Summary of Wanchen Group Conference Call Company Overview - **Company**: Wanchen Group - **Industry**: Snack Retail Key Points Industry and Market Position - Wanchen Group's snack retail business achieved revenue of **31.79 billion yuan** in 2024, accounting for **98.3%** of total revenue [2][6] - The company operates **14,196 stores**, ranking second in the market, just behind Mingming Hen Mang [2][6] - There is significant potential for market penetration, especially in southern, northeastern, and second-tier cities, as well as plans to expand into Southeast Asia [2][4][8] Business Strategy and Growth - The company is actively transforming into a discount supermarket model as a second growth curve, aiming to enhance operational efficiency and meet diverse consumer needs [2][4][8] - Wanchen Group plans to increase its store count to **24,000 to 25,000** in a stable state, with an expected annual GMV exceeding **100 billion yuan** [8][21] - The company anticipates revenue growth from **56.42 billion yuan** in 2025 to **91.88 billion yuan** in 2027, with net profits increasing from **1 billion yuan** to **2.42 billion yuan** during the same period [3][24] Financial Performance and Projections - The company expects a rapid increase in profitability, with net profit margins projected to rise significantly by 2027 [3][24] - The PE ratios are projected to decrease from **27 times** in 2025 to **12 times** in 2027, indicating improving profitability [3][24] Supply Chain and Operational Efficiency - Wanchen Group has established a strong supply chain through acquisitions of four regional snack brands and integration of its own brand, Lvxiaocan [2][5] - The company has a self-owned raw material planting base and large-scale production base, enhancing supply chain efficiency [2][5][7] - The company is implementing a stock incentive plan to align management interests with company performance, with core executives holding **58.1%** of shares [2][5] Southeast Asia Market Potential - The Southeast Asian snack market is growing rapidly, with a CAGR of **2.1%** from 2019 to 2024, outpacing China's **0.5%** [9][10] - Chinese upstream snack companies are exploring supply chain construction in Southeast Asia, which could lower operational costs and replicate domestic competitive advantages [10] Challenges and Competitive Landscape - Potential competitors face challenges such as high investment costs and reliance on traditional distribution models, limiting their ability to capture market share [13] - The discount supermarket model is expected to outperform traditional community supermarkets and convenience stores, with significant growth potential [11][12] Future Directions - The company plans to optimize its product categories and enhance operational efficiency through staff training and backend management [16][17] - Future profitability will be driven by sales fee optimization, management efficiency improvements, and increased self-brand sales [19][20] Conclusion - Wanchen Group is positioned for significant growth in the snack retail industry, with a clear strategy for market expansion, operational efficiency, and profitability enhancement. The company's plans for Southeast Asia and the discount supermarket model present substantial opportunities for future success [25][26]

Group 1 - The company, Wancheng Group, is planning to complete its issuance and listing at an appropriate time while considering the interests of existing shareholders and the conditions of domestic and foreign capital markets [1] - The board of directors has appointed Furuimaze as the auditing institution for this issuance and listing [1] - Wancheng Group is a key national leading enterprise in agricultural industrialization, producing 140,000 tons of edible mushrooms annually and aiming to provide high-quality products and services to global consumers [1] Group 2 - The company has a comprehensive product range and a marketing network that covers major agricultural wholesale markets across the country, with deep cooperation with large chain supermarkets and e-commerce platforms [1] - Wancheng Group's products have high brand recognition in Southeast Asia, particularly in Vietnam and Thailand, and are expanding in the European and American markets [1] Group 3 - As of the latest data, Wancheng Group's stock price is ¥150.11, with a market capitalization of ¥281.63 billion [2][3] - The stock has shown a significant increase of 2032% from the initial closing price of ¥7.04 since its listing [4]

Company Overview - Wanchen Group has been actively expanding its snack retail business since 2022, acquiring and integrating five major brands to establish a second growth curve [3] - The company has a concentrated ownership structure, with Wang Zenning as the controlling shareholder, holding approximately 34.6% of the shares [3] Industry Insights - The snack retail market in China has shown significant growth, with the market size increasing from 21.1 billion yuan in 2019 to 80.9 billion yuan in 2023, representing a CAGR of about 40% [2] - The number of snack retail stores is expected to reach 45,000 by 2025, indicating substantial expansion potential in the industry [2] Financial Performance - Wanchen Group's snack retail revenue is projected to reach 31.79 billion yuan in 2024, with a net profit of 860 million yuan, reflecting a year-on-year growth of 128% and 251% respectively [4] - The company has over 15,000 stores, with rapid growth in store numbers being a key driver of revenue increase [4] Profitability and Cost Management - The scale effect from increasing revenue and store density is expected to enhance profit margins, with continuous cost reduction efforts [5] - Wanchen Group is actively developing its own brands, which is anticipated to further improve profitability [5] Strategic Initiatives - The company is focusing on brand building and has begun to introduce IP-derived products to enhance consumer engagement [6] - Wanchen Group is transitioning towards a discount retail model, launching "Lai You Pin" and "Hao Xiang Lai" stores, expanding product categories beyond snacks to include daily necessities and fresh produce [6] Investment Outlook - The company is expected to achieve revenues of 54.2 billion yuan, 63.4 billion yuan, and 71.6 billion yuan from 2025 to 2027, with net profits of 770 million yuan, 1.08 billion yuan, and 1.3 billion yuan respectively [6] - A target price of 184.01 yuan has been set, indicating approximately 20% upside potential from the current valuation [6]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 184.01 CNY, indicating approximately 20% upside potential from the current price of 150.11 CNY [7]. Core Insights - The company is positioned as a leading player in the snack retail sector, with significant growth potential in the discount store format, which is becoming a new trend in the market [1][5]. - The snack retail market in China is projected to grow from 211 billion CNY in 2019 to over 1000 billion CNY by 2024, with a CAGR of approximately 40% from 2019 to 2023 and an expected CAGR of 18% from 2023 to 2027 [1][35]. - The company has rapidly expanded its store count to over 15,000, establishing a strong competitive position alongside its main rival [1][39]. Summary by Sections 1. Rapid Growth in Snack Retail Business - The company, founded in 2011, initially focused on edible fungi and has since diversified into the snack retail sector, achieving significant revenue growth [2][15]. - In 2024, the snack retail business is expected to generate revenue of 31.79 billion CNY, reflecting a year-on-year growth of 262.94% [15][26]. - The company has integrated five major snack brands and is actively developing its private label products to enhance profitability [4][5]. 2. Market Trends and Opportunities - The snack retail channel is still in a growth phase, with significant market expansion opportunities remaining [35][36]. - The company is transitioning towards a full-category discount store model, launching "Lai You Pin" and "Hao Xiang Lai" stores to diversify its product offerings beyond snacks [5][49]. - The competitive landscape is evolving, with major players like Lele and Aoleqi also entering the discount store space, indicating a shift in consumer preferences towards value-oriented shopping [44][45]. 3. Financial Performance and Projections - The company is projected to achieve revenues of 54.15 billion CNY in 2025, with a net profit of 773.12 million CNY, reflecting a strong growth trajectory [6][4]. - The EBITDA is expected to reach 2.74 billion CNY in 2025, with a significant improvement in profit margins due to economies of scale and cost management [6][4]. - The report highlights a decrease in expense ratios, with the net profit margin improving from -1.57% in 2023 to 3.59% in Q1 2025 [29][28].

Meeting Information - The company will hold its second extraordinary general meeting of shareholders in 2025 on September 8, 2025, at 14:00 [1] - Shareholders can participate in the meeting either in person or through authorized representatives [2][3] - The meeting will also allow for online voting through the Shenzhen Stock Exchange systems [1][6] Voting Procedures - Shareholders must register to attend the meeting, with specific requirements for both corporate and individual shareholders [6] - Voting can be conducted via on-site attendance, the Shenzhen Stock Exchange trading system, or the internet voting system [1][8] - The voting rights for certain proposals require a two-thirds majority from attending shareholders [5] Agenda Items - The meeting will discuss several proposals, including the issuance of H shares and amendments to the company's articles of association [5][11] - Specific proposals include the authorization of the board to handle matters related to the H share issuance and the revision of internal governance systems [4][12] - The agenda includes a total of seven proposals that require voting [5][11]

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. plans to issue H shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy, brand recognition, and overall competitiveness [1][2]. Group 1: Meeting Details - The 31st meeting of the 4th Supervisory Board was held on August 22, 2025, with all three participating supervisors present [1]. - The meeting was conducted in accordance with the Company Law and the company's articles of association [1]. Group 2: H Share Issuance Proposal - The Supervisory Board approved the proposal for issuing H shares and listing on the Hong Kong Stock Exchange, with a unanimous vote of 3 in favor [2]. - The shares will be ordinary shares with a par value of RMB 1, issued in foreign currency [2]. Group 3: Issuance Method and Scale - The issuance will include both public offerings in Hong Kong and international placements, with the total number of H shares not exceeding 15% of the company's total share capital post-issuance [3][4]. - The pricing will be determined based on market conditions and investor acceptance, utilizing a market-oriented pricing approach [4]. Group 4: Fund Utilization Plan - The funds raised will be used for store network expansion, product development, brand building, supply chain upgrades, digital capabilities enhancement, and general corporate purposes [8]. - The Board is authorized to adjust the use of funds based on regulatory feedback and operational needs [8]. Group 5: Approval and Compliance - The issuance plan requires approval from the shareholders' meeting and must comply with relevant regulations from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2][6]. - The validity period for the resolutions related to the issuance is set for 24 months from the date of approval by the shareholders' meeting [9]. Group 6: Additional Proposals - The Supervisory Board approved the proposal for the distribution of retained earnings before the issuance, ensuring that both existing and new shareholders share the profits proportionally after the issuance [10]. - The Board also approved the hiring of an auditing firm for the issuance process, specifically FuRui MaZe Accounting Firm [10].

分组1 - Longi Green Energy reported a revenue of 32.81 billion yuan in the first half of 2025, a decrease of 14.83% year-on-year, with a net loss of 2.57 billion yuan, an improvement of 2.66 billion yuan compared to the previous year [1][2] - The company increased its silicon wafer shipments to 52.08 GW, with external sales of 24.72 GW, and battery module shipments of 41.85 GW, but faced losses due to market prices falling below cost levels [1][2] 分组2 - Vanke A reported a revenue of 105.32 billion yuan in the first half of 2025, a decrease of 26.23% year-on-year, with a net loss of 11.95 billion yuan, a decrease of 21.25% compared to the previous year [3][5] - The company completed the delivery of over 45,000 housing units and achieved a sales amount of 69.11 billion yuan, with a collection rate exceeding 100% [5][6] 分组3 - Tonghuashun achieved a revenue of 1.78 billion yuan in the first half of 2025, an increase of 28.07% year-on-year, with a net profit of 502 million yuan, up 38.29% [7][8] - The increase in revenue was attributed to a rise in user activity on its platform and increased demand for financial information services [7][8] 分组4 - Changan Automobile reported a revenue of 72.69 billion yuan in the first half of 2025, a decrease of 5.25% year-on-year, with a net profit of 2.29 billion yuan, down 19.09% [9][10] - The company achieved a sales volume of 1.355 million vehicles, a year-on-year increase of 1.6%, with new energy vehicle sales reaching 452,000 units, up 49.1% [9][10][11] 分组5 - Ping An Bank reported a revenue of 69.39 billion yuan in the first half of 2025, a decrease of 10.0% year-on-year, with a net profit of 24.87 billion yuan, down 3.9% [12][14] - The bank's net interest margin was 1.80%, a decrease of 16 basis points compared to the previous year [12][14] 分组6 - Longi Green Energy's net loss expanded to 4.955 billion yuan in the first half of 2025, with revenue of 40.51 billion yuan, a decrease of 7.51% year-on-year [26][28] - The company cited ongoing supply-demand imbalances in the industry as a significant challenge [26][28] 分组7 - China CNR reported a revenue of 119.76 billion yuan in the first half of 2025, an increase of 32.99% year-on-year, with a net profit of 7.25 billion yuan, up 72.48% [23][24][25] - The revenue increase was primarily driven by growth in railway equipment and new industry income [23][24] 分组8 - Jiangsu Bank reported a revenue of 448.64 billion yuan in the first half of 2025, an increase of 7.78% year-on-year, with a net profit of 202.38 billion yuan, up 8.05% [32][33] - The bank's total assets reached 4.79 trillion yuan, a growth of 21.16% compared to the previous year [32][33]

Group 1 - The company held its 31st meeting of the 4th Board of Directors on August 22, 2025, to discuss various governance matters [1] - The Board approved amendments to the company's Articles of Association and related rules to enhance corporate governance and compliance with legal requirements [2][3] - The Board agreed to seek shareholder approval for the issuance of H shares and listing on the Hong Kong Stock Exchange to further the company's international strategy [3][4] Group 2 - The proposed H share issuance will involve a maximum of 15% of the company's total share capital post-issuance, with an option for overallotment [6] - The issuance will be conducted through a public offering in Hong Kong and an international placement, with specific allocation strategies based on market conditions [5][7] - The company plans to use the proceeds from the H share issuance for network expansion, product development, brand building, and other strategic initiatives [9][10] Group 3 - The Board approved a plan for the company to transition into an overseas fundraising company following the successful issuance and listing of H shares [9][10] - The company will revise its internal governance documents to align with the new structure and regulatory requirements post-listing [18][24] - The Board proposed to establish a confidentiality and archival management system related to the overseas issuance and listing [27]

8月22日，万辰集团发布公告称，公司于8月22日召开第四届董事会第三十一次会议，审议通过了《关于 公司发行H股股票并在香港联合交易所有限公司上市的议案》《关于公司发行H股股票并在香港联合交 易所有限公司上市方案的议案》等相关议案，现将有关情况公告如下： 为进一步推进公司国际化战略，提升公司品牌知名度和综合竞争力，完善公司供应链体系建设，经公司 充分论证，公司计划发行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"）主板挂 牌上市（以下简称"本次发行上市"）。公司将充分考虑现有股东的利益和境内外资本市场的情况，在股 东会决议有效期内（即经公司股东会审议通过之日起24个月或公司股东会同意延长的其他期限）选择适 当的时机和发行窗口完成本次发行上市。 (编辑：王璨 林辰) 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》 《境内企业境外发行证券和上市管理试行办法》《香港联合交易所有限公司证券上市规则》以及中国香 港特别行政区法律对在中国境内注册成立的发行人在中国香港发行股票并上市的有关规定等法律、法规 和规范性文件的要求，公司本次发行上市尚需提交公司股东会审议，并 ...

此外，公司于8月22日召开的第四届董事会第三十一次会议及第四届监事会第三十一次会议分别审议通 过了《关于聘请H股发行并上市审计机构的议案》，同意聘请富睿玛泽会计师事务所有限公司为公司本 次发行并上市的审计机构。 依据万辰集团2024年年报，公司持续专注于量贩零食业务和食用菌业务的高质量发展，积极响应国 家"促消费、扩内需"的政策号召，通过不断提升自身经营效率，力求为广大消费人群以高性价比提供高 品质的产品和消费体验。 万辰集团（300972）8月22日晚间公告称，公司计划发行H股股票并申请在香港联交所主板挂牌上市， 以推进公司国际化战略，提升品牌知名度和综合竞争力，完善供应链体系建设。目前，公司正积极与相 关中介机构就本次发行上市的相关工作进行商讨，其他具体细节尚未确定。 2024年，万辰集团共实现营业收入约323.29亿元，其中量贩零食板块实现收入约317.9亿元，占总收入的 98.33%。实现归属于上市公司股东的净利润约2.94亿元，同比扭亏。 2025年第一季度，万辰集团共实现营业收入约108.21亿元，同比增长124.02%；归属于上市公司股东的 净利润2.15亿元，同比增长3344.13%。 ...