万辰集团：买入 —— 又一个稳健季度

Buy: Another solid quarter Steadily improving margins. Wanchen reported a solid set of results in 2025, with revenue of RMB51bn (up 59% y-o-y) and net profit of RMB1345m (up 252% y-o-y, including the impact of the acquisition of an additional 49% stake in Nanjing Wanyou). Net profit was c2% higher than the mid-point of its preliminary results, mainly driven by scale advantages, with stronger bargaining power (store numbers reaching 18,314), a more disciplined approach on store opening subsidies, and Nanjing ...