Jiugui's ¥1,499 bottle now trades at ¥585 — first loss in 11 years

Jiugui, listed in 1997 and distilled in western Hunan, was taken in hand by COFCO in 2015 and became the fastest-growing listed baijiu maker: revenue climbed from ¥601 million to ¥4.05 billion in 2022, with profit of ¥1.049 billion crossing the ¥1 billion line for the first time. The engine was premiumization — a strategy of 'breaking through the heights and deep nationalization', anchored on the Neican bottle with a suggested retail price of ¥1,499.

FY2025 (published April 28, 2026): revenue ¥1.108 billion, down 22.17%; an attributable loss of ¥33.95 million — the first annual loss since 2014 — with the ex-items loss at ¥29.88 million. Revenue is now just over a quarter of the 2022 peak. Neican, the flagship, fell from ¥715 million in 2023 to ¥235 million in 2024 and ¥168 million in 2025, while its wholesale price sank to about ¥585 against the ¥1,499 sticker — a 60% inversion. Selling expenses ran at 32.49% of revenue, the highest among listed baijiu makers, and distributor prepayments shrank from ¥245 million to ¥175 million.

The lifeline is a supermarket. In July 2025 Jiugui launched 'Jiugui · Ziyouai', co-developed with Pang Donglai: a ¥200 clear-bottle baijiu costing ¥168.26 to make, at a gross margin of 15.87% against more than 60% on core products. Half a year of sales reached ¥196 million — 17.66% of the year's total — and the supermarket became the company's largest customer, ahead of the distributor network it spent a decade building. With SKUs cut by 60%, Q1 2026 profit turned positive again at ¥33.18 million, though revenue still fell 7.78%.