来源：华尔街见闻 当众多品牌深陷流量与价格内卷时，不运营社交媒体，几乎零直播投放的老干妈怎么躺着把 钱赚了？ 茅台跌价，老干妈营收重回巅峰，大环境的市场情绪，被两家来自贵州的消费企业狠狠拿捏住了。 最近发布的《2025贵州企业100强》数据显示，老干妈2024年销售额达到53.91亿元，已接近2020年54.03 亿元的历史最高水平。 在众多品牌忙于直播带货、线上营销的当下，老干妈看似采取了近乎"躺平"的策略。它在抖音等平台几 乎没有常态化直播和达人投放，社交媒体账号也已长期停更，主要依靠消费者的自然复购维持线上销 售。 但根据老干妈陶华碧和公司管理层的叙述，公司其实没有停止新品开发，海外市场的拓展也卓有成效。 "躺赢"或许不是这场突围的本质，"有攻有守"才是。 营收重回巅峰 2020年，老干妈的营业收入达到历史最高峰——54.03亿元，次年突然下滑20%至42.01亿元，被外界认 为是国民品牌跌下神坛。 不过，当时正值疫情，线下消费受影响相对严重，而老干妈一直以来以线下为重，营收下滑也就在所难 免。 近十年老干妈营收变化/豹变 如果在行业内横向对比，同样作为国民下饭菜品牌的涪陵榨菜，在疫情后营收增速也开始明 ...

当众多品牌深陷流量与价格内卷时，不运营社交媒体，几乎零直播投放的老干妈怎么躺着把钱赚了？ 茅台跌价，老干妈营收重回巅峰，大环境的市场情绪，被两家来自贵州的消费企业狠狠拿捏住了。 最近发布的《2025贵州企业100强》数据显示，老干妈2024年销售额达到53.91亿元，已接近2020年54.03亿元的历史最高水平。 以下文章来源于豹变 ，作者詹方歌 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 在众多品牌忙于直播带货、线上营销的当下，老干妈看似采取了近乎"躺平"的策略。它在抖音等平台几乎没有常态化直播和达人投放，社交媒体账号也已长期停 更，主要依靠消费者的自然复购维持线上销售。 但根据老干妈陶华碧和公司管理层的叙述，公司其实没有停止新品开发，海外市场的拓展也卓有成效。 "躺赢"或许不是这场突围的本质，"有攻有守"才是。 营收重回巅峰 2020年，老干妈的营业收入达到历史最高峰——54.03亿元，次年突然下滑20%至42.01亿元，被外界认为是国民品牌跌下神坛。 不过，当时正值疫情，线下消费受影响相对严重，而老干妈一直以来以线下为重，营收下滑也就在所难免。 近十年老干妈营收变化/豹变 如果在 ...

Core Insights - Zhongjing Foods has officially launched new products featuring American ginseng, including concentrated liquid and tea, marking its entry into the health food sector with a clear focus on core nutritional content [1][3] - The company aims to explore strategic expansion into the health food market, leveraging its traditional Chinese medicine background while facing challenges such as market acceptance and competition in the health food category [1][3] Product Launch - The new American ginseng products are designed to provide a reliable modern health solution, with each product containing 100 milligrams of ginsenosides [3] - The products are currently available online at promotional prices of 9.9 yuan, with regular prices ranging from 79 to 199 yuan [3] - Initial sales data indicates low consumer engagement, with multiple product links showing "0 purchases" on platforms like Tmall and JD [3] Market Trends - Over 70% of consumers aged 18-35 are willing to pay a premium for foods with specific health benefits, driving rapid growth in the health food market [4] - The Chinese health food market is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth rate of 16.8% [4] - The American ginseng market has surpassed 28 billion yuan in 2023, but faces challenges such as a low average repurchase rate of 12% and high marketing costs accounting for 35% of sales [4] Company Performance - Zhongjing Foods' core condiment business is under pressure, with 2022 sales of its flagship mushroom sauce reaching 324 million yuan, maintaining the top position in its category [5] - The company has experienced a slowdown in revenue growth, with projected revenues of 994 million yuan and 1.098 billion yuan for 2023 and 2024, respectively, reflecting a decline in growth rates [6] - The company is facing a dilemma of increasing revenue without corresponding profit growth, with a reported revenue decline of 1.56% in the first three quarters of the year [6] Strategic Recommendations - Experts suggest that Zhongjing Foods should adopt a "single focus, multiple brands" strategy to solidify its market position while exploring new health food categories [6] - The company is encouraged to leverage its "Chinese medicine gene" and technological capabilities to differentiate its products from competitors [7] - Emphasizing the unique features of the new American ginseng products and utilizing online marketing strategies could help improve brand awareness and consumer perception [8]

Core Insights - Zhongjing Food has officially launched its new products, concentrated ginseng liquid and ginseng tea, which contain 100mg of ginsenosides per bag, marking the first health drink with clearly defined core nutritional components [2][3] - The company is expanding into the health food sector amid pressure on its main condiment business, leveraging its strong traditional Chinese medicine background [2][3][8] Product Launch - The new ginseng products are designed to provide consumers with a reliable modern dietary solution and are currently available on online platforms, with offline channels still being developed [3] - The introductory price for both products is set at 9.9 yuan, while regular prices range from 79 yuan to 199 yuan [3] - Initial sales data shows low consumer engagement, with multiple product links on Tmall and JD indicating "0 purchases" [3] Market Trends - Over 70% of consumers aged 18-35 are willing to pay a premium for foods with specific health benefits, driving rapid growth in the health food market, which is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth of 16.8% [4] - Ginseng is a popular ingredient in this sector, and the National Health Commission has included it in the list of food-medicine homologous products [4] Challenges - The market currently offers ginseng primarily in traditional forms such as slices, powders, and capsules, which may lead to consumer skepticism regarding the new concentrated liquid and tea formats [4] - Zhongjing Food's condiment business is facing growth pressures, with sales of its flagship mushroom sauce reaching 324 million yuan in 2022, but new product launches have not replicated this success [5][6] Financial Performance - The company's revenue growth has slowed, with projected revenues of 999.4 million yuan and 1.098 billion yuan for 2023 and 2024, respectively, showing a decline in growth rate from 12.77% to 10.4% [6] - In the first three quarters of 2025, revenue decreased by 1.56% to 826 million yuan, while net profit increased by 3.18% to 154 million yuan [6] Strategic Recommendations - To overcome growth bottlenecks, Zhongjing Food should adopt a "single focus, multiple brands" strategy, maintaining its market position in mushroom sauce while expanding into health sectors with differentiated branding [7] - The company should leverage its "Chinese medicine gene" and technical expertise from its controlling shareholder to create unique products that stand out in the market [8] - Emphasizing the clear nutritional benefits and convenience of the new ginseng products through online marketing and offline experiences can help shift consumer perceptions and expand market reach [9]

Core Viewpoint - Zhongjing Food has officially announced the launch of its new American ginseng products, marking its entry into the health food sector amidst challenges in its core condiment business [1][3]. Product Launch - The company has introduced two new products: American ginseng concentrated liquid and American ginseng tea, each containing 100mg of ginsenosides, making them the first health drinks with clearly defined core nutritional components [3][5]. - These products are currently available on online platforms, with a promotional price of 9.9 yuan and regular prices ranging from 79 to 199 yuan [4]. Market Context - The health food market in China is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth rate of 16.8%, driven by consumer willingness to pay a premium for health-functional foods [5]. - American ginseng has gained popularity as a health ingredient, with the National Health Commission including it in the food-medicine homology directory [5]. Consumer Acceptance - The acceptance of the new ready-to-drink concentrated liquid and tea forms of American ginseng may require time, as traditional forms like slices and powders dominate the market [6]. - Some consumers express concerns about the authenticity of heavily processed products compared to more traditional forms [6]. Business Performance - Zhongjing Food's core condiment business is facing growth pressure, with revenue growth slowing from 12.77% to 10.4% between 2023 and 2024 [8]. - The company reported revenues of 9.94 billion yuan and 10.98 billion yuan for 2023 and 2024, respectively, with net profits showing a significant decline in growth rate [8]. Strategic Recommendations - Experts suggest that Zhongjing Food should adopt a "single focus, multiple brands" strategy to solidify its market position in condiments while expanding into health food [9]. - The company is encouraged to leverage its "Chinese medicine gene" and technological expertise to differentiate its products in the health food market [10]. Marketing Strategy - To enhance the visibility and reputation of the new American ginseng products, the company should emphasize their clear nutritional benefits and convenience [11]. - Utilizing online marketing and offline experiential activities can help shift consumer perceptions and expand market reach [11].

Core Insights - The article discusses the contrasting market performance of two Guizhou-based consumer brands, Moutai and Lao Gan Ma, highlighting Lao Gan Ma's revenue recovery amidst a consumer downgrade environment [4][5]. - Lao Gan Ma's sales reached 5.391 billion yuan in 2024, nearing its historical peak of 5.403 billion yuan in 2020, despite a previous decline due to the pandemic [4][6]. Revenue Recovery - In 2020, Lao Gan Ma's revenue peaked at 5.403 billion yuan but fell by 20% to 4.201 billion yuan in 2021, attributed to the pandemic's impact on offline consumption [6][8]. - 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 [11][12]. Marketing Strategy - Lao Gan Ma has adopted a unique approach by not engaging in regular live streaming or influencer marketing, relying instead on natural consumer repurchase [4][13]. - The brand's social media accounts have been inactive, with no significant online marketing efforts, which contrasts with competitors who heavily invest in e-commerce and live streaming [13][15]. International Expansion - Lao Gan Ma has significantly expanded its international presence, growing from 90 countries in 2019 to 160 countries by 2024, with a 30% increase in overseas market revenue in 2023 [15][16]. - The brand's popularity abroad has surged, particularly among non-Chinese consumers, aided by social media trends and endorsements from international celebrities [16][20]. Product Development - Despite perceptions of stagnation, Lao Gan Ma continues to innovate, developing new products and expanding its product line, which includes over 20 new items since 2020 [18][20]. - The brand's pricing strategy remains competitive, with most products priced around 10 yuan, focusing on volume sales to maintain profitability [20][21]. Market Challenges - The article notes that while Lao Gan Ma has found success, it faces challenges in adapting to changing consumer preferences, particularly the rising demand for healthier options in the condiment market [21]. - Competitors like Hu Bang and Chuan Wa Zi are introducing low-fat and zero-fat products, which Lao Gan Ma has yet to address in its product offerings [21].

以下文章来源于豹变 ，作者詹方歌 茅 台 跌价，老干妈营收重回巅峰 ，消费降级大环境下的市场情绪，被两家来自贵州的消费企业狠狠拿捏住了。 最近 发布的《 2025贵州企业100强》数据 显示 ，老干妈 2024年销售额达到53.91 亿元，已接近 2020年54.03亿元的历史最高水平。 在众多品牌忙于直播带货、线上营销的当下，老干妈 看似采取了 近乎 "躺平"的策略。 它 在抖音等平台几乎没有常态化直播和达人投放，社交媒体账号 也已长期停更，主要依靠消费者的自然复购维持线上销售。 但根据老干妈陶华碧和公司管理层的叙述，公司其实没有停止新品开发，海外市场的拓展也卓有成效。 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 不运营社交媒体，几乎零直播投放的 老干妈怎么躺着把钱赚了？ 文 ｜ 詹方歌 编辑 ｜ 邢昀 来源｜ 豹变（ID：baobiannews） 封面来源 ｜ 老干妈官网 "躺赢"或许不是这场突围的本质，"有攻有守"才是 。 营收 重回巅峰 2020年，老干妈的营业收入达到历史最高峰——54.03亿元，次年突然下滑20%至 42.01亿元 ，被外界认为是国民品牌跌下神坛。 不过，当 ...

以下文章来源于豹变 ，作者詹方歌 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 本文来自微信公众号： 豹变 ，作者：詹方歌，编辑：邢昀 茅台跌价，老干妈营收重回巅峰，消费降级大环境下的市场情绪，被两家来自贵州的消费企业狠狠拿 捏住了。 最近发布的《2025贵州企业100强》数据显示，老干妈2024年销售额达到53.91亿元，已接近2020年 54.03亿元的历史最高水平。 在众多品牌忙于直播带货、线上营销的当下，老干妈看似采取了近乎"躺平"的策略。它在抖音等平台 几乎没有常态化直播和达人投放，社交媒体账号也已长期停更，主要依靠消费者的自然复购维持线上 销售。 但根据老干妈陶华碧和公司管理层的叙述，公司其实没有停止新品开发，海外市场的拓展也卓有成 效。 "躺赢"或许不是这场突围的本质，"有攻有守"才是。 营收重回巅峰 2020年，老干妈的营业收入达到历史最高峰——54.03亿元，次年突然下滑20%至42.01亿元，被外界 认为是国民品牌跌下神坛。 不过，当时正值疫情，线下消费受影响相对严重，而老干妈一直以来以线下为重，营收下滑也就在所 难免。 如果在行业内横向对比，同样作为国民下饭菜品牌的 ...

Core Viewpoint - The article discusses the contrasting strategies of two Guizhou-based consumer brands, Laoganma and Moutai, in the context of market dynamics and consumer behavior, highlighting Laoganma's return to peak revenue despite a seemingly passive approach [6][22]. Revenue Recovery - Laoganma's sales reached 5.391 billion yuan in 2024, nearing its historical peak of 5.403 billion yuan in 2020 [6][12]. - After a significant drop in revenue to 4.201 billion yuan in 2021, attributed to the pandemic's impact on offline consumption, Laoganma has seen a steady recovery in revenue since 2022 [9][12]. Market Positioning - Laoganma has adopted a low-key marketing strategy, with minimal engagement in live streaming and social media, relying instead on natural consumer repurchase [6][14]. - Despite the lack of marketing noise, Laoganma's revenue has continued to grow, indicating a strong brand loyalty and market presence [12][22]. Product Development and Innovation - The company has not ceased product development; it continues to innovate and expand its product line, launching over 20 new products since 2020 [20]. - Laoganma has shifted its focus to overseas markets, expanding its presence from 90 countries in 2019 to 160 countries by 2024, with a 30% year-on-year growth in overseas sales in 2023 [16][17]. Competitive Landscape - Other brands like Fuling Mustard and Zhongjing Foods have faced challenges in maintaining growth, with Fuling's revenue growth slowing from 14.23% in 2020 to 1.18% in 2022 [10]. - The article notes that the condiment market is evolving, with new entrants like Hubang Sauce adopting different marketing strategies compared to traditional brands like Laoganma and Zhongjing [19][20]. Consumer Trends - The article highlights a shift in consumer preferences towards healthier options, with competitors introducing low-fat products, while Laoganma has not yet adapted its offerings to align with these trends [21][22]. - Despite criticism regarding changes in taste, Laoganma's brand recognition and pricing strategy have allowed it to maintain a strong market position both domestically and internationally [12][17].

Core Viewpoint - The article discusses the contrasting performance of two consumer brands from Guizhou, Moutai and Lao Gan Ma, highlighting Lao Gan Ma's revenue recovery amidst a consumer downgrade environment, while Moutai experiences price declines. Group 1: Lao Gan Ma's Revenue Performance - Lao Gan Ma's sales in 2024 reached 5.391 billion yuan, nearing its historical peak of 5.403 billion yuan in 2020 [2] - After a significant revenue drop of 20% in 2021 to 4.201 billion yuan, attributed to the pandemic's impact on offline consumption, Lao Gan Ma's revenue has been on the rise since 2022 [3][4][7] - The company has maintained a steady revenue recovery from 5.26 billion yuan in 2022 to 5.391 billion yuan in 2024, alleviating market concerns [7] Group 2: Marketing Strategy and Consumer Engagement - Lao Gan Ma has adopted a "laid-back" marketing strategy, with minimal engagement on social media and no regular live streaming, relying instead on natural consumer repurchase [2][9] - Despite the lack of marketing activity, Lao Gan Ma's revenue growth continues, indicating a strong brand loyalty among consumers [8][11] - The company has shifted focus to overseas markets, expanding from 90 countries in 2019 to 160 countries by 2024, with a 30% growth in overseas market sales in 2023 [11][12] Group 3: Product Development and Market Position - Lao Gan Ma has not ceased product development, with ongoing efforts to innovate and expand its product line, including over 20 new products by 2020 [6][15] - The brand remains a leading Chinese condiment in international markets, benefiting from social media popularity and diverse usage among foreign consumers [12][13] - Despite the emergence of new brands in the domestic market, Lao Gan Ma's established presence and product familiarity continue to drive its sales [16][17]