Ecolovo is stepping up its transformation into a food-focused company after China’s white-feather duck sector entered its worst loss-making cycle in a decade. The company’s 2025 revenue fell 9% to CNY 18.96 billion (USD 2.64 billion), while net profit attributable to shareholders of the parent company swung to a CNY 280.00 million (USD 39.00 million) net loss as gross profit from duck products and ducklings came under heavy pressure. Despite the downturn, its prepared food business grew, supporting Ecolovo’s push toward higher-value products.
Ecolovo says it will anchor its 2026 strategy around a deeper shift into food products, as China’s white-feather duck sector endures what the company calls its most severe loss-making cycle in 10 years.
Tian Liyu
At its recent 2025 annual results briefing, Ecolovo outlined a strategy focused on strengthening core competitiveness across the full industrial chain. Chairman and General Manager Tian Liyu said 2026 would be a key year for China to accelerate the development of new quality productive forces in agriculture and advance rural revitalisation. For Ecolovo, he said, it would also be a decisive year in its transformation into a food company and in building a closed-loop full-chain model.
The company sees room for further growth in prepared products, ready meals, and snack foods, supported by continued consumer upgrading. At the same time, Tian pointed to stronger state policy support for agricultural breeding technology and agricultural modernisation, saying the livestock and food sector faces a historic opportunity to shift from scale expansion to quality improvement.
Ecolovo said it will push ahead with work in technology research and development, digital and intelligent transformation, product upgrading, market expansion, talent support, and brand promotion. The aim is to offset cyclical pressure in the sector, stabilise and improve operating performance, and continue optimising its profit structure, Tian said, “laying the foundation for the company’s long-term, high-quality development.”
The backdrop is tough. According to Ecolovo, the white-feather duck industry fell into its worst loss-making cycle in a decade in 2025. The white broiler sector also entered a deep adjustment phase marked by higher volumes but thin profits. As a result, Ecolovo’s annual revenue fell 9% year-on-year to CNY 18.96 billion (USD 2.64 billion). Net profit attributable to shareholders of the parent company swung from a CNY 100.00 million (USD 13.93 million) profit the previous year to a CNY 280.00 million (USD 39.00 million) loss.
Vice Chairman, Deputy General Manager, and Chief Financial Officer Chen Hongyong said selling prices for core products, including duck products and ducklings, fell much faster than costs, sharply squeezing gross profit. Gross profit from duck products and ducklings declined by about CNY 220.00 million (USD 30.64 million) and CNY 270.00 million (USD 37.60 million), respectively, becoming the main drag on the company’s results.
Performance differed across business segments. Chen said the company’s overall picture was one of a stable core business, while higher-value-added activities grew against the trend. Slaughtering remained the main revenue contributor, accounting for more than 70% of revenue and generating CNY 13.36 billion (USD 1.86 billion). Although slightly down year-on-year, the segment remained broadly stable.
The breeding poultry business was under more pressure. High industry supply and weak chick prices led to a significant year-on-year decline in revenue, making it one of the main areas weighing on full-year performance. By contrast, the food segment, led by prepared products, generated CNY 548.00 million (USD 76.32 million), up 9.84%.
Even so, Ecolovo’s 2025 annual report shows the food segment still accounted for only 2.89% of total revenue. Within that segment, prepared products grew 18.81% to CNY 468.00 million (USD 65.18 million), while cooked food fell 23.82% to CNY 80.00 million (USD 11.14 million).
In slaughtering revenue, duck and chicken products accounted for 37.63% and 32.84%, respectively. The gross margin on duck products fell 2.47 percentage points to 1.39%, while the gross margin on chicken products rose 1.88 percentage points to 3.11%. Ecolovo did not disclose the gross margin for its prepared and cooked products.
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