证券代码：300972 证券简称：万辰集团 公告编号：2025-088 福建万辰生物科技集团股份有限公司 关于 2023 年向特定对象发行股票限售股解禁上市流通的 提示性公告 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。 特别提示： 1、本次解除限售的股份为福建万辰生物科技集团股份有限公司（以下简称 "万辰集团"或"公司"）于 2024 年 3 月 21 日在深圳证券交易所上市的向特定 对象发行的股票。 2、本次申请解除限售股份的对象是公司实际控制人、董事、总经理王泽宁 先生，其认购的股份限售期为新增股份上市之日起十八个月。本次申请解除限售 的股份数量为 17,699,115 股，占目前公司总股本的 9.4337%。 3、本次解除限售股份的上市流通日期为 2025 年 9 月 25 日（星期四）。 一、本次申请解除限售股份的基本情况 经中国证券监督管理委员会《关于同意福建万辰生物科技集团股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2023〕2842 号）同意注册，公 司于 2024 年 2 月 29 日向特定对象发行股票 17,699,115 股 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [10]. Core Insights - The company achieved a revenue of 22.583 billion yuan in the first half of 2025, representing a year-on-year growth of 106.89%. The net profit attributable to the parent company, after deducting non-recurring gains and losses, reached 451 million yuan, a staggering increase of 14,722.34% [5][6]. - The snack wholesale business continues to grow significantly, with revenue doubling year-on-year. The snack wholesale segment generated 22.345 billion yuan in revenue, a 109.33% increase compared to the previous year [5][6]. - The company has consolidated its brands under "Haoxianglai," which is the first snack wholesale chain in the industry to exceed 10,000 stores. As of the end of the reporting period, the company operated 15,365 stores across 29 provinces, with a net addition of 1,169 stores during the period [5][6]. - The company has a strong presence in East China, with 8,727 stores, accounting for 56.8% of the total store count. This strategic focus on East China is expected to enhance the overall profitability of the company [5][6]. - The gross margin for the wholesale business improved to 11.49%, an increase of 0.62 percentage points year-on-year, while the net profit margin reached 3.85%, up 2.53 percentage points year-on-year [5][6]. Financial Projections - The company forecasts earnings per share (EPS) of 5.84 yuan, 9.08 yuan, and 10.96 yuan for the years 2025, 2026, and 2027, respectively. Based on the closing price of 171.55 yuan on September 19, the corresponding price-to-earnings (P/E) ratios are projected to be 29.35, 18.90, and 15.65 [6][7]. - Revenue is expected to grow significantly, with projections of 52.373 billion yuan in 2025, 63.895 billion yuan in 2026, and 71.562 billion yuan in 2027, reflecting growth rates of 62.00%, 22.00%, and 12.00% respectively [7][8]. - The net profit is projected to reach 1.097 billion yuan in 2025, 1.703 billion yuan in 2026, and 2.057 billion yuan in 2027, with growth rates of 273.58%, 55.33%, and 20.75% respectively [7][8]. Key Financial Metrics - As of June 30, 2025, the company reported a net asset value per share of 8.65 yuan, a diluted return on equity (ROE) of 29.07%, and a debt-to-asset ratio of 68.95% [2][5]. - The company has maintained a strong cash flow, with operating cash flow per share at 6.92 yuan [2]. - The company’s market capitalization stands at 28.039 billion yuan, with a price-to-book (P/B) ratio of 19.84 [1][2].

Core Viewpoint - The rapid expansion of the snack retail brand "Haoxianglai" has slowed down significantly, with multiple store closures in Jinan, indicating a potential shift in the snack retail industry from high-speed growth to a more sustainable development phase [1][6][16]. Group 1: Store Closures and Business Strategy - "Haoxianglai" has closed three stores in Jinan, with reports of high rent being a contributing factor to the closures [2][3]. - The company’s parent, Wancheng Group, reported that the number of closed stores in the first half of 2025 exceeded the total for the entire previous year, reaching 259 closures [6]. - The opening speed of new stores has drastically decreased, with new store openings dropping from 9,776 in 2024 to 1,468 in the first half of 2025 [6]. Group 2: Market Competition and Pricing Strategies - The low-price strategy employed by "Haoxianglai" is aimed at reducing operational costs by simplifying the supply chain, but this approach may lead to increased competition and market saturation [8][10]. - Major competitors like "Three Squirrels" and "Good Products" have also adopted aggressive pricing strategies, with "Three Squirrels" reporting a 52.22% decline in net profit despite revenue growth [9][10]. - The industry is experiencing a shift from price competition to a focus on supply chain efficiency and product differentiation, as brands seek to establish a competitive edge [17][20]. Group 3: Industry Trends and Future Outlook - The rapid growth of snack retail stores has led to market saturation, with over 45,000 snack retail stores projected in China by 2025 [16]. - Experts suggest that the current trend of store closures and slower openings is a strategic move to align resources and management capabilities for sustainable growth [16][20]. - Companies are increasingly focusing on product quality and differentiation rather than merely expanding store numbers, indicating a maturation of the market [17][19].

证券代码：300972 证券简称：万辰集团 公告编号：2025-087 福建万辰生物科技集团股份有限公司 2025 年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有出现否决议案的情形。 2、本次股东会不涉及变更前次股东会决议。 3、本次股东会以现场表决与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议时间： 2025 年 9 月 18 日（星期四）14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 9 月 18 日（星期四）上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00。通过深圳证 券交易所互联网系统投票的具体时间为：2025 年 9 月 18 日（星期四）上午 9:15 至 下午 15:00 的任意时间。 （二）会议出席情况： 1、股东总体出席情况 参加本次股东会现场会议和网络投票表决的股东及股东代理人共 77 人，代表公 司有表决权的股份总数为 115,179,772 股 ...

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 2025 年第三次临时股东会 之 法律意见书 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 2025 年 9 月 18 日 召开的 2025 年第三次临时股东会（以下简称"本次股东会"），并依据《中华人 民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以 下简称"《公司法》"）和《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》"）出具本法律意见书。 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 ...

关于董事辞职暨选举职工代表董事的公告 证券代码：300972 证券简称：万辰集团 公告编号：2025-086 福建万辰生物科技集团股份有限公司 福建万辰生物科技集团股份有限公司董事会 2025 年 9 月 18 日 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。 附件：李博先生简历 一、董事辞职情况 李博先生，1983 年 4 月出生，中国国籍，无境外永久居留权，食用菌遗传 学专业硕士研究生学历。曾任浙江瑞丰农业发展有限公司（现已更名为"浙江瑞 丰农业开发股份有限公司"）生产部技术总监，江苏康盛农业发展有限公司副总 经理。现任公司董事、副总经理。未在公司 5%以上股东、实际控制人处任职， 最近五年未在其他单位担任董事、监事、高级管理人员。曾参与编辑《中国食用 菌菌种学》《食用菌工厂化栽培实践》，作为主要起草人之一参与"金针菇工厂 化栽培技术规范"标准制订，主持福建省种业创新与产业化工程项目"金针菇工 厂化专用品种选育及液化菌种产业化示范推广"，参与漳州市科技局两化融合项 目"漳州市食用菌行业智能测控系统建设示范"和科技部政策引导类计划项目"食 用菌工厂化生产科 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-085 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、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 三十四次会议于 2025 年 9 月 18 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 16 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 8 名，实际参与表决董事 8 名。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》（以下简称"《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： （一）审议通过《关于调整公司第四届董事会专门委员会委员的议案》 三、备查文件 第四届董事会第三十四次会议决议。 特此公告。 福建万辰生物科技集团股份有限公司 董事会 为进一步完善公司治理结构，根据相 ...

华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：华兴证券有限公司 | 被保荐公司简称：万辰集团 | | --- | --- | | 保荐代表人姓名：沈颖 | 联系电话：021-60156666 | | 保荐代表人姓名：官玉霞 | 联系电话：021-60156666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2、督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | | | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 6 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate in August 2025 has slowed down, primarily due to the diminishing effects of the "old-for-new" policy and a gradual recovery in consumer demand. However, with economic stimulus policies being implemented, the macroeconomic environment is expected to improve in the medium to long term, leading to an increase in household income and consumer willingness, which will benefit the food and beverage sector [4] - The liquor industry is approaching the peak demand season around the Mid-Autumn Festival and National Day, showing signs of improvement in demand. The fundamentals of the liquor market are expected to stabilize and trend upwards as consumption scenarios recover. The current bottoming out presents long-term investment value [4] - The report recommends focusing on new channels, new products, and new markets to identify new consumption targets that align with industry development trends. Specific recommended stocks include Weilian Meishi, Yanjinpuzi, Ximai Food, Dongpeng Beverage, Youfu Food, Wancheng Group, and Bairun Co., Ltd. [4] Summary by Sections Industry Trends - The food and beverage sector is experiencing a retail sales growth rate of 3.4% year-on-year in August 2025, with a month-on-month decline of 0.3 percentage points [5] - The growth rates for food, beverages, and tobacco and alcohol categories in August 2025 are 5.8%, 2.8%, and -2.3% respectively, indicating a month-on-month decline in the tobacco and alcohol category due to high base effects and lack of consumption scenarios [5][6] Subsector Observations - The liquor industry is currently in a bottom recovery phase, with sales under pressure but showing signs of improvement due to the upcoming festive season. The fundamentals are gradually stabilizing [7] - Ximai Food is accelerating its health business by launching new products in the health food segment, focusing on traditional Chinese medicine ingredients and weight loss products, which are expected to become significant growth drivers for the company [7]

Market Overview - The leisure food sector increased by 0.94% on September 16, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Wancheng Group (300972) closed at 173.03, up 3.30% with a trading volume of 35,500 lots and a transaction value of 610 million [1] - Ziyan Food (603057) closed at 22.08, up 2.03% with a trading volume of 36,600 lots [1] - Guifaxiang (002820) closed at 13.26, up 2.00% with a trading volume of 158,500 lots [1] Underperformers - Ganyuan Food (002991) closed at 57.10, down 0.63% with a trading volume of 11,500 lots [2] - Jinzai Food (003000) closed at 12.34, down 0.48% with a trading volume of 36,300 lots [2] - Guangzhou Restaurant (603043) closed at 17.70, down 0.39% with a trading volume of 67,900 lots [2] Capital Flow - The leisure food sector experienced a net outflow of 4.44 million from institutional investors, while retail investors saw a net outflow of 31.84 million [2] - Speculative funds had a net inflow of 36.29 million [2] Individual Stock Capital Flow - Wancheng Group had a net inflow of 59.33 million from institutional investors, accounting for 9.73% of its total [3] - Guifaxiang saw a net inflow of 13.49 million from institutional investors, representing 6.45% [3] - Ziyan Food had a net inflow of 4.86 million from speculative funds, accounting for 3.78% [3]