9月23日，福建万辰生物科技集团股份有限公司(下称"万辰集团")正式向香港联合交易所递交上市申 请，拟在主板挂牌上市。作为中国领先且增长最快的零食饮料零售企业，万辰集团背后的核心增长引擎 与竞争壁垒无疑是支撑企业长期发展的内在根基。据招股书披露，万辰集团的增长密码，是一个由五大 要素构成的多方共赢商业飞轮，而数字化、消费者洞察与高效运营，则是驱动飞轮转动的三大支柱。 据悉，万辰集团商业飞轮的运转逻辑清晰且闭环：以门店网络扩张为起点，庞大的门店规模为规模化采 购奠定基础，进而提升与上游供应商的议价能力;依托强议价能力与高效直采模式，集团得以推出"高质 价比"产品，将成本优势直接让利给消费者;物美价廉的产品与优质购物体验，又能吸引更多用户成为会 员，形成庞大且忠实的消费群体;最终，强大的品牌力与稳健的单店盈利模式，会吸引更多优质加盟商 合作，进一步推动门店网络扩张，形成自我强化的增长循环。 除了商业飞轮，万辰集团还通过规模与效率的极致融合，构筑起难以复制的核心护城河。规模方面，截 至2025年6月30日，集团门店已覆盖全国29个省份，总数超15000家，形成了广泛覆盖与核心区域深度渗 透的门店网络。效率方面，集团 ...

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Company Overview - Fujian Wancheng Biotechnology Group Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for expanding its store network, enhancing management, diversifying product offerings, improving digital capabilities, and increasing brand recognition [1] - The company plans to use the raised funds for potential business investments or acquisitions, as well as for working capital and other general corporate purposes [1] Financial Performance - The company's revenue increased from RMB 549.3 million in 2022 to RMB 9.2937 billion in 2023, with a projected further increase of 247.9% to RMB 32.3288 billion in 2024 [3] - For the first half of 2025, the revenue reached RMB 22.5826 billion [3] - Adjusted net profits (non-IFRS) for 2022 to 2024 were RMB 39.3 million, -RMB 28.1 million, and RMB 822.8 million, respectively, with the first half of 2025 showing an adjusted net profit of RMB 921.7 million [3] Store Expansion - The "Haoxianglai" brand primarily operates through a franchise model, with a significant increase in store numbers from 232 at the end of 2022 to 15,365 across 29 provinces and municipalities by June 30, 2025 [3] - Franchise stores account for over 99% of the total, with 15,275 franchise stores and 90 direct-operated stores [3] Industry Trends - The Chinese snack and beverage retail market has shown positive growth, with the market size increasing from RMB 3.1712 trillion in 2019 to a projected RMB 4.0449 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 5.0% [4] - The market is expected to reach RMB 5.3837 trillion by 2029, with a projected CAGR of 5.9% from 2024 to 2029, driven by increasing consumer demand for diverse and innovative products [4] Competitive Landscape - The company faces challenges similar to other low-priced snack brands, such as "Mingming Hen Mang," which reported low gross margins and net profit margins, indicating a common issue of profit ceilings in the discount snack supermarket sector [5] - Industry experts suggest that merely expanding store numbers is insufficient for sustained performance; companies must optimize store layouts, enhance operational efficiency, and refine product offerings to improve profitability [5]

Core Viewpoint - Wanchen Group, the parent company of "Haoxianglai," has officially submitted a listing application to the Hong Kong Stock Exchange for a dual listing, aiming for "A+H" status, following its A-share listing in April 2021 [1] Group 1: Company Overview - Wanchen Group is a leading retail enterprise in China's snack and beverage sector, with a projected GMV growth of 282% from 2023 to 2024 [1] - The brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024 and has surpassed 10,000 stores nationwide [1] - As of June 30, 2025, the company plans to operate over 15,000 stores across 29 provinces, municipalities, and autonomous regions in China [1] Group 2: Membership and Consumer Engagement - As of August 31, 2025, Wanchen Group has over 150 million registered members, with more than 110 million active members in the first eight months of 2025 [1] - The average monthly consumption frequency per active member was 2.9 times as of August 2025 [1] Group 3: Supply Chain and Pricing Strategy - Approximately 95% of Wanchen Group's products are sourced directly from brand manufacturers, allowing for a 20% to 30% lower retail price compared to similar products in large stores, supermarkets, and convenience stores [2] - The company’s growth is driven by a strategic expansion of its national brand store network, enhancing market penetration [2] Group 4: Business Model and Digital Infrastructure - The company has established a digital system that supports various business operations, from site selection to consumer interaction, reducing operational friction and ensuring efficient network operations [3] - Wanchen Group has a low franchise store closure rate of 1.9%, significantly below the industry average, indicating strong franchisee retention [3] Group 5: Financial Performance - Wanchen Group's revenues for 2022, 2023, and 2024 were 549 million, 9.29 billion, and 32.33 billion respectively, with profits of 67.85 million, -176 million, and 611 million [3] - In the first half of 2025, the company achieved a revenue of 22.58 billion, a year-on-year increase of 106.89%, with a profit of 861 million, up 531.93% [3]

9月23日，中国领先且增长极快的零食饮料零售企业——福建万辰生物科技集团股份有限公司（下称"万 辰集团"），正式向香港联合交易所递交上市申请，拟在主板挂牌上市。 据招股书披露，万辰集团凭借其独特的商业模式和高效的运营体系，已在中国零食饮料市场占据领先地 位。根据灼识咨询的资料，按2024年商品交易总额（GMV）计算，"好想来"不仅是中国零食饮料零售排 名榜首的品牌，也是全国首个门店数量突破10000家的量贩零食品牌。 财务数据亮眼 增长势头强劲 在消费市场深刻变革的背景下，万辰集团展现出了强劲的增长潜力。招股书显示，集团总收入从2023年 的人民币93.0亿元增长至2024年的人民币323.3亿元，同比增长247.9%。2024年，集团GMV达人民币426 亿元，较2023年增长282%，增速领跑行业。盈利能力方面，集团2024年经调整净利润达人民币8.2亿 元。 进入2025年，增长势头继续延续。截至2025年6月30日的六个月内，集团收入达人民币225.8亿元，同比 增长106.9%，经调整净利润更是高达人民币9.2亿元。 共赢的商业飞轮 驱动可持续增长 规模与效率构筑核心护城河 万辰集团的成功，源于其对 ...

Core Viewpoint - The establishment of Feima Store in rural areas of Dafeng District, Yancheng City, has significantly improved access to fresh produce for local residents, eliminating the need for long trips to urban supermarkets [1][3]. Group 1: Business Model - Feima Store operates on a "fresh direct supply + physical sales" model, which was developed by two young entrepreneurs who recognized the consumption challenges faced by rural communities [3][5]. - The company has expanded to 21 stores across five towns, effectively addressing the "last mile" of fresh produce distribution in rural areas [3][5]. Group 2: Logistics and Supply Chain - The company employs a "bus-like" logistics model, delivering goods to stores three times a day, which minimizes product backlog and reduces waste [5]. - Five delivery trucks operate on a fixed schedule, ensuring timely delivery of fresh products to all stores [5]. Group 3: Product Quality and Employment - Feima Store emphasizes product quality by regularly monitoring expiration dates and using a modular ordering system for traceability [5]. - The establishment of these stores has created over 50 job opportunities for local villagers, contributing to increased income [5].

Core Viewpoint - Meiyijia, the leading convenience store chain in China, is aggressively expanding its store count and profitability, aiming for a target of 100,000 stores and 100 billion yuan in revenue by 2025 [3][4]. Group 1: Company Overview - Meiyijia has 37,943 stores, making it the largest convenience store chain in China, with a sales revenue of 54.2 billion yuan in 2023, reflecting a growth of over 20% [3][4]. - The company operates on a franchise model with low entry barriers, requiring a total investment of approximately 300,000 to 350,000 yuan for a 40-square-meter store [10][11]. Group 2: Business Strategy - Meiyijia's business model includes a focus on high-margin products, with an average gross margin of 25% on general merchandise, and a significant portion of revenue coming from franchise fees and supply chain profits [13][18]. - The company has been exploring new service models, such as "convenience store + community services," to attract more customers and enhance store traffic [11][16]. Group 3: Market Position and Challenges - Despite facing challenges from e-commerce and market saturation, Meiyijia has maintained steady growth, with annual sales growth in double digits since 2016 [14][16]. - The company is also adapting to market changes by introducing new store formats and digital technologies, such as smart temperature control and self-service cash registers, to improve operational efficiency [28]. Group 4: Future Outlook - Meiyijia's founder, Ye Zhijian, emphasizes a long-term vision of growth and innovation, encouraging franchisees to adapt to market demands and explore new opportunities [28].