---
title: "Top Revenue, Is the 'First Stock of Bulk Snacks' Solidifying Its Lead?"
description: "Debt risk: According to Wanchen Group's interim report, as of June 30, 2024, total assets were 4.868 billion yuan, up 129.71% year-on-year, with monetary funds of 2.111 billion yuan, accounts receivable of 18.1418 million yuan, and inventory of 847 million yuan. Total liabilities were 3.682 billion yuan, up 152.10% year-on-year, with accounts payable of 1.007 billion yuan. The debt-to-asset ratio was 75.65%, and total shareholders' equity was 1.186 billion yuan. The debt ratio has hit the red line."
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published: "2024-11-19"
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# Top Revenue, Is the 'First Stock of Bulk Snacks' Solidifying Its Lead?

> Debt risk: According to Wanchen Group's interim report, as of June 30, 2024, total assets were 4.868 billion yuan, up 129.71% year-on-year, with monetary funds of 2.111 billion yuan, accounts receivable of 18.1418 million yuan, and inventory of 847 million yuan. Total liabilities were 3.682 billion yuan, up 152.10% year-on-year, with accounts payable of 1.007 billion yuan. The debt-to-asset ratio was 75.65%, and total shareholders' equity was 1.186 billion yuan. The debt ratio has hit the red line.

**Debt Risk**
According to Wanchen Group's interim report data, as of June 30, 2024, the company's total assets were 4.868 billion yuan, a year-on-year increase of 129.71%, including monetary funds of 2.111 billion yuan, accounts receivable of 18.1418 million yuan, and inventory of 847 million yuan. Total liabilities were 3.682 billion yuan, a year-on-year increase of 152.10%, including accounts payable of 1.007 billion yuan. The company's debt-to-asset ratio was 75.65%, and total shareholders' equity was 1.186 billion yuan. According to the data, the debt ratio has reached 75.65%, touching the red line. For Wanchen Group, transitioning from edible fungus cultivation to bulk snacks is a disruptive cross-industry development. With the opening of a large number of stores, investment will expand with scale. When the original foundation—self-owned funds—is insufficient to support the transformation and rapid store expansion, the increase in debt ratio becomes an alarm. Additionally, according to Sina Finance, Wanchen's shares have been pledged, which is also a risk. Wanchen Group has obvious family business characteristics. The actual controllers, Wang Zening, Chen Wenzhu, and Wang Liqing, are relatives, and together they directly or indirectly hold about 50% of Wanchen Group's shares. In December last year, Wanchen Group announced that its largest shareholder, Fujian Hanxiucao Agricultural Development Co., Ltd., pledged 7 million shares of Wanchen Group, accounting for 4.5% of total shares, for financing guarantees. Hanxiucao is actually controlled by Wang Zening, and the pledged 7 million shares were valued at approximately 240 million yuan at the then stock price. As of November 9, 2024, Wanchen Group's total pledged shares were 15.9239 million, with the overall pledge ratio at 8.85% of total share capital, and the cumulative pledged market value was 1.218 billion yuan. Among them, the controlling shareholder and its concerted action persons pledged 14.39 million shares, accounting for 14.91% of their shareholding.
**The Channel Battle of Bulk Snacks**
**As the market becomes saturated, the trend of expanding and preparing for war will eventually end. With the acceleration of industry reshuffling, the entire snack track will enter a new stage of competing on operational efficiency—which lies in the quality and innovation level of products and services provided to consumers. This capability is the true king of capabilities.**


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