Core Viewpoint - Wanchen Group reported a remarkable performance in the third quarter, with a net profit growth of over 9 times year-on-year, driven by the efficiency of its bulk snack business and rising prices in the edible mushroom sector [2][3]. Financial Performance - For the first three quarters of 2025, Wanchen Group achieved a revenue of 36.562 billion yuan, a year-on-year increase of 77.37%, and a net profit attributable to shareholders of 855 million yuan, up 917.04% [3][5]. - In Q3 alone, the company recorded a revenue of 13.980 billion yuan, representing a 44.15% year-on-year growth, and a net profit of 383 million yuan, which is a 361.22% increase compared to the same period last year [5]. Business Segments - The company's main business consists of two segments: the original edible mushroom business and the bulk snack business, which was entered in 2022. The significant growth in the first three quarters is attributed to improved operational efficiency in the bulk snack sector and higher prices for edible mushrooms [5][6]. Cash Flow and Financial Health - The operating cash flow net amount increased by 144.92% to 2.382 billion yuan, and the cash balance at the end of the period was 4.193 billion yuan, up 76.13% year-on-year, primarily due to increased sales and cash collections from the bulk snack business [6]. Profitability Metrics - Wanchen Group's gross profit margin and net profit margin have been steadily increasing, with gross profit margins of 11.02%, 11.76%, and 12.14% from Q1 to Q3 of 2025, and net profit margins of 3.59%, 4.10%, and 5.15% respectively [6]. Membership and Customer Engagement - The company has developed a refined membership operation system, with over 150 million registered members contributing approximately 78% of the total merchandise transaction volume. Active members reached 110 million, significantly enhancing brand repurchase rates and customer loyalty, with an average consumption frequency of 2.9 times per month [6]. Market Expansion and Product Development - The bulk snack business has capitalized on the rapid expansion of instant retail channels, partnering with major platforms like Meituan and Taobao. Approximately 7,000 stores have integrated instant retail services, with order volumes on Taobao increasing by over 200% for three consecutive months [7]. - The company has also focused on developing its private label products, launching successful items under the "Hao Xiang Lai" brand, with notable sales growth, such as over 25 million bottles of "Hao Xiang Lai Super Value Drinking Water" sold in August alone [7]. Future Prospects - Wanchen Group submitted an application for a Hong Kong stock listing in September, and industry experts believe that the company is well-positioned for broader development opportunities based on its comprehensive advantages in user engagement, channel access, and product offerings [8].
超9倍！量贩零食巨头，业绩又爆了！分红方案来了