3 6 Ke·2026-02-10 04:40Core Insights - The article discusses the performance of three condiment companies: Lao Gan Ma, Lianhua Holdings, and Haitian Flavoring, highlighting their strategies and market positions in a challenging industry environment [1][29]. Group 1: Lao Gan Ma - Lao Gan Ma achieved a sales revenue of 5.391 billion yuan in 2024, nearing its historical peak of 5.403 billion yuan in 2020, with a continuous recovery in performance since 2022 [1][3]. - The company's founder, Tao Huabi, returned to management in 2019 and implemented key strategies such as product formula adjustments and a focus on core products and channels, leading to a "return to basics" approach [3][4]. - Lao Gan Ma has established a robust offline sales network across urban and rural areas, leveraging a "big regional general distribution + multi-level distribution" model, while also expanding its overseas market presence to 160 countries by 2024 [5][6]. Group 2: Lianhua Holdings - Lianhua Holdings expects a net profit of 290 million to 330 million yuan in 2025, representing a year-on-year growth of 43.15% to 62.90%, with a consistent upward trend in profits since 2021 [8][10]. - The company has shifted its focus from traditional monosodium glutamate to high-value-added compound seasonings, with significant revenue growth in these new product lines [10][12]. - Lianhua has embraced digital marketing and e-commerce, achieving a remarkable increase in online sales revenue, which grew from 11.17 million yuan in 2022 to 281 million yuan in the first three quarters of 2025 [13][14]. Group 3: Haitian Flavoring - Haitian Flavoring reported stable revenue growth, with revenues of 25.610 billion yuan in 2022 and 26.901 billion yuan in 2024, alongside a net profit margin of around 23% [17][21]. - The company has a strong commitment to shareholder returns, planning a total cash dividend of 3.273 billion yuan for 2025, which is 61.50% of its net profit for the first three quarters [18][20]. - Haitian's competitive advantage stems from its scale and cost efficiency, with production capacity exceeding that of its competitors, allowing for better control over raw material costs and a comprehensive distribution network [21][28].