Chinese Baijiu Brands of 2026
FY2025 A-share baijiu revenues: Moutai still far ahead, Wuliangye restated, Fenjiu the only grower in the top ten.
Main table: FY2025 revenue
Compiled on 2026-08-12. Ranked by consolidated revenue from A-share annual reports. Wuliangye restated its 2025 Q1–Q3 results for accounting corrections, so YoY drops look especially steep.
| # | Company | FY2025 revenue | YoY | Net profit | NP YoY |
|---|---|---|---|---|---|
| 1 | Kweichow Moutai | CNY 168.838B | −1.21% | CNY 82.320B | −4.53% |
| 2 | Wuliangye | CNY 40.529B | −54.55% | CNY 8.954B | −71.89% |
| 3 | Shanxi Fenjiu | CNY 38.718B | +7.52% | CNY 12.246B | +0.03% |
| 4 | Luzhou Laojiao | CNY 25.731B | −17.52% | CNY 10.831B | −19.61% |
| 5 | Yanghe | CNY 19.211B | −33.47% | CNY 2.206B | −66.94% |
| 6 | Gujing Gongjiu | CNY 18.832B | −20.13% | CNY 3.549B | −35.67% |
| 7 | Jinshiyuan | CNY 10.181B | −11.81% | CNY 2.604B | −23.69% |
| 8 | Yingjia Gongjiu | CNY 6.019B | −18.04% | CNY 1.986B | −23.31% |
| 9 | Shede | CNY 4.419B | (industry roundup) | — | — |
| 10 | Shuijingfang | CNY 3.038B | −41.77% | CNY 0.406B | −69.73% |
Moutai core liquor ~CNY 146.5B; series ~CNY 22.3B. Fenjiu was the only name in the top ten with rising revenue.
Re-rank by net profit
Same filings, sorted by attributable net profit. Fenjiu and Luzhou both sit above restated Wuliangye.
| # | Company | Net profit | Revenue rank |
|---|---|---|---|
| 1 | Kweichow Moutai | CNY 82.320B | 1 |
| 2 | Shanxi Fenjiu | CNY 12.246B | 3 |
| 3 | Luzhou Laojiao | CNY 10.831B | 4 |
| 4 | Wuliangye | CNY 8.954B | 2 |
| 5 | Gujing Gongjiu | CNY 3.549B | 6 |
| 6 | Jinshiyuan | CNY 2.604B | 7 |
| 7 | Yanghe | CNY 2.206B | 5 |
| 8 | Yingjia Gongjiu | CNY 1.986B | 8 |
| 9 | Shuijingfang | CNY 0.406B | 10 |
How we ranked
Primary sort is FY2025 consolidated revenue. Profit table uses the same ARs. Shede revenue is from an early-May industry roundup. Production backdrop follows the sources table. Board defaults to 夯→拉 tracks.
| Source | Period | What we used |
|---|---|---|
| Moutai FY2025 AR | FY2025 | Revenue / profit / product split |
| Wuliangye FY2025 AR | same | Restated full-year figures |
| Fenjiu FY2025 AR | same | Only top-10 revenue grower |
| Luzhou FY2025 AR | same | Revenue + net profit |
| Yanghe FY2025 AR | same | Revenue + quarterly loss |
| NBS via Chyxx | FY2025 | Baijiu output 3.549M kl (−12.1%) |
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