Core Viewpoint - Wancheng Group has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to further expand its market presence in the Chinese snack and beverage sector [1] Group 1: Financial Performance - Wancheng Group's total revenue is projected to grow from 9.3 billion in 2023 to 32.33 billion in 2024, representing a year-on-year increase of 247.9% [2] - The Group's GMV is expected to reach 42.6 billion in 2024, a year-on-year growth of 282% compared to 2023 [2] - Adjusted net profit for 2024 is forecasted at 820 million, with revenue for the first half of 2025 expected to be 22.58 billion, showing a year-on-year increase of 106.9% [2] Group 2: Market Position and Expansion - As of June 30, 2025, Wancheng Group operates over 15,000 stores across 29 provinces in China, establishing a significant market presence [2] - The company has accumulated over 150 million registered members, providing a solid foundation for continued growth [2] - Wancheng Group aims to leverage its "hard discount" model to expand into broader fast-moving consumer goods markets [1] Group 3: Supply Chain and Pricing Strategy - The Group has streamlined its supply chain, achieving approximately 95% of products sourced directly from brand manufacturers [2] - The logistics network includes 51 ambient warehouses and 13 cold chain warehouses, reducing restocking cycles to T+1 for most stores [2] - Products are priced 20%-30% lower than similar items in traditional supermarkets, emphasizing a "high quality-price ratio" [2] Group 4: Product Selection and Consumer Experience - Wancheng Group employs a procurement team of over 200 and a digital selection system to curate a product pool of over 4,000 SKUs, with each store offering 1,800 to 2,200 SKUs [3] - The company has launched two proprietary brand series, "Haoxianglai Value" focusing on core categories and "Haoxianglai Selection" targeting high-end and unique products [3] - An average of 250 new SKUs are introduced monthly to maintain product freshness and respond quickly to market trends [3] Group 5: Store Experience and Branding - The "Haoxianglai" brand is positioned as a "snack paradise" for consumers, integrating shopping, entertainment, and social experiences [4] - Store layouts are differentiated based on consumer scenarios, with new categories like IP licensed products and short-shelf-life baked goods added to meet one-stop shopping needs [4] Group 6: Stock Market Performance - On September 24, Wancheng Group's A-share price increased by 2.23%, closing at 172.18 per share, with a market capitalization of 32.304 billion [5]