Yilite reclaims distribution rights for its core product, driving nearly 30% growth in its integrated manufacturer-distributor model

Corporate Action
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Summary · why it matters

Yilite has overhauled its major distributor model amid the deep adjustment in the baijiu industry, reclaiming the distribution rights for its core product, the 46-proof Yilite Old Cellar. In November 2025, the company terminated its cooperation with the original general distributor, Xinjiang Baijiuyuan Supply Chain Management, and shifted the product, commonly known as Little Old Cellar, into an integrated manufacturer-distributor model. The newly established Xinjiang Yijiao Liquor took over operations that same month and contributed 145 million yuan in sales revenue within just two months. Yilite began piloting the integrated model in September 2024, primarily for high-end core products such as Little Old Cellar and the Yilite King Liquor series. Under this model, the manufacturer is responsible for product standards, brand building, and price management, while distributors form local marketing teams and jointly invest in market promotion expenses. In 2025, revenue from the major distributor model fell 40.64 percent year on year, with its share dropping to 54.3 percent, while revenue from the integrated model rose 29.74 percent, with its share increasing to 37.84 percent. However, excluding the impact of Little Old Cellar, revenue from the integrated model was roughly flat compared with the previous year. In the first quarter of this year, sales revenue from the integrated model grew 42.87 percent year on year, while revenue from major distributors was halved. For the full year 2025, Yilite reported operating revenue of 1.722 billion yuan, down 21.82 percent year on year, and net profit attributable to shareholders of 216 million yuan, down 24.29 percent. The decline was driven by both changes in industry demand and the company's proactive channel adjustments, including the termination of two major distributors.

Impact on stocks 1

Others▼ · 1 stocks

Off-coverage companies 2

新疆一窖酒业有限责任公司Private▲ Positive
Demandrelevance

Newly established distributor contributed 145 million yuan in sales within two months under integrated model.

新疆百酒源供应链管理有限公司Private▼ Negative
Competitionrelevance

Yilite terminated cooperation with original distributor, shifting to integrated model, reducing its role.

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