Core Viewpoint - Wanchen Group reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance in the snack retail sector and effective expansion strategies. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 22.58 billion yuan, a year-on-year increase of 106.9%, with a net profit of 472 million yuan, reflecting a growth of approximately 500 times, resulting in a net profit margin of 2.1% [1] - In Q2 2025, the company generated revenue of 11.76 billion yuan, up 93.3% year-on-year, with a net profit of 257 million yuan and a net profit margin of 2.2% [1] - The snack retail business continued to show high growth, with revenue from this segment reaching 22.34 billion yuan, a year-on-year increase of 109.3% [1] Group 2: Store Expansion and Brand Development - The company actively expanded its store network, adding 1,468 new stores (+8.2%) while closing 259 stores due to operational reasons, resulting in a total of 15,365 stores, a year-on-year increase of 131.5% [2] - The brand "Haoxianglai" has become the first snack brand in the industry to exceed 10,000 stores, establishing itself as a well-known national chain [2] Group 3: Profitability Metrics - The gross margin for the snack retail business in H1 2025 was 11.49%, an increase of 0.62 percentage points year-on-year, driven by improved procurement and category management [3] - The net profit for the snack retail business, after adjusting for stock-based compensation, was 956 million yuan, with a net profit margin of 4.28% [3] - In Q2 2025, the adjusted net profit for the snack retail business was 544 million yuan, with a net profit margin of 4.67%, reflecting a year-on-year increase of 1.95 percentage points [3] Group 4: Strategic Acquisitions - On August 11, the company announced a plan to acquire 49% of Nanjing Wanyou's minority shares for 1.38 billion yuan, aimed at strengthening control and enhancing profitability [4] - Following the acquisition, the company will hold 75.01% of Nanjing Wanyou, which is expected to boost net profit attributable to shareholders [4] Group 5: Supply Chain Management - The company is focusing on supply chain management to maintain cost control, which is crucial for the competitive advantage of its snack retail business [5]

记者丨 刘婧汐 编辑丨张伟贤 截至8月29日，今年上半年A股归母净利润同比增速最快的上市公司出现了。 8月28日，量贩零食巨头万辰集团（300972）公布了一份"涨上天"的半年报。财报显示，该公司上半年实现归母净利润4.72亿元， 同比增 长50,358.8%， 总营收达225.83亿元，同比增长106.89%。公司解释，上半年公司业绩增长主要得益于量贩零食连锁业务的高速扩张。 量贩零食连锁业态基于零售业的规模经济效应，采购量大、但毛利率低是行业共性问题，能否有效控制采购成本将直接影响公司的盈利能力。 为了"抠出"利润，万辰集团近两年依托大规模门店数量，通过集中采购增强议价权；同时，布局多元品类，从休闲零食延伸至日化、短保烘焙 等利润空间更大的领域；其发展的自有品牌"好想来超值""好想来甄选"毛利率较外采商品高5-8个百分点，也带动了利润结构优化。 在8月11日发布的公告中，万辰集团表示，量贩零食行业未来将进入"精细化运营"阶段，门店数量增速将放缓，供应链效率与自有品牌占比 将成为竞争关键。 这已经成为了行业共识，另一个量贩零食巨头鸣鸣很忙也在做相似的事情。2025年初，鸣鸣很忙宣布推出自有品牌红标和金标，并 ...

Market Overview - The Shanghai Composite Index rose by 0.37% on August 29, with 17 out of the 28 sectors experiencing gains. The top-performing sectors were diversified and electrical equipment, with increases of 3.86% and 3.12% respectively. The food and beverage sector also saw a rise of 2.42%. Conversely, the household appliances and transportation sectors faced declines of 1.82% and 1.69% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 69.47 billion yuan across the two markets. However, seven sectors recorded net inflows, with the electrical equipment sector leading at a net inflow of 3.13 billion yuan, followed by the food and beverage sector with a net inflow of 1.63 billion yuan [1] Food and Beverage Sector Performance - The food and beverage sector increased by 2.42%, with a total net inflow of 1.63 billion yuan. Out of 124 stocks in this sector, 78 stocks rose, including 4 that hit the daily limit. The top net inflow stocks included Kweichow Moutai with 764.23 million yuan, followed by Wuliangye and Huadiao with 475 million yuan and 271 million yuan respectively [2] Top Gainers in Food and Beverage Sector - The following stocks in the food and beverage sector had significant gains: - Kweichow Moutai: +2.34%, turnover rate 0.50%, net inflow 764.23 million yuan - Wuliangye: +3.24%, turnover rate 1.12%, net inflow 474.99 million yuan - Huadiao: +9.99%, turnover rate 5.10%, net inflow 270.68 million yuan - Other notable gainers included Shede Liquor and Jiu Gui Liquor with increases of 6.02% and 5.26% respectively [2] Top Losers in Food and Beverage Sector - The following stocks in the food and beverage sector experienced notable losses: - Yili: -3.18%, turnover rate 3.36%, net outflow -172.62 million yuan - Wancheng Group: -20.00%, turnover rate 5.34%, net outflow -86.60 million yuan - Lianhua Holdings: -2.65%, turnover rate 3.64%, net outflow -57.04 million yuan - Other significant losers included Liziyuan and Tancheng Beijian with losses of -3.22% and -0.73% respectively [4]

食品饮料/休闲食品 万辰集团（300972.SZ） 门店持续拓展，经营效率提升 2025 年 08 月 29 日 投资评级：增持（维持） | 日期 | 2025/8/29 | 证书编号：S0790520030003 | | --- | --- | --- | | 当前股价(元) | 211.80 | | | 一年最高最低(元) | 211.80/29.02 | | | 总市值(亿元) | 397.37 | | | 流通市值(亿元) | 346.17 | | | 总股本(亿股) | 1.88 | | | 流通股本(亿股) | 1.63 | | | 近 3 个月换手率(%) | 99.51 | | 股价走势图 数据来源：聚源 -200% 0% 200% 400% 600% 800% 2024-08 2024-12 2025-04 2025-08 万辰集团 沪深300 相关研究报告 《收入延续高增，利润释放亮眼—公 司信息更新报告》-2025.4.30 《规模效应释能，门店量质双升—公 司信息更新报告》-2025.4.24 《切入零食量贩赛道，迈向高增长新 篇章—公司首次覆盖报告》-2025.1.6 张宇光（分析师 ...

万辰集团今日涨停，全天换手率5.34%，成交额16.96亿元，振幅17.02%。龙虎榜数据显示，机构净买入 3.08亿元，深股通净买入1195.22万元，营业部席位合计净卖出1.50亿元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净买入3.08亿元，深股通 净买入1195.22万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7.29亿元，其中，买入成交额为4.50亿 元，卖出成交额为2.80亿元，合计净买入1.70亿元。 机构评级来看，近5日共有3家机构评级买入。预计目标价最高的是天风证券，8月24日天风证券发布的 研报给予公司目标价位184.01元。（数据宝） 万辰集团8月29日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 机构专用 | 16568.04 | 0.00 | | 买二 | 机构专用 | 11822.32 | 0.00 | | 买三 | 深股通专用 | 8266.41 | 7071.19 | | 买四 | 开源证券股份有限公司西安西 ...

万辰集团股价创出历史新高，截至14:42，该股上涨16.71%，股价报206.00元，成交量755.22万股，成交 金额14.50亿元，换手率4.62%，该股最新A股总市值达386.49亿元，该股A股流通市值336.69亿元。 证券时报·数据宝统计显示，万辰集团所属的食品饮料行业，目前整体涨幅为2.44%，行业内，目前股价 上涨的有85只，涨幅居前的有万辰集团、会稽山、金徽酒等，涨幅分别为16.71%、9.99%、8.25%。股 价下跌的有41只，跌幅居前的有春雪食品、有友食品、好想你等，跌幅分别为3.31%、3.15%、2.90%。 两融数据显示，该股最新（8月28日）两融余额为6.12亿元，其中，融资余额为6.10亿元，近10日增加 407.28万元，环比增长0.67%。 机构评级来看，近10日共有5家机构对该股进行评级，8月21日中金公司证券发布的研报给予公司目标价 为191.00元。 公司发布的半年报数据显示，上半年公司共实现营业收入225.83亿元，同比增长106.89%，实现净利润 4.72亿元，同比增长50358.80%，基本每股收益为2.6200元，加权平均净资产收益率34.99%。（数据 宝 ...

其中，量贩零食业务实现营业收入223.45亿元，同比增长109.33%；加回计提的股份支付费用后实现净 利润9.56亿元。 业绩增长与门店数量息息相关。 8月28日晚，"量贩零食第一股"万辰集团（300972.SZ）发布半年报。 报告期内，公司实现营业收入225.83亿元，同比增长 106.89%；归母净利润4.72亿元，同比增长503.6 倍。 去年底，该数字还停留在14196家，半年增长1169家，相比去年全年净增9470家门店，增速已显著放 缓。以可计入运营周期的门店统计来看，报告期内公司共新增门店1468家，门店经营原因致闭店259 家，非门店经营原因致减少门店40家。 此外，集团另一食用菌业务受市场行情变动、供需关系变化影响，上半年实现营业收入2.38亿元，同比 减少1.24%。 （文章来源：国际金融报） 截至6月末，万辰量贩零食门店网络遍布江苏省、安徽省、浙江省等29个省（自治区、直辖市），共计 15365家门店。 ...

Core Viewpoint - The rapid growth of Wanchen Group's snack retail business has led to significant increases in revenue and net profit, positioning the company as a leader in the industry [1][3]. Financial Performance - In the first half of the year, Wanchen Group reported a net profit attributable to shareholders of 4.72 billion yuan, a year-on-year increase of 50,358.8% [2]. - Total revenue reached 22.58 billion yuan, reflecting a year-on-year growth of 106.89% [2]. - The company's cash flow from operating activities increased by 133.37%, amounting to 1.30 billion yuan [2]. - Basic earnings per share rose to 2.62 yuan, a staggering increase of 45,864.91% compared to the previous year [2]. Business Expansion - Wanchen Group transitioned from a mushroom business to a snack retail giant, launching its brand "Lvxiaochan" in 2022 and acquiring several regional snack brands [3]. - The snack retail segment saw revenue soar by 1,592% from under 600 million yuan in 2022 to 9.3 billion yuan in 2023, with projections of 32.3 billion yuan for 2024 [3]. Profitability Trends - The gross margin for the snack business initially declined from 14.40% to 9.52% due to high supply chain costs and competition but rebounded to 10.86% in 2024 and further to 11.49% in the first half of 2025 [4]. Competitive Landscape - Wanchen Group and its competitor, Mingming Hen Mang, are vying for dominance in the snack retail market, with both companies expanding their store counts and targeting lower-tier cities [8][9]. - As of early 2025, both companies announced plans for IPOs in Hong Kong, intensifying competition for market leadership [9]. Market Position - As of August 29, Wanchen Group's stock price reached 211.8 yuan per share, with a year-to-date increase of over 170% [10]. - The company’s market capitalization stands at 39.74 billion yuan, reflecting strong investor confidence and growth potential [10].

Core Viewpoint - The rapid growth of Wancheng Group in the snack retail sector is highlighted, with significant increases in revenue and net profit driven by its aggressive expansion strategy in the snack market [1][2]. Financial Performance - In the first half of the year, Wancheng Group reported a net profit of 472 million yuan, a staggering year-on-year increase of 50,358.8%, and total revenue of 22.583 billion yuan, up 106.89% [1]. - The company's revenue from the snack retail business surged by 1,592% from 2022 to 2023, increasing from less than 600 million yuan to 9.3 billion yuan, with projections for 2024 showing a further increase of 247.86% to 32.3 billion yuan [2]. - For the first half of 2023, the snack retail business generated 22.345 billion yuan in revenue, accounting for approximately 99% of the company's total revenue, marking a year-on-year growth of 109.33% [2]. Profitability and Margins - The gross margin of Wancheng Group's snack retail business experienced a decline from 14.40% in 2022 to 9.52% in 2023, but is projected to recover to 10.86% in 2024 and further to 11.49% in the first half of 2025 [2][3]. - The company is enhancing profitability by consolidating its supply chain, developing proprietary brands, and introducing higher-margin product categories [3]. Market Position and Competition - Wancheng Group and its competitor Mingming Hen Mang are closely matched in terms of scale, with Wancheng Group operating 15,365 stores compared to Mingming Hen Mang's 15,000 stores [4]. - Both companies are focusing on lower-tier markets, with over half of their stores located in third-tier cities and below, leading to intense competition and price wars [5]. Future Outlook - Both companies have announced plans for IPOs in Hong Kong, aiming to become the first listed company in the snack retail sector in the region [6]. - The competition will hinge on supply chain efficiency and capital endurance as both companies solidify their market positions [7].

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]