Core Viewpoint - Wanchen Group has demonstrated remarkable growth in its annual performance despite the absence of its chairman due to an ongoing investigation, showcasing significant revenue and profit increases in the snack retail sector [1][5]. Financial Performance - In 2024, Wanchen Group reported a revenue of 32.329 billion yuan, a year-on-year increase of 247.86% - The net profit attributable to shareholders reached 293.5 million yuan, marking a turnaround with a year-on-year increase of 453.95% - Total assets surged by 84.78% to 7.253 billion yuan [1]. Store Expansion - By the end of 2024, the number of stores reached 14,196, a dramatic increase from 4,726 at the end of 2023, representing a growth rate of over 206% - The company added 9,776 new stores within a year, surpassing the store growth of competitors like Mixue Ice City [2]. Business Transformation - Since transitioning from the edible fungus industry to the snack retail sector in 2022, Wanchen Group's revenue has seen exponential growth, jumping from 4.34 million yuan in 2021 to 5.49 million yuan in 2022, and then to approximately 9.294 billion yuan in 2023, reflecting a staggering year-on-year increase of 1,592.03% - The snack retail business alone generated 8.759 billion yuan in 2023, with a year-on-year growth of 13,057.81% [3]. Acquisition Strategy - The rapid store expansion has primarily been achieved through the acquisition of other snack brands, allowing for simultaneous growth across various regions - Key brands under Wanchen Group include "Lvxiaochan," "Haoxianglai," "Laiyoupin," and "Yadiyadi," with a unified branding strategy initiated in October 2023 [4]. Stock Performance - Wanchen Group's stock price has surged significantly, reaching approximately 128.35 yuan per share, with a total market capitalization of 23.102 billion yuan as of April 23, 2024, compared to about 8.27 billion yuan at the time of its IPO in 2021 [5][6]. Governance and Ownership - The company is a family-run business, with the controlling family holding at least 52.11% of the shares, translating to a family wealth of at least 12 billion yuan - The board consists of 14 members, with 5 being family members, raising questions about corporate governance amid the chairman's legal issues [6][7].