Baijiu Index rose initially and then declined last week, with all three ST stocks falling more than 10%, increasing delisting risk | Liquor Market Weekly Report

Fueled by a rise in Moutai’s pricing at the top, last week the Wind liquor index rebounded by nearly 2% at one point. However, after a sharp pullback on Friday, the index ultimately fell 1.12% on the week, closing at 47,584.15.

Looking at sector and individual stock performance, leading liquor-company shares performed well. However, *ST Yanshi, ST Xifa, and *ST Yeidao—companies facing delisting risk—each fell more than 10% last week, so investors need to stay alert.

Moutai boosts a rebound in liquor

On March 30, Moutai released an announcement stating that it would raise prices. PuFei Sales Contract price increased by 8.6%, and its self-operated retail price increased by 2.7%. The core of this move is to align with market conditions and match supply and demand. It not only reinforces the company’s brand pricing power, but also sends a signal to accelerate the clearing of scalpers. In combination with the “i Moutai” restriction on the number of orders per day, it can help channel scarce supply toward genuine consumers and improve bottle-opening rates.

Affected by the price-hike news, Kweichow Moutai’s stock price rose by more than 4% at one point on March 31, which also drove strength in other leading liquor enterprises. By the close on April 3, Kweichow Moutai’s week-on-week gain was 3.11%. Gujing Gongjiu, Wuliangye, and Luzhou Laojiao also saw weekly increases of about 1%. Yingjia Gongjiu had a weekly gain as high as 11.1%.

Industry insiders noted that in 2026 the liquor industry will emphasize breaking through via the C end. With its strong brand power and right to speak, Moutai is the first to kick off channel transformation. Whether it’s “i Moutai” effectively expanding the consumer base, or the rollout of a non-standard product direct-sale system, both indicate that Moutai is getting closer to C-end consumers—an important move for Moutai to stay ahead of other liquor firms during this round of industry adjustment.

In non-liquor sectors, as the peak consumption season is approaching, beer stocks also performed strongly last week. Yanjing Beer, AB InBev Asia Pacific, and CR Beer all rose by more than 5% on the week. Hong Kong San Miguel Beer, Huquan Beer, and Qingdao Beer also rose by more than 1% on the week.

According to an analysis by Industrial Securities, as the restaurant sector gradually warms up and expectations for mild inflation rebound, beer consumption is expected to improve steadily. The structural optimization and resilience of demand are expected to continue, and price-and-volume elasticity during the peak season looks promising. In the medium to long term, the number of core consumption groups will still have support over the next five years, and beer industry consumption volume is expected to remain stable.

Risk in ST liquor stocks intensifies

Although leading liquor companies mostly managed to stabilize and rebound last week, individual stocks with delisting risk saw much larger declines. *ST Yanshi, ST Xifa, and *ST Yeidao all recorded weekly declines of more than 10%.

A reporter from 《The Daily Economic News · Bring in the Wine》 noted that ST Xifa announced last week that its chairman, Luo Xi, is missing. It said that the company is currently in the stage of pre-reorganization. Work related to a major asset restructuring is ongoing. As of the date of the announcement, the company has not found any matters that would directly cause major adverse effects on the pre-reorganization or major asset restructuring. Whether the company can enter the reorganization procedure remains uncertain. If the court formally accepts the applicant’s reorganization application and the reorganization is completed smoothly, it would be beneficial for improving the company’s balance sheet structure. However, even if the court formally accepts the reorganization application, there are still risks that the company could be declared bankrupt due to failure of the reorganization and undergo bankruptcy liquidation.

The news that the chairman suddenly went missing has also cast a shadow over the outlook for ST Xifa’s pre-reorganization. After two consecutive weeks of rebound, ST Xifa fell sharply by 13.55% last week, and its performance was lackluster.

Meanwhile, *ST Yeidao—whose decline was as high as 14.17% in the prior week—once again released a risk warning announcement that it might be delisted. The company said that the prior annual audit institution conducted on-site visits and verification of the terminal sales of the company’s Lu Guijiu product. As of January 30, 2026, the product’s share of terminal sales was low. If subsequent verification shows that terminal sales performance affects the amount of revenue deducted, and the deducted revenue after adjustments falls below CNY 300 million, the company’s stock may be delisted after the disclosure of the 2025 annual report.

On the other hand, if the annual audit institution issues non-unqualified opinions on *ST Yeidao’s 2025 annual financial statements or internal controls, it could likewise lead to the company’s stock being delisted after the disclosure of the 2025 annual report.

In addition, *ST Yanshi—the company with multiple issues and the greatest delisting risk—also fell 11.83% last week. Its latest closing price is only CNY 1.49 per share, and its market value is just CNY 498 million, below the CNY 500 million “red line.”

According to relevant provisions of the 《Shanghai Stock Exchange Listing Rules for Stocks》, *ST Yanshi faces the risk of being delisted if its market value falls below CNY 500 million. At the same time, the company expects its 2025 operating revenue to be less than CNY 300 million, and both its net profit before and after non-recurring items will be negative. It also said whether matters covered by the qualified opinion in the company’s 2024 audit report can be eliminated remains a major uncertainty. The company’s stock will also be delisted if it triggers financial-related delisting circumstances.

The Daily Economic News