万辰集团 20250824 摘要 万辰集团量贩零食业务 2024 年营收达 317.9 亿元，占总收入 98.3%， 门店数量 14,196 家，仅次于鸣鸣很忙，规模效应显著，但仍有较大下 沉和加密潜力，尤其在南方、东北及二线城市，并计划出海东南亚市场。 公司积极试水折扣超市转型，作为第二增长曲线，通过扩大经营面积和 增加非零食品类，如蛋挞、烤肠、日化个护等，满足消费者多品类需求， 提升同店效益，目前已优于传统社区商超和便利店业态。 公司通过收购四大区域型零食连锁品牌及整合自有品牌陆小馋，在量贩 零食渠道获得领先地位，同时自有原材料种植基地及规模化生产基地提 供强大的供应链支持，含羞草作为第四大临时供应商，年采购额达 5 亿 元。 公司通过核心高管持股和业务合伙人模式，充分调动团队积极性，创始 人家族及核心高管合计持股 58.1%，总经理王泽宁穿透持股 30.23%， 深度绑定有助于确保管理层与公司利益一致，提高运营效率。 东南亚零食市场复合年增长率（CAGR）高于中国，渠道重构为量贩零 食渗透率提升提供契机，中国上游零食企业积极探索东南亚供应链建设， 有助于降低运营成本，复制国内渠道竞争优势。 Q&A 万辰 ...

美团、京东最新动作。 8月5日，美团宣布，即日起，正式启动中小商户发展扶持计划，向中小商户发放助力金，支持更多餐饮小店实现稳定增长。预计到今年年底，美团助力金 将新增覆盖超10万家餐饮小店，单店助力金最高5万元。 京东则发力线下折扣超市。8月5日，证券时报记者从京东方面获悉，8月份京东将在江苏宿迁、河北涿州两地五店同开，落地京东折扣超市。与目前行业 内已有的小店型、SKU（最小存货单位 ）少的折扣超市不同，京东折扣超市依靠供应链优势，采取大店型、多SKU的运营模式，首个涿州京东折扣超市 门店面积达5000㎡，精选超5000款高性价比的民生商品，价格将普遍低于市场常规售价。 据介绍，京东折扣超市是国内首个大型折扣超市业态。早在一年前，京东华冠折扣超市就率先在北京进行了试点，分别在去年6月份和12月份在房山开出 两家门店，并提供线下选购与线上便捷下单的双重服务，消费者既可在门店直观感受商品即时提货，也可通过京东APP等线上秒送入口轻松下单。 京东折扣超市在开设的区域、门店面积、SKU数量、线下运营优势上与目前行业内已有的折扣超市均不相同，最核心的不同就是京东供应链上的优势，京 东高效的产地直采以及京东自有品牌，同 ...

8月5日，美团宣布，即日起，正式启动中小商户发展扶持计划，向中小商户发放助力金，支持更多餐饮小店实现稳定增长。预计到今年年底，美团助力金将新增覆 盖超10万家餐饮小店，单店助力金最高5万元。 美团、京东最新动作。 据介绍，京东折扣超市是国内首个大型折扣超市业态。早在一年前，京东华冠折扣超市就率先在北京进行了试点，分别在去年6月份和12月份在房山开出两家门 店，并提供线下选购与线上便捷下单的双重服务，消费者既可在门店直观感受商品即时提货，也可通过京东APP等线上秒送入口轻松下单。 8月1日，美团、饿了么、京东三大外卖平台纷纷发布公告，共同抵制"内卷"式竞争，共同维护行业健康生态。 从三家表态来看，其共同点都是指向规范补贴行为、反对内卷、提升服务质量等内容，而这些内容与此前的监管要求基本一致。 在前不久的7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务法》《中华人民共和国反不正 当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主体责任，进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖骑手和平台 企业等多方共赢的良好生态，促进餐饮 ...

作为盒马旗下售卖盒马自营产品的社区折扣店品牌，盒马NB从2021年7月首家店开业以来，四年时间里，已经在上海、浙江、江苏开出了超过200家门 店。盒马NB是盒马扩张的一大方向，而线下硬折扣超市这一业态，正在被各路玩家盯上。 （蔡淑敏摄） 8月5日，记者从京东方面获悉，8月份将在江苏宿迁、河北涿州两地共开出5家京东折扣超市，其中首家京东折扣超市落地河北涿州，将在8月16日开业。 在此之前，京东旗下华冠折扣超市已经在北京进行了试点，分别在去年6月份和12月份在房山开出两家门店，华冠超市是北京房山区的连锁超市，于2021 年股权变更为京东全资控股。 与盒马NB集中在华东地区不同，京东折扣超市率先从北方城市开始。另外，京东折扣超市在门店面积、SKU数量、线下运营优势上与目前行业内已有的 折扣超市均不相同，首个涿州京东折扣超市号称"国内首个大型折扣超市业态"，门店面积达5000㎡，精选超5000款高性价比的民生商品。 最核心的不同在于京东创始人刘强东此前所强调的"供应链"，京东折扣超市将通过京东产地直采以及京东自有品牌，同时布局下沉市场，聚焦大众消费， 店内商品价格普遍低于市场常规售价。 8月5日，"盒马告别会员店"的 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is considered the purest player in the hard discount sector and is the only listed company in the bulk snack market, possessing scale, first-mover, and management advantages. The company has over 15,000 stores, strong bargaining power in the supply chain, and potential for improved net profit margins as subsidy costs decrease. Additionally, the bulk snack stores effectively meet the consumption needs of lower-tier markets, allowing for continuous category expansion and significant growth potential [2][3][4]. Financial Forecast and Valuation - The revenue forecasts for 2025-2027 are 540 billion, 643 billion, and 734 billion yuan, respectively, with net profits of 9.36 billion, 12.92 billion, and 16.02 billion yuan, reflecting growth rates of 219%, 38%, and 24%. The current stock price corresponds to a PE ratio of 33 and 24 for 2025 and 2026, respectively, indicating substantial room for market capitalization growth due to the company's rarity and growth potential [3][4]. Category Expansion - The company is transitioning from a "snack+" model to a "discount supermarket" model, driven by the need to address the challenges of scale inefficiency and low-price competition in the retail sector. The bulk snack channel has become a significant player in the snack category, with expectations of revenue exceeding 500 billion yuan by 2025. The industry is moving towards a dual oligopoly competition structure, where leading companies have a competitive edge due to their scale and first-mover advantages [12][13][14]. Consumer Demand and Market Position - The bulk snack channel meets consumer demands for "more, faster, better, and cheaper," with a typical customer price point of 20-30 yuan. The channel's products are priced at 70-80% of those in other channels, making it an attractive option for consumers. The company aims to leverage its scale and bargaining power to capture market share in lower-tier cities [15][16][20]. Store Experience and Product Offering - The company's stores are designed to enhance consumer experience, featuring clear product area divisions and engaging layouts that encourage deeper exploration of the store. The introduction of diverse product categories, including fresh food, baked goods, and toys, aims to create a one-stop shopping experience that meets various consumer needs [63][68][70].

Core Viewpoint - The company is experiencing strong operational performance with significant revenue and profit growth, and is well-positioned to expand its discount supermarket presence, leveraging its scale advantages in the snack retail sector [1][2]. Group 1: Financial Performance - In Q1, the company achieved a revenue of 10.821 billion yuan, representing a year-on-year increase of 124.02% [1] - The net profit attributable to shareholders was 215 million yuan, a staggering year-on-year increase of 3,344.13% [1] - The net profit from the snack retail business, after excluding share-based payment expenses, was 412 million yuan, with a net profit margin of 3.85%, up by 1.36 percentage points year-on-year [1] Group 2: Expansion and Market Position - Q2 and Q3 are expected to be peak seasons for store openings, indicating a potential acceleration in expansion [1] - The company has launched an employee stock incentive plan to enhance employee motivation, which may further support growth [1] - The number of discount supermarkets has been increasing since the end of last year, with both snack retail enterprises and regional brands transforming traditional supermarkets into discount formats [1] Group 3: Future Projections - The company is projected to maintain high revenue growth, with expected revenues of 55.132 billion, 67.039 billion, and 79.289 billion yuan for 2025-2027, reflecting year-on-year growth rates of 70.53%, 21.60%, and 18.27% respectively [2] - The net profit attributable to shareholders is expected to reach 734 million, 984 million, and 1.196 billion yuan for the same period, with year-on-year growth rates of 149.95%, 34.10%, and 21.61% respectively [2] - The company is anticipated to benefit from scale effects, leading to continuous improvement in profitability [2]

Core Viewpoint - The article discusses the rise of discount supermarkets like "万客来" and their impact on urban retail, highlighting their unique business strategies that attract a diverse customer base and generate high foot traffic. Group 1: Market Presence and Growth - Discount supermarkets like 万客来 have rapidly expanded across major cities in China, including Beijing, with stores often spanning thousands of square meters and attracting large crowds, especially on weekends [4][18][20]. - These stores have become local favorites, with 万客来 opening in 20 provinces and 潮衣库 reportedly generating nearly 10 billion in annual sales [4][5]. Group 2: Business Model and Customer Engagement - The business model of these discount supermarkets focuses on low prices and high volume, with products often displayed in a chaotic manner to create a sense of urgency and excitement among shoppers [11][12][27]. - Strategies such as offering free shopping bags and hosting promotional events help attract customers and encourage repeat visits, effectively turning these stores into community hubs [32][33][50]. Group 3: Consumer Trends and Preferences - There is a noticeable shift among younger consumers away from brand loyalty towards value-driven purchases, with many willing to buy non-branded or lower-cost items as long as they meet basic quality standards [41][43][47]. - The article emphasizes that the success of these discount stores is not solely based on low prices but also on providing a satisfactory shopping experience and customer service, including return policies and alterations [52][53][54].