Summary of Key Highlights
In the first half of 2026, Zhou Heiya delivered a resilient performance, with revenue reaching 1.461 billion yuan (a year-on-year increase of 19.5%) and net profit of 91.496 million yuan. The biggest highlight is that its channel business has become the core driver of growth—both online and offline channels saw an overall growth rate of 80.4%, with the offline channels growing by a staggering 207.2%. Additionally, the company has adapted its product portfolio to meet channel demands, strengthened its flavor identity, and rejuvenated its brand image. Going forward, it plans to focus on three main areas for further growth, including developing new products (such as seasoning packs) and expanding into overseas markets.
Detailed Analysis
1. Channel Business Explosion: From Single-Legged to Dual-Wheeled Growth
In the past, Zhou Heiya primarily relied on its own stores for sales, but now the channel business has become a powerful growth engine.
- Why such a significant growth in offline channels (207%)? The company has targeted high-traffic venues such as membership stores (like Sam's Club and Pangdonglai) and chain convenience stores. By collaborating with these partners, it has established benchmark stores, standardized operations (e.g., how products are displayed and marketed), and promoted products in a way that suits the needs of these environments (e.g., offering small, ready-to-eat packages in convenience stores).
- Online growth was also strong (37.4%): Zhou Heiya has utilized platforms like Douyin to create content that promotes its products, directing traffic to its e-commerce platform. It has also partnered with fresh food delivery services (e.g., Meituan Buy Food) to create a closed-loop of product discovery, traffic attraction, and conversion.
In short, by expanding its distribution channels to include various third-party stores and online platforms, the company has increased its sales significantly.
2. Product Portfolio: Tailored to Different Channels
The success of channel expansion is due to the company's ability to adapt its products to meet specific channel needs.
Zhou Heiya offers a range of products with different shelf lives: long-lasting products suitable for e-commerce and supermarkets, medium-duration products for all channels, fresh products for stores, and customized items (e.g., the Fresh Marinated Duck Four Treasures for Sam's Club).
The medium-duration product line is particularly versatile, selling well both online and offline, with sales exceeding 50 million yuan in the first half of the year, playing a key role in driving growth. The success of new products like the Fresh Marinated Duck Four Treasures, which were launched exclusively at Sam's Club, demonstrates the company's ability to develop products that meet customer needs.
3. Flavor and Brand: Maintaining Integrity While Catering to Young Consumers
Zhou Heiya's signature “black duck flavor” is essential, but the company also aims to appeal to younger consumers.
- Strengthening the Flavor Identity: The company continuously updates its black duck flavor products to meet the needs of all channels.
- Rejuvenating the Brand: It has upgraded its brand visual identity (e.g., more modern packaging) and targeted marketing campaigns for younger consumers (e.g., small, portable packages for late-night snacks or while watching dramas). The company has also won several food innovation awards, proving its ability to innovate.
This approach has helped retain existing customers while attracting new, younger customers.
4. Future Plans: Three Key Areas and Long-Term Strategies
For the second half of the year, Zhou Heiya plans to focus on three main areas:
- Channel Expansion: Continue to expand its channels, not only in terms of quantity but also in depth (e.g., increasing sales within existing channels).
- Product and Brand Development: Improve its product portfolio and accelerate the launch of new products to enhance the brand's appeal to younger consumers.
- Improving Efficiency: Enhance the profitability of existing stores by optimizing the supply chain and reducing waste.
In the long term, the company plans to diversify into related businesses, such as selling seasoning packs and hot pot bases, and consider opening stores abroad or exporting its products to secure future growth.
5. Industry Perspective: Successful Transformation with Resilience
Food analyst Zhu Danpeng notes that the competitive landscape in the marinated food industry is intensifying, with many companies competing for existing market share. Zhou Heiya’s shift from relying solely on stores to a dual-channel strategy has been very effective. Its multi-channel approach is already yielding benefits, and by further deepening its channel and supply chain strategies, the company can maintain a leading position in the industry.
In One Sentence
In the first half of 2026, Zhou Heiya achieved growth through channel expansion, product adaptation, and brand rejuvenation. Moving forward, it plans to continue expanding its channels, innovating, and potentially entering new markets. With its resilience and potential, the brand is well-positioned for continued success. For the general public, this means that Zhou Heiya has not only expanded its physical presence to supermarkets, convenience stores, and online platforms but also made its products more appealing to younger consumers, resulting in increasing sales.