万辰集团_2025 年第四季度业绩点评 - 尽管门店开店进度略缓，毛利率强劲扩张推动归母净利润提前达标；给予买入评级

18 March 2026 | 12:49AM HKT Equity Research Fujian Wanchen Food (300972.SZ): 4Q25 Earnings Review: Pre-MI NP beat on strong GPM expansion despite slightly shy store openings; Buy Wanchen reported 4Q25/FY25 results on Mar 17 with headline sales/NP of Rmb51.5bn/Rmb1,345mn growing 59%/358% yoy, respectively, both in line with GSe and toward the high end of the pre-results range (NP at Rmb1.23~1.40bn). Implied sales in 4Q25 was Rmb14.9bn (up 27% yoy), -4% vs. GSe on slightly shy store numbers, while NP came in ...