Group 1 - The company plans to acquire a 49.00% stake in Nanjing Wanyou from Huainan Shengyu and Huainan Huixiang, increasing its direct and indirect ownership to 75.01% after the transaction [1] - Nanjing Wanyou is a core subsidiary of the company, with a strong brand presence in regions such as Anhui, Henan, Hebei, and Inner Mongolia, operating 3,212 stores by May 31, 2025 [1] - The acquisition aims to enhance asset integration, improve governance structure, and strengthen ties with the core founding team, thereby boosting long-term growth potential [1] Group 2 - The snack retail industry in China is experiencing rapid growth, with market size increasing from 4.08 billion to 70.67 billion from 2019 to 2023, reflecting a CAGR of 104% [2] - Wanchen, a leading player in the snack retail sector, has signed over 15,000 stores by March 2025, establishing a competitive advantage in East and North China [2] - The company is expected to benefit from improved cost control and reduced product loss rates, leading to a steady increase in gross margins and overall net profit margins [2] Group 3 - The company maintains revenue forecasts of 53.88 billion, 62.09 billion, and 66.59 billion for 2025-2027, with adjusted EPS estimates of 4.82, 6.97, and 8.09 for the same period [3] - The valuation corresponding to the closing price of 151.6 on August 13, 2025, is projected to be 31, 22, and 19 times for the years 2025-2027 [3]