证券代码：300972 证券简称：万辰集团 公告编号：2026-023 福建万辰食品集团股份有限公司 关于公司 2024 年限制性股票激励计划首次授予部分第一个归属期 （第二批次）及预留授予部分（第一批次）第一个归属期（第一批次） 归属结果暨股份上市的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1、符合本次第二类限制性股票归属条件的激励对象：合计 52 人（首次授予 与预留授予激励对象存在部分重合），其中首次授予部分第一个归属期（第二批 次）激励对象 44 人，预留授予部分（第一批次）第一个归属期（第一批次）激 励对象 11 人 2、本次第二类限制性股票归属数量：115.4586 万股，占当前公司总股本的 0.6112%，其中首次授予部分第一个归属期（第二批次）第二类限制性股票拟归 属数量为 90.8577 万股，预留授予部分（第一批次）第一个归属期（第一批次） 第二类限制性股票拟归属数量为 24.6009 万股 3、本次归属的限制性股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股票 4、本次归属的限制性股票上市流通日 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-022 福建万辰食品集团股份有限公司 关于公司 2023 年第二期限制性股票激励计划首次授予部分第二个 归属期（第二批次）归属结果暨股份上市的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1、符合本次第二类限制性股票归属条件的激励对象共计 77 人 2、本次第二类限制性股票拟归属数量：98.3084 万股，占当前公司总股本的 0.5204% 3、归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股 票 4、本次归属的限制性股票上市流通日为 2026 年 2 月 11 日 根据福建万辰食品集团股份有限公司（以下简称"公司"或"万辰集团"） 于 2026 年 1 月 22 日召开的第四届董事会第四十五次会议，审议通过了《关于公 司 2023 年第二期限制性股票激励计划首次授予部分第二个归属期（第二批次） 归属条件成就的议案》。近日公司办理了 2023 年第二期限制性股票激励计划（以 下简称"《激励计划》"或"本激励计划"）首次授予部分的第二个归属期（第 二批次） ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-021 福建万辰食品集团股份有限公司 关于公司 2023 年限制性股票激励计划第二个归属期（第二批次） 归属结果暨股份上市的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1、符合本次第二类限制性股票归属条件的激励对象共计 24 人 2、本次第二类限制性股票拟归属数量：26.4293 万股，占当前公司总股本的 0.1399% 3、归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股 票 4、本次归属的限制性股票上市流通日为 2026 年 2 月 11 日 根据福建万辰食品集团股份有限公司（以下简称"公司"或"万辰集团"） 于 2026 年 1 月 22 日召开的第四届董事会第四十五次会议，审议通过了《关于公 司 2023 年限制性股票激励计划第二个归属期（第二批次）归属条件成就的议案》。 近日公司办理了 2023 年限制性股票激励计划（以下简称"《激励计划》"或"本 激励计划"）第二个归属期（第二批次）股份登记工作，现将有关事项说明如下： 一、本激励计划实施情 ...

福建万辰食品集团股份有限公司 2026 年第二次临时股东会决议公告 证券代码：300972 证券简称：万辰集团 公告编号：2026-024 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有出现否决议案的情形。 （1）现场会议时间：2026 年 2 月 9 日（星期一）14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为：2026 年 2 月 9 日（星期一）上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00。通过深圳证 券交易所互联网系统投票的具体时间为：2026 年 2 月 9 日（星期一）上午 9:15 至下 午 15:00 的任意时间。 2、会议召开地点：福建省漳浦台湾农民创业园公司会议室。 3、会议召开方式：本次股东会采取现场表决与网络投票相结合的方式。 2、本次股东会不涉及变更前次股东会决议。 3、本次股东会以现场表决与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 4、会议召集人：公司董事会。 5、会议主持人：李博。 6、本 ...

国浩律师（北京）事务所 关于 福建万辰食品集团股份有限公司 2026 年第二次临时股东会 之 关于福建万辰食品集团股份有限公司 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9 th Floor, Taikang Financial Tower, No. 38 North Road East Third Ring, Chaoyang District, Beijing, 100026, China 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二零二六年二月 国浩律师（北京）事务所 法律意见书 国浩律师（北京）事务所 2026 年第二次临时股东会之 法律意见书 国浩京证字【2026】第 0076 号 致：福建万辰食品集团股份有限公司 国浩律师（北京）事务所接受福建万辰食品集团股份有限公司（以下简称"公 司"或"万辰集团"）的委托，指派律师出席并见证了公司 2026 年 2 月 9 日召开的 2026 年第二次临时股东会（以下简称"本次股东会"），并依据《中 ...

Investment Rating - The industry is rated as "Outperform the Market" [4][19]. Core Insights - 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 direction of industry clearing is becoming clearer, and the bottom is increasingly defined. The control of volume and stable pricing is driving the recovery of wholesale prices, with recent acceleration in the price of mainstream products showing positive signals. Leading liquor companies are increasing dividend ratios, enhancing yield attractiveness. Long-term, it is recommended to focus on high-quality leading companies with strong performance certainty, particularly Guizhou Moutai, which has stable pricing and a solid competitive moat [3][4]. Summary by Sections Industry Performance - The food and beverage industry increased by 4.31% in the week of February 2-6, outperforming the Shanghai Composite Index, which decreased by 1.27%. Among 31 sub-industries, food and beverage ranked first [4][5]. - The sub-sectors within food and beverage, ranked by performance, are as follows: liquor (+5.29%), soft drinks (+4.71%), beer (+4.48%), seasoning and fermented products (+3.81%), dairy (+2.62%), snacks (+1.86%), pre-processed foods (+1.58%), meat products (+1.28%), baked goods (+0.61%), other alcoholic beverages (-0.44%), and health products (-1.36%) [4]. Guizhou Moutai Insights - Online sales data for i Moutai is impressive, with offline sales exceeding expectations, driving up wholesale prices. As of February 2, i Moutai reported over 15.31 million monthly active users, with 6.28 million new users and over 2.12 million orders, of which over 1.43 million were for mainstream products, accounting for about 67% [4]. - The establishment of direct sales channels for i Moutai has effectively shortened the distribution chain, reaching previously underserved C-end consumers, particularly in self-consumption and family consumption. This has systematically released suppressed C-end demand [4]. - The recent performance indicates that Moutai's market-oriented transformation strategy is receiving positive feedback from the market, with the direct sales channel and distribution system achieving initial collaborative success in customer segmentation and service functions [4].

Core Viewpoint - The successful IPO of "Snacks Are Busy" marks a significant milestone in the Chinese snack industry, reflecting the market's recognition of the bulk snack retail model and its rapid growth potential [1][4][12]. Group 1: Company Performance - "Snacks Are Busy" debuted on the Hong Kong Stock Exchange at a price of 445 HKD, a substantial increase of 88.88% from its issue price, resulting in a market capitalization exceeding 952.75 billion HKD (approximately 875 billion RMB) [1]. - The company achieved a GMV (Gross Merchandise Volume) of 661 billion RMB in the first three quarters of 2025, positioning it as the largest leisure food chain retailer in China [4][10]. - From 2022 to 2024, the number of stores increased from 1,902 to 14,394, with revenue rising from 4.286 billion RMB to 39.344 billion RMB, reflecting a compound annual growth rate of 203% [10]. Group 2: Market Trends - The rise of the bulk snack model is reshaping the competitive landscape of the snack industry, with bulk snack stores capturing 37% of the market share in 2024, surpassing traditional supermarkets (22%) and e-commerce platforms (20%) [8]. - Approximately 80% of snack sales in China still occur through offline channels, highlighting the importance of bulk snack stores in the retail landscape [8]. Group 3: Competitive Landscape - The competitive environment is intensifying, with "Snacks Are Busy" facing challenges from rivals like Wanchen Group, which has over 15,000 stores and reported a revenue of 36.562 billion RMB in the first three quarters of 2025 [12]. - Both companies are expanding their product categories to include non-snack items, indicating a shift towards broader retail strategies [12]. Group 4: Operational Strategy - "Snacks Are Busy" employs a unique franchise model where 99.5% of revenue comes from product sales, minimizing franchise fees and enhancing franchisee engagement [11]. - The company has established a logistics network with 36 warehouses, reducing inventory turnover days to 11.6 days and ensuring standardized operations across stores [11]. Group 5: Challenges Ahead - Despite rapid growth, the company faces challenges such as increasing competition and pressure on profit margins, with gross margins fluctuating between 7.5% and 9.7% and net margins at 3.4% [12][14]. - The expansion rate of stores has significantly slowed, dropping from 246.21% to 46.02% between 2023 and 2025, indicating potential difficulties in sustaining growth [14]. Group 6: Future Outlook - The overall market for food and beverage retail in China is projected to grow from 7.1 trillion RMB in 2024 to 8.7 trillion RMB by 2029, with a compound annual growth rate of only 4.3% [16]. - "Snacks Are Busy" aims to address sustainability in its low-margin model and manage the complexities of expanding into new product categories, which will be crucial for its long-term success [16].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is experiencing a strong upward trend, driven by multiple factors including policy support, trading dynamics, fundamental improvements, and external catalysts, indicating clear investment value [3][9] - The food and beverage index increased by 4.3% from February 2 to February 6, outperforming the CSI 300 by approximately 5.6 percentage points, with sub-sectors like liquor, soft drinks, and beer leading the performance [9][11] - The liquor industry is entering a new development cycle, with Guizhou Moutai's market-oriented reforms marking a significant phase, and the pricing system gradually returning to a supply-demand driven model [10] Summary by Sections Market Performance - The food and beverage index rose by 4.3%, ranking first among 28 sectors, with liquor (+5.3%), soft drinks (+4.7%), and beer (+4.5%) showing relative strength [11][12] - Individual stocks such as Huangtai Liquor, Hai Xin Food, and Ri Chen Co. saw significant gains, while *ST Yedao, *ST Chuntian, and Li Ziyuan experienced declines [11][14] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder at $3,614 per ton, down 13.3% year-on-year, and fresh milk prices at 3.04 yuan per kilogram, down 2.9% year-on-year [15][31] - The price of pork is down 20.1% year-on-year, with live pig prices at 12.2 yuan per kilogram, reflecting a broader trend of price adjustments in the sector [21][24] Liquor Industry News - Some distributors of Moutai have sold out their first batch of flying Moutai quotas for March, indicating strong demand during the Spring Festival [36] - The Qingdao Beer production base has commenced operations, aiming to produce high-end products and achieve an annual output value of approximately 1 billion yuan [36] Investment Recommendations - Focus on leading liquor stocks such as Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, as well as elastic stocks like Shede Liquor and benefiting stocks like Jiu Gui Liquor [10] - In the consumer goods sector, three main lines are suggested: the snack sector, dairy products, and the restaurant supply chain, with specific companies highlighted for potential growth [10][43]

Group 1 - The core event is the planned IPO of the snack brand "Ming Ming Hen Mang" on January 28, 2026, which will become the first stock of its kind in the Hong Kong market, with a global offering of 14.1 million shares and expected net fundraising of over HKD 3 billion, leading to a market capitalization of approximately HKD 50 billion [1][8] - The market response has been enthusiastic, with a subscription rate exceeding 1500 times during the offering phase, and major cornerstone investors including Tencent, Temasek, and BlackRock collectively subscribing for HKD 1.5 billion [1][8] - This IPO marks a significant milestone in the snack retail industry, indicating a shift from rapid expansion to a focus on quality improvement and operational efficiency [1][4] Group 2 - The snack retail industry has experienced rapid growth, with the number of traditional snack retail stores increasing from about 8,000 in 2022 to over 45,000 by mid-2025, indicating a potential long-term opening space of approximately 74,000 stores nationwide, with about 20,000 additional stores possible [2][9] - As the market matures, companies are transitioning from merely increasing store numbers to enhancing operational efficiency and profitability, entering a phase of "high-quality growth" [2][4] - Leading companies like "Ming Ming Hen Mang" have improved their adjusted net profit margins from 2.3% in 2023 to 3.9% in the first three quarters of 2025, driven by reduced subsidies to franchisees and ongoing optimization of product categories [2][12] Group 3 - Developing proprietary products is becoming a key strategy for companies to enhance gross margins and brand differentiation, with over 30% of SKUs at "Ming Ming Hen Mang" being custom products developed in collaboration with suppliers [3][23] - Both "Ming Ming Hen Mang" and Wanchen Group have launched their own brand product lines, although the current sales proportion of these brands remains in the single digits, indicating significant room for growth compared to leading retailers in domestic and international markets [3][23] - Post-IPO, companies plan to allocate part of the raised funds towards product development and supply chain enhancement to further build their proprietary product systems [3][25] Group 4 - The structural changes in the industry are positively impacting upstream supply chain companies, as snack retail stores expand their offerings to include dairy, baked goods, and frozen foods, creating new growth opportunities for related suppliers [3][27] - The shift towards proprietary product development among downstream companies is leading to a more collaborative relationship with suppliers, moving from traditional trade procurement to joint product development and customization [3][27] - Manufacturers with strong R&D capabilities and the ability to respond flexibly to channel customization demands are expected to gain more orders and market share as the industry evolves [3][27]

Group 1 - A total of 1,714 companies in the Shenzhen market have pre-disclosed their 2025 operating performance, representing 59.39% of the total companies, with nearly 60% showing improved performance [1] - Among the pre-disclosed companies, 987 are expected to see performance improvement, accounting for 57.58%, with 430 companies achieving continuous profitability and year-on-year growth [1] - The top 100 companies by market capitalization in Shenzhen are expected to achieve a combined net profit of 2,056.27 billion yuan, a year-on-year increase of 66.51% [1] Group 2 - Of the 629 newly listed companies under the registration system in Shenzhen, 307 have pre-disclosed their 2025 operating performance, with a total expected net profit of 196.04 billion yuan, a year-on-year increase of 77.11% [2] - 183 of these companies are expected to be profitable, with a pre-profit ratio of 59.61%, which is 7 percentage points higher than the overall Shenzhen market [2] - More than 60% of companies in the real economy, excluding finance and real estate, are expected to report positive net profits, with 18 out of 28 industries showing profitability [2] Group 3 - In the context of industrial transformation and upgrading, companies in the machinery and basic chemical sectors are expected to achieve net profits of 84.85 billion yuan and 123.51 billion yuan, respectively, with year-on-year growth of 200.07% and 284.56% [3] - The computer, communication, and electronics sectors are projected to achieve a combined net profit of 760.33 billion yuan, reflecting a year-on-year increase of 155.32% [3] - The consumer electronics sector is expected to report a net profit of 193.85 billion yuan, a year-on-year increase of 36.11% [3]