Core Viewpoint - Wancheng Group has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [2] Company Summary - Wancheng Group initially focused on edible fungi business and was listed on the Shenzhen Stock Exchange in April 2021. The company has acquired several regional snack brands and consolidated them under the "Haoxianglai" brand in 2023, forming a significant presence in the snack market [2] - As of the first half of 2025, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with a net profit of 472 million yuan, up 50,358.8%. Revenue from the snack business accounted for approximately 99% of total revenue [2] - In July 2023, Wancheng Group underwent a management change, with founder Wang Jiankun stepping down as chairman and Wang Liqing taking over. Wang Jiankun's son, Wang Zenning, was appointed as the new general manager [2] Industry Summary - The snack retail sector is experiencing rapid growth, characterized by a "superior price-performance ratio" product positioning. The competitive landscape is dominated by a few strong players, with Wancheng Group's store count reaching 14,196 by the end of 2024 [3] - By June 30, 2025, Wancheng Group's store count increased by 1,169 to 15,365, while a competitor, Mingming Henbang, surpassed 20,000 stores [3] - Both Wancheng Group and Mingming Henbang are competing for the title of "first snack stock in Hong Kong," with Wancheng Group's IPO application indicating a strategic move to enhance brand recognition and industry position [3][4] - The industry is expected to transition into a phase of "refined operations," with a focus on supply chain efficiency and proprietary brands becoming key competitive factors [3][4]
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