证券研究报告 | 首次覆盖报告 gszqdatemark 2025 11 24 年 月 日 万辰集团（300972.SZ） 复盘来时路，展望启新章 复盘发展历程：食用菌龙头，转型走出量贩高成长之路。万辰自 2011 年 成立后深耕食用菌领域，2020 年即成为农业产业化国家重点龙头企业， 2024 年食用菌实现 5.4 亿元营收。2022 年切入量贩零食赛道，前期以收 购模式快速形成门店布局网络，同步进行物流仓储等基础体系建设，2023 年后集中资源自行扩店，至 2025 年 6 月末达成 15365 家门店，并不断探 索多品类新店型，2025 年前三季度量贩营收 361.6 亿元，同比+78.8%， 占比提升至 98.9%，同时规模效应牵引 25Q3 量贩单季度净利率提升至 5.3%，同比大幅提升 2.6pct。 复盘股权结构：子公司结构落成，扩店与激励共同推进。万辰实控人王泽 宁先生持股 34.4%，主导量贩零食业务的收购及拓展，万辰的并购之路沿 着" 设立控股子公司-向子公司提供财务支持-推动股权激励-收回少数股东 权益"的路径演进。2022-2023 年公司陆续收购零食工坊、陆小馋，与好 想来、来优品 ...

众兴菌业所属申万行业为：农林牧渔-种植业-食用菌。所属概念板块包括：西部开发、小盘、乡村振兴 等。 截至9月30日，众兴菌业股东户数2.62万，较上期减少21.79%；人均流通股14915股，较上期增加 27.86%。2025年1月-9月，众兴菌业实现营业收入14.75亿元，同比增长4.16%；归母净利润2.04亿元，同 比增长130.51%。 分红方面，众兴菌业A股上市后累计派现5.83亿元。近三年，累计派现3.48亿元。 机构持仓方面，截止2025年9月30日，众兴菌业十大流通股东中，宏利消费红利指数A（008928）位居 第七大流通股东，持股349.80万股，相比上期增加36.31万股。中欧农业产业混合发起A（022521）位居 第九大流通股东，持股282.60万股，为新进股东。 责任编辑：小浪快报 11月24日，众兴菌业盘中上涨2.09%，截至13:48，报12.22元/股，成交1.24亿元，换手率2.64%，总市值 48.05亿元。 资金流向方面，主力资金净流出725.05万元，特大单买入359.02万元，占比2.89%，卖出418.94万元，占 比3.37%；大单买入912.76万元，占比7.35 ...

11月21日，华绿生物跌4.84%，成交额6828.70万元。两融数据显示，当日华绿生物获融资买入额589.58 万元，融资偿还598.55万元，融资净买入-8.97万元。截至11月21日，华绿生物融资融券余额合计 4625.30万元。 融资方面，华绿生物当日融资买入589.58万元。当前融资余额4625.30万元，占流通市值的2.25%，融资 余额低于近一年50%分位水平，处于较低位。 融券方面，华绿生物11月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，江苏华绿生物科技集团股份有限公司位于江苏省泗阳县绿都大道88号，成立日期2010年6月8 日，上市日期2021年4月12日，公司主营业务涉及食用菌的研发、工厂化种植及销售。主营业务收入构 成为：金针菇70.73%，真姬菇29.27%。 截至9月30日，华绿生物股东户数1.03万，较上期减少9.42%；人均流通股9132股，较上期增加11.88%。 2025年1月-9月，华绿生物实现营业收入8.68亿元，同比增长17.98%；归母净 ...

Core Viewpoint - The article discusses the recent developments surrounding Wancheng Group's application for an IPO on the Hong Kong Stock Exchange, highlighting its transition from a fresh mushroom business to a snack retailing company, and the challenges it faces in maintaining growth and profitability amidst market saturation and governance concerns [1][2][4]. Company Overview - Wancheng Group, formerly known as Wancheng Biological, specializes in the research, cultivation, and sale of edible mushrooms, with a significant shift to the snack retail sector since 2022 [1][2]. - The company has expanded its snack brand "Haoxianglai" through acquisitions, increasing its store count to over 3,800 and achieving a market share of 1 [2]. Financial Performance - In 2022, Wancheng Group's revenue surged from 549 million yuan to 32.328 billion yuan by 2024, with a net profit increase from 67.85 million yuan to 611 million yuan, reflecting compound annual growth rates of 289.0% and 108.0% respectively [2]. - The company reported a 77.4% year-on-year revenue growth for the first nine months of 2025, with net profit increasing by 361.5% compared to the same period in 2024 [4]. Market Dynamics - The snack retail market has seen significant investment, with over 3 billion yuan raised in equity financing from 2022 to 2024, indicating a growing interest in the "bulk snack" concept [1]. - However, the rapid expansion of snack retailing has led to market saturation, with Wancheng Group's average customer transaction value dropping by 33.3% from 53.33 yuan to 35.56 yuan between 2022 and 2024 [8]. Operational Challenges - Despite initial growth, Wancheng Group's revenue growth has slowed significantly, with quarterly growth rates declining from 534.0% in Q1 2024 to 44.2% in Q3 2025 [5]. - The company's gross margin has decreased from 20%-30% to 10%-15% since entering the snack business, with a net margin remaining in single digits [6]. Governance Issues - Wancheng Group is characterized as a family-run business, raising concerns about governance and management practices, especially following the resignation of its chairman amid legal investigations [13][15]. - The company's recent acquisition strategy has drawn scrutiny, particularly regarding the high valuations paid for subsidiaries and the potential conflicts of interest involved in these transactions [16][17].

天冬在拍花环彩鸾花 上周六下午，2025中国自然教育大会分会场的"植物科普与自然教育创新实践论坛"特别活动在杭州 植物园举行，两位自然教育大咖为前来的自然迷们献上了两堂精彩的博物讲座。 寻觅植物的荒野传奇 知名科普作家、北京师范大学植物学硕士天冬老师上个月刚去了一趟西澳大利亚州。这次，我们跟 着天冬的脚步来了一次虚拟的西澳植物探索之旅，在天冬专业风趣的讲解中，第一次见到了远在南半球 的奇特植物。 澳大利亚的袋鼠世界闻名，但知道当地植物"袋鼠爪"的人就不多了，它是西澳大利亚州的"州花"， 因为花朵长得像小爪子，受到当地人的喜欢，红绿袋鼠爪、长药袋鼠爪……当地人会种各种袋鼠爪，长 满房前屋后。 滨海相思树有鲨鱼牙齿一般的叶子，当地人把它们种在院子外来防袋鼠；花环彩鸾花能自动长成一 个花环状，至今没人知道是为什么；黑仔树一年只长几厘米，野外大火都烧不死它……西澳的植物很有 个性，充满了原始大地的蛮荒气质。 菌物是美食也可能是毒物 浙江大学生命科学学院食药用菌研究所的林文飞老师，是国内菌物学权威专家，他是大型纪录片 《菌物王国》的总策划兼学术指导。他介绍，菌物是地球三大物种之一，是平衡地球生态的重要组成部 分，菌物是 ...

Core Viewpoint - The stock of Zhongxing Mushroom Industry has shown significant growth this year, with a year-to-date increase of 104.40% and a recent surge in trading volume, indicating strong market interest and potential investment opportunities [1][2]. Financial Performance - For the period from January to September 2025, Zhongxing Mushroom Industry reported a revenue of 1.475 billion yuan, representing a year-on-year growth of 4.16% [2]. - The net profit attributable to shareholders for the same period was 204 million yuan, marking a substantial increase of 130.51% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 583 million yuan, with 348 million yuan distributed over the last three years [2]. Stock Market Activity - As of November 5, the stock price reached 14.48 yuan per share, with a trading volume of 113 million yuan and a market capitalization of 5.694 billion yuan [1]. - The stock has experienced a net inflow of 14.168 million yuan from major funds, with significant buying activity observed [1]. - The stock has been listed on the "龙虎榜" (Dragon and Tiger List) once this year, with the last occurrence on September 12 [1]. Shareholder Structure - As of September 30, the number of shareholders decreased by 21.79% to 26,200, while the average number of circulating shares per person increased by 27.86% to 14,915 shares [2]. - Among the top ten circulating shareholders, Manulife Consumer Dividend Index A (008928) increased its holdings by 36,300 shares, while China Europe Agricultural Industry Mixed Fund A (022521) entered as a new shareholder with 2.826 million shares [2]. Business Overview - Zhongxing Mushroom Industry, established on November 18, 2005, and listed on June 26, 2015, specializes in the research, cultivation, and sales of edible mushrooms [1]. - The main revenue sources include Agaricus bisporus (63.04%) and Enoki mushrooms (35.32%), with minor contributions from other products [1].

Core Insights - The company, Hualu Bio (300970), reported a significant increase in industry scale and product variety since its listing, leading to a noticeable decline in the revenue proportion from enoki mushrooms [1] Group 1 - The company confirmed that its revenue from enoki mushrooms has decreased significantly as the scale and variety of its products have expanded post-listing [1] - The company emphasized the authenticity, accuracy, and completeness of its information disclosure, urging investors to rely on the disclosed information [1]

Group 1 - The core point of the news is that Zhongxing Mushroom Industry has seen a stock price increase of 5.16%, reaching 13.25 CNY per share, with a trading volume of 2.58 billion CNY and a turnover rate of 5.12%, resulting in a total market capitalization of 5.21 billion CNY [1] - Zhongxing Mushroom Industry, established on November 18, 2005, and listed on June 26, 2015, is primarily engaged in the research, cultivation, and sales of edible mushrooms [1] - The company's main revenue sources are: Agaricus bisporus (63.04%), Enoki mushrooms (35.32%), Cordyceps (0.89%), and other products [1] Group 2 - From the perspective of major fund holdings, a fund under Yinhua Fund has a significant position in Zhongxing Mushroom Industry, with Yinhua Yongxiang Flexible Allocation Mixed Fund (180028) holding 439,800 shares, accounting for 4.96% of the fund's net value, making it the largest holding [2] - The Yinhua Yongxiang Flexible Allocation Mixed Fund has a total scale of 92.028 million CNY and has achieved a year-to-date return of 13.28%, ranking 5424 out of 8154 in its category [2] - The fund manager, Guo Sijie, has been in position for 5 years and 96 days, with the fund's total asset scale at 823 million CNY [2]

Core Viewpoint - The company is implementing a factory-based ecological breeding project for Cordyceps sinensis at its Changhong Agriculture and Qingshui Zhongxing bases, with partial technical upgrades completed and trial production underway [1] Group 1: Company Operations - Changhong Agriculture base has partially completed technical upgrades and has entered trial production [1] - The revenue from the first three quarters from this project accounts for less than 1% of the company's total revenue [1] - The main products of the company currently are enoki mushrooms and Agaricus bisporus [1] Group 2: Project Development - Other base projects are progressing in an orderly manner [1]

Core Viewpoint - The company has stable production of enoki mushrooms, but product prices are influenced by various factors, leading to uncertainty [2] Group 1 - The company is progressing as planned on the reformation project for deer antler mushrooms, expecting to achieve full production by the end of the year [2] - A diversified product structure is anticipated to enhance the company's ability to withstand risks [2]