Shuijingfang issued an announcement forecasting a net loss attributable to the parent company of 6.22 million yuan for the first half of 2026, compared with a profit of 105 million yuan in the same period last year. The company expects operating revenue of 1.08 billion yuan for the period, down 27.78 percent year on year, mainly because during a deep adjustment phase in the baijiu industry, the company proactively optimized its channel inventory structure, with channel inventory falling about 50 percent year on year, leading to a revenue decline of about 300 million yuan and a gross profit decline of about 250 million yuan. In addition, factors such as provisions made, a reduction in government grants, and higher supply chain financing costs also exacerbated the loss. For the full year 2025, the company reported revenue of 3.038 billion yuan, down 41.77 percent year on year, and net profit attributable to the parent of 406 million yuan, down 69.73 percent, while its share price has evaporated more than 60 billion yuan from its all-time high. Over the past five years, Shuijingfang has seen six changes of general manager, with Zhou Zhiming serving in an acting capacity since May 2026.
Sichuan Swellfun Co LtdCompany forecasts first-half loss due to proactive destocking and revenue decline of 27.78% amid baijiu industry adjustment.