The third quarter report shows that the liquor industry is still under overall pressure.

The disclosure of the third quarter financial reports of the listed companies in the liquor sector of the A-share market in 2025 has come to an end. Overall, in the first three quarters, the total revenue of 20 A-share listed liquor companies was 317.79 billion yuan, a year-on-year decrease of 5.90%; the total net profit attributable to shareholders of listed companies was 122.57 billion yuan, a year-on-year decrease of 6.93%; and the total net cash flow from operating activities was 87.06 billion yuan, a year-on-year decrease of 20.85%. Cai Xuefei, an expert from the China Liquor Culture Brand Research Institute, told reporters that under the background of policy adjustments, consumer differentiation, and coexistence of stock competition, the development of the liquor industry, as a typical cyclical industry, has always been accompanied by cyclical fluctuations in production capacity expansion and consumer enthusiasm. Only companies with solid brand heritage, product strength, and sustainable growth capabilities can cross the cycle in this deep adjustment and move forward steadily.