Swellfun released its 2026 interim report, showing first-half operating revenue of 1.082 billion yuan, down 27.8% year on year, and a loss of 6.22 million yuan, down 105.9% year on year. Second-quarter operating revenue was 266 million yuan, down 50.7% year on year, while the net loss attributable to the parent widened to 177 million yuan. The company said the baijiu industry remains in a period of deep adjustment, and that it proactively adjusted shipment pace, cutting channel inventory by about 50% year on year, but this reduced operating revenue by about 300 million yuan and gross profit by about 250 million yuan. As of the end of the second quarter, total assets stood at 8.213 billion yuan and net assets attributable to the parent at 4.984 billion yuan.
Sichuan Swellfun Co LtdFirst-half loss and revenue decline, with proactive shipment adjustment reducing revenue and gross profit.
