Core Viewpoint - Lao Gan Ma has successfully returned to peak revenue levels despite a challenging market environment, demonstrating a unique strategy of minimal marketing and a focus on product quality and overseas expansion [6][10][26]. Group 1: Revenue Recovery - In 2024, Lao Gan Ma's sales reached 5.391 billion yuan, nearing its historical peak of 5.403 billion yuan in 2020 [6][10]. - The company experienced a significant revenue drop of 20% in 2021, attributed to the pandemic's impact on offline consumption [10][13]. - From 2022 to 2024, Lao Gan Ma's revenue steadily increased from 5.26 billion yuan to 5.391 billion yuan, alleviating market concerns [17]. Group 2: Marketing Strategy - Lao Gan Ma has adopted a "lying flat" approach, avoiding regular live streaming and influencer marketing, relying instead on natural consumer repurchase [6][19]. - The company has ceased updates on its social media accounts, with the last posts dating back to 2022 [19]. - Despite the lack of marketing activity, Lao Gan Ma's revenue has continued to grow, indicating a successful product strategy [20][26]. Group 3: Product Development and Market Expansion - The company has not halted new product development and has made significant strides in expanding its overseas market presence, reaching 160 countries by 2024 [20][21]. - Lao Gan Ma's overseas market grew by 30% in 2023, driven by increasing popularity on social media platforms [21]. - The brand has diversified its product line, introducing over 20 new products since 2020, including hot pot base and spicy fermented tofu [23][24]. Group 4: Competitive Landscape - Other brands like Fuling Mustard and Zhongjing Foods have faced challenges in maintaining growth, highlighting the competitive pressures in the condiment market [15][16]. - The pricing strategy in the condiment market has been constrained, with traditional brands like Lao Gan Ma and Zhongjing Foods operating within a price range of around 10 yuan [24]. - New entrants in the market are focusing on health trends, such as low-fat products, which Lao Gan Ma has yet to fully embrace [25].

Core Viewpoint - The article discusses the contrasting performance of two Guizhou-based consumer brands, Moutai and Lao Gan Ma, highlighting how Lao Gan Ma has successfully navigated a challenging market environment to achieve a revenue rebound, while Moutai has faced price declines [5][6]. Revenue Recovery - Lao Gan Ma's sales reached 5.391 billion yuan in 2024, nearing its historical peak of 5.403 billion yuan in 2020 [5][8]. - The brand experienced a significant revenue drop of 20% to 4.201 billion yuan in 2021, attributed to the pandemic's impact on offline consumption [8]. - Despite a decline in revenue growth rates from 14.23% in 2020 to 1.18% in 2022, Lao Gan Ma's revenue has been on the rise again, with figures of 5.26 billion yuan in 2022 and 5.381 billion yuan in 2023 [11][12]. Marketing Strategy - Lao Gan Ma has adopted a "laid-back" marketing strategy, avoiding regular live streaming and influencer promotions, relying instead on natural consumer repurchase [5][14]. - The brand's social media accounts have not been updated regularly, with the last post on WeChat in March 2022 and no live streams recorded in the past year [14][15]. - The decision to minimize investment in live streaming and online marketing is seen as a response to the high costs and low returns associated with these channels [16]. Product Development and International Expansion - Despite the perception of inactivity, Lao Gan Ma continues to develop new products and expand into overseas markets, with a reported 30% growth in international sales in 2023 [12][17]. - The brand has increased its global presence from 90 countries in 2019 to 160 countries by 2024, indicating a strong international strategy [17]. - Lao Gan Ma's products are gaining popularity among foreign consumers, with social media trends contributing to its recognition outside China [17]. Competitive Landscape - The article notes that while Lao Gan Ma maintains a strong position in the domestic market, it faces competition from emerging brands in the condiment sector that are adapting to new consumer preferences, such as low-fat options [21][22]. - The brand's innovation in product offerings has not yet aligned with the growing demand for healthier alternatives in the market [22]. - The pricing strategy for Lao Gan Ma's products remains competitive, but the brand must navigate the challenges of maintaining market share amid evolving consumer tastes [21].