Wind Baijiu Index Falls 6.07% as Kouzi Distillery Hits 11-Year Low
The Wind baijiu index fell 6.07% in the week of September 7-11, 2026, closing at 40,948.03 points, with Kouzi Distillery down 9.54% to an 11-year low. Jinshiyuan, Yingjia Distillery, Luzhou Laojiao and Gujing Distillery each dropped more than 7%. Xiangcai Securities cited subdued demand during the Mid-Autumn and National Day holidays and weak channel restocking. Kouzi Distillery's first-half revenue fell 22.89% to RMB 1.952 billion.
The baijiu sector retreated sharply in the week of September 7-11, 2026. As of the close on September 11, 2026, the baijiu index had fallen 6.07% for the week to 40,948.03 points. Multiple baijiu stocks in the sector fell more than 5% for the week, while Jinshiyuan, Yingjia Distillery, Luzhou Laojiao, Gujing Distillery and Kouzi Distillery each dropped more than 7%. Kouzi Distillery posted a weekly decline of 9.54%.
Anhui baijiu stocks were broadly weak over the same period, with Jinshiyuan, Yingjia Distillery, Gujing Distillery and Kouzi Distillery all falling more than 6% for the week. Kouzi Distillery declined 9.54% over the week and touched an intraday low of RMB 17.43 on September 11, an 11-year low for the company's share price. Since July 2026, the baijiu sector had staged a strong rebound, with Yingjia Distillery and Gujing Distillery gaining relatively more, while Kouzi Distillery's rebound was limited and its share price has weakened recently.
Interim 2026 results show Kouzi Distillery recorded first-half revenue of RMB 1.952 billion, down 22.89% year on year, and net profit attributable to shareholders of RMB 365 million, down 48.97% year on year. In the second quarter, Kouzi Distillery's net profit attributable to shareholders was RMB 36.15 million, down 65% year on year, while net cash flow from operating activities was negative RMB 257 million, extending the cash outflow and reflecting weak terminal collections. In the first half, Kouzi Distillery's gross margin fell 5.7 percentage points year on year to 67.4%. In the Anhui provincial market, Kouzi Distillery's baijiu business generated first-half 2026 revenue of RMB 1.584 billion, down 24.61% year on year, with the second-quarter provincial revenue decline widening to 54.01%. Competitors are taking provincial market share and channel payment willingness has weakened; the company continues to expand distributors outside the province, but out-of-province growth is not yet sufficient to offset the revenue shortfall in the provincial market.