Archaeopteryx China, has a new leader again | Consumer Reference

Ask AI · Ma Lei takes over brand management, does this indicate Amer Sports’ strategic adjustment in China?

21st Century Business Herald reporters He Hongyuan and intern Xu Hongru

In less than six months, Arc’teryx China has changed leadership again.

On March 24, according to confirmation from 21st Century Business Herald, former General Manager of Salomon Greater China Yin Yi will join Arc’teryx as General Manager of Greater China. Additionally, during the transition period, Amer Sports Greater China President Ma Lei will take over the Salomon team and business until the new brand leader is appointed. Both Arc’teryx and Salomon are brands under Amer Sports.

In October last year, Amer Sports announced internally that Arc’teryx Greater China General Manager She Yifeng had left the company, and his position was temporarily filled by Amer Sports Greater China President Ma Lei. During the transition period, Ma Lei will report directly to Arc’teryx Global CEO Stuart Haselden.

The shift of Ma Lei from overseeing Arc’teryx to managing Salomon may also reflect certain trends. Ma Lei previously served as General Manager of Zhongqiao Sports and joined Amer Sports in July 2025, taking on the role of Greater China President. He has worked at Belle, Tabor, and Adidas China among other companies.

It is important to note that currently, Arc’teryx remains Amer Sports’ flagship brand.

Salomon is racing ahead, with annual sales surpassing $2 billion for the first time in 2025. The Chinese market has played a crucial role in this success. At a performance meeting, Amer Sports executives mentioned that Salomon achieved strong double-digit sales growth in Greater China.

In 2025, Amer Sports’ revenue grew by 27% year-on-year to $6.566 billion; adjusted net profit increased from $236 million in 2024 to $545 million. Notably, revenue in Greater China increased by 43.4% year-on-year to $1.86 billion, accounting for 28% of total revenue.

It should also be observed that Arc’teryx has maintained overall growth. Driven by this brand, Amer Sports’ Technical Apparel revenue grew by 30% year-on-year to $2.86 billion. Furthermore, same-store sales for Arc’teryx China continued to grow.

However, last year, Arc’teryx faced various controversies in China, which led to the leadership change.

During the 2025 “Double Eleven,” Arc’teryx fell out of the top 20 in Tmall’s outdoor brand rankings. Previously, Arc’teryx had maintained a position in the top ten of Tmall’s outdoor brand rankings for three consecutive years. Of course, this change relates to Arc’teryx’s control over discount levels, but such a significant drop in ranking may also reflect the fierce competition in the domestic market.

This decision to have the strong-growing Salomon leader take over Arc’teryx’s China business might indicate that adjustments in Arc’teryx’s operational strategy in China are forthcoming.

Consumer Personnel

Zhang Hongfu steps down as CEO, Mixue Ice City changes leadership

On March 24, Mixue Group announced a management restructuring. The announcement stated that former Group CEO Zhang Hongfu will assume the role of Co-Chairman of the Group while continuing as an Executive Director. To focus more on long-term sustainable development strategies, Zhang Hongfu has stepped down as CEO. The former Group Executive Vice President and Chief Financial Officer Zhang Yuan will take over as Group CEO.

Agriculture

Average pork price in national agricultural wholesale market rises

On March 24, according to monitoring by the Ministry of Agriculture and Rural Affairs, as of 14:00 on that day, the average pork price in the national agricultural wholesale market was 16.03 yuan/kg, an increase from the previous day.

Mid-March live pig (external three yuan) price fell by 2.9% month-on-month

On March 24, according to the National Bureau of Statistics’ report on the price changes of 50 major production materials in the circulation sector, the price of 37 products increased, 12 decreased, and 1 remained unchanged from early March to mid-March 2026. The price of live pigs (external three yuan) was 10.1 yuan/kg, a decrease of 2.9% month-on-month.

Food and Beverage

Guangyao Baiyunshan’s natural beverage business declines

On March 24, Guangyao Baiyunshan released its annual report. The revenue from natural beverages reached 9.672 billion yuan, a year-on-year decrease of 0.34%. The gross profit margin for the business was 45.33%, an increase of 2.21% year-on-year.

Nestlé CEO responds to rumors of selling Blue Bottle Coffee

According to China Daily, on March 23, Nestlé CEO Mark Schneider responded to market speculation that Nestlé may sell its Blue Bottle Coffee brand: “There have indeed been some market rumors, but we currently have no comments to make. Blue Bottle Coffee is a brand that Nestlé acquired years ago, and we continue to expand it, especially in the Chinese market where it has always been well-received and has performed brilliantly.”

PepsiCo deploys artificial intelligence to improve business efficiency

On March 24, PepsiCo Asia Pacific CEO Ram Krishnan stated in an interview that PepsiCo is deploying artificial intelligence in its businesses in China and other regions to improve efficiency.

Wenshi Holdings signs strategic cooperation agreement with Yuanji Food

On March 23, according to Wenshi Holdings’ official WeChat account, Yuanji Food Chairman Yuan Lianghong, Director and Vice General Manager Xu Le, and Assistant Chairman Zheng Boqi and other executives visited Wenshi Holdings for discussions. Wenshi Holdings Chairman Wen Zhifen, Group Chief Operating Officer, and President of the Pig Division Sun Jiankuan received them. Both parties formally signed a strategic cooperation agreement, marking a new phase in their collaboration.

Nongfu Spring’s performance grows

On March 24, Nongfu Spring released its 2025 annual performance announcement. In 2025, revenue reached 52.553 billion yuan, a year-on-year increase of 22.5%; the net profit attributable to the parent company was 15.868 billion yuan, a year-on-year increase of 30.9%.

H&H Group turns losses into profits

On March 24, H&H Group released its 2025 annual performance announcement. In 2025, revenue reached 14.353 billion yuan, a year-on-year increase of 10%. Gross profit was 8.963 billion yuan, a year-on-year increase of 13.2%. The net profit was 196 million yuan, marking a return to profitability.

Mars CEO visits China

According to Shanghai Release, on March 24, Shanghai Municipal Party Secretary Chen Jining met with Mars CEO and President Paul D. W. V. L. W. Mars. Paul D. W. V. L. W. Mars stated that benefiting from the rapid growth of the Chinese market and talent resource advantages, the company has made significant progress in Shanghai. China’s long-term development planning and stable development environment are very important and attractive to businesses. The company will adhere to the sustainable development concept, get closer to the Chinese and Shanghai markets, and provide richer and higher-quality products, services, and experiences.

China Foods revenue grows

On March 24, China Foods announced its 2025 performance, with revenue of 22.070 billion yuan, a year-on-year increase of 2.7%; adjusted EBIT was 1.979 billion yuan, a year-on-year increase of 6.1%; adjusted EBITDA was 2.872 billion yuan, a year-on-year increase of 5.5%; the annual profit attributable to the parent company was 862 million yuan, roughly unchanged year-on-year. By category, during the year, both sugary and sugar-free beverage revenues achieved growth, with the sugar-free category recording high single-digit growth. The company’s market share for beverages in its operating region is nearly 60%. Beverage sales remained stable year-on-year, with revenue achieving nearly 2% growth.

Miaokelan’s performance grows

On March 24, Miaokelan disclosed its annual report. In 2025, the company achieved revenue of 5.633 billion yuan, a year-on-year increase of 16.29%; net profit attributable to the parent company was 118 million yuan, a year-on-year increase of 4.29%.

Catering

Haidilao’s profits decline

On March 24, Haidilao released its 2025 performance. During the period, operating revenue was 43.22 billion yuan, an increase of 1.1% compared to the previous year; core operating profit was 5.4 billion yuan, a year-on-year decrease of 13.3%; annual profit was 4.04 billion yuan, a year-on-year decrease of 14.0%, with profit decline mainly impacted by decreased table turnover rate and adjustments in product and scene innovation models.

Auntie Hu’s performance grows

On March 24, Auntie Hu released its 2025 performance. During the period, the company’s revenue was 4.4656 billion yuan, a year-on-year increase of 36.0%; profit attributable to shareholders was 501 million yuan, a year-on-year increase of 52.41%; gross profit margin was 31.4%, showing no significant fluctuation compared to the same period last year. As of December 31, 2025, there were 11,449 stores, a year-on-year increase of 24.8%, of which 26 were directly operated and 11,423 were franchised; 45 stores were opened overseas, covering the United States, South Korea, and Malaysia.

Wallace establishes information company in Fuzhou

According to Qichacha APP, on March 19, Fuzhou Wallace Information Co., Ltd. was established, with Hua Pengcheng as the legal representative and a registered capital of 50 million yuan. Its business scope includes social economic consulting services, enterprise management consulting, enterprise management, and supply chain management services. Qichacha’s equity penetration shows that the company is wholly owned by Fujian Wallace Food Co., Ltd.

Meituan customer service responds to Android users’ images being deleted

On March 24, according to 21st Century Business Herald, Meituan customer service responded to recent reports of “some users reflecting that images and videos were abnormally deleted during the use of the Meituan App,” stating that “the issue mainly arises in rare cases on the Android system when the App’s automatic cache clearing encounters conflicts with third-party SDKs. Since the issue occurred, over 180 users have contacted customer service, and we estimate that the potential impacted user range is in the hundreds. After discovering the problem, we have conducted urgent repairs immediately.” Meituan customer service emphasized that this issue only occurred at the local phone system level, and the Meituan App does not read, store, or transfer any user personal data, and user privacy and account information have not been affected. It is reported that Meituan has set up a team to assist affected users in recovering data. Currently, Meituan customer service has apologized to every affected user and will bear all costs and compensate for the corresponding losses.

Mixue Group’s revenue grows by 35.2% year-on-year

On March 24, Mixue Group released its 2025 annual performance report. In 2025, operating revenue reached 33.56 billion yuan, a year-on-year increase of 35.2%; revenue from goods and equipment sales reached 32.77 billion yuan, a year-on-year increase of 35.5%; the gross profit margin for goods and equipment sales decreased from 31.2% in 2024 to 29.9%. Gross profit reached 10.452 billion yuan, a year-on-year increase of 29.7%. Annual profit reached 5.927 billion yuan, a year-on-year increase of 33.1%.

Luxi River recently completed a new round of financing

According to Jiemian News, Luxi River Food (Group) Co., Ltd. recently completed A+ round financing. The investors include Qicheng Capital and Housheng Investment. Changes in business registration information show that the company has added three new shareholders: Quanzhou Haisi Houjiu Equity Investment Partnership (Limited Partnership), Times Taurus HK Investment Limited, and Zhangjiagang Qicheng Huguang Equity Investment Fund Partnership (Limited Partnership), with shareholding ratios of 9.2239%, 3.6895%, and 0.6149%, respectively. The associated institutions of the new shareholders are Housheng Investment and Qicheng Capital.

E-commerce Retail

Suning’s debt restructuring is still ongoing

On March 22, a reporter from Shanghai Securities News learned from the relevant administrators of Suning’s restructuring case that the circulated news “former Jiangsu richest man Zhang Jindong’s assets are cleared, and Suning’s hundred billion debt restructuring is completed” is not true; Suning’s debt restructuring work is still ongoing.

Yuyuan Group’s revenue declines

On March 24, Shanghai Yuyuan Group released its 2025 annual report. In 2025, the company’s operating revenue reached 36.373 billion yuan, a year-on-year decrease of 22.49%; the net profit attributable to shareholders of the listed company turned from profit to loss, with a loss of 4.8967 billion yuan.

MINISO×JENNIE collaboration pop-up store’s first-day performance exceeds 2.2 million

On March 23, according to News Morning Post, the MINISO and BLACKPINK member Jennie collaboration pop-up store inspired by the album “Ruby” opened at Shanghai Hongqiao Henglong Plaza, achieving 2.2 million in sales on its opening day, setting a new single-day record for MINISO’s pop-up stores in 2025.

Sportswear

China Li Ning’s performance grows

On March 23, China Li Ning released its 2025 fiscal year annual report. In 2025, the company achieved operating revenue of 4.07 billion yuan, a year-on-year increase of 11.50%. Profit attributable to equity shareholders was 502 million yuan, a year-on-year increase of 8.96%.

Travel

Fliggy partners with Western Australia Tourism Board

On March 23, Fliggy signed a cooperation memorandum with the Western Australia Tourism Board. According to the agreement, both parties will conduct in-depth cooperation in areas such as tourism consumption trend insights, destination brand building, tourism product development, and digital marketing.

Tongcheng Travel’s performance grows

On March 24, Tongcheng Travel released its 2025 earnings forecast. In 2025, revenue reached 19.396 billion yuan, a year-on-year increase of 11.9%; annual profit reached 241 million yuan, a year-on-year increase of 21.2%.

Vietnam Airlines to suspend some flights next month due to fuel shortages

On March 23, the Civil Aviation Authority of Vietnam announced that due to tight aviation fuel supply caused by conflicts in the Middle East, Vietnam Airlines plans to suspend some domestic flight routes starting April 1, with a total of approximately 23 flights per week. The announcement stated that major domestic and international flights will continue to operate normally.

Cathay Pacific cancels passenger flights to Dubai and Riyadh

On March 24, Cathay Pacific announced that it has canceled all flights to and from Riyadh until May 31, 2026 (including that day).

Beauty and Personal Care

Estée Lauder responds to merger rumors with beauty group PUIG: in discussions, but no agreement reached yet

On March 24, there were market rumors that the American beauty giant Estée Lauder Group plans to merge with the Spanish beauty company PUIG. In response to this rumor, Estée Lauder Group sent a statement to Jiemian News stating that the relevant merger matters “are indeed under discussion,” but no agreement has been reached yet.

In 2025, China’s cosmetics market scale exceeds 1 trillion yuan, with domestic products accounting for nearly 60%

On March 24, a reporter from CCTV News learned at the 2026 National Cosmetics Supervision and Management Work Conference that in 2025, the number of new raw materials approved and reported in China increased by nearly 90% year-on-year. The scale of China’s cosmetics market exceeded 1 trillion yuan in 2025, with domestic products accounting for nearly 60%.

In the first two months, Shanghai’s beauty products exports grew by 22.4%

On March 24, according to statistics from Shanghai Customs, in the first two months of this year, the export of beauty cosmetics and personal care products from Shanghai reached 990 million yuan, a year-on-year increase of 22.4%. As one of the most important gathering places for Shanghai’s cosmetics industry, Fengxian District performed outstandingly, achieving relevant product exports of 310 million yuan in the first two months, a year-on-year increase of 48.1%.

Luxury Goods

Chow Tai Fook postpones price adjustment for “one price” products

On March 24, according to Xinhua Finance citing market news, the fluctuating and declining gold prices have disrupted some brands’ price increase plans, and Chow Tai Fook’s “one price” product price adjustment plan has been postponed multiple times. In response, Xinhua Finance reporters verified with several Chow Tai Fook stores in Beijing and learned that the price adjustment plan has indeed been postponed. However, stores stated that they have received new price tags allocated from headquarters and have not yet replaced them.

Entertainment

Zhejiang Cultural Industry plans to invest 200 million yuan to establish a film industry fund

On March 24, Zhejiang Cultural Industry announced that the company plans to jointly sign the “Zhejiang Film Industry Fund Partnership Agreement” with related parties such as Changjiang Delta Digital Culture Private Fund Management (Hangzhou) Co., Ltd. and other investors, participating as a limited partner in the establishment of the Zhejiang Film Industry Equity Investment Fund Partnership (Limited Partnership). The total subscribed capital of the fund is 1.009 billion yuan, and the company plans to subscribe for 200 million yuan, accounting for 19.82% of the total subscribed capital of the fund.

Consumer Electronics

Sony reportedly to reach about $1 billion deal with TCL for home entertainment business

On March 24, according to media reports, Sony will reach about a $1 billion deal with TCL for its home entertainment business.

Xiaomi’s profits declined in the last quarter of last year

On March 24, Xiaomi Group (1810.HK) released its 2025 full-year performance announcement, stating that total revenue reached 457.3 billion yuan, a year-on-year increase of 25.0%; adjusted net profit was 39.2 billion yuan, a year-on-year increase of 43.8%, both reaching historic highs. In the fourth quarter of 2025, Xiaomi Group’s total revenue was 116.9 billion yuan, a historic high, a year-on-year increase of 7.3%, with revenue exceeding 100 billion yuan for the fifth consecutive quarter; adjusted net profit was 6.3 billion yuan, a year-on-year decrease of 23.7%.

Asus forecasts significant PC price increases in the second quarter

On March 24, Asus forecast significant PC price increases in the second quarter, with the highest increase expected to reach 30%. Other PC brands such as Acer, MSI, and Gigabyte will also adjust prices.

Nintendo cuts Switch 2 console production by over 30%

On March 24, according to media reports, due to lower-than-expected sales during the holiday season at the end of last year, particularly in the U.S. market, Nintendo has significantly reduced its production of the Switch 2 console. Nintendo plans to produce 4 million units of this flagship product this quarter, a reduction of about one-third from the originally planned 6 million units, with the production cut expected to last until April.

Meizu: Multiple software and hardware manufacturers have begun discussions on Flyme ecosystem cooperation

On March 24, according to Meizu Technology, following the release of the “Meizu Technology Strategic Transformation Announcement,” multiple software and hardware manufacturers in the fields of consumer electronics, intelligent cockpit, and IoT have begun discussions with Meizu Technology regarding Flyme ecosystem cooperation, and the progress is smooth. Meizu Technology also stated that Flyme continues to open its system and AI capabilities, providing “Powered by Flyme” cooperation solutions for a variety of smart terminals.

In 2025, more than half of smartphone SoCs will be based on 5nm and below process

On March 24, market research firm Counterpoint stated that by 2025, more than half of global smartphone SoCs will adopt 5nm and below processes. With Apple, Qualcomm, and MediaTek each launching their respective 2nm flagship APs and mid-to-low-end product line upgrades this year, this ratio is expected to rise to 60%.