证券代码：300972 证券简称：万辰集团 公告编号：2025-080 福建万辰生物科技集团股份有限公司 关于召开公司 2025 年第三次临时股东会的通知 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"）于 2025 年 9 月 2 日召开第四届董事会第三十三次会议审议通过了《关于公司召开 2025 年第三 次临时股东会的议案》。现将本次临时股东会的有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东会会议召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 9 月 18 日 14:30 开始； （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 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-076 福建万辰生物科技集团股份有限公司 第四届监事会第三十三次会议决议公告 二、监事会会议审议情况 本公司及监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。 全体与会监事经认真审议，形成以下决议： （一）审议通过《关于公司前次募集资金使用情况报告的议案》 一、监事会会议召开情况 根据公司发行境外上市外资股（H 股）股票并申请在香港联合交易所有限公 司（以下简称"香港联交所"）主板上市需要及《监管规则适用指引——发行类 第 7 号》等的规定，公司已编制截至 2025 年 6 月 30 日的《前次募集资金使用情 况报告》，并由中审众环会计师事务所（特殊普通合伙）出具了截至 2025 年 6 月 30 日的《前次募集资金使用情况鉴证报告》。 福建万辰生物科技集团股份有限公司（以下简称"公司"）第四届监事会第 三十三次会议于 2025 年 9 月 2 日在公司会议室以现场结合通讯方式召开，本次 监事会会议通知于 2025 年 8 月 30 日以书面、电子邮件的形式向公司全体监事发 出。会议应参与表决监事 3 名， ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-075 福建万辰生物科技集团股份有限公司 第四届董事会第三十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，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 三十三次会议于 2025 年 9 月 2 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 8 月 30 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，公司监事和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《关于提名独立董事候选人的议案》 经审议，董事会同意，为保证公司治理结构规范运作，依照《公司法》《香 港联交所证券上市规则》（以下简称"《香港上市规则》"）及《福建万辰生物 科技集 ...

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]

Core Insights - Wancheng Group has successfully transformed from a mushroom producer to a player in the bulk snack industry, preparing to re-enter the capital market [1][3] - The company faced a significant decline in profitability in its original mushroom business, prompting a strategic pivot to capitalize on the growing snack market [3][5] Company Overview - Established in 2011, Wancheng Group initially thrived on mushroom products, with revenue from mushrooms exceeding 70% from 2017 to 2021, leading to its listing on the Shenzhen Stock Exchange in 2021 [1][3] - In 2023, the gross margin for the mushroom business plummeted to -1.95%, despite a slight revenue increase to 402 million yuan in 2024 [3][5] Market Expansion - The Chinese snack industry is experiencing substantial growth, which Wancheng Group aims to leverage through its "Luxiaochan" brand launched in August 2022 [3][5] - The company rapidly expanded its store count from under 100 to over 20,000 across various regions in just a few years, with 98% of its 2024 revenue of 32.3 billion yuan coming from the snack business, marking a 248% year-on-year growth [3][5] Challenges Faced - The rapid expansion has led to issues such as food safety and service quality complaints, particularly regarding brands like "Haoxianglai" and "Laiyoupin" [5] - Despite high revenue, the company struggles with low profitability, reporting a net profit margin of -0.89% in 2023 and only 0.91% in 2024 [5] Management Changes - The company has undergone significant management changes, with founder Wang Jiankun under investigation and his sister Wang Liqing taking over as acting chairperson, while his son Wang Zeneng emerges as the actual controller [5][6] - Wang Zeneng's leadership is seen as stabilizing the company during this transition and continuing the transformation process [5][6] Future Considerations - Wancheng Group must address challenges such as maintaining market leadership, improving profitability, and reducing debt levels [6] - Consumer preferences for brands like "Haoxianglai" will be crucial for the company's ongoing success in the competitive snack market [6]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company achieved significant revenue growth in the first half of 2025, with operating income reaching 22.58 billion yuan, a year-on-year increase of 106.89%, and a net profit attributable to shareholders of 472 million yuan, reflecting a remarkable growth of 50358.8% [3][4]. - The company's gross margin for the first half of 2025 was 11.41%, with a net profit margin of 2.09%, both showing improvements compared to the previous year [5][6]. - The company opened 1,468 new stores while closing 259, resulting in a total of 15,365 stores by the end of the period, indicating a stable expansion strategy [4][5]. Financial Performance - The company’s revenue projections for 2025-2027 have been adjusted to 51.10 billion, 61.08 billion, and 68.49 billion yuan, respectively, with expected year-on-year growth rates of 58.06%, 19.53%, and 12.13% [6][10]. - The net profit attributable to shareholders is forecasted to reach 1.12 billion, 1.52 billion, and 1.79 billion yuan for the same period, with growth rates of 281.2%, 35.43%, and 17.92% [10][11]. - The company’s operating efficiency is highlighted by a significant reduction in expense growth compared to revenue growth, leading to a net profit margin of 4.1% in the second quarter of 2025 [5][6].

Market Overview - The leisure food sector increased by 0.05% on September 1, with Qiaqia Food leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Leisure Food Sector - Zhizhi Food (002557) closed at 23.17, up 3.58% with a trading volume of 165,300 shares and a turnover of 385 million yuan [1] - Haoxiangni (002582) closed at 10.70, up 3.48% with a trading volume of 375,400 shares and a turnover of 401 million yuan [1] - Liangpinpuzi (603719) closed at 13.62, up 3.10% with a trading volume of 126,000 shares and a turnover of 170 million yuan [1] Top Losers in Leisure Food Sector - Wancheng Group (300972) closed at 204.70, down 3.35% with a trading volume of 65,500 shares and a turnover of 1.337 billion yuan [2] - Chongwu Food (603057) closed at 25.46, down 2.26% with a trading volume of 50,600 shares and a turnover of 130 million yuan [2] - Youyou Food (603697) closed at 13.82, down 2.12% with a trading volume of 225,800 shares and a turnover of 314 million yuan [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 2.3567 million yuan from institutional investors, while retail investors saw a net inflow of 14.3 million yuan [2][3] - Major stocks like Zhizhi Food had a net inflow of 63.1025 million yuan from institutional investors, despite a net outflow from retail investors [3] - The overall trend indicates a mixed sentiment among different types of investors within the leisure food sector [3]

Group 1 - The core viewpoint of the article highlights that Wancheng Group, the parent company of the snack brand "Haoxianglai," achieved the fastest net profit growth among A-share listed companies in the first half of the year, with a net profit of 472 million yuan, a year-on-year increase of 50,358.8%, and total revenue of 22.583 billion yuan, up 106.89% [1][2] - The significant profit growth is attributed to the rapid expansion of the chain snack business, with the company adding 9,470 new "Haoxianglai" stores in 2024, breaking the previous record for store openings in the consumer sector [2][3] - The company’s gross profit margin for snack products reached 11.49%, an increase of 0.62% compared to the same period last year, benefiting from a larger number of stores which enhances bargaining power with suppliers [2] Group 2 - The competitive landscape in the bulk snack market is intensifying, with high store density and numerous brands vying for market share, particularly in lower-tier cities [2][4] - To supplement funding, Wancheng Group announced plans to issue H-shares and apply for a listing on the Hong Kong main board, indicating a strategic move to bolster capital [3] - Future competition in the bulk snack industry will focus on supply chain depth and capital endurance, as companies strive to maintain growth amid market saturation [4]

Group 1 - Alibaba's CEO emphasized that "AI + Cloud" and the integration of shopping and lifestyle services are the two strategic opportunities for the company [1] - Alibaba's strategy in instant retail aims to meet the one-stop needs of 1 billion consumers, shaping the commercial form of the large consumption platform in the AI era [1] - Alibaba's strategic investment in Huitongda Network highlights the focus on "AI+" strategy and new consumption sectors like "hard discount" and "instant retail" [2] Group 2 - Huitongda and Alibaba signed a comprehensive cooperation agreement on "AI + industry" targeting 300 million rural families and 4.7 million township stores [2] - The instant retail sector is experiencing a surge with Alibaba leading the trend of "flash purchase" and "instant delivery" in high-tier markets [2] - Huitongda is transforming traditional township stores into new retail terminals capable of online ordering and home delivery through digitalization and supply chain integration [2] Group 3 - The "hard discount" model is becoming a popular focus for multiple platforms in the large consumption sector [3] - Wancheng Group's brand "Haoxianglai" rapidly expanded with over 10,000 stores, experiencing significant revenue and net profit growth [3] - Huitongda plans to expand its "hard discount" category to meet a broader customer demand [3] Group 4 - The large consumption market is accelerating towards high-frequency, all-scenario, and diversified experiences driven by AI [4]