根据灼识咨询的资料，按2024年GMV计算，万辰集团旗下"好想来"品牌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10000家的量贩零食品牌。 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。招股书显示，该公司总收入从2023 年的93.0亿元增长至2024年的323.3亿元，同比增长247.9%。2024年，公司GMV(商品交易总额)达426亿 元，较2023年同比增长282%，增速领跑行业。盈利能力方面，该公司2024年经调整净利润为8.2亿元。 进入2025年，增长势头延续。截至2025年6月30日止的六个月内，该公司收入达225.8亿元，同比增长 106.9%，经调整净利润9.2亿元。 此次赴港上市，万辰集团计划将募集资金用于进一步扩张和升级门店网络、持续丰富产品组合、提升仓 储物流效率及升级数字化基础设施等。展望未来，随着资本的助力，万辰集团将继续巩固其在中国零食 饮料零售行业的竞争优势地位，并有望将其成功的"硬折扣"商业模式拓展至更广阔的快消品市场，为全 球投资者带来长期价值回报。 截至2025年6月30日，万辰集团在全国29个省份拥有超过15000家门店，形成了广泛覆盖 ...

Core Viewpoint - The hard discount business model has been validated globally, and domestic companies are in the exploratory development stage, facing both opportunities and challenges [1][4]. Group 1: Hard Discount Business Model - The hard discount model is feasible, with successful practices in both domestic and international retail sectors [2]. - International examples like Aldi and Costco demonstrate that the model can thrive even with limited initial resources by focusing on operational efficiency and long-term partnerships [2]. - Domestic hard discount companies can optimize profit margins by reducing distribution channels, achieving a profit improvement of 20%-40% [2]. Group 2: Domestic Hard Discount Landscape - Companies like Le'erle have rapidly expanded, with plans to cover 8,000 stores by 2024, prioritizing scale over standardization and profitability [3]. - Regional brands established around 2020 are stabilizing in their local markets, with varying operational efficiencies based on their product offerings [3]. - Snack retailers are experimenting with cost-saving supermarkets, enhancing their product range and increasing sales and profitability [3]. Group 3: Opportunities and Challenges - The current retail environment is undergoing a transformation, presenting opportunities for hard discount formats to emerge as a significant retail category [4]. - The complexity and rapid changes in the domestic retail environment pose challenges, with a need for improved capabilities and talent reserves among local retailers [4]. - Comparatively, the Chinese retail landscape is more diverse and developed in terms of logistics and e-commerce penetration than the U.S. [4]. Group 4: Food and Beverage Sector - Companies like Wancheng Group and Mingming Hen Mang are attempting to expand beyond snack categories into multiple product lines, supported by strong fundamentals [5].