Core Insights - Wancheng Group submitted its prospectus to the Hong Kong Stock Exchange on September 23, 2025, with CICC and China Merchants Securities International as joint sponsors [1] - Founded in 2011, Wancheng Group initially focused on the industrial cultivation of edible fungi and has since strategically expanded into the snack and beverage retail market, becoming a leading and fastest-growing company in China's snack and beverage retail sector [1] - According to Zhaoshang Consulting, Wancheng Group's brand "Haoxianglai" ranked first in China's snack and beverage retail brand list by GMV in 2024, with a store network of 15,365 as of June 30, 2025 [1] - Wancheng Group is also engaged in the cultivation and sale of fresh edible fungi, with a total designed daily production capacity of approximately 382 tons [1] Company Overview - Wancheng Group was established in 2011 and has transitioned from edible fungi cultivation to a broader focus on snack and beverage retail [1] - The company has achieved significant growth and market leadership in the snack and beverage sector in China [1] Market Position - The brand "Haoxianglai" is recognized as the top player in the snack and beverage retail market in China based on GMV for 2024 [1] - The extensive store network of 15,365 locations highlights the company's strong market presence and distribution capabilities [1] Production Capacity - Wancheng Group has a designed daily production capacity of around 382 tons for fresh edible fungi, indicating its operational scale in this segment [1]

证券代码：300972 证券简称：万辰集团 公告编号：2025-118 福建万辰生物科技集团股份有限公司 关于 2025 年前三季度利润分配实施公告 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"）2025 年前三季度利 润分配方案已获 2025 年 11 月 6 日召开的 2025 年第五次临时股东会审议通过。现 将权益分派事宜公告如下： 一、股东会审议通过权益分派方案情况 1、公司 2025 年第五次临时股东会审议通过的 2025 年前三季度利润分配具体 内容如下： 公司以现有总股本 188,891,422 股为基数，向权益分派实施时股权登记日的在 册股东每 10 股派送现金股利 1.50 元（含税），合计派送现金股利 28,333,713.30 元。本次利润分配不送红股，不进行资本公积金转增股本，剩余未分配利润结转 下一年度。 自公司董事会审议利润分配预案后至实施权益分派预案的股权登记日期间， 公司股本如发生变动，将按照"现金分红总额不变"的原则对分配比例进行相应 调整。 2、自分配方案披露至实施期间公 ...

Market Overview - The leisure food sector increased by 0.1% on November 7, with "Hao Xiang Ni" leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Performers - "Hao Xiang Ni" (002582) closed at 10.17, up 2.01% with a trading volume of 136,900 shares and a turnover of 139 million yuan [1] - "Gui Fa Xiang" (002820) closed at 13.65, up 1.41% with a trading volume of 226,700 shares and a turnover of 310 million yuan [1] - "Mai Qu Er" (002719) closed at 696, up 1.04% with a trading volume of 58,400 shares and a turnover of approximately 56.37 million yuan [1] Underperformers - "Li Gao Food" (300973) closed at 40.34, down 1.22% with a trading volume of 16,100 shares and a turnover of approximately 65.46 million yuan [2] - "Xi Mai Food" (002956) closed at 22.24, down 1.20% with a trading volume of 22,600 shares and a turnover of approximately 50.49 million yuan [2] - "ST Jue Wei" (603517) closed at 13.52, down 0.88% with a trading volume of 67,400 shares and a turnover of approximately 91.68 million yuan [2] Capital Flow - The leisure food sector experienced a net outflow of 25.64 million yuan from institutional investors, while retail investors saw a net inflow of 21.83 million yuan [2] - The overall capital flow indicates a mixed sentiment within the sector, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - "Hao Xiang Ni" saw a net inflow of 15.22 million yuan from institutional investors, but a net outflow of 10.14 million yuan from retail investors [3] - "Yan Jin Pu Zi" (002847) had a net inflow of 8.44 million yuan from institutional investors, with retail investors also showing a net outflow [3] - "Mai Qu Er" experienced a slight net outflow from institutional investors, while retail investors contributed positively with a net inflow of 2.12 million yuan [3]

Group 1: Macroeconomic Overview - Industrial value-added is expected to grow by 5.5% year-on-year in October, with a decline in production PMI indicating a marginal retreat in production enthusiasm [3][21] - Trade figures for October predict a 3.0% year-on-year increase in both exports and imports, with imports expected to maintain resilience in the fourth quarter [3][22] - Inflation forecasts indicate that October CPI will remain flat year-on-year, while PPI is expected to decline by 2.2% [3][23][24] Group 2: Banking Sector Insights - The pressure to realize floating profits in banks is manageable this year, with state-owned banks showing better revenue progress compared to smaller banks [4] - Smaller banks are expected to have a stronger demand to realize floating profits due to significant declines in revenue from the gold market [4] Group 3: Semiconductor Industry Analysis - The semiconductor sector is projected to continue its optimistic growth trajectory, driven by AI and domestic substitution trends [5][7] - The storage segment is expected to see sustained high growth in contract prices in Q4 2025, with strong performance anticipated from various semiconductor companies [5][7] Group 4: Company-Specific Performance - Huatai Technology reported a 135% year-on-year increase in net profit for Q3 2025, driven by strategic acquisitions and industry fund establishment [7][8] - Juhua Co. achieved a 160% year-on-year increase in net profit for the first three quarters of 2025, with significant growth in refrigerant prices [15][29] - Sanhua Intelligent Controls reported a 40.9% year-on-year increase in net profit for the first three quarters of 2025, supported by cost reduction measures and diverse business expansion [16][33] Group 5: Construction and Infrastructure - China State Construction Engineering Corporation's revenue decreased by 4.2% year-on-year in the first three quarters of 2025, with a focus on the conversion of orders to support performance [25][26] - The company secured new contracts worth 30,383 billion yuan, with significant growth in energy and municipal engineering sectors [26][27] Group 6: Market Performance and Trends - The A-share electronic industry remains the largest heavy-weight sector with a 25.53% allocation, indicating a significant increase in investment interest [5] - The overall market indices showed positive movements, with the Shanghai Composite Index closing at 4007.76, up by 0.97% [10]

Core Insights - The average stock price of A-shares is 13.99 yuan, with 155 stocks priced over 100 yuan, an increase of 4 from the previous trading day [1] - The Shanghai Composite Index closed at 4007.76 points, up 0.97%, while stocks over 100 yuan had an average increase of 2.34%, outperforming the index by 1.37 percentage points [1] - The top-performing stocks over 100 yuan include Cambrian Technology, Kweichow Moutai, and Yuanjie Technology, with closing prices of 1480.00 yuan, 1435.13 yuan, and 616.53 yuan respectively [1] Market Performance - The average increase of stocks priced over 100 yuan in the last month was 0.44%, while the Shanghai Composite Index rose by 3.22% [2] - Notable gainers in the past month include Yunhan Chip City, Xiangnan Chip Creation, and Ding Tai High-Tech, with increases of 82.01%, 76.54%, and 65.38% respectively [2] - Year-to-date, the average increase of stocks over 100 yuan is 109.55%, outperforming the Shanghai Composite Index's 89.98% [2] Industry Distribution - The majority of stocks over 100 yuan are concentrated in the electronics, computer, and machinery sectors, with 58 stocks from the electronics sector, accounting for 37.42% of the total [2] - The stock distribution by board shows that there are 31 stocks from the main board, 50 from the ChiNext, 4 from the Beijing Stock Exchange, and 70 from the Sci-Tech Innovation Board, with the latter making up 45.16% of the total [2] Institutional Ratings - Five stocks priced over 100 yuan received "buy" ratings from institutions, including Zhaoyi Innovation, Wancheng Group, and Tuojing Technology, with Tuojing Technology being newly covered by institutions [2] - Among the rated stocks, two have target prices indicating an upside potential exceeding 10%, with Jinbo Biological having the highest potential of 48.88% [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 2025 年第五次临时股东会 之 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 二零二五年十一月 国浩律师（北京）事务所 法律意见书 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 年第五次临时股东会之 法律意见书 法律意见书 国浩京证字【2025】第 0562 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 11 月 6 日 召开的 2025 年第五次临时股东会（以下简称"本次 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-117 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 福建万辰生物科技集团股份有限公司 2025 年第五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）现场会议时间： 2025 年 11 月 6 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 11 月 6 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 11 月 6 日（星期四）上午 9:15 至 下午 15:00 的任意时间。 2、会议召开地点：福建省漳浦台湾农民创业园公司会议室。 3、会议召开方式：本次股东会采取现场表决与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：王 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, with a target price not specified [5][16]. Core Insights - The company has demonstrated significant revenue growth, with a 77.37% increase in revenue and a 917.04% increase in net profit for the first three quarters of 2025 compared to the same period in the previous year [2]. - The snack retail business continues to grow rapidly, achieving a revenue of 138.13 billion yuan in Q3 2025, up 45% year-on-year, with a net profit of 6.95 billion yuan, reflecting a 246% increase [2][3]. - The company is expected to improve store efficiency and optimize its store model, which may lead to further revenue and profit growth [3]. Financial Performance Summary - For Q3 2025, the gross margin and net margin increased by 1.83 and 3.08 percentage points, reaching 12.14% and 5.15% respectively, attributed mainly to scale effects [3]. - The company’s net profit attributable to the parent company is projected to be 12.9 billion yuan in 2025, with a growth rate of 339% [3][9]. - The company’s total revenue is expected to reach 50.70 billion yuan in 2025, with a growth rate of 56.84% [9][10]. Financial Data Overview - The company reported a total market capitalization of approximately 33.53 billion yuan and a circulating market capitalization of about 29.82 billion yuan [6]. - The earnings per share (EPS) is projected to be 6.81 yuan in 2025, with a price-to-earnings (P/E) ratio of 26 [9][10]. - The company’s asset-liability ratio stands at 66.35%, indicating a moderate level of financial leverage [6]. Growth Projections - Revenue forecasts for 2025, 2026, and 2027 are 50.70 billion yuan, 59.23 billion yuan, and 66.91 billion yuan respectively, with corresponding growth rates of 56.84%, 16.82%, and 12.96% [9][10]. - The net profit attributable to the parent company is expected to grow to 1.29 billion yuan in 2025, 1.89 billion yuan in 2026, and 2.33 billion yuan in 2027, reflecting substantial growth rates [9][10]. Market Position - The company is positioned in the food and beverage sector, specifically in the snack retail segment, which is experiencing robust demand and competitive dynamics [5]. - The report highlights the potential for continued market expansion and profitability improvements through strategic initiatives and operational efficiencies [3].

Core Insights - Wancheng Group, a leading and fastest-growing snack and beverage retail company in China, has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking a new chapter in its capital market journey [1][6] - The company's flagship brand "Haoxianglai" has achieved remarkable performance, becoming the top snack and beverage retail brand in China by gross merchandise volume (GMV) in 2024, and the first in the country to exceed 10,000 stores [3] Company Performance - As of June 30, 2025, Wancheng Group operates over 15,000 stores across 29 provinces in China, establishing a comprehensive store network with deep penetration in key markets such as the Yangtze River Delta and densely populated regions [3] - The company has a robust membership system with over 150 million registered members, including more than 110 million active members, which supports data-driven decision-making for product introductions and category optimization [3] Financial Growth - Wancheng Group's total revenue surged from 9.3 billion RMB in 2023 to 32.33 billion RMB in 2024, representing a year-on-year increase of 247.9%, with a GMV of 42.6 billion RMB in 2024, up 282% from 2023 [4] - By June 30, 2025, the company's revenue reached 22.58 billion RMB, a year-on-year growth of 106.9%, with an adjusted net profit of 920 million RMB [4] Future Plans - The funds raised from the IPO will be used for expanding and upgrading the store network, enriching the product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [6] - Wancheng Group aims to leverage its experience to empower the industry and inject new vitality into the standardized and scaled development of the snack retail sector [6]

Core Viewpoint - Wancheng Group is committed to high-quality development in its main businesses of snack retail and edible fungi, responding positively to national policies aimed at promoting consumption and expanding domestic demand [1] Group 1 - The company focuses on improving operational efficiency to provide high-quality products and consumer experiences at a competitive price [1]