Core Viewpoint - Wancheng Group (万辰集团) has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors. The company is recognized as a leading and fastest-growing retail enterprise in China's snack and beverage sector, with significant growth projections for the coming years [1][4]. Company Overview - Wancheng Group is identified as one of China's leading and fastest-growing retail enterprises in the snack and beverage sector, with a projected GMV growth of 282% from 2023 to 2024 [4]. - The company's brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024 and has surpassed 10,000 stores nationwide, making it the first retail brand in this category to achieve such a milestone [4]. - By June 30, 2025, Wancheng Group's store network is anticipated to exceed 15,000 locations, covering 29 provinces, municipalities, and autonomous regions in China, establishing a strong presence in economically developed areas and populous provinces [4]. Supply Chain and Pricing Strategy - Approximately 95% of Wancheng Group's products are sourced directly from brand manufacturers, utilizing a distribution network of 51 ambient warehouses and 13 cold chain warehouses [4]. - This sourcing model allows the company to offer prices that are 20-30% lower than similar products in large supermarkets and convenience stores, while maintaining healthy profit margins for both the company and its franchise partners [4]. Market Potential - The Chinese hard discount retail market is projected to reach a market size of RMB 1,013.8 billion by 2029, with a compound annual growth rate (CAGR) of 33.8% from 2024 to 2029 [6]. - Wancheng Group's product portfolio includes twelve core categories, with over 4,000 SKUs selected from a vast array, and each store typically stocks about 1,800-2,000 SKUs [6]. Financial Performance - The company reported revenues of approximately RMB 549.3 million, RMB 9.29 billion, RMB 32.33 billion, and RMB 22.58 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6][7]. - Profit figures for the same periods were approximately RMB 67.85 million, -RMB 176.21 million, RMB 610.91 million, and RMB 860.50 million [6][7].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 FUJIAN WANCHEN BIOTECHNOLOGY GROUP CO., LTD. 福建萬辰生物科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例與香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅 依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (a) 本文件僅為 ...

Core Insights - Shanghai is experiencing a significant shift in its retail landscape driven by hard discount strategies, with companies like Hema and Aldi leading the charge [1][4] - The hard discount model is characterized by low prices and high efficiency, but it faces challenges such as low profit margins and operational complexities [2][4] Group 1: Company Strategies - Hema's "Super Box" community supermarket is rapidly expanding, opening 17 new stores in the Yangtze River Delta, focusing on affordability and reliability [1] - Aldi has reduced prices on essential goods by nearly 30%, emphasizing a no-membership, no-bundling approach to attract consumers [1] - Hema's strategy includes a streamlined SKU count of 1,500 and store sizes of 600 to 800 square meters, aiming for high turnover and repeat purchases [1][2] Group 2: Market Dynamics - The low-price trend is supported by Shanghai's mature supply chain network, enabling precise cost management for fresh produce [2][4] - The average gross margin in the industry hovers between 10-15%, posing a challenge to profitability for hard discount retailers [2] - The integration of instant retail is enhancing the hard discount model, transforming stores into fulfillment centers for rapid delivery within a 3-kilometer radius [2][4] Group 3: Consumer Behavior - Consumers are increasingly valuing "cheap but not bad" products, challenging the notion that low prices equate to poor quality [6][8] - The success of hard discount models relies on a robust ecosystem, including supplier cooperation and efficient logistics [6][8] Group 4: Operational Challenges - High rental and labor costs in Shanghai necessitate extreme operational efficiency, which can lead to cost pressures being passed on to consumers [4] - Issues such as inconsistent restocking and checkout congestion during peak times reveal vulnerabilities in the hard discount model [4][8] - The reliance on private labels and centralized purchasing for cost advantages may expose companies to risks if supply chain disruptions occur [4][8]

Core Viewpoint - JD's discount supermarket model is gaining significant traction, as evidenced by the overwhelming customer turnout and record sales during the opening of four new stores in Suqian, Jiangsu, indicating a strong market demand for this retail format [1][3][29] Group 1: Store Performance and Customer Engagement - On the opening day in Suqian, over 300,000 customers visited the four new stores, attracting four times the usual foot traffic for the shopping center [1] - Despite continuous rain, customers queued outside the store, showcasing a unique scene of "thousands waiting in the rain" to enter [3] - The stores operated under a "natural closing" policy, serving customers until the last one was attended to, with the store closing at 12:30 AM the following day [3] Group 2: Product Offering and Consumer Appeal - JD's discount supermarkets emphasize high-quality, low-priced products, with a focus on a wide variety of goods, including fresh produce and meats, which are sourced directly from producers [12][21] - The stores feature a larger footprint and a broader range of SKUs compared to traditional discount stores, enhancing the shopping experience [16][29] - Popular items included fresh chicken eggs priced at 9.9 yuan for 30 pieces, which sold out quickly, indicating strong consumer interest [13] Group 3: Competitive Landscape and Market Trends - The discount supermarket sector is expected to see rapid growth, with projections indicating that the market size will exceed 200 billion yuan by 2024, while current penetration is only 8% in China [29] - JD's discount supermarket model is part of a broader trend, with competitors like Meituan and traditional supermarkets also entering the discount space, indicating a competitive environment [28][29] - The success of JD's stores in Suqian and Zhuozhou suggests that this model may become the norm for future openings, driven by consumer demand for quality and value [29]

Core Viewpoint - Hema's discount retail brand Hema NB has been upgraded to "Super Hema NB," indicating a strategic shift to accelerate independent development in a competitive discount retail market [2][4]. Group 1: Brand Upgrade and Market Position - The brand upgrade reflects Hema's confidence in establishing a mature and independent operational system after successfully navigating the incubation phase [4]. - Super Hema NB has nearly 300 stores, indicating a significant market presence in various cities across Jiangsu, Zhejiang, and Shanghai [4]. - The upgrade signifies a new development stage for discount retail, intensifying market competition [4]. Group 2: Market Context and Growth - The discount retail market in China is rapidly growing, with a market size of approximately 1.79 trillion yuan in 2023, accounting for 3.8% of total social retail sales [6]. - The rise in consumer focus on "value for money" is driving the growth of the discount retail sector [6]. - Super Hema NB combines "hard discount" with "community commerce," targeting practical family needs with a streamlined selection of around 1,500 products [6][11]. Group 3: Competitive Advantages - Super Hema NB leverages Hema's extensive online and offline experience, including an intelligent site selection system for rapid store openings [8]. - The brand has established an independent and efficient supply chain, ensuring product uniqueness and cost advantages [8]. - With nearly 60% of sales from private label products, Super Hema NB maintains high customer loyalty through quick product development and iteration [8]. Group 4: Future Industry Trends - The brand upgrade marks the beginning of a "refined cultivation phase" in the discount retail sector, shifting competition from price alone to building robust supply chain barriers [8]. - The focus will be on efficiently serving consumers and rapidly replicating successful store models for scalable growth [8]. - Ultimately, the core of competition in the discount retail sector will center on creating genuine value for consumers [8].

Financial Performance - Meituan reported Q2 2025 revenue of 91.8 billion yuan, a year-on-year increase of 11.7% [1] - Net profit for the quarter was 365.3 million yuan, down from 11.4 billion yuan in the same period last year; adjusted net profit was 1.5 billion yuan, compared to 1.36 billion yuan in Q2 2024 [1] Industry Competition - The company opposes industry "involution" and is committed to defending its market position amid ongoing competition and price wars [2][3] - Meituan has historically grown through competition and innovation, focusing on essential factors such as product selection, pricing, and delivery efficiency [3] Strategic Goals - Meituan aims to achieve a daily order volume of 100 million by 2025, with a target profit of 1 yuan per order; in the recent quarter, daily orders reached 150 million [4] - The company believes that maintaining focus on core operations will help expand market share and enhance economic efficiency in the long term [5] Competitive Advantages - Meituan's competitive advantages include a strong focus on providing value to consumers, a robust delivery network, and a commitment to operational efficiency [6][7] - The company has accumulated a large user base and high user engagement through diverse services and a strong ecosystem [6] Market Potential - The takeaway market is seen as an integral part of daily life, with significant long-term growth potential; Meituan's long-term goal of 100 million daily orders is now viewed as achievable [7] - The company emphasizes the importance of high-quality orders over sheer volume, especially in a competitive environment [7] Financial Outlook - Meituan expects some losses in Q3 due to strategic investments aimed at maintaining competitive pricing and service capabilities [8] - The company remains confident in its long-term economic efficiency and profitability despite short-term fluctuations [8] Instant Retail Business - Meituan's instant retail business, including "Meituan Flash Purchase," is expanding rapidly, with a focus on product variety, delivery speed, and competitive pricing [9][10] - The company has established over 1 million retail partnerships and is enhancing its supply chain to meet consumer demands [10] Membership Program - The Meituan membership program has seen significant growth, with 10 million net upgrades in Q2, enhancing order volume and transaction value [17] - The program aims to provide comprehensive benefits across various service categories, increasing customer engagement [17] New Business Initiatives - Meituan is shifting focus from the "Meituan Preferred" business to accelerate the expansion of "Little Elephant Supermarket," which is expected to grow faster than the overall market [19][20] - The company is exploring a new hard discount retail model to cater to consumer preferences, particularly in lower-tier cities [21] International Expansion - Meituan's international business, Keeta, has made significant progress in markets like Saudi Arabia and Qatar, with plans to enter Brazil [22][23] - The company is cautious about the pace of international expansion, focusing on thorough market research and resource allocation [24][25]

Core Viewpoint - JD.com is making a significant move into the discount supermarket sector with the opening of its first store in Zhuozhou, Hebei, on August 16, marking a strategic expansion into offline large-scale discount retail [5][6]. Group 1: Store Features and Offerings - The Zhuozhou store spans 5000 m² and offers over 5000 high-quality daily necessities, significantly larger than typical discount supermarkets [7][9]. - The store features a wide range of categories including daily goods, fresh food, fast-moving consumer goods, and beverages, with product variety and store size being 3-4 times larger than industry norms [9]. - Freshness and safety are emphasized in the meat and seafood sections, with strict quality control measures in place to ensure customer confidence [23]. - A self-service area is provided for customer convenience, offering items like disposable gloves and microwave services, enhancing the overall shopping experience [28]. Group 2: Strategic Positioning and Consumer Trends - JD.com positions its discount supermarket with a focus on "good products at low prices," responding to a shift in consumer behavior towards value and quality over brand prestige [29][32]. - The store promotes a rational consumption philosophy, encouraging consumers to prioritize essential needs and avoid impulsive purchases [32]. - Competitive pricing is highlighted with examples such as 9.9 yuan for 30 fresh eggs and 19.99 yuan for 10 kg of rice, aligning with consumer demands for both affordability and quality [34]. Group 3: Expansion Plans and Market Context - Following the Zhuozhou opening, JD.com plans to accelerate its expansion with four new stores set to open in Suqian, Jiangsu, on August 30, and a second store in Hebei in September [28]. - The discount retail sector is projected to reach a market size of 2.28 trillion yuan by 2025, indicating a growing trend towards value-oriented shopping [50]. - Competitors in the discount retail space are rapidly increasing, with traditional supermarkets and new retail players like Dingdong Maicai and Hema also entering the market [50][54]. Group 4: Industry Dynamics and Future Outlook - The discount retail sector is experiencing explosive growth, with various players, including both domestic and international brands, actively expanding their presence [50][54]. - The rise of discount retail aligns with a broader consumer trend towards quality and value, as consumers seek to balance cost with product quality [56]. - Industry experts suggest that the trend towards discounting reflects a societal shift, with businesses encouraged to focus on core competencies to thrive in this evolving landscape [56].

Group 1 - JD opened its first discount supermarket in Zhuozhou, Hebei, on August 16, attracting nearly 60,000 customers on its first day, with the local population being approximately 630,000 [2] - The discount supermarket features low prices on various products, such as 30 eggs for 9.9 yuan and 1.999 yuan per jin for Northeast rice [2] - JD plans to expand its discount supermarket model to other regions, including Tianjin, Anhui, and Henan, following the opening of five stores in August [4][5] Group 2 - Meituan is also entering the hard discount supermarket sector with its "Happy Monkey" brand, set to open on August 29 in Hangzhou, with plans for a nationwide rollout of 1,000 stores in the coming years [4][5] - The hard discount retail market in China is expected to reach 2.3 trillion yuan by 2025, indicating significant growth potential [10] - Both JD and Meituan are leveraging their supply chain capabilities to compete in the hard discount space, with JD's integrated supply chain being a key advantage [12][15] Group 3 - JD's discount supermarket model is based on large-scale procurement and supply chain optimization to maintain sustainable low prices, differentiating it from "soft discount" models [5] - The competition between JD and Meituan is intensifying, with both companies focusing on price-sensitive consumers in first-tier and lower-tier markets [5][11] - JD's acquisition of Huaguan Supermarket in 2021 has provided it with operational capabilities in Beijing and Hebei, facilitating its entry into the hard discount market [14]

Core Viewpoint - Jingxiaobox, a leading hard discount retail brand in Xi'an, focuses on product strength, extreme cost-effectiveness, community engagement, and operational optimization to establish its market presence, providing a reference for regional retail brands [2][4]. Group 1: Company Overview - Jingxiaobox has over 130 stores in Xi'an, with store sizes typically ranging from 600 to 800 square meters and an overall SKU count of approximately 1,000 to 1,200, covering essential household categories such as grains, fresh produce, beverages, and snacks [2][4]. - The brand originated from "Adir Life Supermarket," which opened its first store in 2015, adopting a simplified product display method and pricing around 70% of other supermarkets, inspired by Germany's ALDI [2][4]. Group 2: Operational Strategy - Jingxiaobox implements a cost-control strategy similar to ALDI's "penny-pinching supermarket" model, focusing on minimizing operational costs through simplified store layouts and direct product displays [6][10]. - The stores primarily cater to daily household needs, with a focus on essential products, and some locations offer basic fresh produce in a simplified display format [6][8]. Group 3: Pricing and Product Strategy - The pricing strategy emphasizes extreme cost-effectiveness, with competitive prices on fresh produce and other essential items, such as pumpkin at 1.99 yuan per jin and bottled water at 3.8 yuan for 500ml [11][13]. - Jingxiaobox aims to enhance its self-owned product capabilities, with a focus on product differentiation and competitive pricing, similar to ALDI's approach [15][20]. Group 4: Market Positioning and Challenges - The brand's strategy is to maximize customer satisfaction by ensuring that every customer leaves with a purchase, focusing on essential household needs [23][24]. - Despite its strengths, Jingxiaobox faces challenges in standardizing operational details across stores, which may affect brand perception [24][25]. - The company needs to enhance its brand building and online presence to support its growth in the competitive hard discount market [25][26].

Core Insights - Meituan's first "Happy Monkey" supermarket is set to open in Hangzhou by the end of August, with plans to establish 10 stores by 2025 and a long-term goal of 1,000 stores in major cities like Hangzhou, Shanghai, Beijing, and Guangzhou [1][3] - The supermarket will focus on "hard discount retail," positioning itself against competitors like Hema NB, with initial store sizes ranging from 800 to 1,000 square meters [1][3] - This marks Meituan's renewed attempt in offline retail after the failure of its previous venture, Xiaoxiang Fresh, which closed all stores in 2020 due to poor site selection and cost control [1][3] Business Strategy - The leadership of Happy Monkey includes experienced personnel from Meituan's previous retail initiatives, ensuring a strong operational foundation [4] - The hard discount model emphasizes high self-owned brand sales, potentially exceeding 50%, which enhances market pricing power and profit margins [5][6] - Happy Monkey aims to leverage Meituan's supply chain advantages, focusing on direct sourcing from farms to offer competitive pricing on fresh produce [10][11] Market Positioning - Happy Monkey differentiates itself by offering a streamlined selection of around 1,200 SKUs, focusing on high-frequency essential items, which allows for cost reduction through centralized purchasing [10][13] - The supermarket targets the lower-tier markets in first and second-tier cities, avoiding high-end shopping districts, thus creating a competitive edge against Hema and Aldi [13][16] - The pricing strategy aims to provide 15%-30% lower prices on fresh products compared to other retail brands, appealing to price-sensitive consumers [10][13] Competitive Landscape - Happy Monkey's entry poses a threat to established players like Hema and Aldi, prompting them to adjust their promotional strategies in response [13][16] - Meituan's extensive delivery network of 8 million riders positions Happy Monkey to offer rapid delivery services, enhancing its competitive advantage in the instant retail space [19][21] - The supermarket's model is designed to complement Meituan's existing online services, creating a dual-channel approach that integrates online and offline retail [17][23] Future Outlook - The success of Happy Monkey will depend on its ability to maintain low prices while ensuring quality, which is critical for capturing market share in the competitive hard discount sector [23] - Meituan's strategy to utilize its existing resources and infrastructure aims to fill gaps in its offline retail presence, potentially reshaping the traditional retail landscape [23]