YANKERSHOP has delivered its slowest annual financial report in terms of growth since its listing.
In 2025, the company achieved operating revenue of 5.762 billion yuan, a year-on-year increase of 8.64%; net profit attributable to the parent company was 748 million yuan, a year-on-year increase of 16.95%.
Revenue growth slowed to single digits, while profit still maintained double-digit growth, but the overall performance failed to reach the previously set incentive assessment targets.
From a quarterly perspective, growth showed a clear decelerating trend.
The revenue of 1.537 billion yuan in the first quarter was the annual high, subsequently weakening quarter by quarter to 1.335 billion yuan in the fourth quarter, which marked the first single-quarter year-on-year revenue contraction since its listing in 2017.
Due to failing to meet the performance conditions of the 2023 Restricted Stock Incentive Plan, the company intends to repurchase and cancel approximately 2.4032 million restricted shares, involving 93 incentive recipients.
Looking back, YANKERSHOP was a direct beneficiary of channel dividends. By entering the mass-market snack system and membership store channels early and establishing a first-mover advantage in the konjac snack track, the company achieved high growth rates of 42.2% and 28.9% in 2023 and 2024, respectively.
However, as channel bargaining power continues to move upstream, relying on low-margin, homogenized products to drive scale will not only struggle to contribute to profits but may also dilute brand value.
YANKERSHOP's gross profit margin has been under continuous pressure since 2021, sliding from 35.71% to 30.69% in 2024. Although it slightly rebounded to 30.8% in 2025, the improvement was limited.
This forces the company to undergo a &#34;streamlining&#34; across both channels and products.
The first change occurred in the e-commerce channel.
In 2025, the company's online revenue decreased from 1.159 billion yuan to 922 million yuan, a year-on-year decline of 20.5%, with its share of total revenue falling by nearly 5 percentage points to 16%.
Over the past year, the company proactively eliminated a large number of non-self-produced private-label products that lacked profit margins, while significantly reducing inefficient marketing investments in channels such as short videos.
E-commerce has been repositioned as &#34;supply chain e-commerce,&#34; with its core function shifting from scale expansion to new product incubation and brand amplification. Centered around hero products, the company hopes to build momentum through content e-commerce, which will then feed back into traditional shelf channels to achieve higher quality conversions.
YANKERSHOP stated that this adjustment has temporarily dragged down revenue but will help optimize the expense structure and brand assets.
Changes on the product side are equally clear.
The company is contracting from broad category expansion, concentrating resources on core single products such as &#34;Big Demon King&#34; konjac snacks and &#34;Egg King&#34; quail eggs. By combining different price points and sub-brands, it aims to match the diverse needs of mass-market, hypermarket, and membership store channels, thereby seeking a balance between price pressure and brand premiums.
Supporting this structure is the continuous strengthening of the supply chain. In recent years, the company has continued to expand in upstream segments, establishing bases covering quail egg farming, konjac flour processing, and potato flour production in multiple locations, gradually forming a self-supply system for core raw materials.
However, volatility pressure on the profit side has not been entirely eliminated.
Due to climate and planting cycle influences, the market price of konjac flour rose significantly in 2025, with the average procurement price increasing by over 30% year-on-year. Affected by cost accounting and inventory structures, the price impact manifested with a lag during the year, concentrating in the fourth quarter.
Konjac snacks, the company's fastest-growing major category, saw a year-on-year revenue surge of 107.23% for the full year, but its gross profit margin increased by only a marginal 1.21%. As low-priced inventory from previous periods is gradually depleted, if raw material prices continue to run high in 2026, cost pressures will be more directly reflected in profit.
Looking ahead to 2026, YANKERSHOP's strategic focus is shifting from the breadth of channel coverage to the efficiency of channel operations. The channel &#34;width&#34; accumulated from rapid expansion in previous years needs to be further transformed into more stable and resilient sales &#34;depth.&#34;
The company plans to use konjac hero products as a lead to continue expanding into top hypermarkets and northern regional markets, while also promoting the terminal network to penetrate deeper into lower-tier markets.
As of the end of 2025, the company's number of distributors reached 4,367, a year-on-year increase of 21.75%, with particularly significant growth in the Northeast and North China markets.
Whether this round of restructuring around channels and supply chains can translate into steadier profitability and a clearer brand positioning in the future will be crucial for YANKERSHOP.

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Revenue growth slows to single digits

YANKERSHOP's "Streamlining": Contracting E-commerce and Solidifying Hero Products