Core Viewpoint - Wancheng Group has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing in both A-shares and H-shares, with plans to use the raised funds for expansion, product diversification, logistics efficiency, and digital infrastructure upgrades [2] Group 1: Company Overview - Wancheng Group was established in 2011, initially focusing on the industrial cultivation of edible mushrooms and has become a leading supplier in China [2] - The company entered the snack retail industry in 2022, launching the "Liu Xiaochan" brand and forming joint ventures to expand its snack business [3] Group 2: Financial Performance - Wancheng Group's total revenue is projected to grow from 9.3 billion in 2023 to 32.33 billion in 2024, representing a year-on-year increase of 247.9% [2] - The company's GMV is expected to reach 42.6 billion in 2024, with a year-on-year growth of 282% [2] - Adjusted net profit for 2024 is forecasted to be 820 million [2] Group 3: Market Position and Strategy - Wancheng Group operates 15,365 snack and beverage stores across 29 provinces, with over 99% being franchise stores [2] - The company aims to strengthen its competitive position in the Chinese snack retail industry and expand its "hard discount" business model into broader fast-moving consumer goods markets [4] Group 4: Competitor Analysis - Competitor Mingming Hen Mang plans to list on the Hong Kong Stock Exchange, with over 20,000 stores and projected revenues of 4.286 billion, 10.295 billion, and 39.344 billion for 2022, 2023, and 2024 respectively [3] - Mingming Hen Mang's adjusted net profits for the same years are 81 million, 235 million, and 913 million [3]

今年无疑是国内量贩零食饮料零售行业的"上市大年"。 继今年4月休闲零食连锁品牌"鸣鸣很忙"递表港交所后，其强劲对手万辰集团（300972.SZ）也在5个月后跟进，正式向港交所递交招股书，谋求"A+H"双重 上市。 凭借量贩零售这一热门赛道，万辰集团在A股市场备受追捧，过去一年股价累计涨幅超500%，早期投资者获利颇丰。 食用菌企业转型卖零食 万辰集团成立于2000年，最初以金针菇、海鲜菇等食用菌的工厂化种植为主业，是国内相关品类的头部企业。 2022年，万辰集团做出重大战略调整，跨界切入量贩零食饮料零售赛道。次年，万辰集团将旗下"陆小馋""来优品""吖滴吖滴"等品牌整合为全国性品牌"好 想来"，标志着其从单一农业企业成功转型为"食用菌+量贩零食"双主业运营。 万辰集团以"低价刚需+社区连锁"为核心策略，借助资本力量，通过并购区域品牌与统一供应链整合快速扩张。截至今年6月底，全国门店总数突破1.5万 家，跻身行业第一梯队。 低价的背后，是量贩零售的"效率革命"：厂家直采、高周转、规模化采购与精细化运营。 以万辰集团为例，公司近95%的产品直接采购自品牌厂商，省去了中间多层流通环节；其零食业务存货周转天数在今年上 ...

人民财讯9月24日电，万辰集团(300972)9月24日早间公告，公司已于2025年9月23日向香港联交所递交 了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请资料。 ...

9月23日，中国领先且增长最快的零食饮料零售企业——福建万辰生物科技集团股份有限公司（下称"万辰集团"），正式向香港联合交易所递交上市申 请，拟在主板挂牌上市。 据招股书披露，万辰集团凭借其独特的商业模式和高效的运营体系，已在中国零食饮料市场占据领先地位。根据灼识咨询的资料，按2024年商品交易总额 （GMV）计算，"好想来"不仅是中国零食饮料零售品牌第一，也是全国首个门店数量突破10,000家的量贩零食品牌。 如果说庞大的门店网络是万辰集团的"躯体"，高效的供应链是其"血脉"，那么贯穿始终的数字化系统，就是驱动这家零售巨头高速运转的"智能大脑"。根 据灼识咨询的资料，万辰集团是中国首家通过自主研发IT系统，将所有核心业务流程全面数字化的量贩零食零售商。这为其带来了较高的运营效率和决策 精准度。 在消费市场深刻变革的背景下，万辰集团展现出了强劲的增长潜力。据招股书显示，集团总收入从2023年的人民币93.0亿元增长至2024年的人民币323.3亿 元，同比增长247.9%。2024年，集团GMV达人民币426亿元，较2023年同比增长282%，增速领跑行业。盈利能力方面，集团2024年经调整净利润达人民 币8 ...

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to expand its presence in the rapidly growing snack and beverage retail market in China [1] Financial Performance - The company's total revenue is projected to grow from RMB 9.3 billion in 2023 to RMB 32.33 billion in 2024, representing a year-on-year increase of 247.9% [3] - The Group's GMV is expected to reach RMB 42.6 billion in 2024, a year-on-year growth of 282% [3] - For the first half of 2025, the company reported revenue of RMB 22.58 billion, a year-on-year increase of 106.9%, with an adjusted net profit of RMB 920 million [3] Business Model and Growth Strategy - The company's growth is driven by a "growth flywheel" consisting of five key elements that create a win-win situation for consumers, franchisees, suppliers, and the company [4] - The expansion of the store network enhances purchasing power and strengthens bargaining capabilities with suppliers, allowing the company to offer high-quality products at competitive prices [6] Competitive Advantages - As of June 30, 2025, the company operates over 15,000 stores across 29 provinces in China, establishing a significant scale advantage [7] - The company has accumulated over 150 million registered members, providing a solid foundation for sustained growth [7] - The company achieves high supply chain efficiency, with approximately 95% of products sourced directly from manufacturers, resulting in a 20%-30% lower retail price compared to traditional supermarkets [7] Product Strategy - The company has a professional procurement team of over 200 people and maintains a product pool of over 4,000 SKUs, ensuring a diverse yet efficient product offering [8] - The company introduces an average of 250 new SKUs each month, keeping the product lineup fresh and responsive to market trends [8] - The company has launched two proprietary product lines, "Haoxianglai Value" and "Haoxianglai Selection," targeting different consumer needs and enhancing brand perception [9][11] Customer Experience - The company aims to create a shopping environment that combines shopping, entertainment, and social interaction, enhancing customer engagement and increasing average transaction value [12] - Store designs are standardized and tailored to different consumer scenarios, providing a one-stop shopping experience [12] Future Outlook - The company plans to use the funds raised from the IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [14] - With the support of capital, the company aims to solidify its leadership position in the Chinese snack and beverage retail industry and expand its successful discount model into broader fast-moving consumer goods markets [14]

根据灼识咨询的资料，按2024年GMV计算，万辰集团旗下"好想来"品牌不仅是中国零食饮料零售品牌 第一，也是全国首个门店数量突破10000家的量贩零食品牌。 在消费市场深刻变革的背景下，万辰集团展现出了强劲的增长潜力。招股书显示，该公司总收入从2023 年的93.0亿元增长至2024年的323.3亿元，同比增长247.9%。2024年，公司GMV(商品交易总额)达426亿 元，较2023年同比增长282%，增速领跑行业。盈利能力方面，该公司2024年经调整净利润为8.2亿元。 进入2025年，增长势头延续。截至2025年6月30日止的六个月内，该公司收入达225.8亿元，同比增长 106.9%，经调整净利润9.2亿元。 此次赴港上市，万辰集团计划将募集资金用于进一步扩张和升级门店网络、持续丰富产品组合、提升仓 储物流效率及升级数字化基础设施等。展望未来，随着资本的助力，万辰集团将继续巩固其在中国零食 饮料零售行业的竞争优势地位，并有望将其成功的"硬折扣"商业模式拓展至更广阔的快消品市场，为全 球投资者带来长期价值回报。 截至2025年6月30日，万辰集团在全国29个省份拥有超过15000家门店，形成了广泛覆盖 ...

格隆汇9月24日丨万辰集团(300972.SZ)公布，公司已于2025年9月23日向香港联合交易所有限公司(以下 简称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市(以下简称"本次发行上 市")的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照香港 证券及期货事务监察委员会(以下简称"香港证监会")及香港联交所的要求编制和刊发，为草拟版本，其 所载资料可能会适时作出更新及修订。 ...

9 月 23 日，中国领先且增长最快的零食饮料零售企业——福建万辰生物科技集团股份有限公司（下 称"万辰集团"），正式向香港联合交易所递交上市申请，拟在主板挂牌上市。 据招股书披露，万辰集团凭借其独特的商业模式和高效的运营体系，已在中国零食饮料市场占据领先 地位。根据灼识咨询的资料，按 2024 年商品交易总额（ GMV ）计算，"好想来"不仅是中国零食 饮料零售品牌第一，也是全国首个门店数量突破 10,000 家的量贩零食品牌。 财务数据亮眼，增长势头强劲 据万辰招股书显示，驱动万辰集团增长的核心引擎 ——是一个由五大要素构成的良性循环"增长飞 轮"。这一模式不仅是其商业战略的核心，更是实现消费者、加盟商、供应商与公司多方共赢局面的 关键。 在消费市场深刻变革的背景下， 万辰集团展现出了 强劲 的增长潜力 。据招股书显示，集团总收入 从 2023 年的人民币 93.0 亿元增长至 2024 年的人民币 323.3 亿元，同比增长 247.9% 。 2024 年，集团 GMV 达人民币 426 亿元，较 2023 年同比增长 282% ，增速领跑行业。盈利能力方 面，集团 2024 年经调整净利润达人民币 8 ...

万辰集团（300972）(300972.SZ)发布公告，公司已于2025年9月23日向香港联合交易所有限公司(以下简 称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日在香港 联交所网站刊登了本次发行上市的申请资料。 ...

智通财经APP讯，万辰集团(300972.SZ)发布公告，公司已于2025年9月23日向香港联合交易所有限公司 (以下简称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日 在香港联交所网站刊登了本次发行上市的申请资料。 ...