In 2025, China's frozen food industry experienced an overall slowdown in growth and intensified market competition. Anjoy Food, a leader in the industry, reported a &#34;revenue increase without profit increase&#34; performance for the year.
Full-year operating revenue reached 16.193 billion yuan, a year-on-year increase of 7.05%; however, net profit attributable to the parent company was 1.359 billion yuan, a year-on-year decrease of 8.46%, marking the first decline in recent years.
The decline in net profit was affected by a combination of factors including increased fixed asset depreciation, raw material cost fluctuations, exchange rate losses, and goodwill impairment.
In 2025, the company's gross profit margin for its main business was 21.53%, a decrease of 1.7 percentage points from the previous year. Among this, the gross profit margin for frozen ready-to-cook dishes was only 9.49%, a further decrease of 2.27 percentage points year-on-year.
The company explained that this was mainly due to the impact of rising crayfish raw material costs, increased depreciation from new production bases coming online, and increased promotional expenses amidst intensified industry competition.
Asset impairment losses significantly expanded to 214 million yuan, including goodwill impairment provisions of approximately 149 million yuan and 14.87 million yuan for Hubei Xinliuwu and Honghu Xinhongye, respectively. These were previously acquired targets in the crayfish sector that were dragged down by changes in the industry environment.
Furthermore, the continuous depreciation of the US dollar against the Renminbi led to substantial exchange rate losses, turning the financial expenses from a net gain of 70 million yuan in the previous year into a net expenditure of 1.36 million yuan.
However, despite profit pressure, the company's cash flow remained robust. In 2025, net cash flow from operating activities increased by 10.12% year-on-year to 2.317 billion yuan.
Under profit pressure, Anjoy has made adjustments to its channels and strategies.
Affected by fluctuations in catering demand, the traditional frozen product wholesale market is under pressure. New channels with higher profit margins are becoming a breakthrough for Anjoy Food. In 2025, Anjoy's new retail and e-commerce channels achieved revenue of 1.179 billion yuan, a year-on-year increase of 31.76%.
In its annual report, Anjoy made a key amendment to its customization strategy, proposing &#34;Managed Large B-End Customization.&#34;
Compared to the previous &#34;fully embracing customization,&#34; this strategy emphasizes control over product complexity and costs, essentially seeking a balance between scale expansion and operational efficiency, avoiding cost overruns caused by overly fragmented demand.
Currently, the company has established partnerships with membership-based channels and hard discount retailers such as Sam's Club, Hema, Pang Dong Lai, Metro, and Aldi, continuously optimizing its large B-end customer structure.
Simultaneously, category extension continues to support channel expansion. The company has positioned its grilled sausage business as its third major segment, achieving dual sales and brand reach through the deployment of over 30,000 terminal devices, aiming to enter the industry's top tier within 2-3 years.
External expansion has also not stopped. In 2025, the acquisition of Jiangsu Dingweimei was completed, entering the frozen bakery and premium cod sausage sectors. The &#34;Anzhai&#34; project was also launched, targeting the halal food market.
Under short-term profit pressure, channel upgrades and the refinement of customization strategies have become key variables. The boundaries and efficiency of &#34;Managed Large B-End Customization&#34; may determine the quality of Anjoy's growth in the next phase.

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Revenue increase without profit increase

- In 2025, China's frozen food industry faced slowing growth and heightened competition, leading industry leader Anjizhi to report increased revenue but decreased profits, with net profit dropping 8.46%.  
- Factors for this decline included rising fixed asset depreciation, raw material cost fluctuations, foreign exchange losses, and goodwill impairment related to previous acquisitions.  
- Despite pressure on profits, Anjizhi saw a 10.12% increase in cash flow from operating activities and adjusted its strategies, emphasizing controlled customization and expanding into new retail channels, which grew by 31.76%.

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Anjoy Food Counteracts "Revenue Growth Without Profit Growth" by Shifting to "Managed Large B-End Customization"