Digital Planet

Mar 31, 2026 · Industry Insights

Why Feihe’s Former Channel Mastery Turned Into a Profit Black Hole

Feihe’s 2025 financial report reveals a dramatic profit collapse caused by a once‑effective deep‑distribution model that now fails in a shrinking infant‑formula market, exposing a costly “rigid‑expense” trap that forces the entire FMCG sector to rethink channel spending, measurement, and digital transformation.