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What is the key to AI · Wancheng’s successful transformation into a mass snack retailer?

From the “Top Edible Mushroom Stock” to a leader in mass snacks, Wancheng Group can finally breathe a sigh of relief. On March 17, Wancheng released its 2025 performance report, with total revenue of 51.46 billion yuan, up 59.2% year-on-year; net profit attributable to shareholders of 1.34 billion yuan, up 358.1%; and non-recurring net profit of 1.28 billion yuan, up 395%. The growth rate of net profit far exceeds revenue growth, significantly enhancing profitability. As of press time, Wancheng’s stock price was 195.1 yuan, up 139% over the past year, with a market value of 37.319 billion yuan. Wancheng’s transformation has capitalized on the growth opportunities in the mass snack sector. In 2021, Wancheng was listed as the “Top Edible Mushroom Stock,” but its net profit plummeted 74.7%, and the capital market was not optimistic about its business. The following year, Wancheng shifted its focus to mass snacks. In 2023, during the transition period, it suffered a loss of 82.93 million yuan. It wasn’t until 2024 that it turned profitable, and by 2025, it had fully shed its edible mushroom business legacy and established a foothold in the mass snack sector.

From a business structure perspective, its transformation is now very thorough. In 2025, revenue from mass snacks accounted for 98.8%, contributing 50.86 billion yuan, a 60% increase year-on-year; the total number of stores reached 18,314, with an average revenue per store of about 2.777 million yuan. As store numbers increased, the scale effect of the mass snack business became evident, driving gross profit margin up by 1.5 percentage points to 12.3%. In contrast, edible mushroom revenue was only 600 million yuan, up 11.8%, and its revenue share shrank further from 1.67% in 2024 to 1.17% in 2025, becoming a marginal business.

However, in 2025, Wancheng Group’s overall store opening pace slowed down, with 4,720 new stores added during the year, compared to 9,776 new stores in 2024. Horizontally, Wancheng still lags behind its peers. Compared to Miming Henmang, which is more active, Wancheng’s revenue in the first three quarters of 2025 was 36.56 billion yuan, lower than Miming Henmang’s 46.37 billion yuan. Its store count and SKU numbers are also temporarily behind, but its gross profit margin is slightly better. As of press time, Miming Henmang’s market value was 78.38 billion yuan, while Wancheng’s was 37.32 billion yuan, a significant gap—Wancheng is less than half of Miming Henmang.

Notably, in September 2025, Wancheng submitted its prospectus to the Hong Kong Stock Exchange’s Main Board, aiming to list in the first quarter of 2026. As the first quarter is now nearing its end, this listing goal has not yet been realized. (Planning: Li Mengran, Illustration: Li Yuhui)