--- title: "Q3 Reports of 15 Condiment Companies Including Haitian and Lianhua Released: Some Soar with Net Profit of 5.322 Billion Yuan, Others Struggle with Losses" description: "The Q3 2025 financial reports of 15 listed condiment companies show a widening polarization: industry leader Haitian earned 5.322 billion yuan, while Jiajia Food lost 18 million yuan. Among them, 9 companies saw revenue growth, but at a slow pace, highlighting the industry's overall pressure and the need for channel, product, and operational innovation." author: "刘珍" publisher: "New Distribution" email: "zhaobo258@gmail.com" telephone: "+8615854817671" published: "2025-11-15" categories: "Capital, Earnings & M&A" language: "en" canonical: "https://xinjignxiao.com/en/articles/q3-reports-of-15-condiment-companies-including-haitian-and-lianhua-relea-191f2e34/" markdown: "https://xinjignxiao.com/en/articles/q3-reports-of-15-condiment-companies-including-haitian-and-lianhua-relea-191f2e34.md" original_source: "https://mp.weixin.qq.com/s/-rXoBQigiV37pJZJBfKX5Q" translation: "https://xinjignxiao.com/zh/articles/%E6%B5%B7%E5%A4%A9%E5%91%B3%E4%B8%9A-%E8%8E%B2%E8%8A%B1%E7%94%9F%E7%89%A9%E7%AD%8915%E5%AE%B6%E8%B0%83%E5%91%B3%E5%93%81%E4%BC%81%E4%B8%9A%E4%B8%89%E5%AD%A3%E5%BA%A6%E6%8A%A5%E5%8F%91%E5%B8%83-%E6%9C%89%E4%BA%BA%E9%AB%98%E6%AD%8C%E7%8C%9B%E8%BF%9B%E5%87%80%E8%B5%9A53%E4%BA%BF-%E6%9C%89%E4%BA%BA%E8%89%B0%E9%9A%BE%E6%B1%82%E7%94%9F%E5%88%A9%E6%B6%A6%E4%BA%8F%E6%8D%9F-191f2e34.md" attribution: "New Distribution — https://xinjignxiao.com/en/articles/q3-reports-of-15-condiment-companies-including-haitian-and-lianhua-relea-191f2e34/" citation: "刘珍. “Q3 Reports of 15 Condiment Companies Including Haitian and Lianhua Released: Some Soar with Net Profit of 5.322 Billion Yuan, Others Struggle with Losses.” New Distribution, 2025-11-15. https://xinjignxiao.com/en/articles/q3-reports-of-15-condiment-companies-including-haitian-and-lianhua-relea-191f2e34/" usage_policy: "https://xinjignxiao.com/ai-policy.txt" --- # Q3 Reports of 15 Condiment Companies Including Haitian and Lianhua Released: Some Soar with Net Profit of 5.322 Billion Yuan, Others Struggle with Losses > The Q3 2025 financial reports of 15 listed condiment companies show a widening polarization: industry leader Haitian earned 5.322 billion yuan, while Jiajia Food lost 18 million yuan. Among them, 9 companies saw revenue growth, but at a slow pace, highlighting the industry's overall pressure and the need for channel, product, and operational innovation. The Q3 2025 financial reports of listed companies have been released one after another. In the condiment industry, some are advancing triumphantly, while others are struggling to survive. Industry leader Haitian Weiye earned a net profit of 5.322 billion yuan in Q3, while Jiajia Food suffered a loss of 18 million yuan, becoming one of the few loss-making companies among those surveyed. According to the Q3 financial reports of 15 listed condiment companies compiled by New Distribution, the industry's "polarization" pattern is intensifying. Based on the data in the table, from the revenue perspective, 9 out of the 15 companies achieved positive revenue growth, but the growth rates were generally slow, indicating weak growth momentum. From the profit perspective, polarization is severe: some companies achieved a net profit of 5.322 billion yuan, while others lost 19 million yuan; in terms of growth rates, some saw a positive increase of 73.34%, while others experienced a negative growth of 90.37%. Overall, the condiment industry faced pressure in Q3 2025, but challenges and opportunities coexist. **Channel End: Efficiency Determines Success** Channels are the lifeline of FMCG. The performance in Q3 reflects, to some extent, the effectiveness of companies' channel structure optimization. Successful deployment in e-commerce and new retail channels is a growth engine for condiment companies. Tianwei Food's Q3 revenue reversed its decline, closely linked to its continuous investment in online channels and precise marketing targeting C-end users. The restructuring of offline channels also affects companies. Haitian Weiye's steady growth not only relies on its leading position in the industry but also benefits from the depth and breadth of its offline channels. In the face of emerging channel impacts, Haitian has demonstrated strong channel control by strengthening relationships with traditional distributors and optimizing supply chain efficiency. Its net profit growth rate exceeding revenue growth is partly due to optimized channel cost management. Baoli Food's steady growth also indirectly confirms its customer stickiness in modern channels such as restaurant chains. Companies under performance pressure, to a certain extent, rely too heavily on traditional channels and respond slowly to channel changes. Especially against the backdrop of consumption stratification and traffic fragmentation, if companies fail to effectively reach emerging consumer groups in a timely manner, they are prone to falling into growth bottlenecks. Channel diversification is an irreversible trend, and the growth opportunity for companies lies in whether they can achieve online-offline integration and efficiently serve both B-end catering and C-end households. **Product End: Innovation Drives Growth** Products are the core weapon for FMCG companies. The Q3 reports clearly reveal the performance differences caused by different product structures. On one hand, there is growth pressure for basic condiments: markets for basic condiments such as soy sauce, vinegar, and salt are becoming saturated, with fierce competition, leading to weak revenue growth for some companies primarily focused on basic categories. Even though some companies seek breakthroughs by launching high-end, health-oriented products such as zero-additive, organic, and reduced-salt options—like Qianhe Weiye's earlier rise by seizing this trend—the current performance pressure also indicates that competition in this track has become intense. On the other hand, there are opportunities in compound condiments and niche categories: Lianhua Health achieved a revenue growth of 28.74% and a net profit growth of 53.09%, a remarkable performance and a model of product breakthrough. Its success lies in vigorously expanding faster-growing categories such as chicken essence and compound seasonings. Tianwei Food's hot pot base and Sichuan-style seasonings, as well as Baoli Food's compound seasonings, are all in high-prosperity tracks with broad market space, effectively offsetting the growth pressure of basic condiments. In addition, technical barriers are also a magic weapon for stable growth. Meihua Bio's net profit surged by 51.61%, and Angel Yeast's advantages reflect that in fields with biotechnological thresholds such as amino acids and yeast, products have stronger pricing power and cost advantages, with profitability far exceeding traditional condiments. When "eating well" replaces "eating enough" as the main consumption theme, product innovation will shift from "single flavor" to "solutions." Products that are compound, functional, and scenario-based (such as single-serving seasonings and camping seasoning packs) represent growth opportunities for companies. **Operational End: Control Determines Profit and Loss** Industry growth is not only reflected in channels and products but also in companies' cost control and cost absorption capabilities. In the Q3 reports, the difference between net profit growth and revenue growth is largely a direct reflection of companies' cost control and expense optimization capabilities. First is the control of raw material costs: Raw material costs are a key variable affecting the profits of condiment companies. Meihua Bio's significant net profit growth (up 51.61%) and Angel Yeast's steady performance both benefit from their strong bargaining power on the raw material side or integrated industrial chain layout, effectively hedging against external procurement cost fluctuations. In contrast, companies with high dependence on single agricultural raw materials are more susceptible to profit compression due to price cycle fluctuations. Second is the efficiency difference in expense control: Under the pressure of revenue growth, expense control becomes key to maintaining profitability. Haitian Weiye's net profit growth rate exceeding revenue growth is partly due to its refined management and optimization of sales and administrative expenses. Some companies still in the market expansion or brand investment period have high sales expense ratios, which erode profits in the short term but also build momentum for future growth; the effectiveness of these investments needs long-term observation. Finally, scale effects and operational efficiency: Leading companies' scale effects in procurement, production, and logistics are important sources of cost advantages. Small and medium-sized enterprises need to rely more on improving operational efficiency, such as using digital tools to optimize inventory turnover and improve production-sales coordination, to compensate for scale disadvantages; otherwise, they will be at a disadvantage in cost competition. Normalized cost pressure and rationalized consumer markets are forcing companies to shift from "extensive growth" to "lean operations." Companies with strong supply chain management capabilities, refined expense control systems, and excellent operational efficiency will show stronger resilience and advantages on the profit side. **Final Thoughts:** In summary, the condiment industry in Q3 2025 is at a critical crossroads of transformation. The financial data clearly indicates that the industry has bid farewell to the era of inclusive growth and entered a new stage characterized by structural differentiation and the strong getting stronger. In the future, a company's core competitiveness will no longer depend on a single advantage but requires a comprehensive advantage in channels, products, and operations. In terms of channels, companies need to integrate online and offline and precisely reach consumers; in terms of products, compound, healthy, and scenario-based innovation is the growth engine; in terms of operations, companies must rely on strong supply chain control and expense optimization capabilities to improve profits. For companies, only by proactively embracing change, improving efficiency in channel transformation, tapping into demand through product innovation, and seeking benefits from internal management can they seize new growth opportunities in increasingly fierce market competition. --- ## Citation metadata - Publisher: New Distribution - Author: 刘珍 - Published: 2025-11-15 - Canonical: https://xinjignxiao.com/en/articles/q3-reports-of-15-condiment-companies-including-haitian-and-lianhua-relea-191f2e34/ - Original source: https://mp.weixin.qq.com/s/-rXoBQigiV37pJZJBfKX5Q ## Copyright and AI use This article is sourced from New Distribution. Search, quotation, summarization, and model training are permitted, but every use must credit New Distribution and retain the canonical source URL. Contact: zhaobo258@gmail.com · +86 158 5481 7671