公司报告 | 首次覆盖报告 万辰集团（300972） 证券研究报告 零食量贩龙头，转型迈入新篇章 行业：量贩零食渠道红利仍存，全品类折扣店或成为趋势 根据艾媒咨询数据，从市场规模看，我国零食集合店市场规模从 2019 年 211 亿元增至 2023 年 809 亿元，4 年 CAGR 约为 40%，预计 2024 年可超 1000 亿元，预计 23-27 年 CAGR 为 18%。从门店数量来看，根据新华网的 信息，预计 2025 年零食量贩门店数量可达 4.5 万家。综合考虑人口密度和 经济水平，中国大陆地区零食量贩行业饱和门店数可达 8.75 万家，仍有约 1 倍的扩张空间。从规模上万辰集团和鸣鸣很忙集团已经处于相对领先位 置，门店数量均超过 1.5 万家，双强格局逐步形成。在当今传统零售业普 遍面临挑战的大环境下，硬折扣全品类批发超市，正悄然成为市场的新风 口，主要量贩零食企业均开始涉足进入全品类折扣超市，目前模型仍在测 试中。 万辰：规模优势逐步显现，全品类折扣店转型可期 公司成立于 2011 年，食用菌业务起家，2022 年开始陆续收购并整合期下 5 大品牌，进军量贩零食业务，开辟第二增长曲线。公司 ...

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]

京东即将在零售领域迈出创新步伐，全国首家大型折扣超市——京东折扣超市，将于8月16日在河北省 涿州市盛大开业。这一消息由京东官方于8月5日正式确认，标志着京东正式进军折扣超市业态。 据悉，涿州京东折扣超市门店占地广阔，面积达5000平方米，精心挑选超过5000种高性价比的民生商 品，价格普遍低于市场常规水平。此举不仅为消费者提供了更多选择，还以实惠的价格满足了大众的日 常购物需求。 京东方面透露，其实早在一年前，京东就已在北京房山区进行了折扣超市的试点，分别开设了两家门 店。这些门店不仅提供线下选购服务，还支持通过京东App等线上平台便捷下单，实现了线上线下无缝 融合的消费体验。 值得注意的是，在折扣超市业态的快速发展中，一些传统超市也在积极转型。例如，定位中高端的盒马 X会员店将进行调整，而以折扣为定位的盒马NB已经成为盒马的核心业态，截至7月15日，已开业的门 店数达到263家。 京东折扣超市的竞争优势何在？京东相关负责人表示，与行业内已有的折扣超市相比，京东折扣超市在 区域布局、门店规模、商品种类以及线下运营等方面均有所不同。其中，最核心的优势在于京东强大的 供应链体系，包括高效的产地直采和自有品牌，这 ...

Core Viewpoint - JD.com is set to open its first discount supermarket in Hebei's Zhuozhou on August 16, marking the launch of the first large-scale discount supermarket format in China [2][4]. Group 1: Company Developments - The first JD discount supermarket in Zhuozhou will cover an area of 5,000 square meters and will offer over 5,000 high-cost-performance daily goods, with prices generally lower than conventional market prices [2]. - JD's discount supermarket model has been piloted in Beijing since last year, with two stores opened in Fangshan in June and December, providing both offline shopping and online ordering services [4]. - The competitive advantages of JD's discount supermarket include its supply chain efficiency, direct sourcing from producers, and its own brand offerings, focusing on lower-tier markets and everyday low prices [4]. Group 2: Industry Trends - The discount supermarket sector is experiencing rapid growth globally, driven by consumer demand for high cost-performance options amid economic fluctuations and inflation [5]. - According to the "2025 China Retail Industry Outlook," the hard discount market in China is expected to exceed 200 billion yuan in 2024, with a penetration rate of only 8%, compared to 42% in Germany and 31% in Japan [5]. - The entry of new players into the discount supermarket space is increasing, with retail giant Wumart Group opening six "Wumart Value" hard discount supermarkets in Beijing on July 25 [5]. - Other brands, such as Wanchen Group and Youming, are also transitioning into the supermarket space, indicating a trend towards discount retailing [5]. - The China Chain Store & Franchise Association (CCFA) reports significant growth in sales and store numbers for membership and discount stores in 2024 [5].

Core Insights - The retail industry is experiencing intense competition, particularly in the snack sector, where brands are struggling with stagnant or declining same-store sales. Zhao Yiming Snacks has launched "Zhao Yiming Discount Supermarket" to enter the discount supermarket space, indicating a bold strategic shift [1][5]. Group 1: Market Dynamics - The discount retail sector has seen a resurgence, becoming a significant growth driver in the retail industry. Zhao Yiming's hard discount model shows potential for development but also presents new challenges [1][3]. - Competitors like Wancheng Group's "Lai You Pin Discount Supermarket" have already established a presence, increasing the competitive landscape. This intensifies the pressure on Zhao Yiming to differentiate itself [1][3]. Group 2: Operational Challenges - Expanding from a single snack category to multiple categories such as daily chemicals and fresh food imposes unprecedented demands on Zhao Yiming's procurement, warehousing, and quality control capabilities [2]. - The existing supply chain established in the snack sector may not be easily replicated for new categories, particularly for temperature-sensitive products like frozen goods, which require specialized cold chain logistics [2]. Group 3: Competitive Landscape - The discount retail market is crowded, with established players requiring Zhao Yiming to maintain price advantages while also focusing on product differentiation and service quality [3]. - Traditional supermarkets are responding to the rise of discount supermarkets by lowering prices, which could lead to a price war that further compresses profit margins across the industry [3]. Group 4: Internal Challenges - Zhao Yiming Snacks faces significant issues such as product homogenization, reliance on franchisees for store expansion, and frequent product quality problems, which could hinder its long-term growth [5][6]. - The franchise model, while enabling rapid expansion, can lead to inconsistent service quality and operational standards across stores, impacting brand reputation [6]. Group 5: Strategic Recommendations - To succeed in the competitive snack market, Zhao Yiming must focus on precise positioning in the value-for-money segment of the sinking market, enhance supply chain efficiency, and develop unique product offerings [9]. - Short-term strategies should include creating blockbuster products and increasing regional density, while mid-term efforts should focus on digital operations to reduce costs and improve efficiency [9].

Group 1: Store Performance and Growth - The company has signed over 15,000 stores as of the end of Q1 2025, with the "Good Idea" brand exceeding 10,000 stores [5][6] - The company aims to maintain stable growth in single-store performance, influenced by brand effect and local consumer demand [2][3] - The company plans to continue healthy growth of its store network, balancing quality and quantity [6] Group 2: Financial Performance and Strategy - Revenue has increased from several hundred million to 30 billion in the past two years [3] - The net profit margin for the bulk snack business is projected to be 2.7% in 2024, with strategies to enhance profitability through supply chain collaboration and logistics management [5][6] - The company is focused on optimizing product structure and extending categories to improve profitability [6] Group 3: Food Safety and Quality Control - The company has established a comprehensive internal control system for product quality management, emphasizing food safety as a critical issue [3] - There is a mechanism in place for reporting and responding to food safety emergencies [3] Group 4: Future Plans and Market Position - The company is exploring various business plans, including potential acquisitions and market expansions, with details to be disclosed in future announcements [5][6] - The company is leveraging digital platforms like Douyin for marketing while maintaining a core focus on offline store operations [6]

Investment Rating - Maintain "Add" rating for the industry [5] Core Viewpoints - The report highlights the rapid expansion of the "Good Idea Whole Food Selection" stores in Jiangsu, focusing on a multi-category discount retail model that combines snacks, fresh fruits, and baked goods, aiming to cater to the upgrading consumption in lower-tier markets [1][2][4] - The store's product mix includes a significant focus on high-quality items, with a clear emphasis on customer service, such as offering free fruit cutting and washing services, indicating a shift from merely price-based competition to quality and service enhancement [2][11][15] - The report suggests that the head of the snack retail system is entering a phase of rapid expansion, with the potential for further differentiation in store types and a robust supply chain to support this growth [4][26] Summary by Sections 1. Multi-Category Expansion and Store Types - "Good Idea Whole Food Selection" is expanding its store types and product categories, with plans for rapid franchise growth [1][10] - The store has opened six locations in Jiangsu, focusing on community-centric locations with larger store sizes compared to traditional snack stores [11][13] 2. Product and Service Quality - The store's product categories have expanded to include fresh fruits, short-shelf-life baked goods, and a variety of dairy and beverage products, while maintaining a selective SKU approach [2][15] - The overall product quality is high, with pre-packaged fruits and well-known brand household products, enhancing customer loyalty through superior service [15][20] 3. Store Layout and Pricing Strategy - The store layout is designed for clear product zoning and customer flow, with a focus on larger single product displays [20] - Pricing remains competitive, with discounts on various categories compared to traditional supermarkets and online platforms, maintaining a value proposition for consumers [21][23] 4. Investment Recommendations - The report emphasizes the potential for significant growth in the snack retail sector, with established players poised to leverage their supply chain advantages and expand into new product categories [4][26] - The ongoing franchise model and the introduction of new store types are expected to enhance market coverage and operational efficiency [4][26]

Investment Rating - Maintain "Add" rating for the industry [5] Core Insights - The report highlights the transformation of retail through the expansion of multi-category discount formats, particularly focusing on the "Good Idea Whole Food Selection" in Jiangsu, which combines various store types and aims for rapid franchise expansion [1][4][10] - The "Good Idea Whole Food Selection" has successfully opened six stores in Jiangsu, emphasizing a community-centric approach with larger store sizes compared to traditional snack stores [11][24] - The product mix includes fresh fruits, short-shelf-life baked goods, and a selection of daily necessities, positioning the store more as a food supermarket rather than a simple discount retailer [2][15] Summary by Sections 1. Multi-Category Expansion and Store Types - The "Good Idea Whole Food Selection" is expanding its franchise model with multiple store types, aiming to adapt to various market needs and consumer preferences [1][10] - The company has introduced a diverse range of products, including fresh produce and baked goods, while maintaining a focus on cost-effectiveness and quality [2][11] 2. Store Layout and Customer Experience - The store layout is designed for clear product zoning and customer flow, enhancing the shopping experience and encouraging cross-selling among different product categories [3][20] - The stores feature a significant display area for selected SKUs, which contrasts with the dense layout of traditional supermarkets, thereby improving visibility and accessibility [20] 3. Pricing Strategy - The pricing strategy continues to emphasize value, with many products priced significantly lower than competitors like Hema and traditional supermarkets, maintaining a competitive edge in the market [21][23] - The report provides specific pricing comparisons, showing that many items are offered at discounts ranging from 50% to 80% compared to other retailers [23] 4. Investment Recommendations - The report suggests that the industry is entering a phase of rapid expansion, with leading companies like Wanchen Group and Mingming Hen Mang poised to capitalize on their established supply chains and operational efficiencies [4][26] - The potential for further market penetration and the introduction of additional store formats is highlighted as a key growth driver for the industry [4][26]