Group 1 - The core point of the article is that Wancheng Group has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to establish a dual listing structure of "A+H" [1] - Wancheng Group's snack retail business achieved a revenue of 22.345 billion yuan in the first half of the year, representing a year-on-year growth of 109.33% [1] - As of June 30, the company has a network of 15,365 snack retail stores across 29 provinces, with its "Haoxianglai" brand being the first in the industry to exceed 10,000 stores [1] Group 2 - The purpose of the Hong Kong listing is to advance the company's international strategy, enhance brand awareness and competitiveness, and improve the supply chain system [2] - The company announced the resignation of its chairman Wang Jiankun on July 25 due to personal reasons, which raised concerns about leadership stability [2] - Wang Jiankun was previously under investigation but resumed his duties as chairman in late May [3] Group 3 - The current chairman of Wancheng Group is Wang Liqing, who is the sister of Wang Jiankun, while Wang Zening has been appointed as the new general manager [4] - As of September 24, the company's stock price was 174.54 yuan per share, with a market capitalization of approximately 32.746 billion yuan [5]

Core Viewpoint - Wancheng Group has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [2] Company Summary - Wancheng Group initially focused on edible fungi business and was listed on the Shenzhen Stock Exchange in April 2021. The company has acquired several regional snack brands and consolidated them under the "Haoxianglai" brand in 2023, forming a significant presence in the snack market [2] - As of the first half of 2025, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with a net profit of 472 million yuan, up 50,358.8%. Revenue from the snack business accounted for approximately 99% of total revenue [2] - In July 2023, Wancheng Group underwent a management change, with founder Wang Jiankun stepping down as chairman and Wang Liqing taking over. Wang Jiankun's son, Wang Zenning, was appointed as the new general manager [2] Industry Summary - The snack retail sector is experiencing rapid growth, characterized by a "superior price-performance ratio" product positioning. The competitive landscape is dominated by a few strong players, with Wancheng Group's store count reaching 14,196 by the end of 2024 [3] - By June 30, 2025, Wancheng Group's store count increased by 1,169 to 15,365, while a competitor, Mingming Henbang, surpassed 20,000 stores [3] - Both Wancheng Group and Mingming Henbang are competing for the title of "first snack stock in Hong Kong," with Wancheng Group's IPO application indicating a strategic move to enhance brand recognition and industry position [3][4] - The industry is expected to transition into a phase of "refined operations," with a focus on supply chain efficiency and proprietary brands becoming key competitive factors [3][4]

Core Viewpoint - Wancheng Biotechnology Group Co., Ltd. is preparing to list on the Hong Kong Stock Exchange, aiming to establish an "A+H" listing structure after its previous listing on the Shenzhen Stock Exchange in April 2021 [2] Group 1: Company Overview - Wancheng Biotechnology was founded in 2011 and went public on the Shenzhen Stock Exchange in April 2021, focusing on the research, cultivation, and sales of edible fungi [7] - As of June 30, 2025, Wancheng Biotechnology has a network of 15,365 stores, primarily franchise stores, covering 29 provinces, municipalities, and autonomous regions in China [7] - The company reported a revenue of 22.58 billion RMB and a profit of 860.5 million RMB for the first half of 2025, compared to 10.92 billion RMB in revenue and 136.2 million RMB in profit in the same period of the previous year [11] Group 2: Recent Transactions - Wancheng Biotechnology announced an investment of 1.38 billion RMB to acquire a 49% stake in Nanjing Wanyou Commercial Management Co., Ltd., which operates in the bulk snack industry [3][4] - The acquisition is part of a strategy to strengthen the company's core team and ensure performance commitments from the transaction counterparties [5] Group 3: Financial Performance - The company achieved a revenue of 5.49 billion RMB in 2022, 9.29 billion RMB in 2023, and projected 32.33 billion RMB in 2024, with profits of 67.85 million RMB, -176.21 million RMB, and 610.91 million RMB respectively [9][10] - For the first half of 2025, the adjusted net profit was 922 million RMB, up from 238 million RMB in the same period of the previous year [12] Group 4: Management Changes - In July 2025, the former chairman Wang Jiankun was investigated, leading to Wang Lijing being appointed as the new chairman and Wang Zenning as the new general manager [18][19] - Wang Lijing has been with the company since 2011 and has held various leadership roles, while Wang Zenning joined in 2015 and has been promoted through the ranks [19]

Core Viewpoint - Wancheng Group is set to become the first A+H share listed company in the snack retail sector, having submitted its IPO application to the Hong Kong Stock Exchange, competing with its main rival, Mingming Hen Mang [2][9]. Group 1: Company Performance - Wancheng Group has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 million, -RMB 1.76 million, and RMB 6.11 million for the same years [3]. - The company's GMV saw a year-on-year increase of 282% from 2023 to 2024, with a significant rise in net profit of 50,358.8% year-on-year in the first half of 2025 [3][8]. - The snack and beverage retail business has become the core of Wancheng Group, contributing 98.9% to total revenue, while the original mushroom business has become negligible [4][6]. Group 2: Business Model and Strategy - Wancheng Group operates a model that eliminates middlemen through unified upstream procurement, allowing for greater profit margins and price advantages for downstream retailers [6][8]. - As of June 30, 2025, the company had a network of 15,365 stores, with 99.4% being franchise stores, which allows for significant market influence and direct procurement from manufacturers [6][8]. - The company does not charge franchise fees, only requiring a deposit and a one-time opening fee, which helps attract franchisees and ensures stable cash flow through a "payment upon delivery" model [8][11]. Group 3: Competitive Landscape - The snack retail industry is evolving into a "two super, many strong" structure, with Wancheng Group and Mingming Hen Mang as the leading players [9][10]. - In 2024, Wancheng Group's revenue was RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [10]. - Both companies are focusing on expanding their own brand products to enhance profit margins, with Wancheng Group's gross margin at 11.49% for the first half of 2025, compared to Mingming Hen Mang's 7.62% [11]. Group 4: Future Plans - Wancheng Group plans to use the funds raised from its IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [11].

格隆汇9月24日丨万辰集团(300972.SZ)公布，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%）。 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-093 福建万辰生物科技集团股份有限公司 关于调整公司 2023 年第二期限制性股票激励计划 授予价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 根据福建万辰生物科技集团股份有限公司（以下简称"公司"或"万辰集团"） 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《关于调整 公司 2023 年第二期限制性股票激励计划授予价格的议案》。同意公司将 2023 年第二期限制性股票激励计划（以下简称"《激励计划》"或"本激励计划"） 限制性股票授予价格由 18.65 元/股调整为 18.05 元/股。现将有关事项说明如下： 一、本激励计划已履行的审批程序 1、2023 年 7 月 31 日，公司召开第三届董事会第三十八次会议和第三届监 事会第三十五次会议，审议通过了《关于<公司 2023 年第二期限制性股票激励计 划（草案）>及其摘要的议案》《关于<公司 2023 年第二期限制性股票激励计划 实施考核管理办法>的议案》《关于提请股东大会授权董事会办理公司股权激励 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-092 福建万辰生物科技集团股份有限公司 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公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 根据福建万辰生物科技集团股份有限公司（以下简称"公司"或"万辰集团"） 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》，同意公司作废 2023 年第二期限制性股票激励计划（以下简称"《激励计 划》"或"本激励计划"）部分已授予尚未归属的限制性股票。现将有关事项说 明如下： 一、本激励计划已履行的审批程序 1、2023 年 7 月 31 日，公司召开第三届董事会第三十八次会议和第三届监 事会第三十五次会议，审议通过了《关于<公司 2023 年第二期限制性股票激励计 划（草案）>及其摘要的议案》《关于<公司 2023 年第二期限制性股票激励计划 实施考核管理办法>的议案》《关于提请股东大会授权董事会办 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-091 福建万辰生物科技集团股份有限公司 第四届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 福建万辰生物科技集团股份有限公司（以下简称"公司"）第四届董事会第 三十五次会议于 2025 年 9 月 24 日在公司会议室以现场结合通讯方式召开，本次 董事会会议通知于 2025 年 9 月 21 日以书面、电子邮件的形式向公司全体董事发 出。会议应参与表决董事 9 名，实际参与表决董事 9 名。本次会议由公司董事长 王丽卿主持，公司高级管理人员列席会议。本次会议的召开符合《中华人民共和 国公司法》等相关法律、法规以及《福建万辰生物科技集团股份有限公司章程》 （以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 全体与会董事经认真审议，形成以下决议： （一）审议通过《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》 根据《公司 2023 年第二期限制性股票激励计划》（以下简称"《激励计划》" 或" ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-090 福建万辰生物科技集团股份有限公司 关于公司股东减持股份预披露的公告 蔡冬娜保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 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%）。 公司近日收到副总经理、财务总监兼董事会秘书蔡冬娜女士出具的《股份减 持计划告知函》，现将有关情况公告如下： 一、股东的基本情况 截至本公告日，公司副总经理、财务总监兼董事会秘书蔡冬娜女士直接持有 公司股份 110,000 股，占公司总股本比例 0.0586%。蔡冬娜女士不属于公司控股 股东、实际控制人，与公司控股股东、实际控制人不构成一致行动关系。 二、本次减持计划的主要内容 蔡冬娜女士的减持计划如下： 1、减持原因：股东自身资金需求。 2、股份来源：股权激励授予的 ...

特此公告。 福建万辰生物科技集团股份有限公司 董事会 2025 年 9 月 24 日 董事会薪酬与考核委员会关于公司 2023 年第二期限制性股票激励 计划首次授予部分第二个归属期（第一批次）归属名单的核查意见 福建万辰生物科技集团股份有限公司（以下简称"公司"）董事会薪酬与考 核委员会根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》 （以下简称"《上市规则》"）、《深圳证券交易所创业板上市公司自律监管指 南第 1 号——业务办理》等法律、法规、规范性文件以及《公司 2023 年第二期 限制性股票激励计划》（以下简称"《激励计划》"或"本激励计划"）、《公 司章程》的有关规定，对本激励计划首次授予部分第二个归属期（第一批次）归 属名单进行审核，现发表核查意见如下： 本激励计划首次授予部分第二个归属期（第一批次）拟归属的 55 名激励对 象符合《公司法》《证券法》等法律、法规和规范性文件以及《公司章程》规定 的任职资格，符合《管理办法》《上市规则》等法律、 ...