海通国际发布万辰集团研报：2025Q3业绩超预期，盈利能力持续提升

Group 1 - Haitong International issued a report on October 23, giving Wancheng Group (300972.SZ, latest price: 177.34 yuan) an "outperform" rating [1] - The report highlights Wancheng Group's Q3 2025 performance, indicating continued high growth in the bulk snack business [1] - The company has experienced a release of scale effects, with both gross margin improving year-on-year and quarter-on-quarter [1] - Operational efficiency has improved, with expense ratios decreasing both year-on-year and quarter-on-quarter [1] - The net profit margin of the bulk snack business has been increasing quarter by quarter [1]