营收72 亿、逆势增长15.3% 食品龙头的三大破局路径

作者：龚作仁文章来源：Laborer

2026-03-27 17:29

作者：龚作仁文章来源：Laborer

2026-03-27 17:29

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卫龙在2025年休闲零食行业增速放缓背景下逆势增长，展现出强劲抗周期韧性。

1. 财务表现亮眼：总收入72.23亿元，同比增长15.3%；净利润14.27亿元，同比大幅增长33.6%；毛利率达48%，每股基本盈利0.6元，同比上升30.4%

2. 产品创新驱动增长：调味面制品推出麻辣牛肉风味亲嘴烧、麻辣小龙虾味辣条、爆辣麻辣辣条和火鸡面味辣条；蔬菜制品收入45亿元，增长33.7%，魔芋爽系列迭代麻酱、傣味舂鸡脚风味和高纤牛肝菌魔芋，风吃海带推出清爽酸辣味新品，多汁臭豆腐系列丰富产品矩阵

3. 营销策略全面破圈：官宣明星代言如王安宇为魔芋爽代言人、管乐为风吃海带品牌大使、黄子弘凡为辣条代言人；IP联名包括与肯德基打造“疯四”限定、端午联合五芳斋推辣味粽子礼盒、亲嘴烧与哭喊中心和《魔道祖师》合作

4. 全渠道布局优化：线下经销商达1633家，覆盖商超、零食量贩、便利店等全场景，形成线上线下协同的立体网络

卫龙的品牌营销和渠道建设有效提升品牌价值，并通过产品研发捕捉消费趋势。

1. 品牌营销策略多维绑定年轻群体：完成多品类明星矩阵布局，如王安宇代言魔芋爽强化时尚形象；IP跨界合作深度融入消费场景，如肯德基“疯四”限定联名借势网络流量破圈，端午辣味粽子切入节日场景

2. 品牌渠道建设全面覆盖：前瞻性布局零食量贩渠道，与头部品牌合作推出适配产品规格；线上线下协同，1633家经销商覆盖商超、便利店等，确保品牌触达广泛

3. 产品研发响应消费趋势：调味面制品持续口味破圈，如麻辣小龙虾味迎合餐饮热门；蔬菜制品健康化突围，如魔芋爽迭代低脂低卡新品，满足Z世代健康偏好

4. 用户行为观察精准：零食作为社交货币与情绪载体，年轻化营销显著提升Z世代认知与好感，为品牌长期增长奠定基础

卫龙在增长市场疲软下把握机会，通过创新与合作实现突破，提供可学习应对措施。

1. 增长市场与机会提示：休闲零食行业增速放缓至2.5%，但卫龙逆势增长15.3%；蔬菜制品成为第二增长曲线，收入增长33.7%，占比提升至62.4%，建议关注健康化品类机会

2. 消费需求变化应对：应对年轻群体极致味觉需求，推出爆辣麻辣辣条；切合健康趋势，迭代魔芋爽与风吃海带新品；标准化多汁臭豆腐拓展地方小吃市场

3. 合作方式与可学习点：IP联名如肯德基“疯四”合作借流量破圈；与五芳斋合作辣味粽子切入传统节日；全渠道布局与头部品牌合作推出适配产品，建议学习渠道协同模式

4. 风险提示与正面影响：行业内卷加剧风险，但卫龙通过全产业链布局（如上游种植基地）规避原料波动；智能制造升级提升效率80%，正面影响盈利结构健康

卫龙的智能制造和供应链布局提供产品生产需求启示，并揭示数字化与电商商业机会。

1. 产品生产与设计需求：上游核心产区直控原料，如在云南、四川建立合作种植基地，提供标准化种植与精深加工，保障魔芋稳定供应；中游以十万级净化车间和X光检测严控品质，产品创新如魔芋爽多款口味满足多元偏好

2. 商业机会与启示：蔬菜制品如魔芋爽收入增长33.7%，显示健康零食市场潜力；推进数字化电商，第七代魔芋爽生产线整合工序，实现占地减半、产能翻倍、效率提升80%，破解增地难题

3. 数字化制造启示：全流程自动化生产构建品控体系，智能制造升级如媒体探厂提升透明度；全渠道布局（包括零食量贩）启示电商整合，利用1633家经销商网络优化销售

卫龙案例揭示休闲零食行业发展趋势，新技术解决客户痛点并提供行业解决方案。

1. 行业发展趋势：休闲零食行业增速显著放缓至2.5%，增量见顶；健康化消费趋势兴起，如蔬菜制品增长33.7%；全产业链布局成为竞争壁垒

2. 新技术应用：智能制造系统如第七代魔芋爽生产线实现工序整合，效率提升80%；X光检测和全流程自动化构建严苛品控，提升透明度与信任

3. 客户痛点与解决方案：增长承压痛点，卫龙通过创新产品（如麻辣小龙虾味辣条）和年轻化营销（IP联名）解决；上游原料供应痛点，以合作种植基地提供技术指导与保底收购

4. 服务启示：需帮助客户优化供应链，如全渠道覆盖1633家经销商；技术升级如效率提升破解食品工业难题，提供可复制的效率提升方案

卫龙对平台需求和合作模式提供借鉴，平台运营需注重招商与风险管理。

1. 商业对平台需求：需要全渠道覆盖支持，卫龙与零食量贩头部品牌深度合作，推出适配规格产品；线上线下一体化协同，确保传统与新兴渠道互补

2. 平台最新做法与招商：截至2025年末，1633家经销商覆盖商超、便利店等；招商策略包括IP联名如肯德基“疯四”合作吸引流量，建议平台加强招商合作网络

3. 运营管理与风向规避：智能制造系统如十万级净化车间确保品质，规避风险；全流程可溯源头（如上游种植）保障稳定；运营中通过媒体探厂公开检测报告提升透明度

4. 风险管理要点：行业增速放缓风险下，卫龙以多品类增长（蔬菜制品占比62.4%）分散风险；产业链布局（如中游产能翻倍）应对竞争压力，平台需强化类似风控机制

卫龙案例反映产业新动向和商业模式创新，提供政策法规启示与新问题思考。

1. 产业新动向与新问题：休闲零食行业深度调整，存量竞争加剧；健康化与口味创新成为主流，如魔芋爽开创品类；全产业链布局成为企业韧性的新动向

2. 商业模式分析：立体竞争壁垒包括多品类（调味面制品与蔬菜制品双线增长）、全渠道（1633家经销商覆盖全场景）、强品牌（年轻化营销）；内生增长动力源于创新驱动，如产品矩阵持续拓宽

3. 政策法规建议启示：上游“标准化种植+精深加工+销售”模式助力乡村振兴，提供政府支持启示；智能制造升级（如效率提升80%）建议政策推动食品工业数字化

4. 研究观点：品牌情感联结延长生命周期，卫龙以Z世代营销提升认知；长期高质量发展需平衡盈利结构（毛利率48%）与创新投入，建议关注产业转型路径

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

Weilong achieved counter-cyclical growth against the backdrop of a slowing snack industry in 2025, demonstrating strong resilience.

1. Strong financial performance: Total revenue reached RMB 7.223 billion, a 15.3% year-on-year increase; Net profit surged 33.6% to RMB 1.427 billion; Gross margin hit 48%, with basic earnings per share rising 30.4% to RMB 0.6.

2. Product innovation drives growth: Seasoned flour products launched new flavors like Spicy Beef Kiss Burn, Crayfish-flavored Spicy Strips, Extra Spicy Numb Strips, and Samyang Buldak-flavored Strips; Vegetable product revenue grew 33.7% to RMB 4.5 billion, with Konjac Slim series iterating Sesame Sauce, Dai-style Pounded Chicken Feet, and High-fiber Boletus Edulis flavors; Wind-eaten Seaweed introduced a refreshing Sour & Spicy variant; the Juicy Stinky Tofu series enriched the product matrix.

3. Comprehensive marketing breakout: Announced celebrity endorsements including Wang Anyu for Konjac Slim, Guan Le as Wind-eaten Seaweed Brand Ambassador, and Huang Zihongfan for Spicy Strips; IP collaborations included a "Crazy Thursday" limited edition with KFC, a Dragon Boat Festival spicy zongzi gift box with Wufangzhai, and Kiss Burn partnerships with Crying Center and the anime "Mo Dao Zu Shi".

4. Optimized omni-channel layout: Expanded offline distributors to 1,633, covering supermarkets, snack specialty stores, convenience stores, and other full-scenario outlets, forming an integrated online-offline network.

Weilong's brand marketing and channel development effectively enhanced brand value, while product R&D captured consumer trends.

1. Multi-dimensional brand marketing targeting youth: Established a multi-category celebrity endorsement matrix (e.g., Wang Anyu for Konjac Slim reinforcing a fashionable image); Deeply integrated IP crossovers into consumption scenarios, leveraging KFC's "Crazy Thursday" collaboration for viral reach and spicy zongzi for holiday occasions.

2. Comprehensive channel coverage: Proactively expanded into snack specialty channels with tailored product specifications; Achieved online-offline synergy through 1,633 distributors covering supermarkets and convenience stores for broad brand reach.

3. Product R&D aligned with trends: Expanded flavor profiles for seasoned flour products (e.g., Crayfish flavor tapping into popular food trends); Health-focused vegetable products like Konjac Slim's low-fat, low-calorie iterations catered to Gen Z preferences.

4. Precise user behavior insights: Leveraged snacks as social currency and emotional carriers; Youth-oriented marketing significantly boosted Gen Z awareness and favorability, laying a foundation for long-term growth.

Weilong seized opportunities in a weak growth market through innovation and partnerships, offering actionable strategies.

1. Market insights and opportunities: The snack industry growth slowed to 2.5%, yet Weilong grew 15.3%; Vegetable products became a second growth engine with 33.7% revenue growth (62.4% of total), highlighting health-focused category potential.

2. Responding to demand shifts: Addressed youth's extreme taste preferences with Extra Spicy Numb Strips; Aligned with health trends via Konjac Slim and Wind-eaten Seaweed innovations; Standardized Juicy Stinky Tofu to tap regional snack markets.

3. Collaborative models and learnings: IP collaborations like KFC's "Crazy Thursday" leveraged traffic for breakout; Spicy zongzi with Wufangzhai capitalized on traditional festivals; Omni-channel partnerships with leading brands for tailored products—recommended adopting channel synergy models.

4. Risk mitigation and positive impact: Navigated industry intensification risks through vertical integration (e.g., upstream planting bases buffering raw material volatility); Smart manufacturing upgrades boosted efficiency by 80%, improving profit structure health.

Weilong's smart manufacturing and supply chain layout offer insights into production needs and reveal digital/e-commerce opportunities.

1. Production and design requirements: Upstream direct control of raw materials via cooperative planting bases in Yunnan/Sichuan ensured standardized cultivation and deep processing for stable konjac supply; Midstream quality control with 100,000-class cleanrooms and X-ray inspection supported product innovation like diverse Konjac Slim flavors.

2. Business opportunities and启示: Vegetable products (e.g., Konjac Slim's 33.7% growth) revealed health snack potential; Digital e-commerce advances like the 7th-gen Konjac Slim line integrated processes to halve footprint, double capacity, and boost efficiency 80%, solving land constraints.

3. Digital manufacturing启示: End-to-end automation built robust quality control; Smart upgrades (e.g., transparent factory tours) enhanced credibility; Omni-channel layout (including snack specialty stores) via 1,633 distributors optimized sales efficiency.

Weilong's case reveals snack industry trends, with new technologies addressing pain points and offering solutions.

1. Industry trends: Snack market growth slowed significantly to 2.5%, nearing saturation; Health-conscious consumption rose (e.g., 33.7% vegetable product growth); Vertical integration became a competitive barrier.

2. Technology applications: Smart manufacturing (e.g., 7th-gen Konjac Slim line) boosted efficiency 80%; X-ray inspection and full-process automation ensured stringent quality control, enhancing transparency.

3. Client pain points and solutions: Addressed growth pressure via innovative products (e.g., Crayfish Spicy Strips) and youth marketing (IP collaborations); Mitigated upstream supply risks with technical guidance and guaranteed purchases at planting bases.

4. Service启示: Clients need supply chain optimization (e.g., omni-channel coverage via 1,633 distributors); Technology upgrades (e.g., efficiency gains) solve food industry challenges, offering replicable solutions.

Weilong's platform needs and collaboration models offer借鉴, emphasizing merchant recruitment and risk management.

1. Platform requirements: Demanded full-channel support, partnering deeply with snack specialty leaders for tailored products; Online-offline integration ensured traditional and emerging channel synergy.

2. Platform practices and recruitment: 1,633 distributors covered supermarkets/convenience stores by end-2025; Recruitment strategies included IP collaborations (e.g., KFC's "Crazy Thursday") to attract traffic—recommended strengthening partnership networks.

3. Operations and risk avoidance: Smart manufacturing (e.g., 100,000-class cleanrooms) ensured quality control; Full traceability (e.g., upstream planting) guaranteed stability; Transparency initiatives like public inspection reports during factory tours built trust.

4. Risk management: Diversified risks via multi-category growth (vegetable products at 62.4%) amid industry slowdown; Vertical integration (e.g., doubled midstream capacity) countered competition—platforms should reinforce similar controls.

Weilong's case reflects industry shifts and business model innovation, offering policy启示 and new research questions.

1. Industry dynamics and questions: Snack industry underwent deep adjustment with intensified存量 competition; Health and flavor innovation became mainstream (e.g., Konjac Slim creating a category); Vertical integration emerged as a resilience strategy.

2. Business model analysis: Multi-layered barriers included diversified categories (seasoned flour/vegetable products), omni-channel reach (1,633 distributors), and strong branding (youth marketing); Endogenous growth stemmed from innovation-driven product expansion.

3. Policy启示: Upstream "standardized planting + deep processing + sales" model supported rural revitalization, informing government support; Smart manufacturing (80% efficiency gains) suggested policies promoting food industry digitalization.

4. Research perspectives: Emotional brand connections extended lifecycle via Gen Z marketing; Long-term high-quality development required balancing profit structure (48% gross margin) with innovation investment—recommended studying industrial transformation paths.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

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2025年，休闲零食行业步入深度调整期，增量见顶、存量竞争加剧，行业整体增速显著放缓。尼尔森IQ《2025年零食店渠道趋势洞察报告》显示，中国快消品行业全渠道同比增速放缓至2.5%，休闲零食与乳饮料成为拖累市场的主要品类。

在行业内卷加剧、增长承压的大环境下，卫龙美味 (09985) 逆势突围，交出亮眼成绩单，充分展现出辣味零食龙头的强劲抗周期韧性。

财报数据显示，2025年卫龙美味实现营收与利润双提升：总收入72.23亿元，同比增长15.3%；净利润14.27亿元，同比大幅增长33.6%；毛利率48%，每股基本盈利0.6元，同比上升30.4%。公司费用管控、现金流等核心指标同步优化，盈利结构健康，具备可持续的内生增长动力。

深耕休闲食品行业二十余年，卫龙能够实现长期稳健发展，核心在于构建起多品类、全渠道、强品牌的立体竞争壁垒，三大核心优势协同发力，成为穿越行业周期的坚实支撑。

创新驱动品类升级，第二增长曲线强势领跑

产品力是休闲零食企业的核心竞争力。卫龙坚持以创新推动品类升级，围绕口味、形态、消费场景持续突破，打造覆盖多元需求的产品矩阵，实现核心品类与新兴品类双线增长。

2025年，卫龙调味面制品收入25.53亿元；蔬菜制品收入达45亿元，同比增长33.7%，占总收入比重从53.8% 提升至62.4%，成为公司确定性的第二增长曲线。

调味面制品：经典焕新，口味持续破圈

卫龙稳固辣条核心基本盘，持续推进味型创新。2025年推出麻辣牛肉风味亲嘴烧、麻辣小龙虾味辣条，将餐饮热门风味引入零食赛道；爆辣麻辣麻辣辣条实现辣度升级，精准匹配年轻群体极致味觉需求；2026年 3月再推火鸡面味辣条，持续拓宽辣味消费场景。

蔬菜制品：健康化突围，双品类领跑赛道

作为魔芋爽品类开创者，卫龙持续迭代产品，麻酱魔芋爽、傣味舂鸡脚风味、高纤牛肝菌魔芋等满足多元偏好；风吃海带推出清爽酸辣味新品，巩固低脂低卡健康零食占位。此外，卫龙推出多汁臭豆腐系列，对传统地方小吃进行标准化、便捷化改造，进一步丰富产品矩阵。

依托快速响应消费趋势的创新能力，卫龙不断打开增量空间，保持产品矩阵的活力与竞争力。

年轻化营销全面破圈，品牌价值持续焕新

品牌与消费者的情感联结，决定品牌生命周期的长度。卫龙通过明星代言、IP联名、场景营销等多维动作，深度绑定年轻群体，将品牌势能转化为实实在在的销售动能。

2025年，卫龙完成多品类明星矩阵布局：官宣王安宇为魔芋爽代言人、管乐为风吃海带品牌大使、黄子弘凡为辣条代言人，以高契合度明星强化品牌年轻化、时尚化形象。

同时，公司加大IP跨界合作力度，深度融入多元消费场景：携手肯德基打造 “疯四” 限定联名，借势网络流量实现年轻社群破圈；端午联合五芳斋推出辣味粽子礼盒，切入传统节日场景；亲嘴烧与国潮品牌哭喊中心、热门IP《魔道祖师》合作，精准触达不同兴趣圈层。

零食已成为年轻群体的社交货币与情绪载体，一系列年轻化营销动作，显著提升卫龙品牌在Z 世代中的认知度与好感度，为长期业绩增长筑牢品牌基础。

全产业链深度布局，构建难以复制的竞争壁垒

供应链与制造能力，是食品企业行稳致远的关键。卫龙通过上中下游全产业链布局，实现源头可控、过程可溯、品质保障，形成行业领先的综合壁垒。

上游：核心产区直控，原料稳定供应

卫龙在云南、四川等魔芋核心产区建立合作种植基地，以 “标准化种植 + 精深加工 + 全渠道销售” 模式，为农户提供技术指导与保底收购，既助力乡村振兴，又从源头保障核心原料稳定与品质可控。

中游：智能制造升级，品质严苛管控

2025年 6月，卫龙第七代魔芋爽生产线正式亮相，实现四大核心工序整合，达成占地减半、产能翻倍、效率提升80%，破解食品工业增产增地难题。公司以十万级净化车间、X光检测、全流程自动化生产构建严苛品控体系，并通过媒体探厂、公开检测报告等方式提升透明度，强化消费者信任。

下游：全渠道覆盖，把握新兴红利

卫龙前瞻性布局零食量贩渠道，与头部品牌深度合作，推出适配渠道的产品规格；截至2025年末，线下经销商达1633家，覆盖商超、零食量贩、便利店等全场景。公司形成线上线下协同、传统与新兴互补的立体渠道网络，兼顾基本盘稳定与增量突破。

面向零食行业高质量发展新阶段，卫龙以产品、品牌、产业链三重升维持续筑牢竞争壁垒，凭借稳健经营与持续创新巩固龙头优势。未来，卫龙将深耕辣味零食主赛道，持续夯实龙头地位，有望成长为休闲食品领域的标杆品牌，凭借稳健盈利与强劲增长动能，实现长期可持续的高质量发展。

注：文/龚作仁，文章来源：Laborer，本文为作者独立观点，不代表亿邦动力立场。

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FAQ回顾

卫龙美味2025年的主要财务业绩如何？

2025年卫龙美味总营收72.23亿元，同比增长15.3%；净利润14.27亿元，同比增长33.6%；毛利率为48%，每股基本盈利0.6元，同比上升30.4%。

卫龙实现逆势增长的核心路径有哪些？

核心路径包括产品创新驱动品类升级（如蔬菜制品收入达45亿元）、年轻化营销全面破圈（如明星代言和IP联名）、以及全产业链深度布局（从上游种植到下游全渠道覆盖）。

卫龙在供应链和制造方面有哪些具体举措？

卫龙在上游建立核心产区合作种植基地，中游升级智能制造（如第七代魔芋爽生产线效率提升80%），下游实现全渠道覆盖，截至2025年末拥有1633家线下经销商。

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