Despite a strong rebound on Thursday, aided by a surge in Sichuan Swellfun Co.,Ltd., the Wind Baijiu Index ultimately fell 0.24% for the week as it declined on the other four trading days, with most stocks in the sector performing weakly except for Swellfun.
In the beer sector, the two major brands of the "Yanjing family," Beijing Yanjing Brewery Co.,Ltd. and Huiquan Beer, both saw their share prices drop by more than 3% this week. Notably, Beijing Yanjing Brewery fell nearly 4% for the week, causing its year-to-date performance to turn negative with a decline of 1.27%.
Sichuan Swellfun Co.,Ltd., which has been one of the worst-performing stocks in 2025, staged a strong rebound this week with a 6.87% gain, making it the top performer among A-share liquor companies. However, even with its surge, the Wind Baijiu Index still fell 0.24% for the week, continuing its bottoming process.
Among individual baijiu stocks, Hong Kong-listed Zhenjiu LiDu surged 10.75% this week, putting in a standout performance. It is noteworthy that as of the close on December 26, Zhenjiu LiDu led A+H share liquor companies in 2025 with an impressive year-to-date gain of 34.59%. Besides Swellfun and Zhenjiu LiDu, only Jinhuijiu, Jiugui Liquor Co.,Ltd., *ST Yanshi, and Kweichow Moutai Co.,Ltd. saw their share prices rise among listed baijiu companies this week.
Regarding fundamentals, Founders Securities noted that recent research feedback indicates leading liquor companies have clearly prioritized operational stability as their primary goal for 2026, avoiding blind pursuit of channel growth. They are expected to continue the recovery trend of inventory reduction, price restoration, and demand-driven sales improvement as economic momentum picks up, with policies for the 2026 Spring Festival and contract volumes likely serving as key monitoring indicators. Currently, leading liquor companies are proactively implementing measures such as shipment control, volume reduction, and subsidies to alleviate pressure on distribution channels, working with distributors to navigate the cycle.
In the non-baijiu sector, beer stocks saw relatively large adjustments this week, with Beijing Yanjing Brewery and Huiquan Beer both falling over 3.5%. Zhujiang Beer Group Co.,Ltd., Chongqing Brewery Co.,Ltd., and Tsingtao Brewery Company Limited also declined around 1% for the week. Meanwhile, Mogao Co.,Ltd., a wine company that has performed well overall this year, fell 4.4% this week.
After hitting a historical high of 14.27 yuan mid-year, Beijing Yanjing Brewery's share price has continued to decline throughout the third and fourth quarters. Entering mid-December, the stock fell steadily, dropping 3.7% this week and ultimately turning its annual performance negative with a year-to-date decline of 1.27%.
Despite the continuous share price decline, Beijing Yanjing Brewery has recently attracted ongoing research from institutions including E Fund Management Co.,Ltd., Invesco Great Wall Fund Management Co.,Ltd., and GF Securities Co.,Ltd. When outlining its development plan for the "16th Five-Year Plan" period, the company stated it will seize opportunities of the times, adapt to market changes, advance digital construction, expand new retail channels, strengthen brand marketing, and improve income and cost control. It aims to drive quality and efficiency upgrades through reform, build a multi-dimensional value creation system, enhance core competitiveness, and commit to creating more resilient and excellent long-term value, laying a solid foundation for a good start to the "16th Five-Year Plan" period and promoting the company's sustained, steady, and high-quality development within the industry.
Furthermore, regarding market development, Beijing Yanjing Brewery stated it will continue to expand its sales network and market coverage through regional resource allocation and differentiated strategies, improving channel coverage and penetration to achieve a virtuous cycle of "deepening potential in strong markets and rapidly expanding into emerging markets."
However, despite maintaining growth in performance, experts believe Beijing Yanjing Brewery faces more urgent tasks. Recently, Liu Shuwei, Director and Researcher of the Chinese Enterprise Research Center at the Central University of Finance and Economics, pointed out that Tsingtao Brewery has a history of over a hundred years and high recognition both domestically and internationally. The various beers currently listed by Beijing Yanjing Brewery are competitive in the market and offer high cost-performance. The gap between Beijing Yanjing Brewery and Tsingtao Brewery lies in brand recognition, not product quality. Therefore, the most urgent task for Beijing Yanjing Brewery to narrow this gap is to enhance its brand awareness.
From the perspective of brokerages, Beijing Yanjing Brewery also faces future risks, including potential underperformance of major product sales and slower-than-expected product structure upgrades due to weak terminal demand.
