How did Wanchen Group achieve sales of 51.5 billion in a year?
Wanchen Group has almost delivered its best performance report in history.
On the evening of March 17th, Wanchen Group, the parent company of Haoxianglai, released its 2025 financial report. During the reporting period, Wanchen Group's operating income reached 51.459 billion yuan, a year-on-year increase of 59.17%; the net profit after adding back the share-based payment expenses was 2.568 billion yuan, a year-on-year increase of 212.18%; and the cash flow generated from annual operating activities reached 3.631 billion yuan.
It is worth noting that the company's core business, "bulk snacks", not only achieved high-speed revenue growth but also continuously improved its profitability.
The financial report shows that in 2025, the revenue of Wanchen Group's bulk snack business reached 50.857 billion yuan, a year-on-year increase of 59.98%; the annual gross profit margin was 12.32%, a year-on-year increase of 1.46 percentage points; the net profit after adding back the share-based payment expenses was 2.533 billion yuan, and the net profit margin reached 4.98%.
Since entering 2025, the bulk snack industry has shifted from scale competition to quality and efficiency tests, and Wanchen Group has given the market full confidence with its solid financial performance. The efficiency revolution initiated by itself can also be used by the entire industry as a textbook to get rid of homogeneous competition.
Judging from the current results, Wanchen Group has entered the next stage of development with its excellent product strength, solid supply chain capabilities, and refined membership operation system.
01 The King of Snacks: Resonance of Scale and Efficiency
Looking back at the development history of the bulk snack industry, 2023 is often considered an important turning point when the industry shifted from regional fragmentation to national integration.
It was also in this year that Wanchen Group merged its four brands, "Haoxianglai", "Laiyoupin", "Yidididi", and "Luxiaocan", into the unified brand of "Haoxianglai Brand Snacks". Subsequently, Haoxianglai continued to grow and became the first snack brand in the industry to exceed 10,000 stores in scale.
As of December 31st last year, the number of Wanchen Group's stores reached 18,314, with a net increase of more than 4,000 stores, further consolidating its leading position in the bulk snack industry in terms of scale. According to the data statistics of CIC Consulting as of December 31st, 2025, in terms of the number of stores, Haoxianglai under Wanchen Group is the No. 1 brand in the snack chain industry.
From the perspective of the entire retail industry, the explosion of bulk snacks is not accidental but the result of the combined effect of the macro environment and the improvement of supply chain efficiency.
In terms of business model, bulk snacks cut off many distribution links of traditional supermarkets through "direct procurement from factories", reshaped the industry value chain, and while improving efficiency, fully benefited consumers.
In recent years, mass consumption has become more rational, and the "more, faster, better, and cheaper" model of bulk snacks perfectly hits the pain point of people who "want good things, have a certain degree of freedom in selection, and also want cost-effectiveness". In addition, in the past few years, the consumption power of county-level cities in China has been continuously released, which has provided fertile ground for the explosion of the bulk snack industry.
When the entire industry entered the mature stage, on the basis of continuously expanding the scale effect, Wanchen Group launched an efficiency revolution from the inside out, focusing deeply on how to make the store network run faster, more accurately, and more stably. Such actions became particularly obvious in the second half of 2025.
Firstly, it continued to invest in digitalization and quickly responded to the trend of instant retail.
With the help of the digital logistics system, Wanchen Group has deployed 48 normal-temperature warehouses and 9 cold-chain warehouses across the country. Through the automatic sorting technology and intelligent transportation management system, it has achieved a delivery speed of "T+1" or even "half-day delivery".
In the second half of 2025, the company also keenly captured the changes in consumption scenarios. Since June last year, Haoxianglai has deeply cooperated with platforms such as Meituan Flash Sale and Taobao Flash Sale, and nearly 10,000 stores have accessed the instant retail business.
From past reports, Wanchen Group's initiative has achieved remarkable results. From June to September 2025, on the Taobao Flash Sale platform alone, the online order volume of Haoxianglai increased by more than 200% for three consecutive months, and the proportion of new online customers exceeded 90%, successfully expanding the incremental market within 3 - 5 kilometers around the stores.
02 35 million bottles of a juice tea sold in 4 months
Secondly, and most notably, when the development of the entire industry shifted from "scale expansion" to "quality and efficiency deepening", like a number of leading retail enterprises such as Sam's Club, Fat Donglai, and Aldi, Wanchen Group has been making every effort to build its own brand since 2025, which has become an important means to improve efficiency and expand the growth boundary.
In fact, Wanchen Group's corporate vision has always been to provide consumers with products that they really need through its own efficiency improvement and with "high cost-performance".
Meanwhile, Wanchen Group has accumulated professional procurement experience and a stable supply chain foundation. At the retail end, as an enterprise with nearly 20,000 stores and nearly 200 million registered members, Wanchen Group can also keenly capture the changes in consumer demand. These are all preconditions for continuously building its own brand, especially popular products.
In 2025, Wanchen Group took the lead in launching a product matrix of the "Haoxianglai Value" and "Haoxianglai Selection" series.
Among them, the "Haoxianglai Value" series targets basic high-frequency categories, with the core logic of high-quality products from well-known brands at affordable prices that "ease the burden on the wallet"; the "Haoxianglai Selection" series focuses on "high quality and novelty" through differentiated innovation.
By carefully analyzing the popular products launched by Wanchen Group last year, it is not difficult to find its reproducible product logic.
Behind the complex and changeable consumption environment, there is a clear fact - after years of market education, consumers at all levels will only pay for truly good, high-quality products with added value (such as novelty or emotional value).
Take the popular "juice tea" in the "Haoxianglai Value" series as an example.
In the tea beverage market, sugared tea accounts for 70% and is a high-growth segment. Haoxianglai entered the sugared tea market with its juice tea and increased the content of real fruit juice, enabling the product to have a richer taste and a healthy experience. In terms of flavor selection, Haoxianglai's juice tea interacted with consumers and, through multiple rounds of "flavor concept" tests, finally selected several flavors with the strongest purchase intention from users for targeted R & D.
In terms of packaging design, Haoxianglai's juice tea also provided more emotional value to consumers through the interactive design of "random tear-off lucky tickets".
The latest data shows that since its launch in August last year, the sales of this product exceeded 100 million yuan in just 4 months, with a cumulative sales volume of 35 million bottles, and the monthly repurchase rate exceeded that of single products of leading brands in the same category.
Take the "Green Grape Jasmine Flavored Beer" in the "Haoxianglai Selection" series as another example. This product is the first of its kind in the beer industry, with craft beer as the base and a fresh green grape flavor, meeting consumers' demand for a "light buzz" and achieving the best quality among products at the same price level.
From the experience of creating popular products by Haoxianglai, it can be seen that Wanchen Group often innovates in high-frequency consumption segments through the product logic of "differentiated raw materials + flavor adaptability" to create large single products. At the same time, through the long-term accumulated upstream supply chain resources, it keeps the price of its own products within a certain range, making them both recognizable and universal, and conveying the concept of its own brand of "safety, cost-saving, and deliciousness" to consumers.
More importantly, Wanchen Group has always adhered to "strong quality control" in its products, and its own brand has also established a unique food safety and quality management system of "Safe, Strict Quality, and Careful Selection".
It is reported that this system builds a high-standard supplier system based on the "Four Strict" principles and implements full-process management from screening, review to production control; and establishes a strict product inspection system through the "Four Inspections" mechanism, covering product acceptance, transparent monitoring, regular spot checks, transportation control, and consumer feedback to comprehensively ensure product quality.
Also because of its accurate market insight and outstanding product performance, big brands have extended olive branches to Wanchen Group for co - development.
In the fourth quarter of last year, Haoxianglai launched two co - branded products. One is the pure milk co - branded with Mengniu, which is rich in 3.6g of high - quality milk protein. This product caused a rush among consumers offline as soon as it was launched due to its high quality and low price and was even out of stock for a while. The other is the flavored corn chips co - branded with the new consumer brand Shiyanshi. This product also quickly broke through the circle on social media by focusing on both flavor and health.
In the future, Wanchen Group will also conduct more exploration in the richness of product categories. In terms of its own brand, it will also provide consumers with more price - competitive and differentiated product experiences around the two series of value and selection. Also because of the success and ingenuity in the juice tea, Wanchen Group will also incorporate "co - creation with consumers" into its product innovation system to continuously bring consumers "small joys" products that can meet emotional value.
It is certain that Wanchen Group has now connected the upstream and downstream of the industrial chain through its strong product strength and consumer - oriented innovation model. Reflected in the financial report data, it is the explosive growth of revenue and the steady improvement of profit margins.
03 Hundreds of millions of members build a "super - strong link"
In addition to the expansion of store scale and channel upgrading and the development of its own brand, another way for Wanchen Group to improve efficiency lies in the efficient and refined membership operation. For chain retail enterprises, a member system with over hundreds of millions of active members must be an important core asset.
As of the end of 2025, the number of registered members of Wanchen Group was nearly 190 million, contributing about 80% of the total commodity transaction volume, and the number of annual transaction members exceeded 140 million.
In the context of high traffic costs, the effective operation of users throughout their "life cycle" can not only transform "one - time" consumption into long - term interaction but also significantly improve the conversion efficiency of marketing resources and transform consumption behavior into long - term brand loyalty.
In the past year, Wanchen Group also took the lead and focused on the membership business.
By scanning the code to register, users can enjoy a 12% discount on the "Membership Day" on the 8th of each month and participate in the "Popular Snack Lottery" activity with 1 point on the "Crazy Wednesday" every week.
In September last year, Haoxianglai launched a membership activity for the National Day and Mid - Autumn Festival, innovatively creating a series of interesting gameplay such as "Membership Growth Tasks" and "Consumption Lottery", deeply integrating welfare incentives into the user journey. In 13 days, it attracted nearly 4 million users to actively participate.
During the Spring Festival in 2026, Haoxianglai officially launched the Chinese New Year Goods Festival and innovatively launched the activity of "Collecting Five Fortunes to Win a Car", effectively activating the interaction enthusiasm of members and increasing the store traffic. Online, Tan Jianci also made a surprise appearance in Haoxianglai's Douyin live - streaming room, detonating online traffic through interesting interactions.
With these daily operation activities, Wanchen Group has clearly completed the reconstruction of the entire link from "member acquisition to activation and then to retention".
In addition, Wanchen Group has built a private - domain membership pool of tens of millions of members, provides exclusive one - on - one membership services through communities, and uses its self - developed CRM system to achieve "personalized interaction with thousands of faces". This includes precise push based on region and timeliness, exclusive member coupons, and the right to taste new products. All these have locked in a core user group with high repurchase rates to a certain extent.
Epilogue: Improving efficiency is a means, understanding users is the key
The general view in the industry is that the Chinese retail industry is entering a critical period of adjustment and differentiation.
Against the background of consumption grading, the bulk snack industry has become a rare incremental segment in offline retail. According to the data of CIC Consulting, the domestic general retail market for snacks and beverages is showing a stable and positive trend, with the scale increasing 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 an average annual compound growth rate of 5.9%. Among them, the bulk snack format, as an efficient channel, shows strong growth potential: from 2019 to 2024, its market scale had an average annual compound growth rate of up to 77.9%, and it is expected to maintain an average annual compound growth rate of 36.5% in the next five years, reaching a market scale of about 613.7 billion yuan in 2029.
In the red - ocean of intensified competition, leading enterprises represented by Wanchen Group have taken the lead in shifting from pursuing scale to improving efficiency. Wanchen Group's 2025 performance report also confirms the correctness of its "efficiency - winning" logic.
Of course, for Wanchen, improving efficiency is only a means, and accurately hitting the needs of users is the key.
By reviewing the company's efficiency revolution, it is not difficult to find that whether it is the innovation of its own brand, the refined operation of members, or the expansion of instant retail, every step of its transformation is breaking down the barriers between businesses and consumers. The ultimate goal is still to make every bag of snacks, every bottle of milk, and every glass of beer more accurately meet the needs of consumers.
This may be the key to the sustainable development of the retail industry and the real moat for enterprises to gain the initiative in the future competitive landscape.
*Disclaimer:
The content of this article only represents the author's views.
The market is risky, and investment should be cautious. In any case, the information in this article or the opinions expressed do not constitute investment advice to anyone. Before making an investment decision, if necessary, investors must consult professionals and make