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 ...

Core Viewpoint - The implementation of benchmarking against world-class enterprises is a crucial measure for advancing state-owned enterprise (SOE) reform and enhancing efficiency and development [1][3] Group 1: Benchmarking Implementation - The benchmarking initiative aims to address the disparity in performance among SOEs, as many exhibit strong asset totals and revenue but lack competitive profitability compared to industry leaders [3][4] - Water Development Group has established a "2+2+2" operational management benchmarking system, focusing on internal and external benchmarking to enhance performance in various sectors such as water supply, wastewater treatment, and renewable energy [2][5] Group 2: Challenges in Benchmarking - A common issue faced by SOEs is the difficulty in finding comparable external benchmarks due to differing development stages and operational contexts, leading to ineffective benchmarking practices [4][5] - Previous benchmarking efforts often focused on external comparisons, which did not yield actionable insights due to the unique circumstances of each enterprise [4][5] Group 3: Benchmarking System Features - The "2+2+2" system includes two levels of benchmarking (secondary companies and project companies), supported by standardized operational management and demonstration facilities [5][8] - The internal benchmarking indicators include return on net assets, income profit margin, gross profit margin, and direct operating costs, evaluated dynamically to encourage continuous improvement [8][9] Group 4: Performance Improvements - Water Development Group reported significant reductions in operational costs across various sectors, with specific decreases in unit costs for water supply, heating, and renewable energy [12][14] - The profitability of Water Development Group's subsidiaries has improved, with notable increases in profit and cash flow, indicating the effectiveness of the benchmarking system [14][15] Group 5: Future Directions - The company plans to maintain a focus on internal benchmarking while enhancing the conversion of external benchmarking experiences into actionable strategies for continuous improvement [16]

Core Viewpoint - The recent appointment of Liu Peng, a former Alibaba executive, as the new president of Sam's Club China has sparked significant backlash from members due to changes in the app's product display, which many perceive as adopting an "Alibaba flavor" [1][19][27] Group 1: Leadership Changes - Liu Peng is the first Chinese national to hold the position of president for Sam's Club China, reporting directly to Walmart China's CEO [1][19] - His appointment coincided with a controversial redesign of the Sam's Club app, leading to member dissatisfaction [1][19] Group 2: App Redesign and Member Reactions - The app's product images have been altered to include more promotional content and stylized presentations, moving away from the previous simple white-background images [3][5][10] - Members expressed confusion and frustration over the new design, which they feel complicates the shopping experience and increases selection time [5][10][13] - The redesign has been criticized for resembling tactics commonly used by e-commerce platforms, leading to concerns about transparency and product information [10][18][19] Group 3: Business Strategy and Market Position - Sam's Club is undergoing a digital transformation, with a focus on enhancing member experience and operational efficiency, as indicated by Liu Peng's background in e-commerce [19][21] - Walmart China reported a significant increase in net sales, with Sam's Club's transaction volume growing at a double-digit rate, highlighting the importance of maintaining member satisfaction [18][19] - The company aims to balance its traditional membership model with evolving digital strategies to retain its core customer base [19][27]

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]

Core Viewpoint - The company, Hualv Biotechnology, has reported a significant increase in revenue projections for 2024, reaching 1.032 billion yuan, up from 578 million yuan in 2021, indicating strong growth in its product offerings and market expansion [1] Product Offerings - The main products of the company include enoki mushrooms, true shiitake mushrooms (which encompass varieties such as crab-flavored and white jade mushrooms), maitake mushrooms, cordyceps flowers, and deer antler mushrooms [1] - Cordyceps flowers and deer antler mushrooms are newly launched products post-IPO, showcasing the company's commitment to diversifying its product range [1] Revenue Growth - The projected revenue for 2024 is 1.032 billion yuan, which represents a notable increase compared to the 578 million yuan reported in 2021, highlighting the company's growth trajectory [1]

Core Viewpoint - The company, Hualv Biotechnology, has reported significant growth in its product offerings and revenue, projecting a revenue of 1.032 billion yuan in 2024, which represents a substantial increase from 578 million yuan in 2021, indicating a doubling of both production capacity and revenue [1]. Group 1: Product Diversification - The main products of the company include enoki mushrooms, king oyster mushrooms (including crab-flavored and white jade varieties), maitake mushrooms, cordyceps flowers, and deer antler mushrooms, with the latter two being introduced after the company's IPO [1]. - The company has achieved industrialized production of edible mushroom products under its diversified layout, with ongoing inquiries about new specialty varieties [3]. Group 2: Capacity and Revenue Growth - The company anticipates that its revenue for 2024 will reach 1.032 billion yuan, which is a notable increase from 578 million yuan in 2021, reflecting a clear growth trajectory [1]. - The company has successfully doubled its production capacity and revenue since its listing, with specific inquiries regarding the new and expanded production bases planned for 2024 and 2025 [3].

Core Viewpoint - The company has experienced continuous revenue growth in recent years, but net profit has shown significant volatility, with a projected loss in 2024 followed by a turnaround in the first three quarters of 2025 [1] Group 1: Revenue and Profitability - The company's enoki mushroom production remains stable, but product prices are influenced by various factors, leading to uncertainty [1] - The company is expected to achieve full production capacity for the restructured deer antler mushroom production line by the end of the year, which will enhance its ability to withstand market risks [1] Group 2: Cost Management and Future Outlook - The company plans to implement reasonable production schedules for new projects to quickly reach full production and reduce unit production costs [1] - The company is closely monitoring changes in raw material markets and is committed to controlling raw material costs, which have remained generally stable in recent years [1]

从传统瓶栽的经验种植迈向精准化调控，农发生物的技术团队通过"产学研用"深度融合的模式，成功攻 克了产业发展中的诸多瓶颈。一是菌种驯化：引进高产抗病菌株，并结合使用先进的液体菌种技术，通 过严格的培养管理制度，保证菌种的纯度与活性。二是环境把控：运用物联网温湿度控制系统通过自动 化设备和技术，精准控制菌菇房的温度、湿度、光照、二氧化碳浓度等关键因素，通过设置自动化的通 风和照明系统，实现室内环境的精确控制。三是原料配方优化：以优质的麸皮、豆粕、玉米芯等农副产 品进行合理搭配，以确保为鹿茸菇的生长提供充足的养分，提升产量。四是通过提升装袋品质，提高接 种透底效果，有效提高菌包发满率，缩短后熟时间。五是标准化采收：从接种到采收的全过程实行数字 化管理，保证A级品率稳定在90%以上。 从340克到580克的产量飞跃，不只是简单的数字增长，更是设施农业生产方式向"科技驱动"转型的有力 见证。农发生物在整个产业链上协同发力，从优质原材料采购、菌包生产标准化，到菌种生产接种、菌 包培养、搔菌，再到鹿茸菇的生长培育，各环节紧密配合，充分发挥团队优势，实现了鹿茸菇单产与品 质的双重提升，为公司现代农业的高质量发展谱写全新篇章。 ...

Group 1 - The company has achieved "three increases and one decrease" in its operations, improving the bottom rate, full rate, and work efficiency while reducing pollution rate, with both bottom rate and full rate of the deer antler mushroom bags exceeding 95% [1] - The company maintains strict control over production processes, including a sterilization process lasting over 4 hours with a 100% pass rate, and cooling procedures that ensure the inoculation temperature is optimal, achieving over 95% pass rate for the inoculated materials [3] - The company plans to advance the construction of a data management system to further consolidate quality advantages and set a new benchmark for the high-quality development of the deer antler mushroom industry [4]

Core Viewpoint - Wanchen Group reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance in the snack food sector and plans for international expansion through a potential Hong Kong listing [1][6]. Financial Performance - In the first half of 2025, Wanchen Group achieved operating revenue of 22.583 billion yuan, a year-on-year increase of 106.89% [1]. - The net profit attributable to shareholders reached 472 million yuan, reflecting a staggering year-on-year growth of 50,358.8% [1][2]. - The company’s stock price rose by 5.35% on August 28, closing at 176.5 yuan per share, with a total market capitalization of 33.114 billion yuan [2][3]. Business Segments - The snack food business generated revenue of 22.345 billion yuan in the first half of 2025, marking a 109.33% increase year-on-year [4]. - The company expanded its store network significantly, adding 1,468 new stores while closing 299, resulting in a total of 15,365 stores by the end of the reporting period [5]. - The product portfolio in the snack food segment includes over 2,000 SKUs across 12 core categories, enhancing the company's market presence [5]. Strategic Initiatives - Wanchen Group plans to unify its brands under "Haoxianglai" to streamline its supply chain and enhance brand recognition [5]. - The company announced plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to support its internationalization strategy and improve its competitive edge [6]. - Despite the growth, the company faces challenges with a high asset-liability ratio, projected to rise to 90.97% following a significant acquisition [6].