老干妈，出山救子，又赚翻了

Core Viewpoint - Lao Gan Ma, a well-known Chinese chili sauce brand, has made a significant recovery in revenue, approaching 5.4 billion yuan in 2024, nearly matching its historical peak from 2020, after experiencing a sharp decline in 2021 [6][48]. Revenue Recovery - The company has achieved a "bottom rebound" in revenue over three years, with 2024 revenue nearing 54 billion yuan, almost equal to the historical peak of 54.03 billion yuan in 2020 [6][48]. - Lao Gan Ma holds approximately 20% market share in the Chinese chili sauce market, maintaining its position as the leading brand [8]. Management Transition and Challenges - The founder, Tao Huabi, returned to the front line at the age of 72 to address a crisis caused by her sons' management decisions, which included substituting high-quality Guizhou chili peppers with cheaper alternatives [10][20]. - The decision to change the chili source led to a decline in product quality and a subsequent drop in revenue, with sales falling from 4.5 billion yuan in 2016 to 4.3 billion yuan in 2018 [19]. Quality Control and Brand Integrity - Upon her return, Tao Huabi reinstated the use of Guizhou chili peppers, emphasizing quality over short-term profits, which laid the foundation for the brand's revenue rebound [21][25]. - The commitment to maintaining the original flavor and quality of the product is seen as crucial for consumer loyalty, as the brand's identity is closely tied to its unique taste [24][54]. Market Strategy and Positioning - Lao Gan Ma's conservative approach to marketing and expansion has been effective, focusing on core products and maintaining stable pricing, which has created a strong price anchor in the market [38][46]. - The brand has successfully expanded into over 160 countries, with overseas revenue growth outpacing domestic averages, achieving a year-on-year increase of approximately 30% in 2023 [48][50]. Consumer Connection and Brand Loyalty - The brand's success is attributed to its deep-rooted connection with consumers, who value the familiar taste of Lao Gan Ma as a staple in their diets, reflecting a broader emotional attachment rather than just a preference for flavor [54][56]. - The company's strategy emphasizes the importance of consistency and reliability in a rapidly changing market, focusing on core competencies rather than chasing fleeting trends [46][54].