China’s listed baijiu producers posted a 6.7% sales decline in the first half of 2026

China’s listed baijiu producers reported a broad decline in sales and profit in the first half of 2026, with the 19 companies traded on the mainland A-share market posting combined revenue of about 196.3 billion yuan, down 6.7% from a year earlier.

The figures, published Tuesday by Economic Information Daily and reproduced by Sina Finance, were compiled from company filings and an aggregation by Wind after all of the companies had reported their first-half results. Based on the reported decline, the same group generated about 210.4 billion yuan in revenue in the first half of 2025, meaning sales fell by roughly 14.1 billion yuan this year.

Profit also weakened more than revenue. Combined attributable net profit for the 19 companies fell 8.4% to about 73.1 billion yuan in January through June. That implies a comparable figure of roughly 79.8 billion yuan a year earlier, or a drop of about 6.7 billion yuan.

The decline in profit pushed the group’s aggregate margin lower. Based on the published data, the combined attributable profit margin slipped to about 37.2% from 37.9% a year earlier, a deterioration of roughly 0.7 percentage points. The change suggests that earnings pressure across the industry is continuing even as producers try to defend pricing and manage inventories.

The weakness was spread across most of the market rather than concentrated in a few companies. Only four of the 19 baijiu producers increased revenue in the first half, while 15 posted declines. On the profit side, only three companies increased attributable net profit, and one more reduced its losses. The rest reported lower earnings or weaker bottom-line performance.

Several major producers posted steep revenue declines. Luzhou Laojiao’s revenue fell 36.35% from a year earlier, Shanxi Fenjiu’s dropped 12.18%, and Gujing Gongjiu’s declined 27.01%, according to the report. Those results added to the pressure on the sector’s overall totals because large distillers carry significant weight in industry earnings and sales.

The first-half data provides a more complete picture than earlier partial tallies circulated before the reporting season had ended. The new aggregation covers the full A-share baijiu universe after the close of all the companies’ interim accounts, offering a broader view of how widespread the slowdown has become among listed distillers in mainland China.

The report said the downturn is notable because it extends well beyond a handful of weaker names. Nearly four-fifths of the companies in the sample lost revenue, while profit for the group fell faster than sales. That pattern points to pressure not only on volume and demand, but also on profitability.

The figures should still be read with caution. The newspaper’s totals are based on rounded numbers, and interim earnings reports in China are mostly unaudited. The data also reflects only the 19 baijiu companies listed on the A-share market. It does not represent the entire Chinese baijiu industry, nor does it include companies listed only in Hong Kong.

Economic Information Daily said the updated aggregation replaces an earlier partial count released before all companies had reported. As a result, the new totals are intended as a standalone measure of first-half performance for the full A-share baijiu group and should not be added to previous incomplete tallies.