Core Viewpoint - Wanchen Group reported significant growth in revenue and net profit for the first half of 2025, driven by the expansion of its snack chain business and the consolidation of its brands into "Haoxianglai Brand Snacks" [1][2]. Financial Performance - The company achieved operating revenue of 22.583 billion yuan, a year-on-year increase of 106.89% [1]. - The net profit attributable to shareholders reached 472 million yuan, reflecting a staggering year-on-year growth of 50,358.8% [1]. - As of the end of the reporting period, the cash balance stood at 3.436 billion yuan, indicating strong liquidity [1]. Business Expansion - The snack chain business generated operating revenue of 22.345 billion yuan, with a year-on-year growth of 109.33% [1]. - The number of snack chain stores reached 15,365 across 29 provinces, enhancing the company's scale advantages [1]. - "Haoxianglai Brand Snacks" has become the first brand in the industry to exceed 10,000 stores, establishing itself as a well-known national chain [1]. Product Portfolio - The company has developed a product portfolio covering 12 core categories, including beverages, dairy products, snacks, and more, with over 2,000 SKUs [2]. - The brand has successfully integrated domestic and international leading brands as well as local specialty brands into its offerings [2]. Membership and Digital Strategy - The company has built a robust membership ecosystem and digital operations, achieving a registered membership base in the hundreds of millions [2]. - The membership strategy includes diverse acquisition methods, precise benefits, and frequent promotional activities to convert offline traffic into high-quality digital members [2]. Instant Retail Adaptation - The brand has embraced the instant retail trend, with approximately 5,000 stores connected to platforms like Meituan and Taobao, expanding its customer base within a 3-5 km radius [2]. - Online new customer acquisition has surpassed 90%, with Taobao flash sales showing over 200% year-on-year growth in order volume for three consecutive months [2]. Product Optimization - To meet the demands of instant retail users, the brand has optimized its product structure, warehousing strategies, and scene combinations [3]. - Each online store features an average of 1,500 to 2,000 SKUs, tailored to regional consumer preferences [3]. - The company has introduced combination products based on seasonal themes to enhance conversion rates and brand recognition [3].