Group 1 - The core point of the article is that Wancheng Group, a snack retail company, is set to become the first A+H share listed company in the mass snack sector, having submitted its prospectus to the Hong Kong Stock Exchange on September 23, 2025 [1] - Wancheng Group's main competitor, Mingming Hen Mang, also submitted its prospectus in April 2025, indicating a competitive race for the title of "first mass snack stock on the Hong Kong Stock Exchange" [1] - Wancheng Group has experienced rapid growth in recent years, with significant revenue increases, making the timing of its IPO strategic [4][6] Group 2 - Wancheng Group's revenue for the years 2022, 2023, and 2024 was RMB 549 million, RMB 9.294 billion, and RMB 32.329 billion, respectively, with a net profit of RMB 6.11 billion in 2024 [6] - The company's gross merchandise volume (GMV) grew by 282% from 2023 to 2024, and its net profit for the first half of 2025 was RMB 4.72 billion, a year-on-year increase of 50,358.8% [6] - The rapid expansion of the "Haoxianglai" brand has significantly contributed to Wancheng Group's growth in the snack and beverage retail business [6] Group 3 - Wancheng Group's business model focuses on direct procurement from manufacturers, allowing it to bypass distribution channels and maintain competitive pricing, with retail prices 20-30% lower than traditional supermarkets [13] - As of June 30, 2025, Wancheng Group had a network of 15,365 stores, with 99.4% being franchise stores, which provides the company with substantial market influence [13] - The company does not charge franchise fees, instead requiring a deposit and a one-time opening fee, which helps maintain a stable cash flow [15] Group 4 - The mass snack industry is evolving into a "two super, many strong" competitive landscape, with Wancheng Group and Mingming Hen Mang as the leading players [17] - In 2024, Wancheng Group's revenue was RMB 32.329 billion, while Mingming Hen Mang reported RMB 39.344 billion, indicating a competitive revenue environment [18] - Both companies are focusing on expanding their private label products to enhance profit margins, with Wancheng Group's gross profit margin at 11.49% for the first half of 2025 [19] Group 5 - Wancheng Group's debt has increased to RMB 5.144 billion, with a debt-to-asset ratio of approximately 68.95%, highlighting the financial pressures from rapid expansion [20] - The company plans to use the funds raised from its IPO to further expand and upgrade its store network, enhance product offerings, and improve logistics and digital infrastructure [20]

Core Viewpoint - The article discusses the potential listing of Wancheng Biotechnology Group Co., Ltd. on the Hong Kong Stock Exchange, which could make it the first A+H share listed company in the bulk snack industry, amidst competition with its rival Mingming Hen Mang [1][15]. Group 1: Company Overview - Wancheng Group submitted its prospectus to the Hong Kong Stock Exchange on September 23, 2025, aiming for a listing on the main board [1]. - The company has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 billion, -RMB 1.76 billion, and RMB 6.11 billion for the same years [4]. - In the first half of 2025, Wancheng Group achieved a net profit of RMB 4.72 billion, a year-on-year increase of 50,358.8%, with total revenue reaching RMB 225.83 billion, up 106.89% [4]. Group 2: Business Model and Strategy - Wancheng Group's business model focuses on bulk snack retail, leveraging a unified procurement strategy to eliminate intermediaries, thus enhancing profit margins and pricing advantages for downstream operations [10][11]. - The company operates a franchise model with 99.4% of its 15,365 stores being franchise outlets, allowing it to maintain a competitive pricing strategy that is 20-30% lower than traditional supermarkets [12][13]. - The company does not charge franchise fees, instead requiring a deposit and a one-time opening fee, which contributes to stable cash flow [13]. Group 3: Competitive Landscape - The bulk snack industry is evolving into a "two super, many strong" market structure, with Wancheng Group and Mingming Hen Mang as the leading players [15]. - In 2024, Wancheng Group reported revenues of RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [16]. - Both companies are expanding their own brand products to improve profit margins, with Wancheng Group's gross profit margin at 11.49% for the first half of 2025, while Mingming Hen Mang's was 7.62% as of the end of 2024 [17]. Group 4: Financial Health and Future Plans - Wancheng Group's liabilities increased to RMB 5.14 billion, with a debt-to-asset ratio of approximately 68.95%, indicating a high level of debt [17]. - The company plans to use the funds raised from its IPO to expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [17].

Group 1 - Wanchen Group has officially submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [1] - The company initially focused on edible fungi and went public on the Shenzhen Stock Exchange in April 2021. It has since acquired several regional snack brands and consolidated them into the "Haoxianglai Brand Snacks" in 2023, forming a significant presence in the snack market [1] - As of the first half of 2025, Wanchen Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with net profit attributable to shareholders reaching 472 million yuan, a staggering increase of 50,358.8% [1] Group 2 - The snack retail industry is experiencing rapid growth, characterized by a "two super, many strong" competitive landscape, with leading companies expanding through a franchise model. Wanchen Group's store count reached 14,196 by the end of 2024, while its competitor, Mingming Hen Mang, had 14,394 stores [2] - By June 30, 2025, Wanchen Group's store count increased by 1,169 to 15,365, while Mingming Hen Mang surpassed 20,000 stores by September 2025 [2] - Both companies are competing for the title of "first snack stock in Hong Kong," with Wanchen Group's IPO application and Mingming Hen Mang's ongoing IPO process aimed at funding store expansion and supply chain optimization [2] Group 3 - Wanchen Group anticipates entering a "refined operation" phase in the snack industry, with a slowdown in store growth and a focus on supply chain efficiency and proprietary brands as key competitive factors [3] - The company has begun launching new store formats and developing its own brands, such as "Haoxianglai Super Value" and "Haoxianglai Selection," to cater to diverse consumer needs [3] - Experts suggest that Wanchen Group's IPO strategy is aimed at enhancing brand recognition and industry standing, attracting more consumers and partners, and securing additional financing channels to strengthen its competitive position [3]

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to expand its operations and enhance its market presence [1][9]. Group 1: Company Overview - Wancheng Group is the parent company of the snack brand "Haoxianglai" and was listed on the Shenzhen Stock Exchange in April 2021 with an IPO price of 7.19 CNY per share, raising approximately 276 million CNY [3][9]. - The company focuses on the research, cultivation, and sales of fresh edible fungi, and has recently expanded into the retail snack industry [7][9]. Group 2: Financial Performance - Wancheng Group's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 549 million CNY, 9.29 billion CNY, 32.33 billion CNY, and 10.92 billion CNY, respectively [13][14]. - The net profit figures for the same periods were approximately 67.85 million CNY, -176.21 million CNY, 610.91 million CNY, and 136.17 million CNY [14][16]. Group 3: Investment Projects - The company initially planned to raise 600 million CNY for various projects, including a 21,000-ton mushroom production facility, but later adjusted its fundraising goals and project allocations [4][5][10]. - In September 2023, Wancheng Group announced a reduction in the investment amount for the "60-ton daily mushroom production project" from approximately 130 million CNY to 80.6 million CNY, reallocating the remaining funds to the "53,000-ton golden needle mushroom production project" [5][6]. Group 4: Shareholder Structure - As of December 31, 2022, the actual controller of Wancheng Group, Wang Zenin, held a direct stake of 5.08% and controlled a total of 51.26% of the company through various entities [7][9]. - Wang Zenin participated in a private placement of shares at a price of 11.30 CNY per share, raising 200 million CNY for brand marketing and operational support projects [10][12]. Group 5: Market Position and Future Plans - Wancheng Group's brand "Haoxianglai" is projected to rank first in China's snack and beverage retail sector by GMV in 2024, with over 15,000 stores across 29 provinces and municipalities by June 30, 2025 [12][13]. - The company has integrated its snack brands into a national brand strategy, enhancing its market presence and operational efficiency [8][9].

Core Viewpoint - Wancheng Group has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [2] Company Summary - Wancheng Group initially focused on edible fungi business and was listed on the Shenzhen Stock Exchange in April 2021. The company has acquired several regional snack brands and consolidated them under the "Haoxianglai" brand in 2023, forming a significant presence in the snack market [2] - As of the first half of 2025, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with a net profit of 472 million yuan, up 50,358.8%. Revenue from the snack business accounted for approximately 99% of total revenue [2] - In July 2023, Wancheng Group underwent a management change, with founder Wang Jiankun stepping down as chairman and Wang Liqing taking over. Wang Jiankun's son, Wang Zenning, was appointed as the new general manager [2] Industry Summary - The snack retail sector is experiencing rapid growth, characterized by a "superior price-performance ratio" product positioning. The competitive landscape is dominated by a few strong players, with Wancheng Group's store count reaching 14,196 by the end of 2024 [3] - By June 30, 2025, Wancheng Group's store count increased by 1,169 to 15,365, while a competitor, Mingming Henbang, surpassed 20,000 stores [3] - Both Wancheng Group and Mingming Henbang are competing for the title of "first snack stock in Hong Kong," with Wancheng Group's IPO application indicating a strategic move to enhance brand recognition and industry position [3][4] - The industry is expected to transition into a phase of "refined operations," with a focus on supply chain efficiency and proprietary brands becoming key competitive factors [3][4]

Core Viewpoint - Wancheng Biotechnology Group Co., Ltd. is preparing to list on the Hong Kong Stock Exchange, aiming to establish an "A+H" listing structure after its previous listing on the Shenzhen Stock Exchange in April 2021 [2] Group 1: Company Overview - Wancheng Biotechnology was founded in 2011 and went public on the Shenzhen Stock Exchange in April 2021, focusing on the research, cultivation, and sales of edible fungi [7] - As of June 30, 2025, Wancheng Biotechnology has a network of 15,365 stores, primarily franchise stores, covering 29 provinces, municipalities, and autonomous regions in China [7] - The company reported a revenue of 22.58 billion RMB and a profit of 860.5 million RMB for the first half of 2025, compared to 10.92 billion RMB in revenue and 136.2 million RMB in profit in the same period of the previous year [11] Group 2: Recent Transactions - Wancheng Biotechnology announced an investment of 1.38 billion RMB to acquire a 49% stake in Nanjing Wanyou Commercial Management Co., Ltd., which operates in the bulk snack industry [3][4] - The acquisition is part of a strategy to strengthen the company's core team and ensure performance commitments from the transaction counterparties [5] Group 3: Financial Performance - The company achieved a revenue of 5.49 billion RMB in 2022, 9.29 billion RMB in 2023, and projected 32.33 billion RMB in 2024, with profits of 67.85 million RMB, -176.21 million RMB, and 610.91 million RMB respectively [9][10] - For the first half of 2025, the adjusted net profit was 922 million RMB, up from 238 million RMB in the same period of the previous year [12] Group 4: Management Changes - In July 2025, the former chairman Wang Jiankun was investigated, leading to Wang Lijing being appointed as the new chairman and Wang Zenning as the new general manager [18][19] - Wang Lijing has been with the company since 2011 and has held various leadership roles, while Wang Zenning joined in 2015 and has been promoted through the ranks [19]

Core Viewpoint - Wancheng Group is set to become the first A+H share listed company in the snack retail sector, having submitted its IPO application to the Hong Kong Stock Exchange, competing with its main rival, Mingming Hen Mang [2][9]. Group 1: Company Performance - Wancheng Group has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 million, -RMB 1.76 million, and RMB 6.11 million for the same years [3]. - The company's GMV saw a year-on-year increase of 282% from 2023 to 2024, with a significant rise in net profit of 50,358.8% year-on-year in the first half of 2025 [3][8]. - The snack and beverage retail business has become the core of Wancheng Group, contributing 98.9% to total revenue, while the original mushroom business has become negligible [4][6]. Group 2: Business Model and Strategy - Wancheng Group operates a model that eliminates middlemen through unified upstream procurement, allowing for greater profit margins and price advantages for downstream retailers [6][8]. - As of June 30, 2025, the company had a network of 15,365 stores, with 99.4% being franchise stores, which allows for significant market influence and direct procurement from manufacturers [6][8]. - The company does not charge franchise fees, only requiring a deposit and a one-time opening fee, which helps attract franchisees and ensures stable cash flow through a "payment upon delivery" model [8][11]. Group 3: Competitive Landscape - The snack retail industry is evolving into a "two super, many strong" structure, with Wancheng Group and Mingming Hen Mang as the leading players [9][10]. - In 2024, Wancheng Group's revenue was RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [10]. - Both companies are focusing on expanding their own brand products to enhance profit margins, with Wancheng Group's gross margin at 11.49% for the first half of 2025, compared to Mingming Hen Mang's 7.62% [11]. Group 4: Future Plans - Wancheng Group plans to use the funds raised from its IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [11].

文 | 壹览商业 蒙嘉怡 编辑 | 薛向 8月过去，多个零食品牌上市公司发布了2025年上半年业绩报告，来伊份转盈为亏，良品铺子的亏损进一步扩大，洽洽 食品的净利润同比下降超七成。 从成本看，2025年上半年，万辰集团营业成本200.07亿元，同比上涨104.84%；销售费用6.97亿元，同比增加104.84%； 管理费用、财务费用、所得税费用与研发投入均有不同程度的上涨。 从营收看，2025年上半年，万辰集团营收225.83亿元，同比增长106.89%。进一步拆解业务结构，量贩零食业务贡献了 223.45亿元营收，占集团总营收的98.95%，同比增长109.33%，成为业绩增长的绝对主力。 在老牌企业承压之际，2022年才进入量贩零食业务的万辰集团实现爆发式增长，营收225.83亿元，同比增长106.89%； 归属于上市公司股东的净利润为4.72亿元，同比增长50358.80%。 净利润暴涨500倍，万辰集团究竟做了什么？ 加盟商成摇钱树 净利润的暴涨无非两个原因：营收显著提升，或成本大幅压缩。 显然，万辰集团净利润的暴涨主要来自量贩零食业务的强劲增长。 而量贩零食业务的收入来源有三：批发供货（也即向加盟商 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a total revenue of 22.583 billion yuan for H1 2025, representing a year-on-year increase of 106.89%. The net profit attributable to shareholders was 472 million yuan, an increase of 471 million yuan year-on-year, while the net profit after deducting non-recurring items was 451 million yuan, marking a turnaround from losses [2][4] - The company's snack business continues to perform strongly, achieving a revenue of 22.345 billion yuan in H1 2025, up 109.33% year-on-year, with a net profit of 956 million yuan after adjusting for share-based payment expenses, resulting in a profit margin of 4.28% [4][9] - The company opened over 1,100 new stores in the first half of 2025, with a total of 15,365 snack stores by the end of June 2025. The net increase in stores was 1,169, with significant growth in the East China region [9] Financial Performance Summary - For Q2 2025, the company reported total revenue of 11.762 billion yuan, a year-on-year increase of 93.29%, with a net profit of 257 million yuan, also reflecting a turnaround from losses [2][4] - The gross profit margin for the snack business improved, with the net profit margin for H1 2025 increasing by 2.08 percentage points to 2.09%, and the gross margin rising by 0.89 percentage points to 11.41% [9] - The company forecasts net profits attributable to shareholders of 1.183 billion yuan, 1.725 billion yuan, and 2.138 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.30, 9.20, and 11.40 yuan [9][16]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company achieved significant revenue growth in the first half of 2025, with operating income reaching 22.58 billion yuan, a year-on-year increase of 106.89%, and a net profit attributable to shareholders of 472 million yuan, reflecting a remarkable growth of 50358.8% [3][4]. - The company's gross margin for the first half of 2025 was 11.41%, with a net profit margin of 2.09%, both showing improvements compared to the previous year [5][6]. - The company opened 1,468 new stores while closing 259, resulting in a total of 15,365 stores by the end of the period, indicating a stable expansion strategy [4][5]. Financial Performance - The company’s revenue projections for 2025-2027 have been adjusted to 51.10 billion, 61.08 billion, and 68.49 billion yuan, respectively, with expected year-on-year growth rates of 58.06%, 19.53%, and 12.13% [6][10]. - The net profit attributable to shareholders is forecasted to reach 1.12 billion, 1.52 billion, and 1.79 billion yuan for the same period, with growth rates of 281.2%, 35.43%, and 17.92% [10][11]. - The company’s operating efficiency is highlighted by a significant reduction in expense growth compared to revenue growth, leading to a net profit margin of 4.1% in the second quarter of 2025 [5][6].