HK Stock Market Move | ZJLD(06979) fell more than 5% in early trading, Wuliangye Yibin adjusted its performance for the first time while Maotai's performance decline. The liquor industry is still in a deep adjustment zone.

ZJLD (06979) fell more than 5% in early trading. As of the time of writing, it has dropped by 5.67% to HK$7.99, with a trading volume of HK$148.39 million. On the news front, Wuliangye Yibin voluntarily adjusted its financial data. The operating income for the first three quarters of 25 years ago was revised down from the originally disclosed 60.945 billion yuan to 30.638 billion yuan, and the net profit attributable to the mother was revised down from 21.511 billion yuan to 6.475 billion yuan. Earlier, Maotai announced that its revenue for 25 years declined by 1.21% year-on-year, and the net profit attributable to the mother decreased by 4.53% year-on-year, marking the first double decline since its listing in 2001. The performance changes of the top liquor companies have attracted high attention and wide discussion in the market and industry. It is worth noting that ZJLD's 2025 financial report shows that the annual operating income was 3.65 billion yuan, a 48.3% decrease compared to 7.067 billion yuan in 2024, shrinking the revenue scale by nearly half, even lower than the level in the first year of listing in 2023. The profit attributable to equity shareholders of the company also decreased from 1.324 billion yuan to 538 million yuan, a significant decrease of 59.3%, which is almost halved. ZJLD Group Chairman Wu Xiangdong stated in the financial report that 2025 is a year of profound adjustment pressure for the Chinese liquor industry.