Core Viewpoint - Wanchen Group, the parent company of "Haoxianglai," has officially submitted a listing application to the Hong Kong Stock Exchange for a dual listing, aiming for "A+H" status, following its A-share listing in April 2021 [1] Group 1: Company Overview - Wanchen Group is a leading retail enterprise in China's snack and beverage sector, with a projected GMV growth of 282% from 2023 to 2024 [1] - The brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024 and has surpassed 10,000 stores nationwide [1] - As of June 30, 2025, the company plans to operate over 15,000 stores across 29 provinces, municipalities, and autonomous regions in China [1] Group 2: Membership and Consumer Engagement - As of August 31, 2025, Wanchen Group has over 150 million registered members, with more than 110 million active members in the first eight months of 2025 [1] - The average monthly consumption frequency per active member was 2.9 times as of August 2025 [1] Group 3: Supply Chain and Pricing Strategy - Approximately 95% of Wanchen Group's products are sourced directly from brand manufacturers, allowing for a 20% to 30% lower retail price compared to similar products in large stores, supermarkets, and convenience stores [2] - The company’s growth is driven by a strategic expansion of its national brand store network, enhancing market penetration [2] Group 4: Business Model and Digital Infrastructure - The company has established a digital system that supports various business operations, from site selection to consumer interaction, reducing operational friction and ensuring efficient network operations [3] - Wanchen Group has a low franchise store closure rate of 1.9%, significantly below the industry average, indicating strong franchisee retention [3] Group 5: Financial Performance - Wanchen Group's revenues for 2022, 2023, and 2024 were 549 million, 9.29 billion, and 32.33 billion respectively, with profits of 67.85 million, -176 million, and 611 million [3] - In the first half of 2025, the company achieved a revenue of 22.58 billion, a year-on-year increase of 106.89%, with a profit of 861 million, up 531.93% [3]
万辰集团向港交所递表，携1.5亿会员冲刺“A+H”双重上市