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

Every Daily Economic News Reporter | Liu Mingtāo    Every Daily Economic News Editor | Xiao Ruīdōng

Driven by a price increase from the leading Moutai, last week the Wind liquor (baijiu) index rebounded by nearly 2% at one point; however, after a sharp pullback on Friday, the index ultimately fell 1.12% for the week, closing at 47,584.15 points.

Judging from the performance of sector and individual stocks, the share prices of leading liquor enterprises performed well. However, the *ST stocks with delisting risk—*ST Yanshi, ST Xifa, and *ST Yidao—each fell more than 10% last week, and investors need to stay alert.

On March 30, Moutai issued an announcement to announce a price increase. The contract price of PuFeng sales increased by 8.6%, while the self-operated retail price increased by 2.7%. The core of this move is to keep pace with market conditions and adapt to supply and demand. It not only consolidates the company’s brand pricing power, but also sends a signal that will accelerate the clearance of scalpers. Combined with the limitation on the number of daily orders on “i Moutai,” it helps shift supply toward real consumers and improves the bottle-opening rate.

Affected by the price-increase news, Guizhou Moutai’s share price rose by more than 4% on March 31, which also drove other leading baijiu enterprises higher. As of the market close on April 3, Guizhou Moutai was up 3.11% for the week. Gujing Gongjiu, Wuliangye, and Luzhou Laojiao also saw weekly gains of around 1%, while Yingjia Gongjiu surged as much as 11.1% last week.

Industry insiders noted that in 2026, the baijiu industry will emphasize breaking through at the C-end. Relying on its strong brand strength and discourse power, Moutai is the first to kick off channel transformation. Whether it is “i Moutai” effectively expanding the consumption group, or the rollout of a non-standard product agency sales system, both indicate that Moutai is moving closer to C-end consumers. This is the key move for Moutai to lead other liquor enterprises during this round of industry adjustment period.

In non-baijiu sectors, as the peak consumer season is approaching, beer stocks also performed strongly last week. Beijing Yanjing Brewery, Budweiser APAC, and China Resources Brewery all rose by more than 5% week over week. Hong Kong Kirin Beer, Huiquan Beer, and Tsingtao Beer also posted weekly gains of more than 1%.

An analysis by Industrial Securities pointed out that with catering gradually recovering and expectations for mild inflation turning back up, beer consumption is expected to remain stable and improve; structural optimization and resilience are set to continue; and the elasticity of quantity and price during the peak season is worth expecting. Looking at the medium to long term, the number of core consumer groups will still be supported over the next 5 years, and beer industry consumption volume is expected to remain stable.

Although most leading liquor enterprises basically managed to stabilize and rebound last week, the stocks with delisting risk saw much larger declines. *ST Yanshi, ST Xifa, and *ST Yidao each fell more than 10% week over week.

A reporter from 《Daily Economic News · Journey to the Future》 noted that ST Xifa announced last week that Chairman Luo Xi went missing. It stated that the company is currently in a pre-reorganization stage, and work related to major asset restructuring is under way. As of the date of the announcement, the company has not found any matters that 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 implemented smoothly, it will be beneficial for improving the company’s asset-liability structure. However, even if the court formally accepts the reorganization application, there is still the risk that the company may be declared bankrupt due to failure of the reorganization and then undergo bankruptcy liquidation.

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

Meanwhile, *ST Yidao, which had a decline of as much as 14.17% in the previous week, once again issued a risk-warning announcement about the possibility of its listing being terminated. The company said that the prior annual audit institutions conducted on-site visits and inspections of the鹿龟酒 terminal sales. As of January 30, 2026, the terminal sales ratio of this product was low. If subsequent inspections show that terminal sales conditions affect the company’s operating revenue deduction amount, causing the operating revenue after deductions to fall below RMB 300 million, it may lead to the company’s stock being delisted after the company discloses its 2025 annual report.

On the other hand, if the annual audit institutions issue non-unqualified opinions on *ST Yidao’s 2025 annual financial statements or internal controls, it could also lead to the company’s stock being delisted after the company discloses its 2025 annual report.

In addition, *ST Yanshi, which is burdened with serious issues and has the highest delisting risk, also fell 11.83% last week. Its latest closing price is currently only RMB 1.49 per share, with a market capitalization of only RMB 498 million—below the RMB 500 million “red line.”

According to relevant provisions of the《Shanghai Stock Exchange Stock Listing Rules》, *ST Yanshi faces a risk that its listing could be terminated if its market capitalization falls below RMB 500 million. At the same time, the company expects that its 2025 operating revenue will be less than RMB 300 million and that net profits both before and after non-recurring items will be negative. Whether the matters involved in the audit report issued for 2024 with a retained opinion can be eliminated remains a major uncertainty, and the company’s stock will also be delisted if it triggers financial-type delisting circumstances.

Cover image source: Every Daily Economic News media resource library

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