Kouzijiao Reports Double Decline in Revenue and Net Profit for 2025, the Third-Largest Huizhou Baijiu Maker Under Pressure from All Sides

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Kouzijiao recently disclosed an investor relations activity record, sending a clear signal of adjustment. In 2025, the company achieved revenue of 3.991 billion yuan, down 33.65 percent year-on-year; net profit of 673 million yuan, down 59.32 percent year-on-year; and net cash flow from operating activities turned from positive to negative, reaching minus 216 million yuan. In the first quarter of 2026, revenue and net profit both declined again, falling 24 percent and 46 percent respectively. In its home market of Anhui, Kouzijiao's provincial revenue was about 3.2 billion yuan, a year-on-year drop of over 34 percent, as it faces a pincer attack from Gujing Gongjiu and Yingjia Gongjiu. Gujing Gongjiu's provincial market share has reached 36 percent, while Yingjia Gongjiu's revenue is about 6.019 billion yuan. Kouzijiao has lost its position as the second-largest Huizhou baijiu maker. The company said the provincial revenue decline resulted from intensified industry competition, a weak consumption environment, and proactive inventory control and price stabilization. Going forward, it will focus on the price band above 100 yuan and deepen refined channel operations to restore terminal sell-through. In addition, the pan-in-pan marketing model that once made Kouzijiao famous has lost its effectiveness. In 2025, the number of distributors increased by 184, but wholesale agency revenue plummeted 36.4 percent, trapping the company in a situation of adding distributors without adding revenue. The company stated that its out-of-province distributor recruitment is still in the cultivation stage, making it difficult to release scale revenue in the short term, and the channel profit model is undergoing restructuring.

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