以下文章来源于36氪未来消费 ，作者李小霞 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 一个小镇青年如何被看见。 文 ｜ 李小霞 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID：lslb168） 封面来源 ｜ 企业官方 直至敲钟上市，鸣鸣很忙CEO晏周才将自己置于媒体面前，这是投资人们再三建议的结果。 在这批新消费80后创业者中，像晏周这样不声不响的人并不多。这导致网络上关于他的只言片语都难以拼凑。 晏周最近一次公开发言，还要追溯到零食很忙和赵一鸣零食2023年底合并几个月后的万人大会上。 到了2025年2月，鸣鸣很忙再一次举办发布会，赵定、CFO王钰潼等人在聚光灯下讲战略、讲自有品牌，只有晏周坐在台下静静聆听。 曾做过7年房产中介的晏周观察到，七八十平的刚需房普遍销量最好，这个群体才是中国最大的消费群体。而在休闲零食赛道，虽然已经有良品铺子、三 只松鼠等品牌针对一二线城市和中高消费力人群，但更平价的大众消费市场，需求却未被满足。 2017年，晏周与李维、刘巍和朱浪三位联创一起，在长沙雨花区创立第一家零食很忙门店。近十年后，他带着近2万家店的公司走向了热烈沸腾的港交 所。 头几年，埋头湖南的 ...

Core Insights - The leisure snack industry is facing significant challenges, with many companies reporting declining performance in their Q3 2025 results, highlighting the impact of macroeconomic uncertainties on consumer spending [1][4][7] Performance Overview - Wanchen Group reported the best performance among listed companies, achieving a revenue of 36.562 billion yuan, a year-on-year increase of 77.37%, and a net profit of 855 million yuan, up 917.04% [1] - Ganyuan Foods experienced a revenue decline of 4.5% to 1.53 billion yuan and a net profit drop of 43.7% to 156 million yuan [1] - Yanjinpuzi achieved a revenue of 4.427 billion yuan, a year-on-year increase of 14.67%, with a net profit of 605 million yuan, up 22.63% [2] - Jinzhai Foods reported a revenue of 1.808 billion yuan, a slight increase of 2.05%, but a net profit decline of 19.51% [2] - Three Squirrels saw a revenue increase of 8.22% to 7.759 billion yuan, but a significant net profit drop of 52.9% to 161 million yuan [3] Market Dynamics - The overall decline in net profits across the leisure snack sector reflects the industry's struggle amid economic downturns, as these products are not considered necessities [4][6] - Analysts suggest that the industry must innovate and adapt to survive, as the "Matthew Effect" will increasingly favor stronger brands while weaker ones may struggle [4][5] - The rise of bulk snack formats has not replaced traditional snack brands but has created opportunities for lesser-known brands, which may eventually be overshadowed by established names [4][5] Consumer Behavior and Pricing - The overall market size for snacks is increasing, but individual companies may experience declining revenues due to price reductions and stable consumer demand [5][6] - Companies are pressured to improve efficiency in their supply chains and marketing strategies to maintain profitability amid shrinking margins [6][7] - The industry is facing a critical juncture where survival is at stake, as highlighted by the challenges faced by major players like Liangpinpuzi [7]

Core Viewpoint - Wanchen Group reported significant growth in Q1 2025, with revenue reaching 10.821 billion yuan, a year-on-year increase of 124.02%, and net profit attributable to shareholders at 215 million yuan, up 3344.13% year-on-year, indicating strong performance and competitive strength in the industry [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 10.821 billion yuan, representing a year-on-year increase of 124.02% [1] - The net profit attributable to shareholders was 215 million yuan, reflecting a year-on-year increase of 3344.13% [1] - The net profit excluding non-recurring items reached 211 million yuan, with a year-on-year increase of 10562.30% [1] Group 2: Business Segment Analysis - The snack retail business generated revenue of 10.7 billion yuan in Q1 2025, a year-on-year increase of 128%, driven by a significant increase in the number of stores [2] - The net profit for the snack retail segment, excluding share-based payments, was 412 million yuan, corresponding to a net profit margin of 3.85%, which increased by 1.1 percentage points quarter-on-quarter [2] - The company expects to have approximately 14,200 stores by the end of Q1 2025, with a slight increase compared to the end of Q4 2024 [2] Group 3: Strategic Initiatives - The company announced a stock incentive plan, granting shares equivalent to about 1.2% of the current share capital, with a target of achieving net profit growth of 40% to 55% from 2024 to 2028 [3] - The incentive plan reflects the company's commitment to deepening its presence in the snack retail sector and its confidence in achieving high completion rates for past targets [3] - The company maintains a leading advantage in supply chain efficiency and product iteration within the snack retail industry [3] Group 4: Profit Forecast and Valuation - The company has raised its profit forecasts for 2025-2027, expecting net profits of 820 million yuan, 1.14 billion yuan, and 1.41 billion yuan, respectively, with increases of 23%, 38%, and 54% [4] - The company is assigned a target price of 182.22 yuan for 2025, based on a 40 times price-to-earnings ratio, reflecting the high industry growth and the company's competitive strength [4] - The company’s strong performance validates the robust barriers within the snack retail sector and its competitive capabilities [4]