Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [4][7]. Core Insights - Wanchen Group (300972.SZ) has shifted its core business focus from edible fungi to snack wholesale, with the snack segment accounting for 98.33% of revenue by 2024 [4][38]. - The company has experienced significant growth in its snack wholesale business, with revenue reaching 31.79 billion yuan in 2024, reflecting an average annual growth rate of 66.6 times from 2023 to 2024 [7][41]. - The snack market in China is projected to maintain a growth rate of 6% to 8% over the next three years, with the market size expected to exceed 1.4 trillion yuan by 2026 [8][11]. Summary by Sections Company Overview - Wanchen Group, established in 2011, initially focused on edible fungi but has transitioned to snack wholesale, which now dominates its revenue structure [4][38]. - The company has expanded its snack wholesale operations through acquisitions, including brands like "Lixiaochan" and "Haoxianglai," achieving a nationwide presence with over 15,000 stores by 2024 [7][41]. Financial Performance - The company's revenue is projected to grow from 9.294 billion yuan in 2023 to 52.373 billion yuan in 2025, with a growth rate of 1592.03% in 2023 and 62% in 2025 [6]. - Net profit is expected to increase significantly, from a loss of 830 million yuan in 2023 to a profit of 837 million yuan in 2025 [6]. Market Dynamics - The snack market in China has surpassed 1 trillion yuan, driven by urbanization and innovation in products and channels [8][11]. - Snack wholesale stores are characterized by low gross margins but high return on equity, with Wanchen Group achieving a return on equity of 17.44% in Q1 2025 [7][54]. Business Model - The snack wholesale model focuses on high turnover and low margins, with a gross margin of 11.02% in Q1 2025, which is lower than other retail channels [49][54]. - The company employs a franchise model to expand its market presence, with a significant increase in the number of franchise stores from 4,726 in 2023 to 15,000 in Q1 2025 [72]. Investment Outlook - The company's stock price has increased significantly, with a cumulative rise of 1,159% from January 1, 2023, to August 13, 2025, reflecting a strong market performance [80]. - The report suggests that the company is well-positioned to replicate its successful wholesale model across other product categories in the future [7].
万辰集团（300972）：公司深度分析：硬折扣时代的渠道新探索