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 ...

Group 1 - Nvidia denies the existence of backdoors in its GPUs, stating that there should be no remote disabling features without user consent [2] - Chery's chairman apologizes for past inefficiencies and announces a 30% reduction in meetings and attendees to improve operational efficiency [2] Group 2 - Li Auto announces that the newly launched Li i8 model will be unified to a single version, i8 Max, with a price adjustment from 349,800 yuan to 339,800 yuan, and offers additional benefits [3] - Yushutech unveils a new quadruped robot, Unitree A2, weighing approximately 37 kg with a range of about 20 km [3][4] Group 3 - Hema X member stores will close all locations by August 31, marking the end of this membership-based retail format in China [5] - AMD reports a second-quarter revenue of $7.69 billion, a 32% year-over-year increase, but a 31% decline in adjusted net profit [6] Group 4 - Gree Electric's chairman emphasizes the importance of product quality over low pricing, stating that misleading consumers can damage brand reputation [7] - Taobao is set to launch a new membership system that integrates various Alibaba services, enhancing user engagement and loyalty [8] Group 5 - JD.com plans to open its first large discount supermarket format in August, featuring a large store model with over 5,000 SKUs and competitive pricing [8] - Geely responds to reports of a major integration of its autonomous driving teams, indicating ongoing discussions about the restructuring [9] Group 6 - State Grid reports a record daily electricity load of 1.222 billion kilowatts, driven by high temperatures, and highlights its efforts to enhance cross-regional power transmission capabilities [11]

京东即将在零售领域迈出创新步伐，全国首家大型折扣超市——京东折扣超市，将于8月16日在河北省 涿州市盛大开业。这一消息由京东官方于8月5日正式确认，标志着京东正式进军折扣超市业态。 据悉，涿州京东折扣超市门店占地广阔，面积达5000平方米，精心挑选超过5000种高性价比的民生商 品，价格普遍低于市场常规水平。此举不仅为消费者提供了更多选择，还以实惠的价格满足了大众的日 常购物需求。 京东方面透露，其实早在一年前，京东就已在北京房山区进行了折扣超市的试点，分别开设了两家门 店。这些门店不仅提供线下选购服务，还支持通过京东App等线上平台便捷下单，实现了线上线下无缝 融合的消费体验。 值得注意的是，在折扣超市业态的快速发展中，一些传统超市也在积极转型。例如，定位中高端的盒马 X会员店将进行调整，而以折扣为定位的盒马NB已经成为盒马的核心业态，截至7月15日，已开业的门 店数达到263家。 京东折扣超市的竞争优势何在？京东相关负责人表示，与行业内已有的折扣超市相比，京东折扣超市在 区域布局、门店规模、商品种类以及线下运营等方面均有所不同。其中，最核心的优势在于京东强大的 供应链体系，包括高效的产地直采和自有品牌，这 ...

美团、京东最新动作。 8月5日，美团宣布，即日起，正式启动中小商户发展扶持计划，向中小商户发放助力金，支持更多餐饮小店实现稳定增长。预计到今年年底，美团助力金 将新增覆盖超10万家餐饮小店，单店助力金最高5万元。 京东则发力线下折扣超市。8月5日，证券时报记者从京东方面获悉，8月份京东将在江苏宿迁、河北涿州两地五店同开，落地京东折扣超市。与目前行业 内已有的小店型、SKU（最小存货单位 ）少的折扣超市不同，京东折扣超市依靠供应链优势，采取大店型、多SKU的运营模式，首个涿州京东折扣超市 门店面积达5000㎡，精选超5000款高性价比的民生商品，价格将普遍低于市场常规售价。 据介绍，京东折扣超市是国内首个大型折扣超市业态。早在一年前，京东华冠折扣超市就率先在北京进行了试点，分别在去年6月份和12月份在房山开出 两家门店，并提供线下选购与线上便捷下单的双重服务，消费者既可在门店直观感受商品即时提货，也可通过京东APP等线上秒送入口轻松下单。 京东折扣超市在开设的区域、门店面积、SKU数量、线下运营优势上与目前行业内已有的折扣超市均不相同，最核心的不同就是京东供应链上的优势，京 东高效的产地直采以及京东自有品牌，同 ...

8月5日，美团宣布，即日起，正式启动中小商户发展扶持计划，向中小商户发放助力金，支持更多餐饮小店实现稳定增长。预计到今年年底，美团助力金将新增覆 盖超10万家餐饮小店，单店助力金最高5万元。 美团、京东最新动作。 据介绍，京东折扣超市是国内首个大型折扣超市业态。早在一年前，京东华冠折扣超市就率先在北京进行了试点，分别在去年6月份和12月份在房山开出两家门 店，并提供线下选购与线上便捷下单的双重服务，消费者既可在门店直观感受商品即时提货，也可通过京东APP等线上秒送入口轻松下单。 8月1日，美团、饿了么、京东三大外卖平台纷纷发布公告，共同抵制"内卷"式竞争，共同维护行业健康生态。 从三家表态来看，其共同点都是指向规范补贴行为、反对内卷、提升服务质量等内容，而这些内容与此前的监管要求基本一致。 在前不久的7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务法》《中华人民共和国反不正 当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主体责任，进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖骑手和平台 企业等多方共赢的良好生态，促进餐饮 ...

Group 1 - JD.com plans to open five discount supermarkets in Suqian, Jiangsu, and Zhuozhou, Hebei, in August, with prices generally lower than conventional market prices [1][2] - The first store in Zhuozhou will cover an area of 5,000 square meters and offer over 5,000 high-cost-performance daily goods [1][2] - The discount supermarket model is gaining traction among e-commerce platforms, with Meituan's "Happy Monkey" project set to launch its first store in Hangzhou by the end of August, targeting 1,000 stores [1][2] Group 2 - The discount supermarket business focuses on high-cost-performance products to attract consumers, representing a key strategy for e-commerce platforms to expand offline and seek new growth avenues [5] - Other players in the market, such as Dingdong Maicai and Hema, are also developing their discount supermarket formats, with Dingdong's first "Dingdong Outlet" community store opening in Shanghai and Hema's discount stores rapidly increasing in number [5]

见习记者 夏天 日前，有市场消息称，京东 8 月份将在江苏宿迁、河北涿州两地 " 五店同开 " ，落地京东折 扣超市， 这 也是国内首个大型折扣超市业态 。 对此，京东方面 8 月 5 日向记者表示，该消息属实。 " 全 国首家京东折扣超市将于 8 月 16 日在河北涿州开 业。 " 京东相关负责人称。 【导读】全国首家京东折扣超市将于 8 月 16 日在河北涿州开业，这也是国内首个大型折扣 超市业态 此外，量贩零食品牌也在 2024 年转型跨界开超市。如万辰集团公布了来优品省钱超市门店 模型；零食有鸣开出零食有鸣 · 批发超市等。 中国连锁经营协会（ CCFA ）公布的 "2024 年中国超市 Top100" 显示，会员店、折扣店 的销售额及门店数增长显著。 值得一提的是， 定位中高端的盒马 X 会员店 将全部停业，而以折扣为定位的盒马 NB 已经 成为盒马的核心业态。截至 7 月 15 日的数据显示，盒马 NB 已经开业的门店数达到 263 家。 据了解， 首个涿州京东折扣超市门店面积达 5000 平方米，精选超 5000 款高性价比的民生 商品，价格将普遍低于市场常规售价。 京东方面介绍，早在一年前，京 ...

Company Overview - Wanchen Group, the parent company of Haoxianglai snack chain, has seen its stock price rise from 10 yuan to nearly 200 yuan, marking a significant increase [2][4] - The company operates 15,000 Haoxianglai stores and is projected to achieve revenue of 32.33 billion yuan and a net profit of 294 million yuan in 2024, with a net profit margin of approximately 0.9% [2][6] - As of June 7, Wanchen Group's stock closed at 184.34 yuan per share, with a total market capitalization of 33.18 billion yuan [2] Financial Performance - In 2024, Wanchen Group's total revenue reached 32.33 billion yuan, a year-on-year increase of 247.86%, and net profit of 294 million yuan, marking a turnaround from losses [6][12] - The snack retail segment generated 31.79 billion yuan in revenue, reflecting a year-on-year growth of 262.94% [7] - The company's first-quarter performance in 2023 showed a total revenue of 10.82 billion yuan, up 124.02%, and a net profit of 215 million yuan, a staggering increase of 3344.13% [15] Market Comparison - Compared to snack giants like Weilong, Three Squirrels, and Qiaqia Foods, which have net profit margins of 17.1%, 3.8%, and 11.9% respectively, Wanchen Group's net profit margin is significantly lower [2][15] - Wanchen Group's price-to-earnings (P/E) ratio stands at 38.61, which is comparable to Weilong's 32.24, while Three Squirrels and Qiaqia Foods have P/E ratios of 11.74 and 38.75 respectively [9][10] Industry Challenges - The snack retail industry is facing challenges such as declining store turnover rates, indicating a shift from rapid growth to a phase requiring refined operations [3][25] - The low-margin, high-turnover business model of snack retail demands high operational efficiency and cost control [21][23] - The competitive landscape has intensified, making it more challenging for franchisees to achieve profitability, with many reporting difficulties in covering fixed costs [22][23] Future Outlook - Despite current challenges, the snack retail sector is believed to have growth potential of 3 to 4 times its current market size [24] - Industry experts suggest that enhancing product quality and variety, as well as transitioning from snack stores to discount supermarkets, could be key strategies for future development [26][27]

Core Viewpoint - The company is experiencing strong operational performance with significant revenue and profit growth, and is well-positioned to expand its discount supermarket presence, leveraging its scale advantages in the snack retail sector [1][2]. Group 1: Financial Performance - In Q1, the company achieved a revenue of 10.821 billion yuan, representing a year-on-year increase of 124.02% [1] - The net profit attributable to shareholders was 215 million yuan, a staggering year-on-year increase of 3,344.13% [1] - The net profit from the snack retail business, after excluding share-based payment expenses, was 412 million yuan, with a net profit margin of 3.85%, up by 1.36 percentage points year-on-year [1] Group 2: Expansion and Market Position - Q2 and Q3 are expected to be peak seasons for store openings, indicating a potential acceleration in expansion [1] - The company has launched an employee stock incentive plan to enhance employee motivation, which may further support growth [1] - The number of discount supermarkets has been increasing since the end of last year, with both snack retail enterprises and regional brands transforming traditional supermarkets into discount formats [1] Group 3: Future Projections - The company is projected to maintain high revenue growth, with expected revenues of 55.132 billion, 67.039 billion, and 79.289 billion yuan for 2025-2027, reflecting year-on-year growth rates of 70.53%, 21.60%, and 18.27% respectively [2] - The net profit attributable to shareholders is expected to reach 734 million, 984 million, and 1.196 billion yuan for the same period, with year-on-year growth rates of 149.95%, 34.10%, and 21.61% respectively [2] - The company is anticipated to benefit from scale effects, leading to continuous improvement in profitability [2]

Core Insights - The retail industry is experiencing intense competition, particularly in the snack sector, where brands are struggling with stagnant or declining same-store sales. Zhao Yiming Snacks has launched "Zhao Yiming Discount Supermarket" to enter the discount supermarket space, indicating a bold strategic shift [1][5]. Group 1: Market Dynamics - The discount retail sector has seen a resurgence, becoming a significant growth driver in the retail industry. Zhao Yiming's hard discount model shows potential for development but also presents new challenges [1][3]. - Competitors like Wancheng Group's "Lai You Pin Discount Supermarket" have already established a presence, increasing the competitive landscape. This intensifies the pressure on Zhao Yiming to differentiate itself [1][3]. Group 2: Operational Challenges - Expanding from a single snack category to multiple categories such as daily chemicals and fresh food imposes unprecedented demands on Zhao Yiming's procurement, warehousing, and quality control capabilities [2]. - The existing supply chain established in the snack sector may not be easily replicated for new categories, particularly for temperature-sensitive products like frozen goods, which require specialized cold chain logistics [2]. Group 3: Competitive Landscape - The discount retail market is crowded, with established players requiring Zhao Yiming to maintain price advantages while also focusing on product differentiation and service quality [3]. - Traditional supermarkets are responding to the rise of discount supermarkets by lowering prices, which could lead to a price war that further compresses profit margins across the industry [3]. Group 4: Internal Challenges - Zhao Yiming Snacks faces significant issues such as product homogenization, reliance on franchisees for store expansion, and frequent product quality problems, which could hinder its long-term growth [5][6]. - The franchise model, while enabling rapid expansion, can lead to inconsistent service quality and operational standards across stores, impacting brand reputation [6]. Group 5: Strategic Recommendations - To succeed in the competitive snack market, Zhao Yiming must focus on precise positioning in the value-for-money segment of the sinking market, enhance supply chain efficiency, and develop unique product offerings [9]. - Short-term strategies should include creating blockbuster products and increasing regional density, while mid-term efforts should focus on digital operations to reduce costs and improve efficiency [9].