Measured by return on equity, or ROE, Fujian Wanchen Food Group ranked first at 88%, ahead of Pop Mart at 56%. When calculating the equity multiplier, noncontrolling interests must be excluded from shareholders’ equity, leaving only equity attributable to owners of the parent. As the existing store base expands, industrywide store growth will naturally slow. Until another growth engine emerges, investors are likely to remain cautious about Wanchen’s future profit growth and valuation premium. Even if Wanchen’s growth slows, its asset-light, high-turnover model gives it strong internal cash generation and the capacity to pay substantial dividends.