对于万辰集团而言，上市融资只是开始，真正的挑战在于如何构建可持续的盈利模式和价值创造能力。高度依赖加盟模式的治理结构风险、食 品安全管控压力、家族企业管理与现代企业制度的融合等问题，都需要企业在未来发展过程中妥善解决。 从业绩上看，万辰集团在短短三年内实现了营收从5.49亿元到323.29亿元的跨越式增长。2年增长近60倍，高速增长的背后，得益于公司旗下 以"好想来"品牌为主的零食饮料零售业务的高速扩张。根据万辰集团递交的招股书，万辰集团旗下"好想来"品牌按2024年GMV（商品交易总 额）计，已是中国零食饮料零售第一品牌。 9月23日，"好想来"母公司福建万辰生物科技集团股份有限公司正式向香港联交所递交主板上市申请。若成功上市，则意味着这家从食用菌生 产转型而来的量贩零食巨头，在登陆A股创业板四年后，将正式开启"A+H"双平台上市征程。 ...

Core Viewpoint - The Chinese condiment industry is witnessing a significant milestone with Tianwei Food initiating its Hong Kong IPO process, aiming to become the second condiment company to achieve "A+H" dual listing after Haitian Flavoring and Food [1] Company Overview - Tianwei Food, founded by former technician Deng Wenyuan, has transformed from a small workshop into a publicly listed company with a market value of approximately 13 billion yuan [3] - The company has two main brands: "Hao Ren Jia" targeting the mid-to-high-end market and "Da Hong Pao" focusing on the hot pot base market, with over 300 product varieties [4] Market Strategy - The company has established a robust sales network covering all 31 provinces and regions in China, collaborating with over 1,000 distributors and entering major retail chains [5] - Online sales have shown remarkable growth, with a 45% increase in 2024, accounting for 18% of total revenue [5] International Expansion - Tianwei Food has exported products to over 50 countries, with a 40% growth in overseas business in 2024, contributing 8% to total revenue [6] - However, the company faces challenges, as evidenced by a 24.8% decline in revenue and a 57.53% drop in net profit in Q1 2025 [6] Governance and Competition - The governance structure of Tianwei Food, primarily controlled by the founding couple, raises concerns about the need for modern management practices as the company expands internationally [7] - The company competes with traditional rivals and larger condiment giants, as well as regional brands and restaurant chains that are establishing their own condiment production lines [7] Strategic Significance of IPO - The funds raised from the Hong Kong IPO will primarily support international expansion, overseas business development, and brand building [8] - A successful IPO would not only enhance the company's international profile but also serve as a reference for other condiment companies seeking capital [8]

4月22日晚，中伟股份（300919）公告，已正式向香港联交所递交H股上市申请并发布招股书，启动港 股上市进程。招股书显示，本次公司寻求港股上市，旨在推进国际化战略，建立国际股权融资平台，优 化全球品牌形象，并提升综合竞争实力。 2024年，中伟股份实现营业收入402.2亿元，同比增长17.4%；境外收入178.8亿元，占比达44.5%，同比 增长27.1%。中伟股份持续在新能源电池材料领域保持行业领先地位，根据Frost ＆ Sullivan数据，2024 年公司三元前驱体市占率20.3%，连续5年保持行业第一。在钴系材料方面，公司四氧化三钴市场占有 率28%，连续5年保持行业第一。 市场预测，中伟股份如果成功在港交所上市，有望成为中国首家实现"A+H"双平台运作的新能源材料龙 头企业。 这一趋势不仅反映了企业对国际市场拓展及优化股东结构，强化全球品牌影响力的愿望，也体现了当前 港股市场估值体系与新能源赛道的高成长性的适配，也充分体现了监管部门对新能源战略新兴行业的支 持，特别是对自身过硬合规能力企业的支持。瑞银预测，至2025年将有超过30家A股公司赴港上市，其 中新能源板块占比逾三成。 "A+H"双平台 ...