Sichuan Swellfun (600779)
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Sichuan Swellfun (600779) News
Swellfun (600779.SH) 2025 annual profit distribution: a cash dividend of RMB 0.255 per share
Gelonghui, August 6 — Sichuan Shuijingfang Co., Ltd. (SHA: 600779) announced its 2025 annual profit distribution implementation notice, stating that the company intends to distribute a cash dividend of RMB 2.55 per 10 shares (tax-inclusive) to all shareholders. As of April 28, 2026, the company’s total share capital amounted to 487,503,198 shares. After excluding 2,862,400 shares held in the company’s repurchase-specific securities account, the dividend will be calculated based on 484,640,798 shares, resulting in a total proposed cash dividend of RMB 123,583,403.49 (tax-inclusive). The remaining undistributed profits will be carried forward to future years. The company will not carry out
Hua Chuang Securities: Premium liquor sector sees accelerated inventory clearance in Q2; mass-market leaders remain resilient
Specifically, liquor companies' Q2 financial reports indicate an accelerating bottoming-out process, with a gradual recovery expected in the second half of the year on a low base. For mass-market consumer goods, investors should focus on high-quality blue-chip names at current trough levels to capture opportunities from marginal improvements.
The baijiu sector has surged, yet liquor producers find little reason to celebrate.
Sichuan Swellfun CFO Resigns; Successor Named
Sichuan Swellfun (SHA:600779) Chief Financial Officer Jiang Leifeng stepped down effective Friday, citing personal reasons.Gu Liying will succeed Jiang as CFO, according to separate filings with the
A-Share Market Movement | Kweichow Moutai Raises Prices, Baijiu Stocks Rebound Collectively: Gujing Gongjiu Hits Daily Limit Up, Kweichow Moutai Rises Over 5%
Gelonghui, July 20 | All A-share baijiu stocks rose across the board, with Gujing Gongjiu hitting the daily trading limit, Jin Hui Jiu up over 7%, Luzhou Laojiao, Yingjia Gongjiu, and Kweichow Moutai rising more than 5%, Shanxi Fenjiu, Jinshiyuan, Wuliangye, and Tuopai Shede gaining over 4%, and Kouzi Jiao, Huangtai Winery, Swayboo, Jiuguijiu, Laobaigan, and Jinfengzi Wine all climbing more than 3%. On the news front, Kweichow Moutai announced late last Friday that effective at 00:00 on July 18, 2026, the retail price of Feitian 53% vol 500ml Kweichow Moutai (2026) on the iMoutai platform will be adjusted from RMB 1,539 per bottle to RMB 1,639 per bottle, with corresponding adjustments to contract prices.
Shuijingfang: Shuijingfang\'s 2026 Semi-Annual Performance Forecast
Shuijingfang forecasts a first-half loss, with proactive supply controls dragging down revenue by over RMB 300 million.
Shuijingfang's channel inventory reduction progress is now beginning to be prominently reflected in its income statement. On the evening of July 14, Shuijingfang released its 2026 interim earnings forecast. The company...
Research Report Insights | Guohai Securities: Initiates Shuijingfang with a 'Buy' rating, highlighting greater upside potential as demand recovers
Gelonghui, July 7 — A research report by Guohai Securities notes that Quanle (Shuijingfang) is proactively adjusting its strategy with a renewed focus on core operations. The company has prioritized channel health as its primary objective, actively managing supply, optimizing inventory, cracking down on unauthorized cross-regional sales, standardizing market practices, and restoring distributor confidence amid the industry’s adjustment cycle. Gan Xiaofeng, the newly appointed general manager with a strong marketing and distribution background, has emphasized an unwavering commitment to operational excellence since taking office, with tangible results expected from refined terminal operations and enhanced channel profitability. Shuijingfang’s flagship brand solidifies its position in the upper-mid-tier segment, while its premium offering, Di Yi Fang, targets high-end business and cultural consumption scenarios, enabling clear price-tier segmentation and upward brand value positioning. The report further sugges
Shuijingfang (600779) Company Commentary: Proactive Adjustments, Focused on Operations
Event: On June 30, 2026, Shuijingfang held its 2025 Annual General Meeting of Shareholders, during which the company's management provided explanations on topics such as channel restructuring and improvements in retail sales performance. Our commentary is as follows: Investment Highlights: With a focus on sales momentum…
Shuijingfang Responds to Inquiry Letter, Revealing Costs of Adjustment: Multiple Core Distributors Terminated Partnerships Last Year; Rebate Ratio Increased to 35% | Quick Read Announcement
① Last year, the company experienced a sharp decline in both revenue and net profit, driven by a significant drop in income from its premium flagship products, compounded by RMB 44 million in severance payments related to workforce reductions, which increased administrative expenses; ② Last year, multiple core distributors of Shuijingfang terminated their contracts, prompting the company to raise channel rebates to 35% to support its distribution network; ③ In the first half of this year, Shuijingfang completed a change in general manager, and the new general manager will focus on enhancing operational quality and long-term competitiveness going forward.
Express News | Shuijingfang: Will Continue to Rectify Market Order and Optimize Product Launch Timing
Shuijingfang has issued a 'Notice on Standardizing Market Order and Jointly Building a Healthy Business Ecosystem.' The notice states that, starting from July 2026, Shuijingfang will continue to rectify market order and optimize the timing of product launches.
Shuijingfang (600779): New General Manager Takes Office; Performance Improvement Expected
The newly appointed general manager has assumed office, bolstering expectations for operational improvements driven by a marketing background. The company announced that, effective June 1, 2026, Mr. Gan Xiaofeng will serve as general manager, with Mr. Zhou Zhiming no longer acting in the capacity of general manager. Additionally, Mr. Gan Xiaofeng has been nominated as a candidate for non‑independent director.
Express News | The baijiu sector rebounded amid intraday volatility, with Jiuguijiu hitting the daily trading limit.
The baijiu sector rebounded amid intraday volatility, with Jiuguijiu hitting the daily trading limit. Shares of companies including Tuopai Zhijiu, Yingjia Gongjiu, Sichuan Shuijingfang, Kouzi Jiao, and Kweichow Moutai led the gains. According to market reports, institutional research notes that the stable wholesale price of Feitian Moutai reflects the effectiveness of channel inventory adjustments. Companies, by shifting focus toward end consumers (C-end) and implementing coordinated pricing strategies, are expected to see improved financial performance starting in the second quarter. JD.com’s 618 online sales data showed a 25% year-over-year increase in liquor sales, with leading brands such as Moutai and Wuliangye posting growth of 15% to 45%. Prices remained within a reasonable range, avoiding the sharp declines seen in previous years.
White spirit stocks listed on the A-share market declined broadly, with Jinhui Liquor falling by 4%.
Gelonghui, June 26 — Shares of baijiu producers in the A-share market broadly declined, with Jinhuijiu down 4%, Shuijingfang, Huangtai Winery, Tuopai Jiuye, and Jinzhongzijiu falling more than 3%, and Jinshiyuan, Luzhou Laojiao, Kouzijiao, Tianyoudejiu, Yingjia Gongjiu, and Yilite dropping over 2%.
Express News | Baijiu stocks surge intraday; Jiuguijiu hits upper trading limit
Baijiu stocks surged intraday, with Jiuguijiu hitting the upper trading limit, followed by gains in Shuijingfang, Huangtai Distillery, Tuopai Shede Spirits, Yingjia Gongjiu, and Jinshiyuan. According to market reports, Goldman Sachs’ latest research note stated that the most challenging inventory destocking phase for China’s baijiu industry has passed—supply-side cuts have accelerated, wholesale prices of key mid-to-high-end products have stabilized, and channel inventories are returning to healthy levels, indicating that the sector is in the very early stages of recovery.
Goldman Sachs: The most challenging period for Chinese baijiu has passed.
Goldman Sachs believes that wholesale prices for Feitian Maotai and other mid-to-high-end baijiu brands have generally stabilized, supported by accelerated channel inventory drawdowns and supply-side cuts, and corporate cash flows also showed signs of recovery in the first quarter. However, due to factors such as a decline in banquet-related consumption occasions, Goldman Sachs has downgraded earnings forecasts for most companies, projecting that total industry sales volume will recover to approximately 75% of 2024 levels by 2030, indicating that the long-term recovery remains in its early stages.
Huachuang Securities: Initial signs of a localized inflection point in liquor sales during the Dragon Boat Festival are emerging; the sector is expected to see marginal recovery in the second half of the year against a low base.
The industry remained in the early adjustment phase in the first half of the year, with liquor producers generally ceasing to push inventory onto distributors. Marginal inventory drawdown occurred, and Q2 effectively served as the final stress test period for demand, financial reporting, and pricing.
“Daily Update”-Style Job Hopping: Jingzhi Baijiu’s Top Executive Steps Down Yesterday and Joins Rival Shuijingfang Today, Sparking Controversy
① Less than 24 hours elapsed between Gan Xiaofeng stepping down as head of Jingzhi Baijiu and the June 1 announcement by Sihui Fang (Shuijingfang) appointing him as the company’s general manager; ② This 'seamless job switch' is expected to help Shuijingfang overcome its performance plateau, while simultaneously exposing Jingzhi Baijiu to risks such as leakage of core commercial information; ③ Jingzhi Baijiu described the personnel change as part of normal leadership rotation, but the incident has revealed certain management gaps in non-compete controls within the 'China Resources Group' central state-owned enterprise system.
Sichuan Shuijingfang Co., Ltd. (SHA: 600779): Renewal of Routine Related-Party Transaction Agreements
Gelonghui, June 9 — Sichuan Shuijingfang Co., Ltd. (SHA: 600779) announced that the company has signed a renewal agreement with its related party, DIAGEO SINGAPORE PTE. LTD., titled "Renewal Agreement (Duty-Free Territory) for the Distribution Agreement between Sichuan Shuijingfang Co., Ltd. and DIAGEO SINGAPORE PTE. LTD." (2026). This routine related-party transaction aims to leverage Diageo's international market expertise and distribution channels to accelerate Shuijingfang’s product portfolio adjustment and implementation of its brand innovation strategy, thereby enhancing brand development and expanding into overseas markets.
White spirit stocks on the A-share market rose against the market trend, with Jiuguijiu up more than 7%.
Gelonghui, June 5 — Baijiu stocks in the A-share market rose against the broader market trend. Among them, Jiuguijiu surged over 7%; Shuijingfang, Tuopai Zhijiu, Huangtaijiu, and Jinhuijiu gained more than 3%; Yingjia Gongjiu, Tianyoudejiu, and Kouzijiao advanced over 2%; Shunxin Agriculture, Yanghe Shares, Gujing Gongjiu, Laobaiganjiu, Jinzhongzijiu, Luzhou Laojiao, Jinshiyuan, Yilite, Wuliangye, and Shanxi Fenjiu all rose over 1%; while Kweichow Moutai edged up nearly 1%.