一切为了低价！ 2025年，两家量贩零食巨头已经开始了"港股第一股"之争。4月，由零食很忙与赵一鸣零食合并而来的 鸣鸣很忙正式向港交所递交上市申请；几个月后，通过并购迅速扩大规模的万辰集团也正式向港交所递 交上市申请。 《中国经营报》记者注意到，二者所募资金用途高度一致，均提到了用于门店扩张和供应链优化，背后 目标不言而喻，即通过门店规模化和供应链优化，进一步提升自身的"低价优势"，进而在竞争中占据主 动地位。由此，行业龙头展开了一场关乎资本、供应链与规模化的全方位较量。 而在业内人士看来，将量贩零食赛道看作是一个整体，其显然带来了一场快消品行业流通模式的变革， 也揭开了量贩零食模式实现低价的底层逻辑。 为何卖得如此便宜？ 能够实现低价的另一面，则是整个行业对经销体系的颠覆。新经销CEO、《中国零食硬折扣白皮书》主 编任文青分析认为，在旧的经销体系当中，品牌的定价必须要高，因为要留给经销商利润，要雇业务人 员，要给商超进场费、条码费，要雇促销员，要买堆头。"我们经常讨论厂商博弈，零供矛盾，站在行 业的视角来看，这是他们共同确定的一套商品流通体系。总的来讲，这是品牌商主导的，通过分销体系 把自己的产品推给消费者 ...

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]

"根据《中华人民共和国反垄断法》第三十条规定，经初步审查，现决定，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。你公司从即日起可以实施集中。 该案涉及经营者集中反垄断审查之外的其他事项，依据相关法律办理。" 公告指出，本次交易尚需经公司股东会审议批准后方可正式实施，存在一定的不确定性。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。 （企业公告） 10月9日，万辰集团发布公告称，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（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。 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： (编辑：王璨 林辰)关键字： 零售 ...

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 ...

Core Insights - The gift market is experiencing a sales peak due to the overlap of the National Day and Mid-Autumn Festival, prompting supermarkets to initiate price reductions to attract customers [2][3] - The rise of hard discount supermarkets is notable, with major retail players like Wumart, Meituan, and JD entering the market, intensifying competition [4][5] Price Reduction Strategies - Supermarkets in the community are engaging in price wars, with stores like Wang Ge Supermarket and Da Zui Supermarket offering prices lower than competitors by 1-2 yuan, with specific examples such as a 24-pack of Wahaha AD Calcium Milk priced at 35 yuan [3][4] - Wumart has upgraded its hard discount stores and reduced prices on over 70 popular items in preparation for the holiday season [4] Market Trends - The hard discount supermarket sector is rapidly growing, with new brands and expansions announced, such as the launch of "Love Discount" by Three Squirrels and the opening of multiple stores by Wumart and Hema [5][6] - Community-focused retailing is becoming a key strategy, with many hard discount brands targeting local neighborhoods to capture market share [6][7] Competitive Landscape - Traditional supermarkets are also adapting to the competitive environment by enhancing their offerings and ensuring price stability during peak shopping periods [4][6] - Experts suggest that retailers need to focus on precise target audience identification, differentiated product offerings, and competitive pricing to maintain market relevance [7]

Core Insights - The leisure food sector experienced a rise of 0.66% on September 30, with ST Juewei leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance Summary - ST Juewei (603517) closed at 13.52, with a gain of 4.81% and a trading volume of 288,000 shares, amounting to a transaction value of 383 million [1] - Wanchen Group (300972) closed at 181.50, up 3.82%, with a trading volume of 25,300 shares [1] - Yanjin Puzhou (002847) closed at 70.10, up 1.80%, with a trading volume of 23,000 shares [1] - Other notable performances include Maiqu'er (002719) at 9.24 (+1.20%) and Haoxiangni (002582) at 9.30 (+0.22%) [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 91.41 million from institutional investors, while retail investors contributed a net inflow of 82.63 million [2] - The main capital inflow and outflow for specific stocks include: - Wanchen Group: 11.84 million inflow from main capital, with a net outflow of 15.09 million from speculative capital [3] - Jinzai Food (003000): 3.33 million inflow from main capital, with a net outflow of 3.21 million from speculative capital [3] - Good Products (603719): 2.33 million inflow from main capital, with a net inflow of 1.02 million from speculative capital [3]

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]