Food and Beverage Insights | Weekly Consumption Highlights (3.23-3.27)

Nongfu Spring: Total Revenue Breaks 50 Billion for the First Time in 2025, Sales of Packaged Drinking Water Products Gradually Recover

On March 24, Nongfu Spring released its annual performance announcement for the year ending December 31, 2025. It disclosed that the group’s total revenue for 2025 exceeded 50 billion for the first time, reaching 52.553 billion, a year-on-year increase of 22.5%; the profit attributable to the parent company was 15.868 billion, a year-on-year increase of 30.9%. By category, the group’s sales of packaged drinking water products gradually recovered in 2025, maintaining a solid market leadership position. For the fiscal year 2025, the group recorded revenue of 18.709 billion from packaged drinking water products, a 17.3% increase compared to the same period last year, accounting for 35.6% of total revenue. Benefiting from a long-term commitment to health, innovation in flavors, and a variety of packaging specifications, in 2025, the group’s tea beverage products maintained steady growth, recording revenue of 21.596 billion during the reporting period, a 29.0% increase year-on-year, accounting for 41.1% of total revenue. During the reporting period, consumer demand for sports health drinks increased, with the group’s functional beverage products recording revenue of 5.762 billion, a 16.8% year-on-year increase, accounting for 11.0% of total revenue. The group’s juice beverage products continued to maintain stable growth, recording revenue of 5.176 billion, a 26.7% year-on-year increase, accounting for 9.8% of total revenue. During the reporting period, other products mainly included soda drinks, coffee drinks, plant-based drinks, and other beverage products, as well as fresh fruits and agricultural products, recording revenue of 1.309 billion, a 10.7% year-on-year increase, accounting for 2.5% of total revenue.

Haidilao’s 2025 Revenue Reaches 43.225 Billion, Transformation of Themed Stores Exceeds 200, Some Product Decision-Making Powers Decentralized to Regions

On March 24, Haidilao announced its full-year performance for 2025. The announcement showed that Haidilao achieved revenue of 43.225 billion in 2025, a year-on-year increase of 1.1%. Meanwhile, the group’s diversified business continued to expand, with takeout revenue of 2.658 billion, a year-on-year increase of 111.9%; other restaurant operating revenue reached 1.521 billion, a year-on-year increase of 214.6%. The announcement showed that Haidilao operated a total of 1,383 restaurants in 2025, including 1,304 self-operated stores and 79 franchise stores. In addition to its main brand, the company is also continuously advancing new brand layouts in various segments such as seafood stalls, sushi, hot pot, and Chinese fast food. By the end of 2025, the company operated 20 restaurant brands outside of the Haidilao brand, totaling 207 restaurants. The group has constructed store models including fresh-cut stores, late-night stores, family-friendly stores, and pet-friendly stores tailored to the characteristics of different business circles and segmented customer groups. By the end of 2025, over 200 themed store transformations had been completed, with fresh-cut and late-night stores achieving layouts in key cities nationwide; the orderly rollout of family-friendly, pet-friendly, and community-oriented stores effectively enhanced the brand’s penetration in the existing market and customer loyalty. In terms of product matrix, Haidilao has established a dual-driven product innovation mechanism of “national + regional.” During the year, the company created a “fresh-cut” series of meat dishes, launching several major categories including fresh-cut seafood, fresh-cut beef, fresh-cut chicken, and fresh-cut pork. At the same time, the company adheres to a seasonal update mechanism to ensure that product supply meets seasonal demand. The group strategically decentralized some product decision-making powers to regions to enhance the localization adaptability of regional products. By the end of 2025, the cumulative number of regional specialty products exceeded 100, covering all categories including soup bases, dishes, condiments, and desserts.

Haitian Flavor Industry: 2025 Net Profit Attributable to Shareholders Increases by 10.95%, Nutrition and Health Series Products Represented by Organic and Low-Salt Grow by 48.3% Year-on-Year

On March 26, Haitian Flavor Industry announced that the company’s operating revenue for 2025 reached 28.873 billion, a year-on-year increase of 7.32%, of which the main business revenue from condiments was 27.399 billion, a year-on-year increase of 9.04%; net profit attributable to shareholders was 7.038 billion, a year-on-year increase of 10.95%; net profit attributable to shareholders after deducting non-recurring gains and losses was 6.845 billion, a year-on-year increase of 12.81%. In terms of products, the company achieved comprehensive stability in product structure, demand dynamics, and performance growth in 2025, with soy sauce/oyster sauce/seasoning sauce achieving operating revenues of 14.934 billion/4.868 billion/2.917 billion respectively, with year-on-year growth rates of 8.55%/5.48%/9.29%, stabilizing the overall market while creating a solid foundation for the penetration and growth of new categories. During the reporting period, the nutrition and health series products represented by organic and low-salt grew by 48.3% year-on-year, and the scale advantages and systematic capabilities of vinegar and cooking wine development gradually became apparent, with the company continuously achieving new accomplishments.

Tsingtao Brewery: Revenue Grows by 1.04% to 32.473 Billion in 2025, Sales of Mid- to High-End Products Increase by 5.2%

On March 26, Tsingtao Brewery released its 2025 financial report. It disclosed that the company’s revenue grew by 1.04% to 32.473 billion last year, with net profit attributable to shareholders increasing by 5.6% to 4.588 billion. The product sales reached 7.648 million kiloliters, a year-on-year increase of 1.5%. During the reporting period, Tsingtao Brewery’s main brand achieved product sales of 4.494 million kiloliters, a year-on-year increase of 3.5%; mid- to high-end products achieved sales of 3.318 million kiloliters, a year-on-year increase of 5.2%. The sales of Tsingtao Brewery’s classic series, white beer, and ultra-high-end series products continued to reach historical highs, with white beer sales growing rapidly.

Weilong Delicious: Total Revenue Increases by 15.3% in 2025, Product Structure Upgrade and Brand Marketing Continuously Deepen

On March 26, Weilong Delicious announced that it achieved total revenue of 7.22 billion in 2025, a year-on-year increase of 15.3%, mainly due to the group’s active innovation during the year, especially in product structure upgrades, continuous penetration across all channels, and deepening brand marketing; gross profit was 3.466 billion, a year-on-year increase of 14.9%; the gross profit margin was 48.0%, a year-on-year decrease of 0.1 percentage points, reflecting the group’s efforts to improve supply chain efficiency during the year, which largely offset the impact of rising raw material costs; the profit for the year was 1.427 billion, a year-on-year increase of 33.6%.

Shanghai Jahwa Turns Profit in 2025: Baicaotang and Yuze Expected to Exceed 1 Billion This Year, Expected to Expand to 8-10 Billion Single Products by Year-End

Recently, Shanghai Jahwa released its 2025 financial report. It disclosed that the company’s annual revenue was 6.32 billion, a year-on-year increase of 11.2%, with a net profit of 270 million, achieving the goal of turning a profit. Among them, the beauty business’s all-channel income grew by 53.7% year-on-year, with online channels increasing by 60.6%. Shanghai Jahwa’s chairman Lin Xiaohai revealed that it is expected that in 2026, both Baicaotang and Yuze will reach a scale of 1 billion, achieving a milestone breakthrough. At the same time, the growth rate of Liushen will further accelerate. Based on the three main brands of Liushen + Yuze + Baicaotang, the company hopes to have 8-10 billion single products by the end of the year, forming a product matrix.

Huang Tian E: Inspection Results Show No Detectable Aflatoxins in Huang Tian E Eggs

On March 25, Huang Tian E issued a statement regarding the aflatoxin inspection results of Huang Tian E eggs. The statement indicated that recently, the topic of aflatoxins in Huang Tian E eggs has attracted widespread attention. After the incident, the regulatory authorities of the production base promptly organized inspections of related products; at the same time, the company immediately conducted self-inspections. Currently, the inspection results from three local regulatory authorities and the company’s self-inspection have been returned to the company, all indicating that no aflatoxins were detected in Huang Tian E eggs. Huang Tian E welcomes ongoing supervision from all sectors of society and promises to establish a more open product traceability system, inviting various sectors of society to trace the source at the base in batches to understand the entire production process of Huang Tian E eggs; communicating with consumers through multiple channels about egg quality and safety knowledge, and responding promptly to consumer inquiries and suggestions.

Sushiro Issues Statement on the Tuna Food Safety Incident at the Mentougou Store: Sampling and Testing of Tuna Sold on the Same Batch at the Store Did Not Detect Parasites

On March 23, Sushiro issued a statement regarding the food safety-related incident of tuna at the Mentougou store. The statement pointed out that there had been customer feedback regarding suspected “parasite eggs” in the tuna products, raising widespread consumer concern and worry. After the incident, Sushiro took this matter very seriously and implemented the following measures: First, an internal investigation was initiated immediately to confirm the supply chain documents and food safety testing certifications for that batch of ingredients; at the same time, the company fully cooperated with the market supervision administration’s investigation and actively maintained communication with the affected customers, always respecting the legitimate rights and interests of consumers and properly addressing related demands. Currently, it has been learned from the market supervision administration about the investigation results, which indicate that according to the National Food Safety Standard for Animal Aquatic Products (GB 10136-2015), on-site sampling and testing of the tuna products sold on the same batch at the store were conducted for parasite testing. The test results showed no parasites were detected, meeting national food safety standards. However, regarding this incident, the unpleasant experience during dining that caused discomfort to customers reflects the inadequacies in Sushiro’s service quality. The company sincerely apologizes for this and will conduct self-examination and improvements.

Luxihe Food (Group) Co., Ltd. Completes A+ Round Financing

Recently, Qichacha showed that Luxihe’s parent company, Luxihe Food (Group) Co., Ltd., completed A+ round financing, with investors including Qicheng Capital and Housheng Investment. In addition, the company’s registered capital increased from 233.5708 million to 243.250416 million, and three new shareholders were added: Quanzhou Haishi Houjiu Equity Investment Partnership (Limited Partnership), TimesTaurus HK Investment Limited, and Zhangjiagang Qicheng Huguang Equity Investment Fund Partnership (Limited Partnership), while Nanjing Yuankong Enterprise Management Co., Ltd. exited the shareholder list.