Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd., the parent company of "Hao Xiang Lai," has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking the beginning of its "A+H" dual-platform listing journey after four years on the A-share Growth Enterprise Market [1] Financial Performance - The company achieved a remarkable revenue growth from 549 million to 32.329 billion yuan within three years, representing an increase of nearly 60 times over two years, driven by the rapid expansion of its snack and beverage retail business under the "Hao Xiang Lai" brand [1] - According to the prospectus submitted by Wancheng Group, the "Hao Xiang Lai" brand is projected to be the leading brand in China's snack and beverage retail sector by GMV (Gross Merchandise Volume) in 2024 [1] Future Challenges - For Wancheng Group, the listing and fundraising are just the beginning; the real challenge lies in establishing a sustainable profit model and value creation capability [1] - The company faces governance structure risks due to its heavy reliance on a franchise model, pressures related to food safety management, and the need to integrate family business management with modern corporate governance [1]

Company Overview - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for expanding its store network, enhancing management, diversifying product offerings, improving digital capabilities, and increasing brand recognition [1] - The company plans to use the raised funds for potential business investments or acquisitions, as well as for working capital and other general corporate purposes [1] Financial Performance - The company's revenue increased from RMB 549.3 million in 2022 to RMB 9.2937 billion in 2023, with a projected further increase of 247.9% to RMB 32.3288 billion in 2024 [3] - For the first half of 2025, the revenue reached RMB 22.5826 billion [3] - Adjusted net profits (non-IFRS) for 2022 to 2024 were RMB 39.3 million, -RMB 28.1 million, and RMB 822.8 million, respectively, with the first half of 2025 showing an adjusted net profit of RMB 921.7 million [3] Store Expansion - The "Haoxianglai" brand primarily operates through a franchise model, with a significant increase in store numbers from 232 at the end of 2022 to 15,365 across 29 provinces and municipalities by June 30, 2025 [3] - Franchise stores account for over 99% of the total, with 15,275 franchise stores and 90 direct-operated stores [3] Industry Trends - The Chinese snack and beverage retail market has shown positive growth, with the market size increasing from RMB 3.1712 trillion in 2019 to a projected RMB 4.0449 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 5.0% [4] - The market is expected to reach RMB 5.3837 trillion by 2029, with a projected CAGR of 5.9% from 2024 to 2029, driven by increasing consumer demand for diverse and innovative products [4] Competitive Landscape - The company faces challenges similar to other low-priced snack brands, such as "Mingming Hen Mang," which reported low gross margins and net profit margins, indicating a common issue of profit ceilings in the discount snack supermarket sector [5] - Industry experts suggest that merely expanding store numbers is insufficient for sustained performance; companies must optimize store layouts, enhance operational efficiency, and refine product offerings to improve profitability [5]

Core Viewpoint - Wanchen Group, the parent company of "Haoxianglai," has officially submitted a listing application to the Hong Kong Stock Exchange for a dual listing, aiming for "A+H" status, following its A-share listing in April 2021 [1] Group 1: Company Overview - Wanchen Group is a leading retail enterprise in China's snack and beverage sector, with a projected GMV growth of 282% from 2023 to 2024 [1] - The brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024 and has surpassed 10,000 stores nationwide [1] - As of June 30, 2025, the company plans to operate over 15,000 stores across 29 provinces, municipalities, and autonomous regions in China [1] Group 2: Membership and Consumer Engagement - As of August 31, 2025, Wanchen Group has over 150 million registered members, with more than 110 million active members in the first eight months of 2025 [1] - The average monthly consumption frequency per active member was 2.9 times as of August 2025 [1] Group 3: Supply Chain and Pricing Strategy - Approximately 95% of Wanchen Group's products are sourced directly from brand manufacturers, allowing for a 20% to 30% lower retail price compared to similar products in large stores, supermarkets, and convenience stores [2] - The company’s growth is driven by a strategic expansion of its national brand store network, enhancing market penetration [2] Group 4: Business Model and Digital Infrastructure - The company has established a digital system that supports various business operations, from site selection to consumer interaction, reducing operational friction and ensuring efficient network operations [3] - Wanchen Group has a low franchise store closure rate of 1.9%, significantly below the industry average, indicating strong franchisee retention [3] Group 5: Financial Performance - Wanchen Group's revenues for 2022, 2023, and 2024 were 549 million, 9.29 billion, and 32.33 billion respectively, with profits of 67.85 million, -176 million, and 611 million [3] - In the first half of 2025, the company achieved a revenue of 22.58 billion, a year-on-year increase of 106.89%, with a profit of 861 million, up 531.93% [3]

Core Viewpoint - Wanchen Group has officially submitted its application to the Hong Kong Stock Exchange, aiming to expand into the Hong Kong market with its snack retail brands "Haoxianglai" and "Wife's Big Man" [1] Company Overview - Wanchen Group was established in 2011, initially focusing on edible fungi business, including enoki mushrooms and king oyster mushrooms. In 2021, the company reported revenue of 426 million RMB and a net profit of 24.28 million RMB [3] - The company entered the snack retail industry in 2022, integrating five major snack retail brands and subsequently consolidating them under the "Haoxianglai" brand in September 2023 [3][4] Financial Performance - Revenue growth from 2021 to 2024 saw Wanchen Group's revenue increase nearly 75 times, from 426 million RMB in 2021 to 32.33 billion RMB in 2024, with a projected revenue of 22.58 billion RMB for the first half of 2025 [3][4] - Adjusted net profit improved significantly, from a loss of 28.1 million RMB in 2023 to 9.22 billion RMB in the first half of 2025, reflecting a year-on-year growth of 286.8% [4] Business Segmentation - The snack and beverage retail business has become the primary revenue driver, accounting for 98.9% of total revenue in the first half of 2025, compared to just 12.1% in 2022 [4][5] - Wanchen Group's product portfolio includes 12 core categories, with prices 20-30% lower than similar products in large supermarkets and convenience stores [5] Market Expansion Strategy - The company primarily uses a franchise model for store expansion, with a total of 15,275 franchise stores as of June 30, 2025. The number of new franchise stores opened increased significantly from 163 in 2022 to 9,746 in 2024 [7][9] - The snack retail market in China is projected to grow from 73 billion RMB in 2019 to 1,297 billion RMB in 2024, with an annual compound growth rate of 77.9% [7][8] Market Dynamics - The majority of Wanchen Group's stores are located in lower-tier cities, which are identified as the main battleground for snack retail expansion. As of June 30, 2025, 35.7% of stores are in third-tier cities, and 20.2% in second-tier cities [9][10] - The increasing purchasing power and consumption potential in lower-tier cities are driving the growth of the snack retail market, with a projected market size of 6,137 billion RMB by 2029 [8][10]

Core Viewpoint - Wancheng Group has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing in both A-shares and H-shares, with plans to use the raised funds for expansion, product diversification, logistics efficiency, and digital infrastructure upgrades [2] Group 1: Company Overview - Wancheng Group was established in 2011, initially focusing on the industrial cultivation of edible mushrooms and has become a leading supplier in China [2] - The company entered the snack retail industry in 2022, launching the "Liu Xiaochan" brand and forming joint ventures to expand its snack business [3] Group 2: Financial Performance - Wancheng Group's total revenue is projected to grow from 9.3 billion in 2023 to 32.33 billion in 2024, representing a year-on-year increase of 247.9% [2] - The company's GMV is expected to reach 42.6 billion in 2024, with a year-on-year growth of 282% [2] - Adjusted net profit for 2024 is forecasted to be 820 million [2] Group 3: Market Position and Strategy - Wancheng Group operates 15,365 snack and beverage stores across 29 provinces, with over 99% being franchise stores [2] - The company aims to strengthen its competitive position in the Chinese snack retail industry and expand its "hard discount" business model into broader fast-moving consumer goods markets [4] Group 4: Competitor Analysis - Competitor Mingming Hen Mang plans to list on the Hong Kong Stock Exchange, with over 20,000 stores and projected revenues of 4.286 billion, 10.295 billion, and 39.344 billion for 2022, 2023, and 2024 respectively [3] - Mingming Hen Mang's adjusted net profits for the same years are 81 million, 235 million, and 913 million [3]

9月23日，中国领先且增长最快的零食饮料零售企业——福建万辰生物科技集团股份有限公司（下称"万辰集团"），正式向香港联合交易所递交上市申 请，拟在主板挂牌上市。 据招股书披露，万辰集团凭借其独特的商业模式和高效的运营体系，已在中国零食饮料市场占据领先地位。根据灼识咨询的资料，按2024年商品交易总额 （GMV）计算，"好想来"不仅是中国零食饮料零售品牌第一，也是全国首个门店数量突破10,000家的量贩零食品牌。 如果说庞大的门店网络是万辰集团的"躯体"，高效的供应链是其"血脉"，那么贯穿始终的数字化系统，就是驱动这家零售巨头高速运转的"智能大脑"。根 据灼识咨询的资料，万辰集团是中国首家通过自主研发IT系统，将所有核心业务流程全面数字化的量贩零食零售商。这为其带来了较高的运营效率和决策 精准度。 在消费市场深刻变革的背景下，万辰集团展现出了强劲的增长潜力。据招股书显示，集团总收入从2023年的人民币93.0亿元增长至2024年的人民币323.3亿 元，同比增长247.9%。2024年，集团GMV达人民币426亿元，较2023年同比增长282%，增速领跑行业。盈利能力方面，集团2024年经调整净利润达人民 币8 ...

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to expand its presence in the rapidly growing snack and beverage retail market in China [1] Financial Performance - The company's total revenue is projected to grow from RMB 9.3 billion in 2023 to RMB 32.33 billion in 2024, representing a year-on-year increase of 247.9% [3] - The Group's GMV is expected to reach RMB 42.6 billion in 2024, a year-on-year growth of 282% [3] - For the first half of 2025, the company reported revenue of RMB 22.58 billion, a year-on-year increase of 106.9%, with an adjusted net profit of RMB 920 million [3] Business Model and Growth Strategy - The company's growth is driven by a "growth flywheel" consisting of five key elements that create a win-win situation for consumers, franchisees, suppliers, and the company [4] - The expansion of the store network enhances purchasing power and strengthens bargaining capabilities with suppliers, allowing the company to offer high-quality products at competitive prices [6] Competitive Advantages - As of June 30, 2025, the company operates over 15,000 stores across 29 provinces in China, establishing a significant scale advantage [7] - The company has accumulated over 150 million registered members, providing a solid foundation for sustained growth [7] - The company achieves high supply chain efficiency, with approximately 95% of products sourced directly from manufacturers, resulting in a 20%-30% lower retail price compared to traditional supermarkets [7] Product Strategy - The company has a professional procurement team of over 200 people and maintains a product pool of over 4,000 SKUs, ensuring a diverse yet efficient product offering [8] - The company introduces an average of 250 new SKUs each month, keeping the product lineup fresh and responsive to market trends [8] - The company has launched two proprietary product lines, "Haoxianglai Value" and "Haoxianglai Selection," targeting different consumer needs and enhancing brand perception [9][11] Customer Experience - The company aims to create a shopping environment that combines shopping, entertainment, and social interaction, enhancing customer engagement and increasing average transaction value [12] - Store designs are standardized and tailored to different consumer scenarios, providing a one-stop shopping experience [12] Future Outlook - The company plans to use the funds raised from the IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [14] - With the support of capital, the company aims to solidify its leadership position in the Chinese snack and beverage retail industry and expand its successful discount model into broader fast-moving consumer goods markets [14]

Group 1 - The core viewpoint of the articles is that Wancheng Group has submitted an application for listing on the Hong Kong Stock Exchange, showcasing strong growth potential in the changing consumer market [1][2] - Wancheng Group's total revenue is projected to grow from 9.3 billion in 2023 to 32.33 billion in 2024, representing a year-on-year increase of 247.9% [1] - The company's GMV is expected to reach 42.6 billion in 2024, with a year-on-year growth of 282%, leading the industry in growth rate [1] - For the first half of 2025, Wancheng Group reported revenue of 22.58 billion, a year-on-year increase of 106.9%, and an adjusted net profit of 9.2 billion [1] - As of June 30, 2025, Wancheng Group operates over 15,000 stores across 29 provinces in China, indicating extensive coverage and deep penetration in core areas [1] Group 2 - The funds raised from the IPO will be used for expanding and upgrading the store network, enriching the product portfolio, improving logistics efficiency, and upgrading digital infrastructure [2] - With the support of capital, Wancheng Group aims to strengthen its competitive advantage in the Chinese snack and beverage retail industry and expand its successful "hard discount" business model into a broader fast-moving consumer goods market [2]

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%。 ...

9 月 23 日，中国领先且增长最快的零食饮料零售企业——福建万辰生物科技集团股份有限公司（下 称"万辰集团"），正式向香港联合交易所递交上市申请，拟在主板挂牌上市。 据招股书披露，万辰集团凭借其独特的商业模式和高效的运营体系，已在中国零食饮料市场占据领先 地位。根据灼识咨询的资料，按 2024 年商品交易总额（ GMV ）计算，"好想来"不仅是中国零食 饮料零售品牌第一，也是全国首个门店数量突破 10,000 家的量贩零食品牌。 财务数据亮眼，增长势头强劲 据万辰招股书显示，驱动万辰集团增长的核心引擎 ——是一个由五大要素构成的良性循环"增长飞 轮"。这一模式不仅是其商业战略的核心，更是实现消费者、加盟商、供应商与公司多方共赢局面的 关键。 在消费市场深刻变革的背景下， 万辰集团展现出了 强劲 的增长潜力 。据招股书显示，集团总收入 从 2023 年的人民币 93.0 亿元增长至 2024 年的人民币 323.3 亿元，同比增长 247.9% 。 2024 年，集团 GMV 达人民币 426 亿元，较 2023 年同比增长 282% ，增速领跑行业。盈利能力方 面，集团 2024 年经调整净利润达人民币 8 ...