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].