ZJLD Group Inc

06979: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Baijiu Moat Downgrades Leave Only the Strongest Brands as Long-Term Winners

Jennifer Song

Sep 1, 2026

Chinese baijiu sales have deteriorated since the second half of 2024, and the sector has lagged the broader market. An aging population and falling per capita drinking rates point to a shrinking pool of buyers, prompting us to reassess competitive strength across our coverage.

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ZJLD Group Inc

Baijiu Moat Downgrades Leave Only the Strongest Brands as Long-Term Winners

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