In the retail segment, WinCommerce (WCM) – the operator of WinMart, WinMart+, WiN – is gradually affirming its growth capacity associated with efficiency. Meanwhile, Masan Consumer (HoSE: MCH) is shifting its momentum to an expandable distribution infrastructure, where each point of sale becomes a data point in the consumer ecosystem. On the other hand, Masan High-Tech Materials (UPCoM: MSR) holds an advantage in strategic materials in the context of a reshaped global supply chain.
the profit problem has been solved
For many years, WinCommerce (WCM) has been the biggest question mark in Masan's growth story: can a large-scale retail model in Vietnam really generate profits? By the period 2025–2026, this question will gradually have a clearer answer.
In 2025, WCM recorded revenue of nearly 39,000 billion VND, an increase of 18.3% over the same period. More importantly, operating efficiency has changed significantly: pre-tax profit reached 501 billion VND, EBIT margin improved to 2.2%, an increase of 130 basis points compared to the previous year. Notably, WCM for the first time achieved positive cash flow, allowing expansion without putting pressure on the balance sheet.
Growth quality is also changing towards sustainability. More than 90% of newly opened stores achieved breakeven points at EBITDA levels, reflecting that the operating model has been standardized and can be replicated.
A WCM representative said: "We have a successful business model, an effective financial model, new stores are profitable. The only thing now is to expand as quickly as possible." In 2026, WCM sets a revenue growth target of 15–21% and increases the net profit margin to 1.8–3%, opening 1,000 – 1,500 new stores.
Growth momentum comes from new distribution infrastructure
If previously Masan Consumer (MCH)'s growth mainly came from portfolio expansion and brand building, in the current period, this driving force has a new factor: distribution infrastructure. The focus of this transformation is Retail Supreme - the digitalization platform of traditional retail channels (GT), helping to directly connect hundreds of thousands of points of sale nationwide.
Instead of relying on multiple intermediaries like the traditional distribution model, this system allows MCH to access the market in real time, increasing portfolio control, selling price and display efficiency at each point of sale.
Initial results show a clear impact. According to the annual report, the platform has directly covered about 420,000 points of sale, while helping sales team productivity increase by 40% and the number of SKUs per order increase by 70%. This is not just an improvement in operation, but a change in the way of growth: from expanding in breadth to optimizing in depth.
More importantly, Retail Supreme is expected to create new growth momentum. When sales data and consumer behavior are continuously updated, MCH can optimize product portfolios by region, deploy more accurate commercial programs and shorten the time to bring new products to market.
Instead of relying on the natural growth of the industry, MCH is building an expandable distribution system where each point of sale is not only a consumption channel but also a "data point" in the entire consumer ecosystem.
In that context, MCH's story is no longer about selling more products, but about serving consumers better – faster, more accurately and on a larger scale.
Masan High-Tech Materials: Rebound from non-core business
In the third business segment, MSR is entering another cycle. 2025 marks a turning point when Masan High-Tech Materials recorded positive profit for the whole year, with an improvement of more than 1,600 billion VND compared to before.
In the context of restructuring global supply chains, high-tech materials such as tungsten become strategic assets. Businesses with stable supply begin to be valued according to long-term logic, associated with geopolitics rather than a simple commodity cycle.
After a period of many fluctuations, Masan High-Tech Materials closed 2025 with clear signs of improvement in operating efficiency. The enterprise recorded revenue of 7,443 billion VND, while EBITDA reached 2,175 billion VND, an increase of 22% compared to the previous year and the EBITDA margin improved to 29%. Notably, after-tax profit has returned to positive levels, with Q4/2025 reaching 222 billion VND, the highest quarterly level since 2022.
Stepping into 2026, MSR sets a revenue plan of 16,000 to 20,300 billion VND and after-tax profit of 1,700 to 2,500 billion VND. Compared to the revenue and profit base of 2025, this plan shows significant growth in both scale and efficiency.
Besides business factors, the 2026 plan also takes place simultaneously with strategic steps to expand the capital market access of enterprises, including the plan to transfer listing to HOSE.
