---
title: "104 FMCG Listed Companies Release Q1 Reports: 49 See Revenue Decline, 43 See Net Profit Decline"
description: "Recently, listed companies have released their Q1 2024 results. Against a backdrop of moderate industry recovery, many firms still face challenges of declining revenue and net profit. New Distribution compiled data from 104 FMCG companies (those that have released Q1 reports so far), ranking them by revenue. In the food and beverage sector, Three Squirrels reported revenue of 3.646 billion yuan, up 91.83% year-on-year, and net profit of 308 million yuan, up 60.80%."
author: "杨玉琳"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2024-06-01"
language: "en"
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# 104 FMCG Listed Companies Release Q1 Reports: 49 See Revenue Decline, 43 See Net Profit Decline

> Recently, listed companies have released their Q1 2024 results. Against a backdrop of moderate industry recovery, many firms still face challenges of declining revenue and net profit. New Distribution compiled data from 104 FMCG companies (those that have released Q1 reports so far), ranking them by revenue. In the food and beverage sector, Three Squirrels reported revenue of 3.646 billion yuan, up 91.83% year-on-year, and net profit of 308 million yuan, up 60.80%.

Recently, listed companies have released their Q1 2024 results.
**Against a backdrop of moderate industry recovery, many firms still face challenges of declining revenue and net profit.**
New Distribution compiled revenue and net profit data from 104 FMCG companies (those that have released Q1 reports so far), ranking them by revenue.

**Food & Beverage**

**Three Squirrels**
In Q1 2024, Three Squirrels reported revenue of 3.646 billion yuan, up 91.83% year-on-year; net profit attributable to shareholders of 308 million yuan, up 60.80%; non-GAAP net profit of 263 million yuan, up 92.84%.
The company achieved growth in both revenue and profit, thanks to its "high-end cost-performance" strategy and adherence to an "all-category, all-channel" approach. Three Squirrels stated this laid a solid foundation for its goal of "returning to 10 billion yuan" in 2024.

**Dongpeng Beverages**
In Q1 2024, Dongpeng Beverages achieved revenue of 3.482 billion yuan, up 39.80% year-on-year; net profit attributable to shareholders of 664 million yuan, up 33.51%.
With growth in both revenue and profit, Dongpeng achieved a strong start. The company attributed the increase to its focus on the Guangdong market while actively expanding nationwide, with sales of new products like 500ml gold bottle and Dongpeng Bushuila continuing to rise, driving rapid growth in sales revenue and net profit.
Dongpeng Tequin remains the company's main revenue source, accounting for as much as 89.16%. According to NielsenIQ data, in the first half of 2023, Dongpeng Tequin's sales volume share in China's energy drink market rose from 36.70% at the end of 2022 to 40.86%, ranking first.

**Bestore**
In Q1 2024, Bestore's revenue was 2.451 billion yuan, up 2.79% year-on-year; net profit attributable to shareholders was 62.4828 million yuan, down 57.98%.
The high-end snack strategy has been challenged by discount stores offering "low prices" and "cost-performance," forcing Bestore to join the fray. After launching a series of "price cuts without quality reduction" measures in November 2023, Bestore saw a brief recovery in Q1 revenue, but net profit continued to decline significantly. How the transformation will proceed and what results it will achieve remain to be seen.

**Yangyuan Zhiyin**
In Q1 2024, the company's revenue was 2.316 billion yuan, up 3.91% year-on-year; net profit attributable to shareholders was 879 million yuan, up 19.96%.
Quarterly revenue and net profit hit a four-year high, with net profit up 393.82% quarter-on-quarter. In Q1, the company continued to focus on its flagship product, Six Walnuts, while diversifying its product portfolio and expanding incremental channels.

**Lai Yifen**
In Q1 2024, Lai Yifen's revenue was 1.061 billion yuan, down 12.47% year-on-year; net profit attributable to shareholders was 61 million yuan, down 13.9%, with performance still not improving.
The company attributed the decline mainly to reduced revenue from group buying business in specific channels in the Shanghai region, as well as a decrease in business scale after strategic adjustments in some e-commerce operations.

**Xiangpiaopiao**
In Q1 2024, Xiangpiaopiao's revenue was 725 million yuan, up 6.76% year-on-year; net profit attributable to shareholders was 25.2126 million yuan, up 331.26%.
In recent years, Xiangpiaopiao's ready-to-drink business has grown strongly. During the reporting period, Meco fruit tea and Lanfangyuan lemon tea achieved a 41.16% increase in revenue. The company also actively expanded new channels, with direct sales revenue up 119.29% year-on-year.

**Summary:**
**Affected by Spring Festival consumption, the food and beverage market saw a brief recovery in Q1.** Among the 40 food and beverage companies surveyed by New Distribution, 26 saw revenue increases and 24 saw net profit increases. Three Squirrels led in revenue growth, while Xiangpiaopiao led in net profit growth.
Competition in the traditional snack track remains fierce. Three Squirrels regained ground with its "high-end cost-performance" strategy, while Bestore continued its price reduction model from last year, with a slight increase in revenue but a 57.98% decline in net profit—revenue growth without profit growth. Lai Yifen saw declines in both revenue and profit.
**In contrast, Qiaqia Food, Yanjin Shop, and Ganyuan Food seized the Spring Festival consumption peak, promoted New Year gift boxes, strengthened snack bulk channel layout, and diversified scenarios, achieving steady growth.**
Beverage brands Dongpeng Beverages, Yangyuan Zhiyin, Chengde Lulu, and Xiangpiaopiao performed well in Q1, with the momentum of their big single products continuing to release. According to financial data, profit increases were mostly due to lower raw material costs and expense optimization.

**Dairy Products**

**Yili Group**
In Q1 2024, Yili Group achieved total revenue of 32.577 billion yuan, down 2.60% year-on-year; net profit attributable to shareholders was 5.923 billion yuan, up 63.84%. The company stated this was mainly due to increased investment income from the transfer of subsidiary equity during the period.
By category, liquid milk was 20.26 billion yuan, down 6.8%; milk powder and dairy products were 7.43 billion yuan, down 0.2%; cold drinks were 4.33 billion yuan, up 14.2%, showing significant growth. According to Mashangying data, in 2023, Yili ranked first in China's ice cream/ice cream market.

**Bright Dairy**
In Q1 2024, Bright Dairy achieved revenue of 6.417 billion yuan, down 9.25% year-on-year; net profit of 172 million yuan, down 8.07%.
Weak consumer demand for dairy products and declining revenue from main channels led to a 13.68% year-on-year decline in liquid milk business, facing significant pressure.
Looking ahead to 2024, Bright Dairy remains confident. According to the 2023 shareholder meeting materials, the company's annual operating plan aims to achieve total revenue of 29.031 billion yuan and net profit attributable to shareholders of 567 million yuan.

**Milkground**
In Q1 2024, Milkground achieved revenue of 950 million yuan, down 7.1% year-on-year; net profit attributable to shareholders of 41.3 million yuan, up 70.6%.
Although revenue did not grow, net profit increased significantly. According to financial data, the company's sales expenses, R&D expenses, and administrative expenses all decreased to varying degrees year-on-year, showing initial results in cost reduction and efficiency improvement.

**Maiquer**
In Q1 2024, Maiquer achieved revenue of 154 million yuan, down 12.27% year-on-year; net loss attributable to shareholders of 31.9612 million yuan.
Since 2020, the public has paid more attention to dairy safety issues, and Maiquer seems to have been on a path of losses. Although there has been some improvement in the past two years, it is still difficult to achieve profitability. The company attributed the performance change to reduced sales of main products and increased cost investments in product structure, channel construction, and brand marketing.

**Summary:**
Based on revenue data from 16 dairy companies surveyed, only 4 saw revenue increases in Q1 2024, while the rest saw declines of varying degrees. In terms of net profit, 7 companies were profitable, and 9 saw profit declines. Among them, Yili ranked first in both revenue and net profit; Qishi Dairy led in revenue growth; Beingmate led in net profit growth. According to the National Bureau of Statistics, **in Q1 2024, domestic milk production increased by 5.1% year-on-year, but milk prices showed a downward trend.** Currently, dairy companies are facing loss pressure due to weak consumer demand and falling milk prices. Tianrun Dairy's net profit fell 91.74% in Q1, which the company attributed to losses from the consolidation of Xinnong Dairy and increased culling of low-production-value cows.
With an unfavorable market environment and increasingly fierce competition, Yantang Dairy stated it will intensify efforts to deepen its low-temperature milk business, focus on the Greater Bay Area, and target key markets for breakthroughs, with a medium- to long-term goal of 5 billion yuan in revenue.
"Cheese leader" Milkground is also seeking breakthroughs, continuously launching products for B-end catering scenarios, innovating products, and expanding into baking and tea beverage sectors.

**Rice, Flour, Oil & Condiments**

**Yihai Kerry**
In Q1 2024, Yihai Kerry achieved revenue of 57.274 billion yuan, down 6.17% year-on-year; net profit attributable to shareholders of 882 million yuan, up 3.3% year-on-year and 22.77% quarter-on-quarter.
The decline in revenue was mainly due to the impact of product price declines exceeding the revenue contribution from sales volume growth. Among them, due to market recovery and lower raw material costs, kitchen food achieved growth in both sales volume and profit. However, the flour business, feed raw materials, and oil technology products saw performance declines.

**Foshan Haitian Flavouring and Food**
In Q1 2024, Haitian achieved revenue of approximately 7.694 billion yuan, up 10.21% year-on-year; net profit attributable to shareholders of approximately 1.919 billion yuan, up 11.85%.
After the double decline in revenue and net profit in 2023, the Q1 2024 growth can be considered a satisfactory performance. By product, Haitian's soy sauce, seasoning sauce, oyster sauce, and other categories achieved revenue of 4.085 billion yuan, 801 million yuan, 1.282 billion yuan, and 1.067 billion yuan, respectively, up 10.06%, 6.44%, 9.63%, and 22.1% year-on-year, showing a clear improvement.

**Angel Yeast**
In Q1 2024, Angel Yeast achieved revenue of 3.483 billion yuan, up 2.52% year-on-year; net profit attributable to shareholders of 319 million yuan, down 9.45%.
The company's Q1 performance improvement was mainly due to continued growth in international business and improvement in difficult business units. Domestic revenue was 2.10 billion yuan, down 4.5% year-on-year; overseas revenue was 1.37 billion yuan, up 16.7%.

**Qianhe Condiment**
In Q1 2024, Qianhe achieved revenue of 895 million yuan, up 9.28% year-on-year; net profit attributable to shareholders of 155 million yuan, up 6.66%, maintaining steady growth.
Qianhe has seized consumers' continuous pursuit of health and nutrition, making the "zero-additive" concept deeply rooted and firmly occupying consumer minds.

**Summary:** **Rice, flour, oil, and condiments, as daily necessities, have stable sales but show a clear leader effect.** Yihai Kerry's revenue of 57.274 billion yuan firmly ranks first in the industry. Haitian, Zhongju Hi-Tech, and Qianhe, three companies mainly producing soy sauce and vinegar, all achieved growth in both revenue and net profit. Jiajia Food, which has been investing in "zero-additive," seems not to have found a suitable growth path, with net profit down 49.03% in Q1. Compound condiments have broken through, with Tianwei Food's net profit up 37.2%. For the condiment industry, the increase in home cooking scenarios has boosted demand for household condiments, and condiment categories are becoming more diversified. **Young consumers need convenience and speed, and compound condiments seem to have become a new direction for growth in the condiment industry.**

**Prepared Dishes**

**Shuanghui Development**
In Q1 2024, Shuanghui Development's revenue was 14.269 billion yuan, down 8.92% year-on-year; net profit attributable to shareholders was 1.272 billion yuan, down 14.54%.
Despite the profit decline, it is worth noting that the company's meat products ton profit was around 5,000 yuan/ton in Q1, significantly improved both quarter-on-quarter and year-on-year, and hit a record high for a single quarter. The company stated that the quarter-on-quarter improvement in ton profit was mainly due to increased meat product sales, optimized product structure, and reduced costs.

**Anjoy Foods**
In Q1 2024, Anjoy Foods' revenue was 3.755 billion yuan, up 17.67% year-on-year; net profit attributable to shareholders was approximately 438 million yuan, up 21.24%.
By product, the company's frozen rice and flour products, frozen meat products, and frozen surimi products saw revenue growth rates of +4.42%, +27.73%, and +31.48%, respectively. The steady increase in sales across product segments demonstrates Anjoy's strong product and brand power, and its year-on-year performance growth further solidifies its position as the "frozen food leader."

**Longda Meishi**
In Q1 2024, Longda Meishi achieved revenue of 2.523 billion yuan, down 27.43% year-on-year; net profit attributable to shareholders of 30.3487 million yuan, up 43.24%.
The company attributed the net profit growth to: first, reduced breeding output and better cost control in the breeding segment, leading to overall cost reduction; second, capacity optimization in the slaughter segment since Q1. Additionally, Spring Festival gift box sales were outstanding, and the company upgraded some traditional old products, driving sales in online new retail and offline supermarket channels. The prepared dishes segment also maintained rapid growth.

**Qianwei Central Kitchen**
In Q1 2024, Qianwei Central Kitchen's revenue was 463 million yuan, up 8.04% year-on-year; net profit attributable to shareholders was 34.5751 million yuan, up 14.16%.
The company achieved positive growth in revenue and net profit in Q1, but the growth rate slowed. The company attributed this to: first, a high base in Q1 2023; considering the combined data of Q4 2023 and Q1 2024, the Q1 growth trend is relatively healthy; second, the overall consumption environment in Q1 was weaker compared to the same period; third, intensified competition in the large B-end market.

**Summary:**
In 2023, topics such as "prepared dishes entering schools" and "New Year's Eve dinner prepared dishes" emerged frequently. The impact of the public opinion storm on prepared dishes seems to persist. In Q1, among the top five companies—Shuanghui, Anjoy, Longda, Sanquan, and Guolian Aquatic—only Anjoy Foods saw positive growth in both revenue and net profit.
However, from a long-term industry development perspective, standardized and efficient prepared dishes still have great development potential. **According to iiMedia Research data, the market size of China's prepared dish industry in 2023 was 516.5 billion yuan, up 23.1% year-on-year, and is expected to exceed 1 trillion yuan by 2026.**

**Personal Care & Daily Chemicals**

**Winner Medical**
In Q1 2024, Winner Medical's revenue was 1.909 billion yuan, down 18.84% year-on-year; net profit attributable to shareholders was 182 million yuan, down 51.6%.
In Q1, the company's consumer goods business revenue was 1.04 billion yuan, up 7.1% year-on-year; core category dry/wet cotton wipes achieved revenue of 270 million yuan, up 20.0%.

**Shanghai Jahwa**
In Q1 2024, Shanghai Jahwa achieved revenue of 1.905 billion yuan, down 3.76% year-on-year; net profit attributable to shareholders of 256 million yuan, up 11.18%.
Founded in 1898 and listed in 2001, Shanghai Jahwa has a history of 126 years. As a veteran Chinese beauty and daily chemical brand, it has a rich and comprehensive product matrix. In recent years, Proya has grown rapidly and officially surpassed Shanghai Jahwa last year to take the top spot.

**C&S Paper**
In Q1 2024, C&S Paper's revenue was 1.845 billion yuan, down 10.45% year-on-year; net profit attributable to shareholders was 95.4501 million yuan, up 6.72%.
C&S Paper, once known as the "Moutai of paper," has been hovering between "revenue growth without profit growth" and "profit growth without revenue growth" in recent years. The net profit improvement in Q1 was mainly due to lower pulp prices, with cheaper raw materials leading to year-on-year cost improvements.

**Byhealth**
In Q1 2024, Byhealth's total revenue was 765 million yuan, up 46.4% year-on-year; net profit attributable to shareholders was 103 million yuan, up 28.07%.
During the reporting period, the company's Free Point product revenue increased 54.6% year-on-year, with the proportion of high-end series products continuing to rise, driving an increase in gross margin.
The company will continue to deepen its presence in advantageous regions, accelerate e-commerce channel construction, and expand the national market in an orderly manner.

**Yiyi Co., Ltd.**
In Q1 2024, Yiyi achieved revenue of 384 million yuan, up 35.18% year-on-year; net profit attributable to shareholders of 42.2713 million yuan, up 1974.82%.
According to customs data, from 2021 to 2023, Yiyi's export value of pet disposable hygiene products, mainly pet pads and pet diapers, accounted for 37.00%, 38.13%, and 31.12% of the same category exports in domestic customs, respectively.

**Summary:**
Among the 12 companies surveyed, 7 saw revenue increases and 5 saw declines. In terms of net profit, Winner Medical and Jieya Co., Ltd. saw significant declines, while the rest saw growth. Personal care brand Byhealth and pet care brand Yiyi performed outstandingly, leading in growth rates.
The personal care and daily chemical industry has many sub-categories, each with different industry characteristics and competitive landscapes. **Historically, local personal care brands have been relatively weak in competitiveness, but with the rising "national trend" heat, consumers are willing to pay for domestic brands, and the strength of domestic brands is continuously increasing.**

**Final Thoughts**
Overall, **the FMCG industry showed a stable but slow growth trend in Q1. Consumers tend to be rational, and the Spring Festival did not drive significant growth.**
Leisure food still needs to counter the impact of "cost-performance"; the dairy industry faces cost pressure and needs to change consumption trends; compound condiments are beginning to appear in front of the public; the prepared dish industry is affected but still viewed favorably; personal care and daily chemical brands are continuously innovating and gradually expanding their reach.
In a highly competitive market environment, brands are actively seeking breakthroughs to establish a firm foothold in their respective fields. How to achieve long-term development and remain invincible in the market requires continuous exploration and change.

**Recommended Reading**


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