"好想来"品牌零食母公司万辰集团已于9月23日向港交所递表申请上市。 量贩零食品牌的激进式拓店逻辑并不难理解。其商业模式的本质是砍掉中间商，从源头厂家直接进货， 再以低于商超、便利店的价格卖给消费者。据万辰集团招股书显示，其95%的产品直接采购自品牌厂 商，省去了中间多层流通环节，因此价格零售价格平均比大卖场、超市及便利店的同类产品低20%至 30%。 这家原本主营食用菌的企业，自2022年跨界进入量贩零食赛道。借助资本整合与门店版图的扩大，零食 零售业务的营收也从2022年的6656.9万元 激增至2024年的317.9亿元，增幅接近478倍。 过去三年，量贩零食赛道迅速升温，成为新消费领域最炙手可热的风口之一。"低价+量贩"的模式在下 沉市场疯狂复制，从县城、乡镇一路渗透到一线城市。万辰、鸣鸣很忙等头部玩家快速跑马圈地，动辄 万店规模，已形成双强争霸的格局。 万辰并非唯一冲刺资本市场的玩家。今年4 月，另一头部品牌 "鸣鸣很忙" 也已向港交所递交招股书。 作为赛道内最具竞争力的对手之一，"鸣鸣很忙"近年来同样保持着高歌猛进的扩张势头：截至2024年 底，其门店数突破1.4万家，营收规模也达到393.44亿 ...

又一平价零食巨头赴港上市。 作者 | 肖思佳 编辑 | 乔芊 零食品牌，红海激战 "好想来"品牌零食母公司万辰集团已于9月23日向港交所递表申请上市。 这家原本主营食用菌的企业，自 2022 年跨界进入量贩零食赛道 。 借助资本整合与门店版图的扩大 ， 零食零售业务的营收也从 2022 年的 6656.9 万 元 激增至 2024 年的 317.9 亿元，增幅接近 478 倍。 过去三年，量贩零食赛道迅速升温，成为新消费领域最炙手可热的风口之一。"低价+量贩"的模式在下沉市场疯狂复制，从县城、乡镇一路渗透到一线城 市。万辰、鸣鸣很忙等头部玩家快速跑马圈地，动辄万店规模，已形成双强争霸的格局。 万辰并非唯一冲刺资本市场的玩家。今年 4 月，另一头部品牌 "鸣鸣很忙" 也已向港交所递交招股书。作为赛道内最具竞争力的对手之一，"鸣鸣很 忙"近年来同样保持着高歌猛进的扩张势头：截至 2024 年底，其门店数突破 1.4 万家，营收规模也达到393.44亿元。另有消息称其门店数在2025年9 月已达到2万家。 随着两大巨头几乎同时谋求 IPO，资本力量或将成为决定行业格局的关键变量。 不过，薄利多销的模式同样隐含风险： ...

零食折扣店遍地开花，一年能新开几千家，门口饮料零食价格比超市电商还便宜，它们到底靠啥赚钱？ 有啥不为人知的套路？ ...

Core Insights - The article highlights the increasing attention from the capital market towards the snack retail industry in China, particularly focusing on the quality-price balance that consumers now prioritize [1] - Fujian Wancheng Group has submitted a listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual-platform financing structure, which will enhance its connection with international capital markets [1] - The company's business model, referred to as the "virtuous cycle flywheel," is a key driver behind its rapid growth and expansion [1] Group 1: Growth Strategy - Wancheng Group's growth strategy is centered around store expansion, with over 15,365 stores planned by June 30, 2025, strategically located in high-consumption areas and populous provinces [2] - The company has achieved a significant scale advantage through centralized procurement, with approximately 95% of products supplied directly by brand owners, reducing costs and reshaping the traditional retail supply chain [2][3] - The average product price is 20% to 30% lower than that of supermarkets and convenience stores, achieved without compromising quality, thus attracting consumers with the "good quality at low price" proposition [2] Group 2: Membership and Franchise Model - Wancheng Group has developed a robust membership system, boasting over 150 million registered members, with active members averaging 2.9 purchases per month, indicating strong customer loyalty [3] - The majority of Wancheng's stores operate on a franchise model, with over 99% being franchisee-owned, which fosters a mutually beneficial relationship between the company and its franchisees [3] - The company's revenue primarily comes from product sales to franchisees rather than franchise fees, ensuring that the success of franchisees directly impacts the company's profitability [3] Group 3: Technological Innovation - Wancheng Group has implemented a comprehensive digital system that enhances operational efficiency across all business processes, including order management, logistics, and member management [5] - The AI-driven site selection system significantly improves the success rate of new franchise locations by analyzing various data points, thus reducing the trial-and-error costs for franchisees [5][6] - The digital platform allows for real-time monitoring of store operations, enabling quick responses to issues and contributing to a low franchise closure rate of only 1.9% [6] Group 4: Financial Performance and Future Plans - Wancheng Group's total revenue surged from 549 million in 2022 to 32.329 billion in 2024, with a half-year revenue of 22.583 billion in 2025, indicating strong financial growth [6] - The adjusted net profit also increased, reaching 822 million in 2024 and 922 million in the first half of 2025, surpassing the previous year's total [6] - The upcoming Hong Kong listing aims to raise funds for expanding the store network, enhancing product variety, strengthening digital infrastructure, and promoting the brand, marking a strategic upgrade for the company [7]

Core Insights - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming for a main board listing [1] - The brand "Haoxianglai" under Wancheng Group is the top-ranked brand in China's snack and beverage retail sector, with over 10,000 stores [1] - The adjusted net profit for Wancheng Group is projected to reach RMB 820 million in 2024, a significant turnaround from a loss of RMB 28.1 million in 2023 [1] - In the first half of 2024, the group's revenue reached RMB 22.58 billion, marking a year-on-year increase of 106.9%, with adjusted net profit exceeding the total for the previous year at RMB 920 million [1] - The rapid growth in performance is attributed to the aggressive expansion of the sales network, with store numbers increasing from 4,560 at the end of 2023 to 15,355 in the first half of 2025 [1] Financial Performance - Wancheng Group's revenue for the first half of 2024 was RMB 22.58 billion, reflecting a 106.9% year-on-year growth [1] - The adjusted net profit for the first half of 2024 reached RMB 920 million, surpassing the total profit for the entire previous year [1] - The adjusted net profit forecast for 2024 is RMB 820 million, a recovery from a loss of RMB 28.1 million in 2023 [1] Expansion Strategy - The company plans to use the funds raised from the IPO to support store network and strategic expansion, including exploring overseas market opportunities [2] - Plans include introducing new products and expanding into other categories to diversify the product portfolio [2] - There will be an emphasis on enhancing digital capabilities and strengthening warehousing and logistics infrastructure [2]

招股书披露，万辰集团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 零售品牌第一，也是全国首个门店数量突破1万家的量贩零食品牌。 万辰集团相关负责人对中国证券报记者表示，此次赴港上市，万辰集团计划将募集资金用于进一步扩张和升级门店网络、持续丰富产品组合、提升仓储物 流效率及升级数字化基础设施等。万辰集团将继续巩固其在中国零食饮料零售行业的领导地位，并有望将其成功的"硬折扣"模式拓展至更广阔的快消品市 场。 积聚规模优势 零售价格突出"高质价比" 据招股书显示，万辰集团总收入从2023年的93.0亿元增长至2024年的323.3亿元，同比增长247.9%。2024年，万辰集团GMV达426亿元，较2023年同比增长 282%。盈利能力方面，万辰集团2024年经调整净利润为8.2亿元。2025年上半年，万辰集团收入225.8亿元，同比增长106.9%，经调整净利润9.2亿元。 万辰集团9月24日公告，公司已向港交所递交H股发行上市申请，拟在港交所主板挂牌上市。 优化零食消费体验 在选品规划上，万辰集团依托200余人的采购团队，结合自主研发的 ...

天眼查App显示，近日，永新县象形乡恰恰香零食店（个体工商户）成立，法定代表人为王伟，注册资 本10万人民币，经营范围为许可项目：烟草制品零售（依法须经批准的项目，经相关部门批准后在许可 有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）一般项 目：保健食品（预包装）销售，食品销售（仅销售预包装食品），玩具销售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The company reported a significant decline in sales across various business segments, with total sales amounting to 1,218,424,030.40 yuan, representing a year-on-year decrease of 23.93% [1][2] - The e-commerce segment saw sales of 405,393,693.59 yuan, down 27.04% year-on-year, with a gross margin of 23.70%, a decrease of 1.66 percentage points [1][2] - The franchise business generated sales of 345,713,717.45 yuan, down 31.87% year-on-year, with a gross margin of 10.78%, a decrease of 5.80 percentage points [1][2] Group 2 - The direct retail business reported sales of 347,911,521.36 yuan, a decrease of 19.65% year-on-year, with a gross margin of 24.04%, down 2.32 percentage points [1][2] - The group purchasing business achieved sales of 119,405,098.00 yuan, an increase of 12.84% year-on-year, with a gross margin of 24.04% [1][2] - The company plans to open new stores in various regions, including Guangdong, Henan, Hubei, Hunan, Shaanxi, Sichuan, and Tibet, with a total of 18 new stores expected to open in the third quarter of 2025 [1]

证券代码：603719 证券简称：良品铺子 公告编号：2025-037 良品铺子股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第四号 ——零售》相关要求，良品铺子股份有限公司（以下简称"公司"）现将 2025 年 第二季度门店变动情况及主要经营数据披露如下： 一、报告期内门店变动情况 详见附表 1。 | 地区 | 经营 | 门店 | 门店 | 直营门店 建筑面 | 预计开业 | 门店 | 门店 | 加盟门店 建筑面 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 业态 | 家数 | 来源 | 积（㎡） | 时间 | 家数 | 来源 | 积（㎡） | 预计开业 时间 | | 广东 省 | 零售 | / | / | / | / | 2 | 租赁 | 121.7 | 2025 年 第三季度 | | 河南 省 | 零售 | / ...

Core Insights - Wancheng Group has achieved significant growth, with a projected annual revenue of 32.329 billion yuan and a net profit increase of 453.95%, making its debut on the 2025 Fortune China 500 list [1] Financial Performance - In Q1 2025, Wancheng Group reported a revenue of 10.821 billion yuan, a year-on-year increase of 124.02%, and a net profit of 215 million yuan, up 3344.13% [3] - The bulk snack business contributed 10.688 billion yuan to revenue, with a net profit of 412 million yuan after excluding share-based payment expenses, reflecting a growth of 250.73% [3] Business Expansion - As of the end of Q1 2025, Wancheng Group has signed contracts for over 15,000 stores across 29 provinces, with the "Haoxianglai" brand alone surpassing 10,000 stores, becoming the first bulk snack brand in China to reach this milestone [3] - The company has established a robust supply chain with over 50 warehousing centers and a modern logistics network covering 900,000 square meters, enhancing delivery efficiency and inventory management [3] Brand Strategy - Wancheng Group is actively promoting brand youthfulness, having signed actor Tan Jianzi as the first brand ambassador for "Haoxianglai," which led to over 1 million topic shares on Weibo within 24 hours [4] - The introduction of popular IP collaborations, such as with Sanrio and Crayon Shin-chan, has resonated with younger consumers, significantly boosting sales and brand engagement [4] Future Outlook - Wancheng Group has a clear development path ahead, focusing on enhancing consumer experiences and continuing to deepen its market presence [6]