Fujian Wanchen Food (300972.SZ): 3Q26 Review: Expansion momentum intact with resilient SSSG/UE; near-term investment for long-term efficiency

Following Wanchen's 3Q26 results, we attended the company's earnings briefing on Oct 28. Rapid store expansion continues to be supported by resilient store economics: c.10k new openings in 9M26, with 3Q adds approaching the 1H26 total and 3Q GMV up 49% YoY, in line with revenue trends. Despite 2026YTD new stores making up 30%-40% of the network, SSSG stayed stable and franchisees' willingness to expand remains strong. 3Q GPM came in at 13.0%, up 1pp YoY and modestly higher QoQ, while core NPM excluding government subsidies improved slightly YoY;