Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its listing application to the Hong Kong Stock Exchange, aiming to further expand its leading position in China's snack and beverage retail market [1][5]. Group 1: Business Model and Growth - Wancheng Group is recognized as the fastest-growing snack and beverage retail company in China, with its brand "Haoxianglai" being the first in the country to exceed 10,000 stores [1]. - The company reported a total revenue increase from RMB 9.3 billion in 2023 to RMB 32.33 billion in 2024, representing a year-on-year growth of 247.9% [5]. - The group's GMV is projected to reach RMB 42.6 billion in 2024, a 282% increase compared to 2023, leading the industry in growth rate [5]. Group 2: Operational Efficiency - Wancheng Group has digitized all core business processes through its self-developed IT system, enhancing operational efficiency and decision-making accuracy [3]. - The company operates over 15,000 stores across 29 provinces in China, establishing a robust store network with deep penetration in high-consumption areas [9]. - The digital system provides franchisees with real-time access to key sales data, enabling dynamic optimization of product displays and combinations [9]. Group 3: Supply Chain and Cost Efficiency - Approximately 95% of products are sourced directly from brand manufacturers, allowing the company to offer prices 20%-30% lower than traditional supermarkets [12]. - Wancheng Group has built a strong logistics network with 51 ambient warehouses and 13 cold chain warehouses, achieving a replenishment cycle of "T+1" for most stores [12]. - The use of automated guided vehicles (AGVs) and image recognition technology in warehouses enhances efficiency and reduces labor costs [12]. Group 4: Future Plans and Market Position - The funds raised from the IPO will be used to expand and upgrade the store network, enrich product offerings, and enhance logistics efficiency [13]. - Wancheng Group aims to solidify its leadership in the snack and beverage retail sector and expand its successful "hard discount" model into broader fast-moving consumer goods markets [13].
万辰集团赴港IPO招股书拆解：高增长、高复购的零食生意经