Liuliumei (6658.HK, NC): The-Next-Gen call takeaways: a broad sour-taste and health food platform - balanced product/channel

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Liuliumei (6658.HK, NC): The-Next-Gen call takeaways: a broad sour-taste and health food platform - balanced product/channel

Equity Research

10 July 2026 | 11:54PM HKT

Liuliumei (6658.HK, NC): The-Next-Gen call takeaways: a broad

sour-taste and health food platform - balanced product/channel

We invited Liuliumei to attend our The-Next-Gen Call on Jul 9. Key Takeaways Valerie Zhou

+852-2978-0820 | valerie.zhou@gs.com

include: Goldman Sachs (Asia) L.L.C.

Leaf Liu

1) Transforming into a Broad Sour-Taste and Health Food Platform by 2030: The +852-3966-4169 | leaf.liu@gs.com

Goldman Sachs (Asia) L.L.C.

company aims to transition from a traditional plum snack manufacturer into a

Christina Liucomprehensive food and beverage platform centered on sour taste and health. +852-2978-6983 | christina.liu@gs.com

Management targets robust growth through 2030, driven by a balanced product & Goldman Sachs (Asia) L.L.C.

channel mix:

n Products - Scaling High-Margin Plum Jelly and Revitalizing Core Categories:

The company is executing a multi-pillar product strategy, targeting plum jelly (梅

冻)/dried plums (梅干)/prunes (西梅) to account for 45%-50%/c.30%/c.20% in

mid-to-long term. Plum jelly, a preservative-free premium snack, is a key driver

of margin expansion. Dried plums remain the core brand anchor, with category

growth renewed through innovations like chenpi plum strips (generating c.RMB

200 million since launch). Prunes continue to scale rapidly, leveraging direct

global sourcing to enter premium channels like Sam’s Club.

n Balanced Channel Strategy: In medium to long term, mgmt target

distributors/value-for-money snack retail/modern KA each to contribute 1/3 of

sales. Value retail is a key growth driver, offering higher net margins due to fewer

intermediaries.