研报掘金丨国盛证券：首予万辰集团“买入”评级，多品类折扣新店型后续有望接棒成长

Core Viewpoint - Wanchen Group is a leading player in the edible mushroom industry, successfully transitioning into the high-growth wholesale snack sector through strategic acquisitions and store network expansion [1] Group 1: Business Strategy - In 2022, Wanchen Group entered the wholesale snack market, rapidly establishing a store network through acquisitions while simultaneously building logistics and warehousing infrastructure [1] - By the end of June 2025, the company aims to reach 15,365 stores, focusing on expanding its own store operations after initial growth [1] Group 2: Financial Performance - For the first three quarters of 2025, the wholesale revenue reached 36.16 billion yuan, representing a year-on-year increase of 78.8%, with this segment accounting for 98.9% of total revenue [1] - The net profit margin for the wholesale segment improved to 5.3% in Q3 2025, a significant year-on-year increase of 2.6 percentage points [1] Group 3: Future Growth Drivers - The company is currently in a phase of channel dividend release, supported by an excellent single-store model, refined management, and brand effects, which facilitate rapid store expansion [1] - Wanchen Group is exploring various new store formats, with the potential for these multi-category discount stores to drive future growth [1]