证券代码：300972 证券简称：万辰集团 公告编号：2026-003 福建万辰生物科技集团股份有限公司 第四届董事会第四十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 福建万辰生物科技集团股份有限公司（以下简称"公司"）第四届董事会第 四十四次会议于 2026 年 1 月 13 日在公司会议室以现场结合通讯方式召开，本次 董事会会议通知于 2026 年 1 月 7 日以书面、电子邮件的形式向公司全体董事发 出。会议应参与表决董事 9 名，实际参与表决董事 9 名。本次会议由公司董事长 王丽卿主持，公司高级管理人员列席会议。本次会议的召开符合《中华人民共和 国公司法》等相关法律、法规以及《福建万辰生物科技集团股份有限公司章程》 （以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 全体与会董事经认真审议，形成以下决议： （一）审议通过《关于公司 2026 年度日常关联交易预计的议案》 表决情况：同意 5 票，反对 0 票，弃权 0 票，公司关联董事王丽卿、王泽宁、 林该春、陈文柱回避了该项议案表决。 经与会董 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-008 福建万辰生物科技集团股份有限公司 关于股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 | | | | 本次质押 | 本次质押 | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 （股） | 持股比 例 | 前质押股 份数量 | 后质押股 份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 已质押股限 售和冻结、 | 占已质 | 未质押股份 | 占未质 | | | | | （股） | （股） | | | 标记数量 （股） | 押股份 比例 | 限售和冻结 数量（股） | 押股份 比例 | | 福建农开 发 | 30,711,800 | 16.26% | 0 | 0 | 0.00% | 0.00% | 0 | 0.00% | 0 | 0.00% | | 漳州金万 辰 | 22,672,479 ...

Core Viewpoint - Mingming is the first company to pass the hearing for an IPO on the Hong Kong Stock Exchange after the New Year of 2026, indicating a significant milestone in its market entry strategy [1] Group 1: Company Growth and Market Position - By November 30, 2025, Mingming plans to have 21,041 stores, becoming the first company in the industry to exceed 20,000 stores, which has garnered market and capital recognition [1] - As of September 30, 2025, Mingming's GMV reached 66.1 billion yuan, a year-on-year increase of 74.5%, positioning it as the largest chain retailer in the leisure food and beverage sector in China [2] - The company has expanded its store network to cover all county-level cities in 28 provinces, with 59% of its stores located in county and town areas, entering 1,341 counties [2] Group 2: Financial Performance - For the first three quarters of 2025, Mingming reported a gross merchandise volume (GMV) of 66.1 billion yuan, with revenue of 46.372 billion yuan, reflecting a growth rate of 75.2% [2] - The adjusted net profit reached 1.81 billion yuan, showing a remarkable year-on-year increase of 240.8% [2] - The company's gross margin improved to approximately 9.73% in the first three quarters of 2025, up from 7.2% in the previous year, while the net profit margin increased to 3.4% from 1.8% [5] Group 3: Strategic Acquisitions and Brand Development - Mingming completed the acquisition of the "Zhao Yiming" snack brand in November 2023, contributing approximately 1.04 billion yuan to its total revenue, which is 10.2% of the annual total [4] - The integration of both brands has led to a consistent growth trend in revenue and gross profit, indicating effective management post-acquisition [5] - The company is focusing on expanding its own brand offerings, including "Red Label" (extreme low price) and "Gold Label" (quality and value), to enhance profit margins [5] Group 4: Future Outlook and Strategic Initiatives - The company aims to continue its rapid growth trajectory post-IPO by upgrading its store network, iterating products based on market demand, optimizing the supply chain, and enhancing digital management efficiency [6] - There is a focus on exploring potential investment and acquisition opportunities as part of its long-term growth strategy [6]

Core Viewpoint - The leisure food sector experienced a slight decline of 0.01% on January 14, with Wanchen Group leading the drop. The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index rose by 0.56% to 14248.6 [1]. Group 1: Market Performance - The leisure food sector's individual stock performance showed varied results, with Ziyan Food leading with a 5.71% increase, closing at 29.60, and Wanchen Group declining by 2.11% to 190.40 [1][2]. - The trading volume for Ziyan Food was 124,900 shares, with a transaction value of 361 million yuan, while Wanchen Group had a trading volume of 24,700 shares and a transaction value of 473 million yuan [1][2]. Group 2: Capital Flow - The leisure food sector saw a net outflow of 68.21 million yuan from main funds, while retail investors contributed a net inflow of 111 million yuan [2]. - Specific stocks like Ziyan Food had a main fund net inflow of 18.88 million yuan, while retail investors showed a net inflow of 13.51 million yuan [3].

Group 1 - The core point of the news is that Wancheng Group's stock has experienced a decline of 2.11% on January 14, with a cumulative drop of 8.99% over three consecutive days, leading to a market capitalization of 35.965 billion yuan [1] - Wancheng Group, established on December 21, 2011, and listed on April 19, 2021, is primarily engaged in the research, cultivation, and sales of fresh edible mushrooms, with 98.95% of its revenue coming from snack products and 1.05% from edible mushrooms [1] - The trading volume for Wancheng Group on January 14 was 473 million yuan, with a turnover rate of 1.47% [1] Group 2 - From the perspective of major fund holdings, Chuangjin Hexin Fund has a significant position in Wancheng Group, with its Chuangjin Hexin Consumer Theme Stock A (003190) holding 34,700 shares, representing 6.49% of the fund's net value, making it the largest holding [2] - The fund has incurred a floating loss of approximately 142,300 yuan today and a total floating loss of 652,700 yuan during the three-day decline [2] - Chuangjin Hexin Consumer Theme Stock A (003190) was established on August 22, 2016, with a current scale of 34.4847 million yuan, and has achieved a year-to-date return of 3.2% [2]

Core Insights - The article discusses the imminent IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. ("Mingming Hen Mang"), a leading player in the snack retail industry, which has successfully passed the critical listing hearing stage on January 6, 2024 [2][4] - Mingming Hen Mang and its competitor, Wancheng Group, have experienced significant growth and expansion in the snack retail sector, with a combined store count approaching 20,000 by September 30, 2025 [2][4] - The competitive landscape is shifting as both companies face challenges in maintaining growth and profitability amidst a saturated market characterized by low margins and high product homogeneity [4][5] Group 1: Company Overview and Growth - Mingming Hen Mang's GMV is projected to reach 55.5 billion yuan in 2024, with a remarkable 74.5% year-on-year increase to 66.1 billion yuan in the first nine months of 2025 [4] - The company has evolved from a small store opened in 2017 to a major player in the industry, benefiting from significant venture capital investments and a rapid expansion strategy [6][9] - The competitive landscape intensified in 2021 with substantial investments, leading to explosive growth in the snack retail sector, driven by a low-price model that significantly undercuts traditional supermarkets [9][10] Group 2: Competitive Dynamics - The rivalry between Mingming Hen Mang and Wancheng Group has escalated into a fierce price war, with both companies employing aggressive marketing strategies and subsidies to attract franchisees and consumers [16][20] - The intense competition has resulted in soaring marketing expenses for Mingming Hen Mang, which increased from 15.9 million yuan in 2022 to 1.476 billion yuan in 2024, outpacing revenue growth [22][24] - As of 2025, both companies are facing challenges in expanding their store counts, with Mingming Hen Mang's growth rate slowing significantly and an increasing number of store closures [24] Group 3: Future Strategies and Challenges - To sustain growth and improve profitability, both companies are exploring new avenues, including the development of private label products and expansion into the supermarket sector [25][30] - Mingming Hen Mang has launched two private label series, "Red Label" and "Gold Label," aiming to enhance profit margins and differentiate its offerings [26][30] - The transition to self-operated products and discount supermarkets represents a high-risk, high-investment strategy for both companies, as they seek to navigate a maturing market and find new growth drivers [30]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Views - The liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease. The industry is currently at a low valuation, and pessimistic expectations are fully priced in. The top liquor companies are stabilizing prices and increasing dividends, making them attractive for investment. Long-term focus should be on high-quality leading companies with strong performance certainty, such as Kweichow Moutai and Shanxi Fenjiu [2] - The consumer goods sector is focusing on high-growth areas, with some segments still benefiting from new products and channels. The market is likely to give valuation premiums to "scarce" growth targets, suggesting attention to companies like Wancheng Group and Dongpeng Beverage, which are showing good growth trends [2] Summary by Sections Industry Performance - The food and beverage industry increased by 2.12% in the week of January 5-9, underperforming the Shanghai Composite Index, which rose by 3.82%. Among 31 sub-industries, it ranked 26th. The sub-sectors with the highest to lowest performance were: pre-processed foods (+6.72%), soft drinks (+5.79%), snacks (+4.47%), beer (+3.16%), seasoning and fermented products (+2.49%), liquor (+2.46%), and others [3][10] - The top five performing stocks in the food and beverage sector were Ziyuan Foods (+33.97%), Qianwei Central Kitchen (+22.52%), Anji Foods (+18.34%), Yangyuan Beverage (+14.78%), and Haoxiangni (+14.75%). The bottom five were *ST Spring (-10.61%), Xianle Health (-4.29%), Yili Group (-3.22%), Ximai Foods (-2.31%), and Shuanghui Development (-2.15%) [3][8] Liquor Sector Insights - The launch of i Moutai has been successful, with significant consumer engagement. Since January 1, the product has sold out quickly, adding over 2.7 million new users and over 400,000 transaction users within nine days. The product has ranked first in the Apple App Store's shopping category for three consecutive days, indicating strong consumer reach [3] - The pricing strategy for Moutai has been adjusted, with the maximum purchase limit per person per day reduced from 12 bottles to 6, aiming to broaden consumer reach rather than short-term sales impact. As of January 9, the price for Moutai was 1540 yuan per bottle, reflecting a weekly increase of 30 yuan [3] - The liquor market is expected to maintain upward momentum during the Spring Festival season, driven by the consumer base expansion from i Moutai and replenishment demand following inventory reduction [3] Snack Sector Developments - The company "Mingming Hen Mang" has successfully passed the Hong Kong Stock Exchange hearing, showing improved profitability. As of September 2025, the company had 19,517 stores, with revenue increasing by 75.2% year-on-year to 46.37 billion yuan and adjusted net profit rising by 240.8% to 1.81 billion yuan. The gross margin improved by 2.5 percentage points to 9.7% [3]

Market Performance - The leisure food sector increased by 0.75% on January 12, with Three Squirrels leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Stock Performance - Three Squirrels (300783) closed at 25.69, up 7.94% with a trading volume of 384,100 shares and a transaction value of 966 million [1] - Other notable performers include: - Ganyuan Food (002991) at 63.18, up 5.49% [1] - Qingdao Food (001219) at 15.33, up 4.36% [1] - Yanjin Puzhou (002847) at 75.70, up 4.16% [1] - Ligao Food (300973) at 46.55, up 3.72% [1] Capital Flow Analysis - The leisure food sector experienced a net outflow of 55.13 million from institutional investors and 7.52 million from retail investors, while retail investors saw a net inflow of 62.66 million [2] - Three Squirrels had a net inflow of 68.83 million from institutional investors, but a net outflow of 51.26 million from retail investors [3] - Qingdao Food had a net inflow of 25.90 million from institutional investors, with a net outflow of 23.42 million from retail investors [3]

Group 1 - The snack retail industry in China is experiencing significant growth, with major players like "Mingming Very Busy" and "Wancheng Group" expanding rapidly through listings and store openings [1][4] - The initial success of many franchisees was driven by low rental costs and substantial sales, leading to a rapid increase in store numbers, particularly in smaller towns [6][7] - However, the market has become saturated, resulting in intense competition and price wars, which have significantly reduced profit margins for franchisees [6][7] Group 2 - Many franchise owners are now facing financial pressure, with operational costs rising and the time to break even extending from 1.5 years to 2-3 years [7][9] - Brands are shifting focus from merely opening new stores to enhancing operational details and product upgrades, including the development of private labels and diversification into other product categories [9][10] - The snack retail market, while appearing vibrant, is undergoing a transformation towards differentiation and refined operations, necessitating careful consideration from franchisees regarding their capacity to endure market challenges [12]

Group 1 - The agricultural planting sector is experiencing a downturn, with multiple companies facing significant declines [1] - Zhongxing Junye has hit the daily limit down, indicating severe market pressure [1] - Other companies such as Wancheng Group, Quanyin High-Tech, Hualv Biological, Honghui Fruits and Vegetables, Beidahuang, and Dunhuang Seed Industry are also seeing declines in their stock prices [1]