Core Viewpoint - Wancheng Group (SZ.300972) has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming for an "A+H" dual listing to enhance brand recognition and competitiveness [1] Group 1 - The company plans to issue H-shares and list on the mainboard of the Hong Kong Stock Exchange, with the specific issuance scale and timeline to be determined based on market conditions [1] - The company's bulk snack business has shown remarkable performance, achieving a revenue of 10.688 billion yuan in Q1 2025 [1] - After excluding share-based payment expenses, the company reported a net profit of 412 million yuan, indicating strong financial health [1] Group 2 - The company has been successful in areas such as refined membership operations across all channels, building its own brand product capabilities, and cross-industry marketing [1]

Core Insights - The snack retail industry is experiencing rapid expansion, with major brands like "Ming Ming Hen Mang" and "Hao Xiang Lai" leading the way through mergers and acquisitions, resulting in a significant increase in store numbers and revenue [1][3][4] - Despite the growth, franchisees face challenges with high initial investment and low profit margins, leading to concerns about the sustainability of the business model [1][9] - The competitive landscape is evolving, with smaller brands finding niches through localized strategies, while larger brands engage in price wars and aggressive expansion [11][14] Industry Overview - The snack retail market in China is projected to reach approximately 1,040 billion yuan in 2024, with a year-on-year growth of 28.6%, and is expected to exceed 1,500 billion yuan by 2027 [11] - Major players like "Ming Ming Hen Mang" and "Wan Chen Group" have reported substantial revenue growth, with "Ming Ming Hen Mang" achieving 393.44 billion yuan in revenue for 2024, a 282.15% increase [8][5] - The franchise model is predominant, with over 99% of "Ming Ming Hen Mang" stores being franchises, highlighting the reliance on franchisees for growth [8] Financial Performance - Wan Chen Group reported a revenue of 323.29 billion yuan for 2024, a 247.86% increase, with a net profit of 2.94 billion yuan, marking a return to profitability [5] - "Ming Ming Hen Mang" also saw a significant increase in net profit, reaching 8.34 billion yuan, a 288.67% rise [8] - Despite the growth in revenue, profit margins remain low, with "Ming Ming Hen Mang" maintaining a gross margin around 7.5% and a net profit margin of only 2.1% [10] Market Dynamics - The rapid expansion of snack retail stores has led to increased competition, with many small brands entering the market and adopting localized strategies to attract customers [11][14] - Franchisees are struggling with profitability, as the average monthly sales for franchise stores have dropped from 12,000 yuan to 8,000 yuan, making it difficult to cover operational costs [9] - The industry is witnessing a shift towards full-category transformation, with brands exploring new product lines such as fresh produce, which presents both opportunities and challenges [15][16]

Core Viewpoint - Wancheng Group plans to acquire the remaining 49% stake in Wanyou for a cash payment of 1.379 billion yuan, indicating steady operational progress [1] Group 1: Acquisition Details - The acquisition is based on performance commitments, with net profits for 2025-2027 not lower than 320 million, 330 million, and 350 million yuan respectively [1] - The estimated acquisition valuation corresponds to approximately 8.8 times price-to-earnings (PE) ratio based on the 2025 performance target [1] Group 2: Market Concerns and Opportunities - There are market concerns regarding the impact of same-store sales decline on opening space, but the decline is attributed to a significant number of new store openings planned for 2024 [1] - The overall investment recovery cycle for leading snack brands remains attractive for franchisees, suggesting continued opening opportunities [1] Group 3: Business Model and Competitive Advantage - The company is actively refining its cost-saving supermarket model, with discount formats in community settings experiencing significant growth [1] - Demand-driven development of discount formats is maturing, and Wancheng Group maintains a strong competitive advantage in community retail [1] - The acquisition of minority stakes is expected to enhance the parent company's profits [1] Group 4: Financial Projections - The company forecasts revenues, net profits, and net profits attributable to the parent company for 2025-2026 to be 5.27 billion, 1.90 billion, 990 million yuan and 6.56 billion, 2.64 billion, 1.43 billion yuan respectively [1]

交易方案：公司拟以13.79 亿元现金购买南京万优49%的股权，其中支付淮南盛裕（周鹏持股99%）股 权对价为12.69 亿元；淮南会想（杨俊100%持股）对价为1.1 亿元，交易完成后公司对南京万优的持股 从26.01%提升至75.01%。本次交易的附属条件为：①公司股东福建农开发、漳州金万辰、王泽宁、张 海国向淮南盛裕实控人周鹏转让上市公司5.27%的股份（989 万股），转让对价为128.3元/股(接近为8 月 11 日股价的80%），总价款为12.689 亿元，这部分转让股份的表决权委托给王泽宁行使，确保王泽宁 对公司的总控制权。②在资产购买协议签署后12 个月内，杨俊将以集中竞价、大宗交易等方式购买上 市公司股份，用于购买股份的总金额不低于本次交易中上市公司向淮南会想支付的交易对价。公司通过 股权绑定核心成员，展现长期发展信心。 交易估值：本次收购南京万优100%股权交易对价为28.15 亿元，南京万优2024 年的净利润2.46 亿元， 收购对应2024 年PE 为11.43倍；若以2025 年1-5 月净利润年化计算，收购对应2025 年PE 为8.29 倍。交 易包含业绩补偿承诺，南京万优承诺 ...

国内零食量贩门店：从高速开店迈向高质量增长 智通财经APP获悉，中国银河证券发布研报称，7月食品饮料指数迎来阶段性调整，尤其是前期涨幅较 多的饮料、零食板块调整幅度较明显，认为主要归因于资金风格切换与短期基本面预期有所调整。实际 上，饮料、零食等板块的中长期产业逻辑仍具有持续性，随着估值逐渐消化叠加Q4消费旺季来临，大 众品板块仍然具备诸多投资机会，建议重点关注：1)新品类与新渠道方向的成长性个股;2)需求相对稳定 与竞争格局改善的板块;3)关注Q4餐饮端需求修复对上游供应链基本面的提振。 中国银河证券主要观点如下： 近年来，国内零食量贩行业经历高速增长，以鸣鸣很忙、万辰集团二大头部品牌为代表的参与者，通过 极致性价比、加盟拓店模式实现市场快速渗透并达成万店规模。目前头部品牌基本完成全国化布 局，"跑马圈地"式扩张的第一增长曲线已经取得良好效果，未来增量空间需要开启"第二增长曲线"。参 考日本、欧美市场经验，该行认为零食量贩门店拓展第二增长曲线的路径包括：1)强化情绪+效率零售 定位;2)优化品类结构;3)大力发展自有品牌;4)海外市场拓展。 海外折扣零售巨头：第二增长曲线的路径梳理 堂吉诃德：过去二十余年营 ...

Core Viewpoint - The company plans to acquire 49% of Nanjing Wanyou Commercial Management Co., Ltd. for cash, enhancing its stake to approximately 75% post-acquisition, which is expected to positively impact its net profit in the coming years [1][2]. Group 1: Acquisition Details - The cash acquisition price is set at 1.379 billion yuan, with the company’s net profit projected to increase from 358 million yuan to 416 million yuan for the period of January to May 2025, resulting in an estimated valuation of around 10X PE [2]. - The performance commitment for Wanyou includes a minimum net profit of 320 million, 330 million, and 350 million yuan for the years 2025, 2026, and 2027 respectively, leading to a valuation of approximately 8.8X PE based on the 2025 target [2]. Group 2: Share Transfer and Team Incentives - A total of 9.89 million shares, representing 5.27% of the total share capital, will be transferred to core team member Zhou Peng at a price of 128.3 yuan per share, totaling approximately 1.269 billion yuan [3]. - Zhou Peng and his spouse will delegate voting rights of 12.29 million shares (6.55% of total shares) to the actual controller Wang Zenin after the transfer [3]. Group 3: Financial Performance and Projections - For the period of January to May 2025, the company achieved a revenue of 18.84 billion yuan and a net profit of 668 million yuan, with a net profit margin of 3.55% [4]. - The company expects the proportion of net profit attributable to the parent company to increase from 53.7% to 63.4% post-acquisition, representing an 18% increase [4]. - Revenue and net profit projections for 2025-2026 are estimated at 52.7 billion yuan and 1.9 billion yuan, and 65.6 billion yuan and 2.64 billion yuan respectively, maintaining a "buy" rating for the company [4].

Group 1 - The company plans to acquire a 49.00% stake in Nanjing Wanyou from Huainan Shengyu and Huainan Huixiang, increasing its direct and indirect ownership to 75.01% after the transaction [1] - Nanjing Wanyou is a core subsidiary of the company, with a strong brand presence in regions such as Anhui, Henan, Hebei, and Inner Mongolia, operating 3,212 stores by May 31, 2025 [1] - The acquisition aims to enhance asset integration, improve governance structure, and strengthen ties with the core founding team, thereby boosting long-term growth potential [1] Group 2 - The snack retail industry in China is experiencing rapid growth, with market size increasing from 4.08 billion to 70.67 billion from 2019 to 2023, reflecting a CAGR of 104% [2] - Wanchen, a leading player in the snack retail sector, has signed over 15,000 stores by March 2025, establishing a competitive advantage in East and North China [2] - The company is expected to benefit from improved cost control and reduced product loss rates, leading to a steady increase in gross margins and overall net profit margins [2] Group 3 - The company maintains revenue forecasts of 53.88 billion, 62.09 billion, and 66.59 billion for 2025-2027, with adjusted EPS estimates of 4.82, 6.97, and 8.09 for the same period [3] - The valuation corresponding to the closing price of 151.6 on August 13, 2025, is projected to be 31, 22, and 19 times for the years 2025-2027 [3]

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [4][7]. Core Insights - Wanchen Group (300972.SZ) has shifted its core business focus from edible fungi to snack wholesale, with the snack segment accounting for 98.33% of revenue by 2024 [4][38]. - The company has experienced significant growth in its snack wholesale business, with revenue reaching 31.79 billion yuan in 2024, reflecting an average annual growth rate of 66.6 times from 2023 to 2024 [7][41]. - The snack market in China is projected to maintain a growth rate of 6% to 8% over the next three years, with the market size expected to exceed 1.4 trillion yuan by 2026 [8][11]. Summary by Sections Company Overview - Wanchen Group, established in 2011, initially focused on edible fungi but has transitioned to snack wholesale, which now dominates its revenue structure [4][38]. - The company has expanded its snack wholesale operations through acquisitions, including brands like "Lixiaochan" and "Haoxianglai," achieving a nationwide presence with over 15,000 stores by 2024 [7][41]. Financial Performance - The company's revenue is projected to grow from 9.294 billion yuan in 2023 to 52.373 billion yuan in 2025, with a growth rate of 1592.03% in 2023 and 62% in 2025 [6]. - Net profit is expected to increase significantly, from a loss of 830 million yuan in 2023 to a profit of 837 million yuan in 2025 [6]. Market Dynamics - The snack market in China has surpassed 1 trillion yuan, driven by urbanization and innovation in products and channels [8][11]. - Snack wholesale stores are characterized by low gross margins but high return on equity, with Wanchen Group achieving a return on equity of 17.44% in Q1 2025 [7][54]. Business Model - The snack wholesale model focuses on high turnover and low margins, with a gross margin of 11.02% in Q1 2025, which is lower than other retail channels [49][54]. - The company employs a franchise model to expand its market presence, with a significant increase in the number of franchise stores from 4,726 in 2023 to 15,000 in Q1 2025 [72]. Investment Outlook - The company's stock price has increased significantly, with a cumulative rise of 1,159% from January 1, 2023, to August 13, 2025, reflecting a strong market performance [80]. - The report suggests that the company is well-positioned to replicate its successful wholesale model across other product categories in the future [7].

以2025 年一季度为例，公司的净利率（3.59%）仅次于百货（4.5%），而高于其它。房租、营销、管理 等各项费用率较低是保持较高净利率的主要原因。此外，公司的存货周转率、应收账款周转率以及总资 产周转率也高于其它渠道。 2022 年、2023 年先后收购"陆小馋"、"好想来"、"老婆大人"等，形成全国化布局。至2024 年，公司的 量贩门店突破1.5 万家，覆盖全国29 个省份；量贩营收达到317.9 亿元，2023 至2024 年营收年均增长 66.6 倍。 与百货、超市、综合电商以及专业连锁相比，零食量贩业态有着低毛利率、高净资产回报率的特征。以 2025 年一季度为例，公司的净资产回报率高达17.44%，而其它渠道的净资产回报率在0.3%至2%区间， 差异非常大。 在维持低毛利率的同时实现了较高的净资产回报率，其中的原因包括：量贩渠道有着较高的净利率和周 转率。在各零售渠道中，零食量贩的净利率水平较高： 投资要点： 万辰集团（300972.SZ）是一家成立于2011 年的福建省民营企业。公司的传统业务是食用菌的研发、工 厂化培育及市场销售领域，食用菌产品覆盖国内七大区域并出口东南亚和欧美。公司目前的 ...

Group 1 - The core viewpoint is that the bulk snack retail model, characterized by "vertical + thousands of stores" hard discount strategies, is fundamentally a business driven by traffic growth, benefiting from market upgrades and improved channel efficiency [1] - The total number of stores in the industry has rapidly expanded from 13,000 in January 2022 to over 40,000 currently, leading to an increase in the share of specialty store channels from 7.6% in 2019 to 11.2% in 2024, with the market size of the leisure food and beverage sector projected to reach 3.7 trillion [1] - The bulk retail format shows strong competitiveness in terms of payback period and capital efficiency compared to other retail formats, with a theoretical potential for approximately 86,000 stores nationwide based on various supply and demand parameters [1] Group 2 - The transition from vertical bulk retail to horizontal product expansion is seen as a challenging yet correct strategy, with discount supermarkets optimizing single-store models and expanding store space through refined operations and supply chain efficiencies [2] - The competitive landscape is becoming clearer with leading players in the bulk retail sector focusing on mergers and acquisitions, with distinct advantages in market distribution and operational efficiency between major players [3] - The profitability of leading bulk retailers is expected to improve in the short term due to reduced subsidies and scale efficiencies, while the development of private label brands is crucial for long-term growth and valuation enhancement [4]