Wancheng Group updates its prospectus; the latest store count is nearly 20k.

Source: Shanghai Securities News · China Securities Network

China Securities Network of Shanghai Securities News reported that (Reporter Jing Huaqiao) on March 30, Wancheng Group refiled with and updated its prospectus to the Hong Kong Stock Exchange. The prospectus shows that the company’s total operating revenue for 2025 was 51.46 billion yuan, up 59.2% year over year. Its adjusted net profit was 2.57 billion yuan, with a net profit margin of 5.0%. The vending snack business under its umbrella recorded operating revenue of 50.86 billion yuan, up 59.2% year over year; its full-year gross margin was 12.3%, up 1.4 percentage points year over year.

The updated prospectus shows that in 2025, Wancheng Group achieved retail sales of over 73.3 billion yuan, with a compound annual growth rate of 156.4% over the past three years; in January–February 2026, the company’s retail sales had already exceeded 15.7 billion yuan.

As for stores, as of the end of February 2026, the total number of stores had exceeded 19.5k. In 2025, the company added a net 4,100-plus stores for the full year. While expanding stores rapidly, sales at individual stores showed a positive trend, further driving high-speed growth in total retail sales. In 2025, average monthly sales per store were 382k yuan, and in January–February 2026 they rose further to 406k yuan.

Data from Zhixun Consulting indicates that the domestic broader retail market for snack beverages has been improving steadily. The market size rose from 3.2 trillion yuan in 2020 to 4.3 trillion yuan in 2025. The compound annual growth rate reached 5.9%. It is expected to further grow to 5.6 trillion yuan by 2030, with a compound annual growth rate of 5.3%. Among them, the made-for-all-at-a-fixed-price snack retail format has become a core growth driver: from 2020 to 2025, its market size’s compound annual growth rate was as high as 81.5%, and it is also expected that over the next five years it will maintain a compound annual growth rate of 27.7%. By 2030, the market size is expected to reach about 725.9 billion yuan.

Analysts point out that in the future, the competitive focus in the made-for-all-at-a-fixed-price snack industry will gradually shift toward more refined operations. Backed by its already-validated brand operation logic, solid supply-chain and product selection capabilities, and continuously deepening scale advantages, Wancheng Group has built up competitive barriers. If its listing in Hong Kong is successfully completed, the company is expected to further consolidate its leading position in the industry and accelerate store network expansion as well as supply-chain upgrades.

Massive information and precise interpretation—right on the Sina Finance APP