Core Insights - The company achieved revenue of 22.583 billion yuan in H1 2025, a year-on-year increase of 106.89%, with a net profit attributable to shareholders of 472 million yuan, compared to 934,600 yuan in the same period of 2024 [1] - The company’s non-recurring net profit was 450 million yuan, marking a turnaround from losses [1] - The snack retail business saw significant revenue growth, while average store revenue declined [1] Revenue and Store Performance - In H1 2025, the company’s snack retail and edible fungus business generated revenues of 22.35 billion yuan and 240 million yuan, respectively, with year-on-year changes of +109.3% and -1.2% [1] - In Q2 2025, the snack retail business alone generated 11.66 billion yuan, a year-on-year increase of 95% [1] - The company had 15,365 stores by the end of H1 2025, adding 1,468 stores during the first half of the year, resulting in a closure rate of approximately 2.1% [1] Profitability and Cost Management - The gross margin improved, with H1 and Q2 2025 gross margins at 11.41% and 11.76%, respectively, reflecting year-on-year increases of 0.89 percentage points and 0.65 percentage points [2] - The sales expense ratio for H1 and Q2 2025 was 3.09% and 2.88%, respectively, showing year-on-year decreases of 1.41 and 1.98 percentage points [2] - The overall net profit margin for Q2 2025 was 2.2%, an increase of 2.3 percentage points year-on-year, with the net profit margin for the snack retail business reaching 4.67% [2] Future Outlook and Earnings Forecast - The company is positioned as a leading brand in the snack retail channel, which is recognized for its efficiency and rapid expansion across the country [3] - Revenue projections for 2025-2027 are set at 53.895 billion yuan, 64.940 billion yuan, and 74.912 billion yuan, with year-on-year growth rates of +67%, +20%, and +15% respectively [3] - The forecasted net profit for the same period is 1.001 billion yuan, 1.567 billion yuan, and 1.895 billion yuan, with year-on-year growth rates of +241%, +57%, and +21% respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's gross margin and expense ratio have improved, leading to sustained performance [3] - The company has shown significant revenue growth, with a 106.89% year-on-year increase in revenue for the first half of 2025, reaching 22.583 billion [6] - The company is positioned as a leading brand in the snack wholesale channel, with expectations for continued revenue and profit growth as new store formats are optimized [6][7] Financial Performance Summary - In H1 2025, the company achieved revenue of 225.83 billion, with a net profit attributable to shareholders of 4.72 billion, compared to 93.46 million in the same period of 2024 [6] - The company’s gross margin for H1 2025 was 11.41%, an increase of 0.89 percentage points year-on-year, while the net profit margin reached 2.2%, up by 2.3 percentage points [6] - The average monthly sales per store decreased by 20% year-on-year to approximately 255,000, attributed to a high base from last year's discount activities [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 538.95 billion, 649.40 billion, and 749.12 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 67%, 20%, and 15% [8] - The net profit attributable to shareholders is expected to reach 10.01 billion, 15.67 billion, and 18.95 billion for the same years, reflecting growth rates of 241%, 57%, and 21% [8] - The earnings per share (EPS) are forecasted to be 5.33, 8.35, and 10.10 for 2025, 2026, and 2027, respectively [8]

Core Insights - The report maintains a positive investment rating for the food and beverage industry, indicating potential recovery and growth opportunities despite current pressures [1] - The food and beverage sector has underperformed the market, with a year-to-date increase of 3.9%, lagging behind the CSI 300 by approximately 17.2 percentage points [4][16] - The snack segment has shown strong performance, with a notable increase of 55.2% from January to August 2025, while other segments like beer and seasoning products have struggled [4][16] Market Performance - The food and beverage sector's performance has been mixed, with snacks, cooked food, and other alcoholic beverages showing positive growth, while beer and seasoning products have declined [4][16] - The overall market sentiment has shifted towards technology themes, leading to weaker performance in traditional food and beverage sectors [4][16] - The report highlights that the snack segment's strong performance is driven by companies like Wancheng Group (+164.7%), Youyou Foods (+40.9%), and Haoxiangni (+36.2%) [4][16] Economic Overview - The macroeconomic environment remains challenging, with China's GDP growth at 5.2% in Q2 2025, slightly down from Q1 [5][49] - Retail sales of consumer goods increased by 5.4% year-on-year in Q2 2025, indicating a slight recovery, but traditional consumption sectors still face pressure [5][49] - The report anticipates a gradual recovery in consumer spending in the second half of 2025 [5][49] Industry Analysis - The food and beverage sector's revenue growth in Q2 2025 was 5.6%, a slight improvement from Q1, but profits declined by 2.1% [6][49] - The report notes a significant decline in the revenue growth of the liquor sector, particularly due to the impact of alcohol bans [6][49] - New consumption trends are emerging, with snack and health product segments showing resilience and growth potential [6][49] Investment Opportunities - The report suggests that the liquor sector is beginning to show signs of recovery, with potential for valuation improvement as the market stabilizes [7] - It recommends focusing on leading companies in the sector, particularly those with strong growth prospects in new consumption categories [7] - Specific companies to watch include Wancheng Group, Xiamen International Trade, and Dongpeng Beverage, which are expected to benefit from emerging trends [7]

Core Insights - Wancheng Group, originally focused on edible mushrooms, plans to enter the Hong Kong stock market aiming to become the "first stock of bulk snacks" in China [1][3] - The company has successfully expanded its snack brand "Hao Xiang Lai," increasing its store count from under 100 to approximately 16,000 [3][4] - Wancheng Group's revenue reached 32.3 billion yuan in 2024, a year-on-year increase of 248%, with a net profit surge of 503 times in the first half of 2025 [3] Company Overview - Founded in 2011 by Wang Jiankun and his family, Wancheng Group initially gained recognition by supplying high-quality mushrooms to major retailers like Walmart [1] - The company transitioned into the bulk snack market in response to new consumer trends, launching the snack brand "Hao Xiang Lai" in 2022 [1][3] - Following a series of acquisitions, Wancheng Group integrated several well-known snack brands under the Hao Xiang Lai umbrella [1] Market Position - Wancheng Group has become one of the largest listed companies in China's bulk snack market, earning the title of "King of Snacks" [3] - The company's strong supply chain management, unique brand positioning, and precise market targeting have allowed it to thrive amid competition from supermarkets and e-commerce [4]

Core Points - The board of directors of Fujian Wancheng Biotechnology Group Co., Ltd. held its 33rd meeting on September 2, 2025, to discuss various resolutions [1] - The board approved the nomination of Ms. Yang Fan as an independent director candidate, pending approval from the shareholders' meeting [2] - The board also approved the appointment of Mr. You Zilin as the company secretary and the designation of Mr. Wang Zenin and Mr. You Zilin as authorized representatives for the company in compliance with Hong Kong Listing Rules [2] - A report on the usage of previously raised funds was approved, covering the period up to June 30, 2025, and was reviewed by an external accounting firm [2] - The board agreed to establish internal governance systems to enhance company operations and compliance with relevant laws and regulations [2][4] - The company plans to hold its third extraordinary shareholders' meeting on September 18, 2025, to discuss the aforementioned resolutions [4]

Group 1 - The meeting of the Supervisory Board of Fujian Wancheng Biotechnology Group Co., Ltd. was held on September 2, 2025, with all three participating supervisors present [1][2] - The Supervisory Board approved the report on the use of previously raised funds, which was prepared in accordance with regulations for the issuance of overseas listed foreign shares (H shares) [1][2] - The report on the use of funds was verified by Zhongshun Zhonghuan Accounting Firm as of June 30, 2025 [1] Group 2 - The Supervisory Board also approved the establishment of a "External Donation Management System" to enhance corporate governance and promote standardized operations [2] - Both resolutions require submission to the shareholders' meeting for further approval [2]

Meeting Information - The company will hold its third extraordinary general meeting of shareholders on September 18, 2025, starting at 14:30 [1] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange systems [1][5] Eligibility and Attendance - All shareholders registered with voting rights as of the close of trading on the day before the meeting are entitled to attend [2] - The meeting will also include company directors, supervisors, senior management, and other required personnel [2] Voting Procedures - Shareholders can vote through on-site attendance, the Shenzhen Stock Exchange trading system, or the internet voting system [1][5] - Only one voting method can be selected for each voting right, and duplicate votes will be counted based on the first submission [1][6] Agenda Items - The agenda items have been approved by the company's board and supervisory committee [4] - The results of the voting for minority investors will be counted separately and disclosed in the meeting resolution announcement [4] Registration Requirements - Corporate shareholders must provide specific documentation for registration, including a business license copy and identification of the legal representative [3][5] - Individual shareholders must present their identification and shareholder account card for registration [5] Network Voting Details - The company provides a platform for online voting, with specific procedures outlined for participation [6] - Voting can occur during designated times, and identity verification is required for online participation [6]

Core Viewpoint - The report details the usage of previously raised funds by Fujian Wancheng Biotechnology Group Co., Ltd., highlighting the financial management and adjustments made to investment projects to enhance operational efficiency and market competitiveness [2][12][14]. Fundraising Overview - The company raised a net amount of RMB 228.60 million from its initial public offering (IPO) after deducting issuance costs [2]. - In a subsequent issuance to specific investors, the company raised RMB 200 million, with a net amount of RMB 193.60 million after expenses [3]. Fund Usage and Management - As of June 30, 2025, the company had utilized RMB 162.59 million from the IPO funds and RMB 142.49 million from the specific issuance funds [4][5]. - The company established special accounts for managing the raised funds, ensuring compliance with regulatory requirements and protecting investor interests [9][10]. Project Adjustments - The company changed the investment project from "Annual Production of 21,000 Tons of Shimeji Mushroom" to "Annual Production of 53,000 Tons of Enoki Mushroom," aiming to improve market competitiveness and reduce production costs [12][14]. - The adjusted investment amount for the new project is RMB 100 million, with a total planned investment of RMB 470.57 million [14]. Financial Performance - As of June 30, 2025, the project for producing 53,000 tons of Enoki mushrooms reported a cumulative loss of RMB 51.39 million, indicating challenges in the edible mushroom business due to market conditions [16].

Core Viewpoint - Wanchen Group announced the nomination of Ms. Yang Fan as a candidate for the independent director of the company's fourth board of directors [2] Group 1 - The announcement was made on the evening of September 2 [2] - The nomination reflects the company's ongoing efforts to enhance its governance structure [2]

证券日报网讯 9月2日晚间，万辰集团发布公告称，公司第四届监事会第三十三次会议审议通过了《关 于公司前次募集资金使用情况报告的议案》《关于制定的议案》。 （文章来源：证券日报） ...