On October 28, LiuLiuMei updated its Hong Kong Stock Exchange prospectus. The document shows that in 2024, the company's revenue exceeded RMB 1.6 billion, and in the first half of 2025, revenue grew 25% year-on-year, with net profit up 75.4%. Just two days later, on October 30, LiuLiuMei held its 2026 CNY distributor conference in Hefei, themed "Plum Power Unleashed, Immediate Growth," officially proposing the "Category Hero Product" strategy. One move targets the capital market, the other targets channel partners. In a pressured FMCG industry, such actions are rare. It has been six years since the last listing application. Why is LiuLiuMei returning to the capital market now? Why can it restart acceleration when brands are generally contracting and channels are stabilizing? The seemingly coincidental timing is actually a systematic brand adjustment. New Distribution has conducted an in-depth analysis based on the prospectus content and speeches at the distributor conference, and we found that LiuLiuMei has found the right path over six years. Adjustment: Finding Certainty in Brand Growth from Industry Structural Changes Over the past few years, the leisure snack industry has undergone significant structural changes: channel fragmentation, shelf logic reconstruction, and accelerated consumption stratification. On the distribution side, the traditional "distribution and inventory pressure" model is failing; on the retail side, emerging channels such as discount chains, instant retail, and membership-based supermarkets are rising rapidly, redistributing terminal traffic; on the consumer side, decision-making logic is shifting from "price and taste" to more nuanced needs such as "health ingredients, emotional value, and social sharing." Competition in the entire FMCG industry has shifted from "distribution speed" to "structural efficiency." In this context, sustained growth has become extremely difficult. However, LiuLiuMei's latest prospectus submitted to the Hong Kong Stock Exchange presents a set of highly representative data:

From 2022 to the first half of 2025, the company's revenue grew from RMB 1.174 billion to RMB 1.616 billion, a cumulative increase of nearly 40% over three years; net profit rose from RMB 68.43 million to RMB 148 million, with a compound growth rate exceeding 40%. More notably, the prospectus also mentions that according to Frost & Sullivan, LiuLiuMei ranks first in China's fruit snack industry, first in China's natural ingredient jelly industry, and first in China's prune fruit snack industry. This means that against the backdrop of sluggish growth in overall FMCG brands, LiuLiuMei achieved counter-trend growth. Keyword: Adjustment. At the 2026 CNY distributor conference, LiuLiuMei founder Liu Shu mentioned the high-frequency word "adjustment." "Channels are adjusting, shelves are adjusting, consumption is adjusting, and our brand must adjust accordingly." Adjustment means reviewing old logic; reform means establishing a new system. Brands must proactively adjust product structure, channel models, and organizational coordination to respond to market complexity with systemic efficiency. After sorting through the relevant information, the author found that the core logic of LiuLiuMei's adjustment lies in rebuilding systemic certainty. Three key things were done right:

  • Product innovation
  • Channel reform
  • Increased investment Product Structure Reshaping Building Systemic Certainty with Three Growth Curves The first step in LiuLiuMei's adjustment was to redefine the category main axis. In the 2019 prospectus, LiuLiuMei was dominated by plum products, with combined revenue from green plums and other plum products accounting for over 85% of main business revenue. During that period, the dominant position of plum products brought LiuLiuMei significant brand and scale effects. But it also planted a structural concern: when a single product constitutes the entirety of brand perception, growth momentum can easily hit a ceiling. From an industry perspective, the growth logic of FMCG and leisure food industries is undergoing profound changes. According to iiMedia Research data, from 2010 to 2024, the market size of China's leisure food industry grew from RMB 410 billion to RMB 1.155 trillion, and it is expected to reach RMB 1.2378 trillion by 2027. Although the overall scale is still expanding, industry growth has slowed to low single digits in the past five years, entering a stage of micro-growth and structural competition. Consumer demand is also diverging: from "satisfying cravings" to "health," "function," and "emotion," and from "buying products" to "buying scenarios" and "buying experiences." Facing this trend, LiuLiuMei was the first to capture the opportunity window of consumption upgrade and category integration. In the following years, it chose "Category Hero Product" as its core strategic focus, promoting the brand's upgrade from a "green plum brand" to a "fruit-based healthy snack platform." Centered on the core gene of "plum," it aims to make green plum food mainstream and build a natural fruit food ecosystem. LiuLiuMei's product innovation logic is anchored in changes in consumer demand, using different products to meet the diversified needs of "health + emotion + scenario." At LiuLiuMei's 2026 CNY distributor conference, New Distribution observed multiple dimensions of innovation and upgrade at the product level. First, innovation in taste and experience. For example, the new product "Chenpi Plum Strips" combines "dried tangerine peel + plum," offering a sour and refreshing taste that stimulates salivation and satisfies light, healthy snack needs. Second, the combination of flavor and function. For example, "Brown Sugar and Ejiao Qingmei" is a typical representative of "flavor + health," combining green plums with brown sugar and ejiao, offering both flavor enjoyment and health benefits. At the same time, in new category expansion, LiuLiuMei opened a new track with the "Mei Dong NFC Series." The product uses NFC fresh fruit cold-pressed technology, truly achieving "0 preservatives, 0 artificial colors, 0 fat," with a 400g large-capacity design balancing cost-effectiveness and repurchase needs, making this natural healthy jelly easily integrated into diverse consumption scenarios such as family gatherings and outdoor activities. On this basis, LiuLiuMei strengthens brand structure through raw material upgrades. New products like "LiuLiuMei Prunes" developed with seedless Chilean prunes as the core raw material, with direct supply from Chilean farms, 0 fat, 0 sucrose, and a clean ingredient list containing only prunes, bring a new sense of value and give the brand an international quality perception. Finally, in scenario innovation, multi-specification gift boxes such as Mei Dong Dong Dong Bucket, Xian Yan Bao, and gift packs target festive, social, and gifting consumption. Whether for Spring Festival family gatherings or emotional expression among young people, LiuLiuMei uses the dual attributes of "healthy snacks + emotional value" to make products a new language for holiday social interaction. From the results, the product innovation strategy has been effective. According to the latest prospectus submitted on October 28, prunes have seen a compound growth rate of 35% over the past three years, and Mei Dong has maintained growth above 30% for three consecutive years, becoming the brand's two growth engines. Channel Efficiency Upgrade From Distribution Competition to Structural Coordination LiuLiuMei's second step in adjustment is improving channel efficiency. Over the past decade, China's FMCG industry has experienced a complete rewrite of channel logic. In the traditional era, "wide distribution, heavy inventory pressure, and sales driven by promotions" were almost standard practices for all brands; now, the value of channels is no longer reflected in "coverage rate" but in fit and efficiency. On one hand, channels are becoming increasingly diversified: snack discounters are rising, membership-based supermarkets are rapidly penetrating, and instant retail is accelerating comprehensively. Each channel has different product structures, profit logic, and consumer touchpoints; on the other hand, consumer purchase scenarios have been completely reorganized, and the same product plays different functional and psychological roles in different channels. From an industry perspective, each channel has its own growth cycle and scenario logic. Under such structural changes, LiuLiuMei consciously develops different plans to match different channels, which is the second key action of adjustment. At the 2026 CNY distributor conference, LiuLiuMei clearly proposed a "product portfolio + promotion rhythm + terminal sales" trinity approach to channel partners, helping distributors shift from "inventory pressure" to "operations." For example, during the Spring Festival peak season, the company simultaneously launched three gift box combinations for different channels and scenarios: "Family Bucket," "Xian Yan Bao," and "Lucky Mei Dong Bucket." A LiuLiuMei distributor in East China told me, "Following the brand gives more confidence. In the past, business was often based on experience, resulting in either inventory piling up in warehouses or products not selling at stores. Now the brand provides a complete plan from rhythm planning to display execution, making business more controllable." For distributors, structures are changing, logic is changing, but as long as they follow the system, there is still certainty in growth. Counter-Intuitive Increasing Investment in Upstream Industry Chain LiuLiuMei's third step in adjustment is increasing investment. In the current FMCG environment, many brands are operating with "asset-light" models, minimizing upstream investment and outsourcing production capacity to contract manufacturers. But LiuLiuMei is doing the opposite, increasing investment in the upstream industry chain and strengthening supply chain control. LiuLiuMei has established green, organic, pollution-free, and non-hazardous original ecological green plum planting bases covering a total area of over 100,000 mu in specific regions, and has set up production and processing bases of approximately 700,000 square meters in Anhui, Fujian, and other places. According to official public information, multiple LiuLiuMei factories are expected to be put into operation in 2026, including the 50,000-square-meter natural dried fruit super factory in Fujian Green Plum Town and the 30,000-square-meter fruit processing workshop with a capacity of 20,000 tons in Guangxi. Among them, the most representative is the under-construction Fujian Green Plum Town Natural Dried Fruit Super Factory, which will introduce advanced domestic and international processing equipment and technology to build a green plum leisure food, green plum beverage, and green plum health product system. The first-phase workshop has a building area of approximately 50,000 square meters and will be China's largest dried fruit production workshop. This counter-intuitive move increases costs in the short term but greatly enhances LiuLiuMei's industrial coordination efficiency. First, it controls the cost structure. In an environment of intense competition in leisure snacks and continuously compressed channel profits, controlling the upstream means achieving sustainable cost advantages in raw materials, processes, and packaging. LiuLiuMei has formed advantages in the procurement and production scale of plum raw materials through large-scale planting and centralized processing. At the same time, leading processes give LiuLiuMei not only cost advantages but also market favor. For example, the high-end brand "Ximei Xiansheng" has an ingredient list containing only Chilean prunes, with a room-temperature shelf life of up to 9 months. With leading pitting and sterilization deep-processing technology, LiuLiuMei has become an important partner for channels such as Sam's Club and Wumart. Second, it ensures product innovation. After building its own production lines, LiuLiuMei can quickly respond to market changes. From "Honey Grapefruit NFC Mei Dong" to "Electrolyte Smoothie Mei Dong," from "LiuLiuMei Prunes" to "Ximei Xiansheng," it launches new products covering different demographics and scenarios almost every year, achieving a rapid closed loop from concept to mass production. Third, it builds brand barriers. The model of "raw material control + R&D co-creation + flexible capacity" gives LiuLiuMei an advantage that is difficult to replicate in new product expansion and quality stability. This systemic support enables the brand to turn new product lines like "Mei Dong" and "Prunes" into true "Category Hero Products." Others are going light; LiuLiuMei is going heavy. Others are chasing short-term sales; LiuLiuMei is building long-term capabilities. That is why the brand's growth is more stable, longer-lasting, and more grounded. Final Thoughts From an industry perspective, LiuLiuMei is an important sample of FMCG brands finding certain growth. Its "adjustment" path is not only a company's self-evolution but also a mirror reflecting the direction of the entire FMCG industry. First, structural growth still exists. When the overall market slows down, it does not mean opportunities disappear, but that the focus of growth is shifting. Today's opportunity lies not in "recreating traffic myths," but in who can build structural efficiency faster:
  • Clearer product structure to match consumption trends;
  • More coordinated channel structure to match consumption scenarios;
  • More solid industrial structure to match long-term certainty. Second, the relationship between brands and distributors is being reshaped. In the future, distributors will no longer be just "distribution nodes" of the brand, but part of the brand system. Excellent brands must be able to grow continuously together with their distributors. Third, brands must dare to grow counter-intuitively. When facing market uncertainty, most brands choose to shrink, be conservative, and go asset-light, but LiuLiuMei chose to increase investment in the opposite direction. Controlling raw materials, mastering capacity, and improving innovation speed are themselves new brand barriers. On November 7 at the Westin Beijing, LiuLiuMei's 2026 CNY Key Account New Year Product Launch (Beijing session) sincerely invites all distributor partners to attend and guide, creating a brilliant future together!