In the first half of this year, total retail sales of consumer goods reached 23.5969 trillion yuan, a year-on-year increase of 3.7%, with growth gradually slowing. At the same time, amid fierce competition in the FMCG market, consumer rationality is increasingly occupying consumers' minds, becoming a key factor dominating consumer behavior. As of now, New Distribution has compiled revenue and net profit data for 108 FMCG companies, sorted by revenue.

Food & Beverage

Master Kong In the first half of 2024, Master Kong achieved revenue of 41.201 billion yuan, a year-on-year increase of 0.7%; net profit attributable to shareholders was 1.885 billion yuan, a year-on-year increase of 15.1%. By segment, the instant noodle business generated revenue of 13.814 billion yuan. Although revenue slightly declined, the gross margin for instant noodles increased by 1.3% due to favorable raw material and product mix optimization, driving the segment's net profit attributable to shareholders up 5.4% year-on-year to 850 million yuan. In beverages, through product mix optimization and improved management efficiency, revenue reached 27.065 billion yuan, a year-on-year increase of 1.7%, accounting for 65.7% of the group's total revenue. Among this, tea beverages generated revenue of 11.392 billion yuan in the first half, a year-on-year increase of 13%.

Nongfu Spring In the first half of 2024, Nongfu Spring achieved revenue of 22.17 billion yuan, a year-on-year increase of 8.4%; net profit attributable to shareholders was 6.24 billion yuan, a year-on-year increase of 8%. A series of online rumors starting from the end of February caused unavoidable negative impacts on Nongfu Spring. Packaged drinking water products experienced a significant decline for the first time, with revenue down 18.3% year-on-year; however, beverage product revenue increased by 36.7% year-on-year. Among these, ready-to-drink tea products grew by 59.5%, and according to Nielsen data, Oriental Leaf grew by over 90%.

Three Squirrels In the first half of 2024, Three Squirrels achieved revenue of 5.075 billion yuan, a year-on-year increase of 75.39%; net profit attributable to shareholders was 290 million yuan, a year-on-year increase of 88.57%. Three Squirrels' overall goal for 2024 is "Return to 10 billion, strengthen across the board," and at the "Three Squirrels 2024 Product-Sales Co-creation Conference" in August, it stated it would focus on building a solid distribution regional base, deeply linking full-category supply chains with offline retail channels, and matching appropriate products for each province. The significant revenue and profit growth in the first half is mainly attributed to revenue growth across all channels.

Yanjin Puzi In the first half of 2024, Yanjin Puzi achieved revenue of 2.459 billion yuan, a year-on-year increase of 29.84%; net profit attributable to shareholders was 319 million yuan, a year-on-year increase of 30%. Yanjin Puzi adopts a full-channel marketing development model: "Direct-operated KA supermarkets set benchmarks, distributors expand comprehensively, channels penetrate downward, and emerging channels such as e-commerce and snack channels actively break through." It focuses on seven core categories, continuously optimizing supply chain and product strength. Best-selling products like "Danhuang" quail eggs and "Damowang" sesame sauce vegetarian tripe have driven rapid category growth.

Liangpin Puzi In the first half of 2024, Liangpin Puzi achieved revenue of 3.886 billion yuan, a year-on-year decrease of 2.52%; net profit attributable to shareholders was 23.89 million yuan, a year-on-year decrease of 87.38%. Regarding the decline in revenue and profit, the company stated: The price reduction strategy in store channels effectively increased customer traffic but had a short-term impact on sales; while reducing prices, the company also improved operational efficiency through supply chain efficiency, lean production improvements, and operating cost optimization, which impacted profits.

V V Food & Beverage In the first half of 2024, V V Food & Beverage achieved revenue of 1.743 billion yuan, a year-on-year decrease of 13.21%; net profit attributable to shareholders was 151 million yuan, a year-on-year increase of 145.08%. The significant profit increase was mainly due to the expropriation of the Jinan subsidiary's factory site. As consumption upgrades drive the segmentation of soy milk flavors, the number of entrants is gradually increasing, and market competition is becoming more intense. As a well-known national soy milk brand, continuous innovation and optimization are needed to maintain market share.

Summary: In the first half of 2024, among the 44 food and beverage companies surveyed, 19 saw revenue decline and 23 saw net profit decline. Three Squirrels, Weilong, Qiaqia Food, Yanjin Puzi, Jinzai Food, and Ganyuan Food all achieved growth in both revenue and profit. Except for Qiaqia Food with revenue growth of 7.92%, all others saw revenue and net profit growth above 20%. In contrast, Lai Yifen and Liangpin Puzi performed poorly in the first half, with significant declines in both revenue and profit. Under the health trend, tea beverage categories of Master Kong (beverages), Nongfu Spring, and Uni-President (beverages) all achieved rapid growth, becoming the fastest-growing sub-categories in their product portfolios. Dongpeng Bulela remained a strong single product, with revenue of 476 million yuan, a year-on-year increase of 281.12%.

Dairy Products

Yili In the first half of 2024, Yili achieved revenue of 59.696 billion yuan, a year-on-year decrease of 9.53%; net profit attributable to shareholders was 7.531 billion yuan, a year-on-year increase of 19.44%. Among this, the liquid milk business achieved operating revenue of 36.887 billion yuan, continuing to rank first in business scale and market share. According to Nielsen and Xingtu third-party retail research data, Yili's infant formula retail sales market share increased by 1.7 percentage points year-on-year to 16.9%, with sales achieving counter-trend growth.

Mengniu In the first half of 2024, Mengniu achieved revenue of 44.6705 billion yuan, a year-on-year decrease of 12.6%; net profit attributable to shareholders was 2.532 billion yuan, a year-on-year decrease of 19.03%. Main businesses including liquid milk, ice cream, milk powder, and cheese all declined to varying degrees, while other businesses grew by over 26% year-on-year. Mengniu stated that the liquid milk market faces challenges, with ambient white milk sales declining due to weak consumer demand, industry supply-demand imbalance, and inventory adjustments, but prices remained stable. Meanwhile, low-temperature yogurt rose against the trend, continuing its growth momentum.

Feihe In the first half of 2024, Feihe achieved revenue of 10.09 billion yuan, a year-on-year increase of 3.7%; net profit attributable to shareholders was 1.91 billion yuan, a year-on-year increase of 18%. In the first half, ultra-premium products grew by 19% year-on-year, and the Xingfeifan Zhuorui series revenue increased by 80%. Revenue and share of high-end and ordinary products continued to decline. The company continues to focus on ultra-premium series products, driving product structure upgrades.

Milkground In the first half of 2024, Milkground achieved revenue of 1.923 billion yuan, with net profit attributable to shareholders of 76.78 million yuan, a year-on-year increase of 168%; non-GAAP net profit was 56.88 million yuan, an increase of nearly 20 times compared to the same period last year. According to Kantar Consumer Index household panel data, in the first half of 2024, Milkground's cheese market share exceeded 35% in China's cheese brand sales, and its cheese stick market share exceeded 40%. The company continues to expand market share while maintaining industry leadership.

Tianrun Dairy In the first half of 2024, Tianrun Dairy achieved total operating revenue of 1.443 billion yuan, a year-on-year increase of 3.89%; net profit attributable to shareholders was a loss of approximately 27.9078 million yuan, a year-on-year decrease of 122.18%. Regarding the significant decline in net profit, Tianrun Dairy stated: It was mainly due to the company increasing the elimination of low-production-value cattle, provision for milk powder impairment and cattle impairment based on market factors, and increased losses from the consolidation of Xinnong Dairy.

Summary: According to the National Bureau of Statistics, in the first half of 2024, dairy production was 14.33 million tons, a year-on-year decrease of 3.0%, with June production at 2.427 million tons, a year-on-year decrease of 4.9%. Facing the pressure of population decline and weak consumption in the dairy industry, major dairy brands are also facing losses. Among the 20 dairy companies surveyed, 15 saw revenue decline and 14 saw net profit decline. NielsenIQ data shows that in 2021, 2022, and 2023, dairy industry all-channel revenue grew by 7.90%, declined by 6.50%, and declined by 2.40% year-on-year, respectively. In the first half of 2024, the dairy industry's all-channel sales growth declined by 2.5% year-on-year. Industry leaders Yili and Mengniu also showed declining trends. Feihe achieved 10 billion in revenue by focusing on ultra-premium products, with both revenue and profit growth, delivering impressive results. Brands such as Royal Group, Yantang Dairy, Junyao Health, and Liziyuan were affected by industry developments, with both revenue and profit declining, showing obvious downward trends.

Rice, Flour, Oil & Condiments

Yihai Kerry In the first half of 2024, Yihai Kerry achieved revenue of 109.478 billion yuan, a year-on-year decrease of 7.78%; net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 13.57%, with non-GAAP net profit of 160 million yuan. In recent years, Yihai Kerry has been seeking transformation and choosing diversified businesses to alleviate pressure. It continuously introduces new products and categories, evolving from a single edible oil brand to a comprehensive kitchen food brand, covering edible oil, rice, flour, noodles, condiments, and other categories.

Haitian Flavoring In the first half of 2024, Haitian Flavoring achieved revenue of 14.156 billion yuan, a year-on-year increase of 9.18%; net profit attributable to shareholders was 3.453 billion yuan, a year-on-year increase of 11.52%. The main soy sauce business achieved revenue of 7.264 billion yuan, accounting for 51.31% of total revenue. From "double decline" in revenue and profit in the first half of 2023 to "double increase" in the first half of 2024, Haitian has staged a comeback. The company also stated that benefiting from the overall price correction trend of bulk raw materials such as soybeans and packaging materials, its cost pressure has been somewhat alleviated.

Keming Foods In the first half of 2024, Keming Foods achieved revenue of 2.398 billion yuan, a year-on-year decrease of 10.46%; net profit attributable to shareholders was 103 million yuan, a year-on-year increase of 824.52%. Although it increased profit without increasing revenue, the 8-fold net profit growth indicates Keming Foods' performance continues to improve. In the first half, the company continued to optimize product structure and reduce raw material costs in the food segment, leading to higher product gross margins; the rise in pig prices also allowed the pig farming segment to achieve breakeven.

Lotus Health In the first half of 2024, Lotus Health achieved revenue of 1.222 billion yuan, a year-on-year increase of 25.46%; net profit attributable to shareholders was 101 million yuan, a year-on-year increase of 101.03%. In 2023, amid turmoil for many domestic brands, Lotus MSG broke years of rumors and, leveraging the "old domestic brand" sentiment, captured a wave of traffic, continuously increasing promotional efforts across platforms. Performance soared, successfully "turning red"!

Jiajia Food In the first half of 2024, Jiajia Food achieved revenue of 789 million yuan, a year-on-year decrease of 7.65%; net profit attributable to shareholders was a loss of 29.1621 million yuan, a year-on-year decrease of 848.84%. In recent years, Jiajia Food has continuously increased investment in "zero-additive" and "reduced-salt" series products, and has increased advertising and market expenses, including online and offline promotion, promotional activities, and channel costs, leading to a significant increase in overall market expenses.

Summary: The rice, flour, oil, and condiment industry has typical consumer attributes, strong stability, and is less affected by economic cycles. Industry competition is relatively concentrated, with obvious brand advantages. Among the 25 companies surveyed, Yihai Kerry remains at the top with 100 billion in revenue; Lotus Health saw the highest revenue growth year-on-year; Haitian Flavoring achieved net profit of 3.453 billion yuan; Keming Foods saw a cliff-like net profit growth of 824.52%.

Beer

Budweiser APAC In the first half of 2024, Budweiser APAC achieved revenue of 24.583 billion yuan, a year-on-year decrease of 4.3%; net profit attributable to shareholders was 3.913 billion yuan, a year-on-year decrease of 5.91%. In the second quarter of 2024, rainfall in Budweiser APAC China's core regional markets, Fujian and Guangdong provinces, led to a 10.3% decline in single-quarter sales volume in the Chinese market, a 15.2% decrease in revenue, and a 5.4% decrease in revenue per hectoliter.

China Resources Beer In the first half of 2024, China Resources Beer achieved revenue of 23.744 billion yuan, with net profit attributable to shareholders of 4.705 billion yuan, an increase of 1.2% compared to the same period. China Resources Beer's continued premiumization drove the overall average selling price of beer up 2.0% year-on-year. In the first half, the sales proportion of mid-range and above beer exceeded 50% for the first time, and recurring profit also hit a record high.

Tsingtao Brewery In the first half of 2024, Tsingtao Brewery achieved revenue of 20.068 billion yuan, with net profit attributable to shareholders of 3.642 billion yuan, a year-on-year increase of 6.31%. This year, Tsingtao Brewery, with "sports marketing + music marketing + experience marketing" as its main line, carried out brand marketing activities around sports events such as the "European Cup" and "Paris Olympics," continuously enhancing brand influence and product competitiveness.

Chongqing Brewery In the first half of 2024, Chongqing Brewery achieved revenue of 8.861 billion yuan, a year-on-year increase of 4.18%; net profit attributable to shareholders was 901 million yuan, a year-on-year increase of 4.19%; non-GAAP net profit was 888 million yuan, a year-on-year increase of 3.91%. Despite achieving growth in both revenue and profit, Chongqing Brewery's growth rate is gradually slowing, and sales expenses increased from 1.236 billion yuan in the same period last year to 1.349 billion yuan. The continuous increase in marketing activities has also posed challenges for Chongqing Brewery, which stated that the company may not be able to achieve its initial revenue expectations.

Summary: Among the 8 beer companies surveyed, brands with positive revenue growth include Chongqing Brewery, Yanjing Beer, Zhujiang Beer, and Huiquan Beer, but the increases were modest, all within 10%. The three major revenue leaders, Budweiser APAC, China Resources Beer, and Tsingtao Brewery, all saw revenue declines, but their net profits still lead. In the long term, the beer industry still has significant growth space, with growth momentum shifting to price increases. Under monopoly competition among giants, industry concentration is increasing, and premiumization has become the direction for brand development. High-quality products and brand value enhancement drive long-term industry growth and competitiveness.

Personal Care Industry

C&S Paper In the first half of 2024, C&S Paper achieved revenue of 4.021 billion yuan, a year-on-year decrease of 14.17%. Net profit attributable to shareholders was approximately 87.5826 million yuan, an increase of 3.66% compared to the same period last year. Currently, tissue products in the market are highly homogeneous, and consumers tend to make purchasing decisions based on price. As one of the leading companies in the tissue industry, C&S Paper has seen a clear downward trend in net profit over the past three years, indicating that the tissue industry is facing severe operational challenges and significant pressure.

Shanghai Jahwa In the first half of 2024, Shanghai Jahwa achieved revenue of 3.321 billion yuan, a year-on-year decrease of 8.51%; net profit attributable to shareholders was 238 million yuan, a year-on-year decrease of 20.93%; non-GAAP net profit was 235 million yuan, a year-on-year decrease of 10.36%. Regarding the decline in both revenue and profit, the company stated that it was mainly affected by multiple factors such as actively reducing social inventory and being in a deep adjustment period, with significant short-term pressure.

Baiya Shares In the first half of 2024, Baiya Shares achieved operating revenue of 1.532 billion yuan, a year-on-year increase of 61.31%, and net profit attributable to shareholders of 179.7 million yuan, a year-on-year increase of 36.41%. The growth in revenue and profit is mainly attributed to focusing on advantageous resources, strengthening brand building, continuously optimizing product structure, accelerating product updates and iterations, and deeply cultivating core advantageous regions in channels, accelerating e-commerce and emerging channel construction, and steadily advancing national market expansion.

Dengkang Oral In the first half of 2024, Dengkang Oral achieved revenue of 703 million yuan, a year-on-year increase of 5.45%; net profit attributable to shareholders was 72.42 million yuan, a year-on-year increase of 9.77%. Nielsen retail data shows that in the first half of 2024, the top ten toothpaste manufacturers' offline market share totaled 80.60%, and the top four manufacturers including Dengkang Oral had a market share of 60.29%. The head effect is increasingly significant, demonstrating a good market brand effect.

Mingchen Health In the first half of 2024, Mingchen Health achieved revenue of 665 million yuan, a year-on-year decrease of 21.30%; net profit attributable to shareholders was 60.3629 million yuan, a year-on-year decrease of 39.42%. Among this, daily chemical products revenue was 188 million yuan, a year-on-year decrease of 16.99%, accounting for 26.77% of revenue; online game revenue was 476 million yuan, a year-on-year decrease of 22.88%, accounting for 73.15% of revenue. The revenue decline was due to the decline in the daily chemical business and the game segment not yet generating transfer development income, coupled with delays in the launch of key products.

Summary: Among the 11 personal care and daily chemical companies surveyed, in terms of revenue, 6 companies saw year-on-year growth; in terms of net profit, 5 companies saw year-on-year growth. Among them, Shanghai Jahwa, Haoyue Care, and Mingchen Health saw declines in both revenue and profit; C&S Paper saw profit growth without revenue growth. Baiya Shares, Yiyi Shares, and Dengkang Oral all achieved growth in both revenue and profit, with significant results from optimization in product structure and channel construction.

Final Thoughts In the first half of this year, various categories in the FMCG industry showed clear downward trends, but some brands broke through, achieving counter-trend growth through product layout and channel development. The food and beverage industry continues to be synonymous with "health," driving the sustained growth of sugar-free tea beverages, while the snack category demands both high quality and cost-effectiveness; The dairy industry is under severe pressure with obvious declines, and consumers' diversified needs have opened new development opportunities for high-end product lines; The rice, flour, oil, and condiment industry has stable demand, and falling raw material prices have alleviated brand pressure; Competition among leading beer brands remains fierce, with premiumization becoming the development direction; the personal care and daily chemical sector is more affected by price. To achieve sustained growth amid fierce competition, brands need to accurately grasp consumer demand trends and respond to market changes with flexible marketing strategies, ensuring they maintain a leading position in competition.