Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Core Viewpoint - The snack brand "Hao Xiang Lai" under Wancheng Group (300972) is facing consumer backlash due to weight discrepancies in their products, leading to a loss of consumer trust and credibility [1][3]. Group 1: Consumer Complaints - A consumer reported that multiple snack items purchased from "Hao Xiang Lai" were underweight by approximately 129 grams compared to the store's weight, resulting in an overcharge of 6.41 yuan [1]. - This is not the first incident; a previous complaint in August 2024 involved a customer being charged 119 yuan for snacks priced at 65 yuan, with the store attributing the error to staff negligence [3]. Group 2: Industry Practices - Weight-based pricing is a common practice in the snack retail industry, which can lead to potential exploitation if employees manipulate weights, affecting store revenues [3]. - The brand's approach to handling consumer disputes has been criticized as a common tactic, indicating a systemic issue within the company's operational practices [3]. Group 3: Brand Response and Reputation - The brand's response to the recent complaint involved attempting to discredit the consumer's video evidence, which has been viewed as a failure in crisis management and public relations [3][5]. - The need for the brand to address the root causes of these issues is emphasized, suggesting that they should improve employee training and avoid deceptive practices to maintain consumer trust [5].

扩店与提效并行，产业变革趋势清晰。展望2026 年，我们认为当前量贩零食行业在下沉市场及北方市 场仍具备充足扩店空间，万辰在北方市场先行一步，有望以品牌认知及物流优势抢占北方区域高地。对 于单店店效，25Q3 已进入改善通道，未来品类结构调整及精细化管理有望持续带动店效提升。2025 年 净利率已验证持续提升可行性，作为零食垂类零售，有望持续精进全产业链运营管理，释放盈利空间。 公司在2025 年收回南京万优少数股东权益，后续南京万拓、万昌、万权的少数股东权益收回有望增厚 公司归母净利表现。 盈利预测：我们积极看好量贩产业大趋势下，双寡头的成长机遇，未来门店扩店、单店运营优化、净利 率提升、少数股东权益的收回均有望催化公司机会。我们预计2025-2027 年公司营收有望同比 +59.4%/+20.6%/+14.3%至515.5/621.7/710.7 亿元，归母净利润同比+350.8%/+67.3%/+22.6%至 13.2/22.1/27.2 亿元，维持"买入"评级。 事件：公司预计2025 年实现营收500-528 亿元，同比+54.7%-63.3%；归母净利润12.3-14.0 亿元，同比 +319.0 ...

Group 1 - The company expects to achieve revenue of 50-52.8 billion yuan in 2025, representing a year-on-year growth of 57-64%, and a net profit attributable to shareholders of 1.23-1.4 billion yuan, an increase of 222.38%-266.94% compared to the previous year [1] - The snack wholesale business is projected to generate revenue of 50-52 billion yuan in 2025, with a year-on-year growth of 57.28%-63.57%, and a net profit of 2.2-2.6 billion yuan, resulting in a net profit margin of 4.40%-5.10% [1] - In Q4 2025, the snack wholesale business is expected to achieve revenue of 13.842-15.842 billion yuan, with a year-on-year growth of 19.7%-37.0%, and a net profit of 508-908 million yuan, reflecting a growth of 60.3%-186.4% [1] Group 2 - The company is continuously optimizing store operations and iterating new store formats, which include introducing baking and trendy toy categories, enhancing product structure, and improving operational efficiency through digitalization [2] - The company is increasing the number of its private label products across various categories, including snacks and beverages, with positive market feedback [2] - Looking ahead to 2026, there is significant potential for store expansion in lower-tier markets, which is expected to drive rapid growth in the number of stores and further enhance profitability [2] Group 3 - The company forecasts revenues of 51.408 billion yuan in 2025, 62.539 billion yuan in 2026, and 70.289 billion yuan in 2027, with year-on-year growth rates of 59.02%, 21.65%, and 12.39% respectively [2] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 1.313 billion yuan, 2.007 billion yuan, and 2.277 billion yuan, with year-on-year growth rates of 347.49%, 52.83%, and 13.42% respectively [2] - The corresponding price-to-earnings ratios for 2025-2027 are expected to be 29.1, 19.0, and 16.8 times [2]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company is expected to achieve an operating revenue of 50-52.8 billion yuan and a net profit attributable to shareholders of 1.23-1.4 billion yuan in 2025, representing a year-on-year increase of 222.4%-266.9% [2][3] - The company's snack business is projected to grow at a rate of 28% in Q4 2025, with a revenue forecast of 50-52 billion yuan, reflecting a year-on-year increase of 57.3%-63.6% [3] - The company is enhancing its operational capabilities through improvements in supply chain management, product strength, logistics, and digital management, which are expected to strengthen its competitive edge [3] - The profitability of the snack business is anticipated to continue improving, with a projected net profit of 5.1-9.1 billion yuan in Q4 2025, corresponding to a net profit margin of 3.4%-6.1% [3] - The edible fungus business is expected to turn profitable in Q4 2025, with a projected contribution to the company's net profit attributable to shareholders of 50%-60% [3] Financial Summary - The company’s total revenue is projected to grow from 9.294 billion yuan in 2023 to 77.684 billion yuan in 2027, with a compound annual growth rate (CAGR) of 1592.0% in 2023 and 18.6% in 2027 [4] - The net profit attributable to shareholders is expected to increase from a loss of 83 million yuan in 2023 to a profit of 3.015 billion yuan in 2027, with a year-on-year growth rate of 454.0% in 2024 and 33.5% in 2027 [4] - The projected earnings per share (EPS) will rise from -0.44 yuan in 2023 to 15.96 yuan in 2027, indicating a significant turnaround in profitability [4] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 130.80 in 2024 to 12.74 in 2027, reflecting improved earnings performance [4]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company is expected to achieve operating revenue of 50-52.8 billion yuan and a net profit attributable to shareholders of 1.23-1.4 billion yuan in 2025, representing a year-on-year increase of 222.4%-266.9% [2][3] - The company's snack business is projected to grow at a central rate of 28% in Q4 2025, driven by better-than-expected single-store performance [3] - The company aims to enhance its operational and management capabilities through improvements in supply chain, product strength, warehousing logistics, and digital management, which will strengthen its competitive edge [3] Financial Performance - Total revenue is forecasted to grow from 9.29 billion yuan in 2023 to 77.68 billion yuan in 2027, with a year-on-year growth rate of 1592.0% in 2023 and 18.6% in 2027 [4] - The net profit attributable to shareholders is expected to increase from a loss of 83 million yuan in 2023 to a profit of 3.015 billion yuan in 2027, with a year-on-year growth rate of 454.0% in 2024 and 33.5% in 2027 [4] - The gross profit margin is projected to improve from 9.3% in 2023 to 12.6% in 2027 [4] Business Outlook - The company is expected to maintain a good store opening pace, with the number of stores projected to reach approximately 18,000 in 2025, 22,000 in 2026, and 25,000 in 2027 [3] - Revenue forecasts for 2026 and 2027 are 65.5 billion yuan and 77.7 billion yuan, respectively, with net profits of 3.475 billion yuan and 4.369 billion yuan [3] - The company is positioned to benefit from significant competitive advantages in supply chain costs and product selection capabilities, aiming to create differentiated competitive strengths [3]

Investment Rating - The report assigns a rating of "Accumulate" to the company, with a current price of 202.03 CNY and a fair value of 253.24 CNY [4]. Core Insights - The company is expected to achieve a revenue of 500 to 528 billion CNY in 2025, representing a year-on-year growth of 55% to 63%. The net profit attributable to shareholders is projected to be between 12.3 to 14.0 billion CNY, indicating a significant increase of 222% to 267% post-restructuring [8]. - The company anticipates a revenue of approximately 514 billion CNY for 2025, with Q4 expected to generate 148 billion CNY, reflecting a year-on-year growth of 27% [8]. - The report highlights that the company's profitability is expected to improve in Q4, with a net profit margin projected at 4.7% [8]. - The investment recommendation is based on the anticipated acceleration in store openings and the positive market conditions for the edible fungi business [8]. Financial Summary - Revenue projections for the company are as follows: - 2023: 9,294 million CNY - 2024: 32,329 million CNY - 2025: 51,400 million CNY - 2026: 64,046 million CNY - 2027: 78,016 million CNY - The growth rates for revenue are projected at 1,592.0% for 2023, 247.9% for 2024, and 59.0% for 2025 [3][11]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 294 million CNY, and further increasing to 1,316 million CNY in 2025 [3][11]. - The report anticipates an EPS of 6.97 CNY for 2025, with a P/E ratio of 29.0 [3][11]. Market Position and Performance - The company is expected to maintain a competitive edge in the discount retail sector, particularly in lower-tier markets, which is driving its growth strategy [8]. - The report notes that the company has improved its operational efficiency, with a significant reduction in the decline of average revenue per store in Q4 compared to earlier quarters [8].

Investment Rating - The report indicates a positive outlook for the snack wholesale industry, transitioning from rapid expansion to a focus on operational efficiency and high-quality growth [6][10]. Core Insights - The snack wholesale industry is experiencing a transformation from a land-grabbing phase to a deep operational phase, driven by a hard discount model that effectively reconstructs the value chain [6][11]. - The market size of the snack wholesale industry has surged from 7.3 billion RMB in 2019 to an estimated 129.7 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 77.9% [19][24]. - The competitive landscape is dominated by two major players, "Mingming Hen Mang" and "Wancheng Group," which together hold over 70% market share, indicating a stable "dual strong" market structure [8][10]. Market Size and Growth Potential - The overall snack market in China is projected to grow from 3.2 trillion RMB in 2019 to 4.0 trillion RMB in 2024, with a CAGR of 5.0% [19][24]. - The snack wholesale segment is expected to reach a market size of 6.1 trillion RMB by 2029, with a continued CAGR of 36.5% from 2024 to 2029 [24][30]. - The potential number of stores in the snack wholesale market is estimated to reach 67,000, indicating over 30% growth potential from current levels [30][31]. Competitive Landscape and Key Players - The industry has formed a high concentration "dual strong" structure, with "Mingming Hen Mang" focusing on southern China and "Wancheng Group" dominating the eastern regions [8][10]. - Both companies have rapidly expanded their store networks, with each surpassing 15,000 stores by September 2025, leveraging economies of scale and digital operations to enhance profitability [10][44]. Operational Strategies - The snack wholesale industry emphasizes efficiency through a streamlined supply chain, reducing the markup rate significantly compared to traditional retail channels [11][54]. - The operational model relies on a franchise-driven expansion strategy, which has enabled rapid scaling while maintaining low closure rates [44][48]. - Digital tools are utilized for precise site selection and operational support, enhancing the success rate of new stores and ensuring consistent service quality across locations [52][55]. Product Strategy - The product strategy involves a layered approach, combining traffic-driving products with high-margin items and differentiated offerings, including private label products [37][42]. - The average store carries approximately 1,800 to 2,000 SKUs, with a high turnover rate facilitated by frequent product updates [38][39]. Future Trends - The industry is expected to evolve towards community-based all-category discount supermarkets, expanding product offerings beyond snacks to include essential goods [9][35]. - Innovations in product categories and private label development are anticipated to enhance revenue potential and profitability [10][35].

国浩律师（北京）事务所 关于 福建万辰食品集团股份有限公司 国浩律师（北京）事务所 之 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9 th Floor, Taikang Financial Tower, No. 38 North Road East Third Ring, Chaoyang District, Beijing, 100026, China 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二零二六年一月 国浩律师（北京）事务所 法律意见书 2026 年第一次临时股东会 国浩京证字【2025】第 0073 号 关于福建万辰食品集团股份有限公司 2026 年第一次临时股东会之 法律意见书 致：福建万辰食品集团股份有限公司 国浩律师（北京）事务所接受福建万辰食品集团股份有限公司（以下简称"公 司"或"万辰集团"）的委托，指派律师出席并见证了公司 2026 年 1 月 30 日召开 的 2026 年第一次临时股东会（以下简称"本次股东会"），并依据 ...

福建万辰食品集团股份有限公司 证券代码：300972 证券简称：万辰集团 公告编号：2026-020 3、本次股东会以现场表决与网络投票相结合的方式召开。 一、会议召开和出席情况 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、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： 1、本次股东会没有出现否决议案的情形。 2、本次股东会不涉及变更前次股东会决议。 （一）会议召开情况 1、会议召开时间 （1）现场会议时间：2026 年 1 月 30 日（星期五）14:30 （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：2026 年 1 月 30 日（星期五）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：2026 年 1 月 30 日（星期五）上午 9:15 至 下午 15:00 的任意时间。 2、会议召开地点：福建省漳浦台湾农民创业园公司会议室。 3、会议召开方式：本次股东会采取现场表决与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：王丽卿。 ...