Baijiu Firms' H1 Revenue Falls 5.1%, Profit Drops 12.3%; Only 5 of 19 Grow

As of the evening of August 28, all but one of the 19 A-share and H-share listed baijiu companies had released their half-year results, with Shanxi Fenjiu the sole exception. The 19 companies posted combined revenue of RMB 179.4 billion in the first half, down RMB 9.7 billion year on year, a decline of 5.1%. Their combined net profit attributable to shareholders totaled RMB 67.4 billion, down RMB 9.5 billion, or 12.3%. With both revenue and profit falling, the baijiu industry's deep adjustment has now lasted three years. The China Alcoholic Drinks Association's second-quarter 2026 China Alcoholic Beverage Market Climate Index (ACI) came in at 43.41, below the 50 threshold separating expansion from contraction, and down from 49.72 in the fourth quarter of 2025 and 47.32 in the first quarter of 2026. Among the 19 baijiu companies that have reported results, only five—Kweichow Moutai, Wuliangye, Yingjia Gongjiu, Jinhui Liquor, and Zhenjiu Lidu—achieved revenue growth, while the remaining 14 all posted declines of varying degrees, underscoring further divergence across the industry.