Shanxi Xinghuacun Fen Wine Factory Co Ltd Class A

600809: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	cx%	LOCK\|>D	LOCK\|n<#T>G

Subpremium Baijiu Earnings: Demand Remains Weak; Cutting Valuation 8% for Fen Wine, 21% for Yanghe

Jennifer Song

Nov 2, 2026

Third-quarter earnings trajectories varied across our subpremium baijiu coverage. Swellfun returned to 6% year on year growth in recurring net profit, while Yanghe widened its losses. Meanwhile, Shanxi Fen Wine's net profit decline narrowed sequentially to 35% from 43% in the prior quarter.

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Shanxi Xinghuacun Fen Wine Factory Co Ltd Class A

Subpremium Baijiu Earnings: Demand Remains Weak; Cutting Valuation 8% for Fen Wine, 21% for Yanghe

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