Jinhui Liquor Co., Ltd. produces and sells liquor in China. It also manufactures alcoholic beverages, soft drinks, and refined tea, and is involved in food production and sales, professional design services, paper product manufacturing, graphic design, and recycled resource sales. Its products are sold through distributors, supermarkets, direct sales, and online channels. The company was incorporated in 2009 and is headquartered in Longnan, China.
Jinhui Liquor's 2026 interim net profit was 214 million yuan, down 28.24% year-on-year
Jinhui Liquor released its 2026 interim report, with net profit attributable to the parent company of 214 million yuan, a decrease of 28.24% compared with the same period last year. The company's total operating revenue was 1.816 billion yuan, up 3.19% year-on-year, achieving five consecutive years of growth. Net cash inflow from operating activities was 212 million yuan, down 34.01% year-on-year. The company's latest gross margin was 62.57%, a decrease of 3.07 percentage points from the same period last year; the latest return on equity was 6.29%, a decrease of 2.55 percentage points from the same period last year.
Jinhui Liquor's first-half net profit fell nearly 30 percent, dragged by increased promotional liquor and share-based payments
Jinhui Liquor released its 2026 half-year report. In the first half, it achieved operating revenue of 1.816 billion yuan, up 3.19 percent year on year, but net profit attributable to the parent company was 214 million yuan, down 28.24 percent year on year. The company said the decline in net profit compared with the same period last year was affected by an increase in promotional liquor, new share-based payments from the implementation of an employee stock ownership plan, and supplementary tax payments. By product, revenue from products priced between 100 and 300 yuan was 923 million yuan, down 4.77 percent year on year, accounting for 52.32 percent of total revenue. Revenue from products above 300 yuan was 414 million yuan, up 8.89 percent year on year. Revenue from products below 100 yuan was 427 million yuan, up 16.66 percent year on year. By channel, revenue from the distributor channel was 1.627 billion yuan, up slightly by 0.4 percent year on year. Revenue from direct sales including group buying was 41 million yuan, up 5.91 percent year on year. Revenue from internet sales channels was 97 million yuan, up 69.94 percent year on year. By region, revenue from the market within Gansu Province was 1.305 billion yuan, down 2.18 percent year on year. Revenue from markets outside the province was 460 million yuan, up 20.31 percent year on year.
Jinhui Liquor Plans Cash Dividend of 2 Yuan per 10 Shares
Jinhui Liquor announced plans to distribute a cash dividend of 2 yuan, tax included, for every 10 shares to all shareholders. The total payout is expected to be 101 million yuan, accounting for 47.37 percent of net profit attributable to the parent company.
Multiple Companies on Shanghai and Shenzhen Stock Exchanges Release Key Announcements on the Evening of July 31
On the evening of July 31, multiple listed companies on the Shanghai and Shenzhen stock exchanges released key announcements. Mentech Optical & Magnetic plans to raise no more than 1.283 billion yuan through a private placement for projects including high-speed optical module smart manufacturing. Elegant Home-Tech will suspend trading from August 3 for verification due to severely abnormal stock price fluctuations. Hongqiao Holdings plans to raise no more than 12 billion yuan through a private placement for wind power, photovoltaic, and aluminum deep processing projects. China Southern Power Grid Technology intends to acquire a 100% stake in Yuoneng Power for 445 million yuan to resolve horizontal competition. Jinhui Liquor needs to pay back taxes and late fees totaling 83.8181 million yuan. Tianli Lithium Energy and its actual controller have been placed on file by the China Securities Regulatory Commission for suspected information disclosure violations. In terms of performance, Aofei Data's net profit in the first half of the year increased by 123.64% year-on-year. Fullhan Microelectronics expects its first-half net profit to grow by 1,072.72% to 1,420.19% year-on-year. Shengda Resources' first-half net profit rose by 456.46% year-on-year. Several companies disclosed buyback or share increase plans, among which GigaDevice plans to repurchase shares worth 1 billion to 2 billion yuan for cancellation, and Zhongchuang Zhiling plans to repurchase shares worth 300 million to 400 million yuan. In addition, China National Nuclear Power's Liaoning Zhuanghe nuclear power project and Zhejiang Jinqimen nuclear power project have been approved by the State Council. Titan Wind Energy has signed a shipbuilding contract worth approximately 420 million to 480 million US dollars.
002531.CS · Demand · Positive Signed a shipbuilding contract worth approximately $420-480 million.
002902.CS · Capital · Positive Plans to raise up to 1.283 billion yuan via private placement for high-speed optical module projects.
300613.CS · Capital · Positive Expects first-half net profit to grow 1,072.72% to 1,420.19% year-on-year.
300738.CS · Capital · Positive First-half net profit increased 123.64% year-on-year.
301152.CS · Regulation · Negative Tianli Lithium Energy and its actual controller are under investigation by the CSRC for suspected information disclosure violations.
601985.CG · Regulation · Positive State Council approval for two nuclear power projects
Liquor stocks rally, Jinhui Liquor and Shede Spirits hit daily limit up intraday
The liquor sector strengthened today, with Jinhui Liquor and Shede Spirits hitting their daily limit up intraday at 16.89 yuan per share and 37.49 yuan per share respectively. Golden Seed Winery surged more than 7% at one point, while Kouzi Distillery, Shanxi Xinghuacun Fen Wine Factory, Jiugui Liquor, Wuliangye, and Yanghe Brewery all gained over 4%. Goldman Sachs noted in its latest research report that the most difficult destocking phase for China's liquor industry is over, with supply-side cuts accelerating, wholesale prices of key mid-to-high-end varieties stabilizing, and channel inventories trending healthier. The industry is in the very early stages of recovery, but broader commercial demand recovery still needs confirmation due to macroeconomic uncertainties, and the industry's long-term market capacity faces structural contraction.
Jinhui Liquor Launches 18th Love Education Project, Donates 13 Million Yuan
Jinhui Liquor has launched its 18th Love Education Project, announcing a donation of 13 million yuan to support students from disadvantaged families in seven provinces and regions—Gansu, Shaanxi, Ningxia, Inner Mongolia, Qinghai, Jiangsu, and Henan—who have been admitted to university this year, helping them complete their studies. Chairman Zhou Zhigang stated that the company has been carrying out charitable education activities since 2009, donating over 10 million yuan each year, with cumulative donations exceeding 160 million yuan. As performance grows in the future, the company will expand the scope of its education assistance.
603919.CG · Capital · Positive Company donates 13 million yuan to education, a capital allocation event that may enhance brand reputation and goodwill, but is not a direct demand or revenue driver.
Moutai Shares Surge 5% Intraday After Price Hike, Baijiu Stocks Rally in Sympathy
Kweichow Moutai shares jumped more than 5% intraday after its second price increase this year, lifting the entire baijiu sector. On the evening of July 17, Kweichow Moutai announced it would raise the retail price of Feitian Moutai on the iMoutai platform from 1,539 yuan per bottle to 1,639 yuan per bottle, and the contract sales price from 1,269 yuan per bottle to 1,369 yuan per bottle, representing increases of 6.5% and 7.9% respectively. Institutions estimate the price hike will contribute about 2.7 billion yuan in incremental revenue and roughly 1.6 billion yuan in additional profit for 2026. Moutai opened higher and continued to climb after the market opened today, rising 5.25% as of 11:13 a.m. to reclaim the 1,300 yuan level. Gujing Gongjiu hit its daily limit up, while Luzhou Laojiao, Yingjia Gongjiu, and Jinhui Liquor all gained more than 5%. Independent baijiu commentator Xiao Zhuqing said the Moutai price adjustment is conducive to generating greater profit returns for shareholders, squeezing out speculative room in the market, and is positive for the entire baijiu industry.
Liquor stocks rally strongly: Kweichow Moutai surges nearly 6%, institutions expect sector recovery in second half
The liquor sector staged a strong rebound on July 20, with Kweichow Moutai closing up nearly 6% and its share price reclaiming the 1,320 yuan level. Gujing Gongjiu hit the daily limit up, Luzhou Laojiao rose over 6%, Jinhui Liquor and Shanxi Xinghuacun Fenjiu gained over 5%, and Wuliangye, Yingjia Gongjiu, and Jinshiyuan all closed higher across the board. On the news front, Kweichow Moutai recently announced another price increase for its core blockbuster product, Feitian Moutai, and its non-standard product, the kilogram Moutai. Effective July 18, the retail price of Feitian 53% vol 500ml Kweichow Moutai on the iMoutai platform was raised from 1,539 yuan per bottle to 1,639 yuan per bottle, and the sales contract price was raised from 1,269 yuan per bottle to 1,369 yuan per bottle. The retail price of the kilogram Moutai was raised from 3,119 yuan per bottle to 3,269 yuan per bottle. Institutions believe the price hikes will help boost earnings. Huachuang Securities estimates that, after deducting value-added tax, the corresponding increase in reported revenue will be approximately 5.6 billion yuan, contributing an estimated profit of around 3.6 billion yuan. Recent semi-annual earnings forecasts from several liquor companies indicate the industry remains broadly under pressure, with Shede Spirits, Swellfun, Golden Seed Winery, and Huangtai Liquor posting losses or profit declines in the first half. Zheshang Securities believes the fundamentals have clearly bottomed out, and Kaiyuan Securities expects the sector to likely recover in the second half of the year. At the close, Kweichow Moutai traded at 1,327.5 yuan per share, up 5.95%, with a total market capitalization of 1.66 trillion yuan.
Jinhui Liquor replies to SSE inquiry, explains roughly 400 million yuan in related-party procurement over three years
Jinhui Liquor recently replied to a Shanghai Stock Exchange inquiry, explaining the reasonableness of approximately 400 million yuan in engineering construction services procured from Gansu Maoda, an entity controlled by relatives of the company's actual controller, between 2023 and 2025. The company disclosed that procurement amounts from Gansu Maoda over the three years were 10 million yuan, 227 million yuan, and 164 million yuan respectively, covering projects such as intelligent warehousing and phase four technical upgrades. Fund disbursements were fully aligned with project progress, and completed assets were promptly transferred to fixed assets with standardized depreciation. All projects underwent open or invited tendering, with pricing based on official Gansu engineering quotas. The unit construction costs for warehousing and technical upgrades were notably lower than comparable peer projects. Gansu Maoda holds a general contracting grade-one qualification and offers strong regional adaptability. Although in some years orders from the company accounted for nearly half of Gansu Maoda's revenue, the firm also undertakes diverse government and real estate projects, and there are no significant capital transactions with the actual controller.
603919.CG · Regulation · Neutral Company responds to SSE inquiry about related-party procurement, but the explanation shows compliance and reasonable pricing, making net impact unclear.
甘肃懋达 · Demand · Neutral Gansu Maoda receives significant procurement orders from Jinhui Liquor, but the article does not indicate whether this is positive or negative for its business.
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