Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its listing application to the Hong Kong Stock Exchange, aiming for a main board listing, highlighting its rapid growth and leading position in China's snack and beverage retail market [2][4]. Financial Performance - Wancheng Group's total revenue is projected to grow from RMB 9.3 billion in 2023 to RMB 32.3 billion in 2024, representing a year-on-year increase of 247.9% [4]. - The group's GMV is expected to reach RMB 42.6 billion in 2024, a growth of 282% compared to 2023, leading the industry in growth rate [4]. - For the first half of 2025, the group reported revenue of RMB 22.58 billion, a year-on-year increase of 106.9%, with adjusted net profit reaching RMB 920 million [5]. Business Model and Growth Strategy - Wancheng Group's growth is driven by a "growth flywheel" consisting of five key elements, which is central to its business strategy and ensures a win-win situation for consumers, franchisees, suppliers, and the company [6][8]. - The expansion of the store network enhances procurement scale, improving bargaining power with suppliers, which allows the company to offer high-quality products at competitive prices [8]. Competitive Advantages - As of June 30, 2025, Wancheng Group operates over 15,000 stores across 29 provinces, establishing a significant scale advantage and deep market penetration, particularly in high-consumption areas [9]. - The company has streamlined its supply chain, achieving approximately 95% direct procurement from brand manufacturers, which allows for a cost advantage passed on to consumers [9]. User Engagement and Marketing - Wancheng Group has built a robust user ecosystem with over 150 million registered members, with active members contributing approximately 78% of the group's GMV [11][13]. - The company employs a combination of private domain user engagement and public domain marketing strategies, including celebrity endorsements and collaborations with popular IPs, to enhance brand visibility and consumer interaction [10][14]. Future Outlook - The funds raised from the IPO will be used to further expand and upgrade the store network, enrich product offerings, enhance logistics efficiency, and upgrade digital infrastructure [14]. - With the support of capital, Wancheng Group aims to solidify its leadership in the Chinese snack and beverage retail sector and expand its successful discount model into broader FMCG markets [14].