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福建90后,又要拿下一个百亿IPO
投中网· 2025-10-09 06:47
将投中网设为"星标⭐",第一时间收获最新推送 招股书显示,万辰集团门店已突破 1.5 万家,遍布全国 28 个省份;截至 2025 年 8 月 31 日,注册会员突破 1.5 亿人,其 中活跃会员超 1.1 亿人。 而站在这家零售帝国掌舵位置的,是一位年轻的 90 后——王泽宁。他并非白手起家的草根英雄,而是"创二代"的典型代表。 随着这场 IPO 的开启,这位 90 后也将再次走向百亿富豪之列。 市值 330 亿 从食用菌到"量贩零食"帝国 闽商"创二代"登场。 作者丨 陈美 来源丨 投中网 三年前,一家靠种蘑菇起家的福建公司,摇身一变,成为横扫街头巷尾的"零食帝国"。 如今,这家已在 A 股上市、市值达百亿的万辰集团,正再次向港交所发起冲击。一旦成功,万辰有望摘得港股"量贩零食第一 股"的桂冠。 万辰的故事,始于 2011 年的福建漳州。彼时,创始人王健坤看准了食用菌产业的潜力,一头扎进蘑菇种植。凭借标准化、规 模化的生产模式,公司很快成为沃尔玛、家乐福等大型商超的稳定供应商,在业内人称"蘑菇大王"。 2021 年,万辰集团凭借 2020 年营收突破 4 亿元,正式登陆创业板,斩获"食用菌第一股"称号。 ...
十倍牛股冲刺港股,还能涨吗
Ge Long Hui· 2025-10-01 09:49
用一个词来形容如今的万辰集团,只能说是——"炸裂"。 行情上,从去年7月的最低点至今,万辰集团股价已经上涨超10倍。 业绩上,今年上半年,万辰集团营收225.83亿元,同比增长106.89%,净利润4.72亿元,同比狂飙50358.80%,今年上半年净 利润增长率在沪深A股中排名第一。 近日,万辰集团正式向港交所递交上市申请,计划在港交所主板挂牌。 在持续的利好刺激之下,万辰集团能否持续资本狂欢呢? 01 成立于2011年的万辰集团,原本主业为食用菌业务。 次年,万辰集团就创立了量贩零食品牌"陆小馋",进入量贩零食赛道。 2023年,万辰集团几乎是闪电般通过合资和收购接连拿下来优品、好想来、吖滴吖滴、老婆大人,并将来优品和吖滴吖滴 逐步更名为"好想来",仅在浙江保留"老婆大人"作为独立品牌运营。 "好想来"也就成为了全国规模最大的量贩零食店之一。 在资本的狂欢和激烈的竞争之下,万辰集团开店速度迅猛,仅2024年,万辰集团就新开了近一万家门店。 门店的迅速扩张背后,公司业绩也突飞猛进。 2024年,公司营收同比增长247.86%至323.29亿元,净利润也同比增长453.95%至2.94亿元,直接扭亏为盈。 其 ...
十倍牛股冲刺港股,还能涨吗
格隆汇APP· 2025-10-01 09:48
作者 | 远禾 数据支持 | 勾股大数 据(www.gogudata.com) 用一个词来形容如今的万辰集团,只能说是 ——"炸裂"。 业绩上,今年上半年,万辰集团 营收 225.83 亿元,同比增长 106.89% ,净利润 4.72 亿元,同比狂飙 50358.80% , 今年上半年净利润增长率在 沪深 A 股 中 排名第一 。 近日 ,万辰集团正式向港交所递交上市申请, 计划在港交所主板挂牌。 在持续的利好刺激之下,万辰集团能否持续资本狂欢呢? 01 成立于 2011 年的万辰集团,原本主业为食用菌业务。 2021 年在 A 股上市之时,这一年万辰集团的主营业务食用菌种植,营收仅 4.26 亿元,而这也是万辰集团的总营 收。 但此时,食用菌业务营收已经连续连年下滑。 行情上,从去年 7 月的最低点至今,万辰集团股价已经上涨超 10 倍。 次年,万辰集团就创立了 量贩零食品牌 " 陆小馋 ",进入量贩零食赛道。 2023 年,万辰集团几乎是闪电般通过 合资和收购 接连拿下 来优品、好想来、吖滴吖滴、老婆大人 ,并将 来优 品和吖滴吖滴逐步更名为 " 好想来 " ,仅在浙江 保留 " 老婆大人 " 作为独立 ...
万辰集团冲刺“A+H”:前任董事长风波后,如何重启门店扩张引擎?
Sou Hu Cai Jing· 2025-09-28 05:53
Core Viewpoint - The company Wanchen Group, the parent company of the snack brand "Haoxianglai," is officially pursuing an IPO in Hong Kong after submitting its prospectus, aiming for a dual listing in both A-share and H-share markets [1][2]. Company Overview - Wanchen Group was established in 2011, initially focusing on the research, cultivation, and sale of edible fungi. It went public in A-shares in 2021 and later entered the discount snack market through acquisitions [3]. - The company launched its discount snack brand "Luxiaochan" in August 2022 and has since acquired several brands, consolidating them under "Haoxianglai Brand Snacks" by September 2023 [4]. Store Expansion - As of early 2023, Wanchen Group had approximately 14,000 stores, while its competitor "Mingminghen Mang" had around 15,000. However, by September 2023, Mingminghen Mang's store count surpassed 20,000, widening the gap as Wanchen Group's growth slowed to 15,300 stores by mid-2025 [2][5][16]. - The company experienced a significant increase in store count from 232 at the end of 2022 to 4,726 by the end of 2023, and projected to reach 14,196 by the end of 2024 [4][6]. Financial Performance - Wanchen Group's revenue grew from 5.49 billion yuan in 2022 to 323.29 billion yuan in 2024, with a net profit of 8.23 billion yuan in 2024. In the first half of 2025, revenue reached 225.83 billion yuan, marking a 106.9% year-on-year increase [13][14]. - The company's gross margin has been gradually improving, from 1.1% in 2022 to 11.4% in the first half of 2025, reflecting a 0.7 percentage point increase year-on-year [15]. Management Changes - The former chairman Wang Jiankun was under investigation earlier in the year but was later cleared. Following his resignation in July 2025, Wang Lijing, his sister, took over as chairman, which may impact the company's future expansion efforts [9][10][11]. Market Growth - The discount snack market in China is rapidly expanding, with the market size projected to grow from 7.3 billion yuan in 2019 to 613.7 billion yuan by 2029, at a compound annual growth rate of 36.5% [12].
漳州老板要港股上市,卖零食年入超300亿
3 6 Ke· 2025-09-26 04:13
Core Viewpoint - Fujian Wancheng Biotechnology Group Co., Ltd. (Wancheng Group) has submitted its listing application to the Hong Kong Stock Exchange, aiming for a dual listing after its successful IPO on the Shenzhen Stock Exchange in 2021, marking its rapid rise in the snack retail industry [1][2]. Group 1: Company Overview - Wancheng Group, headquartered in Zhangzhou, Fujian, started with a focus on edible mushrooms and has expanded into the snack retail sector, becoming the only A-share listed company in this field [1]. - The company achieved a revenue of 32.33 billion yuan in 2024, with snack retail revenue contributing 31.79 billion yuan [1]. - In the first half of 2025, Wancheng Group reported a revenue of 22.58 billion yuan, representing a year-on-year growth of 106.89%, and a net profit of 472 million yuan, a staggering increase of 50,358.80% [1]. Group 2: Market Position and Competition - The snack retail industry is characterized by a competitive landscape, with Wancheng Group and another major player, Mingming Hen Mang, dominating the market [2]. - As of June 30, 2025, Wancheng Group operated nearly 15,400 stores across 29 provinces, while Mingming Hen Mang surpassed 20,000 stores [2][6]. - The rapid expansion of both companies has established a "dual strong" market structure in the snack retail sector [2]. Group 3: Financial Performance and Challenges - Wancheng Group's revenue growth has been impressive, with figures of 5.49 billion yuan in 2022, 9.29 billion yuan in 2023, and 32.33 billion yuan in 2024, but it faces challenges with profitability [3][4]. - The company has experienced a significant increase in liabilities, with total liabilities reaching 5.144 billion yuan and a rising debt ratio from below 50% at the end of 2022 [4][5]. - In the first half of 2025, the company opened only 15% of the new stores compared to the previous year, indicating a slowdown in expansion [3]. Group 4: Strategic Plans and Future Outlook - Wancheng Group plans to use the funds raised from its Hong Kong listing to support its global strategic layout and enhance its market presence in China [6][8]. - The company aims to explore overseas markets, particularly in Southeast Asia, as part of its growth strategy [8]. - The snack retail market is projected to grow significantly, with estimates suggesting a market size of 613.7 billion yuan by 2029, indicating a robust growth opportunity for Wancheng Group [9].
万辰集团递表港交所:年营收323亿,上半年开店放缓
Core Viewpoint - Wancheng Group is set to become the first A+H share listed company in the snack retail sector, having submitted its IPO application to the Hong Kong Stock Exchange, competing with its main rival, Mingming Hen Mang [2][9]. Group 1: Company Performance - Wancheng Group has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 million, -RMB 1.76 million, and RMB 6.11 million for the same years [3]. - The company's GMV saw a year-on-year increase of 282% from 2023 to 2024, with a significant rise in net profit of 50,358.8% year-on-year in the first half of 2025 [3][8]. - The snack and beverage retail business has become the core of Wancheng Group, contributing 98.9% to total revenue, while the original mushroom business has become negligible [4][6]. Group 2: Business Model and Strategy - Wancheng Group operates a model that eliminates middlemen through unified upstream procurement, allowing for greater profit margins and price advantages for downstream retailers [6][8]. - As of June 30, 2025, the company had a network of 15,365 stores, with 99.4% being franchise stores, which allows for significant market influence and direct procurement from manufacturers [6][8]. - The company does not charge franchise fees, only requiring a deposit and a one-time opening fee, which helps attract franchisees and ensures stable cash flow through a "payment upon delivery" model [8][11]. Group 3: Competitive Landscape - The snack retail industry is evolving into a "two super, many strong" structure, with Wancheng Group and Mingming Hen Mang as the leading players [9][10]. - In 2024, Wancheng Group's revenue was RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [10]. - Both companies are focusing on expanding their own brand products to enhance profit margins, with Wancheng Group's gross margin at 11.49% for the first half of 2025, compared to Mingming Hen Mang's 7.62% [11]. Group 4: Future Plans - Wancheng Group plans to use the funds raised from its IPO to further expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [11].
万辰集团谋求“A+H”上市 此前鸣鸣很忙已递交招股书
Xin Jing Bao· 2025-09-24 09:58
Core Viewpoint - Wancheng Group has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing in both A-shares and H-shares, with plans to use the raised funds for expansion, product diversification, logistics efficiency, and digital infrastructure upgrades [2] Group 1: Company Overview - Wancheng Group was established in 2011, initially focusing on the industrial cultivation of edible mushrooms and has become a leading supplier in China [2] - The company entered the snack retail industry in 2022, launching the "Liu Xiaochan" brand and forming joint ventures to expand its snack business [3] Group 2: Financial Performance - Wancheng Group's total revenue is projected to grow from 9.3 billion in 2023 to 32.33 billion in 2024, representing a year-on-year increase of 247.9% [2] - The company's GMV is expected to reach 42.6 billion in 2024, with a year-on-year growth of 282% [2] - Adjusted net profit for 2024 is forecasted to be 820 million [2] Group 3: Market Position and Strategy - Wancheng Group operates 15,365 snack and beverage stores across 29 provinces, with over 99% being franchise stores [2] - The company aims to strengthen its competitive position in the Chinese snack retail industry and expand its "hard discount" business model into broader fast-moving consumer goods markets [4] Group 4: Competitor Analysis - Competitor Mingming Hen Mang plans to list on the Hong Kong Stock Exchange, with over 20,000 stores and projected revenues of 4.286 billion, 10.295 billion, and 39.344 billion for 2022, 2023, and 2024 respectively [3] - Mingming Hen Mang's adjusted net profits for the same years are 81 million, 235 million, and 913 million [3]
从蘑菇大王到零食之王,万辰集团冲刺港股IPO
Sou Hu Cai Jing· 2025-09-02 17:24
Core Insights - Wancheng Group, originally focused on edible mushrooms, plans to enter the Hong Kong stock market aiming to become the "first stock of bulk snacks" in China [1][3] - The company has successfully expanded its snack brand "Hao Xiang Lai," increasing its store count from under 100 to approximately 16,000 [3][4] - Wancheng Group's revenue reached 32.3 billion yuan in 2024, a year-on-year increase of 248%, with a net profit surge of 503 times in the first half of 2025 [3] Company Overview - Founded in 2011 by Wang Jiankun and his family, Wancheng Group initially gained recognition by supplying high-quality mushrooms to major retailers like Walmart [1] - The company transitioned into the bulk snack market in response to new consumer trends, launching the snack brand "Hao Xiang Lai" in 2022 [1][3] - Following a series of acquisitions, Wancheng Group integrated several well-known snack brands under the Hao Xiang Lai umbrella [1] Market Position - Wancheng Group has become one of the largest listed companies in China's bulk snack market, earning the title of "King of Snacks" [3] - The company's strong supply chain management, unique brand positioning, and precise market targeting have allowed it to thrive amid competition from supermarkets and e-commerce [4]
从金针菇大王到零食帝国掌舵人,90后富二代领航万辰集团冲刺IPO
Sou Hu Cai Jing· 2025-09-01 15:00
Core Insights - Wancheng Group has successfully transformed from a mushroom producer to a player in the bulk snack industry, preparing to re-enter the capital market [1][3] - The company faced a significant decline in profitability in its original mushroom business, prompting a strategic pivot to capitalize on the growing snack market [3][5] Company Overview - Established in 2011, Wancheng Group initially thrived on mushroom products, with revenue from mushrooms exceeding 70% from 2017 to 2021, leading to its listing on the Shenzhen Stock Exchange in 2021 [1][3] - In 2023, the gross margin for the mushroom business plummeted to -1.95%, despite a slight revenue increase to 402 million yuan in 2024 [3][5] Market Expansion - The Chinese snack industry is experiencing substantial growth, which Wancheng Group aims to leverage through its "Luxiaochan" brand launched in August 2022 [3][5] - The company rapidly expanded its store count from under 100 to over 20,000 across various regions in just a few years, with 98% of its 2024 revenue of 32.3 billion yuan coming from the snack business, marking a 248% year-on-year growth [3][5] Challenges Faced - The rapid expansion has led to issues such as food safety and service quality complaints, particularly regarding brands like "Haoxianglai" and "Laiyoupin" [5] - Despite high revenue, the company struggles with low profitability, reporting a net profit margin of -0.89% in 2023 and only 0.91% in 2024 [5] Management Changes - The company has undergone significant management changes, with founder Wang Jiankun under investigation and his sister Wang Liqing taking over as acting chairperson, while his son Wang Zeneng emerges as the actual controller [5][6] - Wang Zeneng's leadership is seen as stabilizing the company during this transition and continuing the transformation process [5][6] Future Considerations - Wancheng Group must address challenges such as maintaining market leadership, improving profitability, and reducing debt levels [6] - Consumer preferences for brands like "Haoxianglai" will be crucial for the company's ongoing success in the competitive snack market [6]
翻倍牛股,净利猛增500倍
Core Insights - The core viewpoint of the article highlights the remarkable financial performance of Wanchen Group, which reported a staggering increase in net profit and revenue in the first half of the year, primarily driven by its rapid expansion in the bulk snack retail business [1][5]. Financial Performance - Wanchen Group achieved a net profit of 4.72 billion yuan in the first half of the year, marking a year-on-year increase of 50,358.8% [2]. - The total revenue reached 22.58 billion yuan, reflecting a year-on-year growth of 106.89% [2]. - The company's cash flow from operating activities also saw a significant increase, with a net cash flow of 1.30 billion yuan, up 133.37% from the previous year [2]. - Basic earnings per share rose to 2.62 yuan, a staggering increase of 45,864.91% compared to the previous year [2]. Business Expansion - Wanchen Group transitioned from a mushroom business to the bulk snack sector in 2022, launching the "Liu Xiaochan" brand and rapidly acquiring regional snack brands to expand its market presence [5]. - The bulk snack business generated 223.45 billion yuan in revenue in the first half of the year, accounting for approximately 99% of the company's total revenue, with a year-on-year growth of 109.33% [5]. Profitability Trends - The gross margin of the bulk snack business initially declined from 14.40% to 9.52% due to high supply chain investments and market competition but rebounded to 10.86% in 2024 and further to 11.49% in the first half of 2025 [6]. - Wanchen Group has focused on optimizing its profit structure by enhancing supply chain efficiency and developing proprietary brands with higher profit margins [6][7]. Competitive Landscape - Wanchen Group and its competitor, Mingming Hen Mang, are closely matched in terms of revenue and store count, with both companies targeting lower-tier markets for expansion [10][11]. - Both companies are engaged in a price war and have announced plans for IPOs in Hong Kong, vying for the title of the first bulk snack stock in the Hong Kong market [10][11]. Market Valuation - As of August 29, Wanchen Group's stock closed at 211.8 yuan per share, with a year-to-date increase of over 170% and a total market capitalization of 39.74 billion yuan [12].