21 Listed Baijiu Firms Post 1980.34 Billion Yuan H1 Revenue, Down 6.64%

As of August 30, 2026, all listed baijiu companies had published their 2026 semi-annual reports. In the first half of 2026, the 21 listed baijiu companies generated combined operating revenue of 1980.34 billion yuan, down 6.64% year-on-year. Net profit attributable to shareholders (excluding Shunxin Agriculture) totaled 736.33 billion yuan, down 8.13% year-on-year. On the revenue front, only six companies—Kweichow Moutai, Wuliangye, Yingjia Gongjiu, Zhenjiang Liandu, Jinhui Liquor, and ST Yedao—recorded growth. On the net profit side, the six gainers were Wuliangye, Yingjia Gongjiu, Zhenjiang Liandu, Jiugui Liquor, Jinzhongzi Liquor, and ST Yedao. The revenue scale structure has shifted. Among the top six, Kweichow Moutai, Wuliangye, and Shanxi Fenjiu still hold the top three positions. Yanghe Co. rose to fourth place, while Luzhou Laojiao slipped to fifth, with a revenue gap of less than 100 million yuan between them. Guyue Longshan ranked sixth. Jinshiyuan ranked seventh with revenue of 6.4 billion yuan, maintaining a gap of about 4 billion yuan from both the sixth and eighth positions. In the tier below 5 billion yuan in revenue, Yingjia Gongjiu overtook Shunxin Agriculture to rise to eighth place. Zhenjiang Liandu posted a slight revenue increase, moving up from twelfth to tenth. The rankings of smaller baijiu companies remained largely unchanged.