Core Viewpoint - Wancheng Group is strengthening its control over its core brand, Laiyoupin, by acquiring a 49% stake in Nanjing Wanyou for 1.379 billion yuan, increasing its ownership from 26.01% to 75.01% [1] Group 1: Acquisition Details - The acquisition will enhance Wancheng Group's control over Laiyoupin, which operates 3,212 stores across several provinces and is projected to generate 7.712 billion yuan in revenue and 246 million yuan in net profit in 2024 [1] - The deal is expected to contribute at least 150 million yuan in net profit annually to the listed company from 2025 to 2027, based on performance commitments [1] Group 2: Shareholding Structure - Laiyoupin's founder, Zhou Peng, will receive 989,000 shares (5.27% of total shares) from the controlling shareholder, Wang Zenin, and will delegate voting rights of 1,229,000 shares (6.55% of total shares) to Wang Zenin to stabilize control [2] - Another founder, Yang Jun, has committed to increasing his shareholding within 12 months using proceeds from the transaction [2] Group 3: Historical Context and Strategy - The current shareholding structure is a result of Wancheng Group's early acquisition strategy, which has allowed it to become a leading player in the bulk snack industry within two years [3] - The company employs a unified management structure for acquired brands, retaining original teams for daily operations while providing support from the group level [3] Group 4: Financial Metrics - Wancheng Group's debt-to-asset ratio increased from 43.46% in 2022 to 79.85% by the end of 2024, indicating rising financial pressure [4] - Despite a temporary reduction in the debt-to-asset ratio due to revenue growth, the upcoming acquisition financing may further increase financial costs and profit pressure [6] Group 5: Market Conditions - The expansion of store numbers in the bulk snack industry is nearing its peak, and if revenue growth slows while acquisition interest expenses rise, net capital accumulation may decelerate [7] - The valuation of acquired assets continues to rise, as evidenced by the previous acquisition of a 49% stake in "Haoxianglai" for less than 300 million yuan [7]

虽然董事长王建坤因为仍在被实施留置而未能出席董事会，但并不妨碍万辰集团（300972）交出一份大 涨的年度业绩。 量贩零食"好想来"、"来优品"等品牌的母公司万辰集团公布的2024年业绩显示，去年公司营收323.29亿 元，同比大涨247.86%；归属上市公司股东净利润2.935亿元，实现扭亏为盈，同比大涨453.95%；资产 总额大增84.78%，达到72.53亿元。 其中最为惊人的数据，还是门店数量的扩张。 财报显示，万辰集团到2024年末，门店数量达到14196家，而公司在2023年末的门店数量还只有4726 家，几乎还只是去年末的零头。 仅仅一年时间，公司新增门店数量就达到9776家，增速超过206%，甚至比蜜雪冰城去年净增门店数量 还要多。 "跑马圈地"收购品牌，营收实现"三级跳" 自从2022年万辰集团决定从食用菌行业转型至量贩零食行业，公司的业绩就出现"三级跳"。 梳理财报显示，2021年公司营收还是4.34亿元。到了2022年，营收达到5.49亿元，表现略有攀升。到了 2023年，年度营收迅速拉升约至92.94亿元，同比暴增1592.03%，呈现惊人涨势。 尤其是当年的量贩零食业务增幅更是"平 ...