Data collected over the past 24 hours for the Liquor Price Index indicates that the average terminal retail price for major Chinese baijiu products continued its overall recovery on May 3rd. If one bottle of each major product were bundled for sale, the total price today would be 9,952 yuan, an increase of 17 yuan from the previous day, marking the highest level in nearly four days. The market has rebounded for two consecutive days, with terminal trading sentiment showing a moderate recovery, although price divergence among core products remains significant.
Among the 11 major baijiu products tracked today, six advanced, four declined, and one remained flat, giving a slight edge to the gainers. On the upside, Guojiao 1573 and Wuliangye 1618 led the advances, each rising by 7 yuan per bottle. Wuliangye 1618 broke from its stable trend, surging beyond its recent price fluctuation range to post its largest single-day gain in nearly a month; its price also reached the highest level since April 3rd. Guojiao 1573's price rebound ended a three-day losing streak. Gujing贡酒 Gu 20 rose by 6 yuan per bottle, achieving a two-day winning streak after ending three consecutive declines and quickly approaching its monthly high. Qinghua Lang rose by 5 yuan per bottle, reclaiming the 700 yuan threshold. Xijiu Junpin and Crystal Jiannanchun each increased by 4 yuan per bottle.
On the downside, Wuliangye普五第八代 led the decliners, falling by 6 yuan per bottle, matching its largest drop in nearly a month and falling below the 820 yuan mark.精品茅台 declined by 4 yuan per bottle. Feitian Moutai and Yanghe Dream Blue M6+ each decreased by 3 yuan per bottle. The price of Qinghua Fen 20 remained unchanged from the previous day.
The daily data for the Liquor Price Index is sourced from approximately 200 collection points reasonably distributed across major regions nationwide. These points include, but are not limited to, distributors appointed by distilleries, independent social distributors, e-commerce platforms, and retail outlets. The raw sample data consists of actual transacted terminal retail prices from these points over the past 24 hours, striving to provide objective, scientific, and fully traceable data on the market prices of renowned baijiu products.
Following the official launch of Feitian Moutai at 1,499 yuan per bottle on the iMoutai platform at the start of the year (which was adjusted up to 1,539 yuan per bottle on March 31st) and the launch of精品茅台 at 2,299 yuan per bottle on January 9th, the gravitational pull of this new sales channel on the average terminal retail prices of these two products is gradually becoming apparent. The daily prices published in the Liquor Price Index are calculated using a rule that weights actual transaction volumes; quantifiable prices from this new channel have been incorporated into the terminal retail price calculations for these two liquors.
In other significant baijiu industry news, the 2025 annual reports for all 21 A+H-share listed baijiu companies have been released. A review highlights that overall, 20 companies experienced a year-on-year decline in revenue, 19 saw a decline in net profit, and 18 witnessed a double decline in both revenue and net profit. Shanxi Fenjiu was the only company to achieve positive revenue growth. The industry's average inventory turnover days surged to 900 days, a 10% increase year-on-year. Examining the divergent landscape, Kweichow Moutai Co.,Ltd. reported its first-ever annual profit decline since listing 25 years ago. Wuliangye's revenue fell 54.55% year-on-year, with net profit down 71.89%. Yanghe's revenue decreased by 33.47% year-on-year, retreating to levels seen around 2017, while its net profit plummeted by 66.94% year-on-year. The sole baijiu company listed in Hong Kong, Zhenjiu Lidu, also contracted significantly, with revenue and net profit falling 48.3% and 59.3% year-on-year, respectively. Mid-tier distilleries generally saw revenue declines of around 30%, with many experiencing net profit halved. Four smaller, tail-end companies reported net losses: Jiuguijiu, Shunxin Agriculture, Jinzhongzi Liquor, and *ST Yanshi, while Huangtai Liquor's net profit fell by fifty percent.
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