Laobaigan Liquor H1 2026 Revenue Down 15.23%, Net Profit Falls 18.47%
Laobaigan Liquor reported H1 2026 revenue of RMB 2.104 billion, down 15.23% year-on-year, with net profit attributable to shareholders of RMB 262 million, down 18.47%. Contract liabilities fell about 25% to RMB 954 million. Q2 revenue dropped 32.75% and net profit fell 42.92%, both steeper than the half-year declines.
Laobaigan Liquor released its 2026 interim report. During the reporting period, the company achieved operating revenue of RMB 2.104 billion, down 15.23% year-on-year; net profit attributable to shareholders of the listed company was RMB 262 million, down 18.47%; net profit after deducting non-recurring gains and losses was RMB 252 million, down 14.85%.
In the second quarter alone, the company recorded revenue of RMB 883 million, down 32.75% year-on-year; attributable net profit of RMB 96 million, down 42.92%; and attributable net profit after deducting non-recurring items of RMB 93 million, down 39.88%. The second-quarter decline was significantly larger than the overall first-half level.
As of the end of June 2026, the company's contract liabilities stood at RMB 954 million, down approximately 25% year-on-year. By product, in the first half of 2026, products priced above RMB 100 generated revenue of RMB 1.078 billion, down 18.1% year-on-year; products priced below RMB 100 saw a revenue decline of about 12%. By region, the Hebei market contributed revenue of RMB 1.244 billion, down 16.05%; the Hunan market revenue fell 21.6%; Anhui and Shandong markets both recorded double-digit declines; while other provinces and overseas revenue achieved positive growth.
According to the company's disclosed operating plan for the second half of the year, it will focus on bottle-opening and sell-through as the core, abandon channel inventory loading, strictly control cross-region sales and price disorder, protect channel profits, and deepen consumer scenarios such as banquets, dining, and group purchases. In terms of regional layout, the company will consolidate its home base in Hebei, strengthen the Hunan market where Wuling Liquor operates, and prioritize profit recovery in other markets rather than blindly expanding scale.