CMB Securities: The baijiu industry emerges from its darkest hour; prioritize companies showing signs of turning points.

The bottom of the sector has been confirmed, restrictive factors are gradually easing, and companies emerging from the turning point should be given attention.

Zhitong FinanceMay 6 10:16

Stocks in the baijiu sector collectively rose, with Yingjia Gongjiu hitting the daily trading limit and Laobaigan Liquor surging over 6%.

Gelonghui, April 23 | The liquor stocks in the A-share market collectively rose. Among them, Yingjia Gongjiu's stock surged to the daily limit, while Laobaigan Liquor increased by over 6%. Shanxi Xinghuo, Gujing Gongjiu, and Huangtai Winery rose by more than 4%, Jinzi Liquor increased by over 3%, and Swellfun, Jinfu Yuan, Jiugui Liquor, Shequ Liquor, Kouzi Cellar, and Jinhui Liquor climbed by over 2%. In terms of news, Yingjia Gongjiu released its Q1 report for 2026, with total operating revenue amounting to 2.23 billion yuan, a year-on-year increase of 8.91% compared to the same period last year. The net profit attributable to shareholders was 835 million yuan, marking a year-on-year increase of 0.73% compared to the same period last year. Additionally, Dongwu Securities previously issued a research report predicting that the industry’s performance reports for 2026 will show growth.

Gelonghui FinanceApr 23 11:04

Shede Liquor (600702): Revenue decline narrows, with mass-market liquor showing relatively strong performance.

Event: The company released its Q1 2026 earnings report, achieving operating revenue of 1.481 billion yuan in Q1 2026, a year-on-year decrease of 6.01%; net profit attributable to shareholders was 232 million yuan, a year-on-year decrease of 33.10%; Q1 2026.

SDIC SecuritiesApr 21 00:00

Research Report Insights | Zheshang Securities: Reiterates 'Buy' Rating for Tuopai Shede Spirits, Driven by Growth in Ordinary Liquor; Strong Performance During Spring Festival

A research report by Zheshang Securities noted that the revenue decline of舍得酒业 (Shede Liquor) has narrowed, while profitability faced slight pressure. In Q1 2026, the company achieved revenue/parent company net profit/non-parent company net profit of 1.481/232/223 million yuan, representing year-on-year changes of -6.01%/-33.10%/-34.91%. In Q1 2026, revenue from mid-to-high-end liquor/common liquor reached 1.054/295 million yuan, with year-on-year changes of -14.60%/+41.88%. During the Spring Festival period, the company's product series showed positive momentum, terminal inventory clearance accelerated, and the bottle-opening rate maintained double-digit growth. The strong performance of mid-to-low-priced products drove overall results.

Gelonghui FinanceApr 20 17:14 · Ratings

Commentary on Shequ Liquor (600702) Q1 2026 Earnings Report: Revenue Decline Narrows, Tax Rate Fluctuates

Event: Shequ Liquor released its Q1 2026 earnings report. The company achieved total revenue of 1.481 billion yuan in Q1 2026, representing a year-on-year decline of 6.01%, with net profit attributable to shareholders amounting to 232 million yuan, reflecting a year-on-year decrease of 33.1%. Non-recurring net profit attributable to shareholders also declined.

Everbright SecuritiesApr 19 20:01

Comment on the 2025 Annual Report of Shequ Liquor (600702): Continuous adjustments in 2025, operational bottom has emerged.

Event: In 2025, the company achieved revenue/parent company net profit of 4.419/223 million yuan, representing a year-on-year decrease of 17.51%/35.51%. Specifically, in Q4 of 2025, revenue/parent company net profit reached 71.8/-249 million yuan.

Zheshang SecuritiesApr 19 18:51