Wufangzhai, a well-known Chinese brand and the “Zongzi King,” Zhejiang Wufangzhai Industrial Co., Ltd. recently announced the sale of a property in Shanghai. This marks the 13th property that Wufangzhai has sold in the past 10 months.
On September 25, Wufangzhai issued a notice regarding the sale of the company’s investment properties. The announcement stated that they plan to sell a property located at Room 804, No. 11, Lane 599, Yunling East Road, Putuo District, Shanghai to an unrelated party named Mr. Wu. The property has a construction area of 124 square meters, and the selling price is 4.1 million yuan (including taxes), with both parties intending to sign a Shanghai real estate sales contract.
Upon completion of this transaction, it is expected to increase the company’s current profit by approximately 1.345 million yuan.
According to the announcement, since December 2025, the company has cumulatively sold 10 properties in the same area of Shanghai, generating a total profit of around 11.2045 million yuan.
The sales figures indicate that Wufangzhai has sold a total of 13 properties over the past 10 months, all located in the Changfeng Riverside Business Cluster, classified as scattered commercial office properties.
Concerning the sale of properties by Wufangzhai that has raised investor concerns, Zebra Consumer under Wuhan Woyou Culture Media Co., Ltd. expressed on September 29 that this move reflects the company’s struggle amidst declining revenue from Zongzi sales.
As a traditional Zongzi producer, Wufangzhai has experienced annual declines in Zongzi revenue from 2023 to 2025. The net profit attributable to shareholders decreased from 142 million yuan in 2024 to 122 million yuan in 2025. In the first half of 2026, operating income decreased by 7.37% year-on-year to 1.474 billion yuan, 132 million yuan less compared to the same period last year. Their products are facing stagnant sales.
Zebra Consumer believes that Wufangzhai’s actions are not only aimed at optimizing asset structure but also at recouping funds and boosting performance. Despite entering the food, egg product, and pastry businesses, attempting to create new growth curves, data suggest that the scale of these new ventures remains relatively small. In 2025, the revenues from food, egg product, and pastry businesses were 150 million yuan and 219 million yuan, respectively. While these products may contribute additional revenue, they still struggle to shoulder the burden of a significant growth curve in the short term.
Public records show that Wufangzhai, established in 1921, is one of China’s first old brands, with the “Wufangzhai” trademark recognized as a renowned Chinese trademark by the State Administration for Market Regulation. The company primarily engages in the research, production, and sales of glutinous rice-based foods. Zongzi constitutes the core of the company’s income, contributing over 70% of its revenue for an extended period.