The performance gap among major beverage companies is widening amid market fluctuations.
NONGFU SPRING disclosed its annual results on the evening of March 24. In 2025, the company's revenue increased by 22.5% year-on-year to 52.553 billion yuan, while net profit attributable to shareholders rose 30.9% to 15.868 billion yuan.
Specifically, revenue from NONGFU SPRING's packaged water business grew 17.3% to 18.71 billion yuan in 2025. The beverage segment saw revenue increase by 25.6% to 33.84 billion yuan. Within this category, ready-to-drink tea, functional beverages, juice, and other products generated revenues of 21.6 billion, 5.76 billion, 5.18 billion, and 1.31 billion yuan, representing year-on-year growth of 29.0%, 16.8%, 26.7%, and 10.7% respectively.
In contrast, Tingyi Holding Corp's beverage revenue contracted during the same period. The company reported a 2.9% decline in beverage revenue to 50.1 billion yuan in 2025. Revenue from ready-to-drink tea, juice, water, and carbonated drinks/other beverages reached 20.6 billion, 5.5 billion, 4.71 billion, and 19.31 billion yuan, showing changes of -6.8%, -11.1%, -6.1%, and +4.5% year-on-year.
Uni-President China Holdings exhibited a similar trend. The company's beverage segment revenue decreased by 5.8% to 8.68 billion yuan in the second half of 2025. For the full year, beverage business revenue saw modest growth of 1.2% to 19.47 billion yuan. Sales of tea, milk tea, juice, and other beverages reached 8.802 billion, 6.48 billion, 3.34 billion, and 849 million yuan respectively, with year-on-year changes of +2.6%, +1.2%, -7.4%, and +29.3%.
Multiple factors contributed to the contraction in Tingyi's beverage market performance. Objectively, intense competition in food delivery platforms affected beverage sales. With strong platform subsidies, prices for freshly made drinks like Cotti Coffee's coconut latte or American coffee dropped as low as 1.99 yuan, drawing customers toward freshly prepared beverages.
Tingyi's strategic adjustments also played a role. In the first half of 2025, the company's number of distributors decreased to 63,806 from 67,215 in the same period last year, while direct retail outlets declined to 219,124 from 220,623. Additionally, price increases for Tingyi beverages, particularly for 1L bottles of iced tea, likely impacted sales. In contrast, NONGFU SPRING's Oriental Leaf brand launched its first "win prizes by opening caps" promotion this year. The consequences of price hikes were direct - some supermarket owners in Henan reported Tingyi sales volume dropped by approximately one-third.
It's noteworthy that Tingyi maintains dominance in the sweetened tea segment, while NONGFU SPRING's Oriental Leaf holds nearly half of the unsweetened tea market. This suggests Tingyi's tea beverage revenue decline may reflect changing consumer preferences in the sweetened tea category.
Overall, as food delivery platform competition gradually subsides, competitive pressure on companies like Tingyi should ease. However, why NONGFU SPRING withstood the pressure from food delivery competition remains a question worth considering by Tingyi's management team.
In personnel news, Wen Deyi assumed the position of Chief Growth Officer at Pop Mart. On March 25, Wen appeared as Chief Growth Officer in Pop Mart's 2025 results presentation management list. Wen's position was recently adjusted before the annual report release, having previously served as Co-COO with Si De, jointly responsible for the group's global business management and operations, with Wen overseeing Asia-Pacific and European operations.
China Shengmu appointed a new CFO on March 25. Due to internal job rotation, Niu Yuesheng resigned as CFO effective immediately, with Li Li appointed as the new CFO. Before joining the company, Li held various positions at China Mengniu Dairy Company Limited and its subsidiaries from June 2002 to March 2026, including senior management roles.
In agricultural markets, the average pork price in national wholesale markets declined to 15.80 yuan per kilogram on March 25, according to Ministry of Agriculture and Rural Development monitoring. Domestic beef markets continued recovering, with prices rising since 2026 prompting many cattle farmers to increase inventories. Beef traders previously focused on imports quickly adjusted direction, with domestic beef processing factories now devoting 90% of their capacity to fresh domestic beef.
Guangzhou Agricultural Development Group officially launched on March 25. Established under Guangzhou SASAC guidance with Yuexiu Group taking the lead, the group formed from Yuexiu Group's wholly-owned subsidiary Guangzhou Yuexiu Development Group, with business covering ingredient distribution, imported meat trade, cold chain logistics, agricultural market operations, and property management. The launch ceremony included signing ceremonies with industry leaders including Grain Group, Jiangnan Fruit & Vegetable, Yihai Kerry, Brazil MBRF, Guangzhou Metro, Guangzhou City Investment Service, China Southern Airlines Logistics, and Jiaxin Health.
In food and beverage sector results, Mengniu reported revenue declined 7.3% to 82.2449 billion yuan in 2025, while net profit attributable to shareholders reached 1.545 billion yuan compared to 104 million yuan last year. Jinshiyuan established a digital marketing center on March 25 following board approval of organizational structure optimization. China Modern Dairy reported 2025 revenue decreased 4.9% to 12.601 billion yuan with net losses narrowing 18.06% to 1.204 billion yuan. Yihai International saw revenue grow 1.1% to 6.613 billion yuan with net profit increasing 13% to 904 million yuan. Shuanghui's 2025 revenue declined 0.48% to 59.274 billion yuan while net profit attributable to shareholders rose 2.32% to 5.105 billion yuan.
Tianrun Dairy announced on March 25 that its subsidiary Xinjiang Fangcao Tianrun Animal Husbandry received 5.9326 million yuan in government subsidies, representing 13.59% of 2024 net profit, expected to increase 2026 net profit by 3.0256 million yuan. Huang Tian'e issued a statement regarding lutein testing results, confirming that tests by regulators and self-inspections detected no lutein in Huang Tian'e eggs. Jiahe Food announced signing a framework agreement with Haimen Economic Development Zone Management Committee on March 24 for a smart plant-based milk manufacturing project with intended investment of approximately 1 billion yuan, producing milk tea, oat milk, walnut milk and other liquid beverages. Zhenjiu Lidu reported 2025 revenue declined 48.3% to 3.65 billion yuan with net profit falling 59.3% to 538 million yuan.
In餐饮 results, Green Tea Group reported 2025 revenue grew 24.1% to 4.76 billion yuan with profit attributable to equity shareholders increasing 38.9% to 486 million yuan. Economic Daily commentary suggested food delivery wars should end, noting impacts extend beyond restaurant accounts to ordinary livelihoods, with healthy competition requiring technological innovation and service improvements. Guming's 2025 revenue surged 46.9% to 12.9138 billion yuan with adjusted profit up 66.9% to 2.575 billion yuan. Domino's China licensee DPC Dash reported revenue grew 24.8% to 5.382 billion yuan with adjusted net profit up 43.3% to 188 million yuan. Haidilao's employee count decreased by 11,558 to 125,620 by end-2025, an 8% reduction, with employee costs slightly declining 0.3% to 14.073 billion yuan.
In e-commerce, Pinduoduo reported Q4 2025 revenue grew 12% to 123.9 billion yuan while net profit declined 11% to 24.5 billion yuan. In logistics, Deppon Logistics announced it will delist on March 31, 2026, transferring to the national SME shares transfer system. COSCO Shipping Lines resumed new bookings to Middle Eastern countries including UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq effective March 25.
In sportswear, 361 Degrees reported 2025 revenue increased 10.64% to 11.146 billion yuan with profit attributable to owners up 13.95% to 1.309 billion yuan. Anta Sports posted 2025 revenue growth of 13.3% to 80.219 billion yuan, though profit attributable to owners declined 12.88% to 13.59 billion yuan. Excluding accounting impacts from Amer Sports' listing, profit increased 13.9% to 13.588 billion yuan.
Pop Mart targets不低于20% growth in 2026, according to Chairman and CEO Wang Ning at the results conference. Chief Growth Officer Wen Deyi stated 2026 will focus on developing Middle East, South Asia, Europe, and South American markets. COO Si De announced LABUBU 4.0 series launching later this year, with Pop Mart Land Phase II construction starting in 2027 and LABUBU books and films in preparation. Pop Mart reported 2025 revenue surged 184.7% to 37.12 billion yuan with profit attributable to owners skyrocketing 308.8% to 12.776 billion yuan.
In travel, Jiuhua Tourism reported 2025 revenue grew 14.93% to 879 million yuan with net profit up 14.42% to 213 million yuan. China Eastern Airlines announced purchasing 101 A320NEO aircraft from Airbus for approximately $15.802 billion. In cosmetics, Shanghai Jahwa returned to profitability with 2025 revenue up 11.25% to 6.317 billion yuan and net profit of 268 million yuan versus 833 million yuan loss previously.
In entertainment, Zhihu's 2025 revenue declined 23.59% to 2.749 billion yuan with net loss widening to 195 million yuan. Kuaishou Technology reported revenue grew 12.5% to 142.776 billion yuan with annual profit up 21.4% to 18.624 billion yuan. Q4 revenue increased 11.8% to 39.568 billion yuan with quarterly profit up 31.7% to 5.234 billion yuan.
According to IDC, China's smart glasses market shipments reached 2.46 million units in 2025, up 87.1% year-on-year, with lightweight design and AI integration becoming standard features, though user value remains underexplored with scene application and channel conversion remaining key directions.
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