On May 22, Jiugui Liquor Co.,Ltd. held its annual performance briefing online, during which management addressed plans for the new year and the potential for profitability.
The year 2025 presented significant performance pressure for Jiugui Liquor Co.,Ltd. The company reported annual revenue of 1.108 billion yuan, a decrease of 22.17% year-over-year. Net profit attributable to shareholders was a loss of 34 million yuan, a decline of 371.76% year-over-year, marking the company's first loss in nearly a decade.
Analyzed by product line, all of the company's products experienced varying degrees of decline last year. The Neican series contributed revenue of 168 million yuan, down 28.6% year-over-year. The Jiugui series brought in revenue of 661 million yuan, down 20.8%. Revenue from the Xiangquan series decreased by 25% year-over-year to 57 million yuan, while revenue from other product series fell by 19.9%.
Consequently, how to improve performance became a focal point at the briefing. An investor inquired about the company's measures to drive growth. Cheng Jun, the Party Committee Secretary and General Manager of Jiugui Liquor Co.,Ltd., responded from four perspectives.
First, regarding branding, in 2026 the company will build differentiated brand advantages, concentrate brand resources to cultivate core key markets, leverage new online media for youth-oriented brand communication, and attract younger consumer groups.
In terms of product strategy, the company will focus on the core Neican product for its high-end line. For the sub-high-end segment, it will strengthen the Hongtan product, stabilize market prices, target the banquet market, and ensure clear channel product differentiation. For mass-market liquor, it will enrich its product line across price points, improve the layout of everyday drinking products, and solidify the sales foundation in the mass market.
Zou Fei, Deputy General Manager of Jiugui Liquor Co.,Ltd., noted that the company places high importance on the layout and deployment within the mass-market price segment. Xiangquan, as the foundational category of the company's Fuyu aroma-type, serves as a crucial base for brand penetration into lower-tier markets and broadening channel coverage. It is also a core vehicle for popularizing the Fuyu aroma-type taste and cultivating consumer awareness of this aroma profile.
This year, Jiugui Liquor Co.,Ltd. will maintain reasonable resource investment in Xiangquan to stabilize its market coverage in the mass-market price segment. "We have already launched a new product, the 46-degree Xiangquan bottled wine, in the Hunan market."
From a channel perspective, Jiugui Liquor Co.,Ltd. will deepen its presence in its local home market, strengthen cooperation with supermarket channels, establish a group purchase business system, and expand into new retail channels such as e-commerce, instant retail, and private domains to explore new growth drivers across multiple channels. Organizationally, it will enhance operational efficiency, routinely promote cost reduction and efficiency improvement, and accelerate digital transformation.
Last year, Jiugui Liquor Co.,Ltd. actively partnered with the retail brand Pangdonglai to jointly develop the new product "Jiugui Liquor - Free Love," targeting mass consumer demand. According to the annual report, Pangdonglai has become the company's largest client, with sales of 196 million yuan in 2025, accounting for approximately 18% of total sales.
This strategy will continue. Cheng Jun stated that the cooperation between Jiugui Liquor Co.,Ltd. and Pangdonglai is progressing steadily. Furthermore, the "Jiugui Liquor - Free Love" product is primarily sold in Pangdonglai's own stores and its supported supermarkets, and has not entered other channels.
Beyond Pangdonglai, Jiugui Liquor Co.,Ltd. has also established cooperation with Sam's Club, with products currently being sold in the Sam's Club system.
Regarding the stabilization of the price system, Cheng Jun acknowledged that the company attaches great importance to online product pricing issues and is continuously carrying out market price rectification work in three steps. First, by clearly differentiating the layout of online and offline products to avoid direct price comparisons of identical items. Second, by strictly standardizing the authorization management of online merchants, uniformly controlling online selling prices, and maintaining a healthy market order. Third, by relying on QR code traceability to strictly investigate product sources and imposing serious penalties on non-compliant distributors.
A relatively positive signal is that Jiugui Liquor Co.,Ltd. returned to profitability in the first quarter of this year. As of the end of March, the company's revenue decreased by 7.78% year-over-year to 317 million yuan, with a corresponding net profit of 33.1808 million yuan, an increase of 4.63% year-over-year.