万辰集团 20251202 摘要 万城通过收购和股权激励快速扩张量贩零食门店网络，至 2023 年底签 约门店超 18,000 家，布局 4,700 家，并逐步收回少数股东权益，增强 控制力。 公司自 2023 年二季度扭亏为盈，2025 年前三季度营收达 362 亿，贡 献利润 17 亿，量贩经营率超 5.3%，得益于仓储物流体系建设和成本控 制。 万城未来发展方向包括优化多品类店型，差异化经营，拓展华北、东北 市场，并进一步归集少数股东权益，提升整体盈利能力。 当前量贩零食行业格局进入双寡头时代，万城凭借供应链和规模优势占 据主导地位，小品牌面临挑战，预计该格局将长期持续。 万城通过股权激励考核收入和利润，已达成所有激励目标，2024 年以 来股票总涨幅超 9 倍，反映市场对其运营模式和盈利能力的认可。 中国零售业态正朝着更省、更好、更快方向发展，万城在折扣零售领域 通过量贩零食向多品类迭代，具备发展潜力。 预计万城 2025 年收入超 500 亿，净利润近 13 亿，对应 27 倍 PE，2026 年收入达 579 亿，净利润近 20 亿，对应 18 倍 PE，具备充 足发展空间。 Q&A 请简要介绍万 ...

3、本次股东会以现场表决与网络投票相结合的方式召开。 特别提示： 1、本次股东会没有出现否决议案的情形。 2、本次股东会不涉及变更前次股东会决议。 证券代码：300972 证券简称：万辰集团 公告编号：2025-124 福建万辰生物科技集团股份有限公司 2025 年第七次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议时间： 2025 年 12 月 1 日（星期一）14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 12 月 1 日（星期一）上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00。通过深圳证 券交易所互联网系统投票的具体时间为：2025 年 12 月 1 日（星期一）上午 9:15 至 下午 15:00 的任意时间。 2、会议召开地点：福建省漳浦台湾农民创业园公司会议室。 3、会议召开方式：本次股东会采取现场表决与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：王 ...

国浩律师（北京）事务所 关于 福建万辰生物科技集团股份有限公司 2025 年第七次临时股东会 之 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9 th Floor, Taikang Financial Tower, No. 38 North Road East Third Ring, Chaoyang District, Beijing, 100026, China 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二零二五年十二月 国浩律师（北京）事务所 法律意见书 国浩律师（北京）事务所 经本所律师核查，公司本次股东会是由 2025 年 11 月 14 日召开的公司第四 届董事会第四十次会议提议召开，公司董事会负责召集。根据 2025 年 11 月 15 日发布于指定披露媒体的《福建万辰生物科技集团股份有限公司关于召开公司 2025 年第七次临时股东会的通知》（以下简称"会议通知"），公司董事会于本 一、本次股东会的召集、召开程序 关于福建万辰生物科技集 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 卖4.5元的东方树叶，2.2元的康师傅冰红茶，还有3.6元的统一阿萨姆奶茶……以好特卖、嗨特购这样的 折扣超市，与万辰集团、鸣鸣很忙集团为代表的一批量贩集合店崛起，已经成为冲击传统饮料渠道的一 股凶猛力量。 市场研究机构Worldpanel消费者指数在接受智通财经采访时表示，折扣店、会员店实现高速增长，消费 者在零食店购买饮料的渗透率已达到40%，而在2023年这一数字还只有20%。 智通财经从尼尔森IQ获得的另一份报告显示，根据公开信息推算结合尼尔森IQ零研数据，从快消品全 渠道销售重要性和增长率来看，对比2025年6月与2024年6月的滚动年度总计销售数据，零食店的销售增 长已经达到20%。 但对于饮料商家来说，折扣超市和零食集合店，正在带来一场渠道重构的风暴。 智通财经获悉，有一家头部饮料公司曾经对折扣超市这样的渠道有抵触，因为会扰乱价格体系，但今年 开始"认了"，因为增长确实很快。 饮料品牌们最初的怀疑和抵触，源自于这类渠道确实称得上"价格屠夫"。 智通财经在走访北京朝阳区的一家好特卖发现，这里的饮料货架已经占据门店三分之一左右 ...

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Core Insights - The leisure food sector experienced a rise of 1.54% on November 28, with "Hao Xiang Ni" leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - "Hao Xiang Ni" (002582) closed at 10.58, with a gain of 5.69% and a trading volume of 401,000 shares, amounting to a transaction value of 424 million yuan [1] - "Youyou Food" (603697) closed at 13.05, up 4.48%, with a trading volume of 135,200 shares and a transaction value of 175 million yuan [1] - "Wancheng Group" (300972) saw a closing price of 178.52, increasing by 3.05%, with a trading volume of 14,500 shares and a transaction value of 258 million yuan [1] - Other notable performers include "Maiqu Er" (002719) with a 2.76% increase, "Ximai Food" (002956) with a 2.67% increase, and "Guifaxiang" (002820) with a 2.08% increase [1] Capital Flow - The leisure food sector saw a net inflow of 21.35 million yuan from institutional investors, while retail investors experienced a net outflow of 47.42 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the leisure food sector [3]

每经AI快讯，万辰集团（SZ 300972，收盘价：171.5元）发布公告称，2025年11月25日至11月26日，万 辰集团接受中邮证券等投资者调研，公司投资者关系管理总监王颖洁参与接待，并回答了投资者提出的 问题。 2025年1至6月份，万辰集团的营业收入构成为：量贩零食占比98.95%，农业种植业占比1.05%。 截至发稿，万辰集团市值为324亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） ...

证券代码： 300972 证券简称：万辰集团 福建万辰生物科技集团股份有限公司 公司今年持续完善系统化的协同运营策略：通过继续深度整合供 应链，奠定了高质效、低成本、快速响应的产品基础；公司在此 基础上：①重视食品安全红线，持续焕新商品力，通过常规零食 品类的迭代与爆款自有产品打造，构筑核心竞争优势；②尝试部 分非食品类的产品，进一步丰富消费场景；③精耕细作会员体系， 有效提升用户黏性与复购；④持续加大品牌宣传，强化品牌影响 力。持续形成从前端产品、中端会员到后端供应链的良性闭环， 在前三季度共同驱动门店业绩实现可持续增长。 Q：请公司介绍当前门店的客流表现？ 公司的运营模式属于线下高效零售业态。当前，行业市场容量稳 步扩张，整体发展态势向好。通过持续扎实的全链路运营，我们 希望与消费者之间构建日益坚实的信任纽带，并将其持续转化为 稳定的到店客流量。今年前三季度，公司始终朝着这一目标稳步 推进，致力于业务的长期增长奠定坚实基础。 Q：请公司介绍自有产品的相关规划？ 投资者关系活动记录表 编号：2025-004 投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 ...

Core Viewpoint - The report from Guotou Securities emphasizes the importance of consumption in economic growth, predicting a stabilization in the consumption fundamentals in 2026, which presents a significant opportunity for investment in the food and beverage industry [1] Group 1: Alcohol Industry - The liquor sector is at a cyclical bottom, with low expectations, low holdings, and low valuations, suggesting potential for left-side layout opportunities [2] - The rapid clearing of financial reports in the past two quarters indicates a resolution of supply-demand conflicts, with a gradual recovery in household consumption expected [2] - The white liquor business model remains strong, and with a potential economic recovery, valuations are likely to rebound quickly [2] Group 2: Beer Industry - The beer sector is expected to maintain a structural market in 2026, with investment opportunities in companies with strong single-product growth logic and those benefiting from competitor adjustments [3] - Overall profitability in the beer sector is on an upward trend, driven by the expansion of products priced between 8-10 yuan and improved efficiency from lean management [3] Group 3: Dairy Industry - The dairy sector is positioned for a turnaround in the raw milk cycle in 2026, with a focus on the profitability elasticity of the dairy supply chain [4] - Demand for dairy products has shown differentiation, with low-temperature fresh milk and cheese experiencing healthy growth, while room temperature liquid milk has been a drag [4] - The average milk price in major production areas is expected to recover above the average cost of production in 2026, making it an opportune time to invest in the dairy supply chain [4] Group 4: Soft Drink Industry - The soft drink sector has seen significant performance differentiation, with companies in strong growth categories leading the industry [5] - In 2026, there is a focus on functional beverages and the competitive landscape of packaged water, with an emphasis on companies introducing new products [5] - The demand for low-sugar functional beverages is anticipated to grow, particularly among white-collar workers seeking fatigue-relief options [5] Group 5: Snack Industry - The snack sector is benefiting from strong new channel drivers, with expectations of improved gross and net profit margins due to scale effects [6] - The konjac product category is maintaining high market interest, with significant growth potential in China [6] - Investment recommendations include focusing on companies with strong performance during the adjustment period and those with leading products in the snack sector [6]

Group 1: Market Overview - The A-share market continues to decline, primarily due to external volatility [3] - Global equity markets generally fell, with only Vietnam and India showing gains [3] - Commodity prices mostly decreased, and the China-US interest rate spread narrowed [3] Group 2: Fixed Income and Economic Indicators - The current Gusheng fundamental high-frequency index is 128.8 points, with a year-on-year increase of 6.1 points [3] - The industrial production high-frequency index remains at 127.5, with a year-on-year increase of 5.2 points [3] - The CPI and PPI month-on-month forecasts are both 0.1% [4] Group 3: Company Insights - Wanchen Group - Wanchen Group, established in 2011, became a key national leader in the edible fungus sector, achieving revenue of 540 million yuan in 2024 [6] - The company expanded into the snack retail sector in 2022, rapidly building a store network through acquisitions, reaching 15,365 stores by June 2025 [6] - In the first three quarters of 2025, the snack retail segment generated revenue of 36.16 billion yuan, accounting for 98.9% of total revenue, with a net profit margin of 5.3% in Q3 2025 [6] Group 4: Company Insights - Saiwei Era - Saiwei Era is a technology-driven leader in cross-border apparel, leveraging a digital platform to create a multi-brand matrix [7] - The company is expected to achieve revenues of 12.12 billion, 14.35 billion, and 16.50 billion yuan from 2025 to 2027, with corresponding net profits of 340 million, 570 million, and 710 million yuan [7] Group 5: Company Insights - Miniso - Miniso reported a revenue of 5.8 billion yuan for Q3 2025, reflecting a year-on-year growth of 28.2% [9] - The adjusted net profit for the same period was 767 million yuan, up 11.7% year-on-year, with an operating profit margin of 17.6% [9] - The company is positioned as a global leader in daily goods retail, expanding rapidly through a light-asset model [9] Group 6: Company Insights - Kuaishou - Kuaishou's Q3 2025 revenue reached 35.6 billion yuan, a year-on-year increase of 14.2% [11] - The company recorded a total operating profit of 5.3 billion yuan, with a profit margin of approximately 14.9% [11] - E-commerce GMV grew by 15.2% to 385 billion yuan, with AI models enhancing marketing and operational efficiency [14]