卫龙美味2025年年报

Stock code股份代號: 09985.HK(Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司） 年報 CONTENTS目錄 2Company Profile公司簡介4Definitions釋義8Corporate Information公司資料10Financial Overview財務概覽12Chairman’s Statement主席報告16Management Discussion and Analysis管理層討論與分析35Corporate Governance Report企業管治報告61Biographies of Directors and Senior Management董事及高級管理層履歷71Report of the Directors董事會報告101Independent Auditor’s Report獨立核數師報告108Consolidated Statement of Profit or Loss合併損益表109Consolidated Statement of Comprehensive Income合併綜合收益表110Consolidated Statement of Financial Position合併財務狀況表112Consolidated Statement of Changes in Equity合併權益變動表114Consolidated Statement of Cash Flows合併現金流量表116Notes to the Consolidated Financial Statements合併財務報表附註 Company Profile WEILONG Delicious Global Holdings Ltd (the “Company”) and itssubsidiaries (“the Group”, “we” or “us”) are a leading spicy snack foodenterprise integrating R&D, production and sales in China. The Group waslisted on the Main Board of the Hong Kong Stock Exchange (stock code:9985.HK) on December 15, 2022. 衛龍美味全球控股有限公司（「本公司」）及其附屬公司（「本集團」或「我們」）是中國領先的集研發、生產及銷售為一體的辣味休閒食品企業。本集團於2022年12月15日在香港聯交所主板上市（股份代號：9985.HK）。 本集團以傳統美食為基礎開創了中國調味麵製品（俗稱「辣條」）行業，於2001年開創出第一根辣條，並引領了辣條行業標準建設。憑藉出眾的產品拓展能力，本集團已成功擴展至蔬菜製品及其它產品等品類，推出了包括魔芋爽、風吃海帶等大單品。本年度，本集團又推出麻醬口味、高纖牛肝菌口味及傣味舂雞腳口味等多款「魔芋爽」、麻辣牛肉口味「親嘴燒」等多款新品，深受消費者的喜愛。 Based on traditional formulas, the Group started the Chinese seasonedflour products (also commonly known as Latiao (辣條)) industry, createdour first Latiao (辣條) snack in 2001, leading the standards construction ofLatiao industry. With our outstanding product development capabilities,the Group has successfully diversified into vegetable products and others,including Konjac Shuang (魔芋爽), Fengchi Kelp (風吃海帶) and others.The Group has further launched a variety of new products like sesamepaste-flavoured, high-fiber Porcini-flavoured, and spicy Dai (Yunnan) –style pounded chicken-feet flavoured variants Konjac Shuang (魔芋爽),spicy beef-flavoured Kiss Burn (親嘴燒) in the Current Year, which arequite popular among consumers. Adhering to our product development philosophy of “maximizing theintrinsic value of nature with an industrialized approach”, the Groupcontinuously upgrades existing products and launches new products,focuses on quality through establishing an industry-leading productionsystem and strict quality assurance system. 秉承「以工業化思維，讓美食原點的價值最大化釋放」的產品開發理念，本集團持續升級現有產品及推出新產品，專注品質，建立了行業領先的生產體系及嚴格的品質保障體系。 We are a popular snack food brand among young consumers in China.The Group focuses and understands the needs of young consumergroups, constantly enhances brand value through novel and interestinginteractions with consumers, and keeps up with current hot topic trendsto give the brand new vitality. In 2025, we were honored to be namedNo.1 on the list of “2025 Top Ten Spicy Leisure Food Brands Loved byChinese Consumers” by ASKCI Industrial Research Institute, selected forthe “Hurun China Food Industry Top 100 List,” and included in StockStar’s 2025 “Future Power” New Consumer Brand List, among others. 我們是倍受中國年輕消費者喜愛的休閑食品品牌，本集團深度洞察年輕消費群體的需求，不斷運用新穎有趣的互動玩法提升品牌價值，並緊跟時下熱點話題趨勢，賦予品牌新活力。本年度，我們榮登中商產業研究院「2025年中國最受消費者喜愛的十大辣味休閑食品品牌」榜首，成功入選「胡潤中國食品行業百強榜」及證券之星2025「未來力量」新消費品牌榜等多項獎項。 The Group has an omni-channel sales and distribution network thateffectively reaches consumers, we have quickly adapted to the evolvingpurchasing behavior of consumers and expanded to supermarkets,chained convenience stores, traditional e-commerce channels andemerging snacks specialty retailers, content e-commerce channelsand social e-commerce channels which have wide exposure to youngconsumers. 本集團擁有有效觸達年輕消費者的全渠道銷售及經銷網絡，緊隨消費者購買行為的演變，我們迅速擴張到廣泛覆蓋消費者的商超、連鎖便利店、傳統電商及新興的零食量販店、內容電商、社交電商等渠道。 We adhere to the mission “to let the world fall in love with Chineseflavours” and are continuously committed to the good vision of “makingauthentic Chinese gourmet more entertaining, casual, convenient,affordable, digitally intelligent, to achieve leadership in NPS1andoperational efficiency, and ultimately build a great business that bringsjoy and happiness to people for 123 years”. We adhere to the core valueof “putting consumer experience at the core, valuing those who strive,benchmarking courageously against best-in-class peers, and embracingcontinuous self-reflection”, continuously offer consumers better productsand a cheerful consumption experience. 我們秉承「讓世界人人愛上中國味」的重大使命，持續致力於讓「傳統美食娛樂化、休閑化、便捷化、親民化、數智化、NPS領先1、效率領先，樂活123年的生態平台」的美好願景，堅持「以消費者體驗為中心，以奮斗者為本、勇找標杆，堅持自我批判」的核心價值觀，持續不斷地為消費者提供更好的產品和愉悅的消費體驗。 The Group was selected as a constituent stock by Hang Seng IndexesCompany Limited on February 21, 2025. The Indexes included: 本集團於2025年2月21日獲香港恒生指數有限公司選中，納入以下恒生指數系列： (1)Hang Seng Composite Index;(2)Hang Seng Composite Industry Index – Consumer Staples;(3)Hang Seng Composite LargeCap & MidCap Index;(4)Hang Seng Composite MidCap Index;(5)Hang Seng Composite MidCap & SmallCap Index;(6)Hang Seng Consumption Index;(7)Hang Seng SCHK Consumption