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].

今年无疑是国内量贩零食饮料零售行业的"上市大年"。 继今年4月休闲零食连锁品牌"鸣鸣很忙"递表港交所后，其强劲对手万辰集团（300972.SZ）也在5个月后跟进，正式向港交所递交招股书，谋求"A+H"双重 上市。 凭借量贩零售这一热门赛道，万辰集团在A股市场备受追捧，过去一年股价累计涨幅超500%，早期投资者获利颇丰。 食用菌企业转型卖零食 万辰集团成立于2000年，最初以金针菇、海鲜菇等食用菌的工厂化种植为主业，是国内相关品类的头部企业。 2022年，万辰集团做出重大战略调整，跨界切入量贩零食饮料零售赛道。次年，万辰集团将旗下"陆小馋""来优品""吖滴吖滴"等品牌整合为全国性品牌"好 想来"，标志着其从单一农业企业成功转型为"食用菌+量贩零食"双主业运营。 万辰集团以"低价刚需+社区连锁"为核心策略，借助资本力量，通过并购区域品牌与统一供应链整合快速扩张。截至今年6月底，全国门店总数突破1.5万 家，跻身行业第一梯队。 低价的背后，是量贩零售的"效率革命"：厂家直采、高周转、规模化采购与精细化运营。 以万辰集团为例，公司近95%的产品直接采购自品牌厂商，省去了中间多层流通环节；其零食业务存货周转天数在今年上 ...

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to expand its presence in the rapidly growing snack and beverage retail market in China [1] Financial Performance - The company's total revenue is projected to grow from RMB 9.3 billion in 2023 to RMB 32.33 billion in 2024, representing a year-on-year increase of 247.9% [3] - The Group's GMV is expected to reach RMB 42.6 billion in 2024, a year-on-year growth of 282% [3] - For the first half of 2025, the company reported revenue of RMB 22.58 billion, a year-on-year increase of 106.9%, with an adjusted net profit of RMB 920 million [3] Business Model and Growth Strategy - The company's growth is driven by a "growth flywheel" consisting of five key elements that create a win-win situation for consumers, franchisees, suppliers, and the company [4] - The expansion of the store network enhances purchasing power and strengthens bargaining capabilities with suppliers, allowing the company to offer high-quality products at competitive prices [6] Competitive Advantages - As of June 30, 2025, the company operates over 15,000 stores across 29 provinces in China, establishing a significant scale advantage [7] - The company has accumulated over 150 million registered members, providing a solid foundation for sustained growth [7] - The company achieves high supply chain efficiency, with approximately 95% of products sourced directly from manufacturers, resulting in a 20%-30% lower retail price compared to traditional supermarkets [7] Product Strategy - The company has a professional procurement team of over 200 people and maintains a product pool of over 4,000 SKUs, ensuring a diverse yet efficient product offering [8] - The company introduces an average of 250 new SKUs each month, keeping the product lineup fresh and responsive to market trends [8] - The company has launched two proprietary product lines, "Haoxianglai Value" and "Haoxianglai Selection," targeting different consumer needs and enhancing brand perception [9][11] Customer Experience - The company aims to create a shopping environment that combines shopping, entertainment, and social interaction, enhancing customer engagement and increasing average transaction value [12] - Store designs are standardized and tailored to different consumer scenarios, providing a one-stop shopping experience [12] Future Outlook - The company plans to use the funds raised from the IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [14] - With the support of capital, the company aims to solidify its leadership position in the Chinese snack and beverage retail industry and expand its successful discount model into broader fast-moving consumer goods markets [14]