证券之星 吴凡 继今年4月鸣鸣很忙向港交所递交IPO申请后，零食量贩赛道的另一头部企业万辰集团(300972.SZ)亦紧 随其后，于今年9月正式冲刺港股上市。对于冲击H股的原因，万辰集团在招股书中称，系推进公司全 球战略布局、建立国际资本运作平台，提升综合竞争力。其募资重点用途之一为继续扩张门店网络。 零食量贩行业经历了2022年至2023年的区域龙头跑马圈地以及2024年头部品牌兼并整合的阶段，如今初 步形成以鸣鸣很忙和万辰集团为首的"两超多强"格局。截至今年上半年，万辰集团在国内门店达到 15365家，但上半年拓店1177家，不足上年同期六成。对比之下，鸣鸣很忙在今年9月宣布门店破2万 家，尽管万辰集团也在着手收购南京万优股权以强化规模优势，但该次收购完成后，公司将面临负债攀 升、净利承压的情况。 更需要注意，零食量贩赛道即将进入下半场竞争，单纯依赖门店数量增长的发展模式已难以为继：一方 面，市场逐步接近饱和，新增门店可能对现有门店客源形成分流，进而导致单店营收下滑；另一方面， 经营业绩的提升将更多依赖精细化运营而非"规模红利"，这对"两超"及行业其他玩家均提出了更高要 求。 补贴力度下滑，上半年开店速度 ...

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]

今年以来万辰集团已经2次登上龙虎榜，最近一次登上龙虎榜为8月29日，当日龙虎榜净买入1.70亿元； 买入总计4.50亿元 ，占总成交额比26.51%；卖出总计2.80亿元 ，占总成交额比16.50%。 10月14日，万辰集团盘中下跌2.00%，截至09:53，报175.41元/股，成交1.14亿元，换手率0.39%，总市 值329.10亿元。 资金流向方面，主力资金净流出701.86万元，特大单买入913.67万元，占比8.04%，卖出1031.51万元， 占比9.07%；大单买入2554.52万元，占比22.47%，卖出3138.54万元，占比27.61%。 万辰集团今年以来股价涨119.78%，近5个交易日涨0.34%，近20日跌9.34%，近60日涨7.94%。 截至6月30日，万辰集团股东户数7923.00，较上期增加33.50%；人均流通股19666股，较上期减少 25.09%。2025年1月-6月，万辰集团实现营业收入225.83亿元，同比增长106.89%；归母净利润4.72亿 元，同比增长50358.80%。 分红方面，万辰集团A股上市后累计派现1.42亿元。近三年，累计派现1.08亿元。 机 ...

从食用菌种植转型为零食巨头，万辰生物（300972.SZ）以1.53万家门店的规模登顶行业榜首， 却也带着高负债、加盟商回本难、创始人被留置等多重阴影。 如今，万辰生物再度开启港股上市之路，能否顺利敲钟？港股上市，对背后上万家好想来加盟商 又能带来多少助力？ 导语：营收暴涨、门店破万，"好想来"能否延续业绩神话？ 摘要： 1、资产负债率逼近七成，万辰生物高杠杆扩张。 2、"好想来"门店超1.5万家，市占率0.91%，稳居量贩零食第一。 3、加盟商回本周期延长，行业内卷加剧经营风险。 从菌菇到零食：万亿赛道的登顶者与隐疾 万辰生物的业务版图清晰划分为 "零食为主、菌菇为辅"的两大板块。 据招股书披露， 2025 年上半年，零食饮料零售业务实现收入 223.45 亿元，占总营收的 98.9% ，而 2022 年这一比例仅为 12.1% 。 整体来看，万辰生物 2022 年至 2025 年上半年（简称"报告期内"）的营收分别为 5.49 亿元、 92.94 亿元、 323.29 亿元和 225.83 亿元。营收增速之快堪称行业奇迹。 2022 年 8 月，万辰生物设立南京万兴切入零食赛道后，通过并购"陆小馋""来优 ...

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 ...

人民财讯10月13日电，企查查APP显示，近日，南京万跃供应链管理有限公司成立，法定代表人为许顺 根，经营范围包含供应链管理服务；企业管理咨询；国内货物运输代理等。企查查股权穿透显示，该公 司由万辰集团（300972）全资持股。 ...

数据显示，华夏基金旗下1只基金重仓万辰集团。华夏消费臻选混合发起式A（017719）二季度持有股 数7.89万股，占基金净值比例为2.74%，位居第八大重仓股。根据测算，今日浮亏损失约75.27万元。 华夏消费臻选混合发起式A（017719）成立日期2023年2月21日，最新规模2.28亿。今年以来收益 26.1%，同类排名3798/8234；近一年收益33.52%，同类排名2459/8083；成立以来收益27.1%。 10月13日，万辰集团跌5.13%，截至发稿，报176.40元/股，成交3.15亿元，换手率1.05%，总市值330.95 亿元。 资料显示，福建万辰生物科技集团股份有限公司位于福建漳浦台湾农民创业园,香港铜锣湾希慎道33号 利园1期19楼1917室，成立日期2011年12月21日，上市日期2021年4月19日，公司主营业务涉及鲜品食用 菌的研发、工厂化培育与销售。主营业务收入构成为：零食产品98.95%，食用菌1.05%。 从基金十大重仓股角度 华夏消费臻选混合发起式A（017719）基金经理为刘文成、徐漫。 截至发稿，刘文成累计任职时间4年296天，现任基金资产总规模18.49亿元，任职期 ...

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]