将投中网设为"星标⭐"，第一时间收获最新推送 招股书显示，万辰集团门店已突破 1.5 万家，遍布全国 28 个省份；截至 2025 年 8 月 31 日，注册会员突破 1.5 亿人，其 中活跃会员超 1.1 亿人。 而站在这家零售帝国掌舵位置的，是一位年轻的 90 后——王泽宁。他并非白手起家的草根英雄，而是"创二代"的典型代表。 随着这场 IPO 的开启，这位 90 后也将再次走向百亿富豪之列。 市值 330 亿 从食用菌到"量贩零食"帝国 闽商"创二代"登场。 作者丨 陈美 来源丨 投中网 三年前，一家靠种蘑菇起家的福建公司，摇身一变，成为横扫街头巷尾的"零食帝国"。 如今，这家已在 A 股上市、市值达百亿的万辰集团，正再次向港交所发起冲击。一旦成功，万辰有望摘得港股"量贩零食第一 股"的桂冠。 万辰的故事，始于 2011 年的福建漳州。彼时，创始人王健坤看准了食用菌产业的潜力，一头扎进蘑菇种植。凭借标准化、规 模化的生产模式，公司很快成为沃尔玛、家乐福等大型商超的稳定供应商，在业内人称"蘑菇大王"。 2021 年，万辰集团凭借 2020 年营收突破 4 亿元，正式登陆创业板，斩获"食用菌第一股"称号。 ...

Group 1 - The company, Tianshui Zhongxing Mushroom Industry Co., Ltd., announced a stock option incentive plan for 2025, granting 14.375 million stock options at a price of 6.87 yuan per share, which accounts for 3.66% of the total share capital of 393 million shares [1] - The initial grant includes 11.5 million options, representing 80% of the total, while 2.875 million options are reserved, making up 20% of the total [1] - The incentive plan targets key personnel, including the chairman, general manager, and other core team members, aiming to align the interests of shareholders, the company, and the core team for long-term development [1] Group 2 - The performance assessment for the incentive plan includes a dual mechanism at both the company and individual levels, focusing on revenue or net profit growth rates from 2025 to 2027 [2] - The revenue targets are set at no less than 2.1 billion yuan, 2.3 billion yuan, and 2.5 billion yuan for 2025, 2026, and 2027 respectively, while the net profit growth rates are set at 55%, 75%, and 95% for the same years [2] - Individual assessments will determine the exercise of stock options based on performance, with a grading system that ranges from 0% for non-compliance to 100% for good and excellent performance [2] Group 3 - The company reported revenues of 1.97 billion yuan, 1.931 billion yuan, and 1.935 billion yuan over the past three years, consistently failing to exceed 2 billion yuan, with a revenue of 908 million yuan in the first half of this year, a decrease of 0.75% year-on-year [3] - The revenue target for 2025 is set at 2.1 billion yuan, representing a challenging year-on-year growth of 8.53% [3] - The company faces significant challenges in achieving the set growth rates for net profit due to declining prices in the edible mushroom industry, particularly for enoki mushrooms, which have led to consecutive losses in the sector [3]

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]

Company Overview - Shanghai Xuerong Biotechnology Co., Ltd. is located at 1487 Huifeng West Road, Fengxian District, Shanghai, established on December 8, 1997, and listed on May 4, 2016 [1] - The company's main business involves the research and development, cultivation, and sales of edible mushrooms, with revenue composition as follows: Enoki mushrooms 73.31%, King oyster mushrooms 22.27%, others 1.65%, supplementary 1.58%, and culture medium 1.19% [1] Stock Performance - On September 25, Xuerong Biotechnology's stock rose by 2.18%, reaching 6.08 CNY per share, with a trading volume of 84.26 million CNY and a turnover rate of 2.75%, resulting in a total market capitalization of 3.634 billion CNY [1] - Year-to-date, the stock price has increased by 75.22%, with a 3.93% rise over the last five trading days, a 3.65% decline over the last 20 days, and an 8.02% decline over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on May 20, where it recorded a net purchase of 57.18 million CNY [1] Financial Performance - For the first half of 2025, Xuerong Biotechnology reported operating revenue of 791 million CNY, a year-on-year decrease of 26.17%, and a net profit attributable to the parent company of -103 million CNY, a year-on-year increase of 28.58% [2] - The company has distributed a total of 236 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3] Shareholder Information - As of June 30, the number of shareholders for Xuerong Biotechnology was 30,200, a decrease of 14.57% from the previous period, while the average circulating shares per person increased by 28.64% to 17,119 shares [2] Industry Classification - Xuerong Biotechnology belongs to the agricultural, forestry, animal husbandry, and fishery sector, specifically in the planting industry focused on edible mushrooms [2] - The company is associated with several concept sectors, including NMN concept, small-cap, low-price, biopharmaceuticals, and rural revitalization [2]

Group 1 - The core point of the article is that Wancheng Group has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to establish a dual listing structure of "A+H" [1] - Wancheng Group's snack retail business achieved a revenue of 22.345 billion yuan in the first half of the year, representing a year-on-year growth of 109.33% [1] - As of June 30, the company has a network of 15,365 snack retail stores across 29 provinces, with its "Haoxianglai" brand being the first in the industry to exceed 10,000 stores [1] Group 2 - The purpose of the Hong Kong listing is to advance the company's international strategy, enhance brand awareness and competitiveness, and improve the supply chain system [2] - The company announced the resignation of its chairman Wang Jiankun on July 25 due to personal reasons, which raised concerns about leadership stability [2] - Wang Jiankun was previously under investigation but resumed his duties as chairman in late May [3] Group 3 - The current chairman of Wancheng Group is Wang Liqing, who is the sister of Wang Jiankun, while Wang Zening has been appointed as the new general manager [4] - As of September 24, the company's stock price was 174.54 yuan per share, with a market capitalization of approximately 32.746 billion yuan [5]

Company Overview - 博闻科技's stock price decreased by 2.03% on September 23, trading at 7.74 CNY per share, with a total market capitalization of 1.827 billion CNY [1] - The company has seen a year-to-date stock price increase of 19.26%, but has experienced a decline of 6.86% over the last five trading days, 9.05% over the last twenty days, and 2.03% over the last sixty days [2] Business Segments - 博闻科技 operates primarily in two business segments: cement and edible fungi, with revenue contributions as follows: frozen beef liver mushrooms 55.23%, coffee bean trading 22.53%, other edible fungi products 12.50%, ham and related products 5.38%, coffee products 2.32%, other meat products 1.69%, and others 0.35% [2] - The company is classified under the agricultural, forestry, animal husbandry, and fishery industry, specifically in the planting sector focusing on edible fungi [2] Financial Performance - For the first half of 2025, 博闻科技 reported operating revenue of 28.6897 million CNY, representing a year-on-year growth of 71.78%, while the net profit attributable to shareholders decreased by 63.89% to 14.3514 million CNY [2] - Cumulatively, 博闻科技 has distributed 208 million CNY in dividends since its A-share listing, with 50.7589 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, 博闻科技 had 13,200 shareholders, a decrease of 7.77% from the previous period, with an average of 17,927 circulating shares per shareholder, an increase of 8.42% [2] - Notably, 诺安多策略混合A (320016) is among the top ten circulating shareholders, holding 1.2985 million shares as a new investor [3]

Company Overview - Jiangsu Hualv Biotechnology Group Co., Ltd. is located at 88 Lvdou Avenue, Siyang County, Jiangsu Province, established on June 8, 2010, and listed on April 12, 2021 [1] - The company's main business involves the research, industrial cultivation, and sales of edible mushrooms, with revenue composition being 70.73% from enoki mushrooms and 29.27% from king oyster mushrooms [1] Stock Performance - As of September 23, the stock price of Hualv Biotechnology decreased by 2.07%, trading at 13.70 CNY per share, with a total market capitalization of 1.664 billion CNY [1] - Year-to-date, the stock price has increased by 15.13%, but it has seen declines of 6.87% over the last five trading days, 12.07% over the last 20 days, and 8.30% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 8 [1] Financial Performance - For the first half of 2025, Hualv Biotechnology reported a revenue of 499 million CNY, representing a year-on-year growth of 7.78%, while the net profit attributable to shareholders was -53.6947 million CNY, a decrease of 19.79% year-on-year [1] - Cumulative cash dividends since the A-share listing amount to 76.7904 million CNY, with 46.4484 million CNY distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 11.49% to 11,400, with an average of 8,162 circulating shares per person, a decrease of 10.31% [1] - Among the top ten circulating shareholders, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A ranks as the third-largest shareholder, holding 2.0213 million shares, an increase of 1.2423 million shares from the previous period [2]

Group 1 - The core focus of the Shanghai Jinshan District's disciplinary inspection and supervision is on the healthy development of the mushroom industry, incorporating key aspects such as substrate supply, agricultural subsidies, and ecological protection into the supervision checklist [1][2] - The district's efforts include a significant reform aimed at addressing issues within the agricultural sector, such as the separation of operational assets from public institutions and the restructuring of farmers' cooperatives to enhance service delivery [1] - A notable achievement in the mushroom industry is the development of the K6 strain, which has resulted in savings of over 2 million yuan in annual seed costs and additional revenue from external sales [1] Group 2 - The district's disciplinary inspection and supervision are focused on critical areas such as project construction, fund management, and policy implementation, with embedded supervision being a key strategy [2] - There have been serious issues identified, including 11 cases of improper verification and subsidy fraud related to agricultural support projects, which have been addressed through rigorous oversight [2] - Future plans include the establishment of a cross-regional supervision mechanism to further support the sustainable and healthy development of the mushroom industry [2]

Core Viewpoint - The establishment of a modern mushroom production base in Wuhan, with a total investment of 1 billion yuan, aims to fill the gap in high-end edible mushroom industrialization in Hubei by 2027 [1] Group 1: Investment and Development - The project is part of Hubei's first agricultural industry fund, which aims to empower the agricultural industry chain [1] - The agricultural industry is a key agricultural industry chain in Hubei, with the introduction of Guizhou Hongzhen Mushroom Industry, a world leader in artificial cultivation of black mushrooms [1] - The fund has a total planned scale of 10 billion yuan, with an initial registered scale of 500 million yuan, marking the launch of Hubei's first provincial-level agricultural industry mother fund [1][2] Group 2: Agricultural Industry Fund Structure - The fund aims to reshape the agricultural industry chain with a market-oriented approach, transitioning from traditional agricultural models to modern agriculture [2] - A multi-layered investment system has been established, focusing on major investment projects and enterprises within Hubei, particularly in biological breeding, deep processing, and agricultural technology innovation [2] - The fund has already established a 1 billion yuan agricultural microbiology industry development fund and a 300 million yuan Ezhou agricultural industry development fund, targeting modern seed industry and food manufacturing [2] Group 3: Future Plans - The province plans to rely on the agricultural industry development fund to create a comprehensive agricultural industry fund system across Hubei [3] - Investments will focus on new productive sectors such as biological breeding, biomedicine, and food deep processing to enhance the added value of agricultural products [3]

Core Viewpoint - Chengdu has become a major distribution center for high-quality agricultural products, including domestic and international varieties, leveraging its dual international airport advantage [2] Group 1: Development of the Mushroom Industry - Zhao Jia Town has emerged as the largest trading center for morel mushrooms in China, with over 600 distributors and a transaction volume of 8 billion yuan last year [4][5] - The area has a history of morel mushroom cultivation dating back to 2012, when commercial cultivation was first achieved, leading to a surge in demand and prices [4][5] - Despite a reduction in cultivation area, Zhao Jia Town maintains its status due to its historical significance and brand recognition, having received national geographical indication certifications [5][6] Group 2: Infrastructure and Talent Pool - The region boasts a well-developed infrastructure for mushroom trading, including cold storage and logistics, which attracts distributors from other provinces [6][7] - A significant number of skilled workers in mushroom grading and classification are based in Zhao Jia Town, providing a competitive edge over other regions [6][7] Group 3: Market Challenges and Competition - The dominance of Sichuan in mushroom cultivation is being challenged by other provinces like Henan and Hubei, which are rapidly increasing their cultivation areas [8][9] - The potential loss of cultivation scale in Jin Tang could lead to a decrease in market influence and the emergence of competing trading centers [8][9] Group 4: Future Strategies - Experts suggest that technological advancements and factory-based cultivation methods should be adopted to enhance production efficiency and profitability [9] - There is a call for the region to expand its market reach and establish itself as a key player in the export of morel mushrooms [9]