Shanxi Xinghuacun Fen Wine Factory Co Ltd Class A

600809: XSHG (CHN)

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Subpremium Baijiu Earnings: Demand Headwinds and Moat Downgrades Drive 19%-45% Valuation Cuts

Jennifer Song

Sep 1, 2026

Second-quarter profits fell across China's subpremium baijiu makers amid continued industry headwinds. Shanxi Fen Wine reported a 43% year-on-year decline in net profit, Yanghe's core operating profit slipped to breakeven, and Swellfun widened its losses.

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Shanxi Xinghuacun Fen Wine Factory Co Ltd Class A

Subpremium Baijiu Earnings: Demand Headwinds and Moat Downgrades Drive 19%-45% Valuation Cuts

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