---
title: "31 Retail Enterprises Release Q1 Financial Reports: Wanchen Net Profit Surges 3344%, Yonghui Net Profit Plunges 79.96%"
description: "In Q1 2025, extreme contrasts within comprehensive retail, supermarkets, and snack food stores intensified. Suning.com, a leading enterprise, validated its transformation resilience with four consecutive profitable quarters, while Bailian Group offset a 14% revenue decline through REITs innovation and first-store economy. Regional leader Tianhong Co., Ltd. achieved profit recovery through business format restructuring, whereas Liqun Co., Ltd. and Dalian Friendship were mired in the dilemma of revenue growth without profit increase. In the supermarket sector, Bubugao leveraged the Pangdonglai model to achieve a 488% surge in net profit, while Yonghui Superstores saw profits plummet by 79.96% due to store closure pains. In the snack industry, Wanchen Group led with a 3344% net profit growth, crushing traditional brands, while Liangpin Shop and Laiyifen retreated in the price war. This industry reshuffle, driven by a supply chain efficiency revolution, is reshaping the competitive landscape of China's retail sector."
author: "赵胜男"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2025-04-30"
categories: "Capital, Earnings & M&A, Management & Methods, Retail Formats"
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citation: "赵胜男. “31 Retail Enterprises Release Q1 Financial Reports: Wanchen Net Profit Surges 3344%, Yonghui Net Profit Plunges 79.96%.” New Distribution, 2025-04-30. https://xinjignxiao.com/en/articles/31-retail-enterprises-release-q1-financial-reports-wanchen-net-profit-su-19fd51ae/"
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# 31 Retail Enterprises Release Q1 Financial Reports: Wanchen Net Profit Surges 3344%, Yonghui Net Profit Plunges 79.96%

> In Q1 2025, extreme contrasts within comprehensive retail, supermarkets, and snack food stores intensified. Suning.com, a leading enterprise, validated its transformation resilience with four consecutive profitable quarters, while Bailian Group offset a 14% revenue decline through REITs innovation and first-store economy. Regional leader Tianhong Co., Ltd. achieved profit recovery through business format restructuring, whereas Liqun Co., Ltd. and Dalian Friendship were mired in the dilemma of revenue growth without profit increase. In the supermarket sector, Bubugao leveraged the Pangdonglai model to achieve a 488% surge in net profit, while Yonghui Superstores saw profits plummet by 79.96% due to store closure pains. In the snack industry, Wanchen Group led with a 3344% net profit growth, crushing traditional brands, while Liangpin Shop and Laiyifen retreated in the price war. This industry reshuffle, driven by a supply chain efficiency revolution, is reshaping the competitive landscape of China's retail sector.

In Q1 2025, extreme contrasts within comprehensive retail, supermarkets, and snack food stores intensified.
Leading enterprises like Suning.com validated transformation resilience with four consecutive profitable quarters, while Bailian Group offset a 14% revenue decline through REITs innovation and first-store economy. Regional leader Tianhong Co., Ltd. achieved profit recovery through business format restructuring, whereas Liqun Co., Ltd. and Dalian Friendship were mired in the dilemma of revenue growth without profit increase.
In the supermarket sector, Bubugao leveraged the Pangdonglai model to achieve a 488% surge in net profit, while Yonghui Superstores saw profits plummet by 79.96% due to store closure pains.
The snack industry witnessed disruptive changes, with Wanchen Group leading with a 3344% net profit growth, crushing traditional brands, while Liangpin Shop and Laiyifen retreated in the price war. This industry reshuffle, driven by a supply chain efficiency revolution, is reshaping the competitive landscape of China's retail sector.****
**Comprehensive Retail**
1\. Suning.com: Operating revenue of 12.894 billion yuan, up 2.50% year-on-year
Suning.com's Q1 2025 financial report shows the company continued its profit recovery trend since 2024, achieving operating revenue of 12.894 billion yuan, up 2.50% year-on-year, with net profit attributable to shareholders of listed company at 17.96 million yuan, turning from loss to profit year-on-year.
This marks its fourth consecutive profitable quarter, with the business fundamentals entering a stable recovery phase. From a full-year perspective, in 2024, Suning.com's net profit was 611 million yuan, a year-on-year increase of 114.93%, and it achieved its first full-year positive operating cash flow of 4.586 billion yuan, laying a solid foundation for the start of 2025.
2\. Bailian Group: Revenue under pressure, profit stable, transformation deepening
Bailian Group's Q1 2025 financial report shows "revenue under pressure, profit stable, transformation deepening." During the reporting period, the company achieved revenue of 7.593 billion yuan, down 14.00% year-on-year, but net profit attributable to parent increased slightly by 0.09% to 193 million yuan, continuing the trend of a 292.73% year-on-year increase in net profit in 2024.
Sustained growth is inseparable from the company's strategic adjustments in recent years:
> Asset value assessment: In 2024, through the issuance of Huaan Bailian Consumer REIT, it achieved a 429% asset appreciation for another Shanghai shopping center, generating investment income to offset weak main business, and continued this model in Q1 to optimize cash flow.
>
> Business format innovation and upgrade: Focusing on the "first-store economy," Bailian ZX Creative Space introduced Z-generation consumer IPs such as the global first store of Japan's FuRyu Sega, combined with Dunhuang IP scenario-based marketing, driving the revenue share of its three core business formats (department stores, outlets, shopping centers) to 18.4%.
>
> Expense control: Period expenses decreased by 10.8% year-on-year, with sales/management expenses reduced by 13.6% and 8.28% respectively, continuing the cost reduction and efficiency enhancement strategy from 2024.
3\. Tianhong Co., Ltd.: Revenue of 3.267 billion yuan, down 2.18% year-on-year
Q1 revenue was 3.267 billion yuan, down 2.18% year-on-year, continuing the trend of an average annual revenue decline of 1.2% from 2021 to 2024 (revenue for 2021-2024 was 12.268 billion, 12.125 billion, 12.086 billion, and 11.786 billion yuan respectively). However, comparable store sales per square meter improved (shopping centers/department stores/supermarkets at 1122 yuan/m2, 1250 yuan/m2, and 1450 yuan/m2 respectively), indicating improved operational efficiency of existing assets.
Shopping centers achieved a 19.86% year-on-year profit increase through high-end brand introduction and scenario optimization, while department store profits fell by 20.55% year-on-year, confirming the continuation of the 2024 strategy of "upgrading shopping centers and contracting department stores."
4\. Liqun: Q1 revenue of 2.144 billion yuan, down 5.14% year-on-year
Liqun Co., Ltd.'s Q1 2025 revenue was 2.144 billion yuan, down 5.14% year-on-year, continuing the recent trend of revenue contraction and profit pressure, while exposing structural contradictions of insufficient transformation effectiveness. In fact, since its listing in 2017, the company has faced persistent regional concentration risks (Shandong revenue accounts for over 70%), hindering cross-regional expansion.
In 2024, the home appliance "trade-in" policy drove a 12.63% increase in sales, but policy benefits weakened in Q1; online platform revenue of 450 million yuan (2024) did not significantly boost performance, and new channels like Douyin live streaming contributed limitedly. Although store adjustments closed inefficient stores in East China (right-of-use asset depreciation decreased 9.38% year-on-year), new openings like Rizhao Datang Shopping Center have not yet formed scale effects.
5\. Dalian Friendship: Revenue growth without profit increase
Q1 revenue was 94.0919 million yuan, up 141.30% year-on-year, continuing the 127.90% growth rate of full-year 2024, mainly driven by the expansion of online new retail business (in 2024, 31 online stores were established, contributing 61.72% of revenue).
However, behind the high revenue growth is a low-price promotion strategy, leading to a 6.73 percentage point year-on-year decline in gross margin to 16.85% in Q1, with retail business gross margin falling from 23.27% in 2023 to 14.09% in 2024, continuously narrowing profit space.
6\. Shanghai Jiubai: Revenue slightly up 0.02%
Shanghai Jiubai's Q1 2025 financial report shows "profit repair coexisting with cash flow concerns," continuing the transformation mainline of business adjustment and asset optimization in recent years. During the reporting period, the company achieved operating revenue of 23.1025 million yuan, up 0.02% year-on-year, but net profit attributable to parent increased by 22.12% year-on-year to 12.3356 million yuan, marking the third consecutive quarter of net profit growth. This contrasts with the 32.42% year-on-year decline in net profit for full-year 2024, showing phased profit repair.
Gross margin recovered from 21.75% in 2024 to 30.15%, with net margin reaching 53.4%, mainly due to structural optimization of commercial property leasing management business. This continues the improvement trend of 27.02% gross margin in 2023, but still higher than the 28.72% gross margin in Q4 2024.
**Summary:**
From Q1 2025 financial reports, comprehensive retail enterprises generally face structural adjustment pressures, but transformation outcomes show significant divergence.
Leading enterprises show resilience: Bailian Group used a "commerce + capital" dual-wheel strategy to offset revenue contraction, with Q1 revenue of 7.593 billion yuan down 14% year-on-year, but maintained profit stability through Huaan Bailian Consumer REITs asset securitization and first-store economy like Bailian ZX Creative Space.
Regional leaders under pressure: Tianhong Co., Ltd., against a backdrop of five consecutive years of revenue decline, achieved profit repair through shopping center premiumization (profit +19.86%) and supermarket adjustments (profit +20.46%), but an 84% debt-to-asset ratio and a 93% reduction in monetary funds expose liquidity risks; Shanghai Jiubai relied on property leasing optimization to drive net profit up 22.12% to 12.33 million yuan, but 0.02% revenue growth and a -427.84% operating cash flow decline indicate insufficient growth momentum.
Distressed enterprises face heightened risks: Liqun Co., Ltd. saw revenue decline for five consecutive years, with a Q1 non-GAAP loss of 4.82 million yuan, a 72.95% debt ratio, and a 0.59 current ratio highlighting capital chain pressure; Dalian Friendship achieved 141% revenue growth through online new retail, but gross margin plummeted 6.73 percentage points to 16.85%, coupled with a 90% debt-to-asset ratio and six consecutive years of losses, with high delisting risk.
Tail-end enterprises face dual challenges of model reconstruction and liquidity tests.
**Supermarkets**
1\. Yonghui Superstores: Revenue down 19.32% year-on-year, profit plunges 79.96%
During the reporting period, Yonghui Superstores achieved revenue of 17.479 billion yuan, down 19.32% year-on-year, with net profit attributable to parent at 148 million yuan, plunging 79.96% year-on-year, and non-GAAP net profit down 77% to 137 million yuan. This marks its fourth consecutive year of losses since 2021, with cumulative losses exceeding 9.5 billion yuan.
The main reason for revenue decline is the mismatch between store closures and adjustment progress. In Q1, 273 tail stores were closed (total store count decreased by 288 compared to 2023), shrinking the overall revenue base; while the 47 adjusted stores achieved both traffic and sales growth (41 "steady-state adjusted stores" contributed net profit of 14.7 million yuan), they account for only 6.6%, not yet forming scale effects.
The Pangdonglai model is showing initial results, with adjusted stores seeing daily sales increase by 30%-50%. Since June 2024, 61 stores have been renovated, with plans to reach 300 by the Spring Festival of 2026, but regions like East China lag due to consumption habit differences and intense competition (Hema, Sam's Club, etc.).
2\. Jiajiayue: Revenue of 4.941 billion yuan, down 4.77% year-on-year
Jiajiayue's Q1 2025 financial report shows a phase of revenue contraction but improved profitability quality.
Since its listing in 2016, the company expanded through acquisitions, but since 2020, impacted by community group buying and consumption stratification, net profit in 2024 fell 32.42% year-on-year. Currently, it is trying to break through by closing inefficient stores (288 closed in 2024), developing discount stores, and supply chain centralized procurement.
Q1 revenue was 4.941 billion yuan, down 4.77% year-on-year. By region, Shandong province revenue fell 6.93% year-on-year (accounting for 72% of revenue), while out-of-province grew 2.34%, but out-of-province business accounts for only 17.7%, leaving regional concentration risk unresolved. By format, traditional comprehensive supermarkets/community fresh food revenue fell 3.37%/6.66% respectively, but new formats like snack stores and discount stores grew 3.91%, showing initial results of format adjustment.
3\. Bubugao: Revenue of 1.153 billion yuan, up 24.22% year-on-year
Q1 revenue was 1.153 billion yuan, up 24.22% year-on-year; net profit attributable to parent was 119 million yuan, surging 488.44% year-on-year, with non-GAAP net profit of 42 million yuan turning profitable. This is mainly due to the introduction of the Pangdonglai operating system in 2024, after which the 16 core adjusted stores saw sales surge 3-6 times year-on-year during the Spring Festival, traffic increase over 300%, and single-store sales per square meter grow 42%.
Secondly, through source direct procurement, 2-3 distribution links were reduced, procurement costs fell 15%, and fresh food repurchase rate increased 27%; the private brand BL series products entered the top sales ranks in their categories within the first month of launch, driving gross margin improvement.
4\. New Huadu
Q1 revenue was 1.106 billion yuan, down 21.07% year-on-year, mainly due to two reasons: first, Q1 2024 had a high base of 1.402 billion yuan due to the misalignment of the New Year goods festival and surging online demand from leading brands; second, accounting standard adjustments led to some consignment revenue being recognized on a net basis, coupled with inter-period revenue recognition differences. However, when combining Q4 2024 and Q1 2025 data, revenue only fell 11.2% year-on-year, while net profit increased 20.5%, showing business resilience.
5\. Shun Kelong: Revenue of 137 million yuan, operating costs of 142 million yuan
Q1 revenue was 137 million yuan, with operating costs of 142 million yuan, exceeding current revenue for the first time, forming a cost inversion (operating cost ratio of 103.6%), indicating deteriorating supply chain efficiency and declining store sales per square meter.
Net loss was 1.928 million yuan, significantly narrowed from Q4 2024 (estimated single-quarter loss of about 34 million yuan), but mainly due to loss reduction from store closures (over 20 inefficient stores closed in Guangdong in 2024) and slower asset impairment provisions. Notably, the company has been loss-making for four consecutive years since 2022, with cumulative losses exceeding 180 million yuan, and in 2024, return on net assets was as low as -58.15%, with capital consumption far exceeding industry average.
**Summary:**
From Q1 2025 financial data, supermarkets show a stark contrast in development trends, with consumption stratification and format changes intensifying industry divergence.
**Divergent transformation outcomes:** Bubugao achieved both revenue and profit growth by introducing the Pangdonglai model, while Zhongbai Group, which also tried the same model, saw losses widen due to supply chain transformation. New Huadu maintained stable net profit after focusing on internet marketing, but Shun Kelong remains trapped in cost inversion.
**Regional concentration risks highlighted:** Shun Kelong (98% of stores in Guangdong), Zhongbai Group (80% in Hubei), and Hongqi Chain (3,600 stores in Sichuan) all face local market saturation and weak cross-regional expansion, with Zhongbai's current ratio as low as 0.46% and Shun Kelong's quick ratio at only 0.49%, signaling imminent liquidity crises.
**Sources of profitability resilience differ:** Hongqi Chain achieved a slight 0.72% increase in non-GAAP net profit through store closures (30 stores closed), New Huadu raised net margin by 1.88 percentage points through AI process optimization, while Bubugao reduced costs by 15% through supply chain direct procurement, suggesting digital transformation and supply chain restructuring may be key to breaking through.
**Cash flow pressures widespread:** Zhongbai Group's net cash flow plummeted 75.85%, and Shun Kelong's accounts receivable accounted for 114.7% of net profit, with the industry generally trapped in a vicious cycle of "trading payment terms for survival."
**Snack Food Stores**
1\. Wanchen Group: Revenue of 10.821 billion yuan, up 124.02% year-on-year
Wanchen Group's Q1 2025 financial report shows revenue of 10.821 billion yuan, up 124.02% year-on-year, with net profit attributable to parent of 214 million yuan, surging 3344.13% year-on-year. This growth continues its "three-step leap" development trajectory over the past three years: revenue was only 434 million yuan in 2021, broke through 9.294 billion yuan in 2023, reached 32.329 billion yuan in 2024, growing over 58 times in three years.
As of Q1 2025, its bulk snack stores signed exceeded 15,000, with the Haoxianglai single brand exceeding 13,000. Scale brings procurement bargaining power, making it the largest channel for multiple categories, and through digital supply chain, inventory turnover days were compressed to 15-16 days.
With 50 warehousing centers and 900,000 square meters of logistics warehouses nationwide, through dynamic product selection and intelligent inventory management, operating net margin increased 1.11 percentage points quarter-on-quarter to 3.85%, with sales/management expense ratios reduced to 3.3% and 2.5% respectively.
2\. Liangpin Shop: Double-digit revenue decline
Liangpin Shop's Q1 2025 financial report continues the transformation pains of recent years, with double-digit revenue decline.
Q1 revenue was 1.732 billion yuan, down 29.34% year-on-year, the largest single-quarter decline since listing, continuing the revenue decline trend for three consecutive years since 2023. The core driver is the "price reduction without quality reduction" strategy launched in 2024, with price cuts on over 500 products leading to lower average transaction value, compounded by store closures (927 stores closed since 2024). Although gross margin rose slightly by 0.81 percentage points quarter-on-quarter to 24.64%, it still fell 1.78 percentage points year-on-year, showing the continuous erosion of profit space by the price war.
Currently, Liangpin Shop is at a crossroads between high-end positioning and mass market choices. In the short term, it needs to balance the risk of brand value dilution from the price war; in the medium to long term, it needs to validate the premium capability of its "origin + health" strategy. If it fails to achieve online bestseller breakthroughs during the 618 promotion in Q2, it may face accelerated market share loss.
3\. Laiyifen
In Q1 2025, Laiyifen's revenue was 1.048 billion yuan, down 1.23% year-on-year, with net profit attributable to parent of 12.4357 million yuan, plunging 79.72% year-on-year, the largest single-quarter decline since listing. This performance is deeply linked to its development trajectory over the past three years: after a 9.25% revenue decline in 2023, it recorded a full-year loss of 75.26 million yuan in 2024, and in Q1 2025, non-GAAP net profit was only 5.3459 million yuan, down 88.67% year-on-year.
In 2024, it closed 600 inefficient stores (425 direct-operated + 175 franchised), with direct-operated revenue down 21.39% year-on-year, but franchise wholesale business only grew 3.92%, failing to fill the gap. E-commerce channel revenue fell 35.54% year-on-year, showing weak online transformation.
East China accounts for 89.3% of revenue, but revenue in this region fell 14.96% year-on-year, with the core market impacted by bulk snack brands like Wanchen Group (Wanchen has 4,093 stores in East China vs. Laiyifen's 3,085 nationwide).
**Summary:**
China's leisure snack industry is undergoing structural divergence and model reconstruction, with Mingming Henmang's Hong Kong listing process (filed on April 28, 2025) serving as a key window to observe industry changes. From the performance of Wanchen Group, Liangpin Shop, Laiyifen, and new industry trends:
There is a clear gap between high-end brands and the mass market—Liangpin Shop has seen revenue decline for three consecutive years (Q1 2025 -29.34% year-on-year), Laiyifen's single-quarter net profit plunged 79.72%, and the "snack assassin" strategy has failed; while Wanchen Group's net profit surged 3344% and Mingming Henmang's member repurchase rate reached 75%, validating the demand for extreme cost-effectiveness in lower-tier markets. Bulk snack brands have built channel barriers difficult for traditional enterprises to replicate through county-level store share of 58% and product richness of over 1,800 SKUs per store.
Currently, the industry has formed a competitive landscape of "bulk snack duopoly leading, traditional brands struggling to survive." Mingming Henmang's listing may become a catalyst for accelerating industry concentration, but whether it can achieve a high valuation in Hong Kong depends on market confidence in the "scale for profit" business model in the long term.
In conclusion, the retail industry has entered a new stage where "supply chain efficiency determines survival, and model innovation determines victory." Whether enterprises can accurately capture demand and reconstruct the relationship between people, goods, and venues amid consumption stratification will be a key variable for Q2 performance.
Emerging formats and supply chain innovators are breaking through against the trend, while traditional model enterprises are mired in transformation pains.
Pangdonglai leads the industry with 6.2 billion yuan in sales, with supermarkets accounting for 55%, confirming the core competitiveness of its supply chain direct procurement and high cost-effectiveness; Bubugao achieved a 488.44% surge in net profit by introducing the Pangdonglai model, validating the short-term explosive power of supply chain reform. In stark contrast, Yonghui Superstores' net profit plunged 79.96% year-on-year, despite adjusted stores meeting sales targets, with store closure losses and fair value changes dragging overall performance.


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## Citation metadata

- Publisher: New Distribution
- Author: 赵胜男
- Published: 2025-04-30
- Canonical: https://xinjignxiao.com/en/articles/31-retail-enterprises-release-q1-financial-reports-wanchen-net-profit-su-19fd51ae/
- Original source: https://mp.weixin.qq.com/s/bSO68dtHuEZ_cyR4BTTVJQ

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