Source | Zhengdian Consumer Over the past year, due to multiple factors, capital activities in the food and beverage industry have been relatively limited. Does this reflect a decline in the capital market's attention to the sector? The author reviewed the market cap changes of 151 (incomplete statistics) listed food and beverage (non-alcohol) companies in 2025 (note: market cap is compared between the end of 2024 and the end of 2025; A-share listed companies are in RMB, H-share listed companies in HKD) and found that the capital market remains enthusiastic about the food and beverage track. A-shares Affected by macro policies, there were basically no new food and beverage companies listed on the A-share market in 2025. However, among the 106 A-share listed companies counted by the author, the total market cap at the end of 2024 was RMB 1,596.514 billion, which increased to RMB 1,604.878 billion by the end of 2025, a net increase of RMB 8.364 billion, up 0.52%. In terms of market cap scale, there are 4 companies with a market cap exceeding RMB 100 billion; only Shuanghui Development has a market cap between RMB 50 billion and 100 billion; 22 companies have a market cap between RMB 10 billion and 50 billion; 33 companies have a market cap between RMB 5 billion and 10 billion; the rest have market caps between RMB 1 billion and 5 billion. It can be seen that among all A-share listed companies, the market cap scale of the food and beverage industry is not strong, with companies above RMB 50 billion accounting for less than 5% of the industry's listed companies. Among them, the top five companies by market cap have not changed much. Although Haitian Flavoring's A-share market cap fell 15.14% year-on-year, it still ranks first among A-share non-alcohol food companies with a market cap of RMB 216.6 billion; Yili shares rose 41.02% to RMB 180.9 billion, ranking second; Yihai Kerry's market cap fell 18.91% to RMB 155.8 billion, ranking third. Dongpeng Beverage and Shuanghui Development both saw market cap increases, following closely with RMB 139 billion and RMB 91.71 billion respectively. Among the five companies with the lowest market caps, Tiandi No.1's market cap fell 43.55% year-on-year, ranking last among 107 companies with a market cap of RMB 1.217 billion; although Maiquer, Tianye, Qishi Dairy, and Zhu Laoliu saw market cap increases, their market cap scales remain at the bottom. In terms of market cap growth, among the 106 companies counted, 66 showed varying degrees of growth. Among them, Wanchen Group, currently the "only bulk snack target," saw its market cap surge 162.42%, the largest increase among the counted companies (excluding new listings). Anji Food in the seasoning industry and Yizhi Konjac, a konjac raw material supplier, ranked second and third with market cap increases of 147.28% and 117.16% respectively. The remaining 43 companies saw their market caps decline year-on-year. Among them, Longda Meishi's market cap fell 48.11%, the largest decline among the 106 companies; Tiandi No.1 and Ganyuan Foods followed with declines of 43.55% and 39.15% respectively. H-shares In 2025, the H-share market became the main venue for food and beverage industry listings, with at least 9 companies successfully listing on the H-share market in 2025, including "A+H" dual-listed companies like Haitian Flavoring (H) and Anjoy Foods (H). The other new listings are mainly in chain restaurants and new tea drinks, such as Mixue Group, Guming, Shanghai Auntie, as well as Xiaocaiyuan, Green Tea Group, Yujian Xiaomian, and IFBH, the champion in the coconut water category. Compared to the A-share capital market, the stock performance of the food and beverage industry on the H-share market has been more impressive. Among the 45 H-share listed companies counted by the author, excluding the 9 newly listed in 2025, the total market cap of the remaining 36 companies increased from HK$987.781 billion in 2024 to HK$1,177.171 billion at the end of 2025, a net increase of HK$189.39 billion, up 19.17%. In terms of market cap scale, among these 45 companies, 4 have a market cap above HK$100 billion; 5 have a market cap between HK$50 billion and HK$100 billion; 10 have a market cap between HK$10 billion and HK$50 billion; the rest have market caps below HK$10 billion. Among H-share food and beverage listed companies, Nongfu Spring's market cap surged 42.21% year-on-year to HK$543 billion, continuing to hold the top position in the H-share food and beverage industry with its "water Maotai" status; Haitian Flavoring (H) and Mixue Group, both newly listed, ranked second and third with HK$189.6 billion and HK$154.4 billion respectively; WH Group, with a 44.73% market cap increase, ranked fourth with HK$111.6 billion; Haidilao's market cap fell 9.37% to HK$80.32 billion, ranking fifth. It is worth mentioning that among the net increase of HK$189.39 billion in market cap of the 36 companies, Nongfu Spring alone contributed HK$161.182 billion. In addition, WH Group's net market cap increase reached HK$34.49 billion, and Weilong Delicious's net market cap increase exceeded HK$10 billion, reaching HK$10.102 billion. Among the H-share food and beverage listed companies with the lowest market caps, Jiujiuwang ranked last with a market cap of HK$108 million; Laohenghe Brewing's market cap fell 16.71% to HK$289 million, ranking second from bottom; and Labixiaoxin Foods, Jiasili Group, and Xiabuxiabu had market caps of HK$422 million, HK$452 million, and HK$804 million respectively, making them the five lowest market cap companies in the H-share food and beverage industry. In terms of market cap growth, among the 45 companies, excluding the 9 newly listed, 21 companies showed varying degrees of growth, while 15 companies saw declines. Among them, the largest market cap increase among H-share food and beverage listed companies was Wugu Mofang, with a market cap growth of 111.83% to HK$2.364 billion; China Shengmu saw a 101.27% increase to HK$2.85 billion; 5100 Tibet Glacier saw a 95.13% increase to HK$3.128 billion; Guoquan saw a 76.72% increase to HK$9.285 billion; and Modern Farming saw a 76.05% increase to HK$12.82 billion. On the other hand, Jiumaojiu, the parent company of "Tai Er Sour Fish," saw its market cap plummet 45.41%, the largest decline among the 45 companies; Chabaidao, one of the "Six Little Dragons of New Tea Drinks," saw its market cap shrink 43.98% to HK$9.353 billion; Vitasoy International, the parent company of Vitasoy, saw its market cap shrink 38.38% to HK$6.731 billion; China Feihe, known as "China's largest infant formula company," saw its market cap shrink 28.18% to HK$35.49 billion; and Yan Zhi Wu, the "first bird's nest stock," saw its market cap shrink 26.96% to HK$2.72 billion. Final Thoughts Although a company's market cap changes every trading day, the year-end comparison reflects its performance in the capital market during the year. While market cap is not directly related to a company's operational level, better operations often gain recognition from investors, thereby driving market cap growth. In addition, among the newly listed companies in 2025, besides Haitian Flavoring (H) and Mixue Group with market caps exceeding HK$100 billion, there are also Guming with a market cap exceeding HK$50 billion, and Anjoy Foods with a market cap exceeding HK$20 billion... It is not difficult to see that high-quality companies, regardless of where they list, can attract keen investors to capture their investment value. Therefore, for the food and beverage industry, capital remains a powerful tool to help companies achieve scale expansion. As for how to use this "double-edged sword" well, it tests the company's hard strength. 【Moving Towards the C-End】The 11th China FMCG Conference Time: March 16-18, 2026 Location: Chengdu, China