On the morning of February 2, baijiu stocks showed active performance, with Huangtai Wine Industry hitting its third consecutive limit-up, while Sichuan Swellfun Co.,Ltd. and Jinhuixian Co.,Ltd. rose over 7%. Jinhui Liquor Co.,Ltd. and Kweichow Moutai Co.,Ltd. also followed with gains.
On the news front, Moutai prices saw a recovery at the end of January. According to the "Today's Liquor Price" wholesale reference price, on January 30, the 2026 Feitian Moutai case price rose to 1,710 yuan per bottle, while the 2026 Feitian Moutai single bottle was quoted at 1,650 yuan. However, prices have recently pulled back. On February 2, the 2026 Feitian Moutai case price dropped 40 yuan from the previous day to 1,590 yuan per bottle, and the 2026 Feitian Moutai single bottle dropped 80 yuan to 1,570 yuan.
Recently, dividend "red envelopes" from leading baijiu companies have been arriving successively.
On the afternoon of February 1, Anhui Gujing Distillery Company Limited disclosed its 2025 interim dividend implementation report. Based on the company's total share capital of 528.6 million shares, it will distribute a cash dividend of 10 yuan per 10 shares to all shareholders, totaling 5.286 billion yuan.
This total interim dividend amount is consistent with last year's interim dividend and will be implemented on February 10. The latest date to purchase shares and be eligible is February 9, meaning Gujing's shareholders will receive this "red envelope" before the Lunar Year of the Horse Spring Festival.
In recent years, consumer stocks have responded to regulatory calls to increase dividends, aiming to attract investors by enhancing returns. Baijiu stocks, which possess strong profitability but have seen a temporary pause in their high-growth phase, are notably leading the way.
It has been noted that prior to Gujing, Kweichow Moutai Co.,Ltd., Wuliangye Yibin Co.,Ltd., and Luzhou Laojiao Co.,Ltd. implemented their 2025 interim dividends on December 10, 2025, and January 24, 2026, distributing 30 billion yuan, 10 billion yuan, and 1.999 billion yuan respectively. Including Gujing, the total interim dividends from these four leading baijiu companies in this round will exceed 42.5 billion yuan.
Given the overall further decline in the baijiu sector's performance last year, investors are beginning to focus on whether baijiu stocks can sustain their dividends and if the companies have sufficient cash on their books to cover them.
Before last year's Spring Festival, the six major baijiu leaders distributed a total of over 49 billion yuan in dividends. Currently, Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. and Jiangsu Yanghe Brewery Joint-Stock Co.,Ltd. have not yet proposed 2025 interim dividends. Last year, both companies disclosed and implemented their interim dividends less than 10 days before the Spring Festival, distributing 3 billion yuan and 3.5 billion yuan respectively.
According to the plans disclosed by each company, Kweichow Moutai Co.,Ltd.'s dividend payout ratio for 2025 should not be less than 75% of its net profit for the year. Wuliangye Yibin Co.,Ltd. and Luzhou Laojiao Co.,Ltd. have payout ratios of not less than 70% of annual net profit (and by 2026, Wuliangye's annual dividend amount must not be less than 20 billion yuan, and Luzhou Laojiao's annual dividend amount must not be less than 8.5 billion yuan). The dividend payouts for Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. and Anhui Gujing Distillery Company Limited are not less than 60% and 50% of their respective annual net profits.
As most baijiu companies experienced declining performance last year, coupled with intensified competition and sustained investment, it is almost certain that the total dividends from the six leading baijiu companies for 2025 will see a slight contraction. Jiangsu Yanghe Brewery Joint-Stock Co.,Ltd. has already adjusted its dividend plan, setting the payout ratio to 100% starting from the 2025 fiscal year, but it has canceled the previously stipulated minimum dividend amount of 7 billion yuan.
Will the 2025 dividends of the other five baijiu stocks be affected?
An analysis of the cash-on-hand data for the six leading baijiu companies reveals the following figures as of the end of the third quarter of 2025: The ending balances of cash and cash equivalents for Kweichow Moutai Co.,Ltd., Wuliangye Yibin Co.,Ltd., Shanxi Xinghuacun Fen Wine Factory Co.,Ltd., Luzhou Laojiao Co.,Ltd., Jiangsu Yanghe Brewery Joint-Stock Co.,Ltd., and Anhui Gujing Distillery Company Limited were 159.502 billion yuan, 132.569 billion yuan, 31.404 billion yuan, 11.277 billion yuan, 15.276 billion yuan, and 12.836 billion yuan, respectively.
It is evident that only Wuliangye and Luzhou Laojiao still face commitments to annual minimum dividend amounts. The data from the third-quarter reports indicates that the cash and cash equivalents on the books of Wuliangye and Luzhou Laojiao are entirely sufficient to cover the annual dividend payments for both the 2025 and 2026 fiscal years.
(Disclaimer: The article content is for reference only and does not constitute investment advice. Investors should operate at their own risk.)
Comments