---
title: "Nestlé, Yili, Haitian and 121 Other Listed FMCG Companies Release Q1-Q3 Results: 66 See Revenue Decline, 62 See Profit Decline"
description: "In the current economic environment, consumers are no longer satisfied with just cost-performance but are placing more emphasis on quality-performance, seeking products that are both affordable and high-quality, a trend that has intensified industry involution. \"Decline\" seems to be the main theme for the first three quarters of this year, with many FMCG companies feeling the chill of the market, and \"hard to make money\" and \"high pressure\" becoming common sentiments. As of now, New Distribution has compiled revenue and net profit data for 121 FMCG companies for the first three quarters, sorted by revenue. (Note: Companies listed in Hong Kong such as Master Kong and Nongfu Spring have not disclosed Q3 reports.)"
author: "杨玉琳"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2024-11-09"
language: "en"
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# Nestlé, Yili, Haitian and 121 Other Listed FMCG Companies Release Q1-Q3 Results: 66 See Revenue Decline, 62 See Profit Decline

> In the current economic environment, consumers are no longer satisfied with just cost-performance but are placing more emphasis on quality-performance, seeking products that are both affordable and high-quality, a trend that has intensified industry involution. "Decline" seems to be the main theme for the first three quarters of this year, with many FMCG companies feeling the chill of the market, and "hard to make money" and "high pressure" becoming common sentiments. As of now, New Distribution has compiled revenue and net profit data for 121 FMCG companies for the first three quarters, sorted by revenue. (Note: Companies listed in Hong Kong such as Master Kong and Nongfu Spring have not disclosed Q3 reports.)

In the current economic environment, consumers are no longer satisfied with just cost-performance but are placing more emphasis on quality-performance, seeking products that are both affordable and high-quality, a trend that has intensified industry involution. "Decline" seems to be the main theme for the first three quarters of this year, with many FMCG companies feeling the chill of the market, and "hard to make money" and "high pressure" becoming common sentiments.
As of now, New Distribution has compiled revenue and net profit data for 121 FMCG companies for the first three quarters, sorted by revenue. **(Note: Companies listed in Hong Kong such as Master Kong and Nongfu Spring have not disclosed Q3 reports.)**
**Food & Beverage**
**Dongpeng Beverages**
In the first three quarters of 2024, Dongpeng Beverages achieved revenue of 12.558 billion yuan, a year-on-year increase of 45.34%; net profit attributable to shareholders was 2.707 billion yuan, up 63.53% year-on-year.
Among them, Dongpeng Special Drink achieved revenue of 10.507 billion yuan, up 31.43% year-on-year, accounting for 83.86%; Dongpeng Bushuila and other beverages achieved revenue of 1.211 billion yuan and 812 million yuan respectively, up 292.11% and 145.43% year-on-year.
The main reason for the net profit growth is **the company's continued implementation of a full-channel intensive cultivation strategy, while actively expanding national sales channels**. Revenue from national regions (excluding Guangdong) was 7.329 billion yuan, accounting for 58.49%, up 55.10% year-on-year.
Among them, the North China region grew by 83.54%, and the Southwest region by 67.07%, performing particularly well; combined revenue from national direct sales and online channels was 1.774 billion yuan, up 69.87% year-on-year, showing initial success in the company's nationalization strategy.
**Three Squirrels**
In the first three quarters of 2024, Three Squirrels achieved revenue of 7.169 billion yuan, up 56.46% year-on-year; net profit attributable to shareholders was 341 million yuan, up 101.15% year-on-year; non-GAAP net profit was 267 million yuan, up 211.55% year-on-year.
In 2019, Three Squirrels achieved revenue of 10 billion yuan, but since then experienced four years of negative revenue growth. At the end of 2022, Three Squirrels proposed the "high-end cost-performance" strategy and gradually showed growth. As of the first three quarters of this year, **Three Squirrels' revenue has already surpassed the full year of last year, getting closer to the goal of "returning to 10 billion"**.
At the same time, on October 28, Three Squirrels announced plans to invest a total of no more than 360 million yuan to reach deep cooperation with Ai Lingshi, Ai Zhekou, and Zhiyang Food. This is also **the first time Three Squirrels has entered the bulk snack market, expanding into a new track**.
**Liangpin Shop**
In the first three quarters of 2024, Liangpin Shop achieved revenue of 5.48 billion yuan, down 8.66% year-on-year; net profit attributable to shareholders was 19.3903 million yuan, down 89.86% year-on-year.
Among them, Q3 revenue was 1.594 billion yuan, down 20.81% year-on-year; net profit attributable to shareholders was a loss of 4.5 million yuan, down 325.2% year-on-year.
Under the influence of fierce competition in the snack track in recent years, Liangpin Shop implemented a product price reduction strategy and joined the price war. But so far, price cuts have not led to a significant increase in sales, but rather increased cost pressure, putting a heavy burden on the company's performance.
**Yangyuan Drinks**
In the first three quarters of 2024, Yangyuan Drinks achieved revenue of 4.229 billion yuan, down 7.81% year-on-year; net profit attributable to shareholders was 1.229 billion yuan, down 4.69% year-on-year.
From a sales channel perspective, direct sales channel revenue was 239 million yuan, up 26.72% year-on-year.
From a regional perspective, revenue in various regions faced short-term pressure with a downward trend. East China remained the largest sales region for Yangyuan Drinks, with sales revenue reaching 1.4 billion yuan.
**Xiangpiaopiao**
In the first three quarters of 2024, Xiangpiaopiao achieved revenue of 1.938 billion yuan, down 2.05% year-on-year; net profit attributable to shareholders was 17.7325 million yuan, up 408.98% year-on-year; non-GAAP net profit was a loss of 5.7549 million yuan.
In the first three quarters, brewed products achieved sales revenue of 1.11 billion yuan, down 8.27% year-on-year. In the first half of the year, Xiangpiaopiao attributed the loss to "the brewing business being in the off-season," but currently, the brewing business is still on a downward trend; on the contrary, ready-to-drink products performed well, with sales revenue of 801 million yuan during the reporting period, up 7.89% year-on-year.
For the significant increase in net profit in the first three quarters, Xiangpiaopiao stated that **it is mainly due to the increase in gross margin and control of operating expenses**.
**Summary:**
In the current complex and changing competitive landscape of the leisure snack market, new brands continue to enter, and offline retail formats represented by bulk snacks and community discount supermarkets are rapidly rising, competing on products, prices, and services. In the first three quarters of 2024, among the 40 food and beverage companies surveyed, 19 saw revenue decline, and 20 saw net profit decline, accounting for about half. Among them, only 15 companies such as Three Squirrels, Dongpeng Beverages, and Jinzai Food achieved both revenue and profit growth. Leisure food companies like Lai Yifen and Liangpin Shop fell into the dilemma of declining profits.
**Dairy Products**
**Yili**
In the first three quarters of 2024, Yili achieved revenue of 88.733 billion yuan, down 8.61% year-on-year; net profit attributable to shareholders was 10.868 billion yuan, up 15.87% year-on-year. Net profit exceeded 10 billion for the first time, setting a new historical high.
Nielsen data shows that Yili's liquid milk business has held the number one market share position for 11 consecutive years. Despite the dairy industry's growth slowdown, Jindian organic milk continued to expand its market share with leading growth in the first three quarters.
It is worth mentioning that **Yili's infant formula business achieved counter-trend growth, with high single-digit revenue growth in the first three quarters, and double-digit growth in Q3**.
**Bright Dairy**
In the first three quarters of 2024, Bright Dairy achieved revenue of 18.413 billion yuan, down 10.89% year-on-year; net profit attributable to shareholders was 116 million yuan, down 63.94% year-on-year. Q3 revenue was 5.699 billion yuan, down 12.66% year-on-year; net profit was a loss of 164 million yuan.
Bright Dairy was once a leader in the domestic dairy industry, successfully listed in 2002, and is known as the "**first dairy stock**". In 2009, the launch of Bright Mosilian yogurt pioneered domestic room-temperature yogurt, with first-year sales reaching 160 million yuan. However, with the rise of competitors, Bright has shown signs of being overwhelmed.
**Tianrun Dairy**
In the first three quarters of 2024, Tianrun Dairy achieved revenue of 2.156 billion yuan, up 3.5% year-on-year; net profit attributable to shareholders was 22.27 million yuan, down 84.37% year-on-year.
Since the beginning of this year, Tianrun Dairy has attempted to promote cross-border cooperation, sponsoring the Shanghai Electronic Music Festival, inviting influencers to check in on-site, integrating products with trend culture to build brand image and enhance brand value. It focused on key products and core channels, arranging festival-themed elements and conducting more than 3,000 promotional activities, while introducing a scan-to-win activity, which drove product revenue.
For the decline in net profit, **it is still due to the company's provision for milk powder impairment and cattle impairment based on market factors, as well as increased losses from the merger with Xinnong Dairy**.
**Beingmate**
In the first three quarters of 2024, Beingmate achieved revenue of 2.087 billion yuan, up 8.91% year-on-year; net profit attributable to shareholders was 71.7936 million yuan, up 45.3% year-on-year.
In recent years, Beingmate has no longer been limited to infant formula, but has set its sights on the whole-family nutrition track, with products covering children's snacks, adult nutrition, and other fields. It has made comprehensive arrangements from goat milk powder, organic milk powder to adult nutrition milk powder to meet the nutritional needs of consumers of different ages.
**Liziyuan**
In the first three quarters of 2024, Liziyuan achieved operating revenue of 1.064 billion yuan, down 0.48% year-on-year; net profit attributable to shareholders was 157 million yuan, down about 16.83% year-on-year.
By category, dairy beverages achieved operating revenue of 1.022 billion yuan in the first three quarters, down about 2.60% year-on-year.
By region, East China achieved operating revenue of about 532 million yuan in the first three quarters, down about 0.36% year-on-year; Southwest and Central China achieved operating revenue of about 201 million yuan and 182 million yuan respectively, up 2.03% and down 12.72% year-on-year.
**Summary:** Among the 16 dairy companies surveyed, 11 saw both revenue and net profit decline. Yili, New Hope Dairy, and Miaokeland all saw profit growth but not revenue growth. Only Beingmate achieved both revenue and profit growth. Among them, Miaokeland achieved net profit growth of 571.67%, which it said was related to increased cheese revenue leading to higher overall gross margin and reduced advertising and promotional expenses. **The reduction in population and the continuation of excess upstream milk supply have left the dairy industry in a state of oversupply, with obvious industry contraction and involution**. Walking into supermarkets, it is not difficult to find that milk seems to be sold cheaper than in previous years, with more promotional activities. Domestic dairy companies are using price cuts to save themselves and get through the industry downturn.
**Rice, Flour, Oil & Condiments**
**Golden Arowana**
In the first three quarters of 2024, Golden Arowana achieved operating revenue of 175.454 billion yuan, down 6.93% year-on-year; net profit attributable to shareholders was 1.431 billion yuan, down 32.78% year-on-year.
The decrease in operating revenue compared to the same period last year was mainly due to the impact of product price declines exceeding the revenue contribution from sales volume growth. The company's overall product sales volume increased compared to the same period last year, but the prices of major products fell with the decline in prices of major raw materials such as soybeans and soybean oil.
**Haitian Flavoring**
In the first three quarters of 2024, Haitian Flavoring achieved revenue of 20.399 billion yuan, up 9.38% year-on-year; net profit attributable to shareholders was 4.815 billion yuan, up 11.23% year-on-year, continuing the trend of "**both revenue and profit growth**" since the beginning of this year.
By product, revenue from soy sauce, seasoning sauce, and oyster sauce was 10.338 billion yuan, 2.034 billion yuan, and 3.427 billion yuan respectively, with year-on-year growth rates of 7.40%, 9.01%, and 6.38%. Revenue from other categories (including compound seasonings, prepared dishes, etc.) reached 3.165 billion yuan, up 19.88% year-on-year, the fastest growth.
In recent years, Haitian Flavoring has continued to expand, launching hot pot base, edible oil, and other categories, and even cross-border launches of new products such as lemon tea and apple cider vinegar ice cream. This year, it launched bottled drinking water "Haitian Pure," attempting to create new business growth points through diversified innovation.
**Daodaoquan**
In the first three quarters of 2024, Daodaoquan achieved operating revenue of 4.203 billion yuan, down 20% year-on-year; net profit attributable to shareholders was 111 million yuan, down 39.84% year-on-year; non-GAAP net profit was 78.176 million yuan, down 39.02% year-on-year.
Although Daodaoquan once established itself in the edible oil industry by focusing on rapeseed oil, its performance has fluctuated significantly in recent years. It had been loss-making for three consecutive years before 2023, and turned profitable in 2023 after raw material prices fell. In 2024, raw material prices continued to fluctuate downward, while expenses for market expansion and deep cultivation increased, leading to a year-on-year decline in profit.
**Snowsky Salt**
In the first three quarters of 2024, Snowsky Salt achieved revenue of 4.158 billion yuan, down 5.97% year-on-year; net profit attributable to shareholders was 339 million yuan, down 32.39% year-on-year.
According to a survey report by China Research and Intelligence, with the improvement of residents' living conditions, global consumer demand for mid-to-high-end edible salt is on the rise, and sales of mid-to-high-end salt continue to grow. The trend of high-end salt products is obvious, and consumer preferences are becoming healthier. Snowsky Salt is fully promoting its high-end strategy, launching high-end series products represented by "Snowsky" Songtai 997, with edible salt purity as high as 99.7%.
The decline in profit is mainly due to **a significant year-on-year drop in market prices of some main products, weakening profitability**.
**Summary:** Grain, oil, and condiment companies are affected by raw material price fluctuations, facing pressure from rising costs and declining profits. Ten companies, including Lianhua Health, Jingliang Holdings, and Zhongjing Food, saw revenue growth. Among them, Shuangta Food's net profit surged tenfold. The company is currently the world's largest pea protein producer and the world's largest Longkou vermicelli producer. At the same time, new health trends in condiments such as healthy, low-salt, organic, and zero-additive have intensified competition in sub-categories. Well-known companies including Qianhe Flavoring, Zhongju High-tech, and Jiajia Food all saw revenue declines.
**Beer**
**Tsingtao Brewery**
In the first three quarters of 2024, Tsingtao Brewery achieved revenue of 28.959 billion yuan, down 6.52% year-on-year; net profit attributable to shareholders was 4.99 billion yuan, up 1.67% year-on-year. A decline in net profit during the peak season is relatively rare in Tsingtao Brewery's operating history.
Tsingtao Brewery implements a dual-brand development strategy, with the Tsingtao brand as the main brand targeting the mid-to-high-end market, and other brands represented by Laoshan as the second brand, supplementing coverage for specific regions and mid-to-low-end price products.
Facing the test of sluggish consumer demand in the beer industry, Tsingtao Brewery stated that it "**will continue to promote product innovation and structural optimization and upgrading, while increasing market sales expense investment and market promotion efforts, and actively exploring the market**".
**Chongqing Brewery**
In the first three quarters of 2024, Chongqing Brewery achieved revenue of 13.063 billion yuan, up 0.26% year-on-year; net profit attributable to shareholders was 1.332 billion yuan, down 0.90% year-on-year.
In recent years, **Chongqing Brewery has been committed to promoting "Chongqing Beer" nationwide, strengthening consumer awareness by binding to the hot pot scene and cooperating with the Chongqing Hot Pot Association**. In October, it launched the "Layue" IP for the first time and appeared on the popular check-in screen at Chongqing Guanyin Bridge. Chongqing Brewery packaged a rich set of online and offline activities and launched the "Layue Calendar" to lead citizens and tourists to enjoy the October Chongqing Hot Pot Festival.
**Yanjing Beer**
In the first three quarters of 2024, Yanjing Beer achieved revenue of 12.846 billion yuan, up 3.47% year-on-year; total profit was 1.765 billion yuan, up 27.22% year-on-year; net profit attributable to shareholders was 1.288 billion yuan, up 34.73% year-on-year, with net profit of 1.288 billion yuan becoming the highest level since the company's listing.
In September, Yanjing Beer's "**a sour wheat beer and its brewing method**" successfully obtained official authorization from the National Intellectual Property Administration, achieving a breakthrough in "**sour beer brewing technology**". New products developed based on this patent have been widely praised.
At the same time, Yanjing U8 leverages its big single product advantage, with sales increasing year by year, maintaining a good growth trend, driving the product matrix to increase both volume and price, and accelerating the brand's high-end transformation.
**Zhujiang Beer**
In the first three quarters of 2024, Zhujiang Beer achieved operating revenue of 4.887 billion yuan, up 7.37% year-on-year; net profit was 807 million yuan, up 25.35% year-on-year.
Since the beginning of this year, Zhujiang Beer's core single product 97 Pure Draft has strengthened its catering channel development, and further enriched its high-end product matrix, launching high-end new products such as Zhujiang P9 and Zhujiang 1985, adding momentum for further penetration of catering channels and long-term high-end development.
**Summary:**
Among the 6 beer companies surveyed, performance showed a divergence. Yanjing Beer, Zhujiang Beer, and Huiquan Beer achieved both revenue and profit growth. Tsingtao Brewery saw profit growth but not revenue growth, while Chongqing Brewery saw revenue growth but not profit growth.
Regional beer brands face enormous pressure in market competition. Lanzhou Yellow River's market share has gradually declined, with net profit falling by more than 40% in the first three quarters. In fact, since 2013, China's beer production has experienced a decline for seven consecutive years. Although it has rebounded in the past three years, it only reached about three-quarters of the 2013 level in 2023. **Beer companies are gradually transforming to high-end, and consumers are also shifting from "drinking more" to "drinking better"**.
**Personal Care & Daily Chemicals**
**Yunnan Baiyao**
In the first three quarters of 2024, Yunnan Baiyao achieved revenue of 29.915 billion yuan, up 0.76% year-on-year; net profit attributable to shareholders was 4.327 billion yuan, up 4.93% year-on-year, exceeding the full-year net profit of 2023 and setting a new historical high for the same period.
Since 2024, Yunnan Baiyao has refocused its strategy, significantly improving the quality and efficiency of corporate development, with remarkable achievements in sustainable development. In the first three quarters, the company followed the principle of "**tap potential, increase vitality, and be effective**", achieving steady performance growth while significantly enhancing operational efficiency and effectively realizing continuous improvement in the efficiency of the entire value chain.
**C&S Paper**
In the first three quarters of 2024, C&S Paper achieved revenue of 5.955 billion yuan, down 12.72% year-on-year, and net profit attributable to shareholders was 53.5823 million yuan, down 67.61% year-on-year.
The former leader in the household paper industry has seen its net profit decline for three consecutive years from 2021 to 2023.
To address the challenge of declining performance and seek new growth points, C&S Paper has actively expanded its product portfolio since 2019, successively entering fields such as sanitary napkins, baby care, adult incontinence care, and home cleaning. In September this year, it **announced a cross-border entry into the skincare field, hoping to increase sales and market share through product diversification**.
**Baiya Shares**
In the first three quarters of 2024, Baiya Shares achieved revenue of 2.325 billion yuan, up 57.51% year-on-year; net profit attributable to shareholders was 239 million yuan, up 30.77% year-on-year, with both revenue and net profit showing a significant upward trend.
From the product side, the company's Free brand revenue reached 2.15 billion yuan in the first three quarters, up about 66% year-on-year, becoming the fastest-growing category, with Q3 growth reaching 59%; from the channel side, e-commerce channels have maintained rapid growth in the past two years, with a year-on-year growth rate of 140% in the first three quarters.
**Liangmianzhen**
In the first three quarters of 2024, Liangmianzhen achieved revenue of 791 million yuan, up 17.26% year-on-year; net profit attributable to shareholders was 84.0174 million yuan, up 316.51% year-on-year.
As a time-honored domestic brand, Liangmianzhen seems to have become a must-have for hotel toothpaste, with Q3 tourism toothpaste revenue of 34.856 million yuan; household toothpaste also performed well, growing by more than 30%.
In this regard, Liangmianzhen stated that **the slightly higher growth of Liangmianzhen toothpaste in the stock competition household toothpaste market is due to its small base, brand influence, distribution channel potential, and a mainstream price system that fits the trend of consumption downgrading**.
**Summary:** At present, the trend of segmentation in the personal care and daily chemicals market is becoming increasingly obvious. **Consumers' demand for personal care products is no longer just at the basic level, but places more emphasis on functionality, personalization, and brand philosophy**. This trend has prompted personal care and daily chemical companies to continuously innovate to meet the increasingly diverse needs of consumers. According to the "China Personal Care Industry Trend Insight Report," sales in the personal care industry achieved a year-on-year growth of 4% from January to July 2024, far exceeding the overall FMCG growth of 2%. Among them, online retail channel growth reached 10.7%, far exceeding offline physical stores.
**Prepared Dishes**
**Shuanghui Development**
In the first three quarters of 2024, Shuanghui achieved operating revenue of 43.999 billion yuan, down 4.8% year-on-year; net profit attributable to shareholders was 3.804 billion yuan, down 12.1% year-on-year.
In Q3, meat products achieved operating revenue of 6.828 billion yuan, down 4% year-on-year. The decline was mainly due to weak consumption during the two festivals, insufficient driving force for sales, and the fact that the company's ham sausages are mainly for leisure scenarios. In recent years, with the rise of new channels such as bulk snack stores, Douyin, and membership supermarkets, **traffic in traditional hypermarkets and other channels has declined, and the company is somewhat dragged down by the large proportion of traditional channels**.
**Anjoy Foods**
In the first three quarters of 2024, Anjoy Foods achieved operating revenue of 11.077 billion yuan, up 7.84% year-on-year; net profit attributable to shareholders was 1.047 billion yuan, down 6.65% year-on-year.
Frozen prepared food remains Anjoy Foods' main source of revenue, contributing 5.625 billion yuan in revenue in the first three quarters, up 13.88% year-on-year.
From a channel perspective, Anjoy's distributor channel grew steadily, with sales revenue reaching 9.091 billion yuan in the first three quarters, up 9.24% year-on-year.
At the same time, the new retail channel grew rapidly, achieving revenue of 464 million yuan, up 41.95% year-on-year, mainly driven by incremental contributions from Hema.
**Longda Meishi**
In the first three quarters of 2024, Longda Meishi achieved revenue of 8.014 billion yuan, down 20.70% year-on-year; net profit attributable to shareholders was 73.041 million yuan, up 111.26% year-on-year.
Among them, Q3 operating revenue was 2.97 billion yuan, down 12.12% year-on-year; net profit attributable to shareholders was 14.8884 million yuan, up 161.61% year-on-year.
The significant increase in Q3 profit was **on the one hand due to improved demand from some catering channel customers compared to Q2, coupled with the arrival of the traditional peak season, leading to improved terminal demand. On the other hand, the company continued to introduce new products to existing customers, adding beef and poultry products in addition to pork series products**.
**Sanquan Food**
In the first three quarters of 2024, Sanquan Food achieved revenue of 5.125 billion yuan, down 5.35% year-on-year; net profit attributable to shareholders was 394 million yuan, down 28.61% year-on-year; non-GAAP net profit attributable to shareholders was 313 million yuan, down 35.43% year-on-year.
Sanquan's frozen dumplings and tangyuan have long enjoyed high market visibility. However, performance in recent years has been unsatisfactory. The strong efforts of prepared dish companies such as Anjoy and Qianwei Central Kitchen have brought considerable challenges to Sanquan, making it seem overwhelmed in the face of market competition.
**Summary:**
Overall, most prepared dish companies saw revenue decline. Anjoy Foods, Qianwei Central Kitchen, Haixin Foods, and Guangzhou Restaurant saw revenue growth but not profit growth, meaning they sold more but earned less. Only Guolian Aquatic and Babi Food achieved both revenue and profit growth. **Although the development of the prepared dish industry is a future trend, consumer acceptance still needs to be improved**. Some consumers have doubts about the taste, quality, and cost-performance of prepared dishes, which to some extent affects sales. However, with the arrival of the Q4 peak season, major companies are expected to see a recovery in performance when the year-end report cards are revealed.
**International Brands**
**Nestlé**
In the first three quarters of 2024, Nestlé's total sales were 67.1 billion Swiss francs (approximately 551.629 billion yuan), with organic growth of 2.0%. Among them, sales in the Greater China region were 3.6 billion Swiss francs (approximately 29.577 billion yuan), down 2.0%, with exchange rates having a negative impact of 4.7%.
**The key to Nestlé's ability to maintain stable profitability lies in its diversified product portfolio**. Infant nutrition, coffee, confectionery, Nestlé Professional and culinary business, and Purina pet care all achieved growth, with infant nutrition growing the fastest; in contrast, the dairy category saw negative growth, reflecting a sharp slowdown in the market.
**PepsiCo**
In the first three quarters of 2024, PepsiCo achieved revenue of $64.07 billion (approximately 452.789 billion yuan), up 0.7% year-on-year; net profit was $8.09 billion (approximately 57.172 billion yuan), up 3.3% year-on-year. Among them, Q3 net revenue was $23.32 billion, down 0.6% year-on-year.
It is worth noting that **part of the reason for the Q3 revenue decline was a decrease in sales of Quaker Foods**. Among them, Quaker Foods North America had the largest sales decline of 13%.
In addition, in Q3, PepsiCo's North American beverage volume declined by 3%; brands such as Gatorade and Pepsi-Cola saw revenue growth in the quarter.
**Mondelēz**
In the first three quarters of 2024, Mondelēz achieved revenue of $26.837 billion (approximately 190.69 billion yuan), up 0.51% year-on-year; net profit was $2.875 billion, down 28.45% year-on-year.
At present, Mondelēz's focus in the Chinese market remains on laying out the bakery track through Oreo. In September 2024, Mondelēz China significantly increased its equity investment in Enxincun, a bakery food producer. This is Mondelēz's first major equity investment in China in 40 years, aiming to continuously strengthen its leadership in the bakery food category.
**Summary:** Since 2022, Nestlé has acquired brands such as Orgain, Puravida, The Better Health Company, and GO Healthy to expand its portfolio in nutritional science; PepsiCo announced in October 2024 the acquisition of Garza Food Ventures for $1.2 billion, which owns the Siete snack brand, mainly producing Mexican traditional flavor foods. Danone focuses on optimizing its core product portfolio, focusing on high-protein, medical nutrition, and other fields. Facing the current economic downturn, **major international brands are also continuously expanding their product lines, striving to increase increment through diversified layouts and expand market coverage**.
**Final Thoughts**
According to New Distribution's statistics on 121 FMCG companies, 66 companies saw revenue decline, and 62 saw profit decline. This widespread decline in revenue and profit reflects **an imbalance in market supply and demand**.
On the one hand, some products have failed to adapt to market changes in a timely manner, leading to oversupply, hindered sales, and declining revenue; on the other hand, against the backdrop of production capacity far exceeding market demand, companies have to engage in various price competitions to compete for limited market share, which not only intensifies industry involution but also severely compresses profit margins, leading to a significant drop in profits.
Of course, **in the current fierce competition in the FMCG industry, some companies have adjusted their strategies in a timely manner and achieved volume and profit growth**. For example, Dongpeng Beverages actively expanded national sales channels, Three Squirrels focused on high-end cost-performance, Beingmate laid out the whole-family nutrition track, and Haitian increased its efforts in compound seasonings and prepared dishes.
In the current severe market environment, FMCG companies that want to stand out need to keep up with industry trends and fully leverage their own advantages for development. At the same time, to remain invincible in the fierce market competition, they need to continuously explore and innovate.


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