Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a revenue of 22.6 billion yuan in H1 2025, representing a year-on-year increase of 107%, and a net profit of 472 million yuan, reflecting a staggering year-on-year growth of 50359% [1] - The company is positioned as a pure player in the hard discount sector and is the only listed company in the bulk snack segment, with a continued focus on new store formats and potential Hong Kong listing [1][3] - The net profit margin has consistently exceeded expectations, with operational capabilities showing continuous improvement [1] Revenue and Profitability - In Q2 2025, the company reported a revenue of 11.8 billion yuan, up 93% year-on-year, and a net profit of 257 million yuan, up 4940% year-on-year [1] - The bulk snack business generated revenue of 11.7 billion yuan in Q2 2025, with a net profit margin of 4.7% after adjusting for share-based payment expenses [1] - The company’s cash flow remains robust, with H1 2025 sales cash receipts of 25.14 billion yuan, inventory of 1.672 billion yuan, and cash reserves of 3.436 billion yuan [1] Store Expansion - The company opened 1,468 new stores in the first half of the year, maintaining a low closure rate of 2% [2] - The total number of stores at the end of the period reached 15,365, with expectations for accelerated store openings in the second half of the year [2] Minority Shareholder Rights Recovery and Financing - The company plans to acquire 49% equity in Nanjing Wanyou for 1.379 billion yuan, increasing its stake to 75% [3] - The company is also planning a Hong Kong listing, aiming to issue up to 15% of its total share capital [3] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 have been revised upwards to 1.23 billion, 1.83 billion, and 2.39 billion yuan, with growth rates of 319%, 49%, and 30% respectively [3] - The expected earnings per share for 2025, 2026, and 2027 are 6.56 yuan, 9.76 yuan, and 12.74 yuan respectively [3] Catalysts - Key catalysts for the company include faster-than-expected store openings, continued improvement in net profit margins, and the recovery of minority shareholder rights [3]
万辰集团（300972）：净利率持续超预期，关注港股上市及少数股东权益收回