Core Viewpoint - Wanchen Group has received approval from the State Administration for Market Regulation for its acquisition of a 49% stake in Nanjing Wanyou, clearing a significant compliance hurdle for the transaction [1] Group 1: Acquisition Details - The acquisition involves a cash payment of 1.379 billion yuan for the 49% stake in Nanjing Wanyou, with additional share transfers amounting to 5.27% of the company's total equity [1] - Following the completion of this acquisition, Wanchen Group will hold approximately 75.01% of Nanjing Wanyou, combining both direct and indirect ownership [1] Group 2: Financial Performance - Nanjing Wanyou is projected to have over 3,000 stores and generate revenue of 4.1 billion yuan with a net profit of 140 million yuan by May 2025 [3] - Wanchen Group's net profit for the first half of 2025 is reported at 870 million yuan, with a parent company net profit of 472 million yuan, accounting for 54% of the total net profit [3] Group 3: Business Transformation and Challenges - Wanchen Group has transitioned from traditional edible fungi to the fast-growing snack sector since 2022, acquiring brands like "Haoxianglai" and "Yadiyadi" [3] - The company is facing challenges with a high proportion of minority shareholder rights and a slowdown in business expansion, with only 1,169 new stores added in the first half of 2025 compared to 9,470 in the previous year [3][4] - The competitive landscape in the snack industry is intensifying, with another major player surpassing 20,000 stores, leading to increased market concentration and challenges in new store openings [4] Group 4: Revenue Growth Trends - Wanchen Group's revenue for the first half of 2025 reached 22.583 billion yuan, showing a year-on-year growth of 106.9%, but this is a significant decline from previous growth rates of 999.9% and 392.5% in mid-2023 and mid-2024, respectively [6] - The company is now looking to expand into overseas markets, particularly Southeast Asia, to leverage market insights and international resources [6]

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。 ...

用一个词来形容如今的万辰集团，只能说是——"炸裂"。 行情上，从去年7月的最低点至今，万辰集团股价已经上涨超10倍。 业绩上，今年上半年，万辰集团营收225.83亿元，同比增长106.89%，净利润4.72亿元，同比狂飙50358.80%，今年上半年净 利润增长率在沪深A股中排名第一。 近日，万辰集团正式向港交所递交上市申请，计划在港交所主板挂牌。 在持续的利好刺激之下，万辰集团能否持续资本狂欢呢？ 01 成立于2011年的万辰集团，原本主业为食用菌业务。 次年，万辰集团就创立了量贩零食品牌"陆小馋"，进入量贩零食赛道。 2023年，万辰集团几乎是闪电般通过合资和收购接连拿下来优品、好想来、吖滴吖滴、老婆大人，并将来优品和吖滴吖滴 逐步更名为"好想来"，仅在浙江保留"老婆大人"作为独立品牌运营。 "好想来"也就成为了全国规模最大的量贩零食店之一。 在资本的狂欢和激烈的竞争之下，万辰集团开店速度迅猛，仅2024年，万辰集团就新开了近一万家门店。 门店的迅速扩张背后，公司业绩也突飞猛进。 2024年，公司营收同比增长247.86%至323.29亿元，净利润也同比增长453.95%至2.94亿元，直接扭亏为盈。 其 ...

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 用一个词来形容如今的万辰集团，只能说是 ——"炸裂"。 业绩上，今年上半年，万辰集团 营收 225.83 亿元，同比增长 106.89% ，净利润 4.72 亿元，同比狂飙 50358.80% ， 今年上半年净利润增长率在 沪深 A 股 中 排名第一 。 近日 ，万辰集团正式向港交所递交上市申请， 计划在港交所主板挂牌。 在持续的利好刺激之下，万辰集团能否持续资本狂欢呢？ 01 成立于 2011 年的万辰集团，原本主业为食用菌业务。 2021 年在 A 股上市之时，这一年万辰集团的主营业务食用菌种植，营收仅 4.26 亿元，而这也是万辰集团的总营 收。 但此时，食用菌业务营收已经连续连年下滑。 行情上，从去年 7 月的最低点至今，万辰集团股价已经上涨超 10 倍。 次年，万辰集团就创立了 量贩零食品牌 " 陆小馋 "，进入量贩零食赛道。 2023 年，万辰集团几乎是闪电般通过 合资和收购 接连拿下 来优品、好想来、吖滴吖滴、老婆大人 ，并将 来优 品和吖滴吖滴逐步更名为 " 好想来 " ，仅在浙江 保留 " 老婆大人 " 作为独立 ...

Core Viewpoint - Wancheng Group is seeking to list on both A-share and H-share markets, indicating its ambition for global strategic expansion and enhanced competitiveness in the snack retail industry [1][6]. Group 1: Company Expansion and Performance - Wancheng Group has rapidly expanded from fewer than 2,000 stores to over 15,000 stores in just over two years, showcasing significant growth momentum [1]. - In 2024, Wancheng Group opened nearly 10,000 new stores, with a year-on-year net profit increase of 454% and a market capitalization increase of 142% [2]. - Despite a slowdown in the pace of new store openings in the first half of the year, the company still reported a remarkable 500-fold increase in net profit compared to the previous year [2]. Group 2: IPO and Fund Utilization - The primary use of funds raised from the IPO will be for expanding the store network, enhancing store management systems, introducing new products, and improving digital capabilities [3]. - Wancheng Group's recent acquisition of a 49% stake in Nanjing Wanyou Commercial Management for 1.379 billion yuan is part of its strategy to strengthen market presence and partner relationships [4]. Group 3: Competitive Landscape - The competition between Wancheng Group and its main rival, Mingming Hen Mang, is intensifying, with both companies vying for the title of "first stock in the snack retail sector" [5][6]. - The choice of an A+H capital structure by Wancheng Group is seen as a strategic move to enhance its international image and provide confidence to franchisees, suppliers, and investors [6].

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its listing application to the Hong Kong Stock Exchange, aiming for a dual listing after its successful IPO on the Shenzhen Stock Exchange in 2021, marking its rapid rise in the snack retail industry [1][2]. Group 1: Company Overview - Wancheng Group, headquartered in Zhangzhou, Fujian, started with a focus on edible mushrooms and has expanded into the snack retail sector, becoming the only A-share listed company in this field [1]. - The company achieved a revenue of 32.33 billion yuan in 2024, with snack retail revenue contributing 31.79 billion yuan [1]. - In the first half of 2025, Wancheng Group reported a revenue of 22.58 billion yuan, representing a year-on-year growth of 106.89%, and a net profit of 472 million yuan, a staggering increase of 50,358.80% [1]. Group 2: Market Position and Competition - The snack retail industry is characterized by a competitive landscape, with Wancheng Group and another major player, Mingming Hen Mang, dominating the market [2]. - As of June 30, 2025, Wancheng Group operated nearly 15,400 stores across 29 provinces, while Mingming Hen Mang surpassed 20,000 stores [2][6]. - The rapid expansion of both companies has established a "dual strong" market structure in the snack retail sector [2]. Group 3: Financial Performance and Challenges - Wancheng Group's revenue growth has been impressive, with figures of 5.49 billion yuan in 2022, 9.29 billion yuan in 2023, and 32.33 billion yuan in 2024, but it faces challenges with profitability [3][4]. - The company has experienced a significant increase in liabilities, with total liabilities reaching 5.144 billion yuan and a rising debt ratio from below 50% at the end of 2022 [4][5]. - In the first half of 2025, the company opened only 15% of the new stores compared to the previous year, indicating a slowdown in expansion [3]. Group 4: Strategic Plans and Future Outlook - Wancheng Group plans to use the funds raised from its Hong Kong listing to support its global strategic layout and enhance its market presence in China [6][8]. - The company aims to explore overseas markets, particularly in Southeast Asia, as part of its growth strategy [8]. - The snack retail market is projected to grow significantly, with estimates suggesting a market size of 613.7 billion yuan by 2029, indicating a robust growth opportunity for Wancheng Group [9].

Core Viewpoint - Wanchen Group has transitioned from a mushroom player to a leading player in the snack retail sector, achieving a revenue leap from 500 million to 32.3 billion in three years and is now seeking to list on the Hong Kong Stock Exchange amid concerns about sustainable growth and management changes [1][3][11]. Company Growth and Financial Performance - Wanchen Group is recognized as one of China's fastest-growing snack and beverage retail enterprises, with a projected GMV growth of 282% from 2023 to 2024 [1]. - The company's total revenue surged from 549 million in 2022 to 3.23 billion in 2024, reflecting growth rates of 1691.92% and 247.9% respectively, with a 106.9% increase in the first half of 2025 [3][4]. Store Expansion and Market Position - The company has expanded its store count from 4,726 in 2023 to 15,365 by mid-2025, covering 29 provinces and municipalities in China, with the core brand "Haoxianglai" accounting for 14,334 stores [1][2]. - However, the pace of store expansion has slowed significantly, with only 1,169 new stores added in the first half of 2025, raising concerns about future growth sustainability [4]. Management Changes and Corporate Structure - Recent management changes include the transition to a family-led structure, with Wang Lijing taking over as chairperson and her son Wang Zeneng as general manager, indicating a shift towards family succession [7][8]. - The company has also optimized its shareholding structure to reduce minority shareholder dilution, which previously impacted net profit margins [8]. Market Challenges and Competitive Landscape - The competitive landscape in the snack retail sector has intensified, with increased market concentration and challenges in new store placements and profitability [4]. - Wanchen Group acknowledges the risks associated with maintaining growth and profitability in its prospectus, indicating potential difficulties in executing successful expansion strategies [4]. International Expansion Plans - The company views international markets, particularly Southeast Asia, as a significant growth opportunity and aims to leverage market insights and international resources for global expansion [5]. Executive Shareholding and Market Confidence - Concerns have arisen regarding executive confidence as key management has engaged in share sell-offs during the IPO process, with significant reductions in shareholdings noted [9][11]. - The stock price has seen substantial increases, providing a favorable window for these sell-offs, which may impact market perceptions of the company's future prospects [9][11].

Company Overview - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for expanding its store network, enhancing management, diversifying product offerings, improving digital capabilities, and increasing brand recognition [1] - The company plans to use the raised funds for potential business investments or acquisitions, as well as for working capital and other general corporate purposes [1] Financial Performance - The company's revenue increased from RMB 549.3 million in 2022 to RMB 9.2937 billion in 2023, with a projected further increase of 247.9% to RMB 32.3288 billion in 2024 [3] - For the first half of 2025, the revenue reached RMB 22.5826 billion [3] - Adjusted net profits (non-IFRS) for 2022 to 2024 were RMB 39.3 million, -RMB 28.1 million, and RMB 822.8 million, respectively, with the first half of 2025 showing an adjusted net profit of RMB 921.7 million [3] Store Expansion - The "Haoxianglai" brand primarily operates through a franchise model, with a significant increase in store numbers from 232 at the end of 2022 to 15,365 across 29 provinces and municipalities by June 30, 2025 [3] - Franchise stores account for over 99% of the total, with 15,275 franchise stores and 90 direct-operated stores [3] Industry Trends - The Chinese snack and beverage retail market has shown positive growth, with the market size increasing from RMB 3.1712 trillion in 2019 to a projected RMB 4.0449 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 5.0% [4] - The market is expected to reach RMB 5.3837 trillion by 2029, with a projected CAGR of 5.9% from 2024 to 2029, driven by increasing consumer demand for diverse and innovative products [4] Competitive Landscape - The company faces challenges similar to other low-priced snack brands, such as "Mingming Hen Mang," which reported low gross margins and net profit margins, indicating a common issue of profit ceilings in the discount snack supermarket sector [5] - Industry experts suggest that merely expanding store numbers is insufficient for sustained performance; companies must optimize store layouts, enhance operational efficiency, and refine product offerings to improve profitability [5]

近日，A股上市公司万辰集团正式递表港交所，向港股发起冲击。 万辰集团旗下拥有量贩零食品牌"好想来""老婆大人"，截至2025年6月30日，门店总数约1.54万家。招股书显示，按2024年零食饮料GMV（商品交易总 额）计，"好想来"是中国量贩零食饮料零售的最大品牌，市占率28.2%；"老婆大人"位列第五，市占率4.2%。 资料图好想来线下门店 中新经纬 闫淑鑫摄 卖金针菇的转卖零食，年入逾300亿 招股书显示，2022年至2024年，万辰集团实现收入5.49亿元、92.94亿元、323.29亿元，2024年的营收增速达247.9%，2025年上半年，该公司实现收入 225.83亿元，同比增长106.9%。 以此计算，从2021年到2024年，万辰集团营收3年涨了近75倍。 利润方面，2022年至2024年，万辰集团录得经调整净利润3930万元、-2810万元、8.23亿元；2025年上半年实现经调整净利润9.22亿元，同比增长286.8%。 2022年至2024年及2025年上半年，万辰集团毛利率分别为1.1%、9.0%、10.7%、11.4%；经调整净利润率分别为7.2%、-0.3%、2.5%、4.1%。 ...

Core Viewpoint - Wancheng Group has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing in both A-shares and H-shares, with plans to use the raised funds for expansion, product diversification, logistics efficiency, and digital infrastructure upgrades [2] Group 1: Company Overview - Wancheng Group was established in 2011, initially focusing on the industrial cultivation of edible mushrooms and has become a leading supplier in China [2] - The company entered the snack retail industry in 2022, launching the "Liu Xiaochan" brand and forming joint ventures to expand its snack business [3] Group 2: Financial Performance - Wancheng Group's total revenue is projected to grow from 9.3 billion in 2023 to 32.33 billion in 2024, representing a year-on-year increase of 247.9% [2] - The company's GMV is expected to reach 42.6 billion in 2024, with a year-on-year growth of 282% [2] - Adjusted net profit for 2024 is forecasted to be 820 million [2] Group 3: Market Position and Strategy - Wancheng Group operates 15,365 snack and beverage stores across 29 provinces, with over 99% being franchise stores [2] - The company aims to strengthen its competitive position in the Chinese snack retail industry and expand its "hard discount" business model into broader fast-moving consumer goods markets [4] Group 4: Competitor Analysis - Competitor Mingming Hen Mang plans to list on the Hong Kong Stock Exchange, with over 20,000 stores and projected revenues of 4.286 billion, 10.295 billion, and 39.344 billion for 2022, 2023, and 2024 respectively [3] - Mingming Hen Mang's adjusted net profits for the same years are 81 million, 235 million, and 913 million [3]