October 2026
Largest Food & Beverages Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Nongfu Spring, Foshan Haitian Flavouring, Yili Group, Yihai Kerry and WH Group.
 | Founded in 1996, Nongfu Spring is a leading beverage producer with products primarily in the packaged water, ready-to-drink tea, juice, coffee, and functional beverages sectors in China. It holds the number-one share in the bottled water market; this segment contributed approximately 40% of the firm’s revenue and EBIT in 2024. | $5 | -22% | $58B | $54B | 6.9x | 15.2x | ||
| Foshan Haitian Flavouring and Food Company was founded in 1955 through the consolidation of 25 condiment producers in Foshan, Guangdong province of China. The company mainly manufactures soy sauces, oyster sauces, dipping sauces, and seasoning sauces. It is the leading condiment manufacturer with number-one market share in soy sauces and oyster sauces in China. | $5 | -6% | $29B | $25B | 5.7x | 18.9x | ||
| Inner Mongolia Yili Industrial Group is the largest dairy products producer in China, with the majority of revenue (around 70%) coming from the liquid milk segment. The company also manufactures ice cream, milk powder, and cheese products. Some flagship lineups include Satine, Yili Pure Milk, Ambrosial, and Changqing. The company also expands its overseas presence through setting up R&D centers and acquiring foreign dairy brands such as Westland in New Zealand and Chomthana in Thailand. | $4 | +6% | $26B | $34B | 1.9x | 13.4x | ||
| Yihai Kerry Arawana Holdings Co Ltd is engaged in research and development, production, and sales of kitchen food, feed ingredients, and oil technology products. The company operates through three segments: Kitchen Food; Feed raw materials and oil technology; and Others. The Kitchen Food segment covers household and industrial products, including edible oils, rice, flour, noodles, condiments, and related raw and auxiliary materials. The Feed raw materials and oil technology segment provides soybean meal, bran, rice bran meal, along with oil-based and oil-derived chemicals, nutritional products, and daily chemicals from palm oil and other oils. The Others segment is engaged in other businesses. It generates the majority of its revenue from the Kitchen Food segment. | $4 | -21% | $19B | $23B | 0.6x | 16.1x | ||
| Henan Shuanghui Investment & Development Co Ltd is a China-based meat processing company. It is principally engaged in the business of slaughtering, meat processing, food processing, packaging, and processing of egg products and aquatic products. | $4 | -2% | $12B | $14B | 1.5x | 10.9x | ||
| Busy Ming Group Co Ltd is principally engaged in the sale of snacks and beverages as well as the provision of related services. The company operates under the two brands: Ling Shi Hen Mang (Snacks Are Busy) and Zhao Yiming (Zhao Yiming Snacks). The majority of its revenue is derived from (i) sales of goods to franchisees and (ii) fees for franchising services. Geographically, it generates revenue only from the PRC. | $45 | -- | $9.8B | $8.3B | 0.8x | 15.8x | ||
| Tingyi is a leading producer of instant noodles and ready-to-drink beverages in China, with its Master Kong brand being the most popular. The company commenced its instant noodle business in the country in 1992 and expanded into beverages in 1996. In March 2012, Tingyi formed a strategic alliance with PepsiCo and became China's exclusive manufacturer and distributor of Pepsi’s nonalcoholic drinks. | $2 | +13% | $8.7B | $8.9B | 0.8x | 5.6x | ||
| Mixue Group is a freshly-made drinks company. It is committed to providing value-for-money products to consumers, including freshly-made fruit drinks, tea drinks, ice cream, and coffee, typically priced around one U.S. dollar (approximately RMB6) per item. The company has three brands - a freshly-made tea drinks brand, MIXUE, a freshly-made coffee brand, Lucky Cup, and a fresh beer brand, FULU Fresh Beer. The company derives the majority of its revenue from Mainland China. | $22 | -59% | $8.2B | $5.4B | 1.1x | 4.6x | ||
| Hebei Yangyuan Zhihui Beverage Co Ltd is engaged in the research & development, production, and sales of plant protein beverages mainly using walnut kernels as raw materials. The company markets its beverages under the brands Yangyuan and Six Walnuts, offering a range of walnut-based drinks. Its product lineup includes variants such as Boutique Six Walnut Milk, Selected Six Walnut Milk, Refined Research Six Walnut Milk, Zhihui Health Six Walnut Milk, along with other related offerings. | $6 | +59% | $7.9B | $7.2B | 9.0x | 28.3x | ||
| Angel Yeast Co Ltd is a China-based yeast-producing company. It specializes in producing yeast and yeast derivatives in China. The company provides yeast used in baking, beverages, health products, YE-fermentation, fuel ethanol, and animal nutrition products. Its product covers plant nutrition products, baker's yeast and ingredients, Chinese dimsum and seasoning, human health, animal nutrition, enzymes, and others. | $6 | +4% | $4.9B | $6B | 2.4x | 13.7x | ||
| Uni-President China is a leading instant food and beverage manufacturer in mainland China. Its major products include ready-to-drink tea, coffee, juice, and instant food such as instant noodles and self-heating packaged food. It is majority-owned by parent company Uni-President Enterprises Corporation, a leading food conglomerate in Taiwan. | $1 | -13% | $4.1B | $3.1B | 0.7x | 5.8x | ||
| Want Want is a leading player in the China packaged food and beverage sector. The company was founded in 1962 in Taiwan and entered the mainland Chinese market in 1989. Its flagship products, such as Hot-Kid milk and Want Want rice crackers, are market leaders in the respective segments. With a primary focus on mainland China, the company also exports to overseas markets. As of March 2025, Want Want China had 419 sales offices, 35 production bases, and 89 factories on the Chinese mainland and worked with around 10,000 distributors. | $0 | -46% | $4B | $2.8B | 0.8x | 3.4x | ||
| A2 Milk is a New Zealand licensor and marketer of fresh milk, infant formula, and other dairy products that lack the A1 beta-casein protein. The firm was founded in 2000 by Corran McLachlan, who developed a genetic test to determine which proteins a cow produces in its milk, and business partner Howard Paterson. The company has been through a tumultuous history of receivership, legal battles, and strategic shifts, but emerged in its current structure in 2006 and listed publicly in March 2013. | $5 | -27% | $3.3B | $2.9B | 2.6x | 17.9x | ||
| China Feihe is China's largest infant milk formula producer, with a premium market positioning among domestic and foreign competing brands. The company utilizes the flagship Astrobaby lineup to promote its “more suitable for Chinese babies” proposition. It has a nationwide distributor network covering maternity stores, supermarkets and traditional retailers, as well as a direct sales network in e-commerce. | $0 | -36% | $3B | $1.1B | 0.4x | 2.1x | ||
| China Resources Beverage is the second-largest bottled water producer in China and a subsidiary of China Resources Group, a state-owned conglomerate. The bottled water business accounts for around 90% of the company’s revenue, with C’estbon being the flagship product. The company has been leveraging its distribution network developed for water products to expand the scale of its nonwater beverages products, which accounts for roughly 10% of the company’s revenue. | $1 | -32% | $2.2B | $1.4B | 0.9x | 5.4x | ||
| Chagee Holdings Ltd is a premium tea drinks brand. It is engaged in the sales of freshly-made tea drinks, related raw materials, packaging, teahouse equipment and other supplies in China. | $11 | -28% | $2.2B | $1.2B | ||||
| Yankershop Food Co Ltd is a Chinese company engaged in research, production, processing and selling of food products. Its product portfolio includes preserved fruits, bean products, nut roasted seeds, meat products, fish products, vegetarian products, pastry products, and full mouth roasted seeds and nuts, among others. | $7 | -36% | $1.8B | $1.9B | ||||
| China Modern Dairy Holdings is a Chinese dairy farming company headquartered in Anhui that raises dairy cattle and produces raw milk. Its business operates large-scale farms supplying milk to dairy processors rather than relying principally on purchases from small independent farms. Activities include cattle breeding, feeding, animal health management, milk production and the management of farm operating systems. The first farm began full operations in 2007, and the company had expanded to sixteen large-scale farms by 2011. Its commercial relationships have included a long-term supply agreement with Mengniu Dairy for the purchase of its raw milk production. Farm productivity depends on feed purchasing, breeding practices, disease prevention and milk quality controls. The company earns revenue primarily from sales of milk produced by its herds and has developed additional dairy products and farming-related activities. | $0 | +19% | $1.4B | $4.3B | ||||
| Toly Bread Co Ltd is a China-based company engaged in the production, processing, and sale of baked goods such as bread, cakes, moon cakes, and dumplings. Its products portfolio includes peach and plum, peach bread and peach moon cake. | $1 | -16% | $1B | $1.2B | ||||
| Yantai Shuangta Food Co Ltd is engaged in the production of vermicelli in China. The company's main products include pure bean vermicelli, grain vermicelli, sweet potato vermicelli, pea protein, dietary fiber and edible fungus, among others. | $1 | -18% | $801M | $930M | ||||
| Vats Liquor Chain Store is a Chinese retailer and distributor of alcoholic beverages with a nationwide store network. Founded in May 2005, the business operated more than 270 liquor stores covering mainland China’s provinces by the time of KKR’s investment in 2010. Its stores sell Chinese liquor, domestic and imported wine, and other spirits to consumers. The company also holds exclusive distribution rights for selected premium Chinese liquor products, including Wuliangye Vintage Series, Guyuelongshan Vintage Series, Zhenjiu and Xiangjiao. Its portfolio has included Shangri-la wine as well as imported French wines and Scotch whisky. The operating model combines nationwide retail distribution with access to branded beverage products through supplier and distribution relationships. Revenue is generated through sales of alcoholic beverages across its retail and distribution activities. | $2 | -43% | $693M | $627M | ||||
| COFCO Joycome Foods, formerly COFCO Meat, is a Chinese integrated meat producer and distributor. Its activities span animal feed, hog breeding and farming, slaughtering, meat processing and the sale of fresh and processed meat products. The company markets products under brands including Joycome and Maverick and supplies both retail and wholesale channels. It also imports and distributes meat products, including pork, beef, poultry and mutton. Its production model links farming and processing operations to support food safety, quality control and distribution to consumers. The business developed within COFCO Group and subsequently introduced external financial investors. Revenue comes principally from selling animals, fresh meat, processed foods, feed and imported meat products to commercial buyers and consumers. | $0 | -35% | $636M | $2.3B | ||||
| Shenzhen Pagoda Industrial (Group) Corp Ltd is principally engaged in operating a franchised retail network and trading of fruits. The group has three reportable segments which include Trading, Franchising, and others. The majority of its revenue derives from the Franchising segment which includes the operation of franchised and self-owned retail networks. | $0 | -- | $388M | $632M | ||||
| Xiwang Foodstuffs Co Ltd operates in the food industry. The company manufactures corn germ oil, corn olive oil, sunflower oil, peanut oil, chile multi, and flaxseed oil. | $0 | -50% | $247M | $190M | ||||
| Ausnutria Dairy Corp Ltd is active in the dairy industry. Its business activities include research and development, milk collection, processing, production, packaging, marketing, and sales of dairy products. It operates through Dairy and related products and Nutrition product segments. It generates maximum revenue from the Dairy and related products segment: which comprises the manufacturing and sale of dairy and related products, particularly formula milk powder products, to its customers; and the Nutrition products segment: which comprises the manufacturing and sale of nutrition products. Geographically, it derives a majority of its revenue from the PRC and also has a presence in the European Union; the Middle East; North and South America; Australia and other countries. | $0 | -53% | $231M | $473M | ||||
| Cabio Biotech (Wuhan) Co Ltd is a biotechnology company, engaged in Research & Development, production and sales of polyunsaturated fatty acids ARA, algae oil DHA and SA, natural B-carotene and other series products. The products are used in infant formula, dietary nutrition supplements and health Food, special medical formula food and other fields. The company's product sales area covers China, the United States, Europe, Australia, New Zealand, South Korea, and Southeast Asia. | $1 | -64% | $207M | $182M | ||||
| YuanShengTai Dairy Farm is a Chinese dairy farming group listed on the Hong Kong Stock Exchange under stock code 1431 and headquartered in Qiqihar, Heilongjiang Province. Incorporated in Bermuda, it produces and sells raw cow's milk from 11 large-scale farms, ten in Heilongjiang and one in Jilin, each with capacity for 1,960 to 30,000 cows on a combined site of about 9.7 million square metres. At the end of 2025 its herd numbered 105,583 dairy cows, including 50,164 mature milking cows, and it employed 2,268 people. The company sells almost all its milk to large dairy processors: China Feihe and Inner Mongolia Yili together accounted for about 97.9% of revenue in 2025. Sales volume rose 12.7% to 638,607 tonnes in 2025, taking revenue to RMB2.73 billion with a net profit of RMB552.5 million. It says its milk surpasses the EU raw-milk quality standard, allowing it to sell at premium prices. The group sold its raw goat milk business in June 2024 and began selling beef cattle in 2025; its farms include Gannan Oumei, Kedong Oumei, Kedong YST and Zhenlai farms. | $0 | +15% | $176M | $56M | ||||
| Jiashili Group Ltd is an investment holding company that engages in the manufacture and sale of candy and biscuits in the People's Republic of China. The company offers Breakfast, Crisp, Sandwich, Wafers, Coarse grain series products, and others, along with Soda biscuits, Cookies, Short biscuits, and Mooncakes. It is also involved in the wholesale and retail of pre-packaged food products. The group generates the majority of revenue from the sales of Breakfast biscuit series products. All of the group's operations are located in the PRC. It sells products in the PRC and also exports them to other countries. The company operates in three segments, which include Biscuit products, Pasta products, and Flour products. The majority of its revenue is generated from the Biscuit products segment. | $0 | +42% | $81M | $147M | ||||
| Kafelaku Coffee Holding Ltd is an investment holding company. Along with its subsidiaries, it is principally engaged in providing food and beverage services in Hong Kong and the PRC, including Chinese catering services and coffee services. The group operates franchised coffee shops under the brand name Kafelaku Coffee and full-service Chinese restaurants under the brand Li Bao House and Star of Canton. Its reportable operating segments are Food catering and Beverage. A majority of its revenue is generated from the Food catering segment, which represents restaurant operations delivering Cantonese cuisine, Chinese banquets, and dining services. The Beverage segment represents the group's coffee operations. Geographically, it derives maximum revenue from the People's Republic of China (PRC). | $0 | -58% | $11M | $11M | ||||
| Oriental Rise Holdings Ltd is an integrated supplier of tea products in China. It is principally engaged in the business of planting, cultivating, processing, and selling processed tea. The company currently produces and sells three categories of products: roughly processed white tea, roughly processed black tea, and refined tea. The company's business operations are vertically integrated, covering cultivation, processing of tea leaves, and the sale of tea products to tea business operators and end-user retail customers. Geographically, the company generates all of its revenue from its business in the People's Republic of China (the PRC). | $0 | -98% | $260K | - | ||||
| Median | $1 | -25% | $2.2B | $2.3B | 0.8x | 5.8x |
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