Zebra Consumption Shen Tuo
In the past 10 months, Wufangzhai has intensively sold 13 offices, which has attracted widespread attention within and outside the industry. Is this an attempt to optimize the asset structure, or is it a hope to increase profits by disposing of existing properties?
The company has not responded to such controversy. If all transactions are successfully completed, the income of more than 10 million yuan from the disposal of this batch of properties may provide a certain boost to profits for the whole year this year.
But this is only a one-time help to performance, and what is important is how to reverse the downward trend of Zongzi’s main business. From 2023 to 2025, the revenue of Zongzi will decrease year by year; in the first half of 2026, the company’s Zongzi sold 132 million yuan less than the same period last year.
Zongzi consumption is highly seasonal and regional. In addition, the industry is undergoing changes and adjustments. Even though Wufangzhai has the golden name of a time-honored brand, its products are increasingly unsaleable.
In addition to focusing on low GI, sugar-controlled and other series of products, the company also develops non-glutinous rice cake categories to achieve differentiated development, selling products such as quick-frozen noodles and vacuum rice balls. But for now, although related businesses can contribute incremental growth, it is still difficult to support the second curve. In addition, the company’s egg products, pastries and other categories are still in the process of product optimization and iteration.
This means that Wufangzhai still has a long way to go to promote the transformation of catering + food.
密集賣房
Why does Wufangzhai, the “Zongzi King”, sell off his properties intensively? After the company recently disclosed that it would dispose of a property in Putuo District, Shanghai, small and medium investors are still confused.
Last Friday, Wufangzhai (603237.SH) announced that it planned to sell the property located in Room 804, No. 11, Lane 599, Yunling East Road, Putuo District, Shanghai, to Wu Moumou, an unrelated party. The construction area of the house is 124 square meters, and the total transaction price including tax is 4.1 million yuan.
The company acquired the property through auction in 2015, with the original purchase cost of 3.7232 million yuan. After the transaction is completed, it is expected to increase the company’s total profit for the current period by approximately 1.345 million yuan.
This is not the first time the company has disposed of this building property. Since December 2025, 12 rooms in the same building have been sold, with a total profit of approximately 11.2045 million yuan.
Public information shows that the above-mentioned 13 properties are all located in the Changfeng Binhe commercial and office cluster along the Suzhou River, and are scattered-sale commercial and office properties.
In response to the sale of the property, the company stated that it was mainly to further optimize the asset structure and resource allocation. However, based on the local commercial market environment, there is also an objective market background for the disposal of this batch of assets.
Judging from the properties listed by the agency, the property rights of the building are scattered, and the actual vacancy level is about 25-32%, which is higher than the average in the same sector. At the same time, tenant mobility is high, and the actual rental return rate is difficult to meet expectations.
增長承壓
Wufangzhai may have intensively disposed of 13 office properties in Shanghai within 10 months not only to optimize the asset structure, but also to withdraw funds and boost performance.
In October 2022, only two months after the company was listed on the Shanghai Stock Exchange, it put the Wufangzhai Building in Jiaxing City for public sale. It received more than 27 million yuan in asset disposal income that year. It was explained at the time that it was also to “revitalize inefficient assets.”
However, relying on the proceeds from asset disposal has not reversed the situation of operating pressure after listing, and there is also a discussion in the market that “listing is the peak”. In 2022, the company’s operating income and net profit attributable to the parent company will both decline.
In 2023, the company’s operations will usher in a brief recovery, with annual operating income of 2.635 billion yuan and net profit attributable to the parent company of 166 million yuan, a year-on-year increase of 7.04% and 19.74% respectively.
However, the good times did not last long, and operations weakened again in the following two years. From 2024 to 2025, operating income will basically remain unchanged, achieving 2.251 billion yuan and 2.242 billion yuan respectively, and net profit attributable to the parent company will drop from 142 million yuan to 122 million yuan. In the first half of this year, operating income fell 7.37% year-on-year to 1.474 billion yuan.
Therefore, mooncake sales before and after the Mid-Autumn Festival have become a major factor in whether Wufangzhai’s annual performance can be stable. However, the mooncake consumer market is overall weak this year.
According to monitoring by FMCG.com, from August 14 to September 13, mooncake sales in key domestic offline stores dropped by 45.17% year-on-year, and gift box sales were nearly halved.
Wufangzhai’s mooncake business revenue has declined for two consecutive years since 2023. Against the background of weak consumption, it is difficult for this category to achieve substantial growth.
Zongzi is still the company’s basic revenue source, contributing more than 70% of revenue in the long term. However, this category has strong seasonal characteristics and fluctuates significantly during off-peak and peak seasons. Even as the leader in the rice dumpling industry, Wufangzhai is unable to withstand changes in the industry environment.
Due to the ebb in gift consumption and the impact of similar external products, the company’s main business revenue of rice dumplings continues to weaken. From 2023 to 2025, the sales volume of rice dumplings dropped from 54,400 tons to 45,100 tons, and the corresponding revenue dropped from 1.940 billion yuan to 1.572 billion yuan; in the first half of 2026, the revenue from rice dumplings was 1.199 billion yuan, a year-on-year decrease of 9.92%.
In order to get rid of its high dependence on mooncakes and rice dumplings, Wufangzhai has actively deployed its catering business, egg products and pastry businesses, trying to create a new growth curve.
However, judging from operating data, the overall scale of new business is still small. In 2025, the meal business, egg products and pastry business revenue will reach 150 million yuan and 219 million yuan respectively, a year-on-year increase of 11.71% and -7.09% respectively.
Related Reading
- The west “breaks zero”, and the competition for the word “rice” in inland provincial capitals begins2026-09-29
- Original Luo Yonghao makes enemies everywhere, Zheng Gang resorts to “tax evasion” killer weapon2026-09-29
- Li Bin pledged part of Weilai’s most valuable wealth to Geely2026-09-29
- power plant2026-09-29
- Original: Parents chatted about physics at the dinner table and raised a 29-year-old billionaire2026-09-29
