The leading bulk snack company enters a profit realization cycle.
On the evening of March 17, Wanchen Group disclosed its 2025 annual report: the annual operating revenue reached 51.459 billion yuan, a year-on-year increase of 59.17%.
After excluding share-based payment expenses, the core net profit margin of the bulk snack business reached 4.98%, nearly doubling compared to 2024.
The significant improvement in profitability is primarily attributed to the procurement system of &#34;direct sourcing from manufacturers + centralized bargaining,&#34; which continues to compress cost space. In 2025, Wanchen's bulk snack business gross profit margin was 12.32%, an increase of 1.46 percentage points year-on-year.
Currently, with the total scale of leading companies approaching 40,000 stores, Wanchen's pace of expansion has slightly slowed compared to before, but it still maintains a high-intensity push.
By the end of 2025, the total number of operating stores reached 18,314, with a net increase of 4,118 stores during the reporting period.
From a regional structure perspective, the newly added stores mainly come from the continued densification in the core East China region, while the penetration speed in the Northwest, Southwest, and Northeast markets has significantly increased, with the number of stores exceeding 1,000 and growth rates surpassing 50%.
The expansion of stores further strengthens the company's bargaining power in the supply chain.
By the end of 2025, Wanchen Group's accounts payable balance reached 3.075 billion yuan, a year-on-year increase of 52.85%.
The cash flow statement shows that the increase in &#34;operating payables&#34; brought in 1.437 billion yuan in cash flow, highlighting the capital occupation advantage of the leading supply chain.
Although the theoretical space for opening stores nationwide remains considerable, competition in some regions has become fierce.
Against this backdrop, Wanchen has begun piloting new store formats such as &#34;Hao Xiang Lai Savings Supermarket&#34; and &#34;Quan Shi You Xuan,&#34; introducing high-frequency essential categories like fresh fruits, freshly baked goods, frozen foods, and daily chemical personal care products based on the snack category, intending to replicate the traffic and supply chain capabilities of the snack sector to broader community retail scenarios.
The surge in R&amp;D expenses reflects the company's intention to enhance digital efficiency.
In 2025, R&amp;D investment increased by 788.28% year-on-year to 35 million yuan, mainly used for intelligent operational systems, AI-assisted decision-making, smart logistics, and warehouse management platforms to improve refined scheduling and inventory turnover capabilities.
In terms of capital operations, Wanchen Group acquired 49% of the equity of its core subsidiary Nanjing Wanyou (the operating entity of Laiyoupin) for 1.379 billion yuan in cash during the year. After the transaction, the group's shareholding ratio increased to 75.01%.
In 2025, Nanjing Wanyou achieved a net profit of 522 million yuan after deducting non-recurring gains and losses, exceeding the performance commitment of 320 million yuan given at the time of signing.
Despite large-scale mergers and related loans pushing up long-term borrowings, Wanchen Group's asset-liability ratio has decreased against the trend, from 79.85% at the end of 2024 to 74.61%.
Market expectations for Wanchen Group's dividend capability are also quietly rising.
In the annual report, Wanchen Group clearly proposed a mid-term dividend arrangement for 2026, with the cash dividend ratio generally up to 50% of the current net profit attributable to the parent company.
After experiencing a high-intensity capital expenditure cycle, Wanchen may be gradually transitioning to a high-quality development stage that balances scale expansion and shareholder returns, enhancing long-term capital holding confidence by increasing the cash dividend ratio

Wanchen Group's revenue exceeds 50 billion, with profits and dividends both entering the "realization period."