Core Viewpoint - Lao Gan Ma has shown resilience with a slight revenue increase in 2024, attributed to the return of founder Tao Huabi to operational roles, despite previous challenges related to ingredient changes and cost-cutting measures [1][2]. Group 1: Company Performance - Lao Gan Ma ranked 57th in the "Top 100 Enterprises in Guizhou 2025" with a revenue of 5.391 billion yuan in 2024, a marginal increase of 0.18% from 5.381 billion yuan in 2023, marking three consecutive years of growth [1]. - The company is close to its historical peak revenue of 5.403 billion yuan in 2020, being only 0.12 billion yuan short [1]. Group 2: Management and Operational Changes - Tao Huabi, the founder, stepped back from operations in 2014, leading to a shift in ingredient sourcing that negatively impacted product taste and sales in 2017 and 2018 [2]. - In 2019, Tao Huabi returned to the company, reinstating the original ingredients, which has been linked to the recent revenue recovery [2]. - Company representatives have denied any changes to the production process or ingredients, attributing taste variations to consumer preferences rather than operational changes [3]. Group 3: Brand and Market Presence - Lao Gan Ma is recognized as the largest producer and seller of chili products in China, with a diverse product line including over 20 series of items [7]. - The brand has gained international recognition, being marketed as a premium product in various countries, including the U.S., where it has been featured as a luxury condiment [7]. - The company's social media presence has been noted as limited, with infrequent updates and no recent live streaming activities, raising questions about its engagement strategy [4].

Core Insights - Lao Gan Ma ranked 57th in the "Top 100 Enterprises in Guizhou 2025" with a revenue of 5.391 billion yuan in 2024, a slight increase of 0.18% from 5.381 billion yuan in 2023, marking three consecutive years of growth and nearing its historical peak of 5.403 billion yuan in 2020 [1] Company Overview - Lao Gan Ma, founded by Tao Huabi in 1984, is a leading producer of chili products in China, known for its unique cooking methods and a wide range of products including flavored doubanjiang and chicken oil chili [5] - The company has become a sales hotspot since mass production began in 1996 and is recognized as one of the largest chili product manufacturers in the country [5] - The brand has gained international recognition, being referred to as "Lao Gan Ma" on many foreign e-commerce platforms and even considered a luxury condiment in the U.S. market [5] Management Changes - Tao Huabi stepped back from the company in June 2014, with her sons Li Guishan and Li Miaoxing taking over the ownership, with Li Miaoxing as the actual controller [1] - Reports suggest that the company's revenue resurgence is linked to Tao Huabi's return to management, although the company denies any changes to its production processes or ingredients [1][2] Product Quality and Consumer Perception - The company has faced consumer complaints regarding changes in taste, attributed to potential shifts in raw materials, but company representatives assert that the original production methods and ingredients remain unchanged [2] - The official response indicates that any perceived differences in taste may be due to evolving consumer preferences rather than changes in the product itself [2] Marketing and Online Presence - Lao Gan Ma's official social media accounts show limited activity, with the last post on its WeChat account dating back to March 2022, and its Douyin account having no live streaming activity in the past year [2][3] - The brand initially leveraged live streaming for marketing but has since reduced its engagement in this area, relying on pre-recorded content featuring Tao Huabi [3]

Core Viewpoint - The recent resurgence of Lao Gan Ma's revenue is attributed to the founder, Tao Huabi, returning to a more active role in the company, which has led to a slight increase in revenue for 2024 compared to 2023 [2][3] Group 1: Company Performance - Lao Gan Ma ranked 57th in the "Top 100 Enterprises in Guizhou 2025" list, with a revenue of 5.391 billion yuan in 2024, a marginal increase of 0.18% from 5.381 billion yuan in 2023, marking three consecutive years of growth [2] - The company's revenue in 2020 was 5.403 billion yuan, indicating it is just 0.12 billion yuan short of its historical peak [2] Group 2: Management Changes - Tao Huabi, the founder, stepped back from the company in June 2014, with her sons, Li Guishan and Li Miaoxing, taking over the ownership, holding 49% and 51% respectively, with Li Miaoxing as the actual controller [2] - Reports suggest that the company's flavor profile changed when it switched from Guizhou to cheaper Henan chili peppers, leading to a decline in performance in 2017 and 2018 [3] Group 3: Product Quality and Consumer Perception - The company has denied claims of changing its ingredients for cost-saving purposes, asserting that the production process and recipe have remained unchanged [3] - Some consumers have reported changes in taste, attributing it to personal preferences and higher expectations rather than actual changes in the product [3] Group 4: Marketing and Online Presence - Lao Gan Ma's official social media accounts show limited activity, with the last post on WeChat dating back to March 2022, and the official Weibo account lacking recent updates [6] - The brand's flagship store on Douyin has maintained a sparse update schedule, with no live streaming activity in the past year, despite initial attempts to leverage live commerce [6]

Core Viewpoint - The recent controversy regarding the taste change of "Lao Gan Ma" has sparked discussions among consumers, with some claiming a difference in flavor and ingredients, while the company denies any changes to its recipe or raw materials [1][2]. Group 1: Company Response - Lao Gan Ma's staff refuted claims of changing ingredients for cost-saving purposes, attributing any perceived taste differences to consumers' evolving preferences and personal taste variations [1]. - The company emphasized that its raw materials, production processes, and recipes have remained unchanged [1]. Group 2: Company Background and Performance - Founded in 1984 by Tao Huabi, Lao Gan Ma gained popularity for its unique condiment production methods and became a sales hit after mass production began in 1996 [2]. - In the "2025 Guizhou Top 100 Enterprises" list, Lao Gan Ma ranked 57th, with a reported revenue of 5.391 billion yuan in 2024, a slight increase of 0.18% from 2023, marking three consecutive years of growth [2]. - The company is close to its historical revenue peak of 5.403 billion yuan in 2020, being only 0.12 billion yuan short [2]. Group 3: Leadership and Historical Context - There were rumors about Tao Huabi's return to the company, but staff clarified that she has always been involved, despite her stepping back from direct operations in 2014 [2]. - After Tao Huabi's withdrawal from the shareholder structure in 2014, her sons took over the majority of the shares, with Li Miaoxing being the actual controller [2]. - The company faced challenges in 2017 and 2018 due to a shift in raw materials from Guizhou to cheaper Henan peppers, which led to a decline in taste and consumer backlash, prompting a return to original ingredients in 2019 when Tao Huabi resumed operational control [2].