量贩零食争夺零食第一股。 两大零食品牌先后递交招股书。9月23日，万辰集团向港交所递交招股书，拟在香港主板挂牌上市。这 距离另一家零食巨头——鸣鸣很忙4月底递交招股书，不到半年的时间。 经过过去一年的疯狂扩张，量贩零食已发展成300多亿元营收，近10亿元净利润的巨头。万辰集团招股 书显示，2022年至2024年三年，万辰集团的营业收入分别为5.49亿、92.94亿、323.29亿元，净利润分别 为0.68亿、-1.76亿、6.11亿元。 鸣鸣很忙招股书同样显示，2022年至2024年三年，鸣鸣很忙收入分别为42.86亿元、102.95亿、393.44亿 元。经调整净利润分别为0.81亿元、2.35亿元和9.13亿元。 两家量贩零食品牌门店数量加起来近4万家，均以加盟为主。招股书显示，截至2025年6月30日，万辰集 团的门店网络达15365家，其中加盟店占比为99.4%，为15275家。鸣鸣很忙9月份则对外宣称，旗下全 国门店数超过20000家。 数万家门店背后，对应的是成千上万个加盟商。万辰与鸣鸣很忙上岸在即，加盟商生意如何？量贩零食 是否还称得上是一门好生意？ 一年开店1万家，毛利仅7.6% 量贩零食店最 ...

Core Insights - Wancheng Group, originally a mushroom business, has transformed into a snack retail giant with over 15,000 stores, achieving a revenue growth of over 100 times in three years, but faces challenges with a low net profit margin of approximately 2% and significant profit distribution to minority shareholders [1][2][3] - The company is undergoing a leadership transition following the detention and resignation of founder Wang Jiankun, with his sister Wang Liqing taking over as chairman and his son Wang Zenning becoming the general manager, establishing a family management structure [1][9] Financial Performance - For the first three quarters of 2025, Wancheng Group reported a revenue of 36.562 billion yuan, a year-on-year increase of 77.37%, and a net profit attributable to shareholders of 855 million yuan, up 917.04% [1] - Despite high revenue, the net profit margin remains low at 2.34%, with a net profit margin of only 4.35% [2] - The company’s revenue surged from approximately 359 million yuan in the first three quarters of 2022 to 36.562 billion yuan in the same period of 2025, indicating a significant growth trajectory [3] Business Strategy and Challenges - Wancheng Group's rapid expansion has led to a high cost structure, with operating costs rising in line with revenue growth, indicating a lack of economies of scale [4] - The company employs a low-price strategy to capture market share, resulting in a diluted profit margin and increased competition among stores [4][14] - The high asset-liability ratio of 66.35% as of the third quarter of 2025 raises concerns about financial stability, with a significant portion of liabilities being short-term [5] Governance and Management Issues - The governance structure is heavily influenced by family members, with four out of eight board members being from the Wang family, raising concerns about the independence of the board [9][12] - The recent leadership changes and the family-centric governance model may pose challenges for the company's IPO plans, as market confidence has been shaken by the founder's legal issues [11][12] - The profit distribution structure has led to a significant portion of profits being allocated to minority shareholders, particularly benefiting Wang Zenning, which could create distrust among other shareholders [6][7] Market Position and Competitive Landscape - Wancheng Group's market position is threatened by increasing competition in the snack retail sector, with other brands like Mingming Hen Mang also pursuing IPOs and showing stronger financial performance [12] - The company faces risks from a saturated market where multiple brands compete for the same customer base, leading to potential store closures and reduced growth rates [12][14] - Quality control issues have emerged, with numerous consumer complaints regarding product safety and service, which could impact brand reputation and customer loyalty [14][15]

靠卖蘑菇起家的万辰集团，在转型量贩零食后创造出营收三年增长超百倍的"神话"，却难掩归母净利润率仅约2%、近一半利润被少数股东分走的尴尬。 不过，深入分析万辰集团的盈利质量，却难言乐观。今年前三季度，其归母净利润率还不足2.34%，净利润率也仅为4.35%。 这种"高营收、低盈利"的状况并非偶然。万辰集团2023年的营业收入为92.94亿元，归母净利润却亏损8293万元，归母净利润率为-0.89%，净利润率 为-1.57%；2024年的营业收入为323.3亿元，即便归母净利润扭亏为盈，但仅2.94亿元，归母净利润率为0.91%，净利率为1.87%。 对比来看，万辰集团的盈利水平严重低于传统零食企业。例如，2025年上半年，盐津铺子的净利润率为12.57%，劲仔食品的净利润率为10.02%。 万辰集团的前身是一家从事食用菌业务的企业，2022年创立量贩零食品牌"陆小馋"，才正式跨入零食赛道。此后，通过将"来优品""好想来""吖嘀吖嘀""老 婆大人"等区域零食品牌合资或收购，并在2023年将大部分品牌统一为"好想来品牌零食"，实现了业务转型。 2022年前三季度至2025年前三季度，万辰集团的营业收入由约3.59亿 ...

继披露港股IPO招股书后，10月21日，万辰集团(300972.SZ)发布2025年三季度业绩报告。 报告期内，万辰集团以旗下量贩零食品牌"好想来零食乐园(以下简称'好想来')""老婆大人"为载 体，展现出强劲的增长势头与卓越的运营效率。根据财报数据，2025年第三季度，万辰集团实现总营业 收入139.8亿元，同比增长44.15%；归属于上市公司股东的净利润持续攀升，达3.8亿元，同比增长 361.22%。期末货币资金余额41.93亿元，现金储备充沛。 基于对资本市场高质量发展的响应以及对股东权益的充分重视，万辰集团同时发布分红公告，拟每 10股派现金股利1.5元，实现一年稳定多次分红。 此次财报披露后，万辰集团2025年前三季度营收已达365.62亿元，同比增长77.37%，归属上市公司 股东的净利润8.55亿元，同比增长917.04%；量贩零食业务板块前三季度营收达361.58亿元，同比增长 78.75%；加回计提的股份支付费用后实现净利润16.93亿元，同比增长212.94%，远超去年同期表现。 凭借在用户运营、渠道拓展及产品创新三大维度协同发力，报告期内，万辰集团不仅巩固了其在线 下量贩零食市场的领先 ...

证券之星 吴凡 继今年4月鸣鸣很忙向港交所递交IPO申请后，零食量贩赛道的另一头部企业万辰集团(300972.SZ)亦紧 随其后，于今年9月正式冲刺港股上市。对于冲击H股的原因，万辰集团在招股书中称，系推进公司全 球战略布局、建立国际资本运作平台，提升综合竞争力。其募资重点用途之一为继续扩张门店网络。 零食量贩行业经历了2022年至2023年的区域龙头跑马圈地以及2024年头部品牌兼并整合的阶段，如今初 步形成以鸣鸣很忙和万辰集团为首的"两超多强"格局。截至今年上半年，万辰集团在国内门店达到 15365家，但上半年拓店1177家，不足上年同期六成。对比之下，鸣鸣很忙在今年9月宣布门店破2万 家，尽管万辰集团也在着手收购南京万优股权以强化规模优势，但该次收购完成后，公司将面临负债攀 升、净利承压的情况。 更需要注意，零食量贩赛道即将进入下半场竞争，单纯依赖门店数量增长的发展模式已难以为继：一方 面，市场逐步接近饱和，新增门店可能对现有门店客源形成分流，进而导致单店营收下滑；另一方面， 经营业绩的提升将更多依赖精细化运营而非"规模红利"，这对"两超"及行业其他玩家均提出了更高要 求。 补贴力度下滑，上半年开店速度 ...

Core Viewpoint - The article discusses the transformation of Wancheng Group from a mushroom cultivation company to a leading snack retail empire, highlighting its upcoming IPO on the Hong Kong Stock Exchange and the role of the new generation of leadership in driving this change [3][4][10]. Company Overview - Wancheng Group, founded in 2011 in Fujian, initially focused on mushroom cultivation and became a stable supplier for major retailers like Walmart and Carrefour [5]. - The company went public on the ChiNext board in 2021, achieving a revenue of over 400 million yuan in 2020 and earning the title of "the first stock in edible fungi" [6]. Market Dynamics - The edible fungi market faced saturation and increased competition, leading to a 15%-20% year-on-year price drop, prompting Wancheng Group to pivot towards the snack retail sector [6][7]. - The snack retail market is experiencing rapid growth, with a projected market size of approximately 1.04 trillion yuan in 2024, reflecting a year-on-year growth of 28.6% [10]. Strategic Expansion - Wancheng Group launched its snack brand "Liu Xiaochan" in August 2022 and subsequently acquired several brands to form a dual-brand matrix with "Haoxianglai" and "Wife Daren" [8][10]. - By June 2025, the number of snack stores exceeded 15,365, with "Haoxianglai" accounting for 14,334 of these locations [8]. Competitive Landscape - The main competitor for Wancheng Group is the merged entity "Mingming Hen Mang," which has a projected GMV of 55.5 billion yuan in 2024 and over 14,394 stores nationwide [10]. - Wancheng Group's GMV for 2024 is estimated at 32.33 billion yuan, with a net profit of 611 million yuan [10]. Leadership Transition - The leadership of Wancheng Group is transitioning to the next generation, with Wang Zening, born in 1993, taking over as general manager after his father stepped down [13][14]. - Wang Zening has a strong educational background, holding degrees from the University of Michigan and Columbia University, and has been instrumental in expanding the company's snack retail business [14]. Branding and Marketing Strategy - Wancheng Group is shifting from a price-focused strategy to a brand-oriented approach, leveraging popular IP collaborations to enhance customer engagement and brand appeal [11][12]. - The company aims to create a unique shopping experience that combines affordability with entertainment, similar to the strategy employed by MINISO [12][11]. Financial Performance - The company reported a significant increase in revenue and net profit, with revenue growing by 106% and net profit increasing by 503 times in the first half of 2025 [15]. - The stock price of Wancheng Group was around 173 yuan prior to the National Day holiday, with a market capitalization of approximately 32.5 billion yuan [14].

Core Viewpoint - Wancheng Group has experienced explosive growth, with its stock price increasing over tenfold since last July, driven by significant revenue and profit growth in the snack retail sector [2][4]. Group 1: Financial Performance - In the first half of this year, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, and a net profit of 472 million yuan, soaring by 50,358.80% [4]. - For 2024, the company expects revenue to grow by 247.86% to 32.329 billion yuan, with net profit increasing by 453.95% to 294 million yuan, marking a turnaround from losses [12]. - The snack retail business generated 31.790 billion yuan in revenue, accounting for 98.33% of total revenue, reflecting its dominance in the company's operations [13]. Group 2: Expansion Strategy - Wancheng Group, originally focused on edible mushrooms, has rapidly expanded into the snack retail market, launching the "Liu Xiaochan" brand and acquiring several companies to enhance its market presence [9][10]. - The company opened nearly 10,000 new stores in 2024 alone, although the pace of new store openings has slowed significantly in the first half of this year [10][16]. - As of this year, the total number of stores exceeded 15,000, with a significant increase in the number of stores under the "Mingming Hen Mang" brand [29][30]. Group 3: Industry Challenges - The rapid expansion has led to concerns about store density, declining single-store profitability, and conflicts of interest between the company and franchisees [18][20]. - Wancheng Group's high leverage, with a debt ratio reaching 79.9% in 2024, raises concerns about financial stability, especially in a competitive market [22][26]. - The snack retail industry is becoming increasingly saturated, with major competitors entering the market, which may limit Wancheng Group's growth potential [28][31]. Group 4: Management and Governance - Recent management changes, including the resignation of the chairman amid legal investigations, have introduced uncertainty into the company's governance structure [40][42]. - The family-run nature of the company, now under a "cousin-aunt" governance model, may further complicate decision-making and strategic direction [44][45]. Group 5: Market Outlook - Wancheng Group's IPO application on the Hong Kong Stock Exchange comes at a time when investor interest in the consumer sector is high, potentially providing a boost for further expansion [5][46]. - The company's ability to address internal challenges and external market pressures will be crucial for maintaining its leadership position in the snack retail industry [48].

Core Viewpoint - The article highlights the explosive growth of Wancheng Group, with its stock price increasing over tenfold since July of last year, driven by significant revenue and profit growth in the snack retail sector [2][4]. Group 1: Company Performance - In the first half of this year, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, and a net profit of 472 million yuan, soaring by 50,358.80%, ranking first in net profit growth among A-shares [4]. - The company plans to list on the Hong Kong Stock Exchange, aiming for further capital influx [5]. - Wancheng Group's rapid expansion in the snack retail market has led to a revenue of 32.329 billion yuan in 2024, a year-on-year growth of 247.86%, with net profit turning positive at 294 million yuan [11]. Group 2: Business Model and Expansion - Originally focused on edible mushrooms, Wancheng Group shifted to the snack retail sector in 2021, launching the "Liu Xiaochan" brand and acquiring several companies to enhance its market presence [6][8]. - The company opened nearly 10,000 new stores in 2024, but the pace of expansion has slowed significantly in the first half of this year, with only 1,467 new stores opened and 259 closed [10][14]. - The majority of Wancheng Group's 15,000 stores are franchise-operated, which raises concerns about profitability and operational control [15][16]. Group 3: Financial Health and Risks - Wancheng Group's asset-liability ratio surged to 79.9% in 2024, significantly higher than the healthy range of 40%-60% for the snack industry [20]. - By mid-2025, the total liabilities reached 5.144 billion yuan, a year-on-year increase of 39.69%, with the asset-liability ratio projected to rise to 90.97% after a recent acquisition [22][25]. - The company's high leverage and reliance on store sales for cash flow may pose risks, especially as the snack retail market becomes increasingly saturated [28][29]. Group 4: Market Competition and Challenges - The snack retail market has seen explosive growth, with the market size increasing from 7.3 billion yuan in 2019 to 129.7 billion yuan in 2024, but competition is intensifying as major retailers enter the space [29][31]. - Wancheng Group faces competition from established players like Mingming Hen Mang, which reported higher revenue and profit figures [34]. - The company's low profit margins, attributed to aggressive pricing strategies and high operational costs, reflect a broader trend in the snack retail sector [36][38]. Group 5: Management and Governance Issues - Recent management changes, including the resignation of Chairman Wang Jiankun amid legal investigations, have raised concerns about governance and stability within the company [44][47]. - The family-run nature of the company may introduce additional uncertainties as it navigates challenges in a competitive market [47]. Group 6: Future Outlook - The potential for Wancheng Group to leverage its IPO to alleviate financial pressures exists, but its future success will depend on addressing internal governance issues and external market challenges [50][51].

Core Viewpoint - Wanchen Group has officially submitted its application to the Hong Kong Stock Exchange, aiming to expand into the Hong Kong market with its snack retail brands "Haoxianglai" and "Wife's Big Man" [1] Company Overview - Wanchen Group was established in 2011, initially focusing on edible fungi business, including enoki mushrooms and king oyster mushrooms. In 2021, the company reported revenue of 426 million RMB and a net profit of 24.28 million RMB [3] - The company entered the snack retail industry in 2022, integrating five major snack retail brands and subsequently consolidating them under the "Haoxianglai" brand in September 2023 [3][4] Financial Performance - Revenue growth from 2021 to 2024 saw Wanchen Group's revenue increase nearly 75 times, from 426 million RMB in 2021 to 32.33 billion RMB in 2024, with a projected revenue of 22.58 billion RMB for the first half of 2025 [3][4] - Adjusted net profit improved significantly, from a loss of 28.1 million RMB in 2023 to 9.22 billion RMB in the first half of 2025, reflecting a year-on-year growth of 286.8% [4] Business Segmentation - The snack and beverage retail business has become the primary revenue driver, accounting for 98.9% of total revenue in the first half of 2025, compared to just 12.1% in 2022 [4][5] - Wanchen Group's product portfolio includes 12 core categories, with prices 20-30% lower than similar products in large supermarkets and convenience stores [5] Market Expansion Strategy - The company primarily uses a franchise model for store expansion, with a total of 15,275 franchise stores as of June 30, 2025. The number of new franchise stores opened increased significantly from 163 in 2022 to 9,746 in 2024 [7][9] - The snack retail market in China is projected to grow from 73 billion RMB in 2019 to 1,297 billion RMB in 2024, with an annual compound growth rate of 77.9% [7][8] Market Dynamics - The majority of Wanchen Group's stores are located in lower-tier cities, which are identified as the main battleground for snack retail expansion. As of June 30, 2025, 35.7% of stores are in third-tier cities, and 20.2% in second-tier cities [9][10] - The increasing purchasing power and consumption potential in lower-tier cities are driving the growth of the snack retail market, with a projected market size of 6,137 billion RMB by 2029 [8][10]

Group 1 - The core point of the article is that Wancheng Group plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to advance its international strategy and enhance brand recognition and competitiveness [1][2] - Wancheng Group's move to list in Hong Kong introduces uncertainty regarding which company will become the first listed snack brand in the market, especially in light of the previous application by Mingming Hen Mang [1][2] - The company is currently in discussions with relevant intermediaries regarding the listing process, and specific details such as issuance scale, pricing, and timeline will be determined in compliance with regulatory requirements [3][6] Group 2 - Founded in 2011, Wancheng Group initially focused on edible fungi before entering the snack market with the launch of its brand "Lu Xiaochan" in 2022 [5] - The company has rapidly expanded its snack business through joint ventures and acquisitions, currently operating two major snack brands: "Haoxianglai" and "Wife Daren" [5] - As of the end of 2024, Wancheng Group operates 14,196 stores, closely competing with Mingming Hen Mang, which has 14,394 stores [5] - In 2024, Wancheng Group reported revenue of 32.33 billion yuan, a year-on-year increase of 247.86%, and a net profit of 294 million yuan, up 453.95% [5] Group 3 - Prior to the announcement of the Hong Kong listing, Wancheng Group underwent significant management changes, including the resignation of its founder Wang Jiankun and the appointment of Wang Liqing as chairperson [8][9] - Wang Zening, the son of the founder, has taken over as the new general manager, indicating a shift in leadership dynamics within the company [9] - The new management's first major action was the acquisition of a 49% stake in Nanjing Wanyou Commodity Management Co., further consolidating its snack brand operations [9]