9月23日，中国领先且增长最快的零食饮料零售企业 万辰集团 ，正式向香港联合交易所递交主板上市申请，开启 资本市场新征程。作为量贩零食赛道的标杆企业，万辰集团凭借独特商业模式与高效运营体系，已在行业内树立 稳固领先地位，其核心品牌"好想来"的表现同样亮眼。 在规模及区域布局上，万辰集团展现出强劲竞争力。截至2025年6月30日，集团在全国29个省份拥有超过15,000家 门店，形成了广泛覆盖与核心区域深度渗透的门店网络。在 长三角 及"山河四省"等高消费潜力、人口密集的核心 市场，确立了领先地位。用户基础方面，万辰集团的会员体系已成为增长"压舱石"。截至2025年8月31日，集团累 计注册会员超1.5亿人，其中活跃会员超1.1亿人。凭借全国超1.5万家门店和超1.5亿会员的数据，万辰集团能精准 识别高潜力品类、捕捉产品流行趋势，并分析区域性的消费偏好差异。从而为新品引进、SKU汰换和品类结构优 化提供了强大的数据支持，显著提升了新品上市的成功率。 在消费市场变革浪潮中，万辰集团的财务数据更显爆发力。据招股书显示，2023年至2024年，集团总收入从93.0 亿元飙升至323.3亿元，同比增幅高达247.9%； ...

据大象君了解，近期，"好想来" 品牌零食母公司福建万辰生物科技集团股份有限公司（下称"万辰集 团"），正式向香港联合交易所递交上市申请，拟在主板挂牌上市。 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。 若成功登陆港股，万辰集团有望成为"量贩零食港股第一股"。 跨界零食布局之路 2011年，万辰集团在 "沃尔玛供应商" 王健坤及家族的一手缔造下正式成立，最初以菌类供应作为核心 主营业务。凭借对品质的严格把控和稳定的供应能力，万辰集团成功成为沃尔玛的蘑菇供应商，这一合 作不仅为公司打开了广阔的市场通道，更让其在菌类供应领域迅速积累起良好的口碑与知名度，一度因 优质的蘑菇供应业务名声大噪。 在随后的十年间，万辰集团深耕菌类赛道，不断优化供应链体系、提 升产品竞争力，逐步成长为行业内颇具影响力的菌类供应企业，为后续的发展奠定了坚实的基础。 2021年，万辰集团迎来发展历程中的重要里程碑——凭借在食用菌业务领域的深厚积淀，以"食 ...

Core Viewpoint - The article highlights the strong growth momentum in the snack retail sector, particularly focusing on the rapid expansion and success of the discount snack chain model in China, exemplified by Wancheng Group's recent developments and market positioning [1][30]. Group 1: Market Performance - During the recent National Day holiday combined with the Mid-Autumn Festival, there were 888 million domestic trips made, with total spending reaching 809 billion yuan [4]. - The snack retail market has experienced a compound annual growth rate (CAGR) of 77.9% over the past five years, with expectations for the market size to reach 613.7 billion yuan by 2029, growing at a projected CAGR of 36.5% from 2024 to 2029 [30]. Group 2: Company Overview - Wancheng Group, originally focused on edible fungi, has rapidly expanded into the discount snack retail sector since 2022, operating brands such as "Haoxianglai" and "Wife's Brand" [8][10]. - The company plans to raise funds through its recent listing application on the Hong Kong Stock Exchange to support store expansion, product diversification, and digital upgrades [7]. Group 3: Financial Performance - Wancheng Group's revenue is projected to grow from 9.29 billion yuan in 2023 to 32.33 billion yuan in 2024, with a 106.9% year-on-year increase expected in the first half of 2025 [11][28]. - The snack retail business accounted for 98.9% of the company's revenue in the first half of 2025, with net profit for the snack segment increasing by 241% year-on-year to 956 million yuan [13][15]. Group 4: Competitive Positioning - Wancheng Group has established itself as a leading player in the snack retail market, with "Haoxianglai" achieving a market share of 28.2% in 2024, making it the top brand in the sector [16][17]. - The company has a significant presence in lower-tier cities, with approximately 80% of its stores located in second-tier and below cities, capitalizing on the growing purchasing power in these markets [33]. Group 5: Supply Chain Efficiency - The company benefits from a highly efficient supply chain, with a direct procurement rate of 95%, allowing for cost leadership and improved profitability [21][22]. - The average order fulfillment rate for the "Haoxianglai" brand exceeds 99%, significantly higher than the industry average of 90%-95% [22]. Group 6: Brand Strategy - Wancheng Group has launched two private label series under the "Haoxianglai" brand, focusing on value and quality, which have seen strong sales growth [38]. - The company is enhancing its brand positioning and competitiveness through the introduction of private label products, which offer higher profit margins and attract consumers [38].

Core Viewpoint - The article discusses the transformation and growth of Wancheng Group under the leadership of the second-generation CEO Wang Zenning, highlighting the company's strategic shift from edible fungi to the snack retail market, and its ambitious plans for an IPO and expansion in the competitive landscape of China's snack industry [4][5][6]. Company Overview - Wancheng Group, founded in 2011, initially focused on edible fungi and became the first publicly listed company in this sector in 2021. The company has since pivoted towards the rapidly growing snack retail market, driven by the rising popularity of value-for-money snacks [6][10]. - The company has undergone significant changes, including the appointment of Wang Zenning, a 90s-born CEO with overseas education, who has been instrumental in modernizing the company's approach and expanding its market presence [4][8]. Business Strategy and Growth - Wancheng Group's entry into the snack market began with the acquisition of assets from "Snack Workshop" and the launch of the "Liu Xiaochan" brand in 2022. The company has since formed partnerships with major snack brands, rapidly establishing itself in the market [6][10]. - By 2023, Wancheng Group had acquired several snack brands and consolidated them under the "Haoxianglai" brand, leading to a significant increase in store count, reaching over 14,000 by the end of 2024 [7][10]. Financial Performance - The company's revenue has seen dramatic growth, with total revenue increasing from 549 million RMB in 2022 to 3.23 billion RMB in 2024, largely driven by the snack retail business [14]. - The revenue composition has shifted significantly, with snack retail revenue rising from 12.1% in 2022 to 98.9% in the first half of 2025, while edible fungi revenue plummeted from 87.9% to just 1.1% in the same period [12][14]. Market Position - Wancheng Group is now the only A-share listed company in China's snack retail sector, positioning itself as a key player in the market with a focus on franchise expansion, which accounts for over 99% of its stores [10][15]. - The company has strategically increased its presence in lower-tier cities, reflecting a growing trend of market penetration beyond first and second-tier cities [15]. Leadership and Future Outlook - Wang Zenning's leadership marks a generational shift in the company, with a focus on innovation and adapting to consumer trends, particularly among younger demographics [8][20]. - The article suggests that the new generation of leaders in family businesses, like Wang Zenning, are more open to modern business practices and capital operations, which could lead to further growth and transformation in the industry [19][20].

Core Insights - Wancheng Group has submitted its listing application to the Hong Kong Stock Exchange, aiming for a main board listing as a leading and fastest-growing snack and beverage retail enterprise in China [1][3] - The company's growth is driven by a multi-faceted business flywheel consisting of five key elements, with digitalization, consumer insights, and efficient operations as the three main pillars [1][3] Business Flywheel - The operational logic of Wancheng Group's business flywheel is clear and closed-loop, starting with store network expansion, which lays the foundation for large-scale procurement and enhances bargaining power with upstream suppliers [3] - The strong bargaining power and efficient direct procurement model allow the company to offer "high-quality and cost-effective" products, passing cost advantages directly to consumers [3] - Affordable products and a superior shopping experience attract more users to become members, creating a large and loyal consumer base [3] - The strong brand power and stable single-store profitability attract more quality franchise partners, further driving store network expansion and creating a self-reinforcing growth cycle [3] Competitive Advantages - Wancheng Group has built a difficult-to-replicate core moat through the extreme integration of scale and efficiency [3] - As of June 30, 2025, the company has over 15,000 stores covering 29 provinces in China, establishing a widely covered and deeply penetrated store network [3] - The company's digital capabilities span the entire business chain, with a self-developed AI site selection system that integrates various data dimensions to accurately recommend store locations and predict sales, enhancing new store success rates [3] Supply Chain Efficiency - Supply chain efficiency is a key strength for Wancheng Group, achieving approximately 95% of products sourced directly from brand manufacturers, significantly reducing costs [5] - The company has streamlined the distribution process, with 51 ambient warehouses and 13 cold chain warehouses nationwide, utilizing AGV automated sorting technology and a smart transportation management system (TMS) to achieve "T+1" store replenishment, minimizing stock-out risks [5] Future Plans - The upcoming listing is a significant milestone for Wancheng Group after years of deepening its presence in the snack and beverage retail sector, marking a crucial step in transforming existing advantages into long-term growth momentum [5] - The company plans to use the raised funds for store network expansion and upgrades, product portfolio enrichment, improvement of warehousing and logistics efficiency, and upgrading digital infrastructure [5]

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - The competition for the first snack stock on the Hong Kong Stock Exchange is intensifying, with Fujian Wancheng Biotechnology Group Co., Ltd. submitting its listing application following the earlier submission by the parent company of the "Zhao Yiming" brand [1] Group 1: Company Overview - Wancheng Group, established in 2011, initially focused on the cultivation of edible mushrooms and successfully listed on the Shenzhen Stock Exchange in April 2021 [4] - The company has transitioned its main business focus to snack and beverage retail, with revenue contributions of 94.2% and 98.3% for 2023 and 2024, respectively [1] - The "Good Idea" brand operates 15,365 snack and beverage stores across 29 provinces and regions in China, with over 99% being franchise stores [1] Group 2: Financial Performance - As of June 2023, Wancheng Group's total liabilities exceeded 5 billion yuan, with interest-bearing loans over 930 million yuan and trade payables exceeding 1.5 billion yuan [5] - The company's asset-liability ratio stands at 68.95%, and sales expenses have increased by 41.86% year-on-year [5] Group 3: Market Outlook - The retail scale of the snack and beverage market is projected to reach 613.7 billion yuan by 2029, accounting for 11.4% of the overall market [1] - Wancheng Group plans to continue consolidating its competitive advantage in the Chinese snack and beverage retail industry and expand its successful "hard discount" business model into broader fast-moving consumer goods markets [7] Group 4: Management Changes - Recent management changes include the resignation of the former chairman and the appointment of Wang Lijing as the new chairman, with Wang Zeneng, the son of the former chairman, taking over as general manager [6] - The company primarily relies on a franchise model for expansion, which poses risks related to the performance of franchise stores and the ability to maintain and attract new franchisees [6]

Core Viewpoint - The competition for the first snack stock on the Hong Kong Stock Exchange is intensifying, with Wanchen Group entering the market after its successful transformation from a mushroom producer to a leading discount snack retailer [1][10]. Company Overview - Wanchen Group, established in 2011, initially focused on the research, cultivation, and sales of edible mushrooms, particularly enoki mushrooms. It became the "mushroom first stock" after listing on the ChiNext in 2021 [1]. - The company has expanded into the discount snack store sector, merging with brands like "Liu Xiaocan" and "Lai Youpin" to form the new Wanchen Food Group, significantly altering the industry landscape [1][9]. Market Position - Wanchen Group holds a leading position in China's snack and beverage market, with its brand "Hao Xiang Lai" being the first discount snack brand in China to exceed 10,000 stores [2]. - The company has achieved rapid growth, with revenue projections for 2022, 2023, and 2024 at RMB 5.49 billion, RMB 92.94 billion, and RMB 323.29 billion, respectively, reflecting year-on-year growth rates of 1592.9% and 247.8% [2][3]. Store Network and Membership - As of June 30, 2025, Wanchen Group's store network has surpassed 15,000 locations across 29 provinces and municipalities in China, with over 1.5 million registered members [3]. - The company reported an average monthly active member spending frequency of 2.9 times as of August 2025 [3]. Competitive Advantages - Wanchen Group emphasizes both scale and efficiency, sourcing approximately 95% of its products directly from brand manufacturers, which allows for competitive pricing—20-30% lower than similar products in supermarkets [5]. - The product range includes 12 core categories, with over 4,000 SKUs selected from a vast inventory, ensuring a diverse offering that meets consumer demand [6]. Industry Growth Potential - The snack and beverage industry is projected to reach RMB 4 trillion by 2024, with discount snack retail expected to grow at a compound annual growth rate of 36.5% from 2024 to 2029 [8]. - Factors such as rising disposable income and the evolving consumer preference for snacks as a "fourth meal" are driving this growth, making the discount snack sector a key focus for retail development [8]. Competitive Landscape - The competitive landscape is characterized by major players like "Ming Ming Hen Mang" and emerging brands such as "Liang Pin Pu Zi" and "Tian Chao," creating a challenging environment for Wanchen Group despite its leading position [10]. - The company plans to use funds from its Hong Kong listing to expand its store network, enhance product offerings, and improve logistics and digital infrastructure [10]. Conclusion - Wanchen Group's successful entry into the discount snack market and its rapid growth position it well to capitalize on the industry's long-term benefits, although it faces ongoing competitive pressures that will test its operational efficiency and profitability [11].

Core Viewpoint - The competition for the first snack stock on the Hong Kong Stock Exchange is intensifying, with Wanchen Group and Mingming Hen Mang both vying for market leadership in the snack retail sector [1][10]. Company Overview - Wanchen Group, established in 2011, initially focused on the research, cultivation, and sale of edible mushrooms, becoming the "mushroom first stock" after its A-share listing in 2021 [1]. - The company has transitioned into the snack discount store sector, merging with brands like "Liu Xiaocan" and "Lai You Pin" to form a new entity, Wanchen Food Group, significantly altering the industry landscape [1]. Market Position - Wanchen Group holds a leading position in China's snack and beverage market, with its brand "Hao Xiang Lai" being the first retail brand in China to exceed 10,000 stores [2]. - The company has expanded its store network to over 15,000 locations across 29 provinces and municipalities in China by mid-2025 [3]. Financial Performance - Wanchen Group's revenue has shown explosive growth, with figures of RMB 5.49 billion, RMB 92.94 billion, and RMB 323.29 billion for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 1592.9% and 247.8% [2]. - The company reported a net profit of RMB 8.61 billion in the first half of 2025, a significant increase of 532% year-on-year [2]. Product Strategy - The company maintains a diverse product portfolio across twelve core categories, offering over 4,000 SKUs, with each store typically stocking around 1,800 to 2,000 SKUs [5]. - Wanchen Group's pricing strategy allows it to offer products at 20-30% lower prices than similar products in supermarkets and convenience stores, enhancing its competitive edge [5]. Industry Dynamics - The snack and beverage industry is projected to reach RMB 4 trillion by 2024, with the discount snack retail segment expected to grow at a compound annual growth rate of 36.5% from 2024 to 2029 [8]. - The shift in consumer behavior towards value for money and the expansion into lower-tier cities present significant growth opportunities for Wanchen Group [8][9]. Competitive Landscape - The competitive environment is characterized by major players like "Mingming Hen Mang" and "Liangpin Puzi," with several smaller brands also emerging rapidly [10]. - Despite its leading position, Wanchen Group faces substantial competition, necessitating continuous improvement in operational efficiency and profitability to maintain its market share [11].

Core Viewpoint - Wanchen Group, the parent company of the leading retail brand "Haoxianglai," has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming for a dual listing in A+H shares, with plans to use the raised funds for expansion and upgrading of its store network, product diversification, logistics efficiency, and digital infrastructure enhancement [1][2]. Group 1: Company Overview - Wanchen Group, established in 2011, initially focused on edible fungi and transitioned to the bulk snack industry in 2022, integrating multiple snack retail brands into "Haoxianglai" [2][3]. - The company's revenue surged from 4.26 billion yuan in 2021 to an expected 32.33 billion yuan in 2024, marking a year-on-year growth of 247.9% [2][3]. - The gross merchandise volume (GMV) for 2024 is projected to reach 42.6 billion yuan, reflecting a 282% increase from 2023 [1][2]. Group 2: Business Model and Market Position - Wanchen Group operates a franchise model, with 99% of its 15,365 stores being franchises, which has contributed to its rapid expansion and market penetration across 29 provinces in China [3][4]. - The company has established a significant presence in high-consumption areas like the Yangtze River Delta, leveraging a zero-franchise fee and zero-delivery fee strategy to create a mutually beneficial relationship with franchisees [3][4]. Group 3: Industry Insights - The bulk snack retail market in China is experiencing rapid growth, with the market size projected to increase from 7.3 billion yuan in 2019 to 129.7 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 77.9% [4][5]. - The market is expected to reach 613.7 billion yuan by 2029, with a forecasted CAGR of 36.5% from 2024 to 2029, driven by increasing consumer demand for diverse and cost-effective products [5][6]. Group 4: Competitive Strategy - To address product homogenization challenges, Wanchen Group has launched two proprietary product lines: "Haoxianglai Value" focusing on core categories with high cost-performance, and "Haoxianglai Selection" targeting high-end and differentiated products [6]. - The company has accumulated over 150 million registered members, providing a solid foundation for sustained growth [3]. Group 5: Stock Performance - On September 24, Wanchen Group's A-share price rose by 2.23%, closing at 172.18 yuan per share, with a market capitalization of 32.304 billion yuan [7].