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Core Viewpoint - Lao Gan Ma has achieved a remarkable recovery in revenue, reaching 5.391 billion yuan in 2024, nearly matching its historical peak in 2020, despite a general trend of declining consumption and minimal online marketing efforts [5][13]. Revenue Performance - In 2020, Lao Gan Ma's revenue peaked at 5.403 billion yuan, but fell by 20% to 4.201 billion yuan in 2021 due to the pandemic's impact on offline consumption [8][10]. - From 2022 to 2024, Lao Gan Ma's revenue steadily increased from 5.26 billion yuan to 5.391 billion yuan, alleviating market concerns about its performance [13][14]. Marketing Strategy - Lao Gan Ma has adopted a "lying flat" strategy, avoiding regular live streaming and social media engagement, relying instead on natural consumer repurchase to maintain online sales [5][16]. - The company has ceased updates on its social media accounts since early 2022, indicating a significant shift in its marketing approach [16]. Product Development and Innovation - Despite the lack of marketing, Lao Gan Ma continues to develop new products and expand into overseas markets, with a reported 30% growth in international sales in 2023 [18][19]. - The company has introduced over 20 new products since 2020, including various types of chili sauces, although it has not adapted to the growing demand for healthier options in the market [22][25]. Competitive Landscape - Other brands like Fuling Mustard and Zhongjing Foods have faced challenges in maintaining revenue growth post-pandemic, highlighting the competitive pressures in the condiment market [11][22]. - The pricing strategy for Lao Gan Ma's products remains competitive, with a focus on maintaining high sales volume despite lower profit margins for distributors [24]. International Expansion - Lao Gan Ma has significantly increased its presence in international markets, expanding from 90 countries in 2019 to 160 countries by 2024, driven by growing popularity on social media [18][19]. - The brand's appeal in overseas markets is bolstered by its affordability and versatility, attracting a diverse consumer base, including international celebrities [19].