证券代码：300972 证券简称：万辰集团 公告编号：2025-047 福建万辰生物科技集团股份有限公司 关于公司 2024 年限制性股票激励计划首次授予部分 第一个归属期（第一批次）归属条件成就的公告 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 7 人 2、本次第二类限制性股票拟归属数量：309.20 万股，占当前公司总股本的 1.7179% 3、归属股票来源：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、归属时的授予价格：14.57 元/股（调整后） 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 6 月 23 日召开的第四届董事会第二十七次会议和第四届监事会第二 十八次会议，分别审议通过了《关于公司 2024 年限制性股票激励计划首次授予 部分第一个归属期（第一批次）归属条件成就的议案》，董事会认为根据《上市 公司股权激励管理办法》（以下简称"《管理办法》"）、《公司 2024 年限制 性股票激励计划》（以下简称"《激励计划 ...

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 2023 年限制性股票激励计划授予价格调整、第 二个归属期（第一批次）归属条件成就及作废 部分限制性股票相关事项 之 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.com.cn 二〇二五年六月 | 释 义 2 | | --- | | 一、本次调整、本次归属和本次作废的批准与授权 4 | | 二、本次调整的具体情况 6 | | 三、本次归属的具体情况 6 | | 四、本次作废的具体情况 9 | | 五、结论意见 9 | 国浩律师（北京）事务所 法律意见书 释 义 在本《法律意见书》中，除非文义另有所指，下列词语具有下述含义： | 万辰集团、 ...

Quantitative Models and Construction 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance - \( \mu \): Drift rate - \( \kappa \): Mean reversion speed - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Correlated Wiener processes [8] 2. Model Name: Multi-Sector Timing Model (Scissor Difference Strategy) - **Model Construction Idea**: This model uses the difference in the number of bullish and bearish signals among sector constituents to construct a timing strategy. If no bullish or bearish signals are present, the scissor difference is set to zero. The model aims to outperform sector indices [16]. - **Model Construction Process**: - Count the number of bullish and bearish signals for each sector's constituent stocks daily. - Compute the scissor difference as the difference between bullish and bearish signals. - If both counts are zero, the scissor difference is set to zero. - Construct a timing strategy based on the scissor difference ratio [16]. - **Model Evaluation**: The model historically outperformed all sector indices, demonstrating excellent backtesting performance [16]. --- Model Backtesting Results 1. Heston Model - **Implied Volatility Results**: - SSE 50: 11.85% (down 0.88% WoW) - SSE 500: 14.35% (down 1.59% WoW) - CSI 1000: 18.06% (down 0.42% WoW) - CSI 300: 12.64% (down 0.73% WoW) [10] 2. Multi-Sector Timing Model - **Sector Outperformance**: The model outperformed all sector indices, achieving a 100% success rate in backtesting [16]. --- Quantitative Factors and Construction 1. Factor Name: Shape-Based Timing Signals - **Factor Construction Idea**: Shape-based signals are derived from historical K-line patterns, including bullish patterns (e.g., "Golden Needle Bottom," "Rocket Launch," "Manjianghong") and bearish patterns (e.g., "Hanging Line," "Paradise Line," "Dark Cloud Cover"). These patterns indicate potential price reversals [24]. - **Factor Construction Process**: - Identify specific K-line patterns based on predefined criteria. - Evaluate the historical performance of these patterns in predicting price movements. - Use the patterns to generate timing signals for individual stocks [24]. - **Factor Evaluation**: Bullish patterns like "Golden Needle Bottom" and "Rocket Launch" demonstrated strong positive predictive power [24]. --- Factor Backtesting Results 1. Shape-Based Timing Signals - **Signal Statistics**: - Positive signals: 2,699 occurrences, with an average future high-point success rate of 28.25% - Negative signals: 3,525 occurrences, with an average future low-point success rate of 71.88% [13] 2. Sector Timing Signals - **Bullish Sectors**: Home Appliances, Comprehensive, Communication, Textile & Apparel, Consumer Services, Transportation, Petrochemicals [19] 3. Stock-Specific Signals - **Consecutive Bullish Signals**: - 5-day signals: Stocks like Kailong Co. and Shipu Testing [21] - 4-day signals: Stocks like Jiangnan Chemical, Beijing-Shanghai High-Speed Railway, and Nandu Property [22][23] - **Special Bullish Patterns**: - Stocks like Retired Longyu ("Arrow on the String") and Suotong Development ("Manjianghong") [25][26] 4. Broker Gold Stock Signals - **Highlighted Stocks**: BYD, Feilihua, Wancheng Group, Sichuan Road & Bridge, Wolong Electric Drive, Lansheng Co., PetroChina, Dongpeng Beverage [29][33]

Core Insights - The 2024 China Chain Top 100 report indicates a sales scale of 2.13 trillion yuan and a total of 257,200 stores, representing a year-on-year growth of 4.9% and 13.5% respectively [1][2]. Group 1: Sales Performance - Walmart (China) leads the 2024 rankings with a sales revenue of 158.845 billion yuan, showing a year-on-year increase of 19.6% [1]. - Juran Smart Home ranks second with sales of 122.1 billion yuan, reflecting a growth of 3.8% year-on-year [1]. - Suning.com ranks third with sales of 80.8 billion yuan, but experienced a decline of 14.1% year-on-year [1]. Group 2: Store Count - Meiyijia maintains its position as "China's Convenience Store King" with 37,943 stores by the end of 2024, and the number is projected to exceed 39,000 by April 30, 2025 [1]. - Sinopec Easy Joy follows with a store count of 28,635 by the end of 2024 [1]. Group 3: Growth in Top Companies - The number of companies in the 2024 China Chain Top 100 with sales exceeding 30 billion yuan increased from 21 to 24 compared to 2023 [2]. - Ten companies achieved double-digit growth in both sales and store count, including Hema, Mingming Very Busy, Wancheng Biological, Qiyi Shiyi, Costco, Shizhu, Biyoute, Koodong, Xinguo Technology, and Old Neighbor [2].

一、股东股份质押基本情况 | 股东 | 是否为控股 | 本次质押 | 占其所 | 占公司 | 是否为限 | 是否为 | 质押起始 | 质押 | 质权 | 质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 股东或第一 | 数量(股) | 持股份 | 总股本 | 售股（如 | 补充质 | 日 | 到期日 | 人 | 押 | | | 大股东及其 | | 比例 | 比例 | 是，注明限 | 押 | | | | 用 | | | 一致行动人 | | | | 售类型） | | | | | 途 | | 彭德建 | 是[注] | 6,361,800 | 31.43% | 3.53% | 否 | 否 | 2025年6月 17日 | 办理解除 质押登记 | 华能贵 诚信托 有限公 | 个人 资金 | | | | | | | | | | 之日 | | 需求 | | | | | | | | | | | 司 | | | 合计 | - | 6,361,800 | 31.43% | 3.53% | - | - | - | - | - ...

Core Insights - The "2024 China Chain Top 100" report by the China Chain Store & Franchise Association (CCFA) indicates a sales scale of 2.13 trillion yuan and a total of 257,200 stores for the top 100 chain enterprises, representing a year-on-year growth of 4.9% and 13.5% respectively [1] Group 1: Industry Overview - The top 100 chain enterprises include 46 comprehensive retail companies, 23 supermarkets, 13 convenience stores, and 18 specialty stores, with comprehensive retail facing the greatest growth pressure [1] - Supermarkets are showing signs of recovery, with 12 companies achieving year-on-year sales growth and 6 companies experiencing both sales and store number growth [1] - Convenience stores continue to see dual growth in sales and store numbers, although the growth rate has slowed compared to the previous year [1] - Specialty stores have the best operational performance, achieving double-digit growth in both sales and store numbers [1] Group 2: New Entrants and Performance - The 2024 China Chain Top 100 includes five new companies: Wancheng Biological (SZ300972), Liangpinpuzi (SH603719), Xiyahomei, Juewei Food (SH603517), and Guizhou Helix [1] - The number of companies with sales exceeding 30 billion yuan increased from 21 in 2023 to 24 in 2024 [1] - Ten companies achieved double-digit growth in both sales and store numbers, including "Hema," "Mingming Hen Mang," "Wancheng Biological," "Qiyi Shiyi," "Kaisike," "Shizhu," "Biyoute," "Kudong," "Xinguo Technology," and "Laolinjia" [2] - Walmart (China) maintained its position as the top company in the China Chain Top 100 with sales of 158.845 billion yuan, while Hunan's "Mingming Hen Mang" entered the top 10 for the first time [2]

Summary of Wanchen Group Conference Call Company Overview - **Company**: Wanchen Group - **Industry**: Retail, specifically in the discount supermarket and new consumption sectors Key Points and Arguments 1. **Store Expansion**: Wanchen Group is rapidly expanding its store count, expected to approach 20,000 by the end of 2025, with new store sizes increasing to 200 square meters and introducing new product categories such as frozen goods, baked foods, toys, and daily chemical products to cater to young women and mothers [2][3][4] 2. **Profitability and Efficiency**: The company has improved profit margins and operational efficiency through collaborations with suppliers and private label customization, employing a tiered pricing strategy to enhance market competitiveness [2][4][6] 3. **Franchisee Feedback**: Franchisees generally recognize the new store model, although the payback period has extended from 1.5 years to 2-2.5 years. Despite this, the model remains competitive compared to other formats, and franchisees are willing to cooperate with headquarters for expansion [2][7] 4. **Financial Performance**: In Q1, the gross margin increased by 1% year-on-year, with a net profit margin of 3.8% after excluding share-based payment expenses, significantly higher than the previous year. The company expects to maintain a high level of performance in Q2 and the second half of the year [2][9] 5. **Market Positioning**: Wanchen Group and Mingming Hen Mang are likely to form a duopoly, with a challenge to reach 20,000 stores by year-end and potentially 50,000 stores next year, enhancing their bargaining power with consumers and suppliers [2][9] 6. **New Consumption Trends**: The company has successfully transitioned to a new consumption model, particularly in the snack wholesale business, with over 14,000 stores and annual revenue exceeding 30 billion yuan by the end of 2024 [3][11] 7. **Product Strategy**: The new store model focuses on selected categories and partnerships with leading brands to provide better value products, aligning with consumer trends for value [5][11] 8. **Future Outlook**: The company is expected to continue its steady expansion and optimize its product structure to enhance same-store sales growth, despite a slight decline in same-store sales growth due to rapid expansion [8] 9. **Competitive Landscape**: The discount supermarket sector is performing well, with stable selection strategies and standardized store formats. The competition with traditional supermarkets is expected to intensify, but the company is well-positioned to maintain profitability [9][10] Additional Important Insights - **Stock Performance**: Wanchen Group's stock has increased tenfold, and while market sentiment is high, it is advised not to chase prices. Current holders are encouraged to maintain their positions until year-end, with a projected profit of 900 million yuan and a valuation of approximately 30 times earnings [5][12] - **Supply Chain Management**: The company's advantages in supply chain management are expected to further solidify its market position and improve profitability [8]

Core Viewpoint - The promotion of new consumption is crucial for boosting domestic demand, with private enterprises playing a significant role in this transformation through innovation and new business models [1][4]. Group 1: Legislative Support - The Private Economy Promotion Law aims to foster the healthy development of the private economy and ensure a stable, transparent, and predictable business environment [2][3]. - This law establishes a legal framework that eliminates concerns over policy fluctuations, thereby enhancing market expectations and stimulating the potential of the private economy [2][3]. Group 2: Financing and Investment - The Private Economy Promotion Law addresses financing bottlenecks by promoting a multi-tiered capital market system, allowing qualified private enterprises to access direct financing through stock and bond issuance [3][4]. - Capital markets are expected to provide essential support for innovative private entities, enabling them to secure timely financing for growth [3]. Group 3: Innovation and New Consumption - The law encourages private enterprises to adopt new technologies and develop new products, services, and business models, which are essential for enhancing supply quality [4][5]. - Companies are increasingly focusing on emotional value in consumer products, targeting younger demographics with innovative and differentiated offerings [4][5]. Group 4: Supply Chain Optimization - Companies like Three Squirrels are leveraging digital supply chain systems to enhance production efficiency and reduce costs, aligning with the trend of high-quality, cost-effective products [5][6]. - The integration of digital tools and a focus on high-quality sourcing are key strategies for companies to meet the rising demand for personalized and health-oriented products [6].

Company Overview - Wanchen Group, the parent company of Haoxianglai snack chain, has seen its stock price rise from 10 yuan to nearly 200 yuan, marking a significant increase [2][4] - The company operates 15,000 Haoxianglai stores and is projected to achieve revenue of 32.33 billion yuan and a net profit of 294 million yuan in 2024, with a net profit margin of approximately 0.9% [2][6] - As of June 7, Wanchen Group's stock closed at 184.34 yuan per share, with a total market capitalization of 33.18 billion yuan [2] Financial Performance - In 2024, Wanchen Group's total revenue reached 32.33 billion yuan, a year-on-year increase of 247.86%, and net profit of 294 million yuan, marking a turnaround from losses [6][12] - The snack retail segment generated 31.79 billion yuan in revenue, reflecting a year-on-year growth of 262.94% [7] - The company's first-quarter performance in 2023 showed a total revenue of 10.82 billion yuan, up 124.02%, and a net profit of 215 million yuan, a staggering increase of 3344.13% [15] Market Comparison - Compared to snack giants like Weilong, Three Squirrels, and Qiaqia Foods, which have net profit margins of 17.1%, 3.8%, and 11.9% respectively, Wanchen Group's net profit margin is significantly lower [2][15] - Wanchen Group's price-to-earnings (P/E) ratio stands at 38.61, which is comparable to Weilong's 32.24, while Three Squirrels and Qiaqia Foods have P/E ratios of 11.74 and 38.75 respectively [9][10] Industry Challenges - The snack retail industry is facing challenges such as declining store turnover rates, indicating a shift from rapid growth to a phase requiring refined operations [3][25] - The low-margin, high-turnover business model of snack retail demands high operational efficiency and cost control [21][23] - The competitive landscape has intensified, making it more challenging for franchisees to achieve profitability, with many reporting difficulties in covering fixed costs [22][23] Future Outlook - Despite current challenges, the snack retail sector is believed to have growth potential of 3 to 4 times its current market size [24] - Industry experts suggest that enhancing product quality and variety, as well as transitioning from snack stores to discount supermarkets, could be key strategies for future development [26][27]

- The report introduces a quantitative model called "250-day new high distance" to track market trends and identify investment hotspots. The model is based on the concept that stocks nearing their 52-week high tend to outperform those far from their 52-week high, as supported by research from [George@2004] and other notable investors like William O'Neil and Mark Minervini. The formula for calculating the 250-day new high distance is: $ 250 \text{ day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the percentage drop from the high. [11] - The report evaluates the "250-day new high distance" model as an effective tool for identifying market trends and leading stocks, emphasizing its ability to highlight momentum and trend-following strategies. [11][18] - The report also introduces a composite factor for selecting "stable new high stocks" from the pool of stocks that have reached a 250-day new high in the past 20 trading days. The selection criteria include: 1. Analyst attention: At least 5 buy or overweight ratings in the past 3 months 2. Relative stock strength: Top 20% of market-wide 250-day returns 3. Price stability: Evaluated using two metrics: - Price path smoothness: Stock price displacement ratio - Innovation high persistence: Time-series average of the 250-day new high distance over the past 120 days 4. Trend continuation: Time-series average of the 250-day new high distance over the past 5 days, selecting the top 50 stocks based on ranking. [23][26] Model Testing Results - The "250-day new high distance" model shows the following results for major indices as of June 6, 2025: - Shanghai Composite Index: 2.99% - Shenzhen Component Index: 11.41% - CSI 300 Index: 8.98% - CSI 500 Index: 8.98% - CSI 1000 Index: 6.94% - CSI 2000 Index: 4.25% - ChiNext Index: 20.03% - STAR 50 Index: 12.00% [2][12][31] - The "stable new high stocks" factor identified 38 stocks from the pool of 777 stocks that reached a 250-day new high in the past 20 trading days. These stocks were distributed across sectors as follows: - Manufacturing: 11 stocks - Consumer: 8 stocks - Other sectors include finance, technology, and healthcare [3][27][32]