Core Viewpoint - The company plans to distribute cash dividends to its shareholders based on its existing total share capital of 188,891,422 shares, with a distribution of 1.50 yuan (including tax) for every 10 shares held, totaling 28,333,713.30 yuan in cash dividends [1] Summary by Category - **Dividend Distribution**: The company will distribute cash dividends of 1.50 yuan per 10 shares to registered shareholders on the record date, amounting to a total of 28,333,713.30 yuan [1] - **Share Capital**: The distribution is based on the current total share capital of 188,891,422 shares, with no issuance of bonus shares or capital reserve fund conversion into share capital [1] - **Retained Earnings**: The remaining undistributed profits will be carried forward to the next fiscal year [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥13,979,747,692.50, representing a 44.15% increase compared to the same period last year[5]. - Net profit attributable to shareholders was ¥383,411,496.55, a significant increase of 361.22% year-on-year[5]. - The basic earnings per share (EPS) was ¥2.0436, reflecting a growth of 335.64% compared to the previous year[5]. - Operating revenue for the first nine months of 2025 reached ¥36.56 billion, a 77.37% increase compared to ¥20.61 billion in the same period of 2024, driven by the continuous development of the bulk snack business[11]. - Net profit for the first nine months of 2025 was ¥1.59 billion, representing a 361.52% increase from ¥344.68 million in 2024, attributed to improved operational efficiency and higher prices for edible fungi[11]. - Total operating revenue for the period reached ¥36,562,310,483.49, a significant increase from ¥20,613,100,328.64 in the previous period, representing an increase of approximately 77.4%[30]. - The net profit for the current period is CNY 1,590,781,114.91, compared to CNY 344,679,792.43 in the previous period, representing a significant increase[31]. - The total profit for the current period is CNY 2,160,242,004.73, up from CNY 574,322,826.28 in the previous period[31]. - Operating profit for the current period is CNY 2,147,377,917.56, compared to CNY 582,939,532.78 in the previous period[31]. Assets and Liabilities - Total assets increased by 27.01% to ¥9,212,258,989.89 compared to the end of the previous year[5]. - Total liabilities rose to ¥6,112,406,863.20 from ¥5,792,060,060.90, reflecting an increase of about 5.5%[29]. - The company's equity attributable to shareholders rose by 85.93% to ¥2,041,758,495.58 compared to the end of the previous year[5]. - Cash and cash equivalents at the end of the period were ¥4,192,918,375.88, up from ¥2,380,613,526.63 at the beginning of the period, indicating a growth of about 76.3%[27]. - Cash and cash equivalents at the end of the period amount to CNY 4,134,135,144.01, compared to CNY 2,210,647,748.54 at the end of the previous period[34]. Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥2,381,772,431.91, up 144.92%[5]. - Cash flow from operating activities increased by 144.92% to ¥2.38 billion in 2025, up from ¥972.48 million in 2024, primarily due to higher cash inflows from the bulk snack business[13]. - Cash flow from operating activities for the current period is CNY 2,381,772,431.91, an increase from CNY 972,481,043.44 in the previous period[33]. - The company reported a cash flow from investing activities net outflow of CNY -43,328,372.97, compared to CNY -370,581,401.50 in the previous period[34]. - The company experienced a net cash outflow from financing activities of CNY -413,596,713.34, compared to a net inflow of CNY 455,058,256.42 in the previous period[34]. Investments and Expenses - Research and development expenses surged by 407.66% to ¥15.12 million in 2025 from ¥2.98 million in 2024, reflecting increased investment in software system development[11]. - The company's management expenses rose by 62.03% to ¥1.01 billion in 2025, up from ¥622.18 million in 2024, in line with the growth of the bulk snack business[11]. - The company reported a significant increase in other income, which rose by 214.29% to ¥25.19 million in 2025, compared to ¥8.01 million in 2024, due to increased income from handling breaches of cooperation agreements[11]. - Investment income increased dramatically by 1,421,831.69% to ¥948,997.21 in 2025, compared to ¥66.74 in 2024, due to returns from financial products purchased with idle funds[11]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,440, with the largest shareholder, Fujian Huanxi Grass Agricultural Development Co., Ltd., holding 17.46% of the shares[16]. - The company plans to distribute cash dividends of 1.50 CNY per 10 shares, totaling 28,333,713.30 CNY, based on a total share capital of 188,891,422 shares for the first three quarters of 2025[19]. - The company completed the vesting of 4,533,301 shares for 10 individuals under the 2023 restricted stock incentive plan, increasing total share capital from 179,989,761 shares to 187,615,062 shares[21]. Strategic Plans and Management Changes - The company plans to continue expanding its store network and enhancing operational efficiency in the bulk snack business, which has shown rapid growth[11]. - The company submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance international strategy and brand recognition[23]. - The company appointed Yang Jun as the deputy general manager and Wang Zening as the general manager following the resignation of Wang Jiankun from the board[24]. - The company nominated Yang Fan as an independent director candidate, approved by the shareholders' meeting[25]. - Li Bo will continue as deputy general manager after resigning from the board and has been elected as an employee representative director[26].

Market Overview - The leisure food sector increased by 1.1% on October 21, with Ximai Food leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Ximai Food (002956) closed at 21.40, up 10.03% with a trading volume of 100,500 shares and a transaction value of 208 million yuan [1] - Haoxiangni (002582) closed at 9.62, up 4.45% with a trading volume of 218,300 shares [1] - Wancheng Group (300972) closed at 198.95, up 3.02% with a trading volume of 28,100 shares and a transaction value of 550 million yuan [1] - Other notable performers include Liangpin Shop (603719) up 1.94%, Maiqu'er (002719) up 1.73%, and Qingdao Food (001219) up 1.56% [1] Capital Flow Analysis - The leisure food sector saw a net inflow of 75.7352 million yuan from institutional investors, while retail investors experienced a net outflow of 7.4904 million yuan [2] - The main capital inflow was concentrated in stocks like Wancheng Group and Haoxiangni, with significant outflows from retail investors [3] Detailed Capital Flow for Key Stocks - Wancheng Group had a net inflow of 64.8357 million yuan from institutional investors, while retail investors saw a net outflow of 61.3825 million yuan [3] - Haoxiangni experienced a net inflow of 43.1288 million yuan from institutional investors, with a net outflow of 35.6105 million yuan from retail investors [3] - Ximai Food had a net inflow of 35.9082 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Core Viewpoint - The snack retail industry is entering a new competitive phase, with leading companies like Wanchen Group and Mingming Hen Mang focusing on store expansion and brand consolidation, while facing challenges related to market saturation and operational efficiency [2][8]. Group 1: Company Expansion and Strategy - Wanchen Group submitted its IPO application to the Hong Kong Stock Exchange in September 2023, aiming to enhance its global strategy and competitive edge through capital operations and store network expansion [2]. - As of mid-2023, Wanchen Group operated 15,365 stores, having opened 1,177 new stores in the first half of the year, which is less than 60% of the previous year's growth rate [2][3]. - The company has integrated its brands into "Haoxianglai" and is expanding its snack retail segment through acquisitions, such as the purchase of Nanjing Wanyou, which will increase its store count but also raise its debt levels [2][7]. Group 2: Financial Performance and Challenges - Wanchen Group's revenue growth has been heavily reliant on store expansion, with projected revenue reaching 32.329 billion yuan in 2024, driven by a net increase of 9,470 stores [3][4]. - The company has reduced its subsidy expenses for new store openings, leading to a slowdown in the opening of new stores, with only 1,177 new stores opened in the first half of 2023 compared to 2,105 in the same period last year [5][6]. - Following the acquisition of Nanjing Wanyou, Wanchen Group's debt-to-asset ratio is expected to rise significantly, impacting its net profit due to increased financial costs [7]. Group 3: Industry Trends and Competitive Landscape - The snack retail sector is transitioning from rapid store expansion to a focus on operational efficiency and brand differentiation, as market saturation poses challenges to growth [8][9]. - Competitors like Mingming Hen Mang are also expanding aggressively, with over 20,000 stores announced in September 2023, highlighting the competitive pressure in the industry [6][9]. - The industry is witnessing a shift towards private label products, with companies like Wanchen Group launching new brands to enhance product differentiation and meet consumer demands [8][9].

Market Overview - The leisure food sector experienced a decline of 0.21% on October 17, with Liangpinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Gui Faxiang (002820) saw a price increase of 4.13%, closing at 12.86, with a trading volume of 263,400 shares and a transaction value of 337 million [1] - Wanchen Group (300972) increased by 1.33%, closing at 195.54, with a trading volume of 25,200 shares and a transaction value of 494 million [1] - Other notable performances include Yanjinpuzi (002847) up 0.80% and Youyou Food (603697) up 0.50% [1] Capital Flow Analysis - The leisure food sector experienced a net outflow of 51.15 million from institutional investors, while retail investors saw a net inflow of 60.45 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Stock Capital Flow - Gui Faxiang (002820) had a net inflow of 28.86 million from institutional investors, but a net outflow of 25.11 million from retail investors [3] - Wanchen Group (300972) saw a net inflow of 13.49 million from institutional investors, with retail investors experiencing a net outflow of 19.76 million [3] - Other stocks like Youyou Food (603697) and Taoli Bread (603866) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - Wancheng Group has shown significant stock performance with a year-to-date increase of 146.79%, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the first half of 2025, Wancheng Group achieved a revenue of 22.583 billion yuan, representing a year-on-year growth of 106.89% [2]. - The net profit attributable to shareholders reached 472 million yuan, marking an extraordinary increase of 50,358.80% compared to the previous year [2]. Stock Market Activity - As of October 17, Wancheng Group's stock price was 196.96 yuan per share, with a trading volume of 207 million yuan and a market capitalization of 37.204 billion yuan [1]. - The stock has seen a net inflow of 2.0814 million yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 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]. - 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]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, increasing its holdings by 206,680 shares to 3.8879 million shares [3]. - The fund "Oriental Red Qidong Three-Year Holding Mixed" ranked as the ninth-largest circulating shareholder, reducing its holdings by 3,170 shares to 2.0871 million shares [3].

福建万辰生物科技集团股份有限公司 证券代码：300972 证券简称：万辰集团 公告编号：2025-101 关于 2022 年限制性股票激励计划及相关文件的二次修订说明公告 修订后： 本激励计划的有效期为自限制性股票授予之日起至激励对象获授的限制性 股票全部归属或作废失效之日止，最长不超过 60 个月。 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、误导性陈述或者重大遗漏。 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 10 月 16 日分别召开了第四届董事会第三十七次会议，审议通过了《关于<公司 2022 年限制性股票激励计划（二次修订稿）>及其摘要的议案》《关于<公司 2022 年 限制性股票激励计划实施考核管理办法（二次修订稿）>的议案》等议案，2022 年限制性股票激励计划首次授予的限制性股票第二个归属期内，公司实施了相关 交易导致出现法律法规规定的不得归属期间，且公司控股股东福建含羞草农业开 发有限公司及其一致行动人漳州金万辰投资有限公司公告了协议转让公司股份 的交易安排，为避免激励对象构成短线交易，经综合评估、慎重考虑，公司对《公 司 2022 年 ...

福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划（二次修订稿） 证券简称：万辰集团 证券代码：300972 福建万辰生物科技集团股份有限公司 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、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 一、《福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划》 （以下简称"本激励计划"）由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"本公司"）依据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则 （2020 年 12 月修订）》《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》和其他有关法律、行政法规、规范性文件，以及《公司章程》等 有关规定制订。 二、本激励计划采取的激励形式为第二类限制性股票。股票来源为公司向激 励对象定向发行的本公司人民币 A 股普通股股票。 符合本激励计划授予条件的激励对象，在满足相应归属条件和归属安排后， 在归属期内以授予价格获得公司 A 股普通股股票，该等股票将在中国证券登记结 算有 ...

福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划（二次修订稿）摘要 证券简称：万辰集团 证券代码：300972 福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划（二次修订稿）摘要 二〇二五年十月 1 福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划（二次修订稿）摘要 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、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 一、《福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划》 （以下简称"本激励计划"）由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"本公司"）依据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则 （2020 年 12 月修订）》《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》和其他有关法律、行政法规、规范性文件，以及《公司章程》等 有关规定制订。 二、本激励计划采取的激励形式为第二类限制性股票。股票来源为公司向激 励对象定向发行的本公司人民币 A ...

东方财富证券股份有限公司 独立财务顾问报告 东方财富证券股份有限公司 关于 福建万辰生物科技集团股份有限公司 2022 年限制性股票激励计划 （二次修订稿） 之 独立财务顾问报告 独立财务顾问：东方财富证券股份有限公司 二〇二五年十月 东方财富证券股份有限公司 独立财务顾问报告 目 录 | 第一章 | 释 义 | | 3 | | --- | --- | --- | --- | | 第二章 | 声 明 | | 4 | | 第三章 | 基本假设 | | 6 | | 第四章 | | 本激励计划履行的审批程序 | 7 | | 第五章 | | 本激励计划本次修订内容 | 10 | | 第六章 | | 独立财务顾问的核查意见 | 12 | 东方财富证券股份有限公司 独立财务顾问报告 第二章 声 明 东方财富证券股份有限公司接受委托，担任福建万辰生物科技集团股份有 限公司 2022 年限制性股票激励计划的独立财务顾问，并制作本独立财务顾问 报告。本独立财务顾问报告是根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司股权激励管理办法》等法律、法规和规范性文件的有关 规定，在万辰集团提供有关资料的基础上，发表独立 ...