Jiangsu Yanghe Distillery Co Ltd Class A

002304: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Subpremium Baijiu Earnings: Demand Headwind Persists, Profitability Declines Sharply

Jennifer Song

Oct 31, 2025

Subpremium baijiu companies' third-quarter results continue to reflect persistent demand weakness and elevated inventory levels. Among them, Swellfun posted a 75% year-on-year decline in net profit, while Yanghe and Jiugui reported net losses.

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Jiangsu Yanghe Distillery Co Ltd Class A

Subpremium Baijiu Earnings: Demand Headwind Persists, Profitability Declines Sharply

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