---
title: "138 FMCG Listed Companies Release Annual Reports: 70 See Revenue Growth, 73 See Profit Decline"
description: "In 2025, China's consumer market recovered steadily, with total retail sales of consumer goods exceeding 50.1 trillion yuan, up 3.7% year-on-year. However, the FMCG industry showed clear divergence: some companies achieved growth in both scale and profit, while many others fell into the dilemma of 'growth without profit'. New Distribution has compiled revenue and net profit data from 138 FMCG companies' annual reports, ranking them by revenue to analyze industry trends and structural changes."
author: "杨玉琳"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2026-05-15"
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citation: "杨玉琳. “138 FMCG Listed Companies Release Annual Reports: 70 See Revenue Growth, 73 See Profit Decline.” New Distribution, 2026-05-15. https://xinjignxiao.com/en/articles/138-fmcg-listed-companies-release-annual-reports-70-see-revenue-growth-7-871b2dde/"
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# 138 FMCG Listed Companies Release Annual Reports: 70 See Revenue Growth, 73 See Profit Decline

> In 2025, China's consumer market recovered steadily, with total retail sales of consumer goods exceeding 50.1 trillion yuan, up 3.7% year-on-year. However, the FMCG industry showed clear divergence: some companies achieved growth in both scale and profit, while many others fell into the dilemma of 'growth without profit'. New Distribution has compiled revenue and net profit data from 138 FMCG companies' annual reports, ranking them by revenue to analyze industry trends and structural changes.

In 2025, China's consumer market recovered steadily, with total retail sales of consumer goods exceeding 50.1 trillion yuan, up 3.7% year-on-year. However, the FMCG industry showed clear divergence: some companies achieved growth in both scale and profit, while many others fell into the dilemma of 'growth without profit'. New Distribution has compiled revenue and net profit data from 138 FMCG companies' annual reports, ranking them by revenue to analyze industry trends and structural changes.

**Food & Beverage**

**Tingyi (Master Kong)**
In 2025, Tingyi achieved revenue of 79.068 billion yuan, with net profit attributable to shareholders of 4.501 billion yuan, up 20.50% year-on-year, marking the highest growth in five years. The instant noodle business generated 28.421 billion yuan, a slight increase, accounting for 35.9% of total revenue; the beverage business generated 50.123 billion yuan, accounting for 63.4%.
The financial report shows that Tingyi continued to promote formula optimization and category innovation. For instant noodles, it maintained the basic market of big products, deepened mainstream flavors, and incubated new products; for beverages, it stabilized core bestsellers and launched new products like fresh green tea and sugar-free jasmine tea to adapt to diverse consumption scenarios. The synergy of dual businesses and continuous product iteration supported Tingyi's counter-trend growth in the stock competition.

**Nongfu Spring**
2025 was a year for Nongfu Spring to move from 'pressure' to 'repair and re-growth'. On one hand, the company's revenue crossed the 50 billion yuan threshold for the first time, securing a leading position in the beverage industry, with double-digit growth in tea drinks, functional drinks, and juices. On the other hand, its development logic was further validated: what truly supports long-term competitiveness is still the heavy-asset supply chain and scarce resource capabilities.
After the public opinion crisis, Nongfu Spring refocused on water sources: continuing to expand water source sites and repeatedly emphasizing 'building factories and bottling at water sources'. At the same time, by printing water sources on bottles, opening visits, and producing documentaries, it rebuilt brand trust in ways visible to consumers.

**Uni-President**
In 2025, Uni-President achieved revenue of 31.714 billion yuan, with food business revenue of 10.494 billion yuan, up 5.0% year-on-year; beverage business revenue of 19.471 billion yuan, up 1.2%.
In recent years, Uni-President has adhered to a 'value marketing' strategy to maintain price system stability and enhance product intrinsic value. In terms of channels, it emphasizes emerging sales channels, deeply cultivating membership stores, warehouse clubs, and instant retail; it also connects multiple consumption scenarios such as dining, home, and sports leisure, with both online and offline efforts to consolidate its advantages.

**China Foods**
In 2025, China Foods achieved revenue of 22.07 billion yuan, up 2.69% year-on-year, showing steady progress. By business, soda water revenue was 16.685 billion yuan, accounting for 75.6%, up 2.1%, continuing its core role; functional drinks saw the most notable growth, with revenue up 28.1%, and Monster sales up nearly 50%, becoming the main incremental source; in the juice business, Qoo's revenue after relaunch increased 85.4%, driving category recovery.
However, as the proportion of low-margin water categories increased and aluminum prices fluctuated at high levels, pushing up packaging costs, the company's gross margin slightly declined to 37.1%. While scale expands steadily, balancing category structure and profitability remains a practical issue.

**Dongpeng Beverage**
In 2025, Dongpeng Beverage maintained high-speed growth in both revenue and net profit, with year-on-year growth above 30%. The core product, Dongpeng Teana, achieved revenue of 15.599 billion yuan, entering the 15-billion-yuan big product club. More critically, its electrolyte water product 'Bushuila' achieved revenue of 3.274 billion yuan, up 118.99% year-on-year, completely freeing Dongpeng from dependence on a single product and providing a foundation for long-term stable development.

**Summary:**
Among the 47 food and beverage companies counted by New Distribution, 21 saw revenue growth and 21 saw net profit growth. Among beverage companies, leading players like Tingyi, Nongfu Spring, and Uni-President achieved growth through sugar-free tea drinks and functional drinks; regional brands like Quanyangquan leveraged water source advantages, and 5100 Tibet Glacier achieved significant profit growth through major customer expansion and special channel development.
In contrast, traditional plant-based protein drinks, ready-to-drink teas, and powdered drinks represented by Yangyuan, Chengde Lulu, and Xiangpiaopiao saw significant revenue declines, clearly showing consumer preference shifts.
In the food track, warehouse club channels rose strongly with extreme cost-effectiveness and dense community layouts, with Wanchen Group and Mingming Henmang delivering phenomenal results. Traditional companies like Liangpin Puzi, Three Squirrels, Qiaqia, and Taoli Bread generally fell into revenue decline and profit halving; Weilong and Yanjin Puzi successfully broke through with konjac products.
It can be said that the industry has bid farewell to extensive growth; new channel adaptability, second-curve construction capability, and speed in capturing consumer preferences are becoming the watershed for enterprise survival.

**Dairy**

**Yili**
In 2025, Yili achieved operating revenue of 115.931 billion yuan, with net profit attributable to shareholders of 11.565 billion yuan, up 36.82% year-on-year, maintaining absolute industry leadership. Among this, liquid milk business revenue was 70.422 billion yuan, and milk powder and dairy products business revenue was 32.769 billion yuan, both ranking first in market share.
In 2021, Chairman Pan Gang explicitly told investors that by 2025, Yili's milk powder business would be the industry's No.1, and the company's net profit margin would reach 9%-10%. Four years later, both goals were achieved on schedule.
Yili's all-category leadership is rooted in its quality-first strategy and consumer-centric approach. Through continuous product iteration, innovative marketing models, and deep full-channel layout, the company not only cultivated the milk powder business as a second growth curve but also drove balanced and synergistic development of overall business, further consolidating its advantages.

**Mengniu**
In 2025, under the 'One Body, Two Wings' strategy, Mengniu achieved annual revenue of 82.24 billion yuan and net profit of 1.545 billion yuan. Although revenue slightly declined, core indicators such as gross margin and operating cash flow hit historical highs. The main reason is the fading impact of goodwill and intangible asset impairment provisions related to Bellamy's assets in 2024. Additionally, sales costs declined for two consecutive years, also contributing to profit growth.
From a business perspective, despite continued pressure on liquid milk, Mengniu achieved double-digit growth in fresh milk and cheese segments through diversified product innovation, while ice cream and milk powder maintained single-digit growth. On this basis, Mengniu advanced international business expansion under the 'two wings' and made breakthroughs in deep processing and functional nutrition, providing a reference model for the dairy industry to break free from involution and move toward value competition.

**Bright Dairy**
In 2025, Bright Dairy recorded a net loss of 149 million yuan, its first annual loss since 2009. The core drag came from its New Zealand subsidiary, Synlait Milk. During the reporting period, Synlait achieved revenue of 7.65 billion yuan but a net loss of 407 million yuan. Looking back, Synlait lost 296 million yuan in 2023 and 450 million yuan in 2024, under pressure for three consecutive years.
Bright Dairy originally intended to use the acquisition to access overseas milk sources and expand internationally, but it not only failed to bring increments but also dragged performance. Facing consecutive losses, Bright Dairy proactively stopped losses, planning to sell the North Island Pokeno plant and related assets to Abbott's subsidiary for $170 million. In 2026, Bright Dairy explicitly set a target of turning losses into profits with net profit exceeding 460 million yuan, officially starting a new phase of performance repair and growth.

**China Feihe**
In 2025, China Feihe faced severe challenges, with both revenue and net profit declining. Among this, infant formula revenue fell 16.8% to 15.868 billion yuan, a key reason. However, despite short-term fluctuations, Feihe's industry leadership remains stable. According to Euromonitor's retail volume statistics for 2019-2025, Feihe is certified as 'China's No.1 infant formula brand for 7 consecutive years'.
On this basis, Feihe is actively developing a second growth curve, transitioning from infant formula leader to all-age nutrition, expanding into adult milk powder, middle-aged and elderly nutrition, and protein powder categories. In 2025, Feihe's other dairy products business revenue was 2.061 billion yuan, up 36.1% year-on-year, with revenue share rising from 7.3% to 11.4%; nutritional supplement business revenue was 183 million yuan, up 6.0%.

**Summary:**
In 2025, the dairy industry showed clear divergence amid consumption recovery and cost pressures. Leading dairy companies like Yili and Mengniu, with scale advantages, complete supply chains, and full industry chain synergy, have stronger anti-cyclical resilience; while sub-sector leaders like Feihe and regional dairy companies face dual operational pressures from weakening demand and capacity expansion.
By category, liquid milk remains under pressure. In 2025, Bright Dairy's liquid milk revenue was 13.223 billion yuan, down 6.65%; Mengniu's liquid milk revenue was 64.939 billion yuan, down 11.12%; Yili's liquid milk revenue was 70.422 billion yuan, down 6.11%.
The core reason is saturated consumer demand and low raw milk price fluctuations, making price-driven and channel distribution growth logic ineffective. In this context, the low-temperature milk market became one of the few growth highlights, with New Hope Dairy achieving 35.98% counter-trend growth by focusing on low-temperature fresh milk and yogurt.
Meanwhile, declining birth rates directly compressed the infant formula market space, intensifying competition. Overall, short-term pressure remains in the dairy industry, but it is also forcing companies to adjust—either by making more differentiated products or improving efficiency through industry chain synergy.

**Grain, Oil, and Condiments**

**Yihai Kerry**
In 2025, Yihai Kerry's performance recovered, with sales volumes of kitchen foods, feed ingredients, and oil technology products increasing year-on-year. Behind the volume expansion is continuous investment in R&D and innovation, with R&D investment reaching 288 million yuan in 2025. Responding to consumers' demand for 'healthier diets', Yihai Kerry expanded its product matrix through upgrades. Last year, it launched the health brand 'Yihai Kerry Fengyitang', with the concept of 'Oriental food therapy', introducing functional products like diacylglycerol oil, plant sterol protein milk, and low-GI rice, opening more sub-sectors and seeking new growth space on top of its original grain and oil business.

**Haitian Flavoring**
In 2025, Haitian Flavoring continued to deepen strategic transformation, achieving record performance. In terms of product structure, its main business remained stable. Soy sauce, oyster sauce, and cooking sauce, as traditional core categories, saw revenue increases of 8.55%, 5.48%, and 9.29% year-on-year, mainly due to lower material procurement costs and lean loss reduction. In June last year, Haitian successfully listed on the Hong Kong Stock Exchange, opening the door to globalization. In 2025, its overseas production base was successfully established, and products are now sold to over 80 countries and regions, officially entering a new stage of accelerated internationalization.

**Fufeng Group**
As the world's largest MSG producer, Fufeng Group achieved positive revenue growth in 2025 despite pressure from declining average prices of multiple products. Thanks to a significant increase in animal nutrition segment sales, it effectively offset the revenue decline in the food additives segment due to MSG price cuts. Internally, it relied on multi-category sales complementarity to stabilize revenue; externally, it accelerated global production capacity layout to open incremental space. In April 2025, Fufeng started construction of its first production base in Kazakhstan, using local supply to reduce costs and bypass trade barriers against Chinese products to directly supply Europe.

**COFCO Sugar**
In 2025, COFCO Sugar's performance declined, with sugar price fluctuations and industry supply-demand imbalance as core factors. In fact, amid weakening industry demand and increased sugar price volatility, COFCO Sugar has been seeking ways out in recent years. On one hand, it entered the tomato industry; on the other, it extended into pharmaceutical sugar for the medical field. From launching oral-grade medicinal sucrose production in 2020 to advancing injection-grade medicinal sucrose and achieving sample sales in 2025, COFCO Sugar is gradually breaking away from its traditional single dependence on sugar.

**Summary:**
In 2025, among the 27 grain, oil, and condiment companies counted by New Distribution, 14 achieved revenue growth and 15 achieved profit growth. Among them, Shiyuedaotian seized the 'health + convenience' trend, focusing on corn, grains, and beans, with net profit surging 109.5%, becoming a rare high-growth representative.
Meanwhile, leading companies like Yihai Kerry, Haitian, Meihua Bio, and Angel Yeast achieved relatively stable profit performance through product structure optimization and cost control. On the other hand, some companies like Xiwang Food, Kemen Noodle, and Snowsky Salt saw performance declines due to weak demand, rising costs, and management issues.
In the tightening environment, many companies are proactively 'finding ways out': Fufeng Group entered the soy sauce track, extending downstream; Zhongju High-tech acquired Weizimei to enter compound condiments; Snowsky Salt expanded into salt chemical and new energy materials to find increments. Industry transformation seems to be a consensus, but whether it can truly break through remains to be validated by long-term market practice.

**Beer**

**Budweiser APAC**
In recent years, Budweiser APAC's sales in China have declined year after year, significantly dragging overall performance. In the past, Budweiser's rise in China was highly tied to on-premise channels like nightlife and high-end dining. As consumption habits change, with the rapid development of online instant retail and community supermarkets, more people choose home drinking and small gatherings, diverting on-premise channels. But Budweiser seems unable to keep up with channel changes, with a disconnect between old and new channels, further exacerbating sales decline.

**China Resources Beer**
In 2025, China Resources Beer's beer business showed strong resilience, with core big products performing well. As the company's premiumization transformation continues, in 2025, sales of sub-premium and above beer achieved mid-to-high single-digit growth, accounting for nearly 25% of total sales; premium and above beer sales grew close to 10% year-on-year. Among them, Heineken sales grew nearly 20% on a high base, Laosnow sales grew 60%, and Red爵 sales doubled year-on-year.

**Tsingtao Brewery**
In 2025, Tsingtao Brewery achieved steady progress with both volume and quality improvement. Annual main brand sales grew 3.5% year-on-year; mid-to-high-end product sales grew 5.2%. Classic series, white beer, and ultra-premium series continued to hit record highs, with white beer sales ranking first in the industry. Catering to consumers' core demands for health, low calories, diverse tastes, and personalized scenarios, Tsingtao launched new products like light dry, flavored white beer, and hazy IPA in 2025, filling gaps in the low-sugar, light-calorie segment. High-intensity R&D investment supported product innovation, with R&D expenses increasing 18.57% in 2025.

**Yanjing Beer**
In 2025, Yanjing Beer's net profit attributable to shareholders surged 59.06% year-on-year, marking the fourth consecutive year of over 50% net profit growth, showing strong momentum. The core big product Yanjing U8 sales jumped to 900,000 kiloliters, becoming the core pillar driving performance. At the same time, Yanjing continues to improve product layout, with the high-end all-malt lager new product A10 officially launched in March 2026. From craft beer to specialty categories, from traditional beer to healthy drinks, Yanjing is steadily consolidating its high-end and specialty layout.

**Summary:**
In 2025, sales of China Resources Beer, Tsingtao Brewery, Chongqing Brewery, and Yanjing Beer grew 1.4%, 1.5%, 0.68%, and 1.21% year-on-year, respectively. Budweiser APAC's sales in China declined 8.6% year-on-year.
This divergence stems from channel structure changes. The traditional on-premise channels dominated by dining and nightlife continue to weaken, with consumption shifting to off-premise scenarios like home, supermarkets, e-commerce, and instant retail, indicating a shift in industry focus.
Following this change, brewers are increasing new channel layouts. China Resources Beer cooperates with platforms like Meituan and JD.com to drive significant growth in online and instant retail; Tsingtao Brewery lays out 'fresh direct delivery' stores in key cities to strengthen home delivery capabilities. Chongqing Brewery launched 1L high-end craft beer, targeting off-premise channel increments; Yanjing Beer focused on e-commerce channels, with revenue reaching 347 million yuan, becoming the most significant channel growth highlight. In contrast, Budweiser APAC's high dependence on on-premise channels led to sales decline.
Overall, channels are reshaping the growth logic of the beer industry, and instant retail is gradually becoming a new key variable.

**Personal Care & Daily Chemicals**

**Yunnan Baiyao**
In 2025, Yunnan Baiyao achieved counter-trend growth, meeting its set goals of 'growth, efficiency, and value'. According to Nielsen retail research data, Yunnan Baiyao toothpaste maintained the No.1 market share in all channels in 2025. The company also actively laid out new oral care tracks with significant results. Its hair care segment also performed well, with Yangyuanqing hair care products achieving sales revenue of 460 million yuan, up nearly 10% year-on-year, supported by both a hair growth special cosmetic certificate and a national invention patent for anti-hair loss and hair growth. Through brand accumulation and technical barriers, Yunnan Baiyao continues to expand its health consumer product territory, strengthening market competitiveness and long-term growth resilience.

**C&S Paper**
In 2025, C&S Paper's net profit surged over 3 times, achieving a significant rebound. Its core tissue business revenue was 8.701 billion yuan, up 8.2% year-on-year, with gross margin up 3.33 percentage points, stabilizing the company's revenue base. Notably, in recent years, C&S Paper has fully promoted digital and intelligent transformation across the entire industry chain, using AI and big data to reconstruct 'people, goods, and places', accurately identifying high-potential stores and consumer profiles to drive retail growth; it also built digital models for production consumption monitoring and intelligent scheduling, continuously improving production efficiency and quality stability, laying a solid foundation for continued performance recovery and steady profit improvement.

**Shanghai Jahwa**
In 2025, Shanghai Jahwa achieved operating revenue of 6.317 billion yuan, up 11.2% year-on-year; net profit attributable to shareholders turned from loss to profit, with significant improvement in operating quality. 2025 was a key year for strategic reform, with the company consistently implementing the strategy of 'focusing on core brands, brand building, online, and efficiency', successfully cultivating three 100-million-yuan products. Beauty category revenue across all channels reached 1.61 billion yuan, surging 53.7% year-on-year, with online channel growth as high as 60.6%, driving overall profit growth.

**Baiya Co.**
In 2025, Baiya focused on sanitary napkin products, continuously optimizing product structure and improving profitability. During the reporting period, its Free brand products achieved revenue of 3.341 billion yuan, up 10.0% year-on-year. However, the e-commerce channel experienced phased pressure due to short-term public opinion, platform strategy changes, and inefficient expense investment, leading to declines in revenue and operating profit year-on-year.

**Summary:**
In 2025, the personal care and daily chemicals industry overall recovered, but showed distinct characteristics of growth divergence and profit pressure. Leading companies like Yunnan Baiyao, C&S Paper, and Shanghai Jahwa saw revenue increases of 2.88%, 7.72%, and 11.25% year-on-year, respectively, showing some recovery momentum.
However, companies like Haoyue Care, Baiya, and Mingchen Health were dragged by raw material price fluctuations and channel marketing expenses, with profit margins significantly squeezed, highlighting the industry's 'revenue growth without profit growth' phenomenon. In contrast, some small and medium brands flexibly adjusted strategies and achieved high growth curves, with Beijiajie and Jiya shares' net profits growing 248.47% and 296.97% respectively, showing growth elasticity.
The underlying changes are straightforward:
* On one hand, basic personal care demand is stabilizing, price competition is intensifying, and profit margins are compressed;
* On the other hand, consumers are increasingly valuing ingredients, efficacy, and experience, and the amplification effect of e-commerce and content channels makes it easier for brands with stronger product power and faster response to stand out, while those that can't keep up face increasing pressure.

**Prepared Foods**

**Shuanghui Development**
In 2025, Shuanghui Development achieved revenue of 59.5 billion yuan, down 0.43% year-on-year; net profit attributable to shareholders was 5.105 billion yuan, up 2.32%. Despite lower pig and meat prices, performance remained stable. As the profit core, the meat products business saw a slight decline in annual profit, but per-ton profit hit a historical high, mainly due to lower raw material costs and proactive product strategy adjustments, cutting low-efficiency categories and focusing on high-margin products, offsetting volume pressure.

**Bright Meat**
In 2025, Bright Meat achieved revenue of 22.13 billion yuan, up 0.65% year-on-year, but net profit attributable to shareholders was a loss of 132 million yuan, down 161.3%, marking its first loss since 2010. The main factor was huge losses in the pig farming segment, with its subsidiary Bright Agriculture and Animal Husbandry losing 1.288 billion yuan, becoming the biggest black hole eroding profits. Bright Meat stated that in 2025, it promoted cost reduction and efficiency in pig farming, with farming costs declining year-on-year, but due to a significant drop in pig sales prices, the pig farming segment incurred large losses.

**Anjoy Foods**
In 2025, Anjoy Foods achieved revenue of 16.193 billion yuan, up 7.05% year-on-year; net profit attributable to shareholders was 1.359 billion yuan, down 8.46%. For the performance change, Anjoy stated that traditional business revenue grew steadily, with subsidiary Dingweitai bringing increments. However, operating costs grew 9.41%, mainly due to a 43.75% surge in average purchase price of fresh shrimp raw materials (including crayfish), with purchase amounts jumping from 747 million yuan in 2024 to 1.547 billion yuan, becoming the main reason for the net profit decline.

**Longda Meishi**
In 2025, Longda Meishi's net profit attributable to shareholders was a loss of 736 million yuan, a 416-fold increase in losses compared to 2024. The financial report shows that the decline was mainly due to industry cycles, with live pig sales prices and pork market prices remaining low, causing significant losses in traditional business segments. Additionally, the company made impairment provisions for inventories and biological assets according to accounting standards. Despite years of business transformation efforts, results have not yet materialized. If transformation pace doesn't accelerate and new businesses can't carry growth, subsequent operational pressure may increase further.

**Summary:**
Among the 14 prepared food companies counted by New Distribution, only Delisi achieved both revenue and profit growth; others saw varying degrees of decline in revenue or net profit, indicating the industry has entered an adjustment period. Looking back, this slowdown is not surprising. In past years, prepared foods expanded rapidly driven by capital and channels, but unclear standards and definitions, coupled with public opinion incidents like the 'Xibei incident', impacted consumer trust, cooling demand.
Gaps between companies are widening. Anjoy Foods remains stable with a more complete product line and channel layout; Qianwei Central Kitchen focuses on B-end, with strong bargaining power of major customers compressing profits; Weizhixiang, though C-end focused, lacks growth momentum due to raw material costs and product structure; Huifa Foods faces more obvious performance pressure due to group meal policies and homogeneous competition.
However, this adjustment is also helping the industry 'calm down'. Regulation is strengthening, standards are being established, companies are paying more attention to product itself and channel matching, and products are moving toward more convenient, healthier, and more transparent directions. Short-term pressure, but long-term, these changes help the industry develop more steadily.

**International Brands**

**Nestlé**
In 2025, Nestlé achieved total sales of CHF 89.49 billion, down 2% year-on-year; annual net profit was CHF 9.033 billion, down 17%. The profit decline was mainly due to exchange rate fluctuations, rising raw material costs, and core business adjustments. Among this, the Greater China region saw organic growth decline 6.4%. Despite adjusting channel inventory and reshaping operating models, sales still declined due to the overall deflationary environment. However, overall, markets in Oceania, Africa, and Europe saw growth. It is believed that with strategic transformation implementation, core category efforts, and regional market deepening, operational pressure will gradually ease, and leading advantages will be further consolidated.

**PepsiCo**
In 2025, PepsiCo achieved annual revenue of $93.925 billion, up 2% year-on-year; net profit attributable to shareholders was $8.24 billion, down 14%. Among this, Asia Pacific food business reported revenue of $4.629 billion, up 2%, with organic revenue growth of 1.5% and volume growth of 4%. Last year, PepsiCo continued to strengthen operations: on one hand, deepening product innovation and supply chain, investing 1.3 billion yuan to establish a new production base in Xi'an to expand capacity; on the other hand, strengthening localized marketing, leveraging sports events, cultural tourism, and festival scenarios to get closer to consumers. Notably, in 2025, Lay's became the official senior strategic partner of 'Yue Super', further expanding its local market influence.

**Unilever**
In 2025, Unilever's turnover was €50.5 billion, down 3.8% year-on-year, the largest decline in five years, mainly due to unfavorable exchange rates and net asset disposals. Food business remains a focus, with 2025 revenue of €12.9 billion, accounting for 26% of group revenue. Among this, brands like Knorr and Hellmann's saw stable volumes, thanks to the company's continued premiumization strategy and strong growth momentum in emerging markets.

**Summary:**
Last year, global markets were affected by rising costs, exchange rate fluctuations, and declining consumption, with most international brands seeing slower revenue growth. Mondelez saw net profit plunge 46.84% due to soaring cocoa costs, Unilever's revenue fell 3.8% due to exchange rates, and only Coca-Cola achieved both revenue and profit growth thanks to brand and cost advantages.
In this context, the Chinese market has become a 'must-win' for foreign brands. Coca-Cola strengthens local competitiveness through sugar-free new products, localized marketing, and supply chain investment; Mondelez continues to break through in Chinese channels and categories with its Suzhou R&D center, cross-border collaborations, and bakery new products; Unilever stabilizes profit performance by optimizing cost structure.
Facing global stock competition, increasing investment in the Chinese market and deepening local adaptation is both key to short-term growth and a necessary choice for building long-term barriers.

**Final Thoughts**
Overall, in 2025, FMCG companies showed various highlights. Rigid demand tracks like tea drinks, functional drinks, high-end beer, and condiments showed strong resilience, with premiumization and health becoming core logic for navigating cycles.
Leading listed companies like Nongfu Spring, Yili, and Yihai Kerry continued to increase concentration, with the pattern of 'the strong get stronger' becoming clearer. But this doesn't mean opportunities belong only to giants—those that precisely position new categories, embrace new channels early, and continuously polish product power have also carved out their own upward curves.
I believe that in the future, companies that truly understand trends and proactively seek change will not only survive better but also break through and seize opportunities first in this divergence.


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## Citation metadata

- Publisher: New Distribution
- Author: 杨玉琳
- Published: 2026-05-15
- Canonical: https://xinjignxiao.com/en/articles/138-fmcg-listed-companies-release-annual-reports-70-see-revenue-growth-7-871b2dde/
- Original source: https://mp.weixin.qq.com/s/5b8VtWKlSoXHoKZBLxZcUQ

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