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Former mushroom grower that pivoted into China's bulk/discount snack-store retail business, now one of the largest chains nationally.
Former mushroom grower that pivoted into China's bulk/discount snack-store retail business, now one of the largest chains nationally.
Sells snacks and drinks in bulk to stores it franchises, earning mostly from supplying goods to franchisees at a markup rather than from store sales, so revenue follows store count and each store's purchases. The mushroom business it started with now plays a minor part.
In one line: A Chinese discount-snack franchise chain.
Moat: narrow (scale, distribution, brand). Rapid store-count consolidation gives purchasing scale in China's fragmented discount-snack retail market.
Headquarters: Sanming, Fujian, China · Employees: 9,073
Size Fujian Wanchen Food (300972.SZ) is a China Consumer Staples company (Agricultural Commodities/Milling) with a market value of $3.86B, the 666th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥129.60 on 6 Nov 2026.
Performance Over six months the shares fell 42.9%, against -12.9% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 46.1% over the last twelve months (peer median +7.2%); the operating margin is 6.7% (peer median 5.0%).
Valuation It trades at 9.9× forward earnings against a peer median of 15.4× (3rd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is +158%, so the hurdle is -177 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 129.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥70.5B | CN¥51.4B | CN¥32.3B | CN¥9.29B | CN¥549M |
| Revenue growth | — | +59% | +248% | +1,591% | — |
| Gross profit | CN¥9.37B | CN¥6.14B | CN¥3.29B | CN¥793M | CN¥84.2M |
| EBITDA | n/a | CN¥3.43B | CN¥1.26B | CN¥141M | CN¥95.2M |
| Net income | CN¥2.33B | CN¥1.34B | CN¥294M | -CN¥82.9M | CN¥47.7M |
| Free cash flow | CN¥3.53B | CN¥3.56B | CN¥732M | CN¥804M | -CN¥244M |
| Capital expenditure | CN¥88.0M | CN¥77.4M | CN¥117M | CN¥219M | CN¥316M |
| Total debt | CN¥1.59B | CN¥2.07B | CN¥1.74B | CN¥1.14B | CN¥313M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fujian Wanchen Food 300972.SZ | $3.86B | -43% | +46% | 7% | 9.9× | -18.7% |
| Bestore 603719.SS | $587M | -11% | 0% | 0% | 140.6× | 6.3% |
| Shanghai Laiyifen 603777.SS | $693M | -15% | +5% | -6% | n/a | 27.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300972.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.6% | +3.1% | 3rd lowest of 21 |
| 6-month return | -42.9% | -12.9% | lowest of 21 |
| Distance from 52-week high | -46.4% | -24.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +46.1% | +7.2% | 2nd highest of 21 |
| Operating margin | 6.7% | 5.0% | 5th highest of 21 |
| Forward P/E | 9.9× | 15.4× | 3rd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -18.7% | -2.2% | least demanding of 11 |
| Growth delivered (Del g) | +157.9% | +10.2% | highest of 11 |
| Hurdle (Req g minus delivered) | -176.6 pp | -13.0 pp | least demanding of 11 |
| ROIC minus cost of capital | +129.7 pp | +0.6 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fujian Wanchen Food 300972.SZ | China | $3.86B | -43% | +46% | 7% | 9.9× | -18.7% | +157.9% |
| Cofco Sugar 600737.SS | China | $3.94B | -18% | -29% | 6% | 22.9× | n/a | n/a |
| Nisshin Seifun 2002.T | Japan | $3.94B | +14% | +3% | 5% | 15.4× | -1.1% | +4.9% |
| Jiangxi Zhengbang Technology 002157.SZ | China | $3.97B | -17% | +15% | -10% | n/a | n/a | n/a |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 59.7× | n/a | n/a |
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% | +4.6% |
| Ldc LOUP.PA | France | $4.35B | -6% | +15% | 6% | 11.7× | -7.7% | +10.5% |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | n/a | n/a | n/a |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | n/a | n/a | n/a |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 19.1× | -1.0% | +7.9% |
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% | +19.0% |
| New Hope Liuhe 000876.SZ | China | $4.71B | -19% | +7% | -3% | n/a | n/a | n/a |
| Patanjali Foods PATANJALI.NS | India | $4.75B | -11% | +19% | 4% | 27.1× | n/a | n/a |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 13.2× | -7.7% | +4.4% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |
| Jiangsu Lihua Animal Husbandry 300761.SZ | China | $2.94B | +2% | +7% | 3% | 29.1× | 4.0% | +16.8% |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 15.1× | -3.3% | +9.9% |
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% | +11.6% |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | n/a | n/a | n/a |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | n/a | n/a | n/a |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% | +16.2% |