Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 FUJIAN WANCHEN BIOTECHNOLOGY GROUP CO., LTD. 福建萬辰生物科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例與香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅 依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (a) 本文件僅為 ...

Core Viewpoint - The rapid expansion of the snack retail brand "Haoxianglai" is facing challenges, as evidenced by the closure of multiple stores in Jinan and a significant slowdown in new store openings by its parent company, Wancheng Group [1][5]. Group 1: Store Closures and Market Conditions - "Haoxianglai" has closed three stores in Jinan, with reports indicating that store density is too high in the area [2][5]. - The company has seen a dramatic decrease in new store openings, with only 1,468 new stores in the first half of 2025 compared to 9,776 in 2024 [5]. - The parent company reported a total of 259 store closures in the first half of 2025, surpassing the total for the entire previous year [5]. Group 2: Pricing Strategies and Market Competition - The brand employs a low-price strategy to attract customers, which has led to a competitive environment where many snack retailers are forced to lower prices [6][8]. - The low-price approach is facilitated by a simplified supply chain model that reduces operational costs [6]. - Major competitors like "Three Squirrels" have also adopted aggressive pricing strategies, resulting in revenue growth but a significant drop in net profit [7]. Group 3: Industry Trends and Future Outlook - The rapid expansion of snack stores has led to market saturation, with "Haoxianglai" opening 15,000 stores and another competitor, "Zhaoyiming," also surpassing 10,000 stores [12]. - Experts suggest that the current market dynamics reflect a necessary adjustment phase, where companies must align their resources and management capabilities for sustainable growth [12][13]. - The industry is shifting from a focus on quantity of stores to differentiation in products and supply chain efficiency, as brands seek to establish a competitive edge beyond just low prices [13][14].

Group 1 - Wancheng Group announced that approximately 17.6991 million restricted shares will be unlocked and listed for trading on September 25, 2025, accounting for about 9.43% of the company's total share capital [1] - For the first half of 2025, Wancheng Group's revenue composition is as follows: 98.95% from snack retail and 1.05% from agricultural planting [1] - As of the report date, Wancheng Group's market capitalization is 31.7 billion yuan [2]

华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 2023年向特定对象发行股票限售股解禁 上市流通的核查意见 华兴证券有限公司（以下简称"华兴证券"或"保荐机构"）作为福建 万辰生物科技集团股份有限公司（以下简称"万辰集团"或"公司"）向特 定对象发行股票并在创业板上市的持续督导保荐机构，根据《证券发行上市 保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》等有关法律 法规的要求，对万辰集团2023年向特定对象发行股票限售股解禁上市流通事 项进行了核查，核查意见如下： 一、本次申请解除限售股份的基本情况 经中国证券监督管理委员会《关于同意福建万辰生物科技集团股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕2842号）同意注 册，公司于2024年2月29日向特定对象发行股票17,699,115股，发行价格为人 民币11.30元/股，本次发行的募集资金总额为人民币200,000,000.00元，扣除 发 行 费 用 人 民 币 6,398,393.25 元 （ 含 税 ） 后 ， 募 集 资 金 净 额 为 人 民 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-088 福建万辰生物科技集团股份有限公司 关于 2023 年向特定对象发行股票限售股解禁上市流通的 提示性公告 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。 特别提示： 1、本次解除限售的股份为福建万辰生物科技集团股份有限公司（以下简称 "万辰集团"或"公司"）于 2024 年 3 月 21 日在深圳证券交易所上市的向特定 对象发行的股票。 2、本次申请解除限售股份的对象是公司实际控制人、董事、总经理王泽宁 先生，其认购的股份限售期为新增股份上市之日起十八个月。本次申请解除限售 的股份数量为 17,699,115 股，占目前公司总股本的 9.4337%。 3、本次解除限售股份的上市流通日期为 2025 年 9 月 25 日（星期四）。 一、本次申请解除限售股份的基本情况 经中国证券监督管理委员会《关于同意福建万辰生物科技集团股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2023〕2842 号）同意注册，公 司于 2024 年 2 月 29 日向特定对象发行股票 17,699,115 股 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [10]. Core Insights - The company achieved a revenue of 22.583 billion yuan in the first half of 2025, representing a year-on-year growth of 106.89%. The net profit attributable to the parent company, after deducting non-recurring gains and losses, reached 451 million yuan, a staggering increase of 14,722.34% [5][6]. - The snack wholesale business continues to grow significantly, with revenue doubling year-on-year. The snack wholesale segment generated 22.345 billion yuan in revenue, a 109.33% increase compared to the previous year [5][6]. - The company has consolidated its brands under "Haoxianglai," which is the first snack wholesale chain in the industry to exceed 10,000 stores. As of the end of the reporting period, the company operated 15,365 stores across 29 provinces, with a net addition of 1,169 stores during the period [5][6]. - The company has a strong presence in East China, with 8,727 stores, accounting for 56.8% of the total store count. This strategic focus on East China is expected to enhance the overall profitability of the company [5][6]. - The gross margin for the wholesale business improved to 11.49%, an increase of 0.62 percentage points year-on-year, while the net profit margin reached 3.85%, up 2.53 percentage points year-on-year [5][6]. Financial Projections - The company forecasts earnings per share (EPS) of 5.84 yuan, 9.08 yuan, and 10.96 yuan for the years 2025, 2026, and 2027, respectively. Based on the closing price of 171.55 yuan on September 19, the corresponding price-to-earnings (P/E) ratios are projected to be 29.35, 18.90, and 15.65 [6][7]. - Revenue is expected to grow significantly, with projections of 52.373 billion yuan in 2025, 63.895 billion yuan in 2026, and 71.562 billion yuan in 2027, reflecting growth rates of 62.00%, 22.00%, and 12.00% respectively [7][8]. - The net profit is projected to reach 1.097 billion yuan in 2025, 1.703 billion yuan in 2026, and 2.057 billion yuan in 2027, with growth rates of 273.58%, 55.33%, and 20.75% respectively [7][8]. Key Financial Metrics - As of June 30, 2025, the company reported a net asset value per share of 8.65 yuan, a diluted return on equity (ROE) of 29.07%, and a debt-to-asset ratio of 68.95% [2][5]. - The company has maintained a strong cash flow, with operating cash flow per share at 6.92 yuan [2]. - The company’s market capitalization stands at 28.039 billion yuan, with a price-to-book (P/B) ratio of 19.84 [1][2].

Core Viewpoint - The rapid expansion of the snack retail brand "Haoxianglai" has slowed down significantly, with multiple store closures in Jinan, indicating a potential shift in the snack retail industry from high-speed growth to a more sustainable development phase [1][6][16]. Group 1: Store Closures and Business Strategy - "Haoxianglai" has closed three stores in Jinan, with reports of high rent being a contributing factor to the closures [2][3]. - The company’s parent, Wancheng Group, reported that the number of closed stores in the first half of 2025 exceeded the total for the entire previous year, reaching 259 closures [6]. - The opening speed of new stores has drastically decreased, with new store openings dropping from 9,776 in 2024 to 1,468 in the first half of 2025 [6]. Group 2: Market Competition and Pricing Strategies - The low-price strategy employed by "Haoxianglai" is aimed at reducing operational costs by simplifying the supply chain, but this approach may lead to increased competition and market saturation [8][10]. - Major competitors like "Three Squirrels" and "Good Products" have also adopted aggressive pricing strategies, with "Three Squirrels" reporting a 52.22% decline in net profit despite revenue growth [9][10]. - The industry is experiencing a shift from price competition to a focus on supply chain efficiency and product differentiation, as brands seek to establish a competitive edge [17][20]. Group 3: Industry Trends and Future Outlook - The rapid growth of snack retail stores has led to market saturation, with over 45,000 snack retail stores projected in China by 2025 [16]. - Experts suggest that the current trend of store closures and slower openings is a strategic move to align resources and management capabilities for sustainable growth [16][20]. - Companies are increasingly focusing on product quality and differentiation rather than merely expanding store numbers, indicating a maturation of the market [17][19].

证券代码：300972 证券简称：万辰集团 公告编号：2025-087 福建万辰生物科技集团股份有限公司 2025 年第三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。 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 （一）会议召开情况 1、会议召开时间 （1）现场会议时间： 2025 年 9 月 18 日（星期四）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：2025 年 9 月 18 日（星期四）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：2025 年 9 月 18 日（星期四）上午 9:15 至 下午 15:00 的任意时间。 （二）会议出席情况： 1、股东总体出席情况 参加本次股东会现场会议和网络投票表决的股东及股东代理人共 77 人，代表公 司有表决权的股份总数为 115,179,772 股 ...

国浩律师（北京）事务所 关于 福建万辰生物科技集团股份有限公司 2025 年第三次临时股东会 之 法律意见书 致：福建万辰生物科技集团股份有限公司 国浩律师（北京）事务所接受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"）的委托，指派律师出席并见证了公司 2025 年 9 月 18 日 召开的 2025 年第三次临时股东会（以下简称"本次股东会"），并依据《中华人 民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以 下简称"《公司法》"）和《福建万辰生物科技集团股份有限公司章程》（以下简 称"《公司章程》"）出具本法律意见书。 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 ...