中联资产评估咨询(上海)有限公司 关于《深圳证券交易所关于对福建万辰生物科技集团股 份有限公司的重组问询函(创业板并购重组问询函 〔2025〕第 7号）》资产评估相关问题回复之核查意见 深圳证券交易所: 根据贵单位于 2025年8月21日下发的《关于对福建万辰生物科 技集团股份有限公司的重组问询函(创业板并购重组问询函〔2025〕 第7号)》(以下简称:间询函),福建万辰生物科技集团股份有限 公司(以下简称:上市公司)会同相关中介机构就问询函所提出的问 题进行了认真核查和落实,对问询函进行了回复,中联资产评估咨询 (上海)有限公司作为上市公司拟以现金收购南京万优商业管理有限 公司 49%股权项目的评估机构,就上市公司对贵所所提问题的回复进 行了认真核查,现针对上市公司《问询函回复》之核查意见附后,请 予审核: 如无特别说明,本问询函回复核查意见所适用的简称或名词释义与 《福建万辰生物科技集团股份有限公司重大资产购买暨关联交易报 告书(草案)(修订稿)》中的释义相同。 问题一(原问题 3) 报告书显示,本次交易采用资产基础法和收益法进行估值。以 2025年5月31日为评估基准日,采用资产基础法,标的公司(母公 ...

华兴证券有限公司 关于 深圳证券交易所 《关于对福建万辰生物科技集团股份 有限公司的重组问询函》回复 之 核查意见 独立财务顾问 二零二五年九月 深圳证券交易所创业板公司管理部： 福建万辰生物科技集团股份有限公司（以下简称"公司""上市公司"或"万 辰集团"）于 2025 年 8 月 21 日收到深圳证券交易所下发的《关于对福建万辰生 物科技集团股份有限公司的重组问询函》（创业板并购重组问询函〔2025〕第 7 号）（以下简称《问询函》）。华兴证券有限公司（以下简称"独立财务顾问" 或"华兴证券"）作为本次交易的独立财务顾问，对有关问题进行了认真分析与核 查，现就有关事项发表核查意见。 如无特别说明，本核查意见中所述的词语或简称与《福建万辰生物科技集团 股份有限公司重大资产购买暨关联交易报告书（草案）（修订稿）》中释义所定 义的词语或简称具有相同的含义。本核查意见中若出现总数与各分项数值之和尾 数不符的情况，均为四舍五入原因造成。 1 | | | 问题 1 报告书显示，近年来量贩零食市场快速发展，吸引众多零食品牌积极布局， 给参与者带来较大的竞争压力。请你公司结合量贩零食行业市场竞争情况，主 要竞争对手情况， ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-083 福建万辰生物科技集团股份有限公司 关于重大资产重组相关主体出具声明与承诺的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"或"上市公司"） 拟支付现金购买南京万优商业管理有限公司（以下简称"南京万优"）49%股权 （以下简称"本次交易"）。为进一步保障上市公司和中小投资者利益，本次交易 对方淮南市盛裕企业管理有限公司（以下简称"淮南盛裕"）就现金共管事项， 淮南盛裕的实际控制人周鹏和淮南市会想企业管理有限公司（以下简称"淮南会 想"）的实际控制人杨俊就业绩承诺补偿事项出具声明与承诺，具体如下： 一、关于现金共管事项的声明与承诺 本公司为本次交易对方淮南盛裕，就现金共管事项出具如下声明与承诺： 二、关于业绩承诺补偿事项的承诺 （一）周鹏出具的承诺 本人为淮南盛裕的实际控制人周鹏，就业绩承诺补偿事项出具如下承诺： "一、关于承担业绩补偿、减值补偿义务的承诺 "本次交易的交易对价由上市公司以现金方式支付至淮南盛裕指定的银行 账户，该等银行账 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-082 福建万辰生物科技集团股份有限公司 关于回复深圳证券交易所《关于对福建万辰生物科技集团股份有 限公司的重组问询函》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。 福建万辰生物科技集团股份有限公司（以下简称"公司""上市公司"或"万 辰集团"）于 2025 年 8 月 21 日收到深圳证券交易所下发的《关于对福建万辰生 物科技集团股份有限公司的重组问询函》（创业板并购重组问询函〔2025〕第 7 号）（以下简称《问询函》）。根据《问询函》的相关要求，公司会同中介机构 对《问询函》所列问题进行了逐项落实及回复。公司根据《问询函》的回复内容 对《福建万辰生物科技集团股份有限公司重大资产购买暨关联交易报告书（草案）》 及其摘要等文件进行了修订、补充和完善，并以楷体加粗标明。公司现就《问询 函》中提及的问题回复如下： 如无特别说明，本回复中所述的词语或简称与《福建万辰生物科技集团股份 有限公司重大资产购买暨关联交易报告书（草案）（修订稿）》中释义所定义的 词语或简称具有相同的含义。本回复中若出 ...

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].

长信双利优选混合A（519991）成立日期2008年6月19日，最新规模1亿。今年以来收益31.74%，同类排 名2342/8184；近一年收益57.68%，同类排名1940/7971；成立以来收益296.96%。 长信双利优选混合A（519991）基金经理为祝昱丰。 截至发稿，祝昱丰累计任职时间7年321天，现任基金资产总规模1.01亿元，任职期间最佳基金回报 79.43%， 任职期间最差基金回报-27.98%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月2日，万辰集团跌5.07%，截至发稿，报194.33元/股，成交5.86亿元，换手率1.79%，总市值364.59亿 元。 资料显示，福建万辰生物科技集团股份有限公司位于福建漳浦台湾农民创业园，成立日期2011年12月21 日，上市日期2021年4月19日，公司主营业务涉及鲜品食用菌的研发、工厂化培育与销售。主营业务收 入构成为：零食98.33%，金针菇1.24%，真姬菇0.31%，其他菌菇产品0.08%，菌 ...

证券之星消息，9月9日休闲食品板块较上一交易日下跌1.1%，万辰集团领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。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) | | --- | --- | --- | --- | --- | --- | | 300972 | 万辰集团 | 181.60 | -6.15% | 3.61万 | 6.69亿 | | 002582 | 好想你 | 10.23 | -1.73% | 10.12万 | 1.04亿 | | 603777 | 来伊份 | 14.49 | -1.56% | 14.40万 | 2.10亿 | | 002847 | 盐津铺子 | 72.30 | -1.40% | - 3.27万 | 2.37亿 | | 300973 | 立高食品 | 48.29 | -1.33% | 2.16万 | 1.04亿 | | 003000 | 劲仔食品 | 12.44 | -1.11% | 5.33万 | 6646.75万 | | 603697 | 有友食品 | 1 ...

9月9日，万辰集团跌5%，截至发稿，报183.81元/股，成交3.56亿元，换手率1.16%，总市值344.86亿 元。 责任编辑：小浪快报 摩根双核平衡混合A（373020）基金经理为陈思郁。 截至发稿，陈思郁累计任职时间10年40天，现任基金资产总规模16.57亿元，任职期间最佳基金回报 96.07%， 任职期间最差基金回报-44.76%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，福建万辰生物科技集团股份有限公司位于福建漳浦台湾农民创业园，成立日期2011年12月21 日，上市日期2021年4月19日，公司主营业务涉及鲜品食用菌的研发、工厂化培育与销售。主营业务收 入构成为：零食98.33%，金针菇1.24%，真姬菇0.31%，其他菌菇产品0.08%，菌渣及其他0.03%。 从基金十大重仓股角度 数据显示，摩根基金旗下1只基金重仓万辰集团。摩根双核平衡混合A（373020）二季度持有股数3.73万 股，占基金净值比例为2.79%，位居第八大重仓股。根 ...

Group 1 - The core point of the article is that Wancheng Group held its second extraordinary general meeting of shareholders for 2025 on September 8, 2025, where several resolutions, including the revision and formulation of certain internal governance systems, were approved [2] Group 2 - The meeting was specifically convened to discuss and approve various proposals related to the company's internal governance [2] - The announcement was made on the evening of September 8, indicating timely communication with stakeholders [2] - The focus on internal governance suggests a strategic move towards enhancing corporate governance practices within the company [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [5][8]. 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 shareholders was 472 million yuan, marking a return to profitability [6]. - The core driver of growth is the bulk snack business, which accounted for over 98.95% of total revenue, reaching 22.345 billion yuan in the first half of 2025. The number of stores increased to 15,365, a net addition of 1,169 stores compared to the beginning of the year, reflecting a 131.47% year-on-year growth [7]. - The company's sales net profit margin improved to 3.85% in the first half of 2025, with a significant increase to 4.10% in Q2 compared to Q1, an increase of 0.51 percentage points [7]. Financial Performance and Projections - The company is projected to have earnings per share (EPS) of 3.78, 4.97, and 6.02 yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 50.9, 38.6, and 31.9 [8]. - Revenue forecasts for the company are as follows: 55.132 billion yuan in 2025, 67.039 billion yuan in 2026, and 79.289 billion yuan in 2027, with year-on-year growth rates of 70.5%, 21.6%, and 18.3% respectively [10][12]. - The net profit is expected to reach 708 million yuan in 2025, 933 million yuan in 2026, and 1.129 billion yuan in 2027, with year-on-year growth rates of 141.4%, 31.7%, and 21.0% respectively [10][12].