上篇《鸣鸣很忙："零食界拼多多"凭何练就？》，海豚君带大家聊透了零食圈 "拼多多式" 黑马——鸣鸣很忙的商业模式以及支撑其商业模式高效运转的 核心引擎——高度数字化的供应链体系。 但热闹过后，关键问题来了：这匹黑马的增长后劲到底足不足？在不久的将来上市后，它能成为投资者眼中的 "香饽饽" 吗？ 话不多说，这篇咱直接上干货，扒一扒零食很忙的成长潜力与上市投资价值！ 以下为详细内容 为了避免陷入降价-亏损-再降价的恶性循环，从下表可以看到，2023年开始，量贩零食开始加速整合，中小品牌在连续亏损的情况下，要么通过"抱团取 暖"成为区域巨头，要么选择被巨头吞并，剩下的基本都因为无法承受亏损而倒闭退出。 23年9月万辰集团将旗下独立运营的"陆小馋、好想来、来优品、吖滴吖滴"四大量贩零食品牌统一翻牌成"好想来"统一运营，11月行业第一的零食很忙与 行业第三的赵一鸣零食战略合并为鸣鸣很忙。 1、跑马圈地，高速开店期已过 在探讨很忙的开店空间前，海豚君先带大家简单梳理一下量贩零食行业竞争格局的变化，简单来说，前后分为两个阶段： 1.0 阶段：师傅带徒弟，各自占山为王（2017 - 2021年）：作为"厂家直采、现金结账、极 ...

Group 1 - Wancheng Group announced a major asset acquisition plan, intending to spend 1.379 billion yuan to purchase 49% equity of Nanjing Wanyou Commercial Management Co., Ltd. from Huainan Shengyu and Huainan Huixiang [2][3] - After the acquisition, Wancheng Group's direct and indirect ownership of Nanjing Wanyou will increase to 75.01%, enhancing its position in the competitive snack retail industry [2][3] - The acquisition is seen as a strategic move to expand the company's market presence and stabilize its industry position amid fierce competition [2][4] Group 2 - The transaction includes performance commitment clauses, requiring Nanjing Wanyou to achieve net profits of no less than 320 million yuan, 330 million yuan, and 350 million yuan in 2025, 2026, and 2027 respectively [4] - Wancheng Group aims to strengthen the binding of core team members with the company and enhance the fulfillment of performance commitments through this acquisition [3][4] - The acquisition is expected to increase Wancheng Group's total assets by 828 million yuan to 7.235 billion yuan and boost net profit by 57 million yuan to 416 million yuan in the first five months of 2025 [4] Group 3 - Wancheng Group's rapid expansion in the snack retail sector has led to significant growth, with revenue reaching 32.329 billion yuan and net profit of 294 million yuan in 2024, primarily driven by the snack retail business [5][6] - The company has seen a dramatic increase in store numbers, surpassing 15,000 stores, making it one of the few companies in the industry to achieve this scale [5][6] - However, the company's asset-liability ratio reached 79.85% in 2024, indicating increased financial pressure due to rapid expansion and acquisitions [6][7] Group 4 - The snack retail industry is highly competitive, with major players like "Mingming Hen Mang" and regional brands posing significant challenges to Wancheng Group [9][10] - The industry has seen a rapid increase in the number of stores, with over 40,000 snack retail outlets in China, approaching saturation with a potential cap of 87,500 stores [10] - Wancheng Group is advised to focus on cost control and operational efficiency to maintain its competitive edge in a market characterized by low margins and high turnover [10]

Core Viewpoint - Wancheng Group is strengthening its control over its core brand, Laiyoupin, by acquiring a 49% stake in Nanjing Wanyou for 1.379 billion yuan, increasing its ownership from 26.01% to 75.01% [1] Group 1: Acquisition Details - The acquisition will enhance Wancheng Group's control over Laiyoupin, which operates 3,212 stores across several provinces and is projected to generate 7.712 billion yuan in revenue and 246 million yuan in net profit in 2024 [1] - The deal is expected to contribute at least 150 million yuan in net profit annually to the listed company from 2025 to 2027, based on performance commitments [1] Group 2: Shareholding Structure - Laiyoupin's founder, Zhou Peng, will receive 989,000 shares (5.27% of total shares) from the controlling shareholder, Wang Zenin, and will delegate voting rights of 1,229,000 shares (6.55% of total shares) to Wang Zenin to stabilize control [2] - Another founder, Yang Jun, has committed to increasing his shareholding within 12 months using proceeds from the transaction [2] Group 3: Historical Context and Strategy - The current shareholding structure is a result of Wancheng Group's early acquisition strategy, which has allowed it to become a leading player in the bulk snack industry within two years [3] - The company employs a unified management structure for acquired brands, retaining original teams for daily operations while providing support from the group level [3] Group 4: Financial Metrics - Wancheng Group's debt-to-asset ratio increased from 43.46% in 2022 to 79.85% by the end of 2024, indicating rising financial pressure [4] - Despite a temporary reduction in the debt-to-asset ratio due to revenue growth, the upcoming acquisition financing may further increase financial costs and profit pressure [6] Group 5: Market Conditions - The expansion of store numbers in the bulk snack industry is nearing its peak, and if revenue growth slows while acquisition interest expenses rise, net capital accumulation may decelerate [7] - The valuation of acquired assets continues to rise, as evidenced by the previous acquisition of a 49% stake in "Haoxianglai" for less than 300 million yuan [7]