超1.5万家零食店，要IPO了！

Core Viewpoint - The company, Fujian Wancheng Biotechnology Group Co., Ltd., is applying for an IPO on the Hong Kong Stock Exchange to raise funds for expanding its store network, enhancing product offerings, improving logistics efficiency, and upgrading digital infrastructure, aiming to solidify its leadership in the Chinese snack retail industry and potentially become the first "bulk snack stock" in Hong Kong [1][7]. Group 1: Company Background and Development - Founded in 2011, the company initially focused on mushroom supply and became a key supplier for Walmart, establishing a strong reputation in the industry [2]. - In 2021, the company successfully went public on the A-share market as the "first stock of edible fungi," marking a significant milestone in its development [2]. - Recognizing market trends, the company shifted its focus to the bulk snack industry, capitalizing on its growth potential and broad market space [2][3]. Group 2: Financial Performance - In 2024, the company achieved a remarkable revenue of 32.3 billion, representing a 248% increase from the previous year, with the bulk snack business contributing 98% of this revenue [4]. - The half-year report for 2025 showed a revenue of 22.58 billion, a year-on-year growth of 106.89%, and a net profit of 472 million, reflecting a staggering increase of 50,358.8% [4]. - The rapid growth in the bulk snack sector has positioned the company as the largest listed company in this market segment, earning it the title of "China's Snack King" [4]. Group 3: Expansion and Market Strategy - The company has rapidly expanded its store network from fewer than 100 stores in 2022 to over 10,000 stores by 2024, becoming the first bulk snack brand in China to surpass this milestone [5]. - As of June 30, 2025, the company operates over 15,000 stores across 29 provinces, with more than 10,000 under the "Good to Come" brand, showcasing its extensive market coverage [6]. Group 4: Future Prospects and Challenges - The IPO in Hong Kong is expected to enhance the company's brand recognition internationally and facilitate its global expansion strategy [7]. - Funds raised will be used for overseas store network expansion, product development tailored to regional tastes, and supply chain improvements [7]. - The company faces intense competition in the bulk snack market and must navigate challenges in brand differentiation and governance structure as it transitions to a publicly listed entity [8].