9月23日，中国领先且增长最快的零食饮料零售企业——福建万辰生物科技集团股份有限公司（下称"万辰集团"），正式向香港联合交易所递交上市申 请，拟在主板挂牌上市。 据招股书披露，万辰集团凭借其独特的商业模式和高效的运营体系，已在中国零食饮料市场占据领先地位。根据灼识咨询的资料，按2024年商品交易总额 （GMV）计算，"好想来"不仅是中国零食饮料零售品牌第一，也是全国首个门店数量突破10,000家的量贩零食品牌。 如果说庞大的门店网络是万辰集团的"躯体"，高效的供应链是其"血脉"，那么贯穿始终的数字化系统，就是驱动这家零售巨头高速运转的"智能大脑"。根 据灼识咨询的资料，万辰集团是中国首家通过自主研发IT系统，将所有核心业务流程全面数字化的量贩零食零售商。这为其带来了较高的运营效率和决策 精准度。 在消费市场深刻变革的背景下，万辰集团展现出了强劲的增长潜力。据招股书显示，集团总收入从2023年的人民币93.0亿元增长至2024年的人民币323.3亿 元，同比增长247.9%。2024年，集团GMV达人民币426亿元，较2023年同比增长282%，增速领跑行业。盈利能力方面，集团2024年经调整净利润达人民 币8 ...

Core Insights - The article discusses the contrasting fates of Dingdong Maicai and its competitor Meiri Yousuan, highlighting Dingdong's survival and recent profitability despite industry challenges [1][2][9] - Dingdong Maicai has shifted its strategy from rapid expansion to focusing on efficiency and profitability, successfully reducing losses and achieving a net profit for the first time in 2024 [9][10][13] Company Strategy - Dingdong Maicai's CFO, Wang Song, emphasizes the company's commitment to product quality and operational efficiency, distinguishing it from competitors [1][2] - The company has implemented a digital system to enhance supply chain management, allowing for better inventory control and reduced operational costs [6][7][13] - In 2024, Dingdong Maicai achieved a revenue growth of 15.5%, reaching 23.066 billion yuan, and a net profit of 295 million yuan [1][9] Market Position - Dingdong Maicai has strategically reduced its presence in less profitable markets while focusing on expanding in the more lucrative Jiangsu and Zhejiang provinces [10][11][12] - The company has opened 130 new warehouses in the Jiangsu and Zhejiang regions, with a focus on second and third-tier cities [11][12] - Dingdong Maicai's average order value has increased to over 70 yuan, and its monthly household penetration rate in Shanghai is around 30% [12][25] Competitive Landscape - The article notes the competitive pressures from instant retail platforms and other players in the fresh food e-commerce sector, with companies like Meituan and Hema also vying for market share [22][23][24] - Dingdong Maicai aims to avoid price wars and instead focus on enhancing its digital capabilities and product offerings [24][25] - The company has also begun to expand its product categories beyond daily meals to include items for leisure and emotional consumption [17][19] Financial Performance - Dingdong Maicai reported its first monthly profit in September 2023 and achieved quarterly profitability in Q4 2023, marking a significant turnaround [9][10] - The company's operational efficiency has improved, with fulfillment costs decreasing by 1.8 percentage points to 21.7% in Q4 2023 [13] - The overall loss reduction in major cities like Beijing, Guangzhou, and Shenzhen reached 60% in 2024, allowing for reinvestment in competitive regions [10][12]

Group 1: Business Impact and Strategy - The easing of international tensions will reduce industry volatility, boosting international consumption and logistics demand, ultimately enhancing the stability of cross-border supply chains [1] - The company is accelerating its global supply chain service network layout, targeting emerging markets in Europe, Central Asia, the Middle East, and Latin America to mitigate single market risks [1] - The introduction of AI models and digital systems will enable real-time tracking of orders, inventory, and logistics dynamics, enhancing risk management across the supply chain [1] Group 2: Semiconductor Business Development - The company is focusing on strategic industry opportunities by providing around-the-clock rapid response services for lithography machine bonded warehousing and maintenance to integrated circuit manufacturers in South China [2] - Plans to expand the customer base and diversify supply chain management products are underway, alongside the establishment of a healthy after-sales service ecosystem for semiconductor equipment manufacturers in Shenzhen [2] Group 3: Performance Growth Factors - Last year's growth was driven by the expansion of cross-border e-commerce logistics and significant cost reduction and efficiency improvements [3] - The company capitalized on the growth opportunities in the cross-border e-commerce market by launching comprehensive supply chain service products tailored to e-commerce platforms and sellers [3] Group 4: Warehouse Construction Progress - The self-built warehouse projects in Chongqing and Kunming have been completed, while projects in Shenzhen are progressing smoothly [4] - Increasing the proportion of self-owned warehouses will reduce external leasing costs and enhance the quality of company performance [4] Group 5: Multimodal Transport Development - The company is actively participating in the construction of core hubs for international supply chain services, recently innovating a "rail-air intermodal" model connecting Guangzhou to Urumqi [5] - Future plans include integrating resources from China-Europe freight trains, TIR cross-border land transport, and international air freight to create flexible supply chain solutions [5]