into the leisure snack sector. It also launched an Extremely Spicy Mala Spicy Strip incorporating "ghost peppers" and a new generation of facing heaven peppers, achieving a breakthrough in spiciness levels and accurately capturing the psychological demand of young consumers for "extreme taste experiences." In March 2026, WL DELICIOUS introduced a Fire Noodle Flavor Spicy Strip, using novel spicy flavors to meet consumers' increasingly diverse palate demands and continuously broaden the consumption scenarios for spicy snacks. In the vegetable products segment, both konjac and the Wind-Eat Seaweed category are performing strongly, leading the healthy snack track. As the pioneer of the konjac shuang category, WL DELICIOUS not only defined this segment but also continues to innovate to consolidate its leading position—Sesame Sauce Konjac Shuang remains a bestseller, Dai-style Pounded Chicken Foot Flavor highlights regional characteristics, and High-Fiber Boletus Konjac emphasizes health attributes. The Wind-Eat Seaweed category is also impressive, with the launch of a refreshing sour and spicy flavor further solidifying its position in the low-fat, low-calorie snack segment. Additionally, WL DELICIOUS launched a new Juicy Stinky Tofu series, modernizing traditional local snacks through standardization, convenience, and flavor diversification, thereby further enriching the product portfolio. Behind this series of ingredient upgrades and process innovations lies WL DELICIOUS's keen insight into evolving consumer tastes and its ability to respond quickly, helping it unlock broader growth potential.

Youthful marketing breaks through circles, continuously "refreshing" the brand image. In the consumer goods sector, the depth of emotional connection between a brand and its consumers often determines the brand's lifecycle. From celebrity endorsements to scenario resonance, WL DELICIOUS builds deep emotional connections with young consumers through multi-dimensional marketing strategies, converting brand potential into sustainable profitability. In 2025, WL DELICIOUS completed a multi-category celebrity endorsement layout: announcing Wang Anyu as the brand ambassador for Konjac Shuang, Guan Le as the brand ambassador for Wind-Eat Seaweed, and Huang Zihongfan as the brand ambassador for WL DELICIOUS Spicy Strips. By selecting endorsers who highly align with product attributes, the company strengthened its youthful and fashionable brand image. In the same year, WL DELICIOUS significantly increased its IP collaboration marketing efforts, integrating spicy snacks deeply into diverse consumption scenarios such as daily life, holidays, and leisure through cross-border partnerships and creative campaigns. Collaborating with KFC to launch a "Crazy Thursday" limited-edition co-branded product cleverly leveraged internet memes for rapid dissemination among young communities. During the Dragon Boat Festival, a partnership with Wufangzhai resulted in a custom zongzi gift box, successfully introducing spicy snacks into traditional holiday consumption scenarios. The Kiss Burn product collaborated with the domestic trend brand "Crying Center" and the popular IP "Mo Dao Zu Shi," reaching young groups across different interest circles. For today's young consumers, snacks have transcended their basic function of satisfying hunger, becoming a form of social currency, an emotional carrier, and an extension of identity. Through a series of youth-oriented marketing "circle-breaking" actions, WL DELICIOUS has successfully enhanced brand awareness and favorability among young consumers, laying a solid foundation for the continuous conversion of brand value.

Full industry chain layout builds competitive barriers. In the food and beverage industry, supply chain capability is a key variable determining whether a company can go far and steady. Through its full industry chain layout, WL DELICIOUS achieves controllable product sourcing, traceable manufacturing processes, and guaranteed product quality, building a comprehensive competitive advantage that is difficult to replicate. It is understood that upstream in the supply chain, WL DELICIOUS adopts a model of "standardized planting bases + deep processing + full-channel sales," cooperating with planting bases in core konjac production areas like Yunnan and Sichuan, providing technical guidance and guaranteed purchase prices to local farmers. This model not only promotes the development of the konjac planting and processing industry chain, creating jobs and aiding rural revitalization in central and western mountainous areas, but also ensures a stable supply of core raw materials from the source, building a highly controllable supply chain advantage. In the manufacturing segment, WL DELICIOUS's investment and innovation in production technology fully reflect its strategic focus on long-termism. In June 2025, WL DELICIOUS publicly showcased its seventh-generation Konjac Shuang production line for the first time. This line efficiently integrates four core processes, achieving a remarkable breakthrough of "halving the footprint, doubling capacity, and increasing efficiency by 80%," successfully solving the long-standing challenge in the food industry of "increased production requiring more land." Elements such as 100,000-class purification workshops, X-ray inspection, and fully automated production processes build a stringent quality control system. More commendably, through media factory tours and regularly publishing product testing reports, WL DELICIOUS continuously enhances the transparency of its manufacturing processes, further solidifying the trust bond with consumers. In an era where food safety is highly scrutinized, this high transparency serves as a powerful brand endorsement. Downstream in the supply chain, facing the rapid rise of the snack discount store channel, WL DELICIOUS has proactively partnered deeply with leading discount brands, launching product specifications and combinations tailored to channel characteristics, fully capturing the benefits of channel expansion. As of the end of 2025, WL DELICIOUS had 1,633 offline distributors, covering key supermarkets, snack discount stores, chain convenience stores, and other offline channels. WL DELICIOUS ensures the stability of its core business through traditional channels while capturing growth opportunities via emerging channels, having established a multi-dimensional channel network that synergizes online and offline and complements traditional and new channels.

In conclusion, several investment institutions have recently expressed optimism about WL DELICIOUS: Huayuan Securities initiated coverage with a "Buy" rating, Kaiyuan Securities maintained an "Overweight" rating, while Goldman Sachs and Huaxin Securities also maintained "Buy" ratings. Research reports generally point out that WL DELICIOUS holds a clear first-mover advantage in the spicy strip and konjac categories, with youthful brand operations further consolidating its brand moat. Its full-channel layout leads the industry, and the high-profit trend is expected to continue, with the "strong get stronger" effect becoming increasingly evident. The positive feedback from the capital market corroborates the market's recognition and confidence in WL DELICIOUS's long-term value. As the leisure snack industry enters a second half focused on competing on "internal strength," WL DELICIOUS has demonstrated its solid leading position and powerful comprehensive competitive strength with a report card highlighting stable and quality growth. With multiple upgrades across products, brand, and the industry chain, WL DELICIOUS is poised to continue leading the spicy snack track and achieve long-term, high-quality growth.