Under the simultaneous decline of revenue and profit, Jinshiyuan holds the 10-billion baseline.
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During the deep adjustment period when volume, price, and profit are shrinking simultaneously in the baijiu industry, Jinshiyuan is facing rare performance fluctuations and the pain of transformation in recent years.
In 2025, the company achieved operating revenue of 10.181 billion yuan, down 11.81% year-on-year; net profit attributable to shareholders was 2.604 billion yuan, down 23.69% year-on-year. This is a rare simultaneous decline in both revenue and profit in recent years.
Moving into the first quarter of 2026, operating pressure continued, with quarterly revenue of 4.322 billion yuan, down 15.23% year-on-year; net profit attributable to shareholders was 1.385 billion yuan, down 15.76% year-on-year.
Such performance is not surprising during a phase where the industry faces simultaneous pressure on volume, price, and profit.
High inventory, weakening sales, and shifts in consumption scenarios have made pressure particularly significant for liquor companies focusing on the sub-premium segment. For Jinshiyuan, maintaining the scale of 10 billion yuan in revenue has already become an important "bottom line."
Jinshiyuan's response centers on its proposed "three strategies"—differentiation, premiumization, and nationalization.
Among them, "premiumization" remains the anchor for profit and brand. In 2025, the company's Special A+ category products achieved revenue of 6.225 billion yuan, occupying a core position; Special A category products achieved 3.269 billion yuan in revenue and formed a strong support.
"Differentiation" is more reflected in the rematching of brands and scenarios. The "Guoyuan" brand leveraged "Su Super" to break out, strengthening premium narratives and business attributes. On the other hand, "Jinshiyuan" continues to consolidate mass consumption scenarios such as wedding banquets and celebrations.
In comparison, "nationalization" is still in the promotion phase. Within Jiangsu Province, Jinshiyuan remains the core granary, contributing 9.252 billion yuan in revenue in 2025, accounting for over 90%.
On the channel and organizational front, Jinshiyuan is attempting to counter cyclical fluctuations through deeper market penetration and stronger synergies. On one hand, the channel network continues to extend to towns, strengthening terminal control; on the other hand, through manufacturer collaboration and building a digital marketing system, it is improving channel efficiency and sales capability.
In the first quarter of 2026, the net cash flow from operating activities reached 2.114 billion yuan, up 48.1% year-on-year. This improvement mainly comes from increased prepayments, which not only reflect resilient channel confidence but also provide some buffer for subsequent operations.
As the industry shifts from incremental competition to stock-game, Jinshiyuan's strategy is not aggressive, leaning more toward steady defense and gradual recovery. Whether it can reshape its growth logic while maintaining its core foundation will be the key variable in its next stage.
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