Core Insights - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1] - Wancheng Group is recognized as one of China's leading and fastest-growing scale snack and beverage retail enterprises, with a projected GMV growth of 282% from 2023 to 2024 [4] - The company's national brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024, and it is the first retail brand to exceed 10,000 stores nationwide [4] Company Overview - As of June 30, 2025, Wancheng Group's store network has surpassed 15,000, covering 29 provinces, municipalities, and autonomous regions in China, establishing a significant leading position in economically developed areas and populous provinces [4] - Approximately 95% of the products are sourced directly from brand manufacturers, utilizing a distribution network of 51 ambient warehouses and 13 cold chain warehouses, allowing the company to offer prices 20-30% lower than similar products in large stores, supermarkets, and convenience stores [4] Market Potential - The Chinese hard discount retail market is projected to reach RMB 1,013.8 billion by 2029, with a compound annual growth rate (CAGR) of 33.8% from 2024 to 2029 [7] - Wancheng Group's product portfolio includes twelve core categories, with over 4,000 SKUs selected from a vast range, and each store typically stocks about 1,800-2,000 SKUs [7] Financial Performance - The company reported revenues of approximately RMB 549.3 million, RMB 9.29 billion, RMB 32.33 billion, and RMB 22.58 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [8] - The net profit figures for the same periods were approximately RMB 67.85 million, -RMB 176.21 million, RMB 610.91 million, and RMB 860.50 million [8]

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1] Company Overview - Wancheng Group is recognized as one of China's leading and fastest-growing scale snack and beverage retail enterprises, with a projected GMV growth of 282% from 2023 to 2024 [3] - The company's national brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024 and is the first retail brand to exceed 10,000 stores nationwide [3] - By June 30, 2025, the store network is anticipated to surpass 15,000 locations, covering 29 provinces, municipalities, and autonomous regions in China, establishing a significant leading position in economically developed areas and populous provinces [3] Supply Chain and Pricing Strategy - Approximately 95% of Wancheng Group's products are sourced directly from brand manufacturers, utilizing 51 ambient warehouses and 13 cold chain warehouses for distribution [3] - This model allows the company to offer prices that are 20-30% lower than similar products in large supermarkets and convenience stores, while maintaining healthy profit margins for franchise partners [3] Market Potential - The Chinese hard discount retail market is projected to reach RMB 1,013.8 billion by 2029, with a compound annual growth rate (CAGR) of 33.8% from 2024 to 2029 [6] Product Offering - Wancheng Group's product portfolio includes twelve core categories, such as bottled water, dairy products, meat snacks, and baked goods, with over 4,000 SKUs selected from a vast range [6] - Each store typically stocks about 1,800-2,000 SKUs, with an average of 250 new SKUs launched monthly in the first half of 2025, while regularly phasing out underperforming SKUs to maintain product freshness and operational efficiency [6] Financial Performance - The company reported revenues of approximately RMB 549.3 million, RMB 9.29 billion, RMB 32.33 billion, and RMB 22.58 billion for the fiscal years ending December 31 for 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [7] - Profit figures for the same periods were approximately RMB 67.85 million, -RMB 176.21 million, RMB 610.91 million, and RMB 860.50 million [7]

Core Viewpoint - Wancheng Group (万辰集团) has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors. The company is recognized as a leading and fastest-growing retail enterprise in China's snack and beverage sector, with significant growth projections for the coming years [1][4]. Company Overview - Wancheng Group is identified as one of China's leading and fastest-growing retail enterprises in the snack and beverage sector, with a projected GMV growth of 282% from 2023 to 2024 [4]. - The company's 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, making it the first retail brand in this category to achieve such a milestone [4]. - By June 30, 2025, Wancheng Group's store network is anticipated to exceed 15,000 locations, covering 29 provinces, municipalities, and autonomous regions in China, establishing a strong presence in economically developed areas and populous provinces [4]. Supply Chain and Pricing Strategy - Approximately 95% of Wancheng Group's products are sourced directly from brand manufacturers, utilizing a distribution network of 51 ambient warehouses and 13 cold chain warehouses [4]. - This sourcing model allows the company to offer prices that are 20-30% lower than similar products in large supermarkets and convenience stores, while maintaining healthy profit margins for both the company and its franchise partners [4]. Market Potential - The Chinese hard discount retail market is projected to reach a market size of RMB 1,013.8 billion by 2029, with a compound annual growth rate (CAGR) of 33.8% from 2024 to 2029 [6]. - Wancheng Group's product portfolio includes twelve core categories, with over 4,000 SKUs selected from a vast array, and each store typically stocks about 1,800-2,000 SKUs [6]. Financial Performance - The company reported revenues of approximately RMB 549.3 million, RMB 9.29 billion, RMB 32.33 billion, and RMB 22.58 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6][7]. - Profit figures for the same periods were approximately RMB 67.85 million, -RMB 176.21 million, RMB 610.91 million, and RMB 860.50 million [6][7].

9月23日，中国领先且增长极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排 名榜首的品牌，也是全国首个门店数量突破10000家的量贩零食品牌。 财务数据亮眼 增长势头强劲 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。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8.2亿 元。 进入2025年，增长势头继续延续。截至2025年6月30日的六个月内，集团收入达人民币225.8亿元，同比 增长106.9%，经调整净利润更是高达人民币9.2亿元。 共赢的商业飞轮 驱动可持续增长 规模与效率构筑核心护城河 万辰集团的成功，源于其对 ...