Jinshiyuan H1 2026 Revenue Falls 7.41%; Q2 Sales and Net Profit Both Rise

Jinshiyuan Liquor Co. , Ltd. released its semi-annual report for 2026 on August 17. During the reporting period, the company achieved revenue of RMB 6.435 billion, down 7.41% year on year; net profit attributable to shareholders of listed companies was RMB 2.082 billion, down 6.6%; net profit after deducting non-recurring gains and losses was RMB 2.096 billion, with basic earnings per share of RMB 1.67. On a quarterly basis, second-quarter revenue reached RMB 2.113 billion, up 14.11% year on year, and attributable net profit was RMB 697 million, up 19.17%.

Net cash flow from operating activities stood at RMB 1.616 billion, up 50.31% year on year, mainly due to higher customer prepayments received during the period. Contract liabilities at the end of the reporting period were RMB 842 million, down 50.68% from RMB 1.708 billion at the end of 2025; the company attributed the decline primarily to seasonal factors reducing advance collections. Second-quarter sell-through and shipment alignment was generally normal and improved compared with the same period of 2025. The company said it will continue to pursue prudent operations and will not push inventory onto channels in pursuit of short-term reporting performance.

By product category, based on ex-factory prices, Special A+ products (with a factory-guidance price above RMB 300) generated revenue of RMB 3.743 billion in the first half, down 13.19% year on year; Special A products (RMB 100 to 300) contributed RMB 2.307 billion, up 3.36%; and A-class products (RMB 50 to 100) brought in RMB 182 million, down 21.8%. Special A+ and Special A products together accounted for 94% of total revenue, with Special A second-premium products contributing the main growth.

By region, sales within Jiangsu Province reached RMB 5.668 billion, down 9.36% year on year, accounting for 88% of total revenue; sales outside the province were RMB 673 million, up 7.18%. At period end, the company had 798 distributors in Jiangsu, with 39 added and 23 removed during the period; outside Jiangsu, there were 1,465 distributors, with 130 added and 23 removed, with no distributor exits. By sales channel, wholesale and agency distribution revenue was RMB 6.146 billion, while direct sales (including group purchases) totalled RMB 195 million.

The company has total assets of RMB 27.5 billion, net assets of RMB 17.9 billion and more than 5,300 employees, and owns the Guoyuan, Jinshiyuan and Gaogou brands. According to data from the National Bureau of Statistics, cumulative liquor production by enterprises above a designated size nationwide in the first six months of 2026 was 1.679 million kilolitres, down 4.7% year on year, indicating the industry remains in a phase of deep adjustment. The company said second-half operations will be assessed in light of Mid-Autumn Festival and National Day peak-season performance and the external consumption environment, and that it will advance its full-year work based on genuine sell-through, channel absorption capacity and price-system stability.