---
title: "Wanchen, Three Squirrels and Other 22 Snack Food Companies Release Q3 Reports: Some Earn 800 Million, Others Hit Profit Bottom"
description: "In the third quarter of this year, pressure on the snack food market remained evident. As consumer decisions become more rational, categories supported by 'instant' and 'rigid demand' (such as beverages) remain stable, while more optional snack foods are more susceptible to fluctuations. Among the 22 listed snack food companies we tracked, only 7 achieved growth in both revenue and net profit, while 9 saw declines in both, widening the divergence trend. In this persistently pressured consumption environment..."
author: "葛畅"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
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published: "2025-11-08"
categories: "Capital, Earnings & M&A"
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original_source: "https://mp.weixin.qq.com/s/tuztadW1b635Osrtpikqwg"
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citation: "葛畅. “Wanchen, Three Squirrels and Other 22 Snack Food Companies Release Q3 Reports: Some Earn 800 Million, Others Hit Profit Bottom.” New Distribution, 2025-11-08. https://xinjignxiao.com/en/articles/wanchen-three-squirrels-and-other-22-snack-food-companies-release-q3-rep-16f074ff/"
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---

# Wanchen, Three Squirrels and Other 22 Snack Food Companies Release Q3 Reports: Some Earn 800 Million, Others Hit Profit Bottom

> In the third quarter of this year, pressure on the snack food market remained evident. As consumer decisions become more rational, categories supported by 'instant' and 'rigid demand' (such as beverages) remain stable, while more optional snack foods are more susceptible to fluctuations. Among the 22 listed snack food companies we tracked, only 7 achieved growth in both revenue and net profit, while 9 saw declines in both, widening the divergence trend. In this persistently pressured consumption environment...

In the third quarter of this year, pressure on the snack food market remained evident. As consumer decisions become more rational, categories supported by 'instant' and 'rigid demand' (such as beverages) remain stable, while more optional snack foods are more susceptible to fluctuations.
For this reason, changes in the snack food industry deserve more attention. In our compilation of performance statistics for 22 listed snack food companies in the first three quarters, only 7 achieved growth in both revenue and net profit, while 9 saw declines in both, widening the divergence trend.
In a persistently pressured consumption environment, which brand adjustments are truly effective? Which problems are still accumulating? These questions may be more worth asking than the numbers themselves.
Channel Transformation: ****
Bulk Retail Surges, Traditional Channels Stall****
The structural reshuffle at the channel level is the core watershed for performance divergence among companies. New channels such as bulk discount and community e-commerce continue to expand, squeezing traditional channels further. A company's ability to adapt to new channels is almost directly reflected in the first three quarters' data reports.
**On one hand, the scale dividend of bulk channels is being released first by leading companies, and companies with deep layout in bulk channels have formed significant competitive advantages.**
During this reporting period, Wanchen Group, relying on its merged and integrated store network, achieved revenue of 36.562 billion yuan (+77.37%) and net profit attributable to parent of 855 million yuan (+917.04%) in the first three quarters. By the end of Q3, its total store count exceeded 15,000, covering 29 provinces nationwide. The 'factory-central warehouse-store' short-chain model effectively reduces distribution costs, providing strong support for future development.
Yanjinpu's transformation at the channel level is equally significant. In the first three quarters, the revenue share from bulk channels increased significantly, driving overall revenue to 4.427 billion yuan (+14.67%), with core categories rapidly scaling through bulk channels. Additionally, Ximai Food's offline bulk channel revenue grew over 30% in the first three quarters, complementing KA channels and driving overall revenue to 1.696 billion yuan (+18.34%). Youyou Food, through increased penetration in bulk channels, drove sales growth of its braised snack items, with revenue reaching 1.245 billion yuan (+40.39%).
From an industry perspective, bulk channels have shifted from 'incremental dividend' to 'efficiency competition' stage. Leading companies have formed barriers through store scale and supply chain efficiency, and industry consolidation is making it increasingly difficult for small and medium brands to enter.
**On the other hand, omni-channel synergy has also become a necessary means for companies to stabilize their position and hedge risks.**
Multi-channel layout has become key to stabilizing performance. This year, Ximai Food has coordinated online and offline efforts, with online channel growth exceeding 50%. Its Tmall flagship store's 'cold cereal combination pack' sold over one million units during the back-to-school season. Offline, bulk and KA channels expanded simultaneously, with significant customer complementarity. Ganyuan Food strengthened its 'offline distribution + online direct sales' model. Although overall revenue slightly declined by 4.53% in the first three quarters, online channel revenue share increased to 18%, effectively alleviating offline pressure.
Overseas market expansion has made phased progress, becoming a new exploration direction for some companies. Yanjinpu focuses on markets with Chinese communities, with core products gradually entering overseas chain supermarkets. Ganyuan Food's overseas revenue in the first three quarters reached 44.1322 million yuan, with dealer numbers doubling from the beginning of the year, and products entering core retail systems in Southeast Asia, opening new space for long-term growth. As industry analysts point out, against the backdrop of intensified domestic competition, overseas markets have become an important incremental space for companies with product strength and supply chain advantages.
Product Innovation: ****
The Dual Contest Between Value-for-Money and Cost-Effectiveness****
If channels determine reach efficiency, then product strength becomes the core competitiveness for companies to retain consumers and resist market fluctuations. From financial reports, brands that balance 'health upgrade' and 'cost control' are more likely to maintain stable growth in competition.
**First, health has shifted from an industry trend to a consumer necessity, becoming a core driver of snack food category growth.** Yanjinpu built a product matrix around konjac, with leisure konjac products revenue reaching 791 million yuan (+155.1%) in the first three quarters, accounting for 26.9%. Youyou Food focused on low-salt braised products, with healthy items like pickled pepper chicken feet and braised peanuts driving net profit to 174 million yuan (+43.34%), and repurchase rates 12 percentage points higher than traditional high-salt products.
In contrast, traditional high-sugar and high-fat categories face more obvious growth pressure. Companies like Taoli Bread and Yuenzu saw revenue declines of 12.88% and 18.62% respectively in the first three quarters, with net profit declines exceeding 30%. Health transformation has become an inevitable choice for traditional categories to break through growth bottlenecks.
**Second, cost control is becoming key to stabilizing profits.** Qiaqia Food's profits declined significantly due to high sunflower seed raw material costs, but as raw material prices fell in Q3, cost pressure eased. Juewei Food locked in long-term procurement contracts and optimized logistics routes, reducing main ingredient costs by 3.5% year-on-year and improving cold chain efficiency, effectively offsetting weak terminal consumption.
For small and medium brands, cost control often comes from contraction. Jinzai Food cut 12 low-efficiency products that contributed less than 1% of revenue, concentrating resources on two main categories: dried fish and quail eggs. It also closed inefficient dealers and optimized administrative expenses. Despite a decline in profits, revenue showed signs of recovery, growing 2.05% year-on-year.
Operational Upgrade: ****
From Extensive Growth to Refined Operations****
Today, the snack food industry has bid farewell to the era of extensive growth and entered a new stage of refined operations that 'seek efficiency from management'. Internal operational efficiency is becoming a key factor widening performance gaps among companies.
**First, some companies have further improved profit margins through refined operations.** Three Squirrels, through digital upgrades in the supply chain and demand forecasting optimization, reduced net inventory by 52.36% compared to the end of last year, significantly improving inventory turnover efficiency and reducing capital occupation costs. Yanjinpu, relying on its 'short-chain direct supply' model, kept inventory turnover days at an industry-leading level, with sales expense ratio down 0.8 percentage points year-on-year.
Zhou Hei Ya achieved efficiency gains through refined store management, optimizing store scheduling, controlling material waste, and precise marketing investment, achieving significant net profit growth despite slight revenue increase, becoming a typical case of lean operations.
However, some companies still need to break through operational bottlenecks. Haoxiangni suffered a net loss of 4.7 million yuan in the first three quarters due to declining inventory turnover efficiency. Lai Yifen's R&D investment was insufficient, with R&D expenses of 1.9464 million yuan (-75.3%) in the first three quarters, lagging new product iteration pace and needing improvement in member operation efficiency.****
**Second, with intensified competition, the industry landscape is being reshaped.** Huang Shang Huang acquired Lixing Food to enter the freeze-dried snack track, enriching product categories and opening new growth space, with new business contributing 12% of revenue in the first three quarters. Wanchen Group, after integrating regional bulk brands, launched a Hong Kong IPO plan to further consolidate scale advantages. The resource integration capabilities of leading companies continue to strengthen, but for small and medium brands like Guifachang that rely heavily on regional markets, this means greater survival pressure.
Final Thoughts****
Through the Q3 reports of these 22 companies, we can see that the snack food industry has bid farewell to the growth logic driven solely by scale and entered a stage that emphasizes internal capabilities. Channels, products, and operations are no longer isolated points of effort but three main lines that jointly affect a company's long-term competitiveness:
**First, channels must keep pace.** The rise of new channels coexists with the contraction of traditional ones. Companies need both sensitivity and resilience to cope with fluctuations.
**Second, products must return to consumers.** Health and cost-effectiveness are not just strategic choices but market consensus. Balancing the two through cost control is more conducive to retaining consumers amid the wave of rational consumption.
**Third, operations must seek efficiency internally.** Efficiency improvement is becoming a core source of profit growth. Abandoning ineffective expansion and focusing on value creation is not only a choice to cope with current market pressure but also an inevitable direction for the industry's long-term development.
The snack food industry is undergoing a deep adjustment period. Market divergence is not accidental but an inevitable result under new demand, new channels, and new efficiency systems. For more companies, this is both pressure and a window to recalibrate capabilities. Those that can adapt to channel changes in a timely manner, continuously optimize products, and improve operational efficiency are more likely to maintain resilience in competition and form a more stable growth path.


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## Citation metadata

- Publisher: New Distribution
- Author: 葛畅
- Published: 2025-11-08
- Canonical: https://xinjignxiao.com/en/articles/wanchen-three-squirrels-and-other-22-snack-food-companies-release-q3-rep-16f074ff/
- Original source: https://mp.weixin.qq.com/s/tuztadW1b635Osrtpikqwg

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