Investment Rating - The report maintains a "Buy" investment rating for Wancheng Group (300972.SZ) [1] Core Views - Wancheng Group is expected to achieve a revenue of 30-34 billion yuan in 2024, representing a year-on-year growth of 223%-266%, primarily driven by the expansion of store numbers. The net profit attributable to shareholders is projected to be 240-300 million yuan, a significant recovery from a loss of 83 million yuan in the same period of 2023 [4] - The company is exploring new business formats with the launch of "Youpin" discount supermarkets, which have expanded their SKU count from over 1800 to approximately 3000, enhancing product offerings and aiming to increase customer retention and average transaction value [5] - The snack wholesale industry continues to experience high growth, with Wancheng Group positioned as a market leader, benefiting from supply chain efficiency improvements and digital management advancements [6] Summary by Sections Financial Performance - For 2024, Wancheng Group anticipates a revenue of 30-34 billion yuan, with a net profit of 240-300 million yuan, compared to a loss of 83 million yuan in 2023. The adjusted net profit excluding non-recurring items is expected to be 210-270 million yuan [4] - The company forecasts Q4 2024 revenue of 93.87-133.87 billion yuan, with a net profit of 156-216 million yuan, recovering from a loss of 26 million yuan in Q4 2023 [4] Business Expansion - The company is actively expanding its store network, which is a key driver of its revenue growth. The snack wholesale business is projected to generate 30-33 billion yuan in revenue for 2024, with a net profit of 790-880 million yuan, reflecting a net profit margin of 2.50%-2.75% [4] - The launch of the discount supermarket format aims to cater to community needs and enhance product variety, which is expected to drive future growth [5] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.51, 2.66, and 4.28 yuan respectively, with corresponding price-to-earnings (PE) ratios of 67, 38, and 24 times [6] - The company is projected to achieve a return on equity (ROE) of 22.7% in 2024, improving to 23.0% and 22.0% in the following years [9]

Financial Performance Forecast - The company expects a net profit of 240 million to 300 million CNY for 2024, a significant recovery from a loss of 82.93 million CNY in the previous year[3] - Operating revenue is projected to be between 3,000 million and 3,400 million CNY, compared to 929.37 million CNY in the same period last year, indicating a substantial increase[3] - The snack business is expected to achieve operating revenue of 30 billion to 33 billion CNY, representing a year-on-year growth of 242.50% to 276.75%[6] - The net profit for the snack business is anticipated to be between 790 million and 880 million CNY, with a net profit margin of 2.50% to 2.75%[6] - The performance forecast is based on preliminary calculations and has not yet been audited by an accounting firm[4] Business Development and Strategy - The company has approximately 2.3 billion CNY in cash, ensuring sufficient funds for business development[5] - The company is focusing on enhancing its supply chain, logistics, brand building, and digital capabilities to support sustainable growth[6] - The company emphasizes the importance of high-quality development in its snack and edible mushroom businesses in response to national consumption policies[5] Market Conditions and Investor Guidance - The edible mushroom business has been impacted by market factors, leading to lower sales prices for key products like enoki mushrooms[6] - Investors are advised to make cautious decisions as the financial data will be finalized in the 2024 annual report[7]

证券时报e公司讯，企查查APP显示，近日，宁波万辰企业管理咨询有限公司成立，法定代表人为许顺 根，经营范围包含：企业管理咨询；品牌管理；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广。 企查查股权穿透显示，该公司由万辰集团全资持股。 ...

Investment Rating - Buy rating, first-time coverage [2] Core Views - The company has shown strong development momentum in 2024, with its first store under the "Laiyoupin" brand opening in January 2025, marking further innovation in the snack retail industry [5] - The company is expected to maintain rapid growth due to the continuous expansion of its snack retail business and increasing market share [5] - The company has actively explored business transformation, entering the snack retail market in 2022 and integrating multiple snack brands to enhance market competitiveness [6] - The company's snack retail business has accelerated, with net profit margins steadily increasing, and the number of stores expected to reach 10,000 by the end of 2024 [7] - The snack retail market has formed a duopoly, with the company having significant room for store expansion and potential for profit margin improvement [8][9] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 20.613 billion yuan, a year-on-year increase of 320.63%, and net profit attributable to the parent company of 84 million yuan, a year-on-year increase of 248.64% [7] - The snack retail business achieved quarterly revenues of 4.695 billion yuan, 5.979 billion yuan, and 9.554 billion yuan in Q1-Q3 2024, with net profit margins of 2.5%, 2.72%, and 2.73% respectively [7] - The company's gross profit margin for the snack retail business exceeded 10% in the first half of 2024, with a stable operating net profit margin of 2-3% [8] Business Strategy - The company has transitioned from focusing on edible fungi to diversified retail business, integrating multiple snack brands to enhance market competitiveness [6] - The company has accelerated the layout of its snack retail business, with a focus on store model refinement and upgrading, aiming to improve store efficiency through customized products and private brands [8] - The company has increased its control over subsidiaries by acquiring minority equity, which is expected to enhance consolidated net profit and demonstrate stronger control over subsidiaries [9] Market Outlook - The snack retail market is in a rapid store expansion phase, with the company actively expanding its store network to capture market share [8] - The company is expected to achieve significant profit margin improvement in the long term as the business stabilizes and economies of scale emerge [9] Financial Forecast - The company is expected to achieve revenues of 30.254 billion yuan, 49.577 billion yuan, and 56.468 billion yuan in 2024-2026, with year-on-year growth rates of 225.53%, 63.87%, and 13.9% respectively [10] - Net profit attributable to the parent company is expected to be 203 million yuan, 568 million yuan, and 754 million yuan in 2024-2026, with year-on-year growth rates of 345.07%, 179.58%, and 32.68% respectively [10] - The company's EPS is expected to be 1.13 yuan, 3.16 yuan, and 4.19 yuan in 2024-2026, with corresponding P/E ratios of 80, 29, and 22 times [10] Financial Ratios - The company's gross profit margin is expected to increase from 9.3% in 2023 to 12.0%, 12.8%, and 13.0% in 2024-2026 [15] - The net profit margin is expected to improve from -0.9% in 2023 to 0.7%, 1.1%, and 1.3% in 2024-2026 [15] - ROE is expected to increase from -12.8% in 2023 to 21.4%, 45.6%, and 46.0% in 2024-2026 [15]

Key Points Company and Industry Overview 1. **Company Background**: Wan Cheng Group, a private enterprise, previously focused on biological fungi businesses like enoki mushrooms. It transitioned into the snack retail sector in 2022, establishing its own brand "Lu Xiaochan" and collaborating with "Haolaiyou Pin" and "Mrs. Lady" brands. [4] 2. **Stock Performance**: In the second half of 2024, Wan Cheng Group's stock surged nearly threefold, driven by macro policy changes, improved operational efficiency, profit release, and valuation recovery. [3] 3. **Market Position**: Wan Cheng Group has established a solid position in the Suhuan market and is gradually expanding into the northern market, leveraging its first-mover advantage. [3] 4. **Business Model**: The company's competitive edge lies in scale effects and efficient supply chain management, achieving price advantages and rapid expansion through low gross margins, high turnover rates, and direct procurement and distribution models. [4] Business Transformation and Development 1. **Transition to Snack Retail**: Wan Cheng Group successfully transformed into the snack retail sector, with its "Lu Xiaochan" brand and others experiencing rapid growth. Revenue from snack retail reached 206 billion yuan in the first three quarters of 2024, accounting for over 90% of total revenue. [4] 2. **Competitive Landscape**: The retail snack sector is characterized by a "two super and many strong" landscape, with two leading brands and multiple small and medium-sized brands. [6] 3. **Challenges**: The industry faces challenges such as fluctuating per capita consumption expenditure, increasing store saturation, and intensified competition. [8] Management and Strategy 1. **Ownership Structure**: Wan Cheng Group is a family-owned enterprise with a concentrated and stable ownership structure, controlled by the Wang Zemin family. The management team has extensive experience and a deep understanding of the company's development. [9] 2. **Recent Actions**: In August 2024, Wan Cheng Group announced the acquisition of 49% of Nanjing Wanhao, further integrating internal resources and consolidating its leading position in the industry. [11] 3. **Market Expansion**: The company plans to expand its presence in the northern market and continue to densify its store network. [13] Financial Performance and Outlook 1. **Revenue Growth**: Wan Cheng Group's retail snack business revenue is expected to grow from 270 billion yuan in 2020 to around 550 billion yuan by 2026. [16] 2. **Profitability**: Gross margin is expected to increase from 9.7% in 2020 to over 11% by 2026. Net profit is projected to reach nearly 2 billion yuan in 2024, 4.5 billion yuan in 2025, and 8 billion yuan in 2026. [16] 3. **Industry Risks**: Risks include potential underperformance in expansion, increased competition leading to lower gross margins and net interest rates, and food safety risks. [17]

证券代码：300972 证券简称：万辰集团 公告编号：2025-004 福建万辰生物科技集团股份有限公司 关于 2024 年前三季度权益分派实施公告 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、误导性陈述或重大遗漏。 福建万辰生物科技集团股份有限公司（以下简称"公司"）2024 年前三季度权 益分派方案已获 2024 年 12 月 30 日召开的 2024 年第九次临时股东会审议通过。 现将权益分派事宜公告如下： 一、股东会审议通过权益分派方案情况 1、公司 2024 年第九次临时股东会审议通过的 2024 年前三季度权益分派具体 内容如下： 公司以现有总股本 179,989,761 股为基数，向权益分派实施时股权登记日的在 册股东每 10 股派送现金股利 2.00 元（含税），合计派送现金股利 35,997,952.20 元。本次利润分配不送红股，不进行资本公积金转增股本，剩余未分配利润结转 下一年度。 自公司董事会审议利润分配预案后至实施权益分派预案的股权登记日期间， 公司股本如发生变动，将按照现金分红总额不变的原则对分配比例进行相应调整。 2、自分配方案披露至实施期间公司股 ...

Investment Rating - The report assigns an "Accumulate" rating for Wancheng Group (300972.SZ) for the first time [1]. Core Views - Wancheng Group, originally a mushroom business, has successfully entered the snack wholesale market, establishing a strong position in the Jiangsu and Anhui markets and rapidly expanding into northern regions. The company is expected to see significant profit growth from 2024 to 2026, with projected net profits of 1.9 billion, 4.5 billion, and 7.9 billion yuan, representing year-on-year growth rates of 333.4%, 134.5%, and 73.6% respectively [4][19]. Summary by Sections Company Overview - Wancheng Group started as a mushroom farming enterprise and transitioned into the snack wholesale sector in 2022, launching its own brand "Lu Xiaochan" and collaborating with several regional brands [19][20]. - The company has consolidated its brands under "Haoxianglai" and acquired "Wife's Big Man," becoming one of the largest snack wholesale brands in the country [29]. Market Dynamics - The snack wholesale market operates on a low-margin, high-turnover discount model, where success hinges on scale and efficiency. The competitive landscape features a "two super, many strong" structure, with Wancheng Group and "Very Busy" leading the market [5][49]. - The company has a significant first-mover advantage in northern markets and is expanding its store network rapidly, with a well-established supply chain and logistics system [6][60]. Financial Projections - The company’s revenue is expected to grow significantly, with 2023 revenue reaching 93 billion yuan, a year-on-year increase of 1592%, primarily driven by the snack business [20]. - Forecasts indicate that the company will achieve revenues of 27.85 billion, 46.92 billion, and 55.90 billion yuan from 2024 to 2026, with corresponding net profits of 194 million, 454 million, and 788 million yuan [7]. Competitive Landscape - The snack wholesale market is characterized by intense competition, particularly in southern regions, while northern markets are still developing. The potential for new store openings is substantial, with estimates suggesting that the industry could support over 60,000 additional stores [5][60]. - Wancheng Group's strategic partnerships and acquisitions have positioned it well to capitalize on market opportunities and enhance operational efficiency [29][39].

证券代码：300972 证券简称：万辰集团 公告编号：2025-001 福建万辰生物科技集团股份有限公司 第四届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，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 二十四次会议于 2025 年 1 月 3 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 2024 年 12 月 30 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，会议由公司董事长王 健坤主持，公司监事和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》 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： 审议通过《关于"质量回报双提升"行动方案的议案》 公司为践行中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加 有力有效措施，着力稳市场、稳信心 ...

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 2024 年第九次临时股东会 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 2024 年 12 月 国浩律师（北京）事务所 法律意见书 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 2024 年第九次临时股东会之 法律意见书 国浩京证字【2024】第 0684 号 致：福建万辰生物科技集团股份有限公司 国浩律师（北京）事务所接受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"）的委托，指派律师出席并见证了公司 2024 年 12 月 30 日召开的 2024 年第九次临时股东会（以下简称 ...

证券代码：300972 证券简称：万辰集团 公告编号：2024-124 福建万辰生物科技集团股份有限公司 关于注销部分募集资金专项账户的公告 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、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意福建万辰生物科技股份有限公司首次公 开发行股票注册的批复》（证监许可[2021]756 号）同意注册，福建万辰生物科技集 团股份有限公司（以下简称"公司"）首次公开发行人民币普通股（A 股）3,837.50 万股，发行价格为 7.19 元/股，募集资金总额为人民币 275,916,250.00 元，扣除各项 发行费用后募集资金净额为人民币 228,602,900.00 元，于 2021 年 4 月 12 日汇入公司 募集资金专项账户。中审众环会计师事务所（特殊普通合伙）对募集资金到位情况进 行了审验，并出具了众环验字（2021）0800002 号《验资报告》。 二、募集资金存放管理情况 为规范公司募集资金管理，保护中小投资者的权益，公司开立了募集资金专项账 户，对募集资金的存放和使用进行专户管理。2021 年 4 月， ...