日前，万辰集团发布2025年三季度报告，该公司前三季度营业收入为365.62亿元，同比增长77.37%。归 属于上市公司股东的净利润为8.55亿元，同比增长917.04%。归属于上市公司股东的扣除非经常性损益 的净利润为8.06亿元，同比增长955.27%。基本每股收益为4.684元。 智通财经APP获悉，据报道，万辰集团(300972.SZ)将于11月11日启动香港上市NDR(非交易路演)，预期 交易规模约为3亿至5亿美元，目标2026年第一季度在港交所挂牌上市。 据港交所9月23日披露，万辰集团向港交所主板提交上市申请书，中金公司及招商证券国际为联席保荐 人。招股书披露，根据灼识咨询的资料，万辰集团是中国领先且增长最快的规模零食饮料零售企业， 2023年至2024年GMV同比增长282%。根据同一资料来源，公司的全国性品牌好想来在2024年以零食饮 料的GMV计位列中国零食饮料零售品牌榜首，同时也是全国首个门店数量突破10,000家的量贩零食饮 料零售品牌。 ...

Core Viewpoint - The snack retail industry is poised to welcome its first A+H share listed company, with Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) applying for a listing on the Hong Kong Stock Exchange, competing closely with its rival Mingming Hen Mang [1][2]. Group 1: Company Performance - Wancheng Group has shown rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 billion, -RMB 1.76 billion, and RMB 6.11 billion for the same years [1]. - In the first half of 2025, Wancheng Group reported a net profit of RMB 4.72 billion, a staggering year-on-year increase of 50,358.8%, with total revenue reaching RMB 22.58 billion, up 106.89% year-on-year [1]. - The company's gross merchandise volume (GMV) saw a year-on-year growth of 282% from 2023 to 2024 [1]. Group 2: Business Model and Market Position - Wancheng Group operates a business model that emphasizes direct procurement from manufacturers, allowing it to offer retail prices 20% to 30% lower than traditional supermarkets, thus providing a competitive pricing advantage [2]. - As of June 30, 2025, Wancheng Group had a network of 15,365 stores, with 99.4% being franchise stores, and a low closure rate of only 1.9% [2]. - The industry is evolving into a "two super, many strong" structure, with Wancheng Group and Mingming Hen Mang as the leading players, while smaller brands like Laiyifen and Tangchao follow closely [2][3]. Group 3: Competitive Landscape - In terms of revenue for 2024, Wancheng Group is projected to achieve RMB 32.33 billion, while Mingming Hen Mang is expected to reach RMB 39.34 billion, indicating a competitive revenue landscape [3]. - Mingming Hen Mang claims to have over 20,000 stores nationwide, surpassing Wancheng Group's 15,365 stores [3]. - Both companies are focusing on expanding their private label products, with Mingming Hen Mang planning to introduce a variety of new products, including high-margin daily necessities and health snacks [4]. Group 4: Financial Health and Future Plans - Wancheng Group's debt has increased to RMB 5.14 billion, with a debt-to-asset ratio of approximately 68.95%, indicating a need for capital to support further expansion [4]. - The company plans to use the funds raised from its Hong Kong listing to enhance its store network, diversify its product offerings, improve logistics efficiency, and upgrade its digital infrastructure [4].

Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd., the parent company of "Hao Xiang Lai," has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking the beginning of its "A+H" dual-platform listing journey after four years on the A-share Growth Enterprise Market [1] Financial Performance - The company achieved a remarkable revenue growth from 549 million to 32.329 billion yuan within three years, representing an increase of nearly 60 times over two years, driven by the rapid expansion of its snack and beverage retail business under the "Hao Xiang Lai" brand [1] - According to the prospectus submitted by Wancheng Group, the "Hao Xiang Lai" brand is projected to be the leading brand in China's snack and beverage retail sector by GMV (Gross Merchandise Volume) in 2024 [1] Future Challenges - For Wancheng Group, the listing and fundraising are just the beginning; the real challenge lies in establishing a sustainable profit model and value creation capability [1] - The company faces governance structure risks due to its heavy reliance on a franchise model, pressures related to food safety management, and the need to integrate family business management with modern corporate governance [1]