101 FMCG Listed Companies Release Q1 Reports: 71 See Revenue Growth, 37 See Net Profit Decline

In Q1 2026, FMCG listed companies' results were released. Compared to simply looking at revenue increases or decreases, this year's focus is more on growth quality. Consumer demand is still in a mild recovery phase, with different categories recovering at different paces; simultaneously, raw material prices, channel structures, expense investments, and inventory cycles are all re-impacting corporate profit performance. Therefore, among FMCG companies, some have modest revenue growth but clear profit recovery; others appear to see scale recovery, but cash flow and earnings quality still need verification. When observing Q1 reports, one should not only look at "revenue growth" or "profit growth," but also where growth comes from, what drives profit improvement, and whether such improvement is sustainable. Next, we will break down the Q1 performance of various companies across multiple sectors. Beverages Dongpeng Beverages Dongpeng Beverages continued high growth in Q1. During the reporting period, the company achieved revenue of RMB 5.888 billion, up 21.46% year-on-year; net profit attributable to shareholders was RMB 1.257 billion, up 28.31%. Profit growth outpaced revenue, mainly due to lower raw material prices boosting gross margin to 46.89%. Structurally, energy drinks remain the core business, accounting for about 75%; however, revenue shares of electrolyte drinks and other beverages rose to 10.97% and 14.03%, respectively, showing initial success in multi-category layout. After the Hong Kong listing, the company's capital strength has further increased. Overall, Dongpeng Beverages' core business remains solid. However, as the core product base rises, whether new categories like electrolyte water can continue to scale and take over will be key to sustaining high growth. Yangyuan Zhihui Yangyuan Zhihui saw a significant rebound in Q1. During the period, the company recorded revenue of RMB 2.557 billion, up 37.50% year-on-year; net profit attributable to shareholders was RMB 808 million, up 25.80%; non-GAAP net profit was RMB 739 million, up 33.02%, with both revenue and profit achieving double-digit high growth. However, this performance should be viewed rationally in light of the special background of the Chinese New Year shift. Due to the later timing of the Spring Festival, the peak sales season for plant-based protein drinks' gifting and New Year goods was postponed, directly boosting Q1 revenue growth. This also means that the reported rebound reflects more of a change in holiday sales rhythm, and whether core demand has fully reversed remains to be seen. More noteworthy is the divergence in financial indicators. During the period, net cash flow from operating activities turned negative at -RMB 387 million, mainly due to increased cash payments for raw material purchases. Overall, Yangyuan Zhihui released recovery signals in Q1, but whether the core business can truly stabilize depends on the off-season performance and whether book revenue can be converted into healthy cash flow. Summary: The beverage sector performed relatively steadily in Q1, but growth quality varies across categories. Dongpeng Beverages' functional drink base is solid, and benefiting from lower raw material costs and improved gross margin, profit growth outpaced revenue. Plant-based protein drinks were driven by holiday consumption, with Yangyuan Zhihui seeing significant revenue and profit rebound, but this growth reflects more of the Spring Festival shift, and operating cash flow turned negative, so recovery quality needs further observation in the off-season and cash flow repair. Overall, this sector is not in full recovery; competition is shifting toward category structure optimization, cost control, and efficiency improvement. Snack Foods Three Squirrels Three Squirrels delivered a "profit outpacing revenue" report in Q1. During the period, revenue was RMB 3.835 billion, up slightly 3.01% year-on-year; net profit attributable to shareholders was RMB 273 million, up 14.35%; non-GAAP net profit was RMB 246 million, up 51.59%. The data indicates the company has transformed from blind expansion to deep operational efficiency. The significant profit recovery is attributed to the "high-end cost-performance" strategy, which leveraged national intensive bases to build cost and efficiency advantages and successfully ignited the New Year goods peak season. Channel performance was also impressive: online short-video e-commerce turned profitable with significantly improved profitability; offline distribution focused on high-end nut gift boxes, achieving both revenue and profit growth through the "factory direct" model. Additionally, as a new attempt, 33 lifestyle stores have been opened, currently in the stage of store format iteration and standardization verification. Qiaqia Food Qiaqia Food saw a strong recovery in Q1. During the period, revenue was RMB 2.222 billion, up 41.46% year-on-year; net profit attributable to shareholders was RMB 168 million, up 117.82%; non-GAAP net profit was RMB 149 million, up 156.47%. With the combined effects of expanded sales scale, improved raw material costs, and the Spring Festival peak season, operating costs only increased 31.57%, lower than revenue growth, fully releasing profit elasticity. However, due to increased cash payments for goods purchased and services received, net operating cash flow declined 76.44% year-on-year. By business segment, Qiaqia is moving away from reliance on traditional bagged sunflower seeds. With deep cultivation of new channels such as supermarkets, snack discount stores, and e-commerce, plus the gradual ramp-up of new products like konjac and melon seeds, the company has basically built a dual-engine model of "new channels + multi-categories," broadening space for future growth. By-Health By-Health's revenue turned positive again, releasing a positive signal, but it does not yet indicate the company has completed recovery. During the reporting period, revenue was RMB 1.869 billion, up 4.30% year-on-year; net profit attributable to shareholders was RMB 402 million, down 11.62%; non-GAAP net profit was RMB 375 million, down 8.19%. Revenue returning to growth while profit continues to decline shows a "demand recovery, profit pending repair" characteristic. By business, main brand "By-Health" revenue was RMB 1.045 billion, up 6.25%; "Jianlido" revenue was RMB 229 million, up 14.00%; online channel revenue was RMB 851 million, up 11.04%, still an important driver of recovery. However, net operating cash flow during the period was only RMB 52.2706 million, down 85.57% year-on-year, mainly due to increased procurement and period expense payments. The company is warming up overall, but confirming a reversal still requires observing subsequent profit elasticity and whether cash flow can return to a healthy cycle. Yanjin Puzi Yanjin Puzi's Q1 2026 report continued high profit growth. During the period, revenue was RMB 1.583 billion, with steady growth of 2.94% year-on-year; net profit attributable to shareholders was RMB 231 million, up 29.48%; non-GAAP net profit was RMB 204 million, up 30.45%. Against the backdrop of slowing revenue growth, the release of profit elasticity became the biggest highlight. The financial report shows this growth does not rely on rapid scale expansion but is the result of focusing on core big single products, quality and efficiency improvement, and operational efficiency gains. Meanwhile, the company's operating quality was impressive, with net operating cash flow reaching RMB 336 million, a surge of 400.10% year-on-year, mainly due to reduced cash payments for goods purchased. Overall, Yanjin Puzi has entered a new stage in Q1 where profit release is driven by product focus, cost control, and efficiency improvement. Bestore In Q1 2026, Bestore successfully turned losses into profits. During the period, revenue was RMB 2.04 billion, up 17.78% year-on-year; net profit attributable to shareholders was RMB 47.7018 million, and non-GAAP net profit was RMB 44.5609 million, both significantly improved from the loss in the same period last year. The financial report points out that the recovery of online revenue and the year-on-year increase in gross margin were the core engines driving profit recovery. For the company, revenue recovery and turning profitable released positive signals, but cash flow concerns remain: net operating cash flow during the period was -RMB 126 million, down 134.73% year-on-year. This is mainly due to the impact of the New Year goods festival rhythm, leading to delayed platform customer payments and increased payments to suppliers. Overall, the company's bottoming-out and repair signs are evident in Q1. However, facing the continued impact of snack discount stores and shareholder-level uncertainties, the quality and sustainability of subsequent profit repair still need time to verify. Juewei Food Juewei Food has not yet emerged from its pressure period. During the period, the company achieved revenue of RMB 1.265 billion, down 15.71% year-on-year; net profit attributable to shareholders was RMB 71.3565 million, down 40.53%; non-GAAP net profit was RMB 73.0963 million, down 30.93%. The profit decline is due to reduced gross profit from lower revenue, with current pressure mainly from sales contraction. Compared to the income statement, cash flow performance is more severe. Net operating cash flow during the period was -RMB 137 million, turning from positive to negative, mainly due to reduced cash received from sales of goods and services. For a franchise model, this reflects continued pressure on terminal sell-through and collection rhythm. Considering historical burdens like franchise system adjustments, Juewei faces re-verification of store efficiency and channel quality after high-density expansion. The key to subsequent stabilization and repair lies in when revenue stabilizes, whether cash flow turns positive, and substantial improvement in terminal store operating quality. Toly Bread Toly Bread's Q1 2026 has not yet exited its decline. During the period, revenue was RMB 1.169 billion, down slightly 2.64% year-on-year; net profit attributable to shareholders was RMB 51.8376 million, down 38.32%; non-GAAP net profit was RMB 48.2699 million, down 38.99%. Compared to the slight decline in revenue, the profit decline is much more severe. The financial report indicates that the core of "revenue growth without profit growth" lies in the combined erosion of multiple costs and expenses: on one hand, increased discount rates led to a year-on-year decline in gross margin; on the other hand, the commissioning of the R&D center brought rigid growth in depreciation and labor costs, coupled with increases in advertising and promotion expenses and income tax expenses, collectively squeezing profit margins. Meanwhile, operating quality was also affected, with net operating cash flow during the period at RMB 124 million, down 36.07% year-on-year. Overall, Toly Bread faces not short-term fluctuations but a deep-seated mismatch between weak growth in the short-shelf-life bread main business, continued heavy asset capacity investment, and channel digestion efficiency. Summary: The snack food and nutrition baking sector showed clear divergence in Q1, with profit recovery concentrated in efficiency-improving companies.

• Three Squirrels saw slight revenue growth, but supply chain and channel cost control released faster profit elasticity;
• Qiaqia Food achieved simultaneous high growth in revenue and profit, driven by the Spring Festival peak season and improved raw material costs;
• Yanjin Puzi, despite slowing revenue growth, achieved faster profit growth through big single product focus and quality and efficiency improvement. In contrast, some companies still face pressure. By-Health's revenue turned positive but profit declined, indicating incomplete recovery; Bestore turned profitable but operating cash flow remained negative; Juewei Food and Toly Bread both face pressure on revenue and profit. Dairy Products Yili Group The dairy industry is still in an adjustment period, with Yili's advantages reflected in profit elasticity and product structure. During the reporting period, the company achieved revenue of RMB 34.741 billion, up 5.47% year-on-year; net profit attributable to shareholders was RMB 5.395 billion, up 10.68%; non-GAAP net profit was RMB 5.329 billion, up 15.11%. Profit growth continues to outpace revenue, with improved earnings quality. The business structure shows a "liquid milk as the base, high value-added categories as the relay" characteristic. Liquid milk, as the core business, contributed revenue of RMB 20.096 billion in Q1; milk powder and dairy products business revenue was RMB 9.353 billion, continuously driving structural upgrades; cold drinks revenue was RMB 4.397 billion, with strong growth. On the channel side, distribution channel revenue was RMB 33.059 billion, still the absolute main force. Overall, Yili relies on high value-added businesses to drive profit growth. Going forward, attention should be paid to the recovery process of liquid milk demand and the continued increase in the share of high-margin businesses. Bright Dairy Bright Dairy's Q1 profit pressure further exposed. During the reporting period, the company achieved revenue of RMB 6.211 billion, down 2.48% year-on-year; net profit attributable to shareholders was RMB 66.6487 million, down 52.74%; non-GAAP net profit was RMB 91.2584 million, down 52.00%. Revenue only fell slightly, but profit declined significantly, indicating that the company's profitability has been greatly squeezed. The financial report shows that the significant profit decline is mainly due to large losses from overseas subsidiary Synlait, with overseas asset fluctuations continuing to erode overall profit. However, cash flow improved somewhat, with net operating cash flow during the period at -RMB 47.2081 million, still negative but better than the same period last year, mainly due to reduced inventory. Overall, Bright Dairy still faces challenges such as overseas business drag, cost pressure in low-temperature milk, and insufficient growth in the main business. Whether it can stabilize depends on the progress of Synlait's loss reduction and the repair of domestic main business profitability. New Hope Dairy New Hope Dairy continued steady growth in Q1. During the reporting period, the company achieved revenue of RMB 2.843 billion, up 8.31% year-on-year; net profit attributable to shareholders was RMB 186 million, up 39.89%; non-GAAP net profit was RMB 191 million, up 35.73%, with profit growth significantly higher than revenue growth. The financial report shows that net profit growth mainly came from expanded revenue scale, double-digit growth in low-temperature categories, double-digit share of new product revenue, and enhanced profitability from supply chain efficiency improvements. Meanwhile, net operating cash flow was RMB 286 million, up 77.22% year-on-year, with cash flow performance improving simultaneously. It is worth noting that the company also recognized related listing expenses based on the progress of its H-share issuance, with the A+H capital platform layout advancing. Overall, New Hope Dairy's Q1 growth quality is good, with the low-temperature differentiation route and supply chain efficiency as main supports. Sanyuan Foods Sanyuan Foods' Q1 repair is still progressing. During the reporting period, the company achieved revenue of RMB 1.721 billion, up 4.46% year-on-year; net profit attributable to shareholders was RMB 100 million, up 14.28%; non-GAAP net profit was RMB 95.1156 million, up 14.74%. Profit growth outpaced revenue, showing phased improvements in main business efficiency and cost control. However, there is a divergence between the income statement and cash flow. Net operating cash flow during the period was RMB 60.1215 million, down 59.65% year-on-year, mainly due to subsidiary adjustments to distributor sales policies and changes in sales models. The collection rhythm and cash flow quality after channel policy changes need continuous observation. On the business side, the company is accelerating B-end layout, planning to invest approximately RMB 104 million in Biru Food, holding 42% after completion, aiming to enhance B-end capabilities in catering dairy products and enrich the product matrix. Overall, the sustainability of this repair depends on cash flow improvement, core sales, and synergy effects of new businesses. Milkground Milkground's Q1 revenue repair was evident, but profit was still disturbed. During the reporting period, the company achieved revenue of RMB 1.626 billion, up 31.81% year-on-year; net profit attributable to shareholders was RMB 75.558 million, down 8.30%; non-GAAP net profit was RMB 63.9814 million, down 1.48%. Revenue growth without profit growth was mainly affected by equity incentive expenses. Excluding share-based payments, profit elasticity has been released: net profit attributable to shareholders was RMB 84.2746 million, up 2.28%; non-GAAP net profit was RMB 72.6981 million, up 11.94%. On the business side, the "ToB+ToC" dual-engine drive led to revenue growth, with C-end常温, low-temperature, and e-commerce segments performing well, and B-end driven by catering business and key account channels. However, net operating cash flow was RMB 62.686 million, down 47.67% year-on-year, mainly due to increased procurement, taxes, employee compensation, and daily operating expenses. Overall, the company's revenue recovery is fast, but profit elasticity and cash flow quality still need observation. Beingmate Beingmate is still in a period of operational pressure in Q1. During the reporting period, the company achieved revenue of RMB 657 million, down 9.67% year-on-year; net profit attributable to shareholders was RMB 38.9549 million, down 8.98%; non-GAAP net profit was RMB 25.9586 million, down 29.08%. The decline in revenue directly dragged operating profit, indicating that the main business repair has not truly stabilized. Cash flow also needs attention. Net operating cash flow during the period was RMB 72.332 million, down 56.54% year-on-year, mainly due to reduced sales collections and increased cash expenses. However, the company recently saw an important variable: the original controlling shareholder's restructuring plan was approved by the court. After restructuring, Beingmate's actual controller is expected to change to Jinhua State-owned Assets Supervision and Administration Commission. Overall, Beingmate's Q1 report has not yet reversed, but state capital entry may alleviate equity and debt instability, providing a new observation window for governance improvement and business repair. Summary: The dairy sector showed clear structural repair in Q1, rather than a comprehensive demand recovery. The liquid milk base remains under pressure overall, with incremental momentum mainly contributed by segments such as milk powder, cold drinks, low-temperature milk, and B-end dairy products. Leading and regional backbone enterprises are releasing profit elasticity through product structure and business model adjustments.
• Yili relies on high value-added categories like milk powder and cold drinks to drive profit growth;
• New Hope Dairy achieves steady performance through low-temperature categories and supply chain efficiency optimization;
• Sanyuan Foods and Milkground explore market increments through main business efficiency, B-end expansion, and "ToB+ToC" dual-engine drive, respectively. In contrast, some companies still face significant operational pressure. Bright Dairy is dragged by overseas subsidiary losses, with clear profit pressure; Beingmate continues to face external challenges of shrinking infant formula demand and operational repair. Overall, dairy competition is shifting from pure scale expansion to comprehensive competition in product structure, supply chain efficiency, and penetration of segmented scenarios. Grain, Oil, and Condiments Yihai Kerry Yihai Kerry achieved both revenue and profit growth in Q1. During the reporting period, the company achieved revenue of RMB 65.531 billion, up 10.92% year-on-year; net profit attributable to shareholders was RMB 1.482 billion, up 50.98%; non-GAAP net profit was RMB 1.007 billion. It should be noted that the high profit growth includes one-time gains from equity disposal; excluding this impact, net profit attributable to shareholders was RMB 1.219 billion, up 24.18%, with main business repair being more meaningful. On the business side, sales volumes of kitchen food, feed ingredients, and oil technology all increased. Among them, kitchen food benefited from channel expansion in catering and food industry, growth in packaged oil sales, and product structure optimization; flour and rice business profits also improved with higher sales volumes. However, net operating cash flow declined 59.50% year-on-year, mainly due to increased cash payments for goods purchased due to procurement rhythm and settlement method changes. Overall, Yihai Kerry's main business has repaired, but cash flow changes still need attention. Haitian Flavoring Competition in the condiment industry is intensifying, with Haitian's resilience mainly reflected in profit. During the reporting period, the company achieved revenue of RMB 9.029 billion, up 8.57% year-on-year; net profit attributable to shareholders was RMB 2.444 billion, up 10.97%; non-GAAP net profit was RMB 2.347 billion, up 9.34%. Profit growth was slightly higher, with profitability remaining relatively stable. Since operating cost growth was lower than revenue growth, gross margin improved year-on-year, related to raw material cost changes and supply chain efficiency improvements. Financially, the company has ample monetary funds and low short-term debt pressure. Net operating cash flow during the period was -RMB 467 million, which has seasonal characteristics based on past performance. However, against the backdrop of channel competition and price system pressure, the sustainability of cash flow, collection turnover, and gross margin repair after Q2 needs observation. COFCO Sugar Q1 2026 showed a "revenue decline, profit improvement" characteristic. During the period, revenue was RMB 4.3 billion, down 14.64% year-on-year; net profit attributable to shareholders was RMB 216 million, up 22.04%; non-GAAP net profit was RMB 196 million, up 29.81%. Despite revenue contraction, profit grew against the trend, showcasing cost control and operational efficiency gains. The financial report shows that operating cost decline was greater than revenue decline, driving profitability repair. Meanwhile, operating quality improved, with net operating cash flow during the period at -RMB 243 million, still negative but significantly improved from -RMB 1.032 billion in the same period last year. Overall, COFCO Sugar's Q1 revenue was under pressure, but profit and cash flow improvements released positive signals. Going forward, attention should be paid to sugar price cycle fluctuations, profitability stability of the sugar main business, and whether non-sugar businesses like tomato can continue to contribute new increments. Meihua Holdings Q1 2026 performance was under significant pressure. During the period, revenue was RMB 5.986 billion, down 4.51% year-on-year; net profit attributable to shareholders was RMB 118 million, down 88.42%; non-GAAP net profit was RMB 80.2563 million. The financial report shows that although the release of lysine capacity at the Jilin subsidiary drove sales volume growth, price declines in core products such as MSG, threonine, lysine, and xanthan gum severely hurt overall profit. Meanwhile, net operating cash flow turned negative at -RMB 1.156 billion, mainly due to increased raw material payments; inventory increased significantly from the end of last year, reflecting destocking pressure during the cyclical downturn. Additionally, the company recently completed the sale of its Thailand plant, aiming to optimize global capacity and focus on high-end amino acid raw material business. Overall, Meihua Holdings is significantly impacted by price cycles, and subsequent repair depends on product price recovery and inventory digestion. Angel Yeast Q1 2026 maintained steady growth. During the period, revenue was RMB 4.534 billion, up 19.49% year-on-year; net profit attributable to shareholders was RMB 426 million, up 15.08%; non-GAAP net profit was RMB 386 million. Both revenue and profit achieved double-digit growth, indicating strong operational resilience in the yeast main business. However, net operating cash flow turned negative at -RMB 370 million, down 45.74% year-on-year, mainly due to increased cash payments for other operating activities. On the balance sheet, long-term borrowings increased 114.30% from the end of last year, mainly for optimizing debt structure; the increase in other non-current assets is related to increased prepayments for project engineering. Overall, Angel Yeast's Q1 fundamentals are stable, but with overseas expansion and project investments continuing, the trend toward asset heavy capitalization and cash flow pressure need attention. Summary: The core performance of the grain, oil, and condiment sector in Q1 lies in the rebalancing of costs, prices, and operational efficiency, rather than significant demand expansion. Basic condiments and kitchen food have rigid demand attributes, with leaders like Haitian and Yihai Kerry maintaining resilience through channels, structure, and supply chain efficiency; but sugar, amino acids, edible oil, and other sub-sectors are more affected by bulk raw material and price cycles, with more pronounced profit fluctuations. From a company perspective, COFCO Sugar and Xueyan Salt released profit repair signals amid revenue pressure; Meihua Holdings and Daodaoquan faced clear profit pressure due to product price declines, raw material cost increases, and hedging losses. Overall, this sector tests companies' price pass-through ability, inventory management, cost control, and cash flow quality. Beer Tsingtao Brewery Tsingtao Brewery showed a "slight revenue decline, profit growth" characteristic in Q1. During the reporting period, the company achieved revenue of RMB 10.285 billion, down 1.54% year-on-year; net profit attributable to shareholders was RMB 1.8 billion, up 5.23%; non-GAAP net profit was RMB 1.706 billion. Revenue declined slightly, but profit maintained growth, indicating that product structure upgrades and cost control and efficiency improvements continue to play a role. On the operational side, the company achieved cumulative sales volume of 2.202 million kiloliters, of which main brand Tsingtao Beer sales were 1.381 million kiloliters, up 0.4% year-on-year; mid-to-high-end and above product sales were 1.042 million kiloliters, up 3.1%, with the structural upgrade trend continuing. Meanwhile, the company is cultivating new products such as whole wheat, craft, zero-sugar, and low-alcohol around big single products like Classic and White Beer, and expanding new retail and instant retail channels. In terms of cash flow, net operating cash flow was RMB 2.997 billion, up 67.46% year-on-year. Overall, Tsingtao Brewery's scale elasticity is limited, but earnings quality remains relatively stable. Yanjing Beer Yanjing Beer continued to release profit elasticity in Q1. During the reporting period, the company achieved revenue of RMB 4.097 billion, up 7.06% year-on-year; net profit attributable to shareholders was RMB 265 million, up 60.19%; non-GAAP net profit was RMB 259 million, up 69.09%. Profit growth significantly outpaced revenue, indicating that product structure upgrades and operational efficiency improvements are translating into stronger profitability. On the operational side, the company achieved beer sales volume of 1.0399 million kiloliters in Q1, with the big single product "Yanjing U8" maintaining nearly 30% high growth, continuously driving product structure upward. Meanwhile, the company improves operational quality through channel refinement and expense optimization. For new products, the high-end whole wheat product "Yanjing A10" was launched at the end of March, further supplementing the mid-to-high-end matrix. Overall, "Yanjing U8" remains the most certain growth driver, but whether "A10" can become a new big single product requires observation of subsequent distribution and terminal sales performance. Chongqing Brewery Chongqing Brewery's Q1 revenue was basically flat, with slight profit pressure. During the reporting period, the company achieved revenue of RMB 4.35 billion, down 0.12% year-on-year; net profit attributable to shareholders was RMB 438 million, down 7.40%; non-GAAP net profit was RMB 434 million. In terms of sales volume, the company achieved beer sales of 886,500 kiloliters, up 0.34% year-on-year, with overall volume and price fluctuations minimal. Structurally, high-end product revenue was RMB 2.666 billion, up 2.42% year-on-year, with share continuing to rise; mainstream product revenue declined 3.75% year-on-year. The profit decline is mainly related to increased sales expenses, possibly affected by increased product cultivation and channel investment. Cash flow performance remained relatively stable, with net operating cash flow during the period at RMB 1.65 billion, up 22.25% year-on-year. Overall, Chongqing Brewery's premiumization is progressing, but short-term profit repair still awaits improvements in expense efficiency and further recovery in consumer demand. Zhujiang Beer Zhujiang Beer performed relatively steadily in Q1. During the reporting period, the company achieved revenue of RMB 1.299 billion, up 5.86% year-on-year; net profit attributable to shareholders was RMB 179 million, up 14.07%; non-GAAP net profit was RMB 163 million, with profit growth outpacing revenue, and operational efficiency continuing to improve. On the operational side, the company achieved beer sales volume of 297,500 tons, up 1.00% year-on-year. Sales volume growth was lower than revenue growth, indicating that growth comes more from product structure upgrades and price improvements rather than pure scale expansion. Cash flow performed well, with net operating cash flow at RMB 227 million, up 230.02% year-on-year, mainly driven by increased cash receipts from sales and reduced procurement payments. However, accounts receivable increased 79.45% from the beginning of the year, mainly due to increased uncollected payments, and collection rhythm needs attention. Overall, Zhujiang Beer's Q1 operations were stable, but with intensified competition in the South China market and high regional dependence, subsequent performance depends on high-end product sales and channel quality. Summary: The main line in the alcohol sector in Q1 is beer companies continuing to advance structural upgrades amid moderate demand recovery.
• Companies like Tsingtao Brewery, Yanjing Beer, and Zhujiang Beer generally saw profit growth outpacing revenue growth, indicating that premiumization, structure optimization, and expense efficiency are still releasing profit elasticity;
• Among them, Yanjing Beer benefited from the U8 big single product ramp-up, with the most prominent profit repair. In contrast, Chongqing Brewery saw flat revenue but profit pressure, reflecting that channel investment and expense efficiency still affect short-term performance. Overall, the beer industry no longer relies solely on volume expansion; growth comes more from penetration of mid-to-high-end products, instant retail, new retail, and scenario consumption. Daily Chemicals Yunnan Baiyao Yunnan Baiyao's Q1 core business remained stable. During the reporting period, the company achieved revenue of RMB 11.603 billion, up 7.02% year-on-year; net profit attributable to shareholders was RMB 2.037 billion, up 5.31%; non-GAAP net profit was RMB 1.965 billion, up 4.12%. Non-recurring gains and losses were RMB 72.1345 million, accounting for a low proportion of net profit attributable to shareholders, with the main business as the core source of profit. Operating quality improved. Net operating cash flow during the period was RMB 829 million, up 16.17% year-on-year, indicating stable collections and operating cash flow. However, the balance sheet needs tracking: accounts receivable balance at period end reached RMB 11.919 billion, continuing to increase from the end of last year, and subsequent collection rhythm and channel occupation pressure need observation. The financial structure is overall stable, with high book monetary funds and trading financial assets, and short-term borrowings significantly reduced, indicating low short-term debt pressure. The key going forward is whether revenue and profit can be consistently converted into more solid cash flow. Proya Proya's Q1 2026 is still in the main brand adjustment period, with short-term growth pressure not fully resolved. During the period, revenue was RMB 2.305 billion, down 2.29% year-on-year; net profit attributable to shareholders was RMB 367 million, down 6.05%; non-GAAP net profit was RMB 341 million, down 9.97%. Compared to revenue, profit pressure is more pronounced, with the core reason being increased expense investment. The financial report shows sales expenses reached RMB 1.172 billion, with a sales expense ratio exceeding 50%, mainly used for brand promotion, customer acquisition, and pre-promotion water storage. On the positive side, operating costs declined year-on-year, and gross margin still improved, indicating that product structure and supply chain efficiency are still optimizing. However, net operating cash flow during the period was only RMB 107 million, down 84.16% year-on-year, mainly due to reduced collections and increased promotion fee payments. Overall, Proya's multi-brand matrix still has growth potential, but main brand repair, expense efficiency, and cash flow improvement are key to re-entering a steady growth track. Shanghai Jahwa Shanghai Jahwa's Q1 2026 repair signals are mainly in non-GAAP profit and channel structure changes. During the period, the company achieved revenue of RMB 1.795 billion, up 5.38% year-on-year; net profit attributable to shareholders was RMB 222 million, up 2.30%; non-GAAP net profit was RMB 266 million, up 38.21%. The lower growth in attributable profit compared to non-GAAP is mainly due to losses from changes in fair value of financial assets, with main business profit repair being clearer. On the operational side, driven by increased beauty share and cost optimization, gross margin increased 2.44 percentage points year-on-year to 65.85%. Domestic online business grew 47.0% year-on-year, with beauty online up 62.5%, and content e-commerce platforms like Douyin becoming important increments. However, sales expense ratio increased during the period, and operating cash flow declined 38.6% year-on-year, mainly due to increased raw material procurement and brand investment. Overall, Shanghai Jahwa's operating quality has improved, but whether high investment can translate into sustained growth still needs verification. Summary: The daily chemicals sector showed a "revenue repair, profit divergence" characteristic in Q1.
• Yunnan Baiyao's core business remains stable, with revenue and profit growth, but rising accounts receivable indicates collection quality needs tracking;
• Shanghai Jahwa's non-GAAP profit repair is evident, with online channels, especially content e-commerce, as the main increment;
• In contrast, Proya is still in the main brand adjustment period, with high marketing investment dragging short-term profit and cash flow. Overall, daily chemical competition has shifted from brand exposure to comprehensive competition in structure, channel efficiency, return on expense investment, and cash flow. Prepared Foods Shuanghui Development Shuanghui Development's core change in Q1 is the simultaneous release of sales volume growth and profit elasticity. During the reporting period, the company achieved revenue of RMB 14.549 billion, up 1.96% year-on-year; net profit attributable to shareholders was RMB 1.292 billion, up 13.59%; non-GAAP net profit was RMB 1.276 billion, up 20.24%. Revenue growth was modest, but profit grew faster, indicating that cost control, product structure, and operational efficiency support profitability. On the operational side, total meat external sales volume was 880,000 tons, up 14.89% year-on-year, with both meat products and fresh pork sales achieving double-digit growth. By segment, meat products remain the profit core, with revenue of RMB 6.391 billion and operating profit of RMB 1.764 billion; slaughter business revenue was RMB 5.905 billion. In terms of cash flow, net operating cash flow was RMB 1.003 billion, up 20.04% year-on-year, with stable collections. However, due to market conditions, impairment provisions for frozen products and commercial pigs increased. Overall, Shuanghui leveraged the low pig price window to expand sales, but subsequent needs to balance profit levels and inventory impairment pressure. Bright Meat Bright Meat's Q1 2026 problem is not on the revenue side but in rapid profit contraction. During the period, revenue was RMB 6.169 billion, up 0.24% year-on-year, basically stable; but net profit attributable to shareholders was RMB 49.6135 million, down 70.06%; non-GAAP net profit was RMB 45.8247 million, down 71.98%. The financial report shows that the significant profit decline is mainly due to rising livestock purchase prices leading to performance decline at New Zealand's Silver Fern Farms, and low pig market prices dragging the pig farming segment. In terms of cash flow, net operating cash flow was -RMB 211 million, improved from the same period last year but still in net outflow. Overall, cyclical pressure and cost fluctuations in Bright Meat's farming end are clearly eroding profitability. The key to subsequent repair lies in disposal of inefficient capacity, reduction of farming costs, and recovery of Silver Fern Farms' profitability. Anjoy Foods Anjoy Foods' Q1 2026 growth elasticity was released intensively. During the period, revenue was RMB 4.71 billion, up 30.84% year-on-year; net profit attributable to shareholders was RMB 563 million, up 42.74%; non-GAAP net profit was RMB 525 million, up 53.04%. Profit growth significantly outpaced revenue, showing strong profit elasticity. The financial report shows that revenue growth mainly benefited from increased market demand, with continued growth in frozen prepared foods and frozen dishes revenue, as well as the consolidation increment from subsidiary Dingweitai. Operating quality was also impressive: net operating cash flow during the period reached RMB 1.043 billion, up 54.99% year-on-year, mainly due to increased sales collections. Overall, Anjoy Foods achieved dual improvement in scale and efficiency in Q1. Going forward, attention should be paid to changes in the frozen food competitive landscape, the sustainability of customized business ramp-up, and whether new businesses like frozen baking and halal food can successfully build a second growth curve. Longda Meishi Longda Meishi's apparent repair in Q1 2026 cannot be equated with operational reversal. During the period, the company achieved revenue of RMB 2.058 billion, down 19.25% year-on-year; net profit attributable to shareholders was a loss of RMB 993,500, significantly narrowed from a loss of RMB 125 million in the same period last year; but non-GAAP net profit still lost RMB 51.9275 million, with the main business not yet truly returning to profitability. The financial report shows that the significant narrowing of losses was supported by non-recurring gains and losses, with asset disposal gains of RMB 41.0905 million in the period, mainly from the government expropriation of land and buildings of the wholly-owned subsidiary Guangshan Pig Farm. In terms of operating quality, net operating cash flow during the period was RMB 17.9822 million, turning from negative to positive, mainly due to reduced operating expenses. However, financial structure and liquidity remain under pressure: monetary funds decreased 43.17% from the end of last year, mainly due to repayment of due borrowings; short-term borrowings still reached RMB 1.38 billion, and non-current liabilities due within one year reached RMB 1.187 billion. Overall, Longda Meishi's main business profitability, debt repayment pressure, and internal control repair remain the most critical observation points. Sanquan Foods Sanquan Foods' Q1 repair signals became clearer. During the reporting period, the company achieved revenue of RMB 2.453 billion, up 10.58% year-on-year; net profit attributable to shareholders was RMB 269 million, up 29.11%; non-GAAP net profit was RMB 195 million, up 18.79%. Revenue and profit rebounded simultaneously, indicating marginal improvement after several years of revenue decline. However, the higher growth in attributable profit compared to non-GAAP profit is mainly supported by non-recurring gains such as equity disposal gains, and the strength of main business repair still needs observation. In terms of cash flow, net operating cash flow was -RMB 65.4697 million, still negative but significantly improved from the same period last year, mainly due to the later Spring Festival and differences in sales collection timing. On the asset side, inventory decreased 42.36% from the end of last year, related to reduced stocking for off-peak seasons. Overall, Sanquan Foods warmed up in Q1, but the traditional frozen dough and rice main business, distribution channel adjustments, and whether the second growth curve like meat products can continue to ramp up remain key. Summary: The prepared food and meat sector showed uneven repair in Q1, with an overall "downstream processing improvement, upstream farming pressure" characteristic. Shuanghui leveraged the low pig price window to expand sales, with clear profit elasticity release; Anjoy Foods achieved both scale and profit growth through frozen products and consolidation increments. Sanquan Foods also showed marginal repair, but the dough and rice main business and distribution channels still need verification. In contrast, farming chain and transformation companies face greater pressure. Bright Meat is dragged by procurement costs and pig farming, with profit pressure; Longda Meishi narrowed losses, but the main business has not yet turned profitable, with debt repayment and internal control as key risks. Final Thoughts Overall, the FMCG industry in Q1 2026 did not see a uniform recovery. The gaps between different sectors and companies are widening. Some companies release profit elasticity through big single products, cost improvements, and channel efficiency; others are still dragged by weak demand, expense investments, inventory cycles, and cash flow pressure. This also means that judging the operating quality of FMCG companies cannot rely solely on revenue growth rates. More critical is whether profit growth comes from the main business, whether cash flow keeps up with profit, whether product structure continues to optimize, and whether new channels and second curves truly contribute increments. For companies, the next competition is no longer just scale competition, but comprehensive competition in products, supply chain, channels, and organizational efficiency. Whoever can convert growth into stable profit and healthy cash flow is more likely to navigate through this round of industry adjustment.