---
title: "78 FMCG Listed Companies Release Annual Reports: 26 See Revenue Decline, 29 See Profit Decline"
description: "In 2023, the slogan 'It's not that XX is unaffordable, but that XX offers better value for money' spread across short-video platforms, making cost-performance and quality-price ratio the market's main themes, with consumption stratification becoming more pronounced. As companies released their 2023 annual reports, issues from the past year came to light. The beverage market grew positively, with intense competition, as the FMCG industry saw a 6% growth rate."
author: "汪海"
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published: "2024-05-05"
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# 78 FMCG Listed Companies Release Annual Reports: 26 See Revenue Decline, 29 See Profit Decline

> In 2023, the slogan 'It's not that XX is unaffordable, but that XX offers better value for money' spread across short-video platforms, making cost-performance and quality-price ratio the market's main themes, with consumption stratification becoming more pronounced. As companies released their 2023 annual reports, issues from the past year came to light. The beverage market grew positively, with intense competition, as the FMCG industry saw a 6% growth rate.

In 2023, the slogan "It's not that XX is unaffordable, but that XX offers better value for money" spread across short-video platforms. Cost-performance and quality-price ratio have become the main themes of the current market, and the trend of consumption stratification is becoming increasingly significant. For enterprises, how to grasp precise market positioning, innovative product development, flexible pricing strategies, and effective promotional activities is already a common topic. With the release of various companies' 2023 annual reports, related issues from the past year have also been brought to the table.

**Beverages**

In 2023, China's water and beverage market grew positively with intense competition. According to NielsenIQ's 2023 beverage industry data, the domestic water and beverage market maintained a 6% growth rate, leading the entire FMCG industry.

**Master Kong**

In beverages, Master Kong's full-year revenue in 2023 was RMB 50.939 billion, a year-on-year increase of 5.39%, accounting for 63.34% of its group's total revenue. In 2023, Master Kong's beverage division accelerated the establishment of scale advantages, achieving growth in categories such as tea, juice, water, and carbonated drinks. Among them, the ready-to-drink tea business successfully crossed the RMB 20 billion revenue mark, demonstrating formidable strength. Under the trend of sugar-free products, Master Kong also fully initiated exploration into sugar-free beverages. In November last year, Master Kong Beverages implemented a price increase on suggested retail prices—the suggested retail price for medium-pack tea/juice series is no less than RMB 3.5 per bottle, and for 1L tea/juice series, no less than RMB 5 per bottle. If this price increase by Master Kong is successfully realized this year, it will further boost revenue.

**Nongfu Spring**

Nongfu Spring's full-year revenue in 2023 was RMB 42.667 billion, a year-on-year increase of 28.4%; packaged drinking water products increased by 10.9% to RMB 20.262 billion, accounting for 47.5% of total revenue; tea beverages, functional beverages, juice beverages, and other businesses accounted for 51.7% of total revenue, surpassing drinking water for the first time. In 2023, Nongfu Spring increased promotion of its high-quality water sources. As Nongfu Spring's traditional main business, packaged drinking water accounted for as high as 47.5% of revenue, but compared to the company's overall rapid revenue growth, its growth momentum seems slightly weak. The beverage business surpassing the water business is mainly due to three star products: Oriental Leaf, NFC juice, and sports drinks. From the popularity of these three products, it can be seen that consumers are gradually placing more importance on health and quality of life. Coupled with the first year after the pandemic, increased travel contributed to better growth.

**Coca-Cola**

In 2023, Coca-Cola's mainland revenue was approximately RMB 44.2 billion. The beverage industry recovered, but Coca-Cola sold fewer carbonated soft drinks in mainland China. China Foods' carbonated beverage business grew slightly by 0.6%, while Swire Coca-Cola's carbonated beverage business declined by 4%. In the past few years, with the rapid growth of sugar-free series, carbonated soft drinks have maintained a place. Last year, the World Health Organization revealed that the artificial sweetener aspartame may be carcinogenic. Suddenly, sugar-free cola was pushed to the forefront. The sugar-free cola business was correspondingly somewhat affected. China Foods stated in its financial report that traditional carbonated beverage revenue maintained year-on-year growth, but due to the decline in sugar-free carbonated beverage revenue, the carbonated beverage category's annual revenue slightly decreased. The reasons for the decline are not only that. Tea drinks, juices, and functional beverages have gradually expanded their market share, exerting certain market pressure. The emergence of national trend carbonated drinks like Dayao also affects its market position. Raising selling prices also affects the sales market.

**Uni-President**

In 2023, Uni-President's beverage business revenue was approximately RMB 17.776 billion, a year-on-year increase of 8.4%. Tea beverage revenue was RMB 7.58 billion, accounting for 9.0% of total revenue; juice revenue was RMB 3.41 billion, accounting for 13.3%; milk tea revenue was RMB 6.31 billion, accounting for 5%. Hai Zhi Yan and Asamu Milk Tea are Uni-President's two star products. Hai Zhi Yan seized the electrolyte beverage trend in the post-pandemic era in 2023, becoming a highlight of Uni-President's beverage segment. Asamu Milk Tea launched large packaging and differentiated flavors, with single-product revenue exceeding RMB 6 billion, maintaining its leading market position.

**China Resources Beverage**

In 2023, China Resources Beverage's full-year revenue was approximately RMB 13.515 billion, a year-on-year increase of 7.10%, with 92% coming from drinking water. (Image source: China Resources Beverage official website) According to relevant reports, China Resources C'estbon packaged water retail sales reached RMB 39.5 billion, with a market share of 32.7%, making it the current number one brand in China's packaged purified water market, followed by Wahaha (8.9%), Jinmailang (6.1%), Jingtian (3.7%), and Master Kong (2.6%). In the packaged drinking water market, the two major brands C'estbon and Nongfu Spring occupy half of the market. According to the Hong Kong Stock Exchange disclosure on April 22, China Resources Beverage (Holdings) Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, officially sprinting for an IPO.

**Dongpeng Beverages**

In 2023, Dongpeng Beverages' full-year revenue was approximately RMB 13.515 billion, a year-on-year increase of 32.42%. Its major product, Dongpeng Special Drink, delivered impressive results in 2023, with full-year revenue exceeding RMB 10.3 billion, a year-on-year increase of 26.48%. Nielsen data shows that in 2023, Dongpeng Special Drink's 500ml bottled beverage ranked third in SKU sales amount in the Chinese market, and its sales volume share in the Chinese energy drink market increased from 36.70% at the end of 2022 to 43.02%, maintaining the number one ranking. Behind Dongpeng's growth is its years of deep cultivation of channels and digital construction.

**Wanglaoji**

In 2023, Wanglaoji's full-year revenue was approximately RMB 10.013 billion, a year-on-year increase of 7.1%. Wanglaoji returned to the ten-billion mark, reaching a four-year high. Although this year's performance is gratifying, its momentum is still affected by sugar-free tea and freshly made milk tea. In recent years, Wanglaoji has been making frequent marketing efforts, including sugar-free herbal tea, hundred-surname packaging, new flavors of herbal tea, and a series of actions aimed at appealing to young consumers. In October last year, Wanglaoji released its new overseas brand "WALOVI," ushering in the era of going global.

**Yangyuan ZhiPin**

In 2023, Yangyuan ZhiPin's full-year revenue was approximately RMB 6.162 billion, a year-on-year increase of 4.03%. Its core product, walnut milk, generated revenue of RMB 5.708 billion last year, accounting for 92.6% of total revenue. In recent years, walnut milk has gradually faded from consumers'视野. Holidays are its key sales scenario, but in Q1 of this year, it also performed mediocrely. The fundamental reason is that current consumers are not "using their brains" as often?

**Chengde Lulu**

In 2023, Chengde Lulu's full-year revenue was approximately RMB 2.955 billion, a year-on-year increase of 9.76%. Its net profit was approximately RMB 638 million, a year-on-year increase of 6.02%. Chengde Lulu's main revenue comes from almond milk, accounting for as high as 96.87%. From quarterly revenue, Q4 revenue is more than eight times that of Q1, showing significant off-peak and peak seasons. Of course, the substantial increase in Q4 is also inseparable from its strategic transformation. It increased efforts in brand rejuvenation and brand promotion, and with increased investment, correspondingly lowered Chengde Lulu's gross margin.

**Liziyuan**

In 2023, Liziyuan's full-year revenue was approximately RMB 1.412 billion, a year-on-year increase of 0.6%. Its net profit was approximately RMB 237 million, a year-on-year increase of 7.2%. Affected by price increases and lower raw material prices, its profitability improved. However, Liziyuan still heavily relies on its major product, with milk-containing beverage revenue of RMB 1.381 billion, accounting for 98.31% of total revenue.

**Huanlejia**

In 2023, Huanlejia's beverage business revenue was approximately RMB 1.143 billion, a year-on-year increase of 22.21%. Its main growth came from coconut juice, with revenue exceeding RMB 1 billion, a year-on-year increase of 24.37%. 1.25L PET bottles and 245ml blue-color iron can coconut juice products together accounted for 75.52% of coconut juice beverage revenue, a year-on-year increase of 24.50%.

**Xiangpiaopiao**

In 2023, Xiangpiaopiao's ready-to-drink business revenue was approximately RMB 901 million, a year-on-year increase of 41.16%. Xiangpiaopiao's ready-to-drink business mainly consists of two core products: Meco fruit tea and Lanfangyuan lemon tea. In 2023, Meco fruit tea became the chief partner of Hunan TV's "Chinese Restaurant" program; Lanfangyuan lemon tea conducted in-depth cooperation with Hunan TV's "Unlimited Graduation Ceremony" and "Call Me by Fire" Season 3.

**Summary:**

**From the overall water and beverage category, except for Swire Coca-Cola's slight revenue decline in mainland China, all other companies' beverage businesses achieved revenue growth.** Xiangpiaopiao's ready-to-drink business (Lanfangyuan, MECO) achieved the largest revenue growth at 41.16%, followed by Dongpeng Beverages and Nongfu Spring with revenue increases of 32.42% and 28.4%, respectively. Overall, **the beverage industry's performance is recovering in 2023.** Healthy beverages such as sugar-free tea and energy drinks continue to maintain rapid growth momentum. Traditional beverage giants still suffer from major product dependence, with Dongpeng Special Drink, Wanglaoji herbal tea, Six Walnuts, and Liziyuan sweet milk accounting for 90% of company revenue. Categories such as juice and ready-to-drink coffee performed particularly strongly.

**Dairy Products**

**Yili Group**

In 2023, Yili Group's full-year revenue was approximately RMB 126.179 billion, a year-on-year increase of 2.44%. Its net profit was approximately RMB 10.429 billion, a year-on-year increase of 10.58%. Yili set a new historical high in both revenue and net profit. According to statistics from DataBao, among listed dairy companies that have published annual reports, Yili Group leads significantly in both revenue and net profit, and is the only company in the industry with continuous revenue and net profit growth for more than 10 years.

According to comprehensive data from Nielsen and Xingtu third-party market research, in 2023, Yili's liquid dairy retail market share was 31.6%, firmly ranking first in the segment; infant formula retail market share was 16.2%, up 1.6 percentage points from the previous year; adult milk powder retail market share was 23.3%, firmly ranking first in the segment; cheese business offline (modern) channel retail market share was approximately 16.9%, up 0.6 percentage points from the previous year. The cold drinks business maintained the number one market share, ranking first in the national cold drink industry for 29 consecutive years.

**Mengniu Dairy**

In 2023, Mengniu Dairy's full-year revenue was approximately RMB 98.62 billion, a year-on-year increase of 6.50%. Its net profit was approximately RMB 4.887 billion, a year-on-year decrease of 5.74%. In 2023, Mengniu's basic liquid milk business grew, with market share continuously expanding, and the low-temperature yogurt business ranked first in the market; its largest product, Telunsu, continued to expand its market share advantage and lead the market. At the same time, Mengniu actively innovated and went overseas with other products to seize the global market.

**Bright Dairy**

In 2023, Bright Dairy's full-year revenue was approximately RMB 26.485 billion, a year-on-year decrease of 6.13%. Its net profit was approximately RMB 831 million, a year-on-year increase of 112.34%. The announcement shows that in 2023, Bright Dairy actively promoted supply chain optimization, improved operational efficiency, established a supply chain optimization project team, focused on cost reduction and efficiency improvement in the supply chain, and effectively empowered the operational efficiency of the entire industry chain. The fresh product business in South China showed a positive trend, and the South China factory's operations improved significantly.

**China Feihe**

In 2023, China Feihe's full-year revenue was approximately RMB 19.532 billion, a year-on-year decrease of 8.35%. Its net profit was approximately RMB 3.29 billion, a year-on-year decrease of 33.50%. For two consecutive years, it delivered "double decline" performance in revenue and net profit, with 2023 net profit hitting a five-year low. Feihe responded that the performance decline was mainly due to the decline in birth rate and intense industry competition pressure.

Feihe, which is "more suitable for Chinese babies," is declining due to the decreasing birth rate of Chinese babies.

**Youran Dairy**

In 2023, Youran Dairy's full-year revenue was approximately RMB 18.694 billion, a year-on-year increase of 3.56%. Its net loss was approximately RMB 1.453 billion, a year-on-year decrease of 457.87%. Youran Dairy's revenue growth was mainly due to the growth of the raw milk business. Raw milk revenue increased by 18.9% from RMB 10.854 billion in 2022 to RMB 12.903 billion, due to raw milk sales volume increasing by 26.5% from 2.3285 million tons in 2022 to 2.9458 million tons. Due to the temporary imbalance in domestic raw milk supply and demand, raw milk prices declined. Youran Dairy's average raw milk unit price was RMB 4.38/kg, a decrease of 6.0% compared to RMB 4.66/kg in 2022.

**Summary:** In 2023, domestic dairy consumption showed a weak recovery trend, with short-term consumption growth slowing, online and offline channel reshaping, and increasingly fierce market competition. In the post-pandemic era, national nutrition and health awareness continues to strengthen, and dairy consumption demand shows strong resilience. **However, for companies involved in infant formula, the decline in birth rate has caused significant impact on the milk powder market.** According to NielsenIQ's "Infant Formula Market Insights and Trends Report" released last year, against the backdrop of declining demographic dividends, maternal and infant related categories in the Chinese market all declined in 2022. From January to November 2023, infant formula full-channel sales decreased by 13.7% year-on-year, with offline channels down 17.4%. **From the 2023 annual reports of multiple listed dairy companies, the duopoly pattern remains unchanged, but the "winter" for the infant formula market seems no longer alarmist.** China Feihe delivered "double decline" performance in revenue and net profit for two consecutive years, with 2023 net profit hitting a five-year low; Mengniu Dairy increased revenue but not profit in 2023, with its milk powder business revenue of RMB 3.802 billion, accounting for 3.9% of Mengniu's total revenue, declining compared to 2022; Ausnutria's 2023 financial report disclosed that company revenue decreased by 5.3% to RMB 7.382 billion, gross profit decreased by 15.9% to RMB 2.853 billion, and profit attributable to equity holders decreased by 19.4% to RMB 174 million; Health and Happiness Group's Baby Nutrition & Care (BNC) business unit declined by 11.7% in 2023, and the company stated that it continues to strengthen investment in nutritional supplements to mitigate the impact of declining milk powder sales.

**Beer**

**Budweiser APAC**

In 2023, Budweiser APAC's full-year revenue was approximately RMB 48.711 billion, a year-on-year increase of 5.84%. Its net profit was RMB 6.053 billion, a year-on-year decrease of 6.68%.

In China, supported by channel recovery and continued premiumization, Budweiser's sales volume grew by 4.3%. Revenue from both premium and super-premium products achieved double-digit growth, driving full-year revenue and profit to double-digit growth in 2023, with EBITDA margin also improving.

Budweiser APAC mentioned Guangdong and Fujian markets multiple times in its financial report, as these are important markets for Budweiser. Although Budweiser stated in the announcement that these markets maintained good sales, their market share has been shrinking in recent years, with some cities already "taken" by China Resources Beer, and Heineken and Snow Beer have become the "mainstream" on dining tables in some cities.

**China Resources Beer**

In 2023, China Resources Beer's full-year revenue was approximately RMB 38.932 billion, a year-on-year increase of 10.40%. Its net profit was approximately RMB 5.153 billion, a year-on-year increase of 18.62%.

China Resources Beer has successfully built several well-known brands in the market: Snow, Heineken®, SuperX, Golden Seed, Jinsha Liquor, and Jingzhi.

In 2023, products such as Heineken®, Snow Pure, Old Snow, and Red爵 all achieved rapid double-digit growth. Notably, the Heineken® brand achieved strong growth of nearly 60% in 2023. With this, China Resources Beer successfully completed the first five-year plan after cooperation with the Heineken® brand—achieving the goal of annual sales of 600,000 tons of Heineken® brand beer.

**Tsingtao Brewery**

In 2023, Tsingtao Brewery's full-year revenue was approximately RMB 33.937 billion, a year-on-year increase of 5.49%. Its net profit was RMB 4.268 billion, a year-on-year decrease of 15.02%.

According to the financial report, in 2023, it accelerated the implementation of the Tsingtao main brand "1+1+1+2+N" product portfolio development, optimized product structure upgrades, accelerated the creation of major single products, high-end fresh products, and super-premium star products, achieved full-series multi-channel product coverage, and consolidated and enhanced the company's competitive advantage in the mid-to-high-end market.

Tsingtao Classic, Tsingtao White Beer, and other beer products continued to grow rapidly in 2023. The newly launched Tsingtao 1L premium original pulp and 1L crystal pure fresh high-end fresh products met consumer demand for fresh beer with a "fresh direct delivery" model, driving continuous improvement in product structure.

**Chongqing Brewery**

In 2023, Chongqing Brewery's full-year revenue was approximately RMB 14.815 billion, a year-on-year increase of 5.53%. Its net profit was RMB 1.337 billion, a year-on-year increase of 5.78%.

Chongqing Brewery's high-end products achieved revenue of RMB 8.855 billion, a year-on-year increase of 5.18%; products positioned as mainstream and economy achieved revenue of RMB 5.297 billion and RMB 290 million, respectively, with year-on-year increases of 5.64% and 10.06%.

**Yanjing Beer**

In 2023, Yanjing Beer's full-year revenue was approximately RMB 14.213 billion, a year-on-year increase of 7.66%. Its net profit was RMB 645 million, a year-on-year decrease of 83.02%.

Yanjing Beer has shown a trend of increasing performance since 2021. Annual report data shows: in 2020, Yanjing Beer achieved operating revenue of RMB 10.928 billion; in 2021, it increased by 9.45% to RMB 11.961 billion; in 2022, it continued to grow by 10.38% to RMB 13.202 billion.

**Snack Foods**

Under the squeeze of snack discount stores, some companies are experiencing pain, while others are enjoying the dividends of embracing new channels.

**Liangpin Shop**

In 2023, Liangpin Shop's full-year revenue was approximately RMB 8.046 billion, a year-on-year decrease of 14.76%. Its net profit was RMB 179 million, a year-on-year decrease of 46.35%. From the data, revenue is a three-year low for Liangpin Shop, and it is also its first negative revenue growth since listing, with net profit hitting a six-year low. Liangpin Shop, which focuses on "premium," is being besieged by snack stores focusing on "cost-performance."

**Three Squirrels**

In 2023, Three Squirrels' full-year revenue was approximately RMB 7.115 billion, a year-on-year decrease of 2.45%. Its net profit was RMB 220 million, a year-on-year increase of 69.85%. The year-on-year increase in net profit was achieved against a low base in 2022, and the actual net profit level only recovered to about half of 2021. Industry leader Three Squirrels has declined for four consecutive years since its listing in 2019 and breaking 10 billion for the first time that year to RMB 10.173 billion. Overall, this year shows a recovery trend, mainly due to its supply chain transformation, with nuts shifting from OEM production to self-production; and deep cultivation in channels such as online live-streaming e-commerce and offline community snack stores.

**Qiaqia Food**

In 2023, Qiaqia Food's full-year revenue was approximately RMB 6.806 billion, a year-on-year decrease of 1.13%. Its net profit was RMB 805 million, a year-on-year decrease of 17.50%. In six years, Qiaqia Food saw its first annual net profit decline, mainly due to the continuous rise in raw material—sunflower seeds—in recent years. Facing rising costs, Qiaqia adjusted prices in both 2021 and 2022, but had no new price adjustment plan in 2023. According to Qiaqia Food, at the beginning of this year, the company cooperated with major head snack discount stores and will continue to increase its layout in the snack discount channel to improve penetration.

**Taoli Bread**

In 2023, Taoli Bread's full-year revenue was approximately RMB 6.759 billion, a year-on-year increase of 1.08%. Its net profit was RMB 574 million, a year-on-year decrease of 10.29%. Taoli Bread explained in the report that the decline in performance was due to: first, some raw material prices increased year-on-year, leading to higher production costs; second, after some new projects were put into production, capacity was not fully released, and early-stage costs were high. From 2021 to 2023, Taoli Bread's growth was weak: revenue growth was single-digit, and the growth rate gradually slowed, with net profit attributable to the parent company declining continuously.

**Weilong**

In 2023, Weilong's full-year revenue was approximately RMB 4.87 billion, a year-on-year increase of 5.2%. Its net profit was RMB 880 million, a year-on-year increase of 481.9%. The 2023 full-year performance report is Weilong's first full-year performance report since listing, which can be considered a bright report card. Weilong's performance growth is mainly due to its active embrace of growth opportunities brought by emerging channels, continuously strengthening full-channel operations, and increasing investment in snack discount channels at the beginning of the year. In cost control, Weilong effectively controlled raw material costs and production costs by optimizing production processes and cost management, improving overall operational efficiency and profitability.

**Yanjin Shop**

In 2023, Yanjin Shop's full-year revenue was approximately RMB 4.115 billion, a year-on-year increase of 42.22%. Its net profit was RMB 513 million, a year-on-year increase of 70.04%. As a snack brand pursuing "ultimate cost-performance," Yanjin Shop also delivered a high-scoring answer sheet in its annual report. Yanjin Shop's revenue growth is due to its focus on seven core categories: spicy braised snacks, deep-sea snacks, leisure baking, potato snacks, konjac jelly pudding, egg snacks, and dried fruit nuts. It achieved rapid development in multiple channels and categories. In 2023, Yanjin Shop's revenue from the snack discount channel accounted for approximately 20%.

**Jinzai Food**

In 2023, Jinzai Food's full-year revenue was approximately RMB 2.065 billion, a year-on-year increase of 41.25%. Its net profit was RMB 212 million, a year-on-year increase of 73.84%. In 2023, Jinzai Food followed development trends, laid out emerging channels, and conducted in-depth cooperation with short-video platforms, snack discount channels, and high-end membership stores such as Hema. In the first three quarters, Jinzai Food's large-pack product revenue increased by 50% year-on-year, and bulk-pack product revenue increased by over 230% year-on-year. The "large pack + bulk" strategy also contributed to Jinzai Food's exposure in more channels to a certain extent, enhancing consumer and distributor awareness of Jinzai Food.

**Ganyuan Foods**

In 2023, Ganyuan Foods' full-year revenue was approximately RMB 1.848 billion, a year-on-year increase of 27.36%. Its net profit was RMB 329 million, a year-on-year increase of 107.82%. The significant performance growth was mainly due to the advancement of the company's full-channel development strategy, optimization of product structure, and the decline in prices of major raw materials.

**Summary:**

In 2023, the leisure snack track was a mixed bag.

**From a revenue perspective, Liangpin Shop continued to lead the leisure food industry with RMB 8.046 billion in revenue, with Three Squirrels and Qiaqia ranking second and third, respectively.**

This year, the main impact on the leisure food industry came from channel changes. Market competition entities expanded rapidly, with snack stores and discount stores surging and blooming everywhere. Brands such as Yanjin Shop, Weilong, Ganyuan Foods, and Jinzai Food achieved performance growth by relying on bulk snack channels.

According to Huatai Securities research, as of January this year, the top 30 bulk snack stores had a total of over 26,000 stores. Among them, Snacks Are Busy and Zhao Yiming had a total of over 7,000 stores, and Wanchen had over 6,000 stores, with market shares of 26.2% and 22.4%, respectively. The "two superpowers" situation may have formed.

How the "wind" of bulk snacks will continue to blow remains to be seen.

**Grain, Oil, and Condiments**

In 2023, which condiment company caught the "splashing wealth"?

**Yihai Kerry**

In 2023, Yihai Kerry's full-year revenue was approximately RMB 251.5 billion, a year-on-year decrease of 2.3%. Its net profit was RMB 2.85 billion, a year-on-year decrease of 5.4%. Facing declines in both revenue and net profit, Yihai Kerry stated that with the recovery of the domestic economy, product sales volume grew well compared to last year, but the prices of its main products fell with the decline in raw material prices such as soybeans, soybean oil, and palm oil, resulting in a slight year-on-year decline in revenue.

Yihai Kerry also mentioned that the profit growth of retail channel products could not fully offset the impact of profit decline in catering and food industry channel products, causing kitchen food profits to decline year-on-year.

**Fufeng Group**

In 2023, Fufeng Group's full-year revenue was approximately RMB 28.007 billion, a year-on-year increase of 1.94%. Its net profit was RMB 3.144 billion, a year-on-year decrease of 18.57%. This was mainly due to increased revenue contribution from food additives, high-grade amino acids, and colloid segments.

**Meihua Holdings**

In 2023, Meihua Holdings' full-year revenue was approximately RMB 27.761 billion, a year-on-year decrease of 0.63%. Its net profit was RMB 3.181 billion, a year-on-year decrease of 27.81%. The main reason was that the company's subsidiary's new project capacity was released, and sales of products such as threonine and xanthan gum increased, but prices of the company's products such as MSG, threonine, lysine, and other feed products declined, leading to a decrease in main business revenue.

**Haitian Flavoring**

In 2023, Haitian Flavoring's full-year revenue was approximately RMB 24.56 billion, a year-on-year decrease of 4.1%. Its net profit was RMB 5.642 billion, a year-on-year decrease of 9.04%. Revenue from Haitian's three main products—soy sauce, seasoning sauce, and oyster sauce—all declined. Among them, soy sauce achieved revenue of RMB 12.64 billion, still accounting for more than half, a decrease of 8.8% from 2022; seasoning sauce achieved RMB 2.43 billion, a decrease of 6.1%; oyster sauce revenue was RMB 4.25 billion, a decrease of 3.7%; other businesses grew by 19.4% to RMB 3.5 billion, but ultimately did not reverse the overall revenue decline.

**Angel Yeast**

In 2023, Angel Yeast's full-year revenue was approximately RMB 13.581 billion, a year-on-year increase of 5.74%. Its net profit was RMB 1.312 billion, a year-on-year decrease of 2.76%. The announcement shows that Angel Yeast's total fermentation output in 2023 reached 376,900 tons, a year-on-year increase of 15.09%, of which extract output was 138,600 tons, an increase of 19.15%. The international business continued to maintain a high growth rate, achieving main business revenue converted to RMB 4.786 billion, a year-on-year increase of 21.99%. The company has initially achieved an international brand layout, with over 95% of products sold in overseas markets being self-owned brands.

**Jingliang Holdings**

In 2023, Jingliang Holdings' full-year revenue was approximately RMB 11.901 billion, a year-on-year decrease of 7.44%. Its net profit was RMB 83 million, a year-on-year increase of 33.48%. Jingliang Holdings stated that in 2023, the company focused on three priorities: business focus, organizational upgrading, and industrial support, striving to strengthen the real economy and refine professionalism.

**Daodaoquan**

In 2023, Daodaoquan's full-year revenue was approximately RMB 7 billion, a year-on-year decrease of 0.39%. Its net profit was RMB 76 million, a year-on-year increase of 118.13%. Regarding the main performance drivers, Daodaoquan stated that the company has brand and terminal market advantages, and its products are daily necessities, so the company has a certain ability to resist market volatility risks, but raw material price fluctuations will still have a certain impact on current profits. The main drivers of company performance are the stable development of its terminal market and the improvement of brand premium capability.

**Snowsky Salt**

In 2023, Snowsky Salt's full-year revenue was approximately RMB 6.262 billion, a year-on-year decrease of 2.77%. Its net profit was RMB 730 million, a year-on-year decrease of 12.95%. In 2023, Snowsky Salt laid out nationwide, went beyond Asia, and advanced both domestic and international markets simultaneously.

**Yihai International**

In 2023, Yihai International's full-year revenue was approximately RMB 6.148 billion, flat year-on-year. Its net profit was RMB 907 million, a year-on-year increase of 11.16%. Its main business in 2023 focused on strengthening channel expansion and refined management, improving product R&D mechanisms, gradually expanding B-end and overseas markets, promoting a multi-brand strategy, and optimizing self-owned capacity supply capabilities.

**Xiwang Food**

In 2023, Xiwang Food's full-year revenue was approximately RMB 5.49 billion, a year-on-year decrease of 9.56%. Its net loss was RMB 17 million, a year-on-year increase of 97.24%. In 2023, Xiwang Food further expanded offline distribution channels, adding over 70 new customers and 19,000 new outlets. It deepened the differentiation between online and offline products, completed the full switch to e-commerce version packaging for corn germ oil, launched new zero-trans-fat corn oil series exclusively for e-commerce channels, and formulated exclusive products for systems and platforms such as Pinduoduo, JD.com, Tmall, RT-Mart, Suguo, Jiajiayue, and Metro, building channel competitive barriers.

**Zhongju Hi-Tech**

In 2023, Zhongju Hi-Tech's full-year revenue was approximately RMB 5.139 billion, a year-on-year decrease of 3.78%. Its net profit was RMB 1.737 billion. Its subsidiary Meixian, which mainly operates the condiment business, achieved revenue of RMB 4.932 billion, a slight year-on-year decrease of 0.45%, accounting for 95.97% of total revenue in 2023, mainly due to reduced edible oil sales revenue.

**Jinjian Rice**

In 2023, Jinjian Rice's full-year revenue was approximately RMB 4.868 billion, a year-on-year decrease of 24.08%. Its net profit was RMB 29 million, a year-on-year increase of 156.39%. As an old brand in the grain and oil industry, Jinjian Rice maintains channel insight, actively embraces and adapts to environmental changes, and adopts a diversified channel and online-offline integrated sales model.

**Teway Food**

In 2023, Teway Food's full-year revenue was approximately RMB 3.149 billion, a year-on-year increase of 17.02%. Its net profit was RMB 466 million, a year-on-year increase of 36.67%. Its performance主力 is Chinese-style seasonings, with revenue of RMB 1.519 billion, a year-on-year increase of 28.58%; the fastest-growing was sausage and bacon seasoning, with a year-on-year increase of nearly 50%. On the channel side, its e-commerce grew the fastest, with a year-on-year increase of 92.99%. It is worth noting that last year, Teway Food acquired Shicui, filling the company's small and medium B-end online channels, customers, and products, and is expected to accelerate the development of B and C ends in the future.

**Jiangxi Salt**

In 2023, Jiangxi Salt's full-year revenue was approximately RMB 2.888 billion, a year-on-year decrease of 1.65%. Its net profit was RMB 514 million, a year-on-year increase of 17.25%. In 2023, Jiangxi Salt's revenue slightly decreased due to lower prices of salt and alkali products. Its table salt revenue was RMB 444 million, a year-on-year increase of 12.67%; table salt gross margin was 40.98%, an increase of 0.21 percentage points year-on-year. Affected by the steady production of Fuda Company, table salt production and sales increased significantly, and the table salt product market remained stable with a slight rise.

**Fuling Zhacai**

In 2023, Fuling Zhacai's full-year revenue was approximately RMB 2.45 billion, a year-on-year decrease of 3.86%. Its net profit was RMB 827 million, a year-on-year decrease of 8.04%. Fuling Zhacai's main product, pickled mustard tuber, sold 113,300 tons in 2023, a year-on-year decrease of 3.83%, with operating revenue of RMB 2.076 billion, a year-on-year decrease of 4.56%, and gross margin of 54.78%, a year-on-year decrease of 2.17 percentage points. It can be seen that Fuling Zhacai is experiencing a decline in sales volume, revenue, and gross profit. The main reasons are: first, affected by natural disasters, raw material production decreased and prices rose; second, changes in the market environment, with consumers' interest in pickled mustard tuber products declining.

**Lotus Health**

In 2023, Lotus Health's full-year revenue was approximately RMB 2.101 billion, a year-on-year increase of 24.23%. Its net profit was RMB 131 million, a year-on-year increase of 178.02%. Since last year, Lotus Health has continued to gain popularity across the internet, appearing on hot searches multiple times, seizing the opportunity of the rise of national brands, and driving the development of online and offline businesses. Behind Lotus Health's significant performance increase, the "ceiling" of its main business is also worth attention. On one hand, the gross margin of Lotus Health's main products is relatively low. According to its financial report, the gross margin of its products is 14.1%, far lower than competitors Fufeng Group and Meihua Holdings in the same industry.

**Summary:**

In 2023, affected by unfavorable factors such as weak global economy, regional conflicts, and extreme weather, global food prices soared. Among condiment listed companies, 7 achieved positive revenue growth in 2023. However, in the past few years, the cooling of the condiment industry has been an indisputable fact, and in 2023 it was almost the same.

**Overall, the financial reports of compound condiment companies outperformed those of basic condiments. The main reason is that in the first half of 2023, the catering industry began to gradually recover, so companies mainly focused on compound seasonings all achieved good growth.**

**Some companies were affected by factors such as raw material production reduction, price increases, and lower selling prices, leading to lower gross margins and subsequent profit declines. Secondly, capacity expansion was too fast, causing excessive cost pressure.**

Lotus Health seized the traffic opportunity and stood out with its national brand reputation, ushering in a resurgence.

**Daily Chemicals**

**Blue Moon**

In 2023, Blue Moon's full-year revenue was approximately RMB 7.325 billion, a year-on-year decrease of 7.84%. Its net profit was RMB 325 million, a year-on-year decrease of 46.79%. Blue Moon stated that the performance decline in 2023 was mainly related to increased promotional expenses, decreased market demand for disinfection products after the pandemic recovery, and reduced sales to large customers with deferred payment. The decrease in profit was mainly due to increased sales and promotion expenses, including increased publicity through different sales channels, multimedia, omni-channel, and consumer education to enhance coverage of various sales and distribution channels and new products. Clothing cleaning care is its main product. Laundry detergent revenue decreased by 4.7% year-on-year to HK$6.501 billion; personal cleaning care products such as shower gel and hand sanitizer decreased by 27.8% year-on-year to HK$447 million; home cleaning care products such as dishwashing nets, mold removers, and toilet cleaners decreased by 25.8% year-on-year to HK$376 million. Currently, Blue Moon mainly has three channels: online, offline distributors, and direct sales to large customers. Among them, the online channel contributes nearly half of the company's revenue, but in 2023, this channel clearly lacked growth momentum, while the other two channels declined.

**Shanghai Jahwa**

In 2023, Shanghai Jahwa's full-year revenue was approximately RMB 6.598 billion, a year-on-year decrease of 7.16%. Its net profit was RMB 500 million, a year-on-year increase of 5.93%. With rapid iteration in daily chemicals, intensified industry competition, and consumers returning to rationality and pursuing product quality, in order to maintain competitiveness and meet user needs with innovation, Shanghai Jahwa began a bold strategic transformation in 2023, clarifying problems and direction.

**Yunnan Baiyao (Daily Chemicals)**

In 2023, Yunnan Baiyao's health products business unit achieved full-year revenue of approximately RMB 6.422 billion, a year-on-year increase of 6.50%. According to Nielsen data, in the oral care field, Yunnan Baiyao toothpaste's domestic market share was 24.6%, continuing to maintain its leading market share position. In the anti-hair loss hair care field, Yangyuanqing achieved growth throughout the year, with sales revenue exceeding RMB 300 million, a year-on-year increase of 36%.

**Chaoyun Group**

In 2023, Chaoyun Group's full-year revenue was approximately RMB 1.616 billion, a year-on-year increase of 11.70%. Its net profit was approximately RMB 173 million, a year-on-year increase of 164%. The home care category continued to grow at a high rate, with steady growth in offline channels and rapid growth in online channels. In 2023, including insecticide and mosquito repellent, home cleaning, and air care brands, Chaoyun Group's home care product category achieved annual revenue of RMB 1.472 billion, a year-on-year increase of 13.5%. According to NielsenIQ retail market data, Chaoyun Group's insecticide and mosquito repellent products ranked first in comprehensive market share among similar products in China for nine consecutive years (2015-2023), and from 2019 to 2023, Chaoyun's home cleaning products ranked second in the Chinese home care market, with high consumer recognition.

**Summary:**

The daily chemical industry is developing towards segmentation, and targeted satisfaction of individual differentiated consumer needs has gradually become the core of purchase drivers.

**Efficacy ingredients, smell, touch, price, etc., are gradually becoming key factors affecting this category.**

From the specific performance of various companies' annual reports, companies involved in disinfection categories showed a decline due to the pandemic opening; companies involved in overseas markets were dragged down by declining overseas birth rates and high inflation in Europe and the US leading to reduced consumption.

But overall, personal care sales increased by 3.1%, with demand for personal care and hygiene products remaining relatively stable; home care sales increased by 2.6%, indicating that the market for home cleaning and care products remains solid.

**Final Thoughts**

As the first year after the pandemic opening, China's consumption is in a fluctuating recovery phase. For the FMCG market, overall sales were flat compared to the same period last year, showing a steady return trend. From the annual reports, it is not difficult to see that **consumers' awareness of health needs and scientific formulas is gradually improving.** According to relevant data, sugar-free tea drinks grew by 108%; low-salt soy sauce grew by 10%, and additive-free soy sauce grew by 76%. Discount store channels and bulk snack channels attracted many young consumers in 2023, becoming a highlight of the industry. However, **the main sales channel remains the distributor channel**, with KA hypermarket channels generally showing a downward trend, and e-commerce channels also slightly declining due to subsidies from major platforms. In the current increasingly fierce market competition, "involution" has反而 become the driving force for enterprises. **Only by focusing on product quality, understanding consumer experience, and continuously adjusting strategies under the wave of "involution" can one stand out in this competition.**

**Recommended Reading**


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