--- title: "A 40% plunge vs a 120% surge, the \"heaven and hell\" of consumer leaders" type: "News" locale: "en" url: "https://longbridge.com/en/news/282834685.md" description: "In 2025, China's consumer market will first exceed 50 trillion yuan, with consumer spending contributing 52% to economic growth. Amid global economic turmoil, policy support is significant, with 300 billion yuan in special government bonds allocated for consumer goods subsidies. The beverage industry shows a \"tale of two cities,\" with NONGFU SPRING and EASTROC BEVERAGE achieving double-digit growth, while China Resources Beverage faces declines in both revenue and net profit. Overall, leading consumer companies exhibit divergent performances, and market competition intensifies" datetime: "2026-04-15T10:49:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282834685.md) - [en](https://longbridge.com/en/news/282834685.md) - [zh-HK](https://longbridge.com/zh-HK/news/282834685.md) --- # A 40% plunge vs a 120% surge, the "heaven and hell" of consumer leaders This article has a total of **5084** words | Reading time **15** minutes ## **Blue Shark Guide** **Read** **: A Tale of Two Cities** Author | Zhang Erhe Editor | Lu Xucheng In 2025, China's consumer market will reach a milestone moment—the total retail sales of consumer goods will first exceed 50 trillion yuan, reaching 50,120.2 billion yuan, a year-on-year increase of 3.7%, with final consumption expenditure contributing 52% to economic growth, an increase of 5 percentage points from the previous year. It is noteworthy that this achievement was made against the backdrop of global economic turbulence and increasing uncertainty in future economic expectations, with consumer confidence in a state of weak recovery. During this process, the "visible hand" of policy played a key supporting role—in 2025, the state allocated 300 billion yuan in ultra-long-term special government bonds for subsidies for replacing old consumer goods, with positive and significant policy effects, as related products such as home appliances and audio-visual equipment maintained double-digit growth in the first three quarters. However, the policy dividends are not evenly distributed, as many consumer sub-sectors have entered a deep water zone of stock game, becoming increasingly entrenched in fierce competition. In such a market environment, a number of leading consumer enterprises have delivered impressive results, while some consumer companies have experienced varying degrees of performance decline. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OKv5oFqFKFbVwkPD1H-PdJxqfnmYhY-G7kRM8apV_F5QoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **_Beverage Industry: Some Lead, Some Fall Behind_** In 2025, the beverage industry presents a distinct "tale of two cities" pattern. From the companies that have disclosed their full-year financial reports for 2025—NONGFU SPRING and EASTROC BEVERAGE lead with double-digit growth, while Master Kong and Uni-President's beverage business growth has slowed, and China Resources Beverage is deeply mired in a significant decline in both revenue and net profit. Overall, the beverage industry in 2025 has transitioned from the past phase of "everyone rising together" to a structural growth phase of "some leading, some falling behind." ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O6j427DGp7GckuAd6o1vpsToc7Yqt3zOoqz-r5_QvNw-cAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (Blue Shark Consumer Table) In 2025, the packaged drinking water market underwent a dramatic reshaping. After experiencing a public relations storm in 2024, NONGFU SPRING rebounded strongly, with annual revenue from packaged drinking water products increasing by over 12% year-on-year, with a growth rate of over 20% in the second half of the year, showing a clear upward momentum. Meanwhile, the company's gross profit margin increased from 58.1% in the same period last year to 60.5%, mainly due to a decrease in procurement costs for PET raw materials and cartons In stark contrast to the strong return of NONGFU SPRING, China Resources Beverage's revenue in 2025 is expected to be 11.002 billion yuan, a year-on-year decline of 18.6%; net profit attributable to the parent company is 985 million yuan, a year-on-year decline of 39.8%, marking the first significant drop in performance since its listing. The company admitted in its announcement that the revenue decline is mainly due to a decrease in bottled water sales, increased marketing resource investment, and changes in product structure. The competition in the purified water market is becoming increasingly fierce, and the growth pressure faced by the "Yibao" brand under China Resources Beverage has further intensified. The tea beverage sector is the biggest structural highlight in the beverage industry in 2025. NONGFU SPRING's tea beverage business achieved revenue of 21.596 billion yuan for the year, a year-on-year increase of 29.0%, accounting for 41.1% of the company's total revenue, making it the undisputed core business. More notably, Master Kong's tea beverage revenue in 2025 was 20.603 billion yuan, and NONGFU SPRING's tea beverage revenue surpassed Master Kong for the first time, becoming the "new king" of the domestic tea beverage industry. Master Kong's beverage business achieved annual revenue of 50.123 billion yuan, with net profit attributable to the parent company increasing by 18.5% to 2.274 billion yuan. However, by category, the revenue decline in tea and juice was significant, offsetting the growth in carbonated beverages. Uni-President's tea beverage business in China achieved annual revenue of 8.802 billion yuan, a year-on-year increase of 2.6%, with growth clearly slowing compared to previous years. The tea beverage market is undergoing a structural shift from traditional sugary tea to sugar-free tea and health teas, and the ability to capture the health trend will be a key variable in corporate competition. Functional beverages are the fastest-growing segment in 2025. Dongpeng Beverage achieved annual revenue of 20.875 billion yuan, a year-on-year increase of 31.8%; net profit attributable to the parent company was 4.415 billion yuan, a year-on-year increase of 32.72%. While the company broke through the 20 billion yuan revenue mark, the effectiveness of its multi-category strategy is significant. Specifically, Dongpeng Special Drink achieved revenue of approximately 15.6 billion yuan for the year, a year-on-year increase of 17.3%, continuously consolidating the foundation of functional beverages. "Dongpeng Rehydration" achieved revenue of 3.274 billion yuan, a year-on-year increase of 119%, becoming a solid second growth curve for the company. Other beverage categories collectively achieved revenue of approximately 2 billion yuan, a year-on-year increase of 94%. The proportion of non-specialty beverage revenue increased by 9.3 percentage points year-on-year to 25.2%, as the company accelerates its transformation from a single functional beverage brand to a platform beverage enterprise. In 2026, the beverage industry will still face multiple challenges such as differentiated consumer demand, ongoing channel changes, and intensified competition in new categories. Companies with strong product innovation capabilities, a robust brand matrix, and efficient channel management are expected to further expand their leading advantages amid structural differentiation in the industry. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OM1Gd6nfChIMdJAaMDwbA0nSuGVzz0pr6nP05KGwPuhAoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)**_Condiments: Industry concentration further increases_** In 2025, the overall growth rate of the condiment industry significantly slowed down. From the annual data, the performance of 11 major listed condiment companies compiled by Blue Shark Consumer shows the following pattern: ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ojxbn2tt5eCSzHB3fnZghC5M9eBWjr8sSUQSlO-cbpu6MAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (Compiled by Blue Shark Consumer) In terms of revenue scale, the industry presents a clear "pyramid" structure: Haitian Flavoring & Food Co., Ltd. stands out with a revenue of 28.873 billion yuan, which is 1.7 times that of the third-ranked Angel Yeast; only Meihua Biological and Angel Yeast fall within the 10 billion to 20 billion yuan range; Yihai International is the only company in the 5 billion to 10 billion yuan range; the remaining seven companies all have revenues below 3.5 billion yuan. The industry's concentration continues to rise, and the scale advantages of leading enterprises further expand. In 2025, various segments of the condiment industry show significant differences. Among them, the growth of the soy sauce category has notably slowed down. According to data from Qince Consumer Research Institute, the compound annual growth rate of the soy sauce consumption market is only 2.3% over five years, significantly lower than the overall growth rate of 4.5% for the condiment industry; per capita soy sauce demand has decreased from 7.28 kg in 2015 to less than 5 kg in 2023. Meanwhile, compound seasonings maintain high growth, with the market size exceeding 210 billion yuan in 2025, and a compound growth rate of 18% from 2022 to 2025, far exceeding the growth rate of traditional condiments. In this context, companies such as Lianhua Holdings, Tianwei Foods, and Yihai International continue to make efforts in this segment, with strong growth in subcategories such as hot pot condiments, recipe-style condiments, and convenient instant food seasonings. Traditional condiment companies are also entering the compound seasoning segment through mergers and acquisitions or internal incubation. At the same time, the wave of health consumption is profoundly reshaping the product structure of the condiment industry. Haitian Flavoring & Food's nutrition and health series products have a year-on-year growth rate of 48.3%, covering various directions such as organic and low-salt. Angel Yeast continues to make efforts in the field of healthy raw materials such as yeast protein. Meanwhile, with the release of the "National Food Safety Standard for Prepackaged Food Labeling," the "zero additives" label has been explicitly prohibited, and the industry is expected to move towards a more standardized and healthier development track. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OMOhzUkyqMj0EcJNp62deKFbbMZhbgv6o2Ccq2YiqOQi8AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **_Gold and Jewelry: Accelerating Differentiation_** In 2025, the gold and jewelry industry is undergoing the most profound structural transformation in nearly two decades. Against the backdrop of a 60% annual increase in international gold prices, continuously setting new historical highs, coupled with the implementation of the "gold tax reform" policy, the industry is accelerating differentiation and restructuring. From the disclosed annual reports for 2025, differentiated brands represented by Laopu Gold and Chaohongji are thriving, while traditional leaders represented by Lao Fengxiang and Chow Tai Fook face severe operational challenges. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O1I-i9yH5sGlYvwS83cfk33s_zzWmj382_D9Q0JKzKhMcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (Compiled by Blue Shark Consumer) From the store opening data, Lao Feng Xiang's franchise stores net decreased by 499, and Chow Tai Fook's net closed stores reached 896, while Lao Pu Gold and Chao Hong Ji opened stores against the trend, indicating that the industry has shifted from the "land grab" phase of scale expansion to the "fine cultivation" phase of value competition. The core measurement standard is no longer the number of stores, but rather the profitability of individual stores, product premium capability, and brand influence. As the sales proportion of "fixed price" gold products continues to rise, the pricing model is shifting from "per gram pricing" to "per piece pricing," which is also forcing companies to enhance product added value. Overall, in 2025, the consumption of gold bars and coins will surpass that of gold jewelry for the first time, marking the most significant watershed event in the industry. The property of gold as a safe-haven asset is being repriced against the backdrop of rising macroeconomic uncertainty, combined with the younger generation's pursuit of "self-satisfying consumption," leading gold consumption to shift from traditional wedding necessities to a dual-driven model of "daily wear + investment preservation." In this trend, Chao Hong Ji is creating differentiated products around intangible cultural heritage flower silk, Lao Pu Gold is pioneering a new category with ancient gold techniques, and Chow Tai Fook's Fortune series annual retail value has surpassed HKD 4 billion. In the context of high homogeneity of gold material itself, craftsmanship value, cultural connotation, and design innovation are becoming the core sources of brand premium. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OimrwamsrA6892xzN4dSKvHe5khZMOdmL1YhX0rHVimdcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **_Sports Shoes and Apparel: From "Local Catch-Up" to "Global Competition"_** In 2025, international giants like Nike and Puma are deeply mired in the whirlpool of transformation pains and strategic adjustments, while Chinese sports brands continue to maintain high growth momentum. Anta Sports' revenue has surpassed 80 billion yuan for the first time, 361 Degrees has maintained double-digit growth in revenue and net profit for five consecutive years, Li Ning is just one step away from 30 billion yuan in revenue, and Xtep's net profit has reached a historical high... ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OpJaV9Qw53VjU7L0sqBtfVZcUSMxSIrfx3d2GUEzY5wn4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (Blue Shark Consumer Table) From the overall data, the four major domestic sports brands—Anta Sports, Li Ning, Xtep International, and 361 Degrees—are expected to achieve a combined revenue of approximately 135.1 billion yuan and a profit of about 19.1 billion yuan in 2025, with the industry overall showing a pattern of "the strong remain strong, and differentiation intensifies." It is noteworthy that the combined revenue growth rate of the four major domestic sports brands far exceeds the average of their international counterparts, indicating that Chinese sports brands are entering a new stage of "global competition" from "local catch-up." From a category perspective, the sports shoes and apparel industry in 2025 exhibits distinct structural characteristics: The running category has become the most certain growth track. According to a research report by Guo Xin Securities, the growth rate of running shoes accelerated to high double digits in the third quarter of 2025, while the decline in basketball shoes expanded. In terms of brand landscape, Xtep continues to benefit from its professional running positioning, and Li Ning's running category has surpassed basketball for the first time to become the largest category Outdoor sports have become the most prominent incremental track in 2025. Both Nike and Li Ning have opened independent outdoor stores, and outdoor products are no longer just a counter in the main brand store but require independent design, storytelling, and operational teams. Anta's Kelong brand continues to grow rapidly, while 361 Degrees accelerates its push into the mid-to-high-end market through categories like outdoor jackets. The rise of the outdoor track signifies that the sports footwear and apparel industry is accelerating its evolution from traditional "mass sports" to "segmented professional scenarios." In the process of corporate development, a multi-brand matrix has become the core moat for leading enterprises. For example, Anta maintains overall double-digit growth even when the main brand's growth slows down through its multi-brand combination of "Anta main brand + FILA + Descente + Kelong." The risks associated with relying on a single brand are being re-evaluated by the industry. Overall, the sports footwear and apparel industry is accelerating its transition from the past phase of "land grabbing" scale expansion to the "meticulous cultivation" phase of value competition. The comprehensive competition of product strength, brand power, channel efficiency, and globalization capability will determine a company's position in the next round of industry consolidation. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OAFPPalW2cj2pK71H37isVDmO4AwOpEen5M2JD2OvMIqIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **_Beauty and Personal Care: Shifting from "Revenue Scale" to "Profit Quality"_** In 2025, China's beauty market is experiencing overall slowing growth and intensified channel competition. Even international brands are feeling the pressure, with Estée Lauder experiencing consecutive quarterly declines in the Chinese market. The domestic brands are also facing increased fragmentation—Shangmei Co., Ltd. and Mao Ge Ping lead with over 30% growth, while Proya and Beautynice see significant slowdowns. Juzi Biotechnology has reported its first decline in both revenue and profit in six years, and Huaxi Biotechnology is "increasing profit without increasing revenue," while Shanghai Jahwa has successfully turned losses into profits. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OdFjjdAgJleEmS-dE_nMXCymV7anu-SW3bJ9uhAXA-QHEAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) (Blue Shark Consumer Table) Looking at the financial reports of the beauty and personal care industry in 2025, the industry is bidding farewell to the past model of extensive growth driven by marketing. Huaxi Biotechnology's revenue decreased by 21.49%, but net profit surged by 67%, actively shrinking inefficient businesses and focusing on core areas. Beautynice rejects the "scale illusion" and proactively adjusts its strategy during the industry transformation period. As industry growth slows, the competitive focus of enterprises is shifting from "revenue scale" to "profit quality," with the enhancement of profitability holding more strategic value than simple scale expansion. At the same time, the risks associated with single-brand reliance are being reassessed by the industry. Shangmei Co., Ltd. achieves over 35% growth through its multi-brand matrix of Han Shu + Newpage; Proya continues to promote the construction of its multi-brand matrix, hedging risks through its sub-brand hierarchy when the main brand's growth slows. In an era of accelerated iteration of category and brand lifecycles, the depth and flexibility of multi-brand combinations are becoming the core competitive barriers for enterprises It is worth noting that premiumization and efficacy have become the main engines of growth. Shanghai Jahwa's beauty business achieved a growth rate of 53.7%, with gross profit margin rising to 62.6%. The strategic focus on high-margin beauty products has shown significant results. The restructuring of collagen, efficacy skincare, and high-end anti-aging segments continues to thrive, with product efficacy value and brand premium ability replacing channel coverage breadth as the new growth drivers. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/news_bt/OyH3C0NF_4-Scw2FSCocp-LXjoH2SO45HLhmw8EpCcAZAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **_Behind the Performance Growth_** Looking at the above consumer leading enterprises, their growth differentiation is not accidental but stems from whether they have established systematic core capabilities. Overall: Product strength is the foundation of consumer brands. The success of NONGFU SPRING in 2025 lies in its forward-looking layout of category innovation. The sugar-free tea brand "Oriental Leaves," launched as early as 2011, finally saw an explosion in 2025 after more than a decade of market cultivation—tea beverage revenue accounted for 41.09%, surpassing packaged water for the first time, forming a "water + tea" dual engine. Behind this structural transformation is NONGFU SPRING's accurate prediction of health consumption trends and long-term investment in the supply chain. In addition, EASTROC BEVERAGE experienced explosive growth with a 119% growth rate, while Lao Pu Huang Jin Gu Fa Jin surged with over double growth—common characteristics of all high-growth companies include having a "second growth curve." Companies with product homogeneity and lack of differentiated innovation are facing accelerated growth pressure in the era of stock competition. The value of channel capability has been redefined in the era of stock competition. The secret to 361 Degrees' continuous double-digit growth for five years lies in the support of channel capabilities. In the context of fierce competition in the sports footwear and apparel industry, 361 Degrees insists on a "superior cost-performance ratio" positioning, focusing on new retail channels, with online sales continuing to grow rapidly, while deeply cultivating the sinking market in third and fourth-tier cities, forming a differentiated channel advantage. NONGFU SPRING's channel barriers are even more profound. With 5,000 distributors and 2.5 million terminal outlets nationwide, its scale is 2.5 times that of Yibao. By deeply covering third and fourth-tier markets and customizing products for scenarios such as hotels and high-speed rail, it can maintain its leading position even when industry demand is under pressure. In addition to precise product positioning and strong channels, a stable supply chain is also key. Taking NONGFU SPRING as an example, while peers are still struggling with issues such as unstable raw material quality and insufficient capacity, NONGFU SPRING has already established its raw material base deep in the tea mountains of Yunnan, laying a solid foundation for rapid business growth. Data shows that NONGFU SPRING's trade payables turnover days decreased from 33.2 days to 27.7 days in 2025, indicating that it has increased its payment efforts to upstream suppliers. This timely payment method not only wins the trust of suppliers but also reduces supply chain costs At the same time, digitalization is profoundly reshaping the efficiency boundaries of the consumer industry. The high growth of Mao Geping in 2025 is largely attributed to its "online seeding + offline experience" omnichannel integration model, with a gross margin as high as 84.2%, backed by precise digital marketing investments and an efficient membership operation system. In the food and beverage sector, Eastroc Beverage has achieved double-digit net profit growth through digital channel reforms. Nongfu Spring, relying on digital supply chain management, has maintained production capacity flexibility while experiencing growth in tea beverage sales, ensuring precise matching of supply and demand. It is noteworthy that in 2025, the raw material cost dividend (decline in PET and sugar prices) has brought a general increase in gross margins for beverage and some beauty companies. However, the cost dividend is unsustainable; whether companies can continue to focus on endogenous profit improvements such as product structure upgrades and brand premium enhancements will be key to determining long-term competitiveness. Companies relying on low-margin, scale-driven business models are facing increasing profit pressure. In the context of a single market reaching growth saturation and rising geopolitical risks, globalization and multi-brand capabilities have become the "ballast" for leading consumer companies. Anta is a prime example of this capability. Through its "single focus, multi-brand, globalization" strategy, Anta has built a multi-brand matrix covering mass professional sports (Anta main brand), fashion sports (FILA), and outdoor sports (Descente, KOLON). Different brands cover different consumer tiers and niche markets, creating growth resilience characterized by "if the East doesn't shine, the West will." While solidifying its main business, finding future growth paths may be the underlying color of resilient growth for consumer giants. In 2026, differentiation will still be the main theme of the consumer sector. 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