Core Viewpoint - Wanchen Group, the parent company of the leading retail brand "Haoxianglai," has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming for a dual listing in A+H shares, with plans to use the raised funds for expansion and upgrading of its store network, product diversification, logistics efficiency, and digital infrastructure enhancement [1][2]. Group 1: Company Overview - Wanchen Group, established in 2011, initially focused on edible fungi and transitioned to the bulk snack industry in 2022, integrating multiple snack retail brands into "Haoxianglai" [2][3]. - The company's revenue surged from 4.26 billion yuan in 2021 to an expected 32.33 billion yuan in 2024, marking a year-on-year growth of 247.9% [2][3]. - The gross merchandise volume (GMV) for 2024 is projected to reach 42.6 billion yuan, reflecting a 282% increase from 2023 [1][2]. Group 2: Business Model and Market Position - Wanchen Group operates a franchise model, with 99% of its 15,365 stores being franchises, which has contributed to its rapid expansion and market penetration across 29 provinces in China [3][4]. - The company has established a significant presence in high-consumption areas like the Yangtze River Delta, leveraging a zero-franchise fee and zero-delivery fee strategy to create a mutually beneficial relationship with franchisees [3][4]. Group 3: Industry Insights - The bulk snack retail market in China is experiencing rapid growth, with the market size projected to increase from 7.3 billion yuan in 2019 to 129.7 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 77.9% [4][5]. - The market is expected to reach 613.7 billion yuan by 2029, with a forecasted CAGR of 36.5% from 2024 to 2029, driven by increasing consumer demand for diverse and cost-effective products [5][6]. Group 4: Competitive Strategy - To address product homogenization challenges, Wanchen Group has launched two proprietary product lines: "Haoxianglai Value" focusing on core categories with high cost-performance, and "Haoxianglai Selection" targeting high-end and differentiated products [6]. - The company has accumulated over 150 million registered members, providing a solid foundation for sustained growth [3]. Group 5: Stock Performance - On September 24, Wanchen Group's A-share price rose by 2.23%, closing at 172.18 yuan per share, with a market capitalization of 32.304 billion yuan [7].

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd., the parent company of "Hao Xiang Lai," has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking the beginning of its "A+H" dual-platform listing journey after four years on the A-share Growth Enterprise Market [1] Financial Performance - The company achieved a remarkable revenue growth from 549 million to 32.329 billion yuan within three years, representing an increase of nearly 60 times over two years, driven by the rapid expansion of its snack and beverage retail business under the "Hao Xiang Lai" brand [1] - According to the prospectus submitted by Wancheng Group, the "Hao Xiang Lai" brand is projected to be the leading brand in China's snack and beverage retail sector by GMV (Gross Merchandise Volume) in 2024 [1] Future Challenges - For Wancheng Group, the listing and fundraising are just the beginning; the real challenge lies in establishing a sustainable profit model and value creation capability [1] - The company faces governance structure risks due to its heavy reliance on a franchise model, pressures related to food safety management, and the need to integrate family business management with modern corporate governance [1]

Core Insights - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming for a main board listing [1] - The brand "Haoxianglai" under Wancheng Group is the top-ranked brand in China's snack and beverage retail sector, with over 10,000 stores [1] - The adjusted net profit for Wancheng Group is projected to reach RMB 820 million in 2024, a significant turnaround from a loss of RMB 28.1 million in 2023 [1] - In the first half of 2024, the group's revenue reached RMB 22.58 billion, marking a year-on-year increase of 106.9%, with adjusted net profit exceeding the total for the previous year at RMB 920 million [1] - The rapid growth in performance is attributed to the aggressive expansion of the sales network, with store numbers increasing from 4,560 at the end of 2023 to 15,355 in the first half of 2025 [1] Financial Performance - Wancheng Group's revenue for the first half of 2024 was RMB 22.58 billion, reflecting a 106.9% year-on-year growth [1] - The adjusted net profit for the first half of 2024 reached RMB 920 million, surpassing the total profit for the entire previous year [1] - The adjusted net profit forecast for 2024 is RMB 820 million, a recovery from a loss of RMB 28.1 million in 2023 [1] Expansion Strategy - The company plans to use the funds raised from the IPO to support store network and strategic expansion, including exploring overseas market opportunities [2] - Plans include introducing new products and expanding into other categories to diversify the product portfolio [2] - There will be an emphasis on enhancing digital capabilities and strengthening warehousing and logistics infrastructure [2]

Core Viewpoint - Wanchen Group, the parent company of "Haoxianglai," has submitted an application for a public listing on the Hong Kong Stock Exchange, aiming to raise funds for expanding its store network, enhancing product offerings, improving logistics efficiency, and upgrading digital infrastructure [1][3]. Group 1: Company Overview - Wanchen Group operates its snack business primarily under the "Haoxianglai" brand, with a total of 15,365 snack and beverage stores across 29 provinces and regions in China as of June 2025, of which 99% are franchise stores [1][4]. - The company plans to increase its store count from 14,098 at the end of 2024 to an average of 7 new stores per day in the first half of 2025 [1][4]. Group 2: Financial Performance - As of August 31, 2025, Wanchen Group has accumulated over 150 million registered members, supporting its growth trajectory [2][4]. - The company's revenue for the first half of 2025 reached 22.583 billion yuan, a year-on-year increase of 106.89%, while net profit surged to 472 million yuan, reflecting a staggering increase of over 50,000% [2][6]. - The snack wholesale business generated 22.345 billion yuan in revenue during the same period, marking a 109.33% year-on-year growth [6]. Group 3: Market Position and Strategy - Wanchen Group is positioned as a leading player in the snack retail market, with its "Haoxianglai" brand ranking first in China's snack and beverage retail sector by gross merchandise volume (GMV) as of 2024 [4][6]. - The company has diversified its product offerings across 12 core categories, including beverages, dairy products, snacks, and convenience foods, with over 2,000 SKUs to meet diverse consumer needs [5][6]. - The planned dual listing (A+H) is expected to strengthen the company's market position and expand its successful discount model into broader fast-moving consumer goods markets [3].

Company Overview - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for expanding its store network, enhancing management, diversifying product offerings, improving digital capabilities, and increasing brand recognition [1] - The company plans to use the raised funds for potential business investments or acquisitions, as well as for working capital and other general corporate purposes [1] Financial Performance - The company's revenue increased from RMB 549.3 million in 2022 to RMB 9.2937 billion in 2023, with a projected further increase of 247.9% to RMB 32.3288 billion in 2024 [3] - For the first half of 2025, the revenue reached RMB 22.5826 billion [3] - Adjusted net profits (non-IFRS) for 2022 to 2024 were RMB 39.3 million, -RMB 28.1 million, and RMB 822.8 million, respectively, with the first half of 2025 showing an adjusted net profit of RMB 921.7 million [3] Store Expansion - The "Haoxianglai" brand primarily operates through a franchise model, with a significant increase in store numbers from 232 at the end of 2022 to 15,365 across 29 provinces and municipalities by June 30, 2025 [3] - Franchise stores account for over 99% of the total, with 15,275 franchise stores and 90 direct-operated stores [3] Industry Trends - The Chinese snack and beverage retail market has shown positive growth, with the market size increasing from RMB 3.1712 trillion in 2019 to a projected RMB 4.0449 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 5.0% [4] - The market is expected to reach RMB 5.3837 trillion by 2029, with a projected CAGR of 5.9% from 2024 to 2029, driven by increasing consumer demand for diverse and innovative products [4] Competitive Landscape - The company faces challenges similar to other low-priced snack brands, such as "Mingming Hen Mang," which reported low gross margins and net profit margins, indicating a common issue of profit ceilings in the discount snack supermarket sector [5] - Industry experts suggest that merely expanding store numbers is insufficient for sustained performance; companies must optimize store layouts, enhance operational efficiency, and refine product offerings to improve profitability [5]

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to expand its operations and enhance its market presence [1][9]. Group 1: Company Overview - Wancheng Group is the parent company of the snack brand "Haoxianglai" and was listed on the Shenzhen Stock Exchange in April 2021 with an IPO price of 7.19 CNY per share, raising approximately 276 million CNY [3][9]. - The company focuses on the research, cultivation, and sales of fresh edible fungi, and has recently expanded into the retail snack industry [7][9]. Group 2: Financial Performance - Wancheng Group's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 549 million CNY, 9.29 billion CNY, 32.33 billion CNY, and 10.92 billion CNY, respectively [13][14]. - The net profit figures for the same periods were approximately 67.85 million CNY, -176.21 million CNY, 610.91 million CNY, and 136.17 million CNY [14][16]. Group 3: Investment Projects - The company initially planned to raise 600 million CNY for various projects, including a 21,000-ton mushroom production facility, but later adjusted its fundraising goals and project allocations [4][5][10]. - In September 2023, Wancheng Group announced a reduction in the investment amount for the "60-ton daily mushroom production project" from approximately 130 million CNY to 80.6 million CNY, reallocating the remaining funds to the "53,000-ton golden needle mushroom production project" [5][6]. Group 4: Shareholder Structure - As of December 31, 2022, the actual controller of Wancheng Group, Wang Zenin, held a direct stake of 5.08% and controlled a total of 51.26% of the company through various entities [7][9]. - Wang Zenin participated in a private placement of shares at a price of 11.30 CNY per share, raising 200 million CNY for brand marketing and operational support projects [10][12]. Group 5: Market Position and Future Plans - Wancheng Group's brand "Haoxianglai" is projected to rank first in China's snack and beverage retail sector by GMV in 2024, with over 15,000 stores across 29 provinces and municipalities by June 30, 2025 [12][13]. - The company has integrated its snack brands into a national brand strategy, enhancing its market presence and operational efficiency [8][9].

（编辑 任世碧） 证券日报网讯 9月24日晚间，万辰集团发布公告称，根据公司于2025年9月24日召开的第四届董事会第 三十五次会议审议通过了《关于作废公司2023年第二期限制性股票激励计划部分已授予尚未归属的限制 性股票的议案》。由于本激励计划首次授予的激励对象中12名激励对象因个人原因已离职，不具备激励 对象资格，作废处理其已获授但尚未归属的限制性股票合计6.1800万股。由于本激励计划首次授予的激 励对象中18名激励对象因其对应考核期个人层面绩效考核原因不能全部归属，作废处理其已获授但尚未 归属的限制性股票合计0.3240万股。综上，前述激励对象已获授但尚未归属的限制性股票共计6.5040万 股由公司作废。 ...

（编辑 任世碧） 证券日报网讯 9月24日晚间，万辰集团发布公告称，持有公司股份110，000股（占公司总股本比例 0.0586%）的副总经理、财务总监兼董事会秘书蔡冬娜女士计划自本公告发布之日起15个交易日后的3 个月内以集中竞价方式减持公司股份不超过27，500股（占公司总股本比例0.0147%）。 ...

Core Points - Wanchen Group announced the approval of the second vesting period for the first batch of its 2023 second phase restricted stock incentive plan during the 35th meeting of the fourth board of directors held on September 24, 2025 [1] - The board confirmed that the vesting conditions for the first batch of the initial grant have been met, allowing for the vesting of 1,276,360 shares of restricted stock for 55 eligible incentive recipients [1] Summary by Category - **Incentive Plan Details** - The board approved the vesting conditions for the second vesting period of the first batch of the 2023 second phase restricted stock incentive plan [1] - A total of 1,276,360 shares will be vested to 55 eligible recipients as part of this incentive plan [1] - **Regulatory Compliance** - The decision was made in accordance with the "Management Measures for Equity Incentives of Listed Companies" and the relevant provisions of the company's 2023 second phase restricted stock incentive plan [1]

Core Points - Wanchen Group announced an adjustment to the grant price of its 2023 second phase restricted stock incentive plan from 18.65 yuan per share to 18.05 yuan per share [1] Summary by Category - **Company Announcement** - The company held its 35th meeting of the 4th Board of Directors on September 24, 2025, where the adjustment of the stock grant price was approved [1]