Company Overview - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for expanding its store network, enhancing management, diversifying product offerings, improving digital capabilities, and increasing brand recognition [1] - The company plans to use the raised funds for potential business investments or acquisitions, as well as for working capital and other general corporate purposes [1] Financial Performance - The company's revenue increased from RMB 549.3 million in 2022 to RMB 9.2937 billion in 2023, with a projected further increase of 247.9% to RMB 32.3288 billion in 2024 [3] - For the first half of 2025, the revenue reached RMB 22.5826 billion [3] - Adjusted net profits (non-IFRS) for 2022 to 2024 were RMB 39.3 million, -RMB 28.1 million, and RMB 822.8 million, respectively, with the first half of 2025 showing an adjusted net profit of RMB 921.7 million [3] Store Expansion - The "Haoxianglai" brand primarily operates through a franchise model, with a significant increase in store numbers from 232 at the end of 2022 to 15,365 across 29 provinces and municipalities by June 30, 2025 [3] - Franchise stores account for over 99% of the total, with 15,275 franchise stores and 90 direct-operated stores [3] Industry Trends - The Chinese snack and beverage retail market has shown positive growth, with the market size increasing from RMB 3.1712 trillion in 2019 to a projected RMB 4.0449 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 5.0% [4] - The market is expected to reach RMB 5.3837 trillion by 2029, with a projected CAGR of 5.9% from 2024 to 2029, driven by increasing consumer demand for diverse and innovative products [4] Competitive Landscape - The company faces challenges similar to other low-priced snack brands, such as "Mingming Hen Mang," which reported low gross margins and net profit margins, indicating a common issue of profit ceilings in the discount snack supermarket sector [5] - Industry experts suggest that merely expanding store numbers is insufficient for sustained performance; companies must optimize store layouts, enhance operational efficiency, and refine product offerings to improve profitability [5]

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to expand its operations and enhance its market presence [1][9]. Group 1: Company Overview - Wancheng Group is the parent company of the snack brand "Haoxianglai" and was listed on the Shenzhen Stock Exchange in April 2021 with an IPO price of 7.19 CNY per share, raising approximately 276 million CNY [3][9]. - The company focuses on the research, cultivation, and sales of fresh edible fungi, and has recently expanded into the retail snack industry [7][9]. Group 2: Financial Performance - Wancheng Group's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 549 million CNY, 9.29 billion CNY, 32.33 billion CNY, and 10.92 billion CNY, respectively [13][14]. - The net profit figures for the same periods were approximately 67.85 million CNY, -176.21 million CNY, 610.91 million CNY, and 136.17 million CNY [14][16]. Group 3: Investment Projects - The company initially planned to raise 600 million CNY for various projects, including a 21,000-ton mushroom production facility, but later adjusted its fundraising goals and project allocations [4][5][10]. - In September 2023, Wancheng Group announced a reduction in the investment amount for the "60-ton daily mushroom production project" from approximately 130 million CNY to 80.6 million CNY, reallocating the remaining funds to the "53,000-ton golden needle mushroom production project" [5][6]. Group 4: Shareholder Structure - As of December 31, 2022, the actual controller of Wancheng Group, Wang Zenin, held a direct stake of 5.08% and controlled a total of 51.26% of the company through various entities [7][9]. - Wang Zenin participated in a private placement of shares at a price of 11.30 CNY per share, raising 200 million CNY for brand marketing and operational support projects [10][12]. Group 5: Market Position and Future Plans - Wancheng Group's brand "Haoxianglai" is projected to rank first in China's snack and beverage retail sector by GMV in 2024, with over 15,000 stores across 29 provinces and municipalities by June 30, 2025 [12][13]. - The company has integrated its snack brands into a national brand strategy, enhancing its market presence and operational efficiency [8][9].

（编辑 任世碧） 证券日报网讯 9月24日晚间，万辰集团发布公告称，根据公司于2025年9月24日召开的第四届董事会第 三十五次会议审议通过了《关于作废公司2023年第二期限制性股票激励计划部分已授予尚未归属的限制 性股票的议案》。由于本激励计划首次授予的激励对象中12名激励对象因个人原因已离职，不具备激励 对象资格，作废处理其已获授但尚未归属的限制性股票合计6.1800万股。由于本激励计划首次授予的激 励对象中18名激励对象因其对应考核期个人层面绩效考核原因不能全部归属，作废处理其已获授但尚未 归属的限制性股票合计0.3240万股。综上，前述激励对象已获授但尚未归属的限制性股票共计6.5040万 股由公司作废。 ...

（编辑 任世碧） 证券日报网讯 9月24日晚间，万辰集团发布公告称，持有公司股份110，000股（占公司总股本比例 0.0586%）的副总经理、财务总监兼董事会秘书蔡冬娜女士计划自本公告发布之日起15个交易日后的3 个月内以集中竞价方式减持公司股份不超过27，500股（占公司总股本比例0.0147%）。 ...

Core Points - Wanchen Group announced the approval of the second vesting period for the first batch of its 2023 second phase restricted stock incentive plan during the 35th meeting of the fourth board of directors held on September 24, 2025 [1] - The board confirmed that the vesting conditions for the first batch of the initial grant have been met, allowing for the vesting of 1,276,360 shares of restricted stock for 55 eligible incentive recipients [1] Summary by Category - **Incentive Plan Details** - The board approved the vesting conditions for the second vesting period of the first batch of the 2023 second phase restricted stock incentive plan [1] - A total of 1,276,360 shares will be vested to 55 eligible recipients as part of this incentive plan [1] - **Regulatory Compliance** - The decision was made in accordance with the "Management Measures for Equity Incentives of Listed Companies" and the relevant provisions of the company's 2023 second phase restricted stock incentive plan [1]

Core Points - Wanchen Group announced an adjustment to the grant price of its 2023 second phase restricted stock incentive plan from 18.65 yuan per share to 18.05 yuan per share [1] Summary by Category - **Company Announcement** - The company held its 35th meeting of the 4th Board of Directors on September 24, 2025, where the adjustment of the stock grant price was approved [1]

Group 1 - The core point of the article is that Wancheng Group has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to establish a dual listing structure of "A+H" [1] - Wancheng Group's snack retail business achieved a revenue of 22.345 billion yuan in the first half of the year, representing a year-on-year growth of 109.33% [1] - As of June 30, the company has a network of 15,365 snack retail stores across 29 provinces, with its "Haoxianglai" brand being the first in the industry to exceed 10,000 stores [1] Group 2 - The purpose of the Hong Kong listing is to advance the company's international strategy, enhance brand awareness and competitiveness, and improve the supply chain system [2] - The company announced the resignation of its chairman Wang Jiankun on July 25 due to personal reasons, which raised concerns about leadership stability [2] - Wang Jiankun was previously under investigation but resumed his duties as chairman in late May [3] Group 3 - The current chairman of Wancheng Group is Wang Liqing, who is the sister of Wang Jiankun, while Wang Zening has been appointed as the new general manager [4] - As of September 24, the company's stock price was 174.54 yuan per share, with a market capitalization of approximately 32.746 billion yuan [5]

Core Viewpoint - Wancheng Group has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [2] Company Summary - Wancheng Group initially focused on edible fungi business and was listed on the Shenzhen Stock Exchange in April 2021. The company has acquired several regional snack brands and consolidated them under the "Haoxianglai" brand in 2023, forming a significant presence in the snack market [2] - As of the first half of 2025, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with a net profit of 472 million yuan, up 50,358.8%. Revenue from the snack business accounted for approximately 99% of total revenue [2] - In July 2023, Wancheng Group underwent a management change, with founder Wang Jiankun stepping down as chairman and Wang Liqing taking over. Wang Jiankun's son, Wang Zenning, was appointed as the new general manager [2] Industry Summary - The snack retail sector is experiencing rapid growth, characterized by a "superior price-performance ratio" product positioning. The competitive landscape is dominated by a few strong players, with Wancheng Group's store count reaching 14,196 by the end of 2024 [3] - By June 30, 2025, Wancheng Group's store count increased by 1,169 to 15,365, while a competitor, Mingming Henbang, surpassed 20,000 stores [3] - Both Wancheng Group and Mingming Henbang are competing for the title of "first snack stock in Hong Kong," with Wancheng Group's IPO application indicating a strategic move to enhance brand recognition and industry position [3][4] - The industry is expected to transition into a phase of "refined operations," with a focus on supply chain efficiency and proprietary brands becoming key competitive factors [3][4]

Core Viewpoint - Wancheng Biotechnology Group Co., Ltd. is preparing to list on the Hong Kong Stock Exchange, aiming to establish an "A+H" listing structure after its previous listing on the Shenzhen Stock Exchange in April 2021 [2] Group 1: Company Overview - Wancheng Biotechnology was founded in 2011 and went public on the Shenzhen Stock Exchange in April 2021, focusing on the research, cultivation, and sales of edible fungi [7] - As of June 30, 2025, Wancheng Biotechnology has a network of 15,365 stores, primarily franchise stores, covering 29 provinces, municipalities, and autonomous regions in China [7] - The company reported a revenue of 22.58 billion RMB and a profit of 860.5 million RMB for the first half of 2025, compared to 10.92 billion RMB in revenue and 136.2 million RMB in profit in the same period of the previous year [11] Group 2: Recent Transactions - Wancheng Biotechnology announced an investment of 1.38 billion RMB to acquire a 49% stake in Nanjing Wanyou Commercial Management Co., Ltd., which operates in the bulk snack industry [3][4] - The acquisition is part of a strategy to strengthen the company's core team and ensure performance commitments from the transaction counterparties [5] Group 3: Financial Performance - The company achieved a revenue of 5.49 billion RMB in 2022, 9.29 billion RMB in 2023, and projected 32.33 billion RMB in 2024, with profits of 67.85 million RMB, -176.21 million RMB, and 610.91 million RMB respectively [9][10] - For the first half of 2025, the adjusted net profit was 922 million RMB, up from 238 million RMB in the same period of the previous year [12] Group 4: Management Changes - In July 2025, the former chairman Wang Jiankun was investigated, leading to Wang Lijing being appointed as the new chairman and Wang Zenning as the new general manager [18][19] - Wang Lijing has been with the company since 2011 and has held various leadership roles, while Wang Zenning joined in 2015 and has been promoted through the ranks [19]

Core Viewpoint - Wancheng Group is set to become the first A+H share listed company in the snack retail sector, having submitted its IPO application to the Hong Kong Stock Exchange, competing with its main rival, Mingming Hen Mang [2][9]. Group 1: Company Performance - Wancheng Group has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 million, -RMB 1.76 million, and RMB 6.11 million for the same years [3]. - The company's GMV saw a year-on-year increase of 282% from 2023 to 2024, with a significant rise in net profit of 50,358.8% year-on-year in the first half of 2025 [3][8]. - The snack and beverage retail business has become the core of Wancheng Group, contributing 98.9% to total revenue, while the original mushroom business has become negligible [4][6]. Group 2: Business Model and Strategy - Wancheng Group operates a model that eliminates middlemen through unified upstream procurement, allowing for greater profit margins and price advantages for downstream retailers [6][8]. - As of June 30, 2025, the company had a network of 15,365 stores, with 99.4% being franchise stores, which allows for significant market influence and direct procurement from manufacturers [6][8]. - The company does not charge franchise fees, only requiring a deposit and a one-time opening fee, which helps attract franchisees and ensures stable cash flow through a "payment upon delivery" model [8][11]. Group 3: Competitive Landscape - The snack retail industry is evolving into a "two super, many strong" structure, with Wancheng Group and Mingming Hen Mang as the leading players [9][10]. - In 2024, Wancheng Group's revenue was RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [10]. - Both companies are focusing on expanding their own brand products to enhance profit margins, with Wancheng Group's gross margin at 11.49% for the first half of 2025, compared to Mingming Hen Mang's 7.62% [11]. Group 4: Future Plans - Wancheng Group plans to use the funds raised from its IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [11].