万辰集团（300972）8月22日晚公告称，为进一步推进公司国际化战略，提升公司品牌知名度和综合竞 争力，完善公司供应链体系建设，公司发行H股股票并申请在香港联交所主板挂牌上市。目前，公司正 积极与相关中介机构就本次发行上市的相关工作进行商讨，其他具体细节尚未确定。 此外，公司于8月22日召开的第四届董事会第三十一次会议及第四届监事会第三十一次会议分别审议通 过了《关于聘请H股发行并上市审计机构的议案》，同意聘请富睿玛泽会计师事务所有限公司为公司本 次发行并上市的审计机构。 根据万辰集团2024年年报，公司专注于量贩零食业务和食用菌业务的高质量发展，通过不断提升自身经 营效率，力求为消费者提供高性价比、高品质的产品。 2024年，万辰集团共实现营业收入323.29亿元，其中量贩零食板块实现收入约317.9亿元，占总收入的 98.33%；实现归属于上市公司股东的净利润2.94亿元，同比扭亏。 2025年第一季度，万辰集团共实现营业收入108.21亿元，同比增长124.02%；实现归属于上市公司股东 的净利润2.15亿元，同比增长3344.13%。 万辰集团近日公告称，公司拟以支付现金方式向淮南市盛裕企业管理有限 ...

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 ...

此外，公司于8月22日召开的第四届董事会第三十一次会议及第四届监事会第三十一次会议分别审议通 过了《关于聘请H股发行并上市审计机构的议案》，同意聘请富睿玛泽会计师事务所有限公司为公司本 次发行并上市的审计机构。 依据万辰集团2024年年报，公司持续专注于量贩零食业务和食用菌业务的高质量发展，积极响应国 家"促消费、扩内需"的政策号召，通过不断提升自身经营效率，力求为广大消费人群以高性价比提供高 品质的产品和消费体验。 万辰集团（300972）8月22日晚间公告称，公司计划发行H股股票并申请在香港联交所主板挂牌上市， 以推进公司国际化战略，提升品牌知名度和综合竞争力，完善供应链体系建设。目前，公司正积极与相 关中介机构就本次发行上市的相关工作进行商讨，其他具体细节尚未确定。 2024年，万辰集团共实现营业收入约323.29亿元，其中量贩零食板块实现收入约317.9亿元，占总收入的 98.33%。实现归属于上市公司股东的净利润约2.94亿元，同比扭亏。 2025年第一季度，万辰集团共实现营业收入约108.21亿元，同比增长124.02%；归属于上市公司股东的 净利润2.15亿元，同比增长3344.13%。 ...

万辰集团（SZ.300972）今日盘后公告，已向港交所递交主板上市申请，公司计划发行H股股票并申 请在港交所主板挂牌，拟实现"A+H"两地挂牌。 此举将 提升公司品牌知名度和综合竞争力，完善公 司供应链体系建设，具体发行规模与时间表将视市场情况确定。 万辰集团量贩零食业务近期表现十分亮眼，2025年一季度实现营业收入高速增长至106.88亿 元；剔除股份支付费用后实现净利润4.12亿元，公司在全渠道会员精细化运营、自有品牌产品 力建设、品牌跨界营销等板块频频出圈。 ...

Core Insights - The report highlights the recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential investment opportunities in related sectors [5][6] - The agricultural sector, particularly the livestock segment, is experiencing fluctuations in prices, with a noted decrease in pig prices and an increase in chicken prices, indicating a complex market dynamic [6][8] - The AI pharmaceutical sector is witnessing significant commercial validation, as evidenced by a major contract signed by Jingtai Holdings, reflecting the growing demand for AI technologies in drug development [11][14] Market Trends - The domestic market indices showed positive movements, with the Shanghai Composite Index closing at 3,665.92, up by 0.50% [4] - The agricultural sector's performance is highlighted by a 2.52% increase in the agriculture, forestry, animal husbandry, and fishery sector, ranking it 10th among sub-industries [6] - The robotics industry is also gaining traction, with over 1,500 robot products showcased at the World Robot Conference, indicating a growing interest in automation technologies [8] Industry Analysis - The feed industry is expected to see a recovery due to declining upstream raw material prices and improving conditions in the livestock sector, particularly for companies like Haida Group [6][8] - The pig farming industry is entering a profit cycle, but the overall debt reduction trend suggests a cautious approach to capacity expansion [6][8] - The AI pharmaceutical industry is on the brink of an explosive growth phase, with increasing collaborations between AI firms and traditional pharmaceutical companies [11][14] Company Insights - Wanchen Group is positioned as a leading player in the snack food market, with a significant revenue increase of 247.9% in 2024, driven by its aggressive store expansion strategy [19][20] - The company has established a robust supply chain and operational capabilities, which are critical for maintaining its market leadership in the competitive snack food sector [20] - The report forecasts continued revenue growth for Wanchen Group, with projected revenues of 551.32 billion, 670.39 billion, and 792.89 billion from 2025 to 2027 [20]

Investment Rating - The report initiates coverage with an "Accumulate-A" rating for the company [7][63]. Core Viewpoints - The company, Wanchen Group, has demonstrated significant performance in the snack retail sector, with a revenue increase of 247.9% year-on-year to 32.33 billion yuan in 2024, primarily driven by its snack retail business, which accounted for 98.33% of total revenue [4][41]. - The company is expanding rapidly, with a total of approximately 14,000 stores by the end of 2024, reflecting a 200% year-on-year increase, and an average monthly store opening rate of 815 [4][41]. - The Chinese snack retail market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 2.54% from 2019 to 2023, and the company is well-positioned to benefit from this structural upgrade in the industry [5][25]. Summary by Sections Company Overview - Wanchen Group, established in 2011, has transitioned from a focus on edible mushrooms to becoming a leading player in the snack retail sector, with its snack revenue surpassing 98% of total revenue by 2024 [13][41]. - The company has made strategic acquisitions of brands such as "Lixiaochan" and "Haoxianglai," enhancing its product matrix and market presence [6][17]. Industry Landscape - The snack retail market in China is projected to reach 762.7 billion yuan in 2024, driven by supply chain optimization and improved channel efficiency [25][31]. - The market is highly concentrated, with the top two players holding over 80% market share, indicating a competitive landscape where Wanchen Group and its main competitor are vying for dominance [25][36]. Operational Outlook - The company is expected to achieve revenues of 55.13 billion yuan, 67.04 billion yuan, and 79.29 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 70.53%, 21.60%, and 18.27% respectively [8][59]. - Profitability is projected to improve significantly, with net profits expected to reach 708 million yuan, 933 million yuan, and 1.13 billion yuan over the same period, reflecting growth rates of 141.36%, 31.66%, and 21.04% [8][59]. Financial Data and Valuation - The company reported a net profit of 294 million yuan in 2024, a significant turnaround from a loss of 83 million yuan in 2023, indicating a strong recovery in profitability [8][61]. - The report estimates the company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 to be 42.8, 32.5, and 26.9 respectively, suggesting a premium valuation due to its growth potential [7][63].

Core Insights - The restaurant industry in 2025 is at a crossroads between "rapid expansion" and "rational cultivation," with a reported 4.3% year-on-year growth in national dining revenue from February to June 2025, indicating a shift to a "slow growth" cycle due to market saturation and intensified competition [2][25] - Despite the slow growth, brands like Mixue Ice City are rapidly expanding, adding over 10,000 stores in a year, while the coffee sector sees three brands in the top growth rankings, highlighting potential opportunities within the slow growth period [2][14] Key Data Points - The top five brands in the growth ranking added over 5,000 stores in the past year, with Mixue Ice City leading by adding 10,160 stores [4] - Coffee and tea drinks dominate the growth list with 26 brands, including 9 coffee and 17 tea brands, while other notable categories include rice noodles (11 brands), fried chicken and burgers (9 brands), and snacks (8 brands) [4] - The growth rate of the top 10 brands by new store count shows that two brands specializing in boiled beef rice noodles achieved over 90% growth [4] Growth Categories Analysis - **Coffee and Tea Drinks**: Brands like Mixue Ice City and Luckin Coffee are expanding rapidly, leveraging supply chain efficiencies to offer competitive pricing. New entrants like Grandpa Not Brewing Tea are also finding success through unique positioning [14][21] - **Snack Foods**: Brands such as Hao Xiang Lai and Zhao Yi Ming are leading the snack food segment, benefiting from direct supply chain sourcing and scale efficiencies, with Zhao Yi Ming adding 376 stores recently [16][17] - **Quick Service Restaurants**: The quick service segment is seeing rapid growth, with brands like Tasitin and Cao's Duck Neck capitalizing on standardized operations and efficient supply chains. However, traditional brands face challenges due to limited marketing and single consumption scenarios [19][21] Slow Growth Cycle Insights - The slow growth cycle presents opportunities at the intersection of supply chain efficiency and user value. Successful brands are those that enhance supply chain capabilities and differentiate through unique user value propositions [23][25] - Brands that remain stagnant often do so due to a lack of innovation and reliance on imitation rather than building competitive barriers [23][25]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported Q1 2025 revenue of 10.82 billion yuan, a year-on-year increase of 124%, and a net profit of 215 million yuan, significantly up from 6 million yuan in the same period last year. The snack wholesale business generated 10.69 billion yuan in revenue, and the net profit, excluding stock payment expenses, was 412 million yuan, resulting in a net profit margin of 3.85%, an increase of 1.16 percentage points compared to 2024 [1][2] - The company is positioned as the purest player in the hard discount sector and is the only listed company in the snack wholesale market. The Q1 net profit margin exceeded expectations, and there is potential for performance growth to surpass forecasts [1][2] - The gross profit margin for the snack wholesale business continued to improve, reaching 11% in Q1 2025, up 1.2 percentage points year-on-year. The sales expense ratio decreased to 3.3% and the management expense ratio to 2.5%. With the expansion of store categories, there is still room for improvement in gross profit margins [1][3] Financial Summary - The company’s Q1 2025 sales cash receipts were 11.971 billion yuan, up 122%, with inventory at 1.453 billion yuan, an increase of 110%, resulting in an inventory turnover period of 17 days. The company has established 50 warehousing centers nationwide, ensuring rapid delivery [3] - The company has 3 billion yuan in cash, a 76% increase, and operating net cash flow of 714 million yuan, up 159%. The return on equity (ROE) stands at 17.74%, with a debt ratio of 72.74% [3] - The profit forecast for 2025-2027 has been adjusted to 936 million yuan, 1.292 billion yuan, and 1.602 billion yuan, with growth rates of 219%, 38%, and 24% respectively [3]

Core Viewpoint - The merger of "Snack Busy" and Zhao Yiming's snack business marks the entry of China's bulk snack industry into a "dual oligopoly" era, with the newly formed Mingming Group projected to achieve a GMV of 55.5 billion yuan in 2024, establishing itself as the industry leader and preparing for an IPO in Hong Kong by May 2025 [2][4][16]. Group 1: Company Overview - The merged entity, Mingming, will have over 14,000 stores by the end of 2024, significantly surpassing the 4,726 stores of competitor Wancheng Group [4][7]. - Mingming's market penetration is strong, with 58% of its stores located in county towns and rural areas, covering 28 provinces [4]. - The company boasts a highly efficient supply chain, with an inventory turnover period of only 11.6 days and a logistics system that can cover a 300-kilometer radius within 24 hours [4]. Group 2: Financial Performance - Mingming's gross margin is projected to be between 7.5% and 7.6%, while its adjusted net profit margin is expected to be 2.3% [7][8]. - In comparison, Wancheng Group achieved a gross margin of 9.52% and a net profit margin of only 0.38% in 2023 [7]. Group 3: Business Model and Challenges - Both Mingming and Wancheng's success relies on a "low margin, high volume" strategy, which presents inherent risks [5][8]. - The heavy reliance on franchisees for expansion may lead to quality control issues, as 99.5% of Mingming's revenue comes from product sales [8][10]. - The competitive landscape is intensifying, with product offerings from Mingming and competitors showing minimal differentiation, leading to price wars [11]. Group 4: Future Outlook - Three potential paths for Mingming post-IPO are identified: replicating Wancheng's success, transforming into an "ecosystem" model leveraging data, or facing a market downturn leading to a potential collapse [13][14][15]. - The company must address the "impossible triangle" of scale, profit, and quality to ensure sustainable growth [9][16].

Core Viewpoint - The rise of "consumer empowerment" is driving the rapid growth of the high-value snack retail sector, exemplified by the listing application of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Mingming Hen Mang is formed from the strategic merger of two leading snack brands, "Snacks Are Busy" and "Zhao Yiming Snacks," and has reached 14,394 stores nationwide by the end of 2024, establishing itself as a leader in the domestic snack retail industry [1] - The company emphasizes a consumer-centric selection system focused on quality-price ratio rather than merely relying on brand recognition and private label products [1] Group 2: Product Selection and Strategy - The selection team consists of over 180 members, employing a "selected + customized" model to ensure products align with consumer preferences through a four-step decision-making process [2] - Approximately 25% of the SKUs in inventory are customized products, and over 40% of products are sold in bulk, lowering the barrier for consumers to try new items [2] - The SKU library contains 3,380 products, with each store offering at least 1,800 SKUs, which is double that of traditional supermarkets, and the company introduces hundreds of new products monthly [2] Group 3: Business Model and Financial Performance - Unlike traditional supermarkets that rely on high margins, Mingming Hen Mang operates on a "low margin, high turnover" model, maintaining a gross margin of 7.5% to 7.6% in 2024, significantly lower than competitors like Yonghui Superstores and Gome Retail [3] - The net profit margin has increased from 1.7% in 2022 to 2.1% in 2024, indicating the sustainability of the retail model [3] - The company generates approximately 99.5% of its revenue from product sales, with minimal income from franchise fees, simplifying the supply chain by sourcing directly from manufacturers [3] Group 4: Market Position and Expansion - By the end of 2024, 58% of the stores are located in county and town markets, attracting over 1.6 billion consumer visits and achieving a membership base of 120 million with a 75% annual repurchase rate [3] - The company plans to use funds from its IPO to enhance product development, expand quality testing laboratories, optimize store displays, and improve franchise training systems [5] - Mingming Hen Mang's approach demonstrates that the snack retail sector can achieve sustainable growth through high-quality product selection, standardized operations, and data-driven rapid turnover [5]