万辰集团 20250824 摘要 万辰集团量贩零食业务 2024 年营收达 317.9 亿元，占总收入 98.3%， 门店数量 14,196 家，仅次于鸣鸣很忙，规模效应显著，但仍有较大下 沉和加密潜力，尤其在南方、东北及二线城市，并计划出海东南亚市场。 公司积极试水折扣超市转型，作为第二增长曲线，通过扩大经营面积和 增加非零食品类，如蛋挞、烤肠、日化个护等，满足消费者多品类需求， 提升同店效益，目前已优于传统社区商超和便利店业态。 公司通过收购四大区域型零食连锁品牌及整合自有品牌陆小馋，在量贩 零食渠道获得领先地位，同时自有原材料种植基地及规模化生产基地提 供强大的供应链支持，含羞草作为第四大临时供应商，年采购额达 5 亿 元。 公司通过核心高管持股和业务合伙人模式，充分调动团队积极性，创始 人家族及核心高管合计持股 58.1%，总经理王泽宁穿透持股 30.23%， 深度绑定有助于确保管理层与公司利益一致，提高运营效率。 东南亚零食市场复合年增长率（CAGR）高于中国，渠道重构为量贩零 食渗透率提升提供契机，中国上游零食企业积极探索东南亚供应链建设， 有助于降低运营成本，复制国内渠道竞争优势。 Q&A 万辰 ...

Market Performance - Southeast Asia ETFs rose by 4.81%, with Vietnam leading the gains[2] - The Global X FTSE Southeast Asia ETF outperformed ETFs tracking India, the UK, and China, but lagged behind Japan, Latin America, and the US[2] - The Southeast Asia Technology ETF increased by 4.47%, underperforming the broader Southeast Asia ETF by 0.34 percentage points[2] Country-Specific Insights - iShares MSCI Indonesia ETF gained 5.05%, outperforming by 0.24 percentage points, with active trading following a modest pullback[3] - iShares MSCI Singapore ETF rose 4.56%, underperforming by 0.25 percentage points, supported by the 2025 GST voucher scheme for low-income households[3] - iShares MSCI Thailand ETF advanced 2.69%, underperforming by 2.12 percentage points, aided by a central bank interest rate cut[3] - iShares MSCI Malaysia ETF climbed 4.17%, underperforming by 0.64 percentage points, as the US-Malaysia tariff agreement took effect[3] - Global X MSCI Vietnam ETF surged 11.83%, outperforming by 7.02 percentage points, driven by financial hub development and supportive central bank policies[3] Trading Volume and Liquidity - The Global X FTSE Southeast Asia ETF had a trading volume of 188,000 shares, increasing by 19.5%[16] - iShares MSCI Indonesia ETF trading volume reached 7,054,000 shares, up by 9.5%[16] - iShares MSCI Singapore ETF trading volume decreased by 15.8% to 5,379,000 shares[16] Risk Factors - The report highlights macroeconomic downturn risks and geopolitical tensions as potential threats to market stability[4][36]

Market Overview - Southeast Asia ETF dropped by 1.37%, indicating a general pullback after a previous upward trend[4] - The drop was influenced by cooling expectations of the Federal Reserve's interest rate cut, leading to some funds flowing to the Asia-Pacific market[4][37] Country-Specific Performance - iShares MSCI Indonesia ETF decreased by 0.45%, outperforming by 0.92 percentage points due to positive impacts from a US-India trade agreement and central bank rate cuts[5][38] - iShares MSCI Singapore ETF fell by 2.61%, underperforming by 1.24 percentage points, as the market corrected after a continuous rise[5][38] - iShares MSCI Thailand ETF increased by 0.41%, outperforming by 1.78 percentage points, supported by tax incentives to boost tourism[5][38] - iShares MSCI Malaysia ETF rose by 0.21%, outperforming by 1.58 percentage points, but the market remains in an adjustment phase[5][38] - Global X MSCI Vietnam ETF increased by 0.10%, outperforming by 1.47 percentage points, but faced a significant correction due to rapid valuation increases[5][38] Risk Factors - The report highlights macroeconomic downturn risks and geopolitical tensions as potential threats to market stability[36][39]

Group 1 - The core viewpoint of the article highlights the successful entry of "Hong Lv Deng De Huang" (Little Yellow) into TikTok, where he has rapidly gained popularity and significant earnings, indicating a strategic move by the MCN giant "Three Sheep Network" to penetrate the Southeast Asian market [3][12][35] - Since his official announcement on TikTok, Little Yellow has amassed over 200,000 followers in just twenty days, with single live-streaming earnings exceeding $100,000 (approximately 710,000 RMB) [5][12] - Little Yellow's live streams primarily target Chinese-speaking audiences in Southeast Asia, leveraging his cultural and linguistic advantages to connect with overseas Chinese communities [25][14] Group 2 - The article discusses the broader strategy of "Three Sheep Network" in expanding its overseas operations, particularly in Southeast Asia, where they have established partnerships with over 20 local influencers [38][44] - The Southeast Asian e-commerce market is experiencing rapid growth, with a projected increase in market size, making it an attractive target for Chinese brands and influencers [42][46] - Despite the initial success, the article notes challenges such as increasing competition, regulatory scrutiny, and the declining growth rate of the Southeast Asian e-commerce market, which could impact future operations [47][51]

Group 1 - Vietnam is recognized as the fastest-growing economy in Southeast Asia, with an e-commerce market growing at an annual rate exceeding 20% [1] - Ho Chi Minh City is being developed as an international financial center and modern port, indicating significant potential for the next decade [1] - The event aims to provide exclusive access to government officials and industry leaders, offering firsthand insights into policy trends and market intelligence [2] Group 2 - The itinerary includes visits to major companies such as MWG, Hasaki, and Con Cung, focusing on understanding local retail giants and consumer trends [4][5] - Participants will engage in the Vietnam E-commerce Innovation Summit, connecting with top platforms, service providers, and investors [6] - The program spans six days, featuring a comprehensive exploration of the market landscape, retail future, and supply chain investment opportunities [8] Group 3 - The event is targeted at cross-border e-commerce platforms, brand founders, supply chain service providers, and investors interested in the Southeast Asian market [12] - The organizing company, Mottainai Venture Capital, has a decade of experience in the Southeast Asian market and offers unique resources and insights [14]