福建万辰生物科技集团股份有限公司（以下简称"公司"）董事会薪酬与考 核委员会根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》 （以下简称"《上市规则》"）、《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》等法律、法规、规范性文件以及《公司 2025 年限制性 股票激励计划》（以下简称"《激励计划》"或"本激励计划"）、《公司章程》 的有关规定，对本激励计划预留授予（第一批次）激励对象名单进行审核，现发 表核查意见如下： 福建万辰生物科技集团股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股票激励计划 预留授予（第一批次）激励对象名单的核查意见 特此公告。 福建万辰生物科技集团股份有限公司 董事会 2025 年 10 月 14 日 1、本次拟预留授予（第一批次）的激励对象均具备《公司法》《证券法》 等法律、法规和规范性文件及《公司章程》规定的任职资格，符合《管理办法》 《上市规则》等文件规定的激励对象条件，符合《激励计划 ...

Market Overview - The leisure food sector experienced a decline of 0.25% on October 14, with Wancheng Group leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Salted Fish Shop (002847) rose by 2.19% to close at 70.00, with a trading volume of 43,000 hands and a transaction value of 296 million [1] - Yuanzi Co. (603886) increased by 1.42% to 12.18, with a trading volume of 28,300 hands and a transaction value of 34.28 million [1] - Wancheng Group (300972) fell by 3.04% to 173.54, with a trading volume of 23,800 hands and a transaction value of 419 million [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 27.18 million from main funds, while retail investors had a net inflow of 29.55 million [2] - Major stocks like Salted Fish Shop and Good Products Shop saw significant net inflows from main funds, while others like Yuanzi Co. experienced net outflows [3] Summary of Key Stocks - Salted Fish Shop had a main fund net inflow of 12.23 million, while retail investors had a net outflow of 27.79 million [3] - Good Products Shop recorded a main fund net inflow of 11.57 million, with both retail and speculative funds showing outflows [3] - Three Squirrels (300783) had a main fund net inflow of 10.96 million, but retail investors withdrew 7.50 million [3]

Core Viewpoint - The document lists a series of unconditional approvals for business concentration cases from September 29 to October 8, 2025, indicating ongoing consolidation activities in various sectors [1]. Group 1: Business Concentration Cases - Case 1: China International Capital Corporation Private Equity Investment Management Co., Ltd. and Schaeffler Investment (China) Co., Ltd. established a joint venture on September 29, 2025 [1]. - Case 2: Eastman Chemical International GmbH and Huafeng Chemical Co., Ltd. established a joint venture on September 29, 2025 [1]. - Case 3: Agricultural Bank of China Capital Management Co., Ltd. and Shandong New Kinetic Energy Capital Management Co., Ltd., among others, established a joint venture on September 30, 2025 [1]. - Case 4: Bank of Communications Guoxin Private Equity Fund Management Co., Ltd. and Suzhou Industrial Park Zhongxin Energy Development Co., Ltd. established a partnership on September 30, 2025 [1]. - Case 5: Qingdao Urban Development Group Co., Ltd. and Qingdao Municipal Space Development Group Co., Ltd. merged on September 30, 2025 [1]. - Case 6: Fujian Wancheng Biotechnology Group Co., Ltd. acquired Nanjing Wanyou Business Management Co., Ltd. on September 30, 2025 [1]. - Case 7: Beijing Ideal Automotive Co., Ltd. and Xinwanda Power Technology Co., Ltd. established a joint venture on September 30, 2025 [1].

Core Viewpoint - The snack retail industry is entering a new competitive phase, with companies like Wancheng Group and Mingming Hen Mang leading the market. Wancheng Group is pursuing an IPO to enhance its global strategy and expand its store network, but faces challenges in maintaining growth and profitability due to market saturation and increased competition [1][2]. Group 1: Company Expansion and Strategy - Wancheng Group officially launched its IPO application in September 2023, aiming to establish an international capital platform and enhance competitiveness through store network expansion [1]. - The company has seen significant growth in store numbers, reaching 15,365 stores by mid-2023, but the pace of new openings has slowed, with only 1,177 new stores added in the first half of 2023, less than 60% of the previous year's rate [1][6]. - Wancheng Group's revenue growth is heavily reliant on store expansion, with projections indicating a net increase of 9,470 stores in 2024, leading to an expected revenue of 32.329 billion yuan [2][5]. Group 2: Financial Performance and Challenges - Despite achieving a revenue increase of 106.89% in the first half of 2023, Wancheng Group's growth rate is the lowest in three years, indicating potential challenges ahead [6]. - The company's financial burden is expected to increase following a planned acquisition of a 49% stake in Nanjing Wanyou for 1.379 billion yuan, which will raise its debt levels significantly [7]. - Wancheng Group's reliance on subsidies to attract franchisees has led to high sales and management expenses, with net profit margins dropping to 1.87% [5][6]. Group 3: Industry Dynamics and Competition - The snack retail sector is transitioning from rapid expansion to a focus on operational efficiency and refined management, as the market approaches saturation [8]. - Competitors like Mingming Hen Mang are also expanding aggressively, with over 20,000 stores announced in September 2023, highlighting the intense competition in the sector [6][8]. - The industry is witnessing a shift towards private label products, with Wancheng Group launching its own brands to enhance differentiation and address consumer loyalty challenges [9].

Core Viewpoint - As of October 13, a total of 80 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Daming City, which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include Wancheng Group, Yuntianhua, Zhongjin Gold, Tongfang Co., Xujie Electric, Jingwei Hengrun, New Dairy, and Xingye Silver Tin [1]

Core Viewpoint - Wanchen Group's stock has shown significant volatility, with a year-to-date increase of 119.78%, but a recent decline in the last 20 days by 9.34% [1][2] Group 1: Stock Performance - As of October 14, Wanchen Group's stock price was 175.41 CNY per share, with a market capitalization of 32.91 billion CNY [1] - The stock experienced a net outflow of 7.0186 million CNY in principal funds, with large orders accounting for 22.47% of total buying and 27.61% of total selling [1] - The company has appeared on the trading leaderboard twice this year, with the most recent net purchase of 170 million CNY on August 29 [1] Group 2: Financial Performance - For the first half of 2025, Wanchen Group reported a revenue of 22.583 billion CNY, representing a year-on-year growth of 106.89%, and a net profit of 472 million CNY, a staggering increase of 50,358.80% [2] - The company has distributed a total of 142 million CNY in dividends since its A-share listing, with 108 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, 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] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, increasing its holdings by 206,680 shares to 3.8879 million shares [3]

Core Viewpoint - The article discusses the rapid growth and challenges faced by Wancheng Biological, particularly its "Haoxianglai" brand, which has expanded to over 15,000 stores but is burdened by high debt and operational risks due to increased competition and extended payback periods for franchisees [2][3][4][5]. Financial Performance - Wancheng Biological's revenue surged from 5.49 billion yuan in 2022 to 323.29 billion yuan by mid-2025, with a significant increase in the share of snack and beverage retail business from 12.1% in 2022 to 98.9% in 2025 [6]. - The adjusted net profit showed a dramatic increase, reaching approximately 9.22 billion yuan in the first half of 2025, reflecting a growth rate of 287.39% year-on-year [8]. - Despite high revenue growth, the net profit margin has declined significantly, with a net profit margin of only 3.85% in the first half of 2025, compared to historical levels of around 10% to 20% from 2018 to 2021 [8]. Expansion Strategy - The company has aggressively expanded its franchise network, growing from 160 franchise stores in 2022 to 15,300 by mid-2025, with over 99% of its stores being franchises [6][7]. - Wancheng Biological's debt has increased dramatically, with current liabilities rising from approximately 3.32 billion yuan at the end of 2022 to 51.28 billion yuan by the end of 2024 [10]. Market Position - "Haoxianglai" has become the leading brand in the snack retail sector, holding a market share of 0.91%, while the top five brands collectively hold only about 3.85% of the market [20]. - The competitive landscape is characterized by a duopoly between Wancheng Biological and Mingming Group, with both companies vying for market share in a fragmented industry [21]. Operational Challenges - Franchisees are facing increased operational challenges, with the payback period for opening a "Haoxianglai" store extending from about one year to three years due to rising costs and market saturation [9][15]. - The company has reported significant increases in inventory levels, which could pose risks to its operations if not managed effectively [16]. Leadership and Governance - The founder of Wancheng Biological, Wang Jiankun, is under investigation, leading to concerns about governance and stability within the company [17][18]. - Wang Zening, the founder's son, has taken on a more prominent role in the company, which may influence its strategic direction moving forward [18][19].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]

证券之星消息，10月13日休闲食品板块较上一交易日下跌1.32%，万辰集团领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。休闲食品板块个股涨跌见下表： 从资金流向上来看，当日休闲食品板块主力资金净流出3690.65万元，游资资金净流入917.8万元，散户资 金净流入2772.85万元。休闲食品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 003000 | 劲仔食品 | | > 952.45万 | 18.14% | -334.80万 | -6.38% | -617.65万 | -11.76% | | 603517 | ST绝味 | | 912.85万 | 3.04% | -547.95万 | -1.82% | -364.90万 | -1.22% | | 300973 | 立高食品 | | 762.50万 | 5.56% ...

福建万辰生物科技集团股份有限公司 关于公司 2023 年第二期限制性股票激励计划首次授予部分 证券代码：300972 证券简称：万辰集团 公告编号：2025-096 第二个归属期（第一批次）归属结果暨股份上市的公告 1 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。 重要内容提示： 1、符合本次第二类限制性股票归属条件的激励对象共计 55 人 2、本次第二类限制性股票归属数量：127.6360 万股，占当前公司总股本的 0.6803% 3、本次归属的限制性股票来源：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 4、本次归属的限制性股票上市流通日为 2025 年 10 月 15 日 根据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"） 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《关于公 司 2023 年第二期限制性股票激励计划首次授予部分第二个归属期（第一批次） 归属条件成就的议案》。近日公司办理了 2023 年第二期限制性股票激励计划（以 下简称"《激励计划》"或"本激励计划"）首次授予部分的第 ...