ZJLD (06979) announced its annual results for the period ending December 31, 2025. The group recorded revenue of RMB 3.65 billion, a decrease of 48.3% year-on-year. Profit attributable to equity shareholders was RMB 538 million, down 59.3% compared to the previous year. Adjusted net profit stood at RMB 523 million, reflecting a decline of 68.8%. Earnings per share were RMB 0.163.
In 2025, the baijiu industry encountered several challenges, with consumer demand for baijiu declining continuously from the second quarter, partly due to the implementation of certain anti-corruption policies. To address these challenges and the downturn in consumer demand, the company focused on reducing channel inventory while maintaining the profitability of its distribution network and price structure.
Specifically, the company implemented the following strategic measures in 2025: It actively explored and adopted more effective business models to better navigate industry challenges and capitalize on emerging growth opportunities. In June 2025, the company officially launched the "Ten Thousand Merchants Alliance" model, designed to aggregate high-quality distribution resources and build mutually beneficial, long-term strategic partnerships.
The company vigorously promoted the digital and intelligent upgrade of its brand communication. Utilizing new media platforms, such as the video channel personally operated by Chairman Wu Xiangdong, it generated significant online visibility. This was combined with offline events and traditional channels to create an integrated online-to-offline communication matrix, significantly improving consumer reach efficiency and further strengthening its premium brand image.
Regarding product strategy, the company concentrated on consumption scenarios less affected by the macroeconomic environment, prioritizing product series suitable for celebratory occasions like wedding banquets and birthday parties. It also enhanced market penetration for sub-premium and mid-range products to meet diversified and rationalized consumer demand.
The company maintained a disciplined sales pace, accelerating channel inventory reduction efforts in the second half of 2025 to effectively alleviate pressure on distributors and create favorable conditions for future healthy growth. Through immersive marketing activities, it continued to recruit and cultivate high-quality distributors and consumers. Additionally, the company further optimized the allocation of resources for production costs and marketing expenses.
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