福建90后二代接棒320亿量贩零食龙头，火速冲刺港股

Core Viewpoint - The article discusses the potential listing of Wancheng Biotechnology Group Co., Ltd. on the Hong Kong Stock Exchange, which could make it the first A+H share listed company in the bulk snack industry, amidst competition with its rival Mingming Hen Mang [1][15]. Group 1: Company Overview - Wancheng Group submitted its prospectus to the Hong Kong Stock Exchange on September 23, 2025, aiming for a listing on the main board [1]. - The company has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 billion, -RMB 1.76 billion, and RMB 6.11 billion for the same years [4]. - In the first half of 2025, Wancheng Group achieved a net profit of RMB 4.72 billion, a year-on-year increase of 50,358.8%, with total revenue reaching RMB 225.83 billion, up 106.89% [4]. Group 2: Business Model and Strategy - Wancheng Group's business model focuses on bulk snack retail, leveraging a unified procurement strategy to eliminate intermediaries, thus enhancing profit margins and pricing advantages for downstream operations [10][11]. - The company operates a franchise model with 99.4% of its 15,365 stores being franchise outlets, allowing it to maintain a competitive pricing strategy that is 20-30% lower than traditional supermarkets [12][13]. - The company does not charge franchise fees, instead requiring a deposit and a one-time opening fee, which contributes to stable cash flow [13]. Group 3: Competitive Landscape - The bulk snack industry is evolving into a "two super, many strong" market structure, with Wancheng Group and Mingming Hen Mang as the leading players [15]. - In 2024, Wancheng Group reported revenues of RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [16]. - Both companies are expanding their own brand products to improve profit margins, with Wancheng Group's gross profit margin at 11.49% for the first half of 2025, while Mingming Hen Mang's was 7.62% as of the end of 2024 [17]. Group 4: Financial Health and Future Plans - Wancheng Group's liabilities increased to RMB 5.14 billion, with a debt-to-asset ratio of approximately 68.95%, indicating a high level of debt [17]. - The company plans to use the funds raised from its IPO to expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [17].