1. 2025 Company Operational Management Overview
In 2025, the Chinese snack food industry entered a phase of structural adjustment and quality upgrade. With the deep evolution of channel patterns and accelerated consumer demand stratification, industry competition shifted from scale expansion to category deepening, brand building, and system capability competition. In response to external environmental changes, the company maintained strategic determination, unwaveringly promoted its "multi-brand, multi-category, all-channel, globalization" strategy, and achieved significant high-quality development. In 2025, the company achieved operating revenue of 5.762 billion yuan, a year-on-year increase of 8.64%; net profit attributable to shareholders was 748 million yuan, a year-on-year increase of 16.95%; basic earnings per share were 2.78 yuan; and the weighted average return on net assets was 36.82%. The profit growth rate exceeded the revenue growth rate, maintaining a high level of capital return, and the company's operational quality and efficiency steadily improved. Notably, the company's major product development model achieved phased results, with a clearer strategic line. The company has received the highest rating "A" for information disclosure from the Shenzhen Stock Exchange for seven consecutive years, and the Liuyang base was rated as an "Excellent Intelligent Factory" by the Ministry of Industry and Information Technology.
2. 2025 Key Operational Work Overview
In 2025, the management team earnestly implemented the board's resolutions, focusing on several key areas:
(1) Focus on Core Tracks, Accelerate Major Product Matrix Effect
In line with global trends towards healthier, high-protein, functional food and accelerated innovation in snack flavors, the company focused on three core tracks: Chinese-flavored snacks, healthy high-protein snacks, and healthy sweet snacks, using a category brand strategy to promote major product layout. The company further optimized resource allocation, concentrating investments around core categories, and gradually improved the synergy across the entire chain of research and development, manufacturing, branding, and channels. The product development side focused on core categories, enhancing major product incubation capabilities; the supply chain and manufacturing side deepened layouts around core ingredients such as konjac and quail eggs; and the branding and channel side concentrated on core products, advantageous channels, and key scenarios, improving resource investment efficiency and terminal conversion effectiveness. During the reporting period, the driving effect of core major products continued to manifest. The "Big Demon King" propelled konjac to become the company's largest category, with annual sales revenue reaching 1.737 billion yuan, a year-on-year increase of 107.23%; the quail egg category achieved sales revenue of 628 million yuan; and several products, including tiger skin cod tofu and konjac jelly, also maintained good growth momentum. The multi-category cross-channel synergy validated the replicability of the company's major product system, laying a foundation for future category expansion.
(2) Continuously Strengthen Core Capabilities, Build a Solid Foundation for High-Quality Growth
The continuous breakthroughs in the major product system rely on the collaborative support of core capabilities. During the reporting period, the company continuously invested in four key capabilities: product research and development, supply chain manufacturing, brand building, and channel operation, further solidifying the foundation for high-quality growth.