证券研究报告 | 首次覆盖报告 gszqdatemark 2025 11 24 年 月 日 万辰集团（300972.SZ） 复盘来时路，展望启新章 复盘发展历程：食用菌龙头，转型走出量贩高成长之路。万辰自 2011 年 成立后深耕食用菌领域，2020 年即成为农业产业化国家重点龙头企业， 2024 年食用菌实现 5.4 亿元营收。2022 年切入量贩零食赛道，前期以收 购模式快速形成门店布局网络，同步进行物流仓储等基础体系建设，2023 年后集中资源自行扩店，至 2025 年 6 月末达成 15365 家门店，并不断探 索多品类新店型，2025 年前三季度量贩营收 361.6 亿元，同比+78.8%， 占比提升至 98.9%，同时规模效应牵引 25Q3 量贩单季度净利率提升至 5.3%，同比大幅提升 2.6pct。 复盘股权结构：子公司结构落成，扩店与激励共同推进。万辰实控人王泽 宁先生持股 34.4%，主导量贩零食业务的收购及拓展，万辰的并购之路沿 着" 设立控股子公司-向子公司提供财务支持-推动股权激励-收回少数股东 权益"的路径演进。2022-2023 年公司陆续收购零食工坊、陆小馋，与好 想来、来优品 ...

Core Insights - The offline retail industry is facing significant challenges, with many companies reporting declining revenues and profits, indicating a collective downturn in the sector [1][3] - Only 2 out of 24 listed retail companies achieved both revenue and profit growth in the first three quarters of 2025, highlighting the industry's struggles [3][10] Financial Performance Summary - Among the 24 listed retail companies, 18 experienced a year-on-year decline in revenue, and 19 saw a decrease in profits [3] - Notable companies with revenue and profit growth include: - 万辰集团: Revenue increased by 77.37% and net profit surged by 917.04% [10][11] - 东百集团: Revenue grew by 2.34% and net profit increased by 3.04% [10][13] Industry Trends - The shift towards online retail and new business models is evident, with the instant retail market projected to reach 1.4 trillion yuan by 2025, growing at a compound annual growth rate of 25% [6] - Instant retail sales during the 2025 "Double 11" shopping festival reached 67 billion yuan, a 138.4% increase year-on-year, outpacing traditional e-commerce growth [8] Business Model Innovations - New retail formats, such as membership stores and integrated online-offline experiences, are gaining traction, with companies like 山姆会员店 and 盒马 leading the way [9] - 万辰集团's success is attributed to its focus on the bulk snack market, which aligns with consumer demand for high value and convenience [11][12] Transformation Strategies - Retailers are exploring various transformation strategies, including: - Systematic adjustments to enhance user engagement and operational efficiency, exemplified by the "胖东来" model adopted by several companies [22] - Innovative shopping experiences that blend social, cultural, and entertainment elements to attract consumers [23] - Despite the challenges, successful transformation efforts in select stores indicate a potential path forward for the industry [24]

Core Viewpoint - The article discusses the recent developments surrounding Wancheng Group's application for an IPO on the Hong Kong Stock Exchange, highlighting its transition from a fresh mushroom business to a snack retailing company, and the challenges it faces in maintaining growth and profitability amidst market saturation and governance concerns [1][2][4]. Company Overview - Wancheng Group, formerly known as Wancheng Biological, specializes in the research, cultivation, and sale of edible mushrooms, with a significant shift to the snack retail sector since 2022 [1][2]. - The company has expanded its snack brand "Haoxianglai" through acquisitions, increasing its store count to over 3,800 and achieving a market share of 1 [2]. Financial Performance - In 2022, Wancheng Group's revenue surged from 549 million yuan to 32.328 billion yuan by 2024, with a net profit increase from 67.85 million yuan to 611 million yuan, reflecting compound annual growth rates of 289.0% and 108.0% respectively [2]. - The company reported a 77.4% year-on-year revenue growth for the first nine months of 2025, with net profit increasing by 361.5% compared to the same period in 2024 [4]. Market Dynamics - The snack retail market has seen significant investment, with over 3 billion yuan raised in equity financing from 2022 to 2024, indicating a growing interest in the "bulk snack" concept [1]. - However, the rapid expansion of snack retailing has led to market saturation, with Wancheng Group's average customer transaction value dropping by 33.3% from 53.33 yuan to 35.56 yuan between 2022 and 2024 [8]. Operational Challenges - Despite initial growth, Wancheng Group's revenue growth has slowed significantly, with quarterly growth rates declining from 534.0% in Q1 2024 to 44.2% in Q3 2025 [5]. - The company's gross margin has decreased from 20%-30% to 10%-15% since entering the snack business, with a net margin remaining in single digits [6]. Governance Issues - Wancheng Group is characterized as a family-run business, raising concerns about governance and management practices, especially following the resignation of its chairman amid legal investigations [13][15]. - The company's recent acquisition strategy has drawn scrutiny, particularly regarding the high valuations paid for subsidiaries and the potential conflicts of interest involved in these transactions [16][17].

Core Viewpoint - The leisure snack industry is undergoing significant changes, putting the company, Liangpinpuzi, in a difficult position as it faces declining revenues and profits due to increased competition from low-cost snack models [1][2][4]. Financial Performance - In the first three quarters of 2025, Liangpinpuzi reported revenue of approximately 4.1 billion yuan, a year-on-year decline of about 24%, and a net profit loss of 122 million yuan, marking a significant downturn [4][5]. - The company's revenue and net profit have been consistently declining since 2023, with revenues of 5.999 billion yuan and 5.480 billion yuan in the first three quarters of 2023 and 2024, respectively, reflecting declines of 14.33% and 8.66% [4][5]. - The net profit for 2024 was -46 million yuan, indicating the first annual loss for the company [5][6]. Market Dynamics - The rise of low-cost snack models has created intense competition, significantly impacting traditional high-end snack brands like Liangpinpuzi [2][9]. - The leisure snack market in China is over one trillion yuan, characterized by fragmentation and intense price competition [9]. Strategic Adjustments - Liangpinpuzi has attempted to adapt by reducing prices and entering the low-cost snack market, but these efforts have yielded limited results [3][10]. - The company has optimized its offline store strategy, leading to a reduction in store numbers and a corresponding decrease in sales [6][10]. Future Outlook - The company faces a critical juncture, needing to decide whether to continue its high-end strategy or pivot to compete in the low-cost segment, which could undermine its established brand positioning [11][12].

Core Insights - Wancheng Group, a leading and fastest-growing snack and beverage retail company in China, has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking a new chapter in its capital market journey [1][6] - The company's flagship brand "Haoxianglai" has achieved remarkable performance, becoming the top snack and beverage retail brand in China by gross merchandise volume (GMV) in 2024, and the first in the country to exceed 10,000 stores [3] Company Performance - As of June 30, 2025, Wancheng Group operates over 15,000 stores across 29 provinces in China, establishing a comprehensive store network with deep penetration in key markets such as the Yangtze River Delta and densely populated regions [3] - The company has a robust membership system with over 150 million registered members, including more than 110 million active members, which supports data-driven decision-making for product introductions and category optimization [3] Financial Growth - Wancheng Group's total revenue surged from 9.3 billion RMB in 2023 to 32.33 billion RMB in 2024, representing a year-on-year increase of 247.9%, with a GMV of 42.6 billion RMB in 2024, up 282% from 2023 [4] - By June 30, 2025, the company's revenue reached 22.58 billion RMB, a year-on-year growth of 106.9%, with an adjusted net profit of 920 million RMB [4] Future Plans - The funds raised from the IPO will be used for expanding and upgrading the store network, enriching the product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [6] - Wancheng Group aims to leverage its experience to empower the industry and inject new vitality into the standardized and scaled development of the snack retail sector [6]

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].

Group 1 - The core viewpoint of the article is that Wanchen Group, the parent company of the snack brand "Haoxianglai," has officially submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first listed company in the mass snack sector in Hong Kong [2] - "Haoxianglai" is projected to rank first in China's snack and beverage retail brands by GMV in 2024 and is the first mass snack and beverage retail brand in the country to exceed 10,000 stores [2] Group 2 - The driving force behind this retail empire is Wang Zenning, a typical representative of the "second-generation entrepreneurs," who is in his 90s [3]

Core Insights - The snack retail industry is witnessing a competitive race for the title of the first snack stock, with two major brands, Wancheng Group and Mingming Hen Mang, filing for IPOs within a short span of time [1] - Both companies have shown significant revenue growth, with Wancheng Group projecting revenues of 5.49 billion, 9.29 billion, and 32.33 billion CNY from 2022 to 2024, while Mingming Hen Mang expects revenues of 4.29 billion, 10.30 billion, and 39.34 billion CNY in the same period [1] - The rapid expansion of these brands is marked by a high number of franchise stores, with Wancheng Group aiming for 15,365 stores and Mingming Hen Mang claiming over 20,000 stores by mid-2025 [1] Expansion Strategies - Wancheng Group and Mingming Hen Mang have adopted aggressive expansion strategies, with Wancheng adding nearly 10,000 stores in just one year, averaging 26 new stores per day [3][4] - The companies rely heavily on franchise models, with Wancheng stating that 99.4% of its stores are franchises, indicating a high dependency on franchisee performance for revenue [4] Financial Performance - Both companies exhibit low profit margins compared to other sectors, with Mingming Hen Mang's gross margins ranging from 7.45% to 7.62% from 2022 to 2024, while Wancheng's gross margin is projected to be around 10.9% in 2024 [5] - The average payback period for franchisees has extended to about 29 months, indicating increasing challenges in achieving profitability [7] Market Challenges - The snack retail market is becoming saturated, leading to increased competition and a decline in profitability for franchisees, with many reporting losses and closures [9][10] - Franchisees are facing difficulties in maintaining sales, with many unable to achieve the necessary monthly revenue to break even, leading to a rise in store closures [8][9] Industry Trends - The industry is experiencing a shift as brands explore new growth avenues, such as diversifying product offerings to include trendy items like blind boxes and collectibles [11] - There are indications that brands like Wancheng Group are considering transforming into comprehensive supermarket formats to adapt to changing market dynamics [11][12]

Core Viewpoint - The company, Laiyifen, is initiating a financial assistance program for its franchisees amid market challenges and declining performance, while its controlling shareholder is reducing their stake, raising concerns about the company's future prospects [2][4][6]. Financial Assistance Program - Laiyifen announced a financial support plan of up to 50 million yuan for franchisees and joint operators, aimed at alleviating liquidity pressures, especially for new and expanding stores [2][3]. - The financial assistance will be capped at 1 million yuan per store and 500,000 yuan for the same franchisee or joint operator and their affiliates, with interest rates not lower than the one-year market loan rate [3]. - This initiative is seen as a way to lower the entry barriers for franchisees and provide them with startup capital, although it may increase financial pressure on the company if franchisees struggle to repay [3][4]. Performance Challenges - Laiyifen has faced significant financial difficulties, reporting a net loss of 50 million yuan in the first half of 2025, attributed to declining gross margins and a reduction in store numbers [4][5]. - The company has seen a decrease in both direct and franchise stores, with 1,395 direct stores and 1,584 franchise stores as of June 30, 2025, down by 90 and 16 stores respectively from the end of 2024 [5]. Market Competition - The rise of bulk snack retailers and aggressive pricing strategies from competitors like JD, Meituan, and Hema have intensified market pressure on Laiyifen, which is struggling to compete on price [5][6]. - The company is attempting to adapt by developing a multi-format store strategy, including community stores, mall stores, and warehouse membership stores to better meet diverse consumer needs [6]. Shareholder Actions - The controlling shareholder, Shanghai Aiwu Enterprise Management Co., announced a plan to reduce its stake by up to 3% of the total shares, with a total reduction amounting to 82.43 million yuan between September 24 and September 30, 2025 [6]. - This reduction has raised concerns among investors, as it may signal a lack of confidence in the company's future performance during a period of financial loss [6].

Core Viewpoint - The article discusses the rapid growth and challenges faced by Wancheng Biological, particularly its "Haoxianglai" brand, which has expanded to over 15,000 stores but is burdened by high debt and operational risks due to increased competition and extended payback periods for franchisees [2][3][4][5]. Financial Performance - Wancheng Biological's revenue surged from 5.49 billion yuan in 2022 to 323.29 billion yuan by mid-2025, with a significant increase in the share of snack and beverage retail business from 12.1% in 2022 to 98.9% in 2025 [6]. - The adjusted net profit showed a dramatic increase, reaching approximately 9.22 billion yuan in the first half of 2025, reflecting a growth rate of 287.39% year-on-year [8]. - Despite high revenue growth, the net profit margin has declined significantly, with a net profit margin of only 3.85% in the first half of 2025, compared to historical levels of around 10% to 20% from 2018 to 2021 [8]. Expansion Strategy - The company has aggressively expanded its franchise network, growing from 160 franchise stores in 2022 to 15,300 by mid-2025, with over 99% of its stores being franchises [6][7]. - Wancheng Biological's debt has increased dramatically, with current liabilities rising from approximately 3.32 billion yuan at the end of 2022 to 51.28 billion yuan by the end of 2024 [10]. Market Position - "Haoxianglai" has become the leading brand in the snack retail sector, holding a market share of 0.91%, while the top five brands collectively hold only about 3.85% of the market [20]. - The competitive landscape is characterized by a duopoly between Wancheng Biological and Mingming Group, with both companies vying for market share in a fragmented industry [21]. Operational Challenges - Franchisees are facing increased operational challenges, with the payback period for opening a "Haoxianglai" store extending from about one year to three years due to rising costs and market saturation [9][15]. - The company has reported significant increases in inventory levels, which could pose risks to its operations if not managed effectively [16]. Leadership and Governance - The founder of Wancheng Biological, Wang Jiankun, is under investigation, leading to concerns about governance and stability within the company [17][18]. - Wang Zening, the founder's son, has taken on a more prominent role in the company, which may influence its strategic direction moving forward [18][19].