证券研究报告：食品饮料 | 公司深度报告 发布时间：2026-02-23 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 投资要点 节前我们集中性进行了量贩零售业态实地调研，本次调研覆盖石 家庄、成都、郑州、长沙、汕头等地核心商圈的好想来、零食很忙、 零食有鸣等竞品门店进行对比观察。调研时间集中于 2026 年 1-2 月， 正值春节消费旺季，能够充分反映各品牌的实际运营状态和消费者行 为特征。我们认为未来行业将呈现以鸣鸣很忙、好想来引领的全国性 量贩巨头+区域性品牌+传统零售跨界融合长期并存的割据格局。 结合调研感受及业绩考量，我们认为万辰集团作为头部零食量贩 品牌具备龙头效应及业绩弹性，在此重申推荐逻辑。经过 2024 年至 2025 年的密集开店与市场培育，万辰集团量贩零食业务已迎来关键经 营拐点。从单店趋势看，老店业绩企稳、新店爬坡完成，叠加升级店 型对单店 GMV 的提振作用逐步显现；从外部催化看，2026 年春节时点 靠后带来的消费集中效应，有望在 1-2 月形成显著旺季脉冲。 1）驱动因素一：老店企稳、新店爬坡，开店节奏有序提升。24H2 集中开设的新店（尤其是两湖两广新市场门店 ...

Core Viewpoint - The incident involving the "好想来" store detaining two middle school girls for suspected theft has raised significant public concern regarding customer treatment and legal rights of minors [2][8][11]. Group 1: Incident Details - On February 2, two girls were detained for over 20 minutes in a "好想来" store in Shaanxi, suspected of shoplifting based on a monitoring video alert [2][8]. - The girls were not allowed to contact their parents during the incident, which caused emotional distress [7][11]. - The store's staff initially refused to provide video evidence of the incident when requested by the girls' parent [10]. Group 2: Company Response - The store issued an apology acknowledging the mishandling of the situation and committed to internal training and corrective measures to prevent future occurrences [6][14]. - 万辰集团, the parent company of "好想来," announced a temporary closure of the involved store for a thorough internal investigation and pledged to enhance service protocols [14][15]. Group 3: Legal Implications - Legal experts indicated that the store's actions may constitute illegal detention and violation of the minors' rights, emphasizing the need for proper procedures in suspected theft cases [17][19]. - The correct protocol for businesses in such situations should involve contacting guardians and law enforcement rather than detaining customers [19].

Group 1 - The incident involving the "好想来" store in Shaanxi, where two middle school girls were wrongfully detained for over 20 minutes under suspicion of theft, has garnered significant public attention [1][2][5] - The store's parent company, 万辰集团, has acknowledged the incident and is conducting a thorough internal investigation, emphasizing their commitment to customer care and compensation for the affected individuals [6][7] - 万辰集团 is a leading player in the snack retail sector, with plans to expand its store count to 15,365 by June 2025, including 14,334 "好想来" stores [6][8] Group 2 - 万辰集团's latest earnings forecast for 2025 projects revenue between 50 billion to 52.8 billion yuan, representing a year-on-year growth of 54.66% to 63.32% [7] - The company also anticipates a net profit attributable to shareholders of 1.23 billion to 1.4 billion yuan, reflecting a substantial increase of 319.05% to 376.97% compared to the previous year [7] - Following the incident, the company has implemented a temporary closure of the involved franchise store for rectification and is enhancing employee training to prevent similar occurrences in the future [6][10]

Core Viewpoint - The incident involving the "Hao Xiang Lai" snack store in Shaanxi has raised significant concerns regarding customer treatment and brand reputation, prompting the company to take immediate corrective actions and reinforce employee training [1][2][3] Group 1: Company Response - Wanchen Group has acknowledged the incident and expressed deep apologies for the distress caused to customers, emphasizing the importance of customer trust [1] - The company has implemented a closure and rectification of the involved franchise store and will prioritize customer care and compensation based on the facts [1] - Wanchen Group aims to strengthen employee service awareness and emergency response training to prevent similar incidents in the future [1] Group 2: Incident Details - On February 2, 2026, two 14-year-old girls were wrongfully detained by store staff under suspicion of theft, leading to significant emotional distress for one of the girls [2] - Local police confirmed that the girls did not engage in any theft, and the store's actions were deemed unlawful, particularly concerning minors [2] - The store manager has been taken to the police station for further processing due to the incident [2] Group 3: Business Performance and Industry Context - "Hao Xiang Lai" is a key brand under Wanchen Group, which has rapidly expanded through a franchise model, with over 15,000 signed stores and more than 10,000 operational stores as of March 2025 [2][3] - Wanchen Group's revenue forecast for the fiscal year 2025 is between 50 billion to 52.8 billion yuan, with a net profit expected to reach 1.23 billion to 1.4 billion yuan, reflecting a year-on-year growth of 222.38% to 266.94% [3] - The competitive landscape in the snack retail sector is intensifying, necessitating improved service quality and compliance management as core competitive advantages for companies [3]

Core Viewpoint - The snack brand "Hao Xiang Lai" under Wancheng Group (300972) is facing consumer backlash due to weight discrepancies in their products, leading to a loss of consumer trust and credibility [1][3]. Group 1: Consumer Complaints - A consumer reported that multiple snack items purchased from "Hao Xiang Lai" were underweight by approximately 129 grams compared to the store's weight, resulting in an overcharge of 6.41 yuan [1]. - This is not the first incident; a previous complaint in August 2024 involved a customer being charged 119 yuan for snacks priced at 65 yuan, with the store attributing the error to staff negligence [3]. Group 2: Industry Practices - Weight-based pricing is a common practice in the snack retail industry, which can lead to potential exploitation if employees manipulate weights, affecting store revenues [3]. - The brand's approach to handling consumer disputes has been criticized as a common tactic, indicating a systemic issue within the company's operational practices [3]. Group 3: Brand Response and Reputation - The brand's response to the recent complaint involved attempting to discredit the consumer's video evidence, which has been viewed as a failure in crisis management and public relations [3][5]. - The need for the brand to address the root causes of these issues is emphasized, suggesting that they should improve employee training and avoid deceptive practices to maintain consumer trust [5].

Core Viewpoint - A consumer reported discrepancies in the weight of snacks purchased from the "Hao Xiang Lai" store in Cixi, Ningbo, leading to claims of overcharging due to inaccurate measurements [1][4]. Company Response - The company, Wanchen Group, acknowledged the issue and stated that it was due to an operational error by a new employee. They have conducted an internal investigation and confirmed that the measuring instruments used in the store are compliant and accurate [6][7]. - Wanchen Group emphasized its commitment to product measurement and service quality, stating that all measuring instruments are legally certified and undergo daily calibration [7]. Market Position - "Hao Xiang Lai" is a leading brand in the bulk snack retail sector, and Wanchen Group is the only listed company in this industry on the A-share market. As of June 2025, the company plans to expand its store count to 15,365, including 14,334 "Hao Xiang Lai" stores [7]. - For the first three quarters of 2025, Wanchen Group reported a revenue increase of 77.37% to 36.562 billion yuan, with a net profit increase of 917.04% to 855 million yuan [7].

Group 1 - The core issue reported by consumers is that the actual weight of snacks purchased at "Hao Xiang Lai" is less than the weight indicated by the store, leading to overcharging of approximately 6.41 yuan for 129 grams of snacks [2][3] - "Hao Xiang Lai" attributes the weight discrepancy to operational errors by new employees, but this explanation lacks credibility given that multiple products were affected [3][4] - The problem of inaccurate weight measurements is not isolated to "Hao Xiang Lai," as similar complaints have been reported at other snack brands, indicating a broader issue within the industry regarding weight measurement practices [4] Group 2 - The rapid expansion of "Hao Xiang Lai" has been accompanied by frequent reports of weight discrepancies, which directly harm consumer interests and undermine the brand's reputation [4][5] - The company is urged to implement a daily verification system for product measurements and improve employee training to prevent future occurrences of weight discrepancies [4] - Maintaining user reputation and product experience is crucial for the company's development, and issues like "short weight" can severely damage credibility [5]

Group 1 - The core issue revolves around consumer complaints regarding the weight of snacks purchased at "Hao Xiang Lai," a brand under Wancheng Group, where the actual weight was found to be lower than the weight indicated in-store [2][3] - A specific case highlighted that the consumer was overcharged by 6.41 yuan due to a discrepancy of approximately 129 grams in weight [3] - The company attributed the issue to operational mistakes by new employees, but the frequency of such complaints raises concerns about the overall measurement practices and employee training [4] Group 2 - "Hao Xiang Lai" has been rapidly expanding its store presence, but this growth has been accompanied by recurring issues of weight discrepancies, which directly affect consumer trust and satisfaction [4] - The phenomenon of "short weight" is not isolated to "Hao Xiang Lai," as similar issues have been reported across other snack brands, often dismissed by companies as mere employee errors [4] - The company is urged to implement stricter quality control measures and daily verification of product weights to address these recurring issues and restore consumer confidence [4][5]

Core Viewpoint - The article discusses the recent developments surrounding Wancheng Group's application for an IPO on the Hong Kong Stock Exchange, highlighting its transition from a fresh mushroom business to a snack retailing company, and the challenges it faces in maintaining growth and profitability amidst market saturation and governance concerns [1][2][4]. Company Overview - Wancheng Group, formerly known as Wancheng Biological, specializes in the research, cultivation, and sale of edible mushrooms, with a significant shift to the snack retail sector since 2022 [1][2]. - The company has expanded its snack brand "Haoxianglai" through acquisitions, increasing its store count to over 3,800 and achieving a market share of 1 [2]. Financial Performance - In 2022, Wancheng Group's revenue surged from 549 million yuan to 32.328 billion yuan by 2024, with a net profit increase from 67.85 million yuan to 611 million yuan, reflecting compound annual growth rates of 289.0% and 108.0% respectively [2]. - The company reported a 77.4% year-on-year revenue growth for the first nine months of 2025, with net profit increasing by 361.5% compared to the same period in 2024 [4]. Market Dynamics - The snack retail market has seen significant investment, with over 3 billion yuan raised in equity financing from 2022 to 2024, indicating a growing interest in the "bulk snack" concept [1]. - However, the rapid expansion of snack retailing has led to market saturation, with Wancheng Group's average customer transaction value dropping by 33.3% from 53.33 yuan to 35.56 yuan between 2022 and 2024 [8]. Operational Challenges - Despite initial growth, Wancheng Group's revenue growth has slowed significantly, with quarterly growth rates declining from 534.0% in Q1 2024 to 44.2% in Q3 2025 [5]. - The company's gross margin has decreased from 20%-30% to 10%-15% since entering the snack business, with a net margin remaining in single digits [6]. Governance Issues - Wancheng Group is characterized as a family-run business, raising concerns about governance and management practices, especially following the resignation of its chairman amid legal investigations [13][15]. - The company's recent acquisition strategy has drawn scrutiny, particularly regarding the high valuations paid for subsidiaries and the potential conflicts of interest involved in these transactions [16][17].

Core Viewpoint - The article discusses the rapid growth and challenges faced by Wancheng Biological, particularly its "Haoxianglai" brand, which has expanded to over 15,000 stores but is burdened by high debt and operational risks due to increased competition and extended payback periods for franchisees [2][3][4][5]. Financial Performance - Wancheng Biological's revenue surged from 5.49 billion yuan in 2022 to 323.29 billion yuan by mid-2025, with a significant increase in the share of snack and beverage retail business from 12.1% in 2022 to 98.9% in 2025 [6]. - The adjusted net profit showed a dramatic increase, reaching approximately 9.22 billion yuan in the first half of 2025, reflecting a growth rate of 287.39% year-on-year [8]. - Despite high revenue growth, the net profit margin has declined significantly, with a net profit margin of only 3.85% in the first half of 2025, compared to historical levels of around 10% to 20% from 2018 to 2021 [8]. Expansion Strategy - The company has aggressively expanded its franchise network, growing from 160 franchise stores in 2022 to 15,300 by mid-2025, with over 99% of its stores being franchises [6][7]. - Wancheng Biological's debt has increased dramatically, with current liabilities rising from approximately 3.32 billion yuan at the end of 2022 to 51.28 billion yuan by the end of 2024 [10]. Market Position - "Haoxianglai" has become the leading brand in the snack retail sector, holding a market share of 0.91%, while the top five brands collectively hold only about 3.85% of the market [20]. - The competitive landscape is characterized by a duopoly between Wancheng Biological and Mingming Group, with both companies vying for market share in a fragmented industry [21]. Operational Challenges - Franchisees are facing increased operational challenges, with the payback period for opening a "Haoxianglai" store extending from about one year to three years due to rising costs and market saturation [9][15]. - The company has reported significant increases in inventory levels, which could pose risks to its operations if not managed effectively [16]. Leadership and Governance - The founder of Wancheng Biological, Wang Jiankun, is under investigation, leading to concerns about governance and stability within the company [17][18]. - Wang Zening, the founder's son, has taken on a more prominent role in the company, which may influence its strategic direction moving forward [18][19].