China Snacks Sector: Read-Across from Leading Value Retailers' NDR – Goldman Sachs

Key Takeaways

• 1.Value retailers prioritize store sales turnover and healthy supplier collaboration over extracting short-term profit margins, benefiting scale snack manufacturers.
• 2.Private-label (PL) risk remains limited and manageable, accounting for only c.3% of GMV at Wanchen and positioned at ~25% higher price points on average rather than undercutting brands.
• 3.Aggressive retail store rollouts (8,000+ net adds for Wanchen, c.7,800 for Busy Ming in FY26) expand market access and terminal reach for snack manufacturers.

Table of Contents

• Read-across from the leading value retailers' NDR: Healthy collaboration & manageable PL risk; Buy Weilong and Yankershop
• Relevant reads
• Key Read-across from Briefing
• Key Read-across #1: Value retailers to prioritize a healthy channel ecosystem over short-term profits and pursue healthy collaboration with brands
• Key Read-across #2: Private label supports repurchases & category growth
• Key Read-across #3: Positive outlook on store openings signals greater reach for snack brands
• Valuation
• Price Target Risks and Methodology - Chacha Food
• Price Target Risks and Methodology - Yankershop
• Price Target, Risks, and Methodology - Weilong Delicious Global Holdings

Report data

Exhibit 3: PL products stand at an average of 25% higher price vs branded snacks, echoing the company's stance that PL success is driven by product innovation and category diversification rather than pure pricing undercutting. — as of September 10, 2026.