文 | 壹览商业 蒙嘉怡 编辑 | 薛向 8月过去，多个零食品牌上市公司发布了2025年上半年业绩报告，来伊份转盈为亏，良品铺子的亏损进一步扩大，洽洽 食品的净利润同比下降超七成。 从成本看，2025年上半年，万辰集团营业成本200.07亿元，同比上涨104.84%；销售费用6.97亿元，同比增加104.84%； 管理费用、财务费用、所得税费用与研发投入均有不同程度的上涨。 从营收看，2025年上半年，万辰集团营收225.83亿元，同比增长106.89%。进一步拆解业务结构，量贩零食业务贡献了 223.45亿元营收，占集团总营收的98.95%，同比增长109.33%，成为业绩增长的绝对主力。 在老牌企业承压之际，2022年才进入量贩零食业务的万辰集团实现爆发式增长，营收225.83亿元，同比增长106.89%； 归属于上市公司股东的净利润为4.72亿元，同比增长50358.80%。 净利润暴涨500倍，万辰集团究竟做了什么？ 加盟商成摇钱树 净利润的暴涨无非两个原因：营收显著提升，或成本大幅压缩。 显然，万辰集团净利润的暴涨主要来自量贩零食业务的强劲增长。 而量贩零食业务的收入来源有三：批发供货（也即向加盟商 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a total revenue of 22.583 billion yuan for H1 2025, representing a year-on-year increase of 106.89%. The net profit attributable to shareholders was 472 million yuan, an increase of 471 million yuan year-on-year, while the net profit after deducting non-recurring items was 451 million yuan, marking a turnaround from losses [2][4] - The company's snack business continues to perform strongly, achieving a revenue of 22.345 billion yuan in H1 2025, up 109.33% year-on-year, with a net profit of 956 million yuan after adjusting for share-based payment expenses, resulting in a profit margin of 4.28% [4][9] - The company opened over 1,100 new stores in the first half of 2025, with a total of 15,365 snack stores by the end of June 2025. The net increase in stores was 1,169, with significant growth in the East China region [9] Financial Performance Summary - For Q2 2025, the company reported total revenue of 11.762 billion yuan, a year-on-year increase of 93.29%, with a net profit of 257 million yuan, also reflecting a turnaround from losses [2][4] - The gross profit margin for the snack business improved, with the net profit margin for H1 2025 increasing by 2.08 percentage points to 2.09%, and the gross margin rising by 0.89 percentage points to 11.41% [9] - The company forecasts net profits attributable to shareholders of 1.183 billion yuan, 1.725 billion yuan, and 2.138 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.30, 9.20, and 11.40 yuan [9][16]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company achieved significant revenue growth in the first half of 2025, with operating income reaching 22.58 billion yuan, a year-on-year increase of 106.89%, and a net profit attributable to shareholders of 472 million yuan, reflecting a remarkable growth of 50358.8% [3][4]. - The company's gross margin for the first half of 2025 was 11.41%, with a net profit margin of 2.09%, both showing improvements compared to the previous year [5][6]. - The company opened 1,468 new stores while closing 259, resulting in a total of 15,365 stores by the end of the period, indicating a stable expansion strategy [4][5]. Financial Performance - The company’s revenue projections for 2025-2027 have been adjusted to 51.10 billion, 61.08 billion, and 68.49 billion yuan, respectively, with expected year-on-year growth rates of 58.06%, 19.53%, and 12.13% [6][10]. - The net profit attributable to shareholders is forecasted to reach 1.12 billion, 1.52 billion, and 1.79 billion yuan for the same period, with growth rates of 281.2%, 35.43%, and 17.92% [10][11]. - The company’s operating efficiency is highlighted by a significant reduction in expense growth compared to revenue growth, leading to a net profit margin of 4.1% in the second quarter of 2025 [5][6].

Core Viewpoint - The rapid growth of Wanchen Group's net profit and revenue in the first half of the year is primarily attributed to the aggressive expansion of its snack retail chain, "Haoxianglai" [1][2]. Group 1: Financial Performance - In the first half of the year, Wanchen Group achieved a net profit of 472 million yuan, a staggering year-on-year increase of 50,358.8%, with total revenue reaching 22.583 billion yuan, up 106.89% [1]. - The company's stock price surged by over 170% this year, closing at 211.8 yuan per share on August 29, with a market capitalization of 39.74 billion yuan [1]. Group 2: Store Expansion - In 2024, Wanchen Group opened 9,470 new "Haoxianglai" snack stores, breaking the previous record of 8,970 stores set by Mixue Ice City in 2022 [2]. - As of now, the total number of stores has exceeded 18,300, with an average of 8 new stores opening daily [2]. Group 3: Profitability and Competition - The gross profit margin for the company's snack products in the first half of the year was 11.49%, an increase of 0.62% compared to the same period last year, indicating strong pricing power due to the increased number of stores [2]. - The competitive landscape in the snack retail market is intense, with many brands vying for market share, leading to concerns about the sustainability of growth driven by new store openings [2][3].

Group 1 - The core viewpoint of the article highlights that Wancheng Group, the parent company of the snack brand "Haoxianglai," achieved the fastest net profit growth among A-share listed companies in the first half of the year, with a net profit of 472 million yuan, a year-on-year increase of 50,358.8%, and total revenue of 22.583 billion yuan, up 106.89% [1][2] - The significant profit growth is attributed to the rapid expansion of the chain snack business, with the company adding 9,470 new "Haoxianglai" stores in 2024, breaking the previous record for store openings in the consumer sector [2][3] - The company’s gross profit margin for snack products reached 11.49%, an increase of 0.62% compared to the same period last year, benefiting from a larger number of stores which enhances bargaining power with suppliers [2] Group 2 - The competitive landscape in the bulk snack market is intensifying, with high store density and numerous brands vying for market share, particularly in lower-tier cities [2][4] - To supplement funding, Wancheng Group announced plans to issue H-shares and apply for a listing on the Hong Kong main board, indicating a strategic move to bolster capital [3] - Future competition in the bulk snack industry will focus on supply chain depth and capital endurance, as companies strive to maintain growth amid market saturation [4]

Core Viewpoint - The fastest-growing listed company in A-shares in terms of net profit in the first half of this year is Wancheng Group, primarily known for its snack brand "Haoxianglai" [2] Financial Performance - In the first half of the year, Wancheng Group achieved a net profit of 472 million yuan, a year-on-year increase of 50,358.8%, with total revenue reaching 22.583 billion yuan, up 106.89% [2] - As of August 29, the company's stock price closed at 211.8 yuan per share, with a single-day increase of 20%, and a year-to-date increase of over 170%, bringing the total market capitalization to 39.74 billion yuan [2] Business Expansion - The company opened 9,470 new "Haoxianglai" snack stores in 2024, breaking the previous record of 8,970 stores set by Mixue Ice City in 2022 [3] - By the first half of 2025, an additional 1,468 stores were opened, averaging 8 new stores per day, resulting in a total of over 18,300 stores [3] Profitability and Market Position - The increase in store numbers has significantly enhanced the company's bargaining power with upstream manufacturers, leading to a gross profit margin of 11.49% in the first half of the year, an increase of 0.62% year-on-year [3] - In comparison, a competitor, Mingming Hen Mang, has approximately 15,000 stores and maintains a gross profit margin of around 7.5% [3] Market Competition - The snack retail market is experiencing intense competition, with high store density in third- and fourth-tier cities, where multiple brands are vying for consumer attention [3] - The sustainability of revenue growth through new store openings in a saturated market remains uncertain [3] Future Plans - To supplement funding, Wancheng Group announced plans to issue H-shares and apply for a listing on the Hong Kong main board [4] - The competitive landscape in the snack retail industry will focus on supply chain depth and capital endurance [4]

Core Viewpoint - Wanchen Group, the parent company of "Haoxianglai," reported a remarkable performance in the first half of the year, with revenue reaching 22.582 billion yuan, a year-on-year increase of 106.89%, and net profit attributable to shareholders soaring to 470 million yuan, marking an astonishing growth of 50,358.8% [1] Financial Performance - The company's revenue for the first half of the year was 22.582 billion yuan, which is a 106.89% increase compared to the previous year [1] - Net profit attributable to shareholders reached 470 million yuan, reflecting a staggering increase of 50,358.8% from the previous year's 93.45 million yuan [1] - After adjusting for employee incentive share payment expenses, the profit would have been 956 million yuan, indicating that the actual profit growth could have been even higher [1] - The net profit after deducting non-recurring items was 450 million yuan, with an increase of 14,722.34%, which is rare in the industry [1] Market Reaction - Following the announcement of the half-year report, Wanchen Group's stock price surged to a new high of 211 yuan per share, achieving a 20% limit-up and a total market value of 39.737 billion yuan [2] Expansion Plans - Wanchen Group plans to submit an application for a main board listing on the Hong Kong Stock Exchange, aiming to complete the issuance and listing at an appropriate time, which would allow the company to be listed in both A-share and H-share markets [2][3] Profitability Improvement - The gross profit margin improved by 0.62 percentage points to 11.49%, while the net profit margin increased significantly to 3.85%, up 1.98 percentage points from the end of the previous year [5] - The reduction in accounts receivable also contributed positively to profit, with accounts receivable at the end of the period being 10.364 million yuan, nearly halving from 18.473 million yuan at the end of the previous year [6] Competitive Landscape - Wanchen Group's revenue of 22.582 billion yuan in the first half of the year positions it to potentially exceed the previous year's revenue of 39.343 billion yuan from its competitor, Mingming Hen Mang, if the growth trend continues [7] - The number of stores under Wanchen Group reached 15,365, with its flagship brand "Haoxianglai" being the first in the industry to surpass 10,000 stores [7] - However, the pace of new store openings has slowed, with only 1,169 new stores opened in the first half of the year, a decrease of nearly 40% compared to the same period last year [7] Industry Challenges - The rapid expansion of both Wanchen Group and its competitor Mingming Hen Mang raises concerns about reaching an industry "ceiling," as high closure rates among franchisees and quality issues may impact future growth [9]

Core Viewpoint - Wanchen Group, the parent company of "Haoxianglai," reported remarkable financial results for the first half of the year, with revenue reaching 22.582 billion yuan, a year-on-year increase of 106.89%, and net profit soaring to 470 million yuan, a staggering increase of 50,358.8% compared to the previous year [1][2]. Financial Performance - The company's net profit for the first half of the year was 470 million yuan, a significant increase from 93.45 million yuan in the same period last year, indicating a profit leap of three tiers within a year [1]. - After adjusting for employee incentive stock payment expenses, the profit would have been 956 million yuan, suggesting that the actual profit growth could have been even higher [1]. - The net profit after deducting non-recurring items reached 450 million yuan, with an astonishing growth rate of 14,722.34%, which is rare in the industry [1]. Market Reaction - Following the announcement of the financial results, Wanchen Group's stock price surged to a new high of 211 yuan per share, achieving a 20% limit-up and a total market capitalization of 39.737 billion yuan [2]. Expansion Plans - Wanchen Group plans to submit an application for a main board listing on the Hong Kong Stock Exchange, aiming to complete the issuance and listing at an appropriate time, which would allow the company to be listed in both A-share and H-share markets [2]. Industry Context - The company is in a competitive landscape with another major player, Mingming Hen Mang, as both companies vie for market leadership in the bulk snack industry [6]. - Wanchen Group's revenue for the first half of the year reached 22.582 billion yuan, which could potentially exceed Mingming Hen Mang's previous year's revenue of 39.343 billion yuan if the growth trend continues [6]. - The number of stores under Wanchen Group reached 15,365, with its flagship brand "Haoxianglai" being the first in the industry to surpass 10,000 stores [6]. Profitability Improvement - The gross profit margin for the first half of the year improved by 0.62 percentage points to 11.49%, while the net profit margin increased significantly to 3.85%, up 1.98 percentage points from the end of the previous year [4]. - A reduction in accounts receivable also contributed positively to profit, with accounts receivable at the end of the period being 10.364 million yuan, nearly halving from 18.473 million yuan at the end of the previous year [5]. Challenges Ahead - Despite the impressive growth, the rapid expansion of both Wanchen Group and Mingming Hen Mang raises concerns about reaching a market ceiling, as high closure rates among franchisees and quality issues may impact future growth sustainability [8].

Core Viewpoint - The rapid growth of Wanchen Group's snack retail business has led to significant increases in revenue and net profit, positioning the company as a leader in the snack retail sector in A-shares [1][4]. Financial Performance - In the first half of the year, Wanchen Group reported a net profit attributable to shareholders of 472 million yuan, a staggering increase of 50,358.8% year-on-year, with total revenue reaching 22.58 billion yuan, up 106.89% [2]. - The company's cash flow from operating activities also saw a substantial increase of 133.37%, amounting to approximately 1.30 billion yuan [2]. - Basic earnings per share surged to 2.62 yuan, reflecting a 45,864.91% increase compared to the previous year [2]. Business Expansion - Wanchen Group transitioned from a mushroom business to a snack retail giant, launching its "Luxiaochan" brand in 2022 and rapidly acquiring regional snack brands to expand its market presence [4]. - The snack retail business generated 99% of the company's total revenue in the first half of 2023, with a year-on-year revenue growth of 109.33%, amounting to 223.45 billion yuan [4]. Profitability Trends - The gross margin of the snack retail business initially declined from 14.40% to 9.52% due to high supply chain costs and market competition but rebounded to 10.86% in 2024 and further to 11.49% in the first half of 2025 [5]. - Wanchen Group has focused on optimizing its profit structure by enhancing supply chain efficiency and developing proprietary brands, which have higher margins compared to externally sourced products [5]. Competitive Landscape - Wanchen Group and its competitor, Mingming Hen Mang, are closely matched in terms of revenue and store count, with both companies targeting lower-tier markets for expansion [6][7]. - Both companies are preparing for IPOs in Hong Kong, intensifying competition in the snack retail sector [7][8]. Market Position and Stock Performance - As of August 29, Wanchen Group's stock price reached 211.8 yuan per share, reflecting a 20% increase, with a total market capitalization of 39.74 billion yuan [8]. - The company's stock has seen a remarkable increase of over 170% this year, with gains of over 200% and 100% in 2023 and 2024, respectively [8].

Core Viewpoint - The competitive landscape in the snack retail industry is intense, raising questions about the growth ceiling for Mingming Hen Mang. The competition with Wancheng is particularly fierce, potentially suppressing future profitability. Additionally, with both companies having over 30,000 stores, there are concerns about market saturation, especially in lower-tier cities. The company's business model heavily relies on franchisees, and the number of store closures is expected to rise significantly in 2024 compared to the previous year [1]. Group 1: Company Overview - Mingming Hen Mang Group, a leading player in the snack retail sector, was newly listed among the top 500 private enterprises in China by the All-China Federation of Industry and Commerce in 2025. The company was formed by the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" [1]. - As of December 31, 2024, Mingming Hen Mang had 14,394 stores across 28 provinces, with over 70% of its stores located in third-tier cities and below [2]. Group 2: Financial Performance - The revenue figures for Mingming Hen Mang from 2022 to 2024 are as follows: 4.286 billion RMB, 10.295 billion RMB, and 39.344 billion RMB, respectively. The adjusted net profits for the same years were 81 million RMB, 235 million RMB, and 913 million RMB, with gross margins consistently below 8% [3][4]. - The company's GMV (Gross Merchandise Volume) for the years 2022, 2023, and 2024 were 6.447 billion RMB, 15.325 billion RMB, and 55.531 billion RMB, respectively, indicating significant growth in transaction volume [7][8]. Group 3: Market Dynamics - The snack retail market in China is projected to reach 3.74 trillion RMB in 2024, with a year-on-year growth of 4.09%. The down-market segment is expected to grow faster, with a five-year CAGR of 5.48% [4][5]. - The competitive landscape is characterized by a tight rivalry between Mingming Hen Mang and Wancheng, with Mingming holding a market share of 28.6% and Wancheng at 20% as of the end of 2024 [5][6]. Group 4: Store Expansion and Saturation - The number of stores for both Mingming Hen Mang and Wancheng is projected to exceed 16,000 and 15,000, respectively, by May 2025. Given the number of administrative districts in China, there are concerns about potential market saturation, particularly in smaller towns [6]. - The company has experienced a significant increase in store closures, with numbers rising from 14 in 2022 to 273 in 2024, raising questions about the sustainability of its franchise model [6]. Group 5: Shareholder Dynamics - The major shareholder, Haoxiangni, has engaged in financial maneuvers that may lead to a significant release of valuation premium for its stake in Mingming Hen Mang. Following the submission of the IPO application, Haoxiangni invested 700 million RMB for a 6.64% stake in the company [9][10].