当零食量贩行业从跑马圈地进入精细化运营的深水区，如何持续创造差异化优势成为头部品牌的核心课题。 据智通财经报道，万辰集团计划发行H股股票并申请在港交所主板挂牌上市。此举将进一步完善万辰集团的供应 链体系建设，提升公司品牌知名度和综合竞争力，为公司接下来的精细化运营提供更多助力。 坐拥好想来品牌零食及老婆大人超15000家门店的万辰集团，其零食量贩业务近年来成绩亮眼。财报数据显示， 2025年第一季度，万辰集团实现总收入108.21亿元，同比增长124.02%。其中，零食量贩业务延续2024年的强劲增 长，实现总收入106.88亿元，剔除股权支付费用后净利润为4.12亿元，同比增长250.73%。 值得一提的是，在刚刚发布的2025年《财富》中国500强企业榜单上，万辰集团也首次上榜，成为榜单中最引人注 目的新面孔之一。 业绩快速增长的背后，是万辰集团在各项业务环节上精细化运营能力的持续迭代，产品研发、用户运营、渠道拓 展与品牌塑造的各个板块都不断打磨内功。好想来零食正通过"产品力+情绪力"的双轮驱动，重新定义零食消费的 价值边界，给上亿用户不断创造超出预期的消费体验。 自有品牌精细化，从"做产品"到"造标杆" ...

Group 1 - Wancheng Group plans to acquire 49% equity in Nanjing Wanyou Commodity Management Co., Ltd. for 1.379 billion yuan, increasing its total stake to 75.01% [1][2] - This acquisition marks the first major action taken by Wang Zeneng since he assumed control of the company [2][3] - The acquisition is part of a strategy to consolidate resources and respond to challenges posed by hard discount supermarkets in the snack industry [1][4] Group 2 - Wancheng Group's revenue surged by 1592% in 2023, reaching 9.3 billion yuan, and further increased by 247.86% in 2024 to 32.3 billion yuan [5] - Despite the revenue growth, the company's net profit was negative in 2023 and only 294 million yuan in 2024, indicating a low net profit margin of 0.9% [5][6] - Nanjing Wanyou reported a revenue of 7.712 billion yuan in 2024, with a net profit of 246 million yuan, showing a net profit margin of 3.2% [6] Group 3 - The rise of hard discount supermarkets poses a competitive threat to the bulk snack industry, as they offer similar low-price, high-value propositions [7][8] - Wancheng Group's store count in the bulk snack sector grew significantly, reaching over 15,000 stores by March 2025, although the pace of new openings has slowed [7][8] - The industry is entering a phase of "refined operations," focusing on supply chain efficiency and the development of private labels as key competitive factors [8]

Core Viewpoint - The article discusses the generational transition in family businesses, focusing on Wang Zening's ascension to the role of General Manager at Wancheng Group, marking a significant shift in leadership and strategy for the company [2][3][4]. Company Transition - Wang Jiankun, the former chairman of Wancheng Group, has resigned, and Wang Zening, his son, has taken over as General Manager, indicating a shift towards a younger leadership [2][3][4]. - Wancheng Group has transformed into a major player in the snack retail industry, with a market value exceeding 30 billion yuan and operating around 15,000 snack stores under the brand "Haoxianglai" [3][8][13]. Leadership Development - Wang Zening has been involved in the family business since 2015, gradually preparing for his leadership role while working alongside his family members [5][6]. - The company has a structured succession plan, allowing Wang Zening to gain experience and knowledge in management before taking on the top role [6][12]. Business Strategy - The company shifted its focus from edible mushrooms to the snack retail sector, capitalizing on the growing demand for discount snack stores [9][10]. - Wancheng Group has integrated multiple snack brands under the "Haoxianglai" umbrella, enhancing its market presence and operational efficiency [10][13]. Market Position - Wancheng Group is now the only A-share listed company in the discount snack retail sector, positioning itself uniquely in a competitive market [13]. - The company faces significant competition from other players in the industry, such as Mingming Hen Mang, which has reported substantial retail growth [13][14].

Group 1 - The management transition at Wancheng Group has occurred, with Wang Jiankun resigning as chairman and Wang Liqing taking over, while Wang Zenning becomes the CEO [1] - Wancheng Group reported Q1 2025 revenue of 10.821 billion yuan and a net profit of 215 million yuan, marking a year-on-year increase of 3344.13%, with the snack business revenue reaching 10.688 billion yuan, up 127.65% [1] - The company has expanded its store count to over 15,000 across several provinces, establishing its "Haoxianglai" snack brand as a nationally recognized chain [1] Group 2 - Wancheng Group has established over 50 warehouses and a modern logistics system covering over 900,000 square meters, enhancing delivery efficiency under the "T+1" principle [2] - The company has introduced new product categories and diversified marketing strategies to strengthen consumer connections, including exclusive collaborations with popular IPs [2] - The ongoing national policies to boost domestic demand and consumption are expected to enhance market potential, with Wancheng Group's performance gaining recognition in the capital market [2] Group 3 - Industry analysts believe that under the new management, Wancheng Group is poised to continue unlocking retail business potential, driving stronger growth and creating greater value for consumers and investors [3]

Core Viewpoint - The incident involving a store employee kneeling to apologize to a customer has drawn significant attention, highlighting communication issues between staff and consumers in the retail sector [1][2]. Group 1: Incident Overview - The incident occurred on July 5 at a "Good Snacks" store in Jiangsu, where a cashier's attempt to expedite service led to a misunderstanding with a customer [1]. - The store manager confirmed that both the employee and the customer have reconciled, and the store will provide support to the staff involved [1][2]. Group 2: Company Background - "Good Snacks" is a brand under Wancheng Group, known as the "first stock in bulk snack retail" [2]. - Since 2022, Wancheng Group has transformed into the bulk snack sector, integrating several brands into the "Good Snacks" brand [2]. Group 3: Financial Performance - Wancheng Group has seen a significant increase in its number of snack retail stores, with a net addition of 9,470 stores in 2024, bringing the total to 14,000 [4]. - The bulk snack business has become the largest revenue source for Wancheng Group [4]. Group 4: Stock Activity - The company's stock price has doubled this year, despite recent announcements of share reductions by executives and major shareholders [5][6]. - On July 1, it was reported that three executives completed their share reduction plans at an average price of around 171.5 yuan per share [5]. - As of July 7, Wancheng Group's stock closed at 165 yuan, with a total market capitalization of 30.96 billion yuan [6].

Core Viewpoint - Wanchen Group's stock price declined by 9.73% to 168.67 CNY per share, with a total market value of 30.36 billion CNY, following the completion of share reduction plans by key executives [1] Summary by Relevant Sections Share Reduction Details - The share reduction was executed by three executives: Wang Liqing, Li Bo, and Wang Song, who completed their plans between June 27 and June 30, 2025 [2][3] - Wang Liqing reduced 45,000 shares at an average price of 171.67 CNY per share, totaling approximately 7.73 million CNY [1] - Li Bo reduced 7,500 shares at an average price of 170.49 CNY per share, totaling approximately 1.28 million CNY [1] - Wang Song reduced 7,500 shares at an average price of 171.29 CNY per share, totaling approximately 1.28 million CNY [1] - The total shares reduced by the three executives amounted to 60,000, representing a combined reduction ratio of 0.0333% [3] Company Performance and Background - Since 2025, Wanchen Group's stock price has increased by 111.34%, reaching a historical high of 199.9 CNY per share on June 5, 2025 [1] - The company experienced a significant decline in net profit of 75.61% in 2021 after its IPO, prompting a strategic shift towards the snack retail sector [4] - Following the acquisition and consolidation of several snack brands, Wanchen Group reported revenue growth of 1592.03% and 247.86% for 2023 and 2024, respectively [4] - In Q1 2025, the company achieved revenue of 10.821 billion CNY, a year-on-year increase of 124.02%, and a net profit of 215 million CNY, a staggering increase of 3344.13% [5]

Group 1 - The core viewpoint of the articles highlights the rapid growth and potential of the marine economy in China, driven by deep-sea technology and emerging industries [9][10]. - The Guangdong province has introduced regulations to promote high-quality development of the marine economy, aiming to build a "new Guangdong at sea" by optimizing spatial layout and supporting emerging marine industries [8]. - The marine economy's output value is projected to exceed 13 trillion yuan by 2025, with deep-sea technology-related industries expected to account for over 25% of this market [9]. Group 2 - Wanchen Group has emerged as a leading player in the consumer sector, with its stock price increasing over tenfold in the past year, reaching a market capitalization of over 35 billion yuan [3][6]. - The company reported a total revenue of 32.33 billion yuan for 2024, a year-on-year increase of 247.86%, and a net profit of 294 million yuan, marking a significant turnaround [6]. - Wanchen Group operates a vast network of 14,200 retail stores across 29 provinces, with its snack brand becoming a nationally recognized chain [5]. Group 3 - The marine economy concept stocks have experienced significant volatility, with many seeing a pullback of over 20% from their peak values [11]. - Companies like China International Marine Containers and Tianeng Holding have low price-to-book ratios, indicating potential investment opportunities in the marine economy sector [12].

Core Viewpoint - The financial report of Wanchen Group, the parent company of the snack brand "Haoxianglai," shows significant growth in revenue and a successful turnaround in profit for 2024, indicating a strong market position in the bulk snack industry [1][2]. Financial Performance - In 2024, the company's revenue reached 32.33 billion yuan, a year-on-year increase of 247.9% [1]. - The net profit attributable to the parent company turned from a loss of 82.93 million yuan in the previous year to a profit of 294 million yuan [1]. - The bulk snack business generated revenue of 31.79 billion yuan, a year-on-year growth of 262.94%, accounting for 98.33% of total revenue [2]. Business Strategy - Wanchen Group has focused on penetrating lower-tier markets and integrating its supply chain to reduce costs, achieving economies of scale [2]. - The company opened 9,776 new stores in 2024, averaging 26 new stores per day, facilitated by a low-cost franchise model [4][6]. - The franchise model includes zero franchise fees, management fees, site selection fees, training fees, service fees, and delivery fees, requiring only a 20,000 yuan deposit and a one-time system usage fee of 13,000 yuan [4]. Market Position and Competition - As of March 11, 2024, "Haoxianglai" has over 10,000 operating stores, while Wanchen Group has signed contracts for over 15,000 stores in total [5]. - The competitive landscape includes "Mingming Hen Mang," which has also expanded rapidly, indicating a fierce rivalry in the bulk snack market [5]. Challenges and Risks - Despite rapid expansion, the company faced challenges such as a decline in single-store profitability and low gross margins [2][6]. - The net profit margins for the bulk snack business were low, with net profit rates of 2.63% and 2.74% for the first and second halves of 2024, respectively [8]. - Increased operational costs, including sales and management expenses, have risen significantly, with sales expenses reaching 1.431 billion yuan in 2024, up 229.8% from 2023 [8]. Future Outlook - The bulk snack market is projected to grow significantly, with an expected market size of 217.29 billion yuan by 2027, representing 18% of the snack food industry [9]. - Both "Haoxianglai" and "Mingming Hen Mang" are transitioning towards full-category supermarkets to enhance profitability and meet the demands of franchisees [9].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 过去几年间，零食行业经历了一次巨大调整。 上市之初接连几个涨停板的三只松鼠，如今股价已跌去 60%；来伊份在经历上市之初的高光之后，一路震荡下行，市值腰斩。 曾几何时狂飙猛涨的零食巨头们，都免不了高开低走的命运，与此同时，量贩零食正悄然起飞。 自去年 7月底以来，量贩零食连锁品牌"好想来"的母公司——万辰集团，股价已上涨6倍，是近9个月来，沪深上市公司中涨幅最高的公司。 | | | 万辰集团股价近9月涨6倍，领涨沪深两市 | | | | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 記始交易日期] 2024-7-24 [截止交易日期] 最新收盘目 [車位] ％↓ | | | 1 | 300972.SZ | 万辰集团 | | 624.6288 | | 2 | 300100.SZ | 双林股份 | | 560.9858 | | 3 | 300718.SZ | 长盛轴承 | | 517.8868 | | ব | 688068.SH | 热景生物- | 股大数据 | 45 ...

Core Viewpoint - The snack industry has undergone significant adjustments in recent years, with traditional giants facing declines while new players like Wanchen Group are rapidly rising [1][3][10]. Group 1: Market Dynamics - Wanchen Group's stock price has surged sixfold since July 2022, making it the top performer among listed companies in the Shanghai and Shenzhen markets [4][5]. - Wanchen Group's market capitalization has surpassed 20 billion, overtaking established players like Three Squirrels to become the industry leader [7]. - The snack industry is experiencing a stark contrast, with traditional giants like Three Squirrels and Laiyifen struggling, while Wanchen Group has reported a revenue increase of 247.9% to 32.33 billion in 2024 [12][11]. Group 2: Business Model and Expansion - Wanchen Group has transitioned from a mushroom cultivation business to a major player in the bulk snack sector, launching its brand "Lvxiaochan" in August 2022 [14][15]. - The company has aggressively acquired multiple snack brands, consolidating them under the "Haoxianglai" brand to streamline operations and expand its market presence [20]. - By 2024, Wanchen Group's store count reached 14,196, nearly doubling from the previous year, with plans to exceed 15,000 stores by March 2024 [20][21]. Group 3: Financial Performance - Wanchen Group's revenue from bulk snacks accounted for 98.33% of its total revenue in 2024, highlighting its focus on this segment [19]. - Despite significant revenue growth, Wanchen Group's gross margin was only 10.76%, well below the industry average of 20.35% [28]. - The company reported a net profit of 294 million in 2024, recovering from a loss of 82.93 million the previous year [12]. Group 4: Competitive Landscape - The bulk snack market is characterized by intense competition, with brands engaging in price wars to attract cost-sensitive consumers [37][42]. - The market is becoming increasingly concentrated, with the top two brands controlling 70% of the market share by late 2024 [48]. - Wanchen Group and its competitor Mingming Hen Mang are leading the market, but both face challenges with low profit margins, hovering around 2% [52]. Group 5: Future Outlook - The bulk snack industry is expected to grow significantly, with projections indicating the number of stores will reach 45,000 by 2025 and the market size will hit 123.9 billion [33]. - Companies are exploring new formats, such as discount supermarkets, to adapt to changing consumer preferences and enhance profitability [60][61]. - Wanchen Group's valuation has reached 84.95 times earnings, significantly higher than industry averages, raising concerns about sustainability amid increasing competition [65].