报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年5月30日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为4.08%、 12.65%、9.77%、10.42%、8.85%、6.39%、21.84%、13.29%。中信一级行业指数中银行、电力及公用事业、医药、家电、农林牧渔行业指数距离 250日新高较近，煤炭、石油石化、房地产、消费者服务、电子行业指数距离250日新高较远。概念指数中，数字货币、银行精选、制药、创新药、万得微 盘股日频等权、银行等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年5月30日，共697只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是基础化工、机械、医药行业，创新高个股数量占 比最高的是银行、汽车、纺织服装行业。按照板块分布来看，本周制造、周期板块创新高股票数量最多；按照指数分布 ...

Core Viewpoint - The company has announced a change in its continuous supervision sponsor representative due to the work relocation of the previous representative, ensuring continuity in supervision duties [1][2]. Group 1 - The company received a letter from Huaxing Securities regarding the replacement of the continuous supervision sponsor representative [1]. - Wang Chumei, the previous representative, will be replaced by Guan Yuxia to maintain the continuity of supervision work [1]. - The new supervision representatives are Shen Ying and Guan Yuxia, with the supervision period continuing until the end of obligations set by the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. Group 2 - The company's board expressed gratitude for the work done by Wang Chumei during her tenure as the continuous supervision representative [2]. Group 3 - Guan Yuxia holds a master's degree, is a non-practicing member of the Chinese Institute of Certified Public Accountants, and has legal qualifications [4]. - Guan Yuxia is currently a senior manager in the investment banking division of Huaxing Securities and has participated in various IPO projects, including the company's stock issuance [4].

Group 1: Company Strategies and Developments - JiuGuiJiu has reduced its SKU by 50%, eliminating low-sales and non-growth potential products, and is focusing on a "2+2+2" strategic product system [1] - BaiGuoYuan Group has submitted an application to the China Securities Regulatory Commission for H-share full circulation, converting approximately 85.45 million non-listed shares into H-shares [2] - XiWang Food is committed to improving its sports nutrition business despite recent underperformance, citing long-term market potential and brand recognition [3] Group 2: Financial Performance and Projections - Vitasoy International expects a profit increase of approximately 94% to 111% for the fiscal year ending March 31, 2025, driven by improved operating profits in mainland China and Hong Kong [6] - NaiXue's Tea opened its 8th store in Southeast Asia in Chiang Mai, generating nearly 3.5 million Thai Baht (approximately 770,000 RMB) in its first month [9] Group 3: Market Reactions and Consumer Engagement - Luckin Coffee denied reports of price reductions, stating that it is offering promotional coupons for the Dragon Boat Festival and Children's Day instead [8] - WuFangZhai is gifting zongzi gift boxes to shareholders to promote traditional culture and gather feedback on its products [4] Group 4: Regulatory and Legal Matters - SanZhiSongShu has submitted its H-share issuance application to the Hong Kong Stock Exchange, which has been accepted by the China Securities Regulatory Commission [7] - DaRunFa clarified that it has restructured its operational zones from five to four, denying any plans to eliminate the Northeast region [12] - WanChen Group announced that its chairman, Wang JianKun, has had his detention lifted and is resuming his duties [13]

证券代码：300972 证券简称：万辰集团 公告编号：2025-038 福建万辰生物科技集团股份有限公司 官玉霞女士简历 官玉霞女士，保荐代表人，硕士研究生学历，具有中国注册会计师（非执业 会员）与法律职业资格，现任华兴证券投资银行事业部高级经理，曾参与永林电 子 IPO、万辰集团向特定对象发行股票项目，在保荐业务执业过程中严格遵守《证 券发行上市保荐业务管理办法》等相关规定，执业记录良好。 本次保荐代表人变更不影响华兴证券对公司的持续督导工作。本次保荐代表 人变更后，公司持续督导保荐代表人为沈颖女士、官玉霞女士，持续督导期至中 国证券监督管理委员会和深圳证券交易所规定的持续督导义务结束为止。 公司董事会对王楚媚女士在公司持续督导期间所做的工作表示衷心感谢！ 特此公告。 福建万辰生物科技集团股份有限公司 董事会 2025 年 5 月 30 日 附件： 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 福建万辰生物科技集团股份有限公司（以下简称"公司"）于近日收到华兴 证券有限公司（以下简称"华兴证券"）出具的《华兴证券有限公司关 ...

Group 1 - The core viewpoint of the articles highlights the significant rise of Pop Mart's stock, attracting numerous fund managers who previously invested heavily in traditional consumer stocks like Kweichow Moutai, leading to a search for new consumer investment opportunities [2][3][4] - As of the end of Q1 2025, 207 funds were heavily invested in Pop Mart, a substantial increase from 62 funds six months prior, indicating a growing interest in the stock [3] - Pop Mart's stock price began to rise in early 2024, following the founder's announcement of plans to replicate the brand overseas, prompting fund managers to shift their investments from Kweichow Moutai to Pop Mart [3][4] Group 2 - The new consumer sector has shown remarkable performance in both A-share and Hong Kong markets, with several stocks doubling in value, such as Ruoyuchen and Wancheng Group, with some stocks increasing over four times [5] - Funds focused on new consumer stocks have reported impressive returns, with some achieving over 50% returns year-to-date as of May 28, 2025 [5][6] - The current consumer cycle is expected to last longer, driven by a younger demographic with higher consumption willingness and a focus on technological innovation [6] Group 3 - Institutions are increasingly interested in consumer companies, with many receiving significant attention from fund managers, as evidenced by the high number of institutional surveys conducted in May [7][8] - Notable consumer companies like Zhou Dashing and Reliable Co. have received over 130 and 50 institutional surveys respectively, indicating strong market interest [7] - Some fund managers express caution regarding the current valuation levels of new consumer stocks, suggesting potential short-term price adjustments while maintaining a positive long-term outlook [8]

Core Viewpoint - The snack retail industry, particularly the bulk snack stores, continues to thrive despite challenges, with significant growth in revenue and new store openings, indicating a strong market demand and potential investment opportunities [4][5][6]. Group 1: Industry Growth and Trends - The bulk snack industry has seen a compound annual growth rate of nearly 200% from 2022 to 2024, with major players like Mingming Hen Mang and Wancheng Group achieving substantial revenue increases [4]. - In the first quarter of this year, while 1,094 snack stores closed, 1,400 new stores opened, showcasing a net positive growth in the sector [5]. - The average annual revenue for successful snack stores can reach up to 6 million, with some owners reportedly making their first million through this business model [4][11]. Group 2: Business Model and Consumer Behavior - The business model of bulk snack stores relies heavily on low pricing and high SKU variety, with many stores offering private label products that attract price-sensitive consumers [12][13]. - The average transaction volume for major players in the industry is significant, with Mingming Hen Mang recording 1.6 billion transactions in 2024 and a high repurchase rate of 75% [16]. - The strategy of offering mini versions of popular snacks allows consumers to try various flavors without the risk of waste, further driving sales [14]. Group 3: Challenges and Market Dynamics - Despite the apparent profitability, many store owners face challenges such as high operational costs, difficulty in hiring staff, and intense competition leading to price wars [18][20][32]. - The saturation of the market is evident, with reports of multiple stores opening in close proximity, leading to reduced sales for existing stores [28][37]. - The shift in consumer spending patterns, particularly in urban areas, has made it crucial for snack retailers to adapt their strategies to target lower-income regions where demand remains strong [22][25].

Company Overview - Mingming Hen Mang is a leading player in China's snack retail industry, formed by the merger of "Snack Hen Mang" and "Zhao Yiming Snacks" [1][12] - As of the end of 2024, the company operates 14,394 stores across 28 provinces, with 58% of its stores located in county towns and townships, and has over 120 million members [1][13] - The company achieved a revenue of 39.344 billion yuan in 2024, with a compound annual growth rate (CAGR) of 203% from 2022 to 2024, and a gross merchandise volume (GMV) of 55.5 billion yuan [1][15] Industry Insights - The retail scale of China's leisure food and beverage market has grown from 2.86 trillion yuan in 2019 to 3.74 trillion yuan in 2024, with a CAGR of 5.5% [1][25] - The share of the snack retail channel has increased from 8% in 2019 to 11% in 2024, making it one of the fastest-growing segments [1][29] Competitive Advantages - The company has an efficient store expansion strategy, adding 7,809 new stores in 2024, with an average annual GMV of 5.29 million yuan per store [2][39] - Digital supply chain capabilities have reduced logistics costs to 1.7%, and inventory turnover days have improved to 11.6 days [2][6] - The franchise system is robust, with 794 supervisors covering 14,000 stores, and a low customer concentration risk, with the top five customers accounting for only 2.5% of revenue [2][6] Future Growth Drivers - Market share is expected to increase as the company and its competitor, Wancheng Group, collectively operate over 14,000 stores, capturing nearly 75% of the market [2][6] - Upgrades to the store model, including the introduction of fresh food and daily necessities, are anticipated to enhance revenue per store [2][6] - Continued improvements in supply chain bargaining power and cost optimization are expected to further enhance gross and net profit margins [2][6] Financial Performance - The company reported a net profit of 834 million yuan in 2024, with a CAGR of 241% from 2022 to 2024, outpacing revenue growth [1][15] - The gross margin improved from 7.45% in 2022 to 7.62% in 2024, contributing to an adjusted net margin of 2.32% [1][15]

Core Viewpoint - The snack retail industry, particularly the bulk snack stores, continues to thrive despite a wave of store closures, with significant revenue growth reported by leading companies in the sector [3][5][6]. Group 1: Industry Growth and Trends - The bulk snack industry is experiencing a "violent rise," with major players like Mingming Hen Mang and Wancheng Group achieving nearly 200% compound annual growth rate in revenue from 2022 to 2024 [3][5]. - In 2022, Mingming Hen Mang reported a profit of 800 million, a year-on-year increase of 284% [3]. - Despite a "transfer wave" in the industry, where many snack stores are closing, new openings are outpacing closures, with 1,400 new stores launched compared to 1,094 closures in the first quarter of this year [5]. Group 2: Business Model and Consumer Behavior - The business model of bulk snack stores relies heavily on low pricing and high SKU variety, attracting consumers with competitive pricing compared to convenience stores [11][12]. - The average transaction volume for Mingming Hen Mang is projected to reach 1.6 billion transactions in 2024, with a high repurchase rate of 75% [12]. - The presence of private label products, which make up a significant portion of inventory, allows stores to maintain low prices and adapt quickly to consumer preferences [11][12]. Group 3: Challenges and Market Dynamics - The industry faces challenges such as high employee turnover and difficulties in hiring competent staff, which can impact store operations [14][16]. - The competitive landscape is intensifying, with many new stores opening in close proximity, leading to price wars and reduced profitability for existing stores [28][30]. - Franchisees are experiencing pressure from brand owners to lower prices and increase inventory diversity, which can strain their profitability [29][30]. Group 4: Market Segmentation and Location Strategy - The trend indicates a shift towards rural and lower-tier cities for snack store openings, where operational costs are lower and consumer spending remains robust [20][21]. - Urban locations, while initially attractive, may not yield the expected returns due to higher costs and lower disposable income among consumers [22][23]. - Successful franchisees are increasingly focusing on smaller towns and counties, where consumer behavior and spending patterns favor snack purchases [20][21].

Group 1 - The chairman of Wancheng Group, Wang Jiankun, has had his detention lifted, allowing him to resume his duties, which is expected to stabilize the company's operations [1] - During Wang's detention, Wancheng Group's stock price increased significantly, rising from 94.99 yuan per share to a peak of 156.85 yuan per share, marking a gain of over 65% [1] - Wancheng Group reported a total of over 15,000 signed stores by the end of Q1, with a rapid opening pace, particularly in its "Haoxianglai" brand, which has over 10,000 stores [2][3] Group 2 - Despite the rapid expansion, Wancheng Group's revenue for the last year was 32.3 billion yuan, significantly lower than its main competitor, Mingming Hen Mang, which reported 39.3 billion yuan [2] - Wancheng Group's net profit for the last year was approximately 294 million yuan, while Mingming Hen Mang's adjusted net profit reached 913 million yuan, highlighting a substantial profitability gap [2] - In Q1, Wancheng Group achieved a revenue of 10.82 billion yuan, a year-on-year increase of 124.02%, and a net profit of approximately 215 million yuan, reflecting a staggering growth of 3344.13% [5] Group 3 - The company aims to enhance its supply chain efficiency and profitability through a value chain restructuring mechanism that includes direct procurement and centralized pricing [6] - Wancheng Group plans to continue investing in its supply chain, logistics, brand development, and digital capabilities to improve profit margins and operational efficiency [6] - The company acknowledges the need to maintain growth momentum in the face of a slowing store opening pace and is focused on optimizing its operational strategies [5][6]

今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...