Wanchen Group Releases 2025 Annual Report: Revenue Breaks Through 51.459 Billion Yuan, Net Profit Breaks Through 2.5 Billion Yuan

Reprinted from: Xinhua Finance

Recently, Wanchen Group (300972.SZ) released its 2025 annual report. In 2025, Wanchen Group seized industry opportunities and delivered a strong growth performance driven by the robust expansion of its core business.

The announcement shows that in 2025, Wanchen Group’s operating revenue reached 51.459 billion yuan, a year-on-year increase of 59.17%; net profit after including share-based payment expenses was 2.568 billion yuan, up 212.18% year-on-year. Both revenue and net profit hit new highs, with profit growth outpacing revenue growth, demonstrating full-scale release of scale effects, continuous enhancement of refined operations, and ongoing improvement in profitability.

Among them, the company’s bulk snack business not only saw rapid revenue growth but also achieved year-on-year increases in gross margin and net profit margin. The financial report indicates that in 2025, Wanchen Group’s bulk snack revenue reached 50.857 billion yuan, up 59.98% year-on-year; the full-year gross profit margin was 12.32%, an increase of 1.46 percentage points compared to the previous year; net profit after including share-based payment expenses was 2.533 billion yuan, with a net profit margin of 4.98%. This signifies significant operational optimization results, with the bulk snack sector entering a profit release phase from revenue growth.

Store scale hits new highs, with continued efficiency improvements

In 2025, the bulk snack industry maintained rapid development, with industry size continuously expanding, becoming a key growth driver in retail.

As a leading enterprise in bulk snacks, Wanchen Group’s store scale reached new heights in 2025, further strengthening its market leadership and scale advantages, driving performance growth. During the reporting period, Wanchen Group continued to expand its nationwide store footprint and accelerated store openings in the second half of the year. By the end of 2025, the company operated 18,314 stores, with a network covering 30 provinces (including autonomous regions and municipalities), forming a broad coverage and deep penetration in core areas.

While maximizing scale advantages, Wanchen Group also focused on expanding stores and improving efficiency simultaneously, building an efficient supply chain system. During the period, the company continuously improved warehousing and logistics infrastructure, enhanced digital empowerment, and achieved extreme supply chain efficiency. Wanchen Group has established 48 ambient temperature warehouses and 9 cold chain warehouses nationwide, creating a strong warehousing and logistics network that shortens delivery times to most stores to “T+1.” Its self-developed warehouse management and transportation management systems have become powerful supports for efficient logistics, with digitalization significantly reducing logistics costs.

Strong growth of proprietary brands, building new growth engines

In recent years, with the rapid expansion of bulk snack brands, industry competition has shifted toward comprehensive competition focusing on refined operational capabilities. During the reporting period, Wanchen Group achieved refined operations through efforts in developing proprietary brands, deepening membership management, innovative emotional marketing, and expanding instant retail, greatly improving overall operational efficiency and building strong differentiated growth momentum.

Among them, Wanchen Group’s proprietary brands have broadened growth boundaries, with a continuous increase in their proportion and impressive growth rates, and the value of differentiated brands steadily rising. Over the past year, Wanchen Group’s proprietary brands centered around “Hao Xiang Lai Super Value” and “Hao Xiang Lai Selection,” creating multiple popular products and forming a strong product appeal.

Holding an billion-level membership moat, driving strong growth

During the period, Wanchen Group vigorously promoted membership system construction, successfully building a large, highly active, and highly sticky membership ecosystem. This effectively converted offline traffic into high-value user assets, providing strong support for steady performance growth.

By 2025, Wanchen Group’s membership scale experienced a breakthrough, reaching approximately 190 million registered members. Through refined membership operations and innovative marketing, the company effectively unlocked member value, not only directly boosting GMV but also strengthening consumer loyalty. It is reported that in 2025, members contributed about 80% of the Group’s GMV, and as of December 2025, the average monthly consumption frequency per active member was about 3 times, fully demonstrating the strong commercial value and user loyalty of the membership system.

In 2025, as the bulk snack industry shifted from scale competition to quality and efficiency deepening, Wanchen Group leveraged its extensive store network and efficient supply chain to establish a solid growth foundation. Additionally, through building proprietary brands, deepening membership management, innovative branding, and expanding instant retail, the company amplified its scale advantages, leading to continuous improvement in profitability.

Looking ahead, the bulk snack channel still has broad potential for penetration and growth. As an industry leader, Wanchen Group will further enhance operational efficiency, accelerate the release of existing and new value, and is expected to usher in a new round of valuation reshaping in 2026.

Editor: Liu Ming

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