Core Viewpoint - Lao Gan Ma has maintained its dominance in the chili sauce market despite fierce competition from new brands and channels, achieving a revenue of 5.391 billion yuan in 2024, marking a continuous growth over the past three years [1][3]. Revenue Performance - Lao Gan Ma's revenue from 2021 to 2023 was 4.201 billion yuan, 5.26 billion yuan, and 5.381 billion yuan respectively, approaching its peak of 5.403 billion yuan in 2020 [1][3]. - The company has shown resilience in recovering market share after a significant drop in 2021 due to the emergence of new consumption models and brands [3]. Market Share - Lao Gan Ma holds a dominant market share of approximately 55% in the chili sauce category, with the second brand having a single-digit market share [3]. - In the broader category of Chinese condiments, Lao Gan Ma remains the market leader as of Q3 2025, followed by brands like Hai Tian and Xin He [3]. Marketing Strategy - The company has adopted a conservative approach to online marketing, with minimal presence on platforms like Douyin (TikTok), relying primarily on consumer repurchase rather than active promotion [4][9]. - Lao Gan Ma's official social media accounts have seen little to no updates, indicating a strategic retreat from aggressive online marketing [7][9]. Distribution Model - The traditional distribution model of Lao Gan Ma has been described as effective but may face limitations in the future due to shrinking profit margins for distributors [10]. - The company has made some adjustments to its distribution strategy by breaking down regions for more precise market management [10]. Product Range - Lao Gan Ma offers a variety of products beyond chili sauce, including spicy dishes, fermented tofu, and hot pot bases, but these products have lower market visibility and promotional incentives [10]. - The top three SKUs in the Chinese condiment category for Lao Gan Ma account for significant market shares, with prices ranging from 10 to 12 yuan [10]. Competitive Landscape - Newer brands like Hu Bang have successfully leveraged online channels and live streaming to grow their market presence, with Hu Bang achieving over 600 million yuan in revenue by October 2023 [11]. - Despite the rise of new brands, Lao Gan Ma's established reputation and solid offline distribution network provide it with a competitive edge in the current economic environment [11].