---
title: "Why Are They Still Growing? Decoding the 'Few Growers' in the Stock Era"
description: "In the current Chinese FMCG industry, characterized by overcapacity, slowing demand, and disappearing growth, traditional growth methods have failed. Yet, a few companies like Yanjing Beer, Uni-President China, Dongshen Te Yin, and Bottle Planet are still achieving significant growth by redefining their strategies, focusing on big products, channel assets, and execution."
author: "陈思廷"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2025-10-06"
categories: "Industry Trends, Management & Methods"
language: "en"
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original_source: "https://mp.weixin.qq.com/s/RjDvN1Aa28XnSsVxYv3dag"
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citation: "陈思廷. “Why Are They Still Growing? Decoding the 'Few Growers' in the Stock Era.” New Distribution, 2025-10-06. https://xinjignxiao.com/en/articles/why-are-they-still-growing-decoding-the-few-growers-in-the-stock-era-330139c5/"
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---

# Why Are They Still Growing? Decoding the 'Few Growers' in the Stock Era

> In the current Chinese FMCG industry, characterized by overcapacity, slowing demand, and disappearing growth, traditional growth methods have failed. Yet, a few companies like Yanjing Beer, Uni-President China, Dongshen Te Yin, and Bottle Planet are still achieving significant growth by redefining their strategies, focusing on big products, channel assets, and execution.

A one-sentence description of the current Chinese FMCG industry is: "Overcapacity, slowing demand, and disappearing growth."
Whether it's beverages, beer, or functional drinks and new alcoholic beverages, almost all tracks are experiencing the same challenges.
Traditional growth methods—building factories, distributing products, spending heavily on advertising, and pressuring distributor inventory—have completely failed today. Most companies' financial reports are filled with the same words: revenue pressure, declining profits, and high inventory.
This is a typical stock market: the demographic dividend is weakening, consumption upgrades are facing obstacles, and the expansion of market space increasingly depends on "share grabbing" rather than "demand expansion." So the question arises: In such an environment, are there still companies growing?
The answer is yes. Yanjing Beer, Uni-President China, Dongshen Te Yin, and Bottle Planet—these four companies' report cards for the first half of 2025 stand in stark contrast to the "generally sluggish" industry atmosphere. They not only achieved sustained revenue growth but also profits far outpacing the industry, with high double-digit growth.
Why are they still growing? This is not luck but a methodology: in the stock era, one must use the determination to "redo everything" to transform the business.

The "Few Growers" Running at Full Speed
Based on the latest first-half 2025 financial reports and public information, we can see another fact happening amidst the widespread lament in the stock era.
Yanjing Beer: In the first half, sales volume reached 2.3517 million kiloliters, a year-on-year increase of 2.03%; operating revenue was 8.558 billion yuan, up 6.37%; net profit attributable to the parent was 1.103 billion yuan, up 45.45%. The keyword behind the growth is the "big product Yanjing U8." (Data source: company announcements and industry reports)
Uni-President China: In the first half, revenue was 17.087 billion yuan, up 10.6%; net profit attributable to the parent was 1.287 billion yuan, up 33.2%. Growth drivers came from the dual-wheel drive of beverages and food, as well as the PB (private brand) strategy laid out three years in advance.
Dongshen Beverage: In the first half, revenue was 10.737 billion yuan, up 36.37%; net profit attributable to the parent was 2.375 billion yuan, up 37.22%. The functional beverage business was stable, while the "Bushuila" electrolyte water achieved explosive growth, becoming the second growth curve.
Bottle Planet (non-listed company): According to industry public disclosures, from January to July 2025, sales revenue increased by over 25% year-on-year. Its main brand "Meijian" maintained a growth rate of over 20%, and "Guolifang" achieved a year-on-year growth rate of over 80%, making it an undisputed banner in the new alcoholic beverage track.
In the stock era where growth is generally difficult, these numbers themselves constitute a counterintuitive question: Why are they still growing? How can they still grow?

Why Are They Still Growing?
1. Yanjing Beer's Strong Growth with U8
Yanjing Beer was once considered "aging," with market share declining year by year. However, in the past two years, it has returned to a growth trajectory, with the key being the rise of the big product "Yanjing U8."
In the first half of 2025, Yanjing U8's sales continued to grow strongly, becoming the biggest contributor to revenue and profit improvement. This is not accidental but the superposition of three logics:
  * Single-product scaling: Yanjing chose to concentrate resources on U8, forming a strategy of "national key promotion, terminal key distribution." The scale effect brought by the big product not only diluted production and logistics costs but also enhanced bargaining power at channel terminals.
  * Scenario-based entry: Yanjing U8 focuses on an 8°P refreshing taste, entering consumption scenarios of "light drinking, gatherings, and youthfulness," differentiating from traditional beers with high concentration and heavy taste. It does not compete on low price but captures the pain point of "youthful socializing."
  * Mid-to-high-end upgrade: In the beer industry, gross margin improvement depends on product structure upgrades. The popularity of Yanjing U8 has increased the proportion of mid-to-high-end products, thereby improving gross margins.
Insight: In a stock market, rather than spreading resources across dozens of small SKUs, it is better to concentrate resources on one big product that can represent the brand and occupy a scenario.
A big product is not simply a "hit" but a systematic project: from R&D, packaging, channel resources to communication investment, all must form a synergy. Yanjing's rebirth is the result of taking the "single-product strategy" to the extreme.

2. Uni-President's PB Layout and Channel Strategy
Unlike Yanjing's "single-product breakthrough," Uni-President China's growth comes from "advance layout + channel assetization."
In the first half of 2025, Uni-President's revenue and profit both grew significantly, with the secret being the PB (private brand) strategy started three years ago. Through an open PB brand strategy, Uni-President has deeply cooperated with high-potential channels such as Pangdonglai and Sam's Club, establishing a growth model of "channel-friendly + quality-controlled + flexible pricing."
The significance of the PB brand strategy is that in the future brand world, private labels will definitely have a place; it's not only manufacturing brands that are brands, but retail private labels are also brands. Once this correct understanding is established, it is easy to make the right choices.
**Turning channel games into mutually beneficial cooperation:** When channels hold too much power, brands often fall into passivity; private labels allow companies to maintain initiative in price bands and profit margins.
**Seizing certain growth opportunities:** Through the PB brand strategy, leveraging strong product R&D and manufacturing capabilities, Uni-President firmly grasps the certainty of growth, enabling it to handle external market fluctuations with ease.
**Obtaining first-hand consumer trends:** Through comprehensive PB brand deep cooperation with high-potential retail channels, co-creating products with retailers, they can also obtain genuine first-hand consumer trend information, feeding back into new product R&D and greatly improving the success rate of new products.
Uni-President's approach tells us that in a stock market, channels are no longer just a path to "sell goods out" but must be treated as part of corporate strategy. Whoever can turn channels into their own assets and operate them well can better resist market risks.

3. Bottle Planet's Thriving New Alcoholic Beverage Strategy
If Yanjing represents the big product breakthrough of traditional enterprises, and Uni-President represents the first-mover advantage of new channel strategies, then Bottle Planet represents the category strategy insight and high-quality improvement of emerging enterprises.
In 2020, Bottle Planet established the "new alcoholic beverage" strategy, launching sub-brands such as "Meijian" and "Guolifang," targeting low-alcohol, fruity, and youthful consumption demands. In five years, it turned its initial bet into today's scaled growth.
From January to July 2025, Bottle Planet's overall revenue increased by over 25% year-on-year, with "Meijian" growing steadily at over 20% and "Guolifang" growing at an astonishing over 80% year-on-year. This proves that it has turned the new alcoholic beverage strategy from a pilot into a true growth engine.
Bottle Planet's success has three points worth summarizing:
Forward-looking insight: Entering early when the industry had not yet formed a consensus, cultivating "future stars" from a strategic level, turning the time difference into a first-mover advantage.
Matrix expansion: Covering different demographics and price bands through multiple brands, not betting all risks on a single product.
High-quality improvement: Rapid trial and error, small-scale validation, then scaling up successful cases to form rolling growth.
This shows that in a stock market, being first is not everything, but companies that "do it first and can replicate" are more likely to build long-term competitiveness.

4. Dongshen Te Yin and the Second Track "Bushuila"
Dongshen Te Yin's growth story is the most impactful. In the first half of 2025, Dongshen's overall revenue increased by 36.4% year-on-year, and net profit increased by 37.2%, with "Bushuila" electrolyte water being the biggest highlight.
This is Dongshen's second growth curve: beyond its functional beverage base, it has strongly pushed into the electrolyte water track and achieved explosive results.
There are many electrolyte waters, but few succeed. The key is not the product itself but the ferocity of the market offensive and the team's "iron will":
  * Heavy resource commitment: Dongshen's resource investment in "Bushuila" is almost equal to that of the main brand, treating it as a new track that must be rapidly scaled.
  * Terminal execution: Large-scale displays, freezer placements, and pricing strategies allow the product to quickly occupy convenience stores and community retail.
  * Scenario entry: Focusing on sports, health, and hydration scenarios, directly capturing users' immediate needs.
Dongshen's approach reminds us that in the stock era, not only do you need a second track, but you also need the execution to dare to go all in. Those companies still "cautiously testing" often get left behind by more determined competitors during the window period.

All FMCG Categories Are Worth Redoing
Putting the growth logic of the four companies together, we can see highly consistent characteristics:
  * Concentrated resource allocation: No longer casting a wide net, but concentrating firepower on big products or a single track.
  * Channels as strategic assets: Uni-President validated this through its PB strategy; channels are no longer "paths" but must be controlled by the enterprise.
  * Iron law of terminal execution: Dongshen proved that execution is competitiveness; resources and discipline must be bound together. Choosing a growing sub-category and then launching a resolute saturated attack, and then attacking again, remains the most effective marketing strategy.
  * Institutionalized trial and error: Bottle Planet's success relies on "continuous trial and error + rapid replication," not one-time luck.
  * Certainty logic: In a market where capital and supply chains increasingly prefer predictability, breaking down growth into measurable units is more valuable than pursuing illusory high-speed growth.
The cruelty of the stock era is that it no longer rewards the extensive expansion of "enclosing land," but rewards those enterprises that dare to "redo" their business.
The "few growers" like Yanjing Beer prove one point: growth no longer comes from the gift of the environment but from the enterprise's own ability to restructure.
For corporate decision-makers, I have three pieces of advice:
Stop treating "growth" as a marketing problem; it is a strategic and organizational problem;
Use three years to build certainty for the next three years; don't expect short-term miracles;
For FMCG, the final battle is always at the terminal. Establish an unreplicable terminal execution capability; that is the ultimate watershed.


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## Citation metadata

- Publisher: New Distribution
- Author: 陈思廷
- Published: 2025-10-06
- Canonical: https://xinjignxiao.com/en/articles/why-are-they-still-growing-decoding-the-few-growers-in-the-stock-era-330139c5/
- Original source: https://mp.weixin.qq.com/s/RjDvN1Aa28XnSsVxYv3dag

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