On December 19th, the "2025 GlobalDebut·Hurun China Food Industry Top 100" list was released. This ranking is based on corporate market value or valuation, where the market value of listed companies is calculated according to their closing prices on October 31, 2025, and the valuation of non-listed companies is estimated by referencing comparable listed firms or their latest round of financing. This marks the fifth time the Hurun Research Institute has published this particular ranking.
As a leading baijiu brand, Shanxi Fenjiu held its ground, tying for fourth place with Haitian Flavouring & Food Co. with a valuation of 245 billion yuan, representing a 2% year-on-year increase. Amidst a significant industry-wide adjustment phase for baijiu, Fenjiu has demonstrated robust developmental resilience, serving as a key example of high-quality growth within the sector. According to the report, "Chinese food enterprises" on the list are defined as companies headquartered in China, excluding wholly-owned subsidiaries of foreign-controlled entities. The top 100 food companies encompass a wide range of sub-sectors including comprehensive food, alcoholic beverages, soft drinks, dairy products, meat products, seasonings, baked goods, grains and oils, health foods, and agriculture and animal husbandry.
This year's threshold for making the list was 9 billion yuan, an increase of 1 billion yuan from the previous year. The threshold for the top 50 remained unchanged at 22 billion yuan, while the top 10 threshold also held steady at 130 billion yuan. The total value of all listed enterprises reached 7.2 trillion yuan, a 4% increase from last year. Twenty-five companies were non-listed, one more than last year and three more than the year before, reflecting a continued trend of consolidation and concentration at the top of China's food industry.
Against the backdrop of an overall industry adjustment for baijiu, Shanxi Fenjiu's stable performance is particularly noteworthy. This year, 22 baijiu companies made the list, two fewer than last year and three fewer than the year before, with industry-wide inventory turnover days reaching 900. However, Fenjiu, leveraging its profound brand heritage and clear market strategy, successfully maintained its core value in an environment of supply-demand imbalance.
Rupert Hoogewerf, Chairman of the Hurun Group, pointed out that China's food industry production capacity has become saturated, with overall growth lagging behind the Shanghai Composite Index. Nevertheless, health-focused trends and innovation remain crucial for breaking through the current challenges. Zhou Qiaoe, founder of the GlobalDebut platform, added that this list is not merely a ranking of corporate value but also a map of the industry's resilience and future direction, noting that the dedication and innovative breakthroughs of the listed companies form a vital foundation for the national real economy.
Since the beginning of the year, the baijiu industry has continued to face a chill. In the context of what has been described as the worst third-quarter reports in a decade, Shanxi Fenjiu was one of the few leading distilleries to maintain growth in the first three quarters, delivering solid results. From January to September, it achieved revenue of 32.924 billion yuan and a net profit of 11.405 billion yuan, representing year-on-year increases of 5% and 0.48%, respectively. Compared to the significant volatility in the performance of most other baijiu companies, the quality of Fenjiu's results stands out even more.
In recent years, light-aroma baijiu has shown a favorable development trend characterized by expanding consumption and structural upgrades, signaling the arrival of the "Era of Light-Aroma Baijiu." Led by Fenjiu, the techniques, quality, and cultural value of light-aroma baijiu are garnering increasing attention and appreciation. Numerous light-aroma distilleries have collectively formed an industrial cluster, fostering a more influential brand atmosphere for the category. As industry insiders have noted, the companies maintaining positive growth have all established formidable moats within their respective niches. Fenjiu, firmly positioned in the first tier of China's liquor industry, has naturally found its own path to resilient growth against the trend.
At its global distributor conference in December 2024, Fenjiu explicitly laid out the strategic principle of "Stability overrides everything in 2025," demonstrating its strategic patience across different cycles. In December 2025, at another distributor conference, Yuan Qingmao, Party Committee Secretary and Chairman of Fenjiu Group, stated that 2026 is not only the starting year for the second phase of Fenjiu's revival plan but also a year of transformation for its business model. He emphasized focusing on the strategic mainline of "co-creating the future with consumers." At this critical juncture for the industry, Fenjiu is sending a positive signal of embracing consumers. This strategic elevation by Fenjiu not only charts a course for a comprehensive, systematic transformation encompassing strategy, value, and operations but also provides a highly forward-looking "Fenjiu Model" for the industry.
As a quintessential representative of Chinese light-aroma baijiu, Fenjiu is known for its smooth entry, sweet finish, lingering fragrance after drinking, and long-lasting aftertaste. The 'First Pot' Raw Spirit Fenjiu embodies the purest genetic code of Fenjiu and represents the highest quality of its base spirit. It is made from the first batch of carefully selected raw liquor produced after the autumn harvest, distilled from fermentation vats that have rested throughout the summer, resulting in the finest base spirit of the year. It can be said to most authentically represent the genuine, unadulterated quality of Fenjiu. Furthermore, the 'First Pot' Raw Spirit is bottled at 66 degrees without dilution or reduction in alcohol content, preserving the spirit's characteristic crisp and bracing quality. Every sip allows one to experience Fenjiu's refreshing sharpness and the clean, smooth sensation as it glides down the throat.
As the first batch of raw liquor produced each year, the 'First Pot' Raw Spirit is also Fenjiu's scarcest product. Only a few tons are extracted from every 1,000 tons of Fenjiu's raw spirit base, highlighting its rarity and注定 it to be possessed only by a select few true connoisseurs and lovers of fine spirits. Each jar of 'First Pot' Raw Spirit consumed represents the consumption of a portion of this exceedingly scarce original liquor. Consequently, since its market introduction, its collectible market value has been climbing year after year. Whether for tasting or for collection, the 'First Pot' Raw Spirit Fenjiu is an excellent choice.
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