接班潮。 作者 I 吴琼 报道 I 投资界PEdaily 又一位二代走到台前。 近日，A股上市公司万辰集团发布公告，公司董事长王健坤提交书面辞职报告，不再担 任公司第四届董事会董事长职务，由原总经理王丽卿担任董事长。同时，一位年轻身影 出现——王泽宁出任总经理。 1 9 93年出生的王泽宁，正是万辰集团创始人王健坤之子。2022年，王健坤带领公司转型 进 入 量 贩 零 食 赛 道 ， 如 今 开 遍 大 街 小 巷 的 " 好 想 来 " ， 便 是 万 辰 集 团 旗 下 品 牌 。 靠 着 1 5 000家零食店，万辰集团最新市值超300亿元。 历练多年，这位9 0后二代来到权力中心。 32岁，他开始接班 出任总经理 出生于199 3年，王泽宁早已深入家族企业。 根据万辰集团此前招股书，可大致梳理出王泽宁的职业脉络——2015年，王泽宁、王丽 卿、陈文柱签订《一致行动协议》，形成对公司的共同控制关系。也就是说，早在十年 前王泽宁便开始进入接班之路。 万辰集团的故事，源于父辈王健坤与母亲林该春的创业。 出生于福建漳州，2011年王健坤在家乡创办含羞草生物，即万辰集团前身，主要产品是 金 针 菇 、 真 姬 ...

Group 1 - Wang Jiankun, the founder and former chairman of Wancheng Group, resigned from his positions due to personal reasons, effective immediately [2] - Wang Liqing, the current director and general manager, has been elected as the new chairman, while Wang Zeneng, the former deputy general manager, has taken over as general manager [2] - Wancheng Group was previously under investigation, but the measures against Wang Jiankun have been lifted, allowing him to resume his duties [2][3] Group 2 - Wancheng Group, founded in 2011, initially focused on edible fungi and entered the snack market in August 2022 with the launch of the "Lvxiaochan" brand [3] - The company has rapidly expanded its snack business through joint ventures and acquisitions, rebranding several acquired brands under "Haoxianglai" [3] - As of the end of 2024, Wancheng Group is one of the leading companies in the snack industry, with 14,196 stores, and has reported significant revenue growth [4] Group 3 - In 2024, Wancheng Group achieved a revenue of 32.33 billion yuan, a year-on-year increase of 247.86%, and a net profit of 294 million yuan, up 453.95% [4] - In the first quarter of this year, the company's revenue grew by 124.02% to 10.82 billion yuan, with net profit soaring by 3344.13% to 215 million yuan [4]

Group 1 - The chairman of Wancheng Group, Wang Jiankun, has submitted his resignation due to personal energy allocation reasons, effective immediately upon delivery to the board [1][2] - Wang Liqing has been elected as the new chairman of the fourth board of directors, while Wang Zenning has been appointed as the general manager [1][2] - The board has stated that the management change is a normal transition and will not impact the company's business operations [2] Group 2 - Prior to his resignation, Wang Jiankun was subject to an investigation by a national supervisory committee, but the matters were unrelated to the company [2] - Wang Jiankun's detention was lifted, allowing him to resume his duties before his resignation [2] - Wang Liqing and Wang Zenning have familial ties to Wang Jiankun, with Wang Liqing being his sister and Wang Zenning being his niece [2]

Group 1 - The core viewpoint of the news is the significant management changes at Wancheng Group, with Wang Jiankun resigning as chairman and Wang Liqing taking over, while Wang Zenning becomes the CEO, indicating a shift towards a younger management team that understands consumer trends [1] - The company is actively embracing the trend of youth consumption, particularly in its bulk snack business, and has partnered with the IP of the movie "Nezha 2" to launch popular products like blind boxes priced at 8.8 yuan, which have quickly sold out [3] - Wancheng Group has signed actor Tan Jianzi as its first brand ambassador, leading to a strong response from consumers, with a nearly 70% increase in average transaction value on the first day of the ambassador's announcement [5] Group 2 - The company's financial performance has significantly improved, with a reported revenue of 10.821 billion yuan for Q1 2025, representing a year-on-year growth of 124.02%, and a net profit of 215 million yuan, up 3344.13% [7] - The bulk snack business has shown strong growth, achieving revenues of 10.688 billion yuan, a 127.65% increase year-on-year, and a net profit of 412 million yuan, reflecting a 250.73% growth [7] - With the continued focus on youth-oriented strategies and management, Wancheng Group is expected to further innovate and enhance its retail business performance [7]

Core Viewpoint - The company is positioned as the purest player in the hard discount sector, being the second-largest listed company in the bulk snack industry, with strong scale effects and bargaining power, indicating promising growth potential through store expansion and category diversification [1][4]. Industry Trends - The offline retail sector is undergoing significant transformation, with the expansion of bulk snack categories being a necessary choice for industry development. The industry has entered a duopoly competition landscape, making it difficult for new entrants to disrupt the competitive dynamics [2]. - The bulk snack category features high gross margins and impulsive consumer behavior, with average transaction values typically ranging from 20 to 30 yuan, making it challenging to exceed 100 yuan [2]. - The discount retail format currently accounts for only about 4% of the market in China, compared to over 40% in Europe and more than 20% in the U.S., indicating substantial room for growth [2]. Company Strategy - The company plans to expand into categories such as trendy toys, frozen products, baked goods, and marinated foods, which are expected to become important growth directions. The strategy includes enhancing consumer stickiness through a "high-frequency drives low-frequency" approach and addressing management challenges associated with high-frequency categories [2][3]. - The company aims to launch the "Trendy Toy 630 Plan" to broaden its trendy toy product pool and upgrade the display of trendy toy shelves, focusing on high efficiency and differentiated offerings [3]. Financial Projections - Revenue forecasts for 2025-2027 are set at 54 billion, 64.3 billion, and 73.4 billion yuan, with net profits of 936 million, 1.292 billion, and 1.602 billion yuan, reflecting growth rates of 219%, 38%, and 24% respectively. The current stock price corresponds to a PE ratio of 33 and 24 for 2025 and 2026, respectively, suggesting significant potential for market capitalization growth [5]. Investment Recommendations - The company is recognized for its scale, first-mover advantage, and management capabilities, with over 15,000 stores enhancing its bargaining power within the supply chain. As subsidy expenses decrease, there is potential for net profit margin improvement [4].

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].

Group 1 - The incident involving a store employee kneeling to apologize to a customer at "Haoxianglai" has sparked significant social media attention, highlighting issues of customer service and employee treatment in the retail sector [1] - The parent company, Wancheng Group, emphasized the importance of employee rights and dignity, stating that they will provide psychological support and training to improve communication between employees and customers [2][3] - Wancheng Group reported having over 15,000 signed stores as of the first quarter of this year, with the "Haoxianglai" brand alone exceeding 10,000 stores, indicating a large workforce of at least 30,000 employees across its retail outlets [2] Group 2 - The company has a structured training program for employees, including onboarding for new hires and regular training for existing staff, to ensure consistent service quality across all stores [3] - The rise of incidents where employees are pressured to kneel or apologize excessively reflects broader issues in the retail and service industries, where frontline workers face high-pressure situations and emotional attacks from customers [4] - Experts suggest that companies should establish crisis management protocols and enhance training for employees to handle such situations, which would not only improve management capabilities but also reflect the company's values and sense of responsibility [4]

Core Viewpoint - The incident involving a "Good Want to Come" employee kneeling to apologize to a customer has sparked widespread controversy, highlighting the challenges faced by the rapidly expanding snack brand and its parent company, Wancheng Group [2][3][4] Company Overview - "Good Want to Come" is a newly emerging snack brand acquired by Wancheng Group in 2022, which has integrated it with other leading regional brands to revolutionize the bulk snack industry [2][6] - As of March 2025, "Good Want to Come" is expected to have over 10,000 operational stores and more than 15,000 signed stores across 29 provinces and cities in China [2][6] Financial Performance - Wancheng Group has experienced significant growth, with a projected net profit of nearly 300 million yuan in 2024, representing a year-on-year increase of over 400% [2][8] - In the first quarter of this year, the company reported a profit exceeding 200 million yuan, a staggering year-on-year growth of 33 times [2][8] - The company's stock price has doubled since the beginning of the year, with the share price reaching 164.64 yuan as of July 8 [9][10] Expansion Strategy - Wancheng Group's rapid expansion has been marked by a series of acquisitions, including "Good Want to Come" and other snack brands, positioning it as a leading player in the bulk snack market [7][8] - The company has transitioned from a storage-style direct sales model to a brand-oriented operation, leveraging a partnership model and franchise opportunities to accelerate growth [6][8] Governance and Compliance Issues - Despite its rapid growth, Wancheng Group faces challenges in governance and product quality control, as evidenced by multiple negative incidents and regulatory penalties for operational violations [5][6] - The company's asset-liability ratio has risen to a high level, reaching 72.74% as of the end of the first quarter, indicating potential financial strain compared to industry peers [11]

Core Viewpoint - The company "好想来" is facing public scrutiny due to service-related incidents, raising concerns about its rapid expansion and management capabilities [1][3][6]. Group 1: Service Issues and Public Response - A recent incident involved a cashier kneeling to apologize to a customer over a perceived queue-jumping issue, which sparked online controversy [1][3]. - This is the second service-related incident in four months, with the company responding by emphasizing the need for enhanced employee training [1][3]. - The company has faced previous allegations regarding poor service, leading to public apologies and promises to improve staff training and customer feedback mechanisms [3][4]. Group 2: Business Expansion and Franchise Model - "好想来" operates under a low-cost franchise model, attracting numerous franchisees with no initial fees and a guarantee deposit of 20,000 yuan [4]. - As of March 2025, the company has over 10,000 stores, indicating significant growth in the snack retail sector [4][8]. - However, the rapid expansion raises concerns about the quality of franchisees and the potential impact on brand image and operational efficiency [4][6]. Group 3: Financial Performance - In 2023, the company reported revenue of 92.94 billion yuan, a staggering increase of 1592.03% year-on-year, with the snack business contributing 87.59 billion yuan [6][7]. - Despite the revenue surge, the company recorded a net loss of 0.83 billion yuan, a decline of 273.72% compared to the previous year [6][7]. - The financial situation improved in 2024, with revenue reaching 323.3 billion yuan and a net profit of 2.94 billion yuan, marking a significant turnaround [7][8]. Group 4: Operational Challenges - The company’s rapid growth has led to operational challenges, including a low gross margin of 10.76%, significantly below the industry average of 20.35% [8]. - Increased operational costs were noted, with sales expenses rising by 229.8% to 14.31 billion yuan in 2024 [7][8]. - Experts suggest that the company needs to balance expansion with quality management to sustain long-term growth and profitability [8].

Core Viewpoint - The innovative model of "member points assistance + brand donation" by the snack brand "Good Idea" aims to support the nutritional needs of rural children, redefining the social value of snack brands through deep integration of business and public welfare [1][3]. Group 1: Innovative Model - "Good Idea" collaborates with Tencent Charity to create a bridge between consumers and rural children by allowing members to donate points earned from purchases, which are then converted into cash donations for nutritional meals [3]. - The first phase of the "Love Meal Assistance" program sets a limit of 350 points per person, with users voluntarily choosing the amount of points to contribute, demonstrating respect for consumer choice in the charitable process [3]. Group 2: Market Impact - The introduction of the "points assistance" project has not only enhanced the brand's reputation in public welfare but also significantly increased member loyalty and strong alignment with the brand's values [3]. - While competitors focus on price competition, "Good Idea" emphasizes social responsibility, thereby extending its influence and establishing a deeper connection with consumers [3]. Group 3: Future Plans - "Good Idea" is planning more public welfare initiatives aimed at integrating charity into everyday consumption, with the goal of making public welfare a core aspect of the brand's identity [5]. - The ultimate significance of the "points public welfare" project is to provide immediate nutritional support to children while fostering a long-term culture of kindness and social responsibility [5].