Despite the approaching Mid-Autumn Festival and National Day holidays, traditional liquor merchants continue to face operational pressures, dampening market optimism about the baijiu industry's recovery. This week, the Wind Baijiu Index fell 2.64%, with multiple baijiu stocks including Anhui Yingjia Distillery Co.,Ltd. and Jiannanchun Group experiencing weekly declines exceeding 5%, showing weak performance.
**Peak Season Arrives, but Traditional Liquor Companies Still Under Pressure**
After a brief rebound in August, the baijiu industry continued to weaken in September. This week, the baijiu sector remained one of the tracks shunned by capital, with the Wind Baijiu Index dropping 2.64%, ranking among the top declines across industry indices.
Regarding individual baijiu stocks, only Kouzi Liquor posted a modest gain of 0.32% this week, while all other baijiu stocks declined. Among them, Anhui Yingjia Distillery Co.,Ltd., Jiannanchun Group, *ST Coconut Island, and Golden Badge Wine experienced drops exceeding 5%, while the "Big Three" baijiu giants also saw weekly declines around 3%.
From a fundamental perspective, as the Mid-Autumn Festival and National Day holidays approach, baijiu sales velocity has shown slight month-on-month improvement. However, traditional liquor merchants remain under relative pressure, while those actively transforming toward instant retail, live streaming, and new retail formats have achieved relatively better breakthroughs. Specifically, Moutai's wholesale prices face some pressure due to lackluster demand and increased shipment volumes month-on-month, while wholesale prices for most other mainstream baijiu products remain generally stable.
Overall, the baijiu industry's Mid-Autumn Festival and National Day sales show month-on-month improvement but year-on-year pressure, still in the left-side bottoming phase fundamentally. From a long-term perspective, baijiu fundamentals are expected to gradually show improvement trends under the low base effect in 2026, with current bottom-level medium-to-long-term allocation value continuing to emerge.
In fact, not only the baijiu sector, but beer, wine, and yellow wine industries also performed poorly this week. In the beer segment, only Yanjing Beer and Chongqing Beer achieved gains, while Zhujiang, Huiquan, and China Resources Beer all saw weekly declines exceeding 2%. In the yellow wine segment, Kuaijishan experienced a weekly drop of 6.32%, leading the decline across the entire alcoholic beverage industry.
**Anhui Yingjia Distillery's "Dark Horse" Status Fades**
Under the continued adjustment in the baijiu industry, some liquor companies demonstrate strong operational resilience while others see their stock prices first emerge from the bottom. Anhui Yingjia Distillery Co.,Ltd., which had surpassed Kouzi Liquor in recent years, now faces a double blow in both performance and stock price, with not only significantly declining interim results but also stock performance ranking at the bottom within the baijiu industry.
This week, Anhui Yingjia Distillery Co.,Ltd. experienced a weekly decline of 5.24%, ranking among the top decliners, while its monthly drop has reached 6.32%, topping the September decline list for baijiu stocks. As of September 19, the company's annual decline reached 17.86%, with performance only slightly better than another Anhui-based liquor stock Jinseed Wine, placing second-to-last in the baijiu industry.
Alongside weak stock performance, Anhui Yingjia Distillery Co.,Ltd.'s 2025 interim results also showed significant decline, losing its former "dark horse" appeal.
According to data, when Anhui Yingjia Distillery Co.,Ltd. first listed on the A-share market in 2015, its revenue scale lagged behind Jiannanchun Group and Kouzi Liquor. From 2021 to 2023, the company's revenue and net profit entered a rapid growth period, with revenue scale surpassing Kouzi Liquor to become the second-largest Anhui-based liquor company. In 2024, Anhui Yingjia Distillery Co.,Ltd.'s revenue scale exceeded 7 billion yuan, reaching a historic high.
However, entering 2025, the company's performance suddenly showed rapid decline. In the first half of this year, the company achieved revenue of 3.16 billion yuan, down 16.89% year-on-year, and net profit of 1.13 billion yuan, down 18.19% year-on-year.
From a product performance perspective, Anhui Yingjia Distillery Co.,Ltd.'s mid-to-high-end baijiu achieved revenue of 2.537 billion yuan in the first half, down approximately 14% year-on-year; regular baijiu revenue was only 452 million yuan, plummeting 32.47% year-on-year. While regular baijiu revenue collapsed, the company's high-end products failed to support the overall situation, leading to passive overall performance.
This week, at Anhui Yingjia Distillery Co.,Ltd.'s 2025 interim results briefing, investor attention was notably lower, with very few questions raised. When addressing why the company's Anhui provincial revenue experienced double-digit decline, General Manager Qin Hai merely responded briefly with "first-half revenue was affected by multiple factors including consumption weakness and weak demand."
Industry insiders point out that Anhui Yingjia Distillery Co.,Ltd. is currently constrained by factors including dragging performance from mid-to-low-end products, weak expansion outside the province, and inventory pressure, leading to rapid performance decline in the first half of 2025. If the company can achieve sales recovery during the peak second-half season, combined with expectations of industry bottoming and recovery, it may gradually repair valuations. However, under continued pressure from competitors like Jiannanchun Group, challenges remain severe.
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