In 2024, China's casual food industry underwent dynamic changes and fierce competition. The transformation of supply-side channels triggered low-price competition, while consumers on the demand side put forward higher demands for snack quality. The coexistence of affordable prices and high quality, alongside simultaneous consumption downgrading and upgrading, has led enterprises into the "quality-value ratio" era. While many casual snack enterprises saw performance declines due to external factors, Yanjin Puzi bucked the trend. In the first three quarters of 2024, Yanjin Puzi achieved an operating income of 3.861 billion yuan, a year-on-year increase of 28.49%, and a net profit of 493 million yuan, a year-on-year increase of 24.55%.
Ranking on the 2024 Hurun China Food Industry Top 100 List with a compound growth rate exceeding 30%, Yanjin Puzi became the listed enterprise with the largest market value in China's casual food industry. It won the 2024 China A-Share Listed Company Growth Annual Enterprise, was shortlisted for key projects in the province's consumer goods industry in 2024, and entered top supermarkets like Sam's Club and Pang Donglai... By extending the entire industrial chain, fostering new quality productivity, enhancing brand power, and expanding marketing channels, Yanjin Puzi uses its strength to provide consumers with Chinese snacks featuring "high quality-value ratio".
01 PART. ONE Raw Material End: One Step Further Upstream
In 2025, China's consumer market is at a critical turning point, with consumers increasingly favoring "high quality-value ratio" products. Quality consumption has become the main theme of consumption upgrading. In 2024, nearly 7 million Chinese traveled to Japan, with an average per capita consumption of 13,000 yuan, indicating that consumers are willing to pay for premium products and services. Improving consumption quality can create new consumption demands.
Mastery of the entire industrial chain serves as the foundation for Yanjin Puzi 's long-term development. To deliver superior products, Yanjin Puzi has taken an extra step upstream in recent years, accelerating the construction of raw material bases: deepening its presence at the forefront of the konjac industry through the Qujing Konjac Base in Yunnan; building China's largest modern, intelligent, and antibiotic-free egg quail breeding base in Xiushui, Jiangxi, which obtained the industry's first dual certification for raw consumption and antibiotic-free products; and advancing potato snack development via the potato whole powder base in Tacheng, Xinjiang. By continuously integrating upstream and downstream resources, leveraging ultimate supply chain advantages, and building a "moat" of total cost leadership, Yanjin Puzi ensures sustainable competitiveness.
Take Yanjin Puzi 's first strategic sub-brand "MOWON", launched in 2023, as an example. To deeply control the source supply chain and reduce costs at every link to benefit consumers, Yanjin Puzi Holdings Co., Ltd. established konjac product factories in Qujing, Yunnan, and Indonesia, mastering both raw material quality and pricing. Zhang Xuewu, Chairman of Yanjin Puzi , stated in an interview: "The future competition in the snack industry will resemble that of instant noodles and bottled water, so we must build supply chain capabilities, intelligent manufacturing capabilities, and total cost leadership."
02 PART. TWO Production End: New Quality Productivity Unleashes Development Momentum
To boost consumption, enterprises need to increase R&D investment, develop high-quality and high-margin products, and escape the vicious cycle of homogenization, low profits, and price-cutting for volume.
In recent years, "new quality productivity" has redefined public perception of Yanjin Puzi . As the Chinese casual food enterprise with the most complete self-manufactured product categories, Yanjin Puzi has continuously intensified R&D innovation, laid out six production bases nationwide, and built an intelligent manufacturing and total lifecycle quality management system, becoming a national intelligent manufacturing demonstration factory. Up to now, Yanjin Puzi has established more than 30 intelligent production lines, significantly improving work efficiency while ensuring product quality.
In 2024, the CCTV.com program Super Factory visited Yanjin Puzi 's "O-KING" production site, uncovering the fully automated production process where millions of fresh and nutritious quail egg snacks are produced daily and distributed to terminal channels, fully demonstrating the advantages of intelligent manufacturing. "O-KING", Yanjin Puzi 's second strategic sub-brand, represents typical new Chinese-style snacks. Yanjin Puzi built a quail breeding farm and production base in Xiushui, Jiangxi, ensuring quail eggs go from laying to the factory in 45 minutes and from production to delivery in less than 12 hours, guaranteeing the freshest quail eggs are made into snacks in real time. Six intelligent quail egg production lines process 120 tons of quail eggs daily, with an annual production capacity of up to 35,000 tons. Through full-link management covering breeding, production, processing, supply, marketing, and circulation, Yanjin Puzi has laid a solid foundation for total lifecycle quality management of quail egg products, ensuring every quail egg is of superior quality.
Yang Linguang, Secretary of the Party Committee and Executive Vice President of Yanjin Puzi , stated in an interview with CCTV.com's Super Factory: "Yanjin Puzi is both a pioneer and beneficiary of intelligent manufacturing and digitalization in the casual food industry. In recent years, Yanjin Puzi has invested nearly 1 billion yuan in building intelligent manufacturing and digitalization systems. O-KING cooked quail eggs have entered Sam's Club and achieved continuous sales boom."
Based on the full industrial chain layout and new quality productivity, Yanjin Puzi has formed a closed-loop industry chain from core raw material control to production and sales. Through this chain, it has achieved the upgrade from "high quality + high cost-performance under high costs" to "high quality + high cost-performance above low costs", injecting strong momentum into the enterprise's high-quality development. Only enterprises with super factories have the strength to represent China's snack industry, stand firm in the domestic market with high-quality products, and move towards the world.
03 PART. THREE Brand End: Multi-matrix Incubation of National Brand Stars
As early as 2020, Yanjin Puzi had continued to deepen the "product + channel" dual-drive strategy, seizing the changing market through continuous new product launches to adapt to emerging consumer groups.
2023 was a milestone year for Yanjin Puzi . On the one hand, the company launched the sub-brand "MOWON", focusing on konjac products, collaborating with Liubiju to innovate "Liubiju Sesame Paste Flavor" konjac snacks, which won multiple industry awards. On the other hand, quail egg products launched at the end of 2022 went viral in 2023. In March 2024, Yanjin Puzi upgraded the quail egg category into a new key brand, launching the sub-brand "O-KING". In the first three quarters of 2024, Yanjin Puzi 's casual konjac products achieved 551 million yuan in revenue, a year-on-year increase of 38.97%; egg snacks achieved 419 million yuan in revenue, a year-on-year increase of 104.43%.
"In the era of diversified demands, Yanjin Puzi will continue to transform and incubate more Chinese snack brands that can represent categories," said Zhang Xuewu, Chairman of Yanjin Puzi . "We are ushering in the best era for China's snack industry, and Yanjin Puzi aims to become an incubator for Chinese snack brands."
New Chinese-style snacks are the core strategy of Yanjin Puzi , with the brand positioning of "Chinese Snacks, Yanjin Puzi ". Up to now, focusing on advantageous category tracks, Yanjin Puzi has owned sub-brands including "MOWON" (konjac snacks), "O-KING" (quail eggs), "31° Fresh" (deep-sea snacks), "Hanbean Papa" (casual baking), "Konjac Full Score" (konjac jelly), and "O-POTATO" (potato snacks) in addition to the main brand "Yanjin Puzi ".
"Different from many other FMCG enterprises that choose the path of 'brand marketing - channel laying - product upgrading', Yanjin Puzi has chosen a more solid path: 'consolidating products - building channels - strengthening brand momentum'," according to industry experts. This is an important factor for Yanjin Puzi to incubate many best-selling single-product brands in a short period.
In 2025, consumption is expected to recover trendily. Under policy stimulus, the boost in consumption expectations will help the value repair of the casual food industry. Benefiting from channel and category dividends, the growth value of the industry is highlighted.
Looking to the future, Yanjin Puzi will continue to advance steadily along its unique development trajectory. It will strive for perfection in products, deepen channel expansion, and occupy the commanding height of consumer minds through brand building. It can be said that Yanjin Puzi bears the mission and responsibility of Chinese snacks, promoting the great leap of Chinese flavors from "product going global" to "brand going global", building a global consumer brand, and leading the global flavor innovation trend.