Combined Half-Year Revenue of 19 Listed Baijiu Companies Falls by Nearly 10 Billion Yuan

Earnings

โดย 第一财经·

Summary · why it matters

As of the evening of August 28, apart from Shanxi Xinghuacun Fen Wine Factory, the half-year results of the other 19 A-share and H-share listed baijiu companies have all been released. Their combined operating revenue was 179.4 billion yuan, a year-on-year decrease of 9.7 billion yuan, or 5.1 percent. Combined net profit attributable to the parent company was 67.4 billion yuan, a year-on-year decrease of 9.5 billion yuan, or 12.3 percent. Both revenue and net profit declined, and the industry's deep adjustment is still ongoing. The China Alcoholic Drinks Association's second-quarter 2026 China alcoholic drinks market prosperity index shows that the market prosperity index is still falling. It stood at 43.41 in the second quarter, below the 50-point boom-bust line, and down further from 49.72 in the fourth quarter of 2025 and 47.32 in the first quarter of 2026. Among the 19 baijiu companies that have reported results, only Kweichow Moutai, Wuliangye, Yingjia Gongjiu, Jinhui Liquor, and ZJLD Group achieved revenue growth, while the other 14 all saw declines of varying degrees. Baijiu industry commentator Xiao Zhuzhu said the industry's total volume is still in a phase of shrinking competition, consumption recovery is uneven, banquet and business scenarios are recovering more slowly than expected, and regional liquor companies face problems such as high inventory, unstable prices, and weak expansion outside their home provinces. Shengchu Consulting chairman Chai Jun pointed out that in the second quarter, the trend toward lower alcohol content has shifted from a concept to a market reality, showing a pattern of the higher the alcohol content, the lower the prosperity. The prosperity index for tobacco and liquor retail terminals was 42.88, a slight month-on-month rebound, but terminal profitability remains under pressure, and the model of trading price for volume is not sustainable. Reporters learned from visits that weak business consumption in the first half directly affected baijiu sales, and whether the Mid-Autumn Festival and National Day peak season can improve remains to be seen.