Wanchen Group Announces 2025 Annual Report: Revenue Surpasses 514.59 Billion Yuan, Net Profit Exceeds 25 Billion Yuan

(Source: Liu’an News Network)

Reprinted from: Liu’an News Network

On the evening of March 17, Wanchen Group (300972.SZ) released its 2025 annual report. In 2025, Wanchen Group seized industry opportunities, driven by strong growth in its core businesses, delivering a robust performance.

The announcement shows that in 2025, Wanchen Group’s revenue reached 51.459 billion yuan, a year-on-year increase of 59.17%; net profit after including share-based payment expenses was 2.568 billion yuan, up 212.18% year-on-year. Both revenue and net profit hit new highs, with profit growth surpassing revenue growth, demonstrating full-scale release of scale effects, continuous enhancement of refined operations, and ongoing improvement in profitability.

Among them, the company’s bulk snack business not only saw rapid revenue growth but also achieved increases in gross margin and net margin compared to the previous year. The financial report indicates that in 2025, Wanchen Group’s bulk snack revenue was 50.857 billion yuan, up 59.98% year-on-year; gross margin for the year was 12.32%, an increase of 1.46 percentage points; net profit after including share-based payment expenses was 2.533 billion yuan, with a net margin of 4.98%. This signifies significant operational optimization results, with the bulk snack sector entering a profit realization phase driven by revenue growth.

Store scale hits new highs, with continued efficiency improvements

In 2025, the bulk snack industry maintained rapid development, with industry size continuously expanding, becoming a core growth point in retail. According to data from Zhuoshi Consulting, the domestic broad retail market for snacks and beverages grew steadily from 3.2 trillion yuan in 2019 to 4.0 trillion yuan in 2024, with an average annual compound growth rate of 5.0%. It is expected to further grow to 5.4 trillion yuan by 2029, with a CAGR of 5.9%. Among them, the bulk snack format, as an efficient channel, demonstrated strong growth momentum: from 2019 to 2024, its market size grew at an average annual CAGR of 77.9%, and is projected to maintain a 36.5% CAGR over the next five years, reaching approximately 613.7 billion yuan by 2029.

As a leading enterprise in bulk snacks, Wanchen Group’s store scale reached new heights in 2025, continuously strengthening its market leadership and scale advantages, driving performance growth. During the reporting period, Wanchen Group expanded its nationwide store footprint and accelerated store openings in the second half of the year. By the end of 2025, the number of stores had reached 18,314, with a network covering 30 provinces (including autonomous regions and municipalities). The store network achieved broad coverage and deep penetration in key areas. According to data from Zhuoshi Consulting as of December 31, 2025, its “Hao Xiang Lai” brand became the leading snack chain in terms of total stores nationwide, maintaining industry leadership.

While expanding scale, Wanchen Group also optimized store operations and built an efficient supply chain system. During the period, the company continuously improved warehousing and logistics infrastructure, enhanced digital empowerment, and achieved peak supply chain efficiency. The company has 48 ambient warehouses and 9 cold chain warehouses nationwide, forming a strong logistics network that shortens delivery times to “T+1” for most stores. Its self-developed warehouse management and transportation management systems support high-efficiency logistics, significantly reducing logistics costs through digitalization. This robust supply chain not only ensures stable product supply to stores but also maximizes inventory turnover efficiency. Wanchen Group’s order fulfillment rate has consistently exceeded 99%, far above industry averages.

Own brands show impressive growth, building a new growth engine

In recent years, with the rapid expansion of bulk snack brands, industry competition has shifted toward comprehensive operational capabilities. During the reporting period, Wanchen Group enhanced its overall operational efficiency by focusing on its own brands, deepening membership operations, innovating emotional marketing, and expanding instant retail, thereby building strong differentiated growth momentum.

Among them, Wanchen Group’s own brands have broadened growth boundaries, with a continuous increase in proportion and impressive growth rates, and the value of differentiated brands steadily rising. Over the past year, Wanchen Group’s self-owned brands centered around “Hao Xiang Lai Super Value” and “Hao Xiang Lai Selection,” creating multiple popular products and forming strong product appeal.

For example, in the “Hao Xiang Lai Super Value” water beverage line, the company launched a juice tea series with unique flavors and an innovative “random tear-off lucky tag” interactive design, which triggered a large amount of “self-made water” content on social media. Within four months, sales exceeded 100 million yuan, with a total of 35 million bottles sold, and a monthly repurchase rate surpassing that of leading competitors in the same category. The “Hao Xiang Lai Guava Green Tea” has become one of the top search keywords on social platforms for the year, leveraging product strength to boost brand influence and enabling consumer-driven word-of-mouth. Additionally, “Hao Xiang Lai Natural Good Water” sold over 1 billion bottles in half a year, further solidifying its position as a high-quality, cost-effective brand.

Strong moat of millions of members fueling growth

In today’s environment of rising traffic costs, those who can effectively operate their own membership systems hold the key to future growth. During the period, Wanchen Group vigorously advanced its membership system, successfully building a large, highly active, and highly sticky member ecosystem, effectively converting offline traffic into high-value user assets, providing strong support for steady performance growth.

By the end of 2025, Wanchen Group’s membership reached approximately 190 million registered members. Through refined membership operations and innovative marketing, the company effectively unlocked member value, directly driving GMV growth and strengthening consumer loyalty. In 2025, members contributed about 80% of the group’s GMV. As of December 2025, the average monthly spending frequency per active member was about 3 times, demonstrating the strong commercial value and user loyalty of the membership system.

In terms of detailed membership operations, Hao Xiang Lai built a comprehensive system combining breadth and depth, continuously exploring innovations. Regular activities such as the “88 Member Day” discounts, weekly points redemption for “Popular Snack Raffles,” and other benefits, along with targeted marketing campaigns like the National Day and Mid-Autumn Festival member events, have deeply engaged users. For example, in September, Hao Xiang Lai launched a dual festival member event, creating “Member Growth Tasks” and “Shopping Raffles,” which attracted nearly 4 million participants in just 13 days. At year-end, the company launched a New Year goods series, including activities like “Collect Five Blessings to Win a Car” and “Hao Xiang Lai Annual Bill & Snack Personality Test,” which were extremely popular.

This complete “acquire-activate-deepen” member operation chain has built an irreplaceable member moat for Wanchen Group.

Looking back at 2025, Wanchen Group’s growth story is a textbook example of “scale” and “efficiency” driven by dual engines. In 2025, as the bulk snack industry shifted from scale competition to quality and efficiency focus, Wanchen Group leveraged its extensive store network and efficient supply chain to establish a solid growth foundation. Simultaneously, through building own brands, deepening membership operations, innovative marketing, and expanding instant retail, it maximized scale advantages, continuously improving profitability and delivering a comprehensive, resilient growth performance.

Looking ahead, the bulk snack channel still has broad potential for penetration and growth. As an industry leader, Wanchen Group will further enhance operational efficiency, accelerate the release of existing and new value, and is expected to usher in a new round of valuation revaluation in 2026, moving from a leader to a long-term bull market.

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