Core Insights - Wanchen Group reported a net profit attributable to shareholders of 855 million yuan for the first three quarters, representing a year-on-year increase of 917.04% [1] - In Q3 alone, the net profit attributable to shareholders reached 383 million yuan, up 361.22% year-on-year [1] - The revenue for Q3 met market expectations, while the net profit exceeded market forecasts [1] Store Expansion and Performance - The company anticipates adding 3,000 new stores by the end of 2025, bringing the total to 17,000 stores, with the actual number likely to exceed this estimate due to strong store opening momentum [1] - It is projected that Wanchen Group will surpass 20,000 stores by 2026, driven by the iteration of the "discount supermarket model," which enhances store efficiency and expansion [1] Profitability Drivers - The company has three main profitability enhancement strategies: short-term fee optimization, mid-term management integration, and long-term development of proprietary brands [1] - The current stock price corresponds to price-to-earnings ratios of 26, 17, and 12 times for the next three years, reflecting an adjustment in previous forecasts due to better-than-expected profitability [1] Investment Rating - The company maintains a "Buy" rating based on its improved profitability, ongoing store expansion, and positive same-store sales trends [1]