Core Viewpoint - The article discusses the launch and rapid expansion of "Paiteshengsheng," a new pet fresh food brand founded by Hou Yi, the creator of Hema, highlighting its innovative approach and potential challenges in the pet food market [2][4][30]. Company Overview - "Paiteshengsheng" opened its first store in Shanghai in February 2024, attracting significant attention and foot traffic due to its fresh food offerings and instant delivery service [2][4]. - The brand completed a record-breaking $25 million (approximately 181 million RMB) angel round financing within six months of its establishment, showcasing its strong fundraising capability [4]. Market Strategy - The store features a 200-square-meter layout divided into three main areas: fresh food preparation, pet supplies, and a social interaction space for pet owners, enhancing customer experience [5][7]. - The brand offers a wide range of products, with over 50% being its own brand, and employs a low-price strategy, with fresh pet food priced at 24.9 RMB for 500 grams, significantly lower than competitors [7][16]. Expansion Plans - Hou Yi aims to open 100 stores in Shanghai by 2025, with rapid expansion already underway, having opened 12 stores by mid-May 2024 [12][14]. - The brand's growth is supported by a highly efficient supply chain, leveraging Hema's logistics to reduce costs and maintain high profit margins [14][20]. Consumer Engagement - The service model focuses on "human-pet synergy, in-store experience, and instant satisfaction," catering to the emotional needs of young pet owners [12][24]. - The brand has achieved a 45% repurchase rate and an average transaction value exceeding 200 RMB, indicating strong customer loyalty [12]. Industry Context - The pet food market is experiencing growth, with a projected market size of 300 billion RMB and a 7.5% annual growth rate in 2024, although fresh pet food currently represents only 5% of the market [26][30]. - The traditional pet food market is dominated by dry food brands, presenting a challenge for new entrants like "Paiteshengsheng" to shift consumer preferences towards fresh food [27][29]. Competitive Landscape - The brand faces competition from established dry food brands and must overcome consumer inertia towards existing products [27]. - The unique selling proposition of fresh food may be difficult to sustain as competitors may replicate the supply chain advantages and pricing strategies [29].

——万辰集团 2025Q1 业绩点评 投资要点 ❑ 公司 25Q1 营收 108.2 亿元，同比+124%，归母净利润 2.15 亿元（去年同期为 0.06 亿元）。其中零食量贩业务收入 106.9 亿元，剔除股权支付费用净利润为 4.12 亿元，对应净利率为 3.85%，相比 2024 年提升 1.16pct。 ❑公司为硬折扣领域最纯粹标的，属于量贩零食龙二&唯一上市公司，25Q1 净 利率大超预期，关注少数股东权益收回进展，业绩增长有望超预期。 ❑量贩零食业务，毛净利率持续提升 1）25Q1 毛利率为 11%，同比+1.2pct，销售费用率为 3.3%（-0.8pct），管理费用率 为 2.5%（-0.5pct）。因量贩零食业务发展。我们认为随着门店品类扩张（潮玩/谷子 等）毛利率仍有提升空间，规模效应下净利率有望持续提升。 证券研究报告 | 公司点评 | 休闲食品 万辰集团(300972) 报告日期：2025 年 05 月 11 日 净利率超预期，股权激励激发信心 ❑股权激励激发信心，关注少数股东权益收回进展 1）公司拟针对核心人员及骨干授予 222 万股（约占总股本的 1.23%），授予目标价 69. ...

从万辰集团10倍神话看量贩零食赛道的资本迷局。 合并与上市：一场资本驱动的"零食帝国"崛起 2023年11月，零食很忙与赵一鸣零食的合并，标志着中国量贩零食行业进入"双寡头"时代。合并后的鸣鸣很忙集团（以下简称"鸣鸣"）门店总数超1.4万 家，2024年GMV达555亿元，成为行业绝对龙头。这一动作不仅重塑了行业格局，更被视为冲刺港股IPO的关键一步——2025年5月，鸣鸣正式递交招股 书，计划募资用于门店扩张与供应链升级。 1. 万辰集团的"神话"对照： A股上市公司万辰集团（300972.SZ）是鸣鸣的"前车之鉴"。这家原本以食用菌为主业的企业，2022年转型量贩零食后，股价最高涨幅达10倍，市值突破 170亿元。其核心逻辑是通过整合"好想来"等品牌，以"低价+加盟"模式快速扩张，2024年量贩零食业务营收预计突破300亿元，净利润2.4亿-3亿元。万辰 的案例证明，资本对规模故事的狂热足以掩盖低毛利风险。 2. 鸣鸣的上市底气： 规模碾压：截至2024年底，鸣鸣门店数1.4万家，远超万辰的4726家； 下沉市场统治力：58%门店位于县城及乡镇，覆盖28个省份，形成密集网络； 供应链效率：存货周转天数仅1 ...

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]

Core Viewpoint - The top-performing stocks in April include United Chemical and Guofang Group, with significant price increases of 159.09% and 117.10% respectively, amidst a general market decline [1][3]. Stock Performance Summary - **United Chemical**: Achieved a cumulative increase of 159.09% in April, with two trading days recording a 20% limit up. The company reported a revenue of 535 million yuan for 2024, a 24.80% increase year-on-year, and a net profit of 56.43 million yuan, up 66.81% [5]. - **Guofang Group**: Experienced a 117.10% increase, despite multiple risk warnings. The company reported a revenue of 757 million yuan for 2024, a 21.92% decrease, and a net profit of 58.01 million yuan, down 63.23% [6]. - **Hongbaoli**: Recorded a 104.27% increase, with eight trading days hitting the limit up. The company is undergoing technical modifications for its epoxy propylene project, which has not yet generated sales revenue [7]. - **ST Yushun**: Increased by 88.49%, with 16 trading days hitting the limit up. The company announced a significant asset restructuring involving a data center project [8]. - **Zhongqi New Materials**: Achieved an 85.72% increase, with a major share transfer that changed its controlling shareholder [9]. - **Lintai New Materials**: Increased by 84.94%, reporting a revenue of 101 million yuan for Q1 2025, a 107.43% increase, and a net profit of 38.36 million yuan, up 287.62% [10]. - **Wancheng Group**: Increased by 82.79%, reporting a revenue of 10.821 billion yuan for Q1 2025, a 124.02% increase, and a net profit of 215 million yuan, up 3344.13% [11][12]. - **Anji Food**: Increased by 76.69%, with a revenue of 607 million yuan for 2024, a 4.06% decrease, and a net profit of 38.33 million yuan, up 23.29% [13]. - **Leshan Electric Power**: Increased by 71.69%, with multiple risk warnings regarding high stock price increases [14]. - **Redick**: Increased by 70.20%, with ongoing uncertainty regarding its acquisition activities [15].

公司发布激励草案，授予股本当前占比约1.2%，价格为69.6 元/股。分四年归属，每年归属比例25%， 激励目标为25/26/27/28 年净利润较24 年分别增长40%/45%/50%/55%，即8.4/8.7/9.0/9.4 亿元；参考过 往，公司激励目标完成度较高，发布股权激励或表明公司深耕量贩零食业态决心。此外，公司作为量贩 零食龙头，在供应链效率、货盘迭代等方面具备领先优势，看好龙头强者更强。 盈利预测及估值 考虑到公司量贩业态盈利能力超预期，我们上调公司25-27 年量贩零食毛利率预期进而上调盈利预期， 预计公司2025-2027 年归母净利润分别为8.2、11.4、14.1 亿元（上调幅度为23%、38%、54%）。可比 公司25 年Wind一致预期PE 均值为32 倍，考虑公司所处的量贩零食业态景气度高企，且公司通过加强 供应链效率管理、货盘迭代升级、以及新店型开拓等实现了净利率的大幅提升，不仅充分验证了业态的 强壁垒，而且充分说明了公司的强竞争力，我们给予公司25 年40 倍PE，目标价182.22 元（前值128.33 元，对应25 年35XPE），上调投资评级至"买入"。 万辰集团发布一 ...

证券研究报告 万辰集团 (300972 CH) 净利率大幅提升，品牌势能延续 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 种植业 | 万辰集团发布一季报，2025 年 Q1 实现营收 108.21 亿元（yoy+124.02%）， 归 母 净 利 2.15 亿 元 （ yoy+3344.13% ）， 扣 非 净 利 2.11 亿 元 （yoy+10562.30%）。2025Q1 公司量贩业务净利率大幅优化，品牌势能延 续，强者恒强的逻辑得到充分验证。考虑到行业景气度高企，同时公司竞争 实力强劲，我们上调对公司的投资评级至"买入"。 量贩零食业务营收同比高增、环比略有下滑，净利率大幅提升 25Q1 量贩零食业务实现营收 107 亿元，同比+128%，其中同比高增主系公 司门店数高增带动，估算单店营收同比略有下滑，或系公司 24H2 开店过快、 及行业整体 24 年门店加密较多影响。Q1 系开店淡季，我们预计截至 Q1 末公司并表门店数或达 1.42 万家附近，环比 24Q4 末或微增。25Q1 公司量 贩零 ...

作 者丨吴抒颖 编 辑丨包芳鸣 图 源丨摄图 盒马鲜生创始人侯毅退休后，开启了再创业，这次他瞄准了宠物食品赛道。 派特鲜生在模式上基本复制盒马鲜生。官方资料显示，派特鲜生主要售卖宠物现制鲜食、冷 藏鲜食和创新糕点，还提供超3 0 0款量贩零食和一线宠物品牌商品，并辐射3公里范围内的即 时零售消费需求。 根据侯毅的说法，在派特鲜生门店的整个产品结构体系里，不仅会保留市场上常见的宠物干 粮、湿粮、猫条、罐头等产品的销售，还会在宠物食品行业探索人食级产品，比如提供肉、 鱼、虾、蔬菜、水果等宠物基本新鲜食材，并在门店现制现售，加工成宠物食品，类似于盒 马餐饮。 侯毅的一腔热血，却很难打动宠物主。宠物鲜食并非刚需，而是十分个性化的消费品类，派 特鲜生并不能完全提供满足宠物主需求的鲜食产品。除此以外，派特鲜生所售卖的商品与标 准化宠物品牌商品相比，同质化严重，与线下的宠物商店并无两样。 侯毅匆匆上马的创业项目，宠物主似乎并不买单。 抓住新风口 侯毅切入宠物食品赛道，现实的依据是宠物经济正当时。 在"治愈"情绪的驱动下，养宠物成为年轻人抚慰心理需求的"标配"。《2 0 2 5年中国宠物行业 白皮书》显示，2 0 2 4年， ...