万辰集团 20250824 摘要 万辰集团量贩零食业务 2024 年营收达 317.9 亿元，占总收入 98.3%， 门店数量 14,196 家，仅次于鸣鸣很忙，规模效应显著，但仍有较大下 沉和加密潜力，尤其在南方、东北及二线城市，并计划出海东南亚市场。 公司积极试水折扣超市转型，作为第二增长曲线，通过扩大经营面积和 增加非零食品类，如蛋挞、烤肠、日化个护等，满足消费者多品类需求， 提升同店效益，目前已优于传统社区商超和便利店业态。 公司通过收购四大区域型零食连锁品牌及整合自有品牌陆小馋，在量贩 零食渠道获得领先地位，同时自有原材料种植基地及规模化生产基地提 供强大的供应链支持，含羞草作为第四大临时供应商，年采购额达 5 亿 元。 公司通过核心高管持股和业务合伙人模式，充分调动团队积极性，创始 人家族及核心高管合计持股 58.1%，总经理王泽宁穿透持股 30.23%， 深度绑定有助于确保管理层与公司利益一致，提高运营效率。 东南亚零食市场复合年增长率（CAGR）高于中国，渠道重构为量贩零 食渗透率提升提供契机，中国上游零食企业积极探索东南亚供应链建设， 有助于降低运营成本，复制国内渠道竞争优势。 Q&A 万辰 ...

Group 1 - Wang Jiankun, the founder and former chairman of Wancheng Group, resigned from his positions due to personal reasons, effective immediately [2] - Wang Liqing, the current director and general manager, has been elected as the new chairman, while Wang Zeneng, the former deputy general manager, has taken over as general manager [2] - Wancheng Group was previously under investigation, but the measures against Wang Jiankun have been lifted, allowing him to resume his duties [2][3] Group 2 - Wancheng Group, founded in 2011, initially focused on edible fungi and entered the snack market in August 2022 with the launch of the "Lvxiaochan" brand [3] - The company has rapidly expanded its snack business through joint ventures and acquisitions, rebranding several acquired brands under "Haoxianglai" [3] - As of the end of 2024, Wancheng Group is one of the leading companies in the snack industry, with 14,196 stores, and has reported significant revenue growth [4] Group 3 - In 2024, Wancheng Group achieved a 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% [4] - In the first quarter of this year, the company's revenue grew by 124.02% to 10.82 billion yuan, with net profit soaring by 3344.13% to 215 million yuan [4]

Company Overview - Wanchen Group, known as the "first stock of snack retail," announced that former chairman Wang Jiankun has resumed his duties after the National Supervisory Commission lifted the detention measures against him [2][4] - Wang Jiankun has been the chairman since December 2013, and his family members, including his son Wang Zeneng and sister Wang Liqing, are significant stakeholders in the company [4] Business Development - Founded in 2011, Wanchen Group initially focused on edible fungi but entered the snack retail market in August 2022 with the launch of the "Luxiaochan" brand [5] - The company has rapidly expanded its snack retail presence through joint ventures and acquisitions, rebranding several acquired brands under "Haoxianglai" [5] Market Position - As of the end of 2024, Wanchen Group operates 14,196 stores, closely competing with Mingming Hen Mang Group, which has 14,394 stores [5] - Wanchen Group is the only publicly listed company in the snack retail sector, while Mingming Hen Mang Group has also filed for an IPO [5] Financial Performance - For the year 2024, Wanchen 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] - In comparison, Mingming Hen Mang Group achieved revenue of 39.34 billion yuan, with a net profit of 829 million yuan, reflecting a year-on-year growth of 280.28% [5]

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 过去几年间，零食行业经历了一次巨大调整。 上市之初接连几个涨停板的三只松鼠，如今股价已跌去 60%；来伊份在经历上市之初的高光之后，一路震荡下行，市值腰斩。 曾几何时狂飙猛涨的零食巨头们，都免不了高开低走的命运，与此同时，量贩零食正悄然起飞。 自去年 7月底以来，量贩零食连锁品牌"好想来"的母公司——万辰集团，股价已上涨6倍，是近9个月来，沪深上市公司中涨幅最高的公司。 | | | 万辰集团股价近9月涨6倍，领涨沪深两市 | | | | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 記始交易日期] 2024-7-24 [截止交易日期] 最新收盘目 [車位] ％↓ | | | 1 | 300972.SZ | 万辰集团 | | 624.6288 | | 2 | 300100.SZ | 双林股份 | | 560.9858 | | 3 | 300718.SZ | 长盛轴承 | | 517.8868 | | ব | 688068.SH | 热景生物- | 股大数据 | 45 ...

Core Viewpoint - The snack industry has undergone significant adjustments in recent years, with traditional giants facing declines while new players like Wanchen Group are rapidly rising [1][3][10]. Group 1: Market Dynamics - Wanchen Group's stock price has surged sixfold since July 2022, making it the top performer among listed companies in the Shanghai and Shenzhen markets [4][5]. - Wanchen Group's market capitalization has surpassed 20 billion, overtaking established players like Three Squirrels to become the industry leader [7]. - The snack industry is experiencing a stark contrast, with traditional giants like Three Squirrels and Laiyifen struggling, while Wanchen Group has reported a revenue increase of 247.9% to 32.33 billion in 2024 [12][11]. Group 2: Business Model and Expansion - Wanchen Group has transitioned from a mushroom cultivation business to a major player in the bulk snack sector, launching its brand "Lvxiaochan" in August 2022 [14][15]. - The company has aggressively acquired multiple snack brands, consolidating them under the "Haoxianglai" brand to streamline operations and expand its market presence [20]. - By 2024, Wanchen Group's store count reached 14,196, nearly doubling from the previous year, with plans to exceed 15,000 stores by March 2024 [20][21]. Group 3: Financial Performance - Wanchen Group's revenue from bulk snacks accounted for 98.33% of its total revenue in 2024, highlighting its focus on this segment [19]. - Despite significant revenue growth, Wanchen Group's gross margin was only 10.76%, well below the industry average of 20.35% [28]. - The company reported a net profit of 294 million in 2024, recovering from a loss of 82.93 million the previous year [12]. Group 4: Competitive Landscape - The bulk snack market is characterized by intense competition, with brands engaging in price wars to attract cost-sensitive consumers [37][42]. - The market is becoming increasingly concentrated, with the top two brands controlling 70% of the market share by late 2024 [48]. - Wanchen Group and its competitor Mingming Hen Mang are leading the market, but both face challenges with low profit margins, hovering around 2% [52]. Group 5: Future Outlook - The bulk snack industry is expected to grow significantly, with projections indicating the number of stores will reach 45,000 by 2025 and the market size will hit 123.9 billion [33]. - Companies are exploring new formats, such as discount supermarkets, to adapt to changing consumer preferences and enhance profitability [60][61]. - Wanchen Group's valuation has reached 84.95 times earnings, significantly higher than industry averages, raising concerns about sustainability amid increasing competition [65].