Recently, listed snack food companies have released their 2025 annual reports. But looking at these reports, many companies are not doing well. Some companies continue to grow: Weilong Delicious and Yanjinpu rely on categories like konjac to drive volume; Youyou Foods still supports its base with pre-packaged products like pickled chicken feet. Many others are under obvious pressure: Qiaqia Foods and Ganyuan Foods face growth challenges in mature categories like nuts, sunflower seeds, and beans; Liangpinpuzi and Three Squirrels must simultaneously handle store adjustments, online traffic changes, pricing strategies, and expense investments. Behind this divergence lies a common question: Snacks still sell, but after selling, can they still make money? From factory to shelf to consumer, a pack of snacks goes through raw materials, production, channels, traffic, promotions, stores, and fulfillment. Any increase in cost at any stage squeezes the remaining profit. This is the most important aspect of the 2025 snack food annual reports: revenue is only the surface; profit is the answer.

First, look at operating results Differences among snack food companies are not just in revenue scale Three Squirrels' 2025 revenue was 10.189 billion yuan, down 4.08% year-on-year; net profit attributable to parent was 155 million yuan, down 61.90%. It remains a ten-billion-level revenue company, but profit decline is more pronounced. The report mentions that profit changes are related to rising nut raw material prices, changes in traffic structure on some online platforms, optimization of traditional stores, investment in lifestyle store projects, and increased depreciation and amortization expenses. Qiaqia Foods, Liangpinpuzi, and Juewei Foods also have revenue scales in the billions, but profit pressure is equally evident. Qiaqia Foods' 2025 revenue was 6.574 billion yuan, down 7.82%; net profit attributable to parent was 318 million yuan, down 62.51%. Liangpinpuzi's revenue was 5.486 billion yuan, down 23.38%, with a net loss attributable to parent of 148 million yuan. Juewei Foods' revenue was 5.467 billion yuan, down 12.62%, with a net loss attributable to parent of 191 million yuan. Large revenue does not mean stable profit. Revenue only shows that goods were sold; profit shows whether the business truly stands. By 2025, raw materials, stores, channel costs, and product price adjustments are more directly reflected in the income statement. On the other hand, some companies continue to grow. Weilong Delicious' 2025 revenue was 7.224 billion yuan, up 15.3%; net profit was 1.427 billion yuan, up 33.6%. Yanjinpu's revenue was 5.762 billion yuan, up 8.64%; net profit attributable to parent was 748 million yuan, up 16.95%. Youyou Foods' revenue was 1.589 billion yuan, up 34.39%; net profit attributable to parent was 186 million yuan, up 17.94%. The reasons for growth differ, but they all come down to more specific products. Weilong and Yanjinpu are driven by categories like konjac, while Youyou Foods still relies on pre-packaged products like pickled chicken feet. So, the operating signal is clear: even in the same snack business, some companies maintain scale but see thinner profits; some continue to grow through specific categories; others have fallen into losses. For snack food companies, the key in 2025 is not just "how much sold," but "how much remains after selling."

Products still rely on big single items Whether new products can connect depends on repurchase On the product side, the most obvious change is that many companies still rely on core single items to support their base. For example, Weilong and Yanjinpu's growth cannot be separated from konjac. Weilong's 2025 vegetable products revenue was 4.506 billion yuan, up 33.7%, accounting for 62.4% of total revenue; Yanjinpu's 2025 konjac revenue was 1.737 billion yuan, up 107.23%. Konjac's success is not just because it's a new category, but because the purchase reason is clear: strong flavor, low price, small packaging, satisfying cravings, and easy to repurchase. Youyou Foods' logic is more direct. Its core is still pickled chicken feet. Chicken feet are not a new product, but the consumption scenario is stable: watching TV, traveling, pairing with alcohol, or snacking. For Youyou, continued revenue and profit growth in 2025 shows that this old single item still has its consumer base. But big single items have another side. Qiaqia's sunflower seeds and nuts, Ganyuan's green beans, sunflower seeds, and broad beans, and Jinzai's dried fish and quail eggs are not unsold, but the categories are relatively mature. Consumers are familiar with these products and can easily find alternatives. Once raw material costs rise, or companies increase expenses to enter new channels, profit will be under pressure before revenue. Haoxiangni, Guifaxiang, and Qinqin Foods are more like traditional category samples. Red dates, fried dough twists, and jelly have clear recognition, but consumption scenarios are relatively fixed. Their problem is not that products are unknown, but how to increase frequency in daily consumption, rather than staying only in gifting, specialty, or traditional snack scenarios. Marinated food companies cannot be simply grouped together. Youyou focuses on pre-packaged chicken feet, Juewei and Zhouheiya focus on casual marinated food, Ziyan Foods is more side-dish marinated food, and Huangshanghuang involves both marinated meat products and rice products. They are all related to "marinated," but correspond to different consumption scenarios. Store marinated food depends on immediate purchase, pre-packaged marinated food depends on channel coverage, and side-dish marinated food is closer to the family table. So, on the product side, the real question is not whether there are new products, but whether new products can connect with existing consumption scenarios or create new repurchase. Big single items are the foundation; new products are experiments. The foundation's stability depends on sales volume; new products' success depends on repurchase.

Channel side: offline is still the main field Online and overseas are just supplements The most direct issue on the channel side is where goods are placed and whether they can ultimately make money. Liangpinpuzi's pressure first falls on stores. In 2025, the company's revenue was 5.486 billion yuan, down 23.38%, with a net loss attributable to parent of 148 million yuan. The report mentions that the company continuously optimized store structure and proactively eliminated inefficient stores, leading to a decline in store count and sales revenue; at the same time, price reductions on some products and product structure adjustments affected gross margin. Store adjustments are not impossible, but in the short term, both revenue and profit will face pressure first. Three Squirrels' problems are more online. In 2025, the company's third-party e-commerce platform revenue was 7.176 billion yuan, accounting for 70.42% of total revenue. Online remains its most important channel, but online does not mean stable profit. Changes in platform traffic structure, advertising expenses, and promotion rhythm all affect final profit. For Three Squirrels, the issue is not too few channels, but that each channel must recalculate input-output. Marinated food companies rely more on offline scenarios. Juewei Foods' 2025 revenue was 5.467 billion yuan, down 12.62%, with a net loss attributable to parent of 191 million yuan. Store-based marinated food is close to consumption scenarios, but also more susceptible to foot traffic, franchise management, labor, and rent. Zhouheiya, in addition to stores, has increased system channels, entering over 80 key system channels in 2025, including Sam's Club, Pangdonglai, and Yonghui, covering nearly 40,000 terminal sales points. Its revenue growth is not high, but profit recovery is more obvious, indicating that channel adjustments are already reflecting in operating results. Guifaxiang and Laiyifen also illustrate offline channel pressure. Guifaxiang's 2025 direct and distribution channel revenue declined, while e-commerce channel revenue grew but did not fully offset the decline in traditional channels; at the same time, increased e-commerce operation service fees, promotion fees, and brand publicity expenses led to losses. Laiyifen, as a snack chain, also faces multi-channel costs from stores, online, and group buying. So, the channel side cannot be simply understood as "do both online and offline." Stores have rent and labor, online has traffic and promotions, system channels have price and supply requirements, and overseas involves localization and supply chains. More channels are not necessarily better; what matters is how much money remains after selling each pack of snacks.

Final thoughts The 2025 annual reports show that the pressures on snack food and marinated snack companies ultimately come down to a few specific links: whether products can sustain repurchase, whether costs can be controlled, whether channel investments bring effective returns, and whether store and online operations can support profit. Selling products is only the first step. Then you need to look at raw material prices, channel costs, store efficiency, and new product performance. For these companies, revenue growth is important, but the profit left after revenue better indicates operational quality. Snack food remains a high-frequency business, but high frequency does not mean high profit. By 2025, companies must prove not just that they can still sell, but whether they can truly retain money after selling.