资料显示，福建万辰食品集团股份有限公司位于福建漳浦台湾农民创业园,香港铜锣湾希慎道33号利园1 期19楼1917室，成立日期2011年12月21日，上市日期2021年4月19日，公司主营业务涉及鲜品食用菌的 研发、工厂化培育与销售。主营业务收入构成为：零食产品98.95%，食用菌1.05%。 截至9月30日，万辰集团股东户数1.14万，较上期增加44.39%；人均流通股14573股，较上期减少 25.90%。2025年1月-9月，万辰集团实现营业收入365.62亿元，同比增长77.37%；归母净利润8.55亿元， 同比增长917.04%。 分红方面，万辰集团A股上市后累计派现1.70亿元。近三年，累计派现1.36亿元。 机构持仓方面，截止2025年9月30日，万辰集团十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股374.04万股，相比上期减少14.74万股。东方红启恒三年持有混合A（910004）位居第十大 流通股东，持股266.84万股，为新进股东。东方红启东三年持有混合（008985）退出十大流通股东之 列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点， ...

中邮证券研报指出，结合调研感受及业绩考量，认为万辰集团作为头部零食量贩品牌具备龙头效应及业 绩弹性，在此重申推荐逻辑。经过2024年至2025年的密集开店与市场培育，万辰集团量贩零食业务已迎 来关键经营拐点。从单店趋势看，老店业绩企稳、新店爬坡完成，叠加升级店型对单店GMV的提振作 用逐步显现；从外部催化看，2026年春节时点靠后带来的消费集中效应，有望在1-2月形成显著旺季脉 冲。2026年Q1，公司将迎来单店拐点确认、春节旺季催化、升级店型放量三大积极因素的共振。老店 业绩企稳与新店爬坡完成奠定增长基础，春节时点靠后带来的消费集中效应形成显著增量，升级店型对 单店GMV的持续提振则提供了结构性改善动能。认为Q1业绩有望实现超预期增长，单店预期拐点向 上。维持"买入"评级。 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

证券研究报告：食品饮料 | 公司深度报告 发布时间：2026-02-23 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 投资要点 节前我们集中性进行了量贩零售业态实地调研，本次调研覆盖石 家庄、成都、郑州、长沙、汕头等地核心商圈的好想来、零食很忙、 零食有鸣等竞品门店进行对比观察。调研时间集中于 2026 年 1-2 月， 正值春节消费旺季，能够充分反映各品牌的实际运营状态和消费者行 为特征。我们认为未来行业将呈现以鸣鸣很忙、好想来引领的全国性 量贩巨头+区域性品牌+传统零售跨界融合长期并存的割据格局。 结合调研感受及业绩考量，我们认为万辰集团作为头部零食量贩 品牌具备龙头效应及业绩弹性，在此重申推荐逻辑。经过 2024 年至 2025 年的密集开店与市场培育，万辰集团量贩零食业务已迎来关键经 营拐点。从单店趋势看，老店业绩企稳、新店爬坡完成，叠加升级店 型对单店 GMV 的提振作用逐步显现；从外部催化看，2026 年春节时点 靠后带来的消费集中效应，有望在 1-2 月形成显著旺季脉冲。 1）驱动因素一：老店企稳、新店爬坡，开店节奏有序提升。24H2 集中开设的新店（尤其是两湖两广新市场门店 ...

2月22日电，据证券时报·数据宝统计，2026年以来（截至2月13日），63家机构合计进行了1827次评级，共计932只个股获券商研报给予"买入型"评级（包括 买入、增持、强烈推荐、推荐）。 从行业上看，机构评级个股主要分布于电子、机械设备、电力设备行业，上榜个股数量依次为121只、92只、84只；汽车、医药生物、基础化工、计算机等 紧随其后，获评级个股数量均在50只以上。 具体到个股来看，评级机构数量在5家及以上的个股有67只，东鹏饮料、比亚迪、万辰集团、贵州茅台、中国中免居前，依次有16家、15家、14家、14家、 14家。 从评级调整情况来看，26股评级获得机构上调：汽车板块的潍柴动力、赛力斯、江淮汽车、林泰新材，食品饮料板块的万辰集团、新乳业、泉阳泉，电子板 块的佰维存储、全志科技、星宸科技、中微半导等均上榜。 （文章来源：人民财讯） | 代码 | 简称 | | 评级机构 2025年净利润 | 2025年净利润 | 公告日期 | 公告类型 | | --- | --- | --- | --- | --- | --- | --- | | | | 家数 | (亿元) | 同比(%) | | | | 6054 ...

Core Viewpoint - The report highlights the increasing institutional interest in various sectors, particularly in electronics and automotive, with a significant number of stocks receiving "buy" ratings from analysts. Group 1: Institutional Ratings - A total of 63 institutions conducted 1,827 ratings since 2026, with 932 stocks receiving "buy" ratings, including buy, accumulate, strong recommendation, and recommendation [1][12]. - The electronics sector has the highest number of rated stocks, followed by machinery, power equipment, automotive, pharmaceuticals, basic chemicals, and computers, with each having over 50 rated stocks [2][13]. Group 2: Electronics Sector Performance - The electronics index has risen by 8.41% this year, significantly outperforming the Shanghai Composite Index, with the semiconductor index showing the highest increase of 13.93% [4][14]. - Key semiconductor companies like Baiwei Storage, Zhaoyi Innovation, SMIC, and Jiangfeng Electronics have received ratings from five or more institutions, indicating strong market interest [4][14]. Group 3: Notable Stocks - 67 stocks have received attention from five or more rating agencies, with Dongpeng Beverage, BYD, Wancheng Group, Kweichow Moutai, and China Duty Free leading the list [5][15]. - Dongpeng Beverage is projected to achieve revenue of 20.76 billion to 21.12 billion yuan in 2025, with a year-on-year growth of 31.07% to 33.34%, and a net profit of 4.34 billion to 4.59 billion yuan, reflecting a growth of 30.46% to 37.97% [5][15]. - BYD's sales in January were 210,100 units, a year-on-year decrease of 30.11%, attributed to inventory reduction and a transitional policy period [5][15]. Group 4: Future Growth Prospects - Baiwei Storage is expected to achieve revenue of 10 billion to 12 billion yuan in 2025, with a year-on-year growth of 49.36% to 79.23%, and a net profit of 850 million to 1 billion yuan, reflecting a growth of 427.19% to 520.22% [10][19]. - The company is focusing on AI storage solutions and has strong competitive advantages through self-developed chips and advanced packaging capabilities [11][19].

Core Insights - The retail market for leisure food and beverages in China is evolving from a traditional "snack" category to a high-frequency necessity, driven by rising consumer income and changing consumption patterns [1][3][5] - By 2025, the market size of China's leisure food and beverage retail industry is projected to reach 39,653 billion yuan, with a year-on-year growth of 6.1% [1][5] - The market is characterized by a fragmented competitive landscape, with a CR5 market share of only 6% in 2024, indicating a large number of small to medium-sized enterprises [6][7] Industry Overview - Leisure food and beverage retail focuses on convenience and entertainment, catering to individual and family consumers through both offline and online channels [2] - The industry can be categorized into leisure food retail and leisure beverage retail, with further segmentation based on retail channels [2] Development Background - Rising national income and consumption levels are foundational for the growth of the leisure food and beverage retail industry, with per capita consumption expenditure expected to reach 29,476 yuan in 2025, a nominal increase of 4.4% [3][4] - There is a shift in consumer demand from mere indulgence to a combination of health and indulgence, with health-oriented products becoming mainstream [3][5] Industry Chain - The industry chain includes upstream manufacturers of various leisure foods and beverages, midstream retail channels such as supermarkets and e-commerce, and downstream consumers across all age groups [5] Current Market Status - The retail industry has expanded its scope to cover various consumption scenarios, becoming a key part of daily life, with significant growth in consumption frequency and penetration [1][5] - The distribution of market channels by 2025 is projected to be approximately 44.8% for supermarkets, 22.6% for grocery stores, 14.1% for e-commerce, and 12.2% for specialty stores [1][5] Competitive Landscape - The market is highly fragmented, with major players including Hunan Mingming Hen Mang Commercial Chain Co., Ltd., Walmart (China), Yonghui Supermarket, and others [6][7] - Hunan Mingming Hen Mang reported a total revenue of 463.71 billion yuan for the first nine months of 2025, with its two brands contributing significantly to this figure [7] Development Trends - The industry is expected to focus on health and functionality as core competitive advantages, with consumers increasingly favoring products with natural ingredients and minimal additives [8][9] - There is a growing emphasis on quality-price ratio and emotional value in consumer demand, with products serving not just as snacks but also as means for emotional comfort and social interaction [9] - The retail landscape is moving towards a multi-channel approach, integrating online and offline strategies to enhance consumer convenience and engagement [10][11]

| | | | | | 指标4 指标8 审口 北上资金 两融资金 精确资金 打板资金 上榜资金 产资ETF资金 沪深湖数学 救护线 市调审 甘肃事 更多 | | | | | | | | | | | | 檀板 十 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 休闲食品(20) | . | 涨幅% 1 | 现价 | | 量比 涨速% | 流通市值 | 换手% | 市盈(动) | | 涨跌 均涨幅％ | 昨涨幅% | 涨停数 | 跌停数 | 封单额 | 换手乙 | 开盘全额 | 开盘换手Z | | 1 力辰集团 | R | 0.88 | 208.00 | 0.70 | -0.19 | 364.67亿 | 0.70 | 34.90 | 1.81 | 1.56 | -1.11 | .. | .. | .. | 1.36 | 53.56万 | 0.00 | | 2 ST绝味 | | 0.64 | 12.58 | 1.59 | 0.16 | 7 ...

Core Insights - The rise of discount snack stores, represented by brands like "Hao Xiang Lai" and "Zhao Yi Ming," is becoming a new choice for young consumers during the Chinese New Year, offering more affordable prices and a concentrated product range compared to traditional supermarkets [1][3] - The discount snack store model relies on direct sourcing from manufacturers and streamlined supply chains, allowing for lower prices and a combination of well-known brands for traffic and private label products for profit [3][4] - The infrastructure improvements in county-level markets, including cold chain logistics and digital management systems, have enabled the rapid expansion of discount snack stores [3][4] Industry Dynamics - The competitive landscape of the discount snack industry is characterized by two dominant players: Wanchen Group with brands "Hao Xiang Lai" and "Lao Po Da Ren," and "Ming Ming Hen Mang" with brands "Liang Shi Hen Mang" and "Zhao Yi Ming" [1] - The shift in consumer behavior among young people reflects a desire for control over their purchasing decisions, moving away from the fixed specifications and prices set by manufacturers in traditional supermarkets [4] - The current growth of discount snack stores may face challenges, including quality control risks associated with private label products and the sustainability of price wars driving expansion [4]

Summary of the Conference Call on the Snack Retail Industry Industry Overview - The conference call focuses on the snack retail industry, particularly the leading companies, Mingming Hen Mang and Wancheng Group, which have entered a cost reduction and efficiency improvement phase since 2025 [2][3]. Key Insights and Arguments - **Profit Margin Improvement**: Both companies have seen significant profit margin increases, with Mingming Hen Mang's margin rising by 1.5-1.6 percentage points and Wancheng Group's by nearly 2 percentage points, primarily due to supply chain restructuring and optimization of consumer scenarios [2][3]. - **Factors Driving Gross Margin Increase**: - Increased retail scale leading to lower procurement prices [6]. - Higher proportion of private label products, which now exceeds 10% [6]. - Increased rebates from upstream suppliers since 2025 [6]. - Enhanced logistics and distribution efficiency, reducing transportation costs [6]. - **Cost Reduction**: The decrease in expense ratios is linked to reduced subsidies for new stores and gross profit for franchisees, although gross margin improvement remains the main driver of profit margin growth [5][7]. - **Future Profit Margin Trends**: The trend of profit margin improvement is expected to continue into 2026, albeit at a slightly reduced rate compared to 2025, driven by declining procurement prices for second and third-tier brands and an increase in private label product share [8][10]. Competitive Landscape - The snack retail industry currently has a stable competitive landscape with only two major players, both of which had over 20,000 stores by the end of 2025. This rapid expansion provides ample motivation and time for cost reduction and efficiency improvements [9][10]. - The industry is characterized by a significant performance elasticity, with potential growth rates exceeding 50% in the short term [14]. Long-term Growth Potential - Long-term expansion depends on available store opening space and the ability to sustain same-store sales growth. Both companies have substantial expansion potential in their respective stronghold regions and are beginning to enter first-tier cities [11]. - Same-store sales growth has been under pressure, with Mingming Hen Mang experiencing a slight decline in 2025. However, improvements are noted in the latter half of the year due to store upgrades and enhanced digital membership operations [12][13]. Importance of Digital Membership Operations - Digital private membership operations are crucial for long-term growth in the chain retail sector. By establishing a digital membership system, companies can better understand consumer needs, optimize product offerings, and enhance operational efficiency [13]. Conclusion - The snack retail industry is poised for continued growth driven by cost reduction and efficiency improvements, with a focus on enhancing same-store sales through digital membership strategies and store optimization. The competitive landscape remains favorable for the leading companies, providing a solid foundation for future expansion and profitability [14][16].