Group 1 - The company reported a Q1 2025 revenue of 10.82 billion yuan, representing a year-on-year growth of 124.0%, and a net profit attributable to shareholders of 210 million yuan, with a staggering year-on-year increase of 3344.1% [1] - The company is rapidly expanding its store count, reaching 14,196 stores by early 2025, with nearly 1,000 new stores expected to open in Q1 2025, indicating a strong growth trajectory [2] - The company is evolving its store model towards a cost-effective supermarket format, expanding product categories from snacks and beverages to include prepared foods, daily necessities, and frozen products, thereby enhancing customer loyalty and opening up further expansion opportunities [2] Group 2 - The company's gross margin for Q1 2025 was 11.0%, an increase of 1.2 percentage points year-on-year, primarily due to the scale effects of the volume business [3] - In Q1 2025, the cumulative revenue from the volume business was 10.688 billion yuan, with a net profit of 412 million yuan after excluding share-based payment expenses, resulting in a net profit margin of 3.85%, a significant improvement compared to 2.63% and 2.74% in H1 and H2 2024 respectively [3] - The company has reduced its selling expense ratio to 3.3%, down 0.7 percentage points year-on-year, and its management expense ratio to 3.0%, down 0.5 percentage points year-on-year, benefiting from the scale effects of the snack volume business [3]
万辰集团(300972)：收入延续高增 利润释放亮眼