Group 1 - The core viewpoint of the news is that Wancheng Group has shown significant stock performance with a year-to-date increase of 114.08%, despite a recent decline in the last five trading days [1][2] - As of September 16, Wancheng Group's stock price reached 170.86 yuan per share, with a total market capitalization of 32.056 billion yuan [1] - The company operates primarily in the food and beverage sector, specifically in the snack food and dried fruit categories, with 98.95% of its revenue coming from snack products [2] Group 2 - For the first half of 2025, Wancheng Group reported a revenue of 22.583 billion yuan, representing a year-on-year growth of 106.89%, and a net profit of 472 million yuan, reflecting a staggering increase of 50,358.80% [2] - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 108 million yuan distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased by 33.50% to 7,923, while the average circulating shares per person decreased by 25.09% to 19,666 shares [2][3]

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 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 二〇二五年九月 国浩律师（北京）事务所 专项核查意见 本次交易相关主体买卖股票情况的 自查报告 之 专项核查意见 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 本次交易相关主体买卖股票情况的自查报告 之专项核查意见 国浩京证字【2025】第 0481 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（以下简称"本所"）接受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"上市公司"）之委托，担任万辰集团本次重大资产购买暨 关联交易项目的专项法律顾问。 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-084 福建万辰生物科技集团股份有限公司 关于本次交易相关主体买卖股票情况的自查报告的公告 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。 特别提示： 经自查，公司董事会认为：根据中国证券登记结算有限责任公司深圳分公司 出具的《信息披露义务人持股及股份变更查询证明》《股东股份变更明细清单》、 自查范围内相关主体出具的《自查报告》、存在买卖情形的相关机构和人员出具 的《承诺》等文件，在相关主体出具的自查报告及说明及承诺真实、准确、完整 的前提下，该等主体在自查期间买卖万辰集团股票的行为不属于利用本次交易内 幕信息进行的内幕交易行为，不构成本次交易的实质性法律障碍。除上述主体外， 自查范围内的其他主体在自查期间均不存在买卖上市公司股票的情况。 福建万辰生物科技集团股份有限公司（以下简称"万辰集团"、"公司"或 "上市公司"）拟通过支付现金的方式向淮南市盛裕企业管理有限公司（以下简 称"淮南盛裕"）和淮南市会想企业管理有限公司（以下简称"淮南会想"）购 买所持有的南京万优商业管理有限公司（以下简称"南京 ...

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本次交易相关主体买 卖股票情况的自查报告的核查意见 福建万辰生物科技集团股份有限公司（以下简称"万辰集团"、"公司" 或"上市公司"）拟通过支付现金的方式向淮南市盛裕企业管理有限公司 （以下简称"淮南盛裕"）和淮南市会想企业管理有限公司（以下简称"淮 南会想"）购买所持有的南京万优商业管理有限公司（以下简称"南京万 优"、"标的公司"）49%股权（以下简称"本次交易"）。 华兴证券有限公司（以下简称"本独立财务顾问"或"华兴证券"）作 为上市公司本次交易的独立财务顾问，根据《上市公司重大资产重组管理办 法》《上市公司监管指引第7号——上市公司重大资产重组相关股票异常交 易监管》《公开发行证券的公司信息披露内容与格式准则第26号——上市公 司重大资产重组》《监管规则适用指引——上市类第1号》等法律、法规的 要求，对本次交易相关方及其有关人员的内幕信息知情人登记及自查工作进 行了核查，具体如下： 一、本次交易相关主体买卖上市公司股票情况的自查期间 本次交易的相关主体买卖上市公司股票情况的自查期间为上市公司就本次 重大资产重组首次作出决议前六个月至《福建万辰生物 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002695 | 煌上煌 | 13.35 | -2.34% | 15.67万 | 2.11亿 | | 300972 | 万辰集团 | 167.50 | -1.73% | 2.67万 | 4.50亿 | | 603057 | 紫燕食品 | 21.64 | -1.55% | 2.83万 | 6166.08万 | | 603697 | 有友食品 | 12.15 | -1.22% | 8.32万 | 1.02亿 | | 002719 | 麦脚尔 | 9.50 | -0.94% | 6.30万 | 6005.37万 | | 001219 | 青岛食品 | 14.31 | -0.83% | 2.63万 | 3787.05万 | | 002582 | 好想你 | 10.10 | -0.79% | 8.85万 | 8935.85万 | | 300783 | 三只松鼠 | 25.61 | -0.77% | 7.83万 | 2.02亿 | | 605339 | 南侨食 ...

Summary of the Conference Call for Wancheng Group Industry Overview - The snack retail industry exhibits significant head effect, with leading brands like "Ling Shi Hen Mang" and "Zhao Yi Ming" merging, and Wancheng Group integrating its brands, leading to rapid store expansion and improved supply chain efficiency [2][4] - The snack retail sector is large, with specialty stores (including snack retail) and e-commerce channels showing strong performance, achieving double-digit compound growth over the past five years [2][7] Key Points and Arguments - **Growth Drivers for Wancheng Group**: - Scale effect from increased store numbers enhancing supply chain efficiency [2][6] - Cost control through reducing intermediaries and lowering markup rates [2][6] - Market demand driven by economic downturn, with consumers seeking affordable snacks (lipstick effect) [2][6] - **Competitive Landscape**: - The competition is expected to solidify, with leading brands maintaining their advantage and expanding store numbers, potentially reaching 46,000 to 56,000 stores [4][13] - The gap between leading brands and smaller brands is widening, with leading brands rapidly increasing their store counts to 5,000-6,000, while smaller brands lag behind [5][13] - **Store Performance and Profitability**: - Wancheng Group's stores have a gross margin of approximately 10-11%, while competitors like "Ming Ming" have lower margins of 7-8% [8][18] - The company’s net profit is lower than industry leader "Ming Ming" due to high minority equity ratios and significant employee stock incentive costs [18] - **Future Growth Projections**: - Wancheng Group's snack retail business revenue is projected to reach 50.6 billion RMB, 60.2 billion RMB, and 68.6 billion RMB from 2025 to 2027, with a gradual increase in gross margin [4][23] - The company anticipates a net profit margin of around 5% in the coming years, driven by scale effects and cost optimization [19][23] Additional Important Insights - **Store Experience and Franchise Appeal**: - Snack retail stores enhance shopping experience through well-designed environments and a wide variety of products, making them attractive to franchisees [9][11] - Franchisees can expect quick returns on investment, with high turnover rates and low entry barriers [11] - **Supplier Relationships**: - Snack retail stores maintain good relationships with upstream suppliers, with short accounts payable turnover days (around 20 days), enhancing cash flow [12] - The absence of entry fees and low sales expense ratios help suppliers improve their net profit levels [12] - **Market Trends and Challenges**: - The industry is shifting towards full-category supermarkets to increase SKU variety and attract more consumers [20] - Companies need to balance product selection for sales velocity and profitability to avoid lowering efficiency [20] - **Investment Recommendations**: - Based on PEG valuation methods, a target price of 232.88 RMB per share is suggested, indicating a potential upside of 20%-30% from current prices [26]

Core Insights - The rise of discount snack stores is reshaping the snack retail landscape in China, with significant growth in the volume and profitability of leading companies in this sector [4][5][6]. Industry Overview - Traditional snack giants are facing pressure, while discount snack leaders like Wancheng Group and Mingming Hen Mang are experiencing explosive growth, with Wancheng's net profit increasing over 500 times year-on-year [3][5]. - The market share of discount stores is projected to exceed 40% in 2024, surpassing supermarkets and e-commerce channels [5]. Company Performance - Wancheng Group reported a revenue of 323.3 billion yuan in 2024, a year-on-year increase of 247%, with a net profit of 2.93 billion yuan, up 453% [6]. - Mingming Hen Mang has also shown rapid growth, with over 20,000 stores nationwide and a significant increase in revenue from 42.86 billion yuan in 2022 to 393.43 billion yuan in 2024 [6][7]. Business Model - Discount snack stores operate on a low-margin model, with average gross margins around 10%, allowing them to offer lower prices compared to traditional retail channels [9][10]. - The focus on private label products and high turnover rates supports their business model, enabling them to attract price-sensitive consumers [11][12]. Market Dynamics - The integration of instant retail platforms is enhancing the growth of discount snack stores, with significant order increases reported through partnerships with platforms like Meituan [13][14]. - The overall snack market in China is expected to reach 1.2378 trillion yuan by 2027, indicating a shift from rapid growth to a more stable market [15]. Competitive Landscape - The competition among discount snack retailers is intensifying, with many companies collaborating with discount platforms to boost sales [7][13]. - The future of the market will depend on balancing brand value with cost efficiency, as well as innovation in supply chain management and customer loyalty [15][16].

文 | 壹览商业 蒙嘉怡 编辑 | 薛向 8月过去，多个零食品牌上市公司发布了2025年上半年业绩报告，来伊份转盈为亏，良品铺子的亏损进一步扩大，洽洽 食品的净利润同比下降超七成。 从成本看，2025年上半年，万辰集团营业成本200.07亿元，同比上涨104.84%；销售费用6.97亿元，同比增加104.84%； 管理费用、财务费用、所得税费用与研发投入均有不同程度的上涨。 从营收看，2025年上半年，万辰集团营收225.83亿元，同比增长106.89%。进一步拆解业务结构，量贩零食业务贡献了 223.45亿元营收，占集团总营收的98.95%，同比增长109.33%，成为业绩增长的绝对主力。 在老牌企业承压之际，2022年才进入量贩零食业务的万辰集团实现爆发式增长，营收225.83亿元，同比增长106.89%； 归属于上市公司股东的净利润为4.72亿元，同比增长50358.80%。 净利润暴涨500倍，万辰集团究竟做了什么？ 加盟商成摇钱树 净利润的暴涨无非两个原因：营收显著提升，或成本大幅压缩。 显然，万辰集团净利润的暴涨主要来自量贩零食业务的强劲增长。 而量贩零食业务的收入来源有三：批发供货（也即向加盟商 ...

Group 1 - The dairy sector experienced a decline of 0.11% as of the market close on September 11, ranking among the top losers in the concept sector [1][2] - Notable decliners within the dairy sector included Wanchen Group, Panda Dairy, and Huanlejia, while Zhuangyuan Pasture, Dabeinong, and *ST Tianshan were among the few that saw price increases of 2.29%, 1.90%, and 1.36% respectively [1][2] - The dairy sector faced a net outflow of 266 million yuan from major funds, with 25 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The stock with the highest net outflow was Wanchen Group, which saw a net outflow of 99.22 million yuan, followed by Yiyatong and Pinwa Foods with outflows of 89.44 million yuan and 21.80 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Beiyinmei, Huanlejia, and Dabeinong, with net inflows of 24.45 million yuan, 20.05 million yuan, and 13.37 million yuan respectively [2][3] - The trading volume for Wanchen Group was 2.72%, while the highest turnover rate was observed in Pinwa Foods at 12.68% [2][3]

证券之星消息，9月11日休闲食品板块较上一交易日下跌0.64%，万辰集团领跌。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300783 | 三只松鼠 | 26.26 | 1.12% | 10.41万 | 2.70亿 | | 002582 | 好想你 | 10.36 | 1.07% | 12.90万 | 1.32亿 | | 603719 | 良品铺子 | 13.78 | 0.66% | 6.99万 | 9537.77万 | | 002695 | 煌上煌 | 14.13 | 0.64% | 1 29.26万 | 4.05亿 | | 603866 | 桃李面包 | 5.89 | 0.51% | 39.83万 | 2.35亿 | | 003000 | 劲仔食品 | 12.45 | 0.48% | 5.38万 | 6664.53万 | | 300973 | 立高食品 | 4 ...