Core Viewpoint - Nanjing Wanyue Supply Chain Management Co., Ltd. has been established, indicating a potential expansion in the supply chain management sector by Wancheng Group [1] Company Summary - Nanjing Wanyue Supply Chain Management Co., Ltd. is founded with Xu Shun Gen as the legal representative [1] - The company's business scope includes supply chain management services, enterprise management consulting, and domestic cargo transportation agency [1] - Wancheng Group (300972) holds 100% ownership of Nanjing Wanyue Supply Chain Management Co., Ltd. [1]

Group 1 - The core point of the news is the decline in the stock price of Wancheng Group, which fell by 5.13% to 176.40 CNY per share, with a total market capitalization of 33.095 billion CNY [1] - Wancheng Group, established on December 21, 2011, and listed on April 19, 2021, is primarily engaged in the research, industrial cultivation, and sales of fresh edible mushrooms, with 98.95% of its revenue coming from snack products and 1.05% from edible mushrooms [1] Group 2 - According to data from the top ten holdings of funds, one fund under Huaxia Fund holds a significant position in Wancheng Group, specifically the Huaxia Consumption Selection Mixed Initiation A (017719), which held 78,900 shares in the second quarter, accounting for 2.74% of the fund's net value [2] - The fund has experienced a floating loss of approximately 752,700 CNY today, with a total fund size of 228 million CNY and a year-to-date return of 26.1% [2] Group 3 - The fund managers of Huaxia Consumption Selection Mixed Initiation A are Liu Wencheng and Xu Man, with Liu having a tenure of 4 years and 296 days and a best fund return of 53.08% during his tenure [3] - Xu Man has a tenure of 2 years and 236 days, with a best fund return of 27.1% during his management period [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Insights - The competition between two major snack giants, Mingming Hen Mang and Wancheng Group, for the title of "first stock in Hong Kong" is intensifying as both companies have submitted their IPO applications to the Hong Kong Stock Exchange [1][6] - Both companies aim to utilize the raised funds for store expansion and supply chain optimization, indicating a strategic focus on enhancing their "low-price advantage" in the competitive landscape [1][7] Group 1: Market Dynamics - The extreme low pricing strategy of the snack retail sector is attributed to several factors, including the use of private label bulk products and optimized supply chain operations [3][4] - The supply chain efficiency is enhanced through direct sourcing, improved transportation, and strategic inventory management, which collectively reduce costs and allow for lower retail prices [3][4] Group 2: Financial Performance - Mingming Hen Mang's revenue for 2022, 2023, and 2024 is reported at 4.286 billion, 10.295 billion, and 39.344 billion respectively, with adjusted net profits of 81 million, 235 million, and 913 million [6] - Wancheng Group, which transitioned from a mushroom company to the snack retail sector, saw its revenue surge from under 600 million in 2022 to 32.3 billion in 2024 [6][7] Group 3: Competitive Strategies - Mingming Hen Mang focuses on internal growth and supply chain optimization, while Wancheng Group employs a strategy of mergers and acquisitions to consolidate regional snack brands under a unified brand [6][7] - Both companies are investing in digital infrastructure and logistics to enhance operational efficiency and meet diverse consumer demands [7][10] Group 4: Industry Trends - The snack retail sector is experiencing a shift towards self-owned brands as a means to improve profit margins amidst intense price competition [9][10] - The average gross margin for Wancheng Group is reported at 11.49%, while Mingming Hen Mang's gross margins from 2022 to 2024 are relatively low, indicating challenges in maintaining profitability [9]

Core Viewpoint - Wanchen Group has received approval from the State Administration for Market Regulation for its acquisition of a 49% stake in Nanjing Wanyou, clearing a significant compliance hurdle for the transaction [1] Group 1: Acquisition Details - The acquisition involves a cash payment of 1.379 billion yuan for the 49% stake in Nanjing Wanyou, with additional share transfers amounting to 5.27% of the company's total equity [1] - Following the completion of this acquisition, Wanchen Group will hold approximately 75.01% of Nanjing Wanyou, combining both direct and indirect ownership [1] Group 2: Financial Performance - Nanjing Wanyou is projected to have over 3,000 stores and generate revenue of 4.1 billion yuan with a net profit of 140 million yuan by May 2025 [3] - Wanchen Group's net profit for the first half of 2025 is reported at 870 million yuan, with a parent company net profit of 472 million yuan, accounting for 54% of the total net profit [3] Group 3: Business Transformation and Challenges - Wanchen Group has transitioned from traditional edible fungi to the fast-growing snack sector since 2022, acquiring brands like "Haoxianglai" and "Yadiyadi" [3] - The company is facing challenges with a high proportion of minority shareholder rights and a slowdown in business expansion, with only 1,169 new stores added in the first half of 2025 compared to 9,470 in the previous year [3][4] - The competitive landscape in the snack industry is intensifying, with another major player surpassing 20,000 stores, leading to increased market concentration and challenges in new store openings [4] Group 4: Revenue Growth Trends - Wanchen Group's revenue for the first half of 2025 reached 22.583 billion yuan, showing a year-on-year growth of 106.9%, but this is a significant decline from previous growth rates of 999.9% and 392.5% in mid-2023 and mid-2024, respectively [6] - The company is now looking to expand into overseas markets, particularly Southeast Asia, to leverage market insights and international resources [6]

Core Insights - Wancheng Group has submitted its listing application to the Hong Kong Stock Exchange, aiming for a main board listing as a leading and fastest-growing snack and beverage retail enterprise in China [1][3] - The company's growth is driven by a multi-faceted business flywheel consisting of five key elements, with digitalization, consumer insights, and efficient operations as the three main pillars [1][3] Business Flywheel - The operational logic of Wancheng Group's business flywheel is clear and closed-loop, starting with store network expansion, which lays the foundation for large-scale procurement and enhances bargaining power with upstream suppliers [3] - The strong bargaining power and efficient direct procurement model allow the company to offer "high-quality and cost-effective" products, passing cost advantages directly to consumers [3] - Affordable products and a superior shopping experience attract more users to become members, creating a large and loyal consumer base [3] - The strong brand power and stable single-store profitability attract more quality franchise partners, further driving store network expansion and creating a self-reinforcing growth cycle [3] Competitive Advantages - Wancheng Group has built a difficult-to-replicate core moat through the extreme integration of scale and efficiency [3] - As of June 30, 2025, the company has over 15,000 stores covering 29 provinces in China, establishing a widely covered and deeply penetrated store network [3] - The company's digital capabilities span the entire business chain, with a self-developed AI site selection system that integrates various data dimensions to accurately recommend store locations and predict sales, enhancing new store success rates [3] Supply Chain Efficiency - Supply chain efficiency is a key strength for Wancheng Group, achieving approximately 95% of products sourced directly from brand manufacturers, significantly reducing costs [5] - The company has streamlined the distribution process, with 51 ambient warehouses and 13 cold chain warehouses nationwide, utilizing AGV automated sorting technology and a smart transportation management system (TMS) to achieve "T+1" store replenishment, minimizing stock-out risks [5] Future Plans - The upcoming listing is a significant milestone for Wancheng Group after years of deepening its presence in the snack and beverage retail sector, marking a crucial step in transforming existing advantages into long-term growth momentum [5] - The company plans to use the raised funds for store network expansion and upgrades, product portfolio enrichment, improvement of warehousing and logistics efficiency, and upgrading digital infrastructure [5]

Group 1 - The company, Wancheng Group, announced plans to acquire a 49% stake in Nanjing Wanyou Commercial Management Co., Ltd. through a cash payment [1] - The transaction requires approval from the State Administration for Market Regulation (SAMR) in accordance with the Anti-Monopoly Law of the People's Republic of China [1] - The company has submitted the necessary materials for the concentration review and has received a decision from SAMR stating that no further review will be conducted, allowing the company to proceed with the acquisition [1] Group 2 - The transaction is subject to approval by the company's shareholders, introducing a degree of uncertainty regarding its final implementation [1] - The company commits to fulfilling its information disclosure obligations in accordance with legal regulations as the transaction progresses [1]

智通财经APP讯，万辰集团(300972.SZ)发布公告，公司按照相关规定向国家市场监督管理总局申报了经 营者集中审查相关材料，并于近日收到国家市场监督管理总局出具的《经营者集中反垄断审查不实施进 一步审查决定书》，根据《中华人民共和国反垄断法》第三十条规定，经初步审查，决定对福建万辰生 物科技集团股份有限公司收购南京万优商业管理有限公司股权案不实施进一步审查。 ...

万辰集团公告，公司筹划支付现金购买南京万优商业管理有限公司49%股权。根据相关规定，本次交易 需通过国家市场监督管理总局经营者集中审查。近日，公司收到国家市场监督管理总局出具的《经营者 集中反垄断审查不实施进一步审查决定书》，决定对福建万辰生物科技集团股份有限公司收购南京万优 商业管理有限公司股权案不实施进一步审查。公司将根据本次交易的进展情况，严格按照法律法规的规 定和要求及时履行信息披露义务。 ...

二、进展情况 证券代码：300972 证券简称：万辰集团 公告编号：2025-095 福建万辰生物科技集团股份有限公司 关于收到国家市场监督管理总局《经营者集中反垄断审查不实施 进一步审查决定书》的公告 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、基本情况概述 福建万辰生物科技集团股份有限公司（以下简称"公司"）筹划支付现金购 买南京万优商业管理有限公司（以下简称"南京万优"）49%股权（以下简称"本 次交易"）。 根据《中华人民共和国反垄断法》《国务院关于经营者集中申报标准的规定》 等相关规定，本次交易需通过国家市场监督管理总局经营者集中审查。 1、国家市场监督管理总局出具的《经营者集中反垄断审查不实施进一步审 查决定书》（反执二审查决定〔2025〕596 号）。 特此公告。 福建万辰生物科技集团股份有限公司 董事会 公司按照相关规定向国家市场监督管理总局申报了经营者集中审查相关材 料，并于近日收到国家市场监督管理总局出具的《经营者集中反垄断审查不实施 进一步审查决定书》（反执二审查决定〔2025〕596 号），具体内容如下： "根据《中华人民共和国 ...