10月10日「零售商业财经」获悉，奥乐齐中国的管理层变动落定：原首席执行官Christoph Schwaiger卸任，现任奥乐齐中国董事总经理的陈佳正式接棒 CEO，直接向全球总部汇报；与此同时，中国区主席陈有钢将在年底荣休。 图源：领英 这场人事更迭发生在硬折扣赛道最拥挤的时刻，超盒算NB（原盒马NB）门店数已近300家，美团"快乐猴"、京东折扣超市等新玩家正加速入场，而奥乐 齐入华6年，截至目前门店数量仅79家。 百年零售巨头的中国故事，从来不是简单的模式复制。如今陈佳掌舵，她所面临的，不仅是如何让奥乐齐跑快点，更是如何让这家德国企业真正融入中国 市场的消费脉络，而这，亦成为行业当下最关注的话题之一。 换帅不是偶然，"慢半拍"的奥乐齐需要"快跑" 奥乐齐的管理层调整，某种程度上是被行业节奏和自身瓶颈推着走的结果。 从2019年在上海开出首店起，Schwaiger带领团队完成了德国硬折扣模式的初步落地。据中国连锁经营协会（CCFA）数据，其单店年销约3600万元，在千 平米级零售店铺中表现亮眼，这一成绩也证明了模式的可行性。但他的战略相对稳健，6年时间始终扎根上海，2024年门店总数停留在55家。 | 序号 ...

Core Viewpoint - Wanchen Group has initiated its dual listing process on the Hong Kong Stock Exchange to enhance its global strategic layout and establish an international capital operation platform, aiming to connect with international investors and markets [2][3]. Group 1: Company Overview - Since the appointment of Wang Zenning as General Manager in July, Wanchen Group has made significant moves, including submitting its IPO application on September 23 [2]. - The company has experienced rapid growth in the bulk snack industry, increasing its store count from 232 at the end of 2022 to 15,365 by mid-2025 [2][5]. - Wanchen Group's revenue surged from 549 million yuan in 2022 to 32.33 billion yuan in 2024, with a 106.89% year-on-year increase to 22.583 billion yuan in the first half of 2025 [4]. Group 2: Financial Performance - The net profit for the first half of 2025 reached 472 million yuan, reflecting a staggering year-on-year increase of 50,358.8% [4]. - The company plans to use the funds raised from the IPO for expanding its store network, enhancing product offerings, digital transformation, and strengthening brand recognition [3]. Group 3: Market Challenges - Despite strong financial performance, Wanchen Group faces challenges as its store growth has slowed significantly, with only 1,169 new stores added in the first half of 2025 compared to previous years [5][6]. - The number of closed franchise stores has increased, with 290 closures in the first half of 2025, surpassing the total closures of 208 in 2024 [5][6]. - The competitive landscape is intensifying, with rivals like Mingming and Zero Snacks rapidly expanding their store counts, which could pressure Wanchen Group's market position [6][7]. Group 4: Strategic Direction - Wanchen Group aims to transition to a mature hard discount retail model, focusing on improving offline retail efficiency and upgrading its business model [5]. - The company is also looking to expand into overseas markets, particularly Southeast Asia, to leverage market insights and international resources [3][4]. - Future competition in the bulk snack sector will likely center around product differentiation and the development of private label brands to escape homogeneous competition [7][8].

Core Viewpoint - Wanchen Group has initiated its A+H dual listing process to enhance its global strategic layout and establish an international capital operation platform, aiming to connect with international investors and markets [2][3]. Group 1: Company Overview - Since the appointment of Wang Zenning as General Manager in July, Wanchen Group has made significant moves, including submitting its IPO application to the Hong Kong Stock Exchange on September 23 [2]. - The company has experienced rapid growth in the bulk snack industry, increasing its store count from 232 at the end of 2022 to 15,365 by mid-2025 [2][4]. - In 2022, Wanchen Group transitioned from a mushroom business to the bulk snack sector through acquisitions, leading to a substantial revenue increase from 549 million to 32.33 billion by 2024 [4]. Group 2: Financial Performance - Wanchen Group's revenue for the first half of 2025 reached 22.583 billion, reflecting a year-on-year growth of 106.89%, while net profit surged to 472 million, a staggering increase of 50,358.8% [4]. - The company plans to use the funds raised from the IPO for expanding its store network, enhancing product offerings, digital transformation, and strengthening brand recognition [3]. Group 3: Market Challenges - Despite strong financial performance, Wanchen Group faces challenges as its store growth has slowed significantly, with only 1,169 new stores added in the first half of 2025 compared to previous years [5][6]. - The number of closed franchise stores has increased, with 290 closures in the first half of 2025, surpassing the total closures of 208 in 2024 [6]. - The competitive landscape is intensifying, with rivals like Mingming Hen Mang rapidly expanding their store counts, which could pressure Wanchen Group's market position [6][7]. Group 4: Strategic Direction - Wanchen Group aims to evolve into a mature hard discount retail model, focusing on enhancing operational efficiency and seizing growth opportunities in the hard discount sector [5]. - The company is also looking to expand into overseas markets, particularly Southeast Asia, to tap into emerging opportunities [3]. - Future strategies include improving store quality over quantity, enhancing private label development, and refining supply chain operations to maintain profitability [8].

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its listing application to the Hong Kong Stock Exchange, aiming for a dual listing after its successful IPO on the Shenzhen Stock Exchange in 2021, marking its rapid rise in the snack retail industry [1][2]. Group 1: Company Overview - Wancheng Group, headquartered in Zhangzhou, Fujian, started with a focus on edible mushrooms and has expanded into the snack retail sector, becoming the only A-share listed company in this field [1]. - The company achieved a revenue of 32.33 billion yuan in 2024, with snack retail revenue contributing 31.79 billion yuan [1]. - In the first half of 2025, Wancheng Group reported a revenue of 22.58 billion yuan, representing a year-on-year growth of 106.89%, and a net profit of 472 million yuan, a staggering increase of 50,358.80% [1]. Group 2: Market Position and Competition - The snack retail industry is characterized by a competitive landscape, with Wancheng Group and another major player, Mingming Hen Mang, dominating the market [2]. - As of June 30, 2025, Wancheng Group operated nearly 15,400 stores across 29 provinces, while Mingming Hen Mang surpassed 20,000 stores [2][6]. - The rapid expansion of both companies has established a "dual strong" market structure in the snack retail sector [2]. Group 3: Financial Performance and Challenges - Wancheng Group's revenue growth has been impressive, with figures of 5.49 billion yuan in 2022, 9.29 billion yuan in 2023, and 32.33 billion yuan in 2024, but it faces challenges with profitability [3][4]. - The company has experienced a significant increase in liabilities, with total liabilities reaching 5.144 billion yuan and a rising debt ratio from below 50% at the end of 2022 [4][5]. - In the first half of 2025, the company opened only 15% of the new stores compared to the previous year, indicating a slowdown in expansion [3]. Group 4: Strategic Plans and Future Outlook - Wancheng Group plans to use the funds raised from its Hong Kong listing to support its global strategic layout and enhance its market presence in China [6][8]. - The company aims to explore overseas markets, particularly in Southeast Asia, as part of its growth strategy [8]. - The snack retail market is projected to grow significantly, with estimates suggesting a market size of 613.7 billion yuan by 2029, indicating a robust growth opportunity for Wancheng Group [9].

万辰集团已向港交所提交上市申请，中金公司及招商证券国际为联席保荐人。 万辰集团是中国领先且增长迅速的规模零食饮料零售企业，截至2025年6月30日，其门店网络已突破 15,000家。公司旗下"好想来"品牌在2024年以零食饮料GMV计，位列中国零食饮料零售品牌榜首，是首 个门店数量突破10,000家的品牌。 其门店网络覆盖中国29个省份，在长三角及山河四省等地区拥有显著的领先地位。万辰集团约95%的产 品直接从品牌厂商采购，并通过全国51个常温仓库及13个冷链仓库配送，使其能够提供比大卖场、超市 和便利店低20%—30%的零售价。公司产品组合涵盖十二个核心类别，精选超过4,000个SKU，每家门店 通常备有1,800—2,000个SKU，并每月推出约250个新SKU以保持产品新鲜度。 根据灼识咨询预测，到2029年，中国硬折扣零售行业的市场规模预计将达到人民币10,138亿元，年复合 增速达33.8%。 ...

智通财经APP获悉，据港交所9月23日披露，福建万辰生物科技集团股份有限公司(简称：万辰集团)向港交所主板提交上市申请书，中金公司及招商证 券国际为联席保荐人。 截至2025年6月30日，其门店网络已突破15,000家，覆盖中国29个省份、直辖市及自治区，在长三角等经济发达地区，以及山河四省(即山东、山西、河 南、河北)等人口大省确立了显著的领先地位。 截至2025年6月30日，万辰集团约95%的产品直接从品牌厂商采购，并通过全国51个常温仓库及13个冷链仓库进行配送。根据灼识咨询的资料，该模式 使公司能够提供较大卖场、超市及便利店同类产品平均低20-30%的零售价，同时让其加盟伙伴及我们均能维持健康的利润率。 根据灼识咨询的资料，到2029年，中国硬折扣零售行业的市场规模预计将达到人民币10,138亿元，2024年至2029年年均复合增速达33.8%。 招股书披露，根据灼识咨询的资料，万辰集团是中国领先且增长最快的规模零食饮料零售企业，2023年至2024年GMV同比增长282%。根据同一资料来 源，公司的全国性品牌好想来在2024年以零食饮料的GMV计位列中国零食饮料零售品牌榜首，同时也是全国首个门店数量 ...

截至2025年6月30日，其门店网络已突破15,000家，覆盖中国29个省份、直辖市及自治区，在长三角等经济发达地区，以及山河四省(即山东、山西、河 南、河北)等人口大省确立了显著的领先地位。 截至2025年6月30日，万辰集团约95%的产品直接从品牌厂商采购，并通过全国51个常温仓库及13个冷链仓库进行配送。根据灼识咨询的资料，该模式 使公司能够提供较大卖场、超市及便利店同类产品平均低20-30%的零售价，同时让其加盟伙伴及我们均能维持健康的利润率。 智通财经APP获悉，据港交所9月23日披露，福建万辰生物科技集团股份有限公司(简称：万辰集团)向港交所主板提交上市申请书，中金公司及招商证 券国际为联席保荐人。 招股书披露，根据灼识咨询的资料，万辰集团是中国领先且增长最快的规模零食饮料零售企业，2023年至2024年GMV同比增长282%。根据同一资料来 源，公司的全国性品牌好想来在2024年以零食饮料的GMV计位列中国零食饮料零售品牌榜首，同时也是全国首个门店数量突破10,000家的量贩零食饮 料零售品牌。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | ...

据港交所9月23日披露，福建万辰生物科技集团股份有限公司(简称：万辰集团（300972）)向港交所主板提交上市申请书，中金公司（601995）及招商 证券国际为联席保荐人。 截至2025年6月30日，其门店网络已突破15,000家，覆盖中国29个省份、直辖市及自治区，在长三角等经济发达地区，以及山河四省(即山东、山西、河 南、河北)等人口大省确立了显著的领先地位。 截至2025年6月30日，万辰集团约95%的产品直接从品牌厂商采购，并通过全国51个常温仓库及13个冷链仓库进行配送。根据灼识咨询的资料，该模式 使公司能够提供较大卖场、超市及便利店同类产品平均低20-30%的零售价，同时让其加盟伙伴及我们均能维持健康的利润率。 根据灼识咨询的资料，到2029年，中国硬折扣零售行业的市场规模预计将达到人民币10,138亿元，2024年至2029年年均复合增速达33.8%。 招股书披露，根据灼识咨询的资料，万辰集团是中国领先且增长最快的规模零食饮料零售企业，2023年至2024年GMV同比增长282%。根据同一资料来 源，公司的全国性品牌好想来在2024年以零食饮料的GMV计位列中国零食饮料零售品牌榜首，同时也是全国 ...

Core Insights - Shanghai is experiencing a significant shift in its retail landscape driven by hard discount strategies, with companies like Hema and Aldi leading the charge [1][4] - The hard discount model is characterized by low prices and high efficiency, but it faces challenges such as low profit margins and operational complexities [2][4] Group 1: Company Strategies - Hema's "Super Box" community supermarket is rapidly expanding, opening 17 new stores in the Yangtze River Delta, focusing on affordability and reliability [1] - Aldi has reduced prices on essential goods by nearly 30%, emphasizing a no-membership, no-bundling approach to attract consumers [1] - Hema's strategy includes a streamlined SKU count of 1,500 and store sizes of 600 to 800 square meters, aiming for high turnover and repeat purchases [1][2] Group 2: Market Dynamics - The low-price trend is supported by Shanghai's mature supply chain network, enabling precise cost management for fresh produce [2][4] - The average gross margin in the industry hovers between 10-15%, posing a challenge to profitability for hard discount retailers [2] - The integration of instant retail is enhancing the hard discount model, transforming stores into fulfillment centers for rapid delivery within a 3-kilometer radius [2][4] Group 3: Consumer Behavior - Consumers are increasingly valuing "cheap but not bad" products, challenging the notion that low prices equate to poor quality [6][8] - The success of hard discount models relies on a robust ecosystem, including supplier cooperation and efficient logistics [6][8] Group 4: Operational Challenges - High rental and labor costs in Shanghai necessitate extreme operational efficiency, which can lead to cost pressures being passed on to consumers [4] - Issues such as inconsistent restocking and checkout congestion during peak times reveal vulnerabilities in the hard discount model [4][8] - The reliance on private labels and centralized purchasing for cost advantages may expose companies to risks if supply chain disruptions occur [4][8]

Core Viewpoint - JD's discount supermarket model is gaining significant traction, as evidenced by the overwhelming customer turnout and record sales during the opening of four new stores in Suqian, Jiangsu, indicating a strong market demand for this retail format [1][3][29] Group 1: Store Performance and Customer Engagement - On the opening day in Suqian, over 300,000 customers visited the four new stores, attracting four times the usual foot traffic for the shopping center [1] - Despite continuous rain, customers queued outside the store, showcasing a unique scene of "thousands waiting in the rain" to enter [3] - The stores operated under a "natural closing" policy, serving customers until the last one was attended to, with the store closing at 12:30 AM the following day [3] Group 2: Product Offering and Consumer Appeal - JD's discount supermarkets emphasize high-quality, low-priced products, with a focus on a wide variety of goods, including fresh produce and meats, which are sourced directly from producers [12][21] - The stores feature a larger footprint and a broader range of SKUs compared to traditional discount stores, enhancing the shopping experience [16][29] - Popular items included fresh chicken eggs priced at 9.9 yuan for 30 pieces, which sold out quickly, indicating strong consumer interest [13] Group 3: Competitive Landscape and Market Trends - The discount supermarket sector is expected to see rapid growth, with projections indicating that the market size will exceed 200 billion yuan by 2024, while current penetration is only 8% in China [29] - JD's discount supermarket model is part of a broader trend, with competitors like Meituan and traditional supermarkets also entering the discount space, indicating a competitive environment [28][29] - The success of JD's stores in Suqian and Zhuozhou suggests that this model may become the norm for future openings, driven by consumer demand for quality and value [29]