In-Depth Analysis of Pressured Performance of A-Share Consumer Companies Including Bestore and Furi Electronics

Based on the above in-depth analysis, I will compile a systematic and comprehensive research report for you.

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On the evening of January 19, 2026, Bestore released its 2025 performance pre-loss announcement, expecting a full-year net attributable profit loss of

, which represents a further expansion compared to the RMB 46.1045 million loss in 2024 [1]. The company also expects 2025 non-recurring net attributable profit to be , compared to -RMB 74.7614 million in the same period of 2024.

Indicator	Data Performance	YoY Change
Number of Stores	2,227 (Q3 2025)	477 fewer than at the end of 2024
Revenue Growth Rate	First three quarters of 2025	Down 24.45% YoY
Revenue Growth Rate	Full year 2024	Down 11.02% YoY
Net Profit	Expected -RMB 120 million to -RMB 160 million	Loss expanded

From a financial indicator perspective, the company’s current market capitalization is USD 4.76 billion (equivalent to approximately RMB 34.7 billion), with its stock price falling

in the past year, over three years, and a staggering over five years [0]. The company’s TTM price-to-earnings ratio (PE) is -25.36x, ROE is -8.82%, and net profit margin is -3.23%, all indicating that the company is in operational distress [0].

1. Channel Shrinkage Pressure
   : The company continues to optimize store structure and proactively eliminate underperforming stores. As of the end of Q3 2025, the number of stores was only 2,227, a decrease of
   over 1,000
   compared to the more than 3,000 stores at the end of 2023 [1]. The sharp drop in store count directly led to a decline in sales revenue.

2. Gross Profit Margin Pressure
   : The company continues to optimize and adjust its products; price cuts for some products and product structure adjustments have impacted the company’s gross profit margin [1]. Amid fierce price competition, the company has had to participate in price promotions to maintain market share.

3. Decline in Non-Operating Income
   : In 2025, the company’s interest income and wealth management income decreased by approximately
   RMB 18 million
   year-over-year, and government subsidies received decreased by approximately
   RMB 23 million
   year-over-year [1]. The decline in these two non-recurring income items has exerted additional pressure on net profit.

4. Rising Online Traffic Costs
   : Affected by increased platform traffic fees, revenue from online channels has declined, further compressing the company’s profit margins [2].

Similar to Bestore, Furi Electronics also faces significant operational pressure. Based on financial analysis results, the company is classified as a

credit rating, with free cash flow (FCF) of , reflecting worrying cash flow conditions [0]. The company also adopts aggressive accounting policies, and its low depreciation/capital expenditure ratio indicates potential issues with the quality of its earnings.

According to Guosen Securities’ 2025 Investment Strategy Report for the Food and Beverage Industry, revenue growth within the snack sector is significantly differentiated [3]:

• Enterprises Benefiting from Channel Dividends
  : Wanchen Group (bulk snack channel) recorded a cumulative year-over-year revenue growth of
  +320.6%
  in the first three quarters; Three Squirrels (content e-commerce channel) posted
  +56.5%
  year-over-year growth
• Pressured Enterprises
  : Bestore’s revenue has slumped severely, and traditional enterprises such as Laiyifen also face growth difficulties

This differentiation reflects that the snack industry is undergoing profound structural transformation, with channel capabilities becoming a key variable determining enterprise success or failure.

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Traditional snack enterprises are facing a fundamental restructuring of the channel ecosystem. According to industry data, the channel structure of China’s snack industry is undergoing drastic changes [3][4]:

Channel Type	Sales Share in 2009	Sales Share in 2023	Trend
Traditional Supermarkets/Hypermarkets	Approximately 65%	Approximately 25%	Sharp Decline
Bulk Snack Stores	Close to 0	Approximately 20%	Rapid Rise
E-Commerce Channels	Approximately 15%	Approximately 35%	Sustained Growth
Other Channels	Approximately 20%	Approximately 20%	Basically Stable

1. Ultra-High Cost-Performance
   : Rich product selection, low prices, convenient shopping, and excellent shopping experience
2. Supply Chain Efficiency
   : Reduces intermediate costs through large-scale procurement and efficient operations
3. Location Strategy
   : Community-based, convenient layout close to consumers

Represented by Douyin and Kuaishou, content e-commerce has achieved rapid scale growth by virtue of characteristics such as

, seizing market share from traditional e-commerce [3]. The live-stream e-commerce market has maintained a high growth rate of over 40%, becoming an important new channel for snack sales.

Amid the backdrop of a downward shift in the macroeconomic growth center and the scar effect of the pandemic, the overall social consumption attitude tends to be

, with consumers pursuing more extreme cost-performance [4].

1. Increased Price Sensitivity
   : Consumers are more sensitive to snack prices, and the price advantage of e-commerce channels has become prominent
2. Rational Consumption Trend
   : Reduce non-essential consumption and focus on the actual value of products
3. Cost-Performance Priority
   : Choose cheaper products with the same quality

According to Mashangying data, the snack industry fell into multiple predicaments in 2025 in the short term:

, with corporate profit margins continuing to narrow [4]. Taking Liuliu Mei prunes as an example, the price difference between the online purchase price (RMB 3.54 per bag) and the traditional supermarket price (RMB 5.5 per bag) reaches a maximum of .

The traditional circulation chain of “manufacturer → distributor → terminal network → consumer” is undergoing a disruptive restructuring, with channels showing significant fragmentation and diversification characteristics [4]. This transformation has triggered severe channel game issues:

1. Frequent Diversion
   : Price differences between different channels have led to serious product diversion issues
2. Pricing Chaos
   : Distributors have low sales target completion rates, and commodity gross profit margins continue to decline
3. Failure of Inventory Loading Model
   : The past growth path relying on “B-end inventory loading” has gradually become ineffective
4. Channel Interest Conflicts
   : It is difficult to balance the interest demands between brand owners and channel partners

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Facing the dual challenges of e-commerce impacts and consumer downgrading, traditional snack enterprises are actively exploring transformation paths. Based on industry practices and expert analysis, the following five strategies have become core solutions:

Channel diversification is an irreversible trend; enterprises need to

based on their own product characteristics and target groups, and balance the interest demands of all parties [4].

Enterprise	Strategy	Results
Qiaqia Food	Launched channel-customized SKUs to meet the needs of bulk stores, and jointly developed high-end nut gift boxes with Sam’s Club	Mid-Autumn Festival sales exceeded RMB 100 million
Three Squirrels	Piloted 1,000-square-meter full-category lifestyle stores, with the first store’s revenue exceeding RMB 1 million in three days	Explored new offline models
Laiyifen	Innovated warehouse membership store model, with franchise share increased to 53%	Optimized channel structure
Yanjin Puzi	Clearly proposed the “Return to Supermarkets” strategy, advocating upgrading from a traditional supplier to a “growth partner” for supermarkets	Seized opportunities in retail transformation

1. Customized SKU Development
   : Develop exclusive product lines for different channel characteristics
2. Multi-Channel Collaborative Layout
   : Balance online and offline channels, avoid over-reliance on a single channel
3. Channel Partnership
   : Transform from a simple supplier to a “growth partner” for channels

“Category differentiation” is the core feature of snack categories in 2025. Healthiness, scenario-based positioning, and personalization are becoming the “three pillars” driving industry growth [4].

Category	Representative Enterprise	2025 Performance
Konjac Snacks	Weilong	H1 revenue exceeded RMB 2.1 billion, up 44.3% YoY; full-year revenue is expected to exceed RMB 4 billion
Konjac Products	Yanjin Puzi	First three quarters revenue reached RMB 791 million, with a YoY growth rate of 155.1%
Soft-Center Cookies	Shabule	Monthly sales in January exceeded RMB 45 million

1. Application of Healthy Raw Materials
   : Healthy ingredients such as konjac, Chinese yam, and chia seeds
2. Production Process Upgrading
   : Transparent processes, low additives, low sugar and low fat
3. Development of Functional Snacks
   : High protein, probiotic-added products, etc.

In 2025, Bestore launched the “Quality Food” strategic upgrade, focusing on the 16-word business strategy of

to build an end-to-end value loop covering the entire industrial chain from “soil to food” [2].

1. Direct Sourcing Mechanism from Origin
   :
   • Reached cooperation with 7 counties in Hubei Province on “long-term direct raw material procurement, joint standard formulation, and joint brand promotion”
   • Plans to enter 50 origin-producing areas in 2025 and establish in-depth cooperation with 10 core producing areas

2. Production Efficiency Improvement
   :
   • Combined centralized supply with origin factories
   • Optimized standards and order quick response mechanisms
   • Achieved supply chain value-added and efficiency improvement while ensuring quality and freshness

3. Quality Visualization
   :
   • Created a new form of “Quality Food Store”
   • Visualized raw material stories and transparentized production links
   • Achieved full traceability from raw materials to finished products

The snack category has long had an industry pain point of “having categories but no brands”, with consumers having relatively low brand awareness and loyalty. Against the backdrop of channel transformation and consumer downgrading, brand differentiation has become the key for enterprises to break through.

1. Quality Storytelling
   :
   • The total exposure of Bestore’s “Search for High-Quality Chinese Raw Materials” traceability campaign exceeded
     140 million
   • Exposure of topics related to high-quality raw materials reached
     55.3 million
   • Monthly sales of the featured product from the first Zigui traceability trip reached
     RMB 6.31 million

2. Experience Store Model
   :
   • Three Squirrels’ 1,000-square-meter full-category lifestyle stores
   • Bestore’s new form of “Quality Food Store”

3. Development of Regional Featured Products
   :
   • Traceability new products such as Zigui - Orange Toast and “Xiantao - Wild Mushroom Boneless Eel Shreds”
   • Jointly launched crispy lobster tails and crayfish dual-flavor hot pot sets with Qianjiang Shrimp King and Xiaofeige

Against the backdrop of pressured revenue growth, cost control has become an important means to maintain profitability.

1. Application of Digital Tools
   : Continuously improved management efficiency through informatization tools
2. Organizational Structure Optimization
   : Adjusted organizational personnel and applied new technologies to improve management efficiency
3. Expense Structure Optimization
   : Management expenses decreased, and share-based payment expenses were reduced to zero

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1. Re-Balancing of Channel Traffic
   :
   • Channels such as bulk snacks, traditional supermarkets, and e-commerce will seek a new balance point
   • After the implementation of the “e-commerce tax”, the chaos of online low-price competition is expected to be effectively curbed

2. Accelerated Enterprise Differentiation
   :
   • Enterprises with channel advantages and product advantages will gain more market share
   • Traditional enterprises relying on the inventory loading model face greater survival pressure

3. Deepening of Health Trend
   :
   • Healthy snack sub-categories will continue to maintain high growth
   • Functional and scenario-based product innovation becomes a focus

4. Opportunities for Going Global
   :
   • Demand in overseas snack markets is growing, and some enterprises have launched overseas layout
   • Seeking new growth poles for long-term development

Risk Type	Specific Manifestations
Macroeconomic Risk	Consumption recovery falls short of expectations, and resident consumption power remains weak
Channel Competition Risk	Bulk snack channels further squeeze the living space of traditional brands
Cost Risk	Rising raw material costs compress profit margins
Policy Risk	Changes in policies such as food safety and e-commerce supervision affect the industry pattern

Based on the above analysis, it is recommended to focus on the following types of enterprises:

1. Channel-Type Leading Enterprises
   : Enterprises with strong channel operation capabilities and supply chain advantages
2. Product Innovation Leaders
   : Enterprises with first-mover advantages in healthy and scenario-based product development
3. Supply Chain Efficiency Leaders
   : Enterprises with cost advantages and rapid response capabilities

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The pressured performance of A-share consumer companies such as Bestore and Furi Electronics is a typical manifestation of traditional snack enterprises facing dual challenges from e-commerce impacts and consumer downgrading. Bestore expects a loss of RMB 120 million to RMB 160 million in 2025, with store count decreasing by over 1,000 from its peak, reflecting the deep-seated predicaments of the traditional channel model.

In the face of industry changes, the response strategies of traditional snack enterprises can be summarized into five core directions:

1. Channel Diversification Adaptation
   : Accurately match the needs of different channels and build channel “growth partner” relationships
2. Product Health Upgrading
   : Seize the healthy consumption trend and create differentiated hit products
3. In-Depth Supply Chain Optimization
   : Achieve end-to-end efficiency improvement from origin to terminal
4. Brand Value Reshaping
   : Establish brand barriers through quality storytelling and experience upgrading
5. Lean Cost Control
   : Improve organizational efficiency to weather the industry’s growing pains

In 2026, the snack industry will continue to undergo profound changes. Enterprises that can successfully achieve strategic transformation are expected to stand out in the new competitive landscape, while enterprises clinging to traditional models face the risk of marginalization. Investors should pay close attention to enterprises’ channel capabilities, product innovation capabilities, and supply chain efficiency, and optimally allocate high-quality targets with long-term competitive advantages.

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[1] Cailianshe - “Store Count Decline Coupled with Price Cuts for Some Products: Bestore Expects Net Loss in 2025” (https://finance.sina.com.cn/roll/2026-01-19/doc-inhhwavr6747141.shtml)

[2] Southern Metropolis Daily - “Bestore Releases Half-Year Performance Forecast, Launches "Quality Food" Strategic Upgrade in 2025” (https://m.mp.oeeee.com/a/BAAFRD0000202510221134100.html)

[3] Guosen Securities - “2025 Investment Strategy for Food and Beverage Industry — Mass Consumer Goods” (https://pdf.dfcfw.com/pdf/H3_AP202412131641290166_1.pdf)

[4] The Paper/21st Century Business Herald - “Snack Industry 2025: Breaking Through Transformation and Long-Term Growth Paths” (https://m.thepaper.cn/newsDetail_forward_32327058)