香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 FUJIAN WANCHEN FOOD GROUP CO., LTD. 福建萬辰食品集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例與香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅 依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關 ...

Core Insights - Hema's budget community supermarket, Super Box NB, has officially launched in Guangdong, marking the entry of a new generation of hard discount stores into the South China market, which is expected to bring significant changes to local consumer behavior and community ecosystems [1][4] Group 1: Store Launch and Offerings - Super Box NB has opened three stores in Dongguan and Shenzhen, attracting large crowds and demonstrating strong consumer interest with prices such as 1.9 yuan for 1 kg of Chinese cabbage and 26.9 yuan for 1.2 kg of pork ribs [2][3] - The stores, ranging from 600 to 800 square meters, offer around 1,500 products across various categories, including fresh produce, ready-to-eat meals, and household items, catering to four main consumer needs: cooking, ready-to-eat, leisure, and daily necessities [4][6] Group 2: Local Adaptation and Logistics - Over 40% of the products in the new stores are localized, featuring local specialties such as roasted meats and regional vegetables, alongside popular items from Jiangsu and Zhejiang provinces, enhancing consumer choice [6] - To support efficient operations, Super Box NB has established a logistics warehouse in Dongguan with three temperature zones: refrigerated, frozen, and ambient [6] Group 3: Cost Efficiency and Business Model - The hard discount model emphasizes low prices without compromising quality, achieved through a systematic reduction of costs across the supply chain, including direct sourcing and custom products, which eliminates middlemen [7][9] - The private label products account for 60% of sales, serving as a key strategy to attract customers and maintain competitive pricing [7] Group 4: Market Potential and Future Expansion - The launch of Super Box NB in South China signifies the establishment of the hard discount retail model in a region with high economic vitality and significant consumer demand, positioning it as fertile ground for community supermarkets [9] - Given the rapid expansion in East China, Super Box NB is expected to accelerate its presence in more communities in Guangdong by 2026, promising a more affordable shopping experience for local consumers [9]

Core Insights - The article highlights the increasing attention from the capital market towards the snack retail industry in China, particularly focusing on the quality-price balance that consumers now prioritize [1] - Fujian Wancheng Group has submitted a listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual-platform financing structure, which will enhance its connection with international capital markets [1] - The company's business model, referred to as the "virtuous cycle flywheel," is a key driver behind its rapid growth and expansion [1] Group 1: Growth Strategy - Wancheng Group's growth strategy is centered around store expansion, with over 15,365 stores planned by June 30, 2025, strategically located in high-consumption areas and populous provinces [2] - The company has achieved a significant scale advantage through centralized procurement, with approximately 95% of products supplied directly by brand owners, reducing costs and reshaping the traditional retail supply chain [2][3] - The average product price is 20% to 30% lower than that of supermarkets and convenience stores, achieved without compromising quality, thus attracting consumers with the "good quality at low price" proposition [2] Group 2: Membership and Franchise Model - Wancheng Group has developed a robust membership system, boasting over 150 million registered members, with active members averaging 2.9 purchases per month, indicating strong customer loyalty [3] - The majority of Wancheng's stores operate on a franchise model, with over 99% being franchisee-owned, which fosters a mutually beneficial relationship between the company and its franchisees [3] - The company's revenue primarily comes from product sales to franchisees rather than franchise fees, ensuring that the success of franchisees directly impacts the company's profitability [3] Group 3: Technological Innovation - Wancheng Group has implemented a comprehensive digital system that enhances operational efficiency across all business processes, including order management, logistics, and member management [5] - The AI-driven site selection system significantly improves the success rate of new franchise locations by analyzing various data points, thus reducing the trial-and-error costs for franchisees [5][6] - The digital platform allows for real-time monitoring of store operations, enabling quick responses to issues and contributing to a low franchise closure rate of only 1.9% [6] Group 4: Financial Performance and Future Plans - Wancheng Group's total revenue surged from 549 million in 2022 to 32.329 billion in 2024, with a half-year revenue of 22.583 billion in 2025, indicating strong financial growth [6] - The adjusted net profit also increased, reaching 822 million in 2024 and 922 million in the first half of 2025, surpassing the previous year's total [6] - The upcoming Hong Kong listing aims to raise funds for expanding the store network, enhancing product variety, strengthening digital infrastructure, and promoting the brand, marking a strategic upgrade for the company [7]

Core Viewpoint - The snack retail industry in China is experiencing significant attention from the capital market, with companies like Wancheng Group planning to expand their financing structure to include both A-share and Hong Kong listings, reflecting a strategic upgrade to capture international capital [1][3]. Group 1: Business Growth and Market Position - Wancheng Group's business scale is rapidly expanding, with 15,365 stores across 29 provinces by June 30, 2025, and a GMV of 42.6 billion yuan in 2024, marking a 282% year-on-year growth [3][4]. - The company is positioned as a leader in the Chinese snack and beverage retail market, driven by changing consumer preferences towards quality and reasonable pricing post-pandemic [3][4]. - The "hard discount" retail model is gaining traction, with Wancheng Group being a key player in this trend, benefiting from consumers' shift away from brand loyalty and low-price focus [3][4]. Group 2: Growth Strategy and Operational Efficiency - Wancheng Group's growth strategy involves a well-planned store expansion to build scale advantages, focusing on high-consumption areas like the Yangtze River Delta while also penetrating populous provinces [4][6]. - The company achieves procurement efficiency by having approximately 95% of its products supplied directly from brands, reducing distribution costs and enhancing supply chain structure [4][6]. - The average product prices are 20% to 30% lower than those in supermarkets and convenience stores, achieved without compromising quality, thus attracting consumers with the "good quality at low price" proposition [4][6]. Group 3: Membership and Franchise Model - Wancheng Group has developed a robust membership system, boasting over 150 million registered members, with 110 million active members in the first eight months of 2025, indicating strong customer loyalty [6][7]. - The franchise model, with over 99% of stores being franchises, creates a win-win situation where the company's revenue is primarily from product sales to franchisees, ensuring mutual success [6][7]. - The franchise stability is reflected in a low closure rate of 1.9% in the first half of 2025, significantly below the industry average, showcasing the effectiveness of the business model [6][7]. Group 4: Technological Innovation and Digitalization - Wancheng Group leverages a self-developed digital system that covers the entire business process, enhancing operational efficiency and supporting over 15,000 stores [9][10]. - The AI-driven site selection system improves the success rate of new franchises by providing data-driven insights, thus accelerating network expansion [9][10]. - The digital platform enables real-time monitoring of store operations, reducing closure risks and facilitating precise inventory management and marketing strategies [10][12]. Group 5: Financial Performance and Future Plans - Wancheng Group's total revenue surged from 549 million yuan in 2022 to 32.33 billion yuan in 2024, with 22.58 billion yuan achieved in the first half of 2025 [12][13]. - The adjusted net profit also increased, reaching 822 million yuan in 2024 and surpassing 922 million yuan in the first half of 2025 [12][13]. - The upcoming Hong Kong listing aims to raise funds for expanding the store network, enhancing product variety, strengthening digital infrastructure, and strategic investments, positioning the company as a leader in the hard discount retail revolution in China [13].