The baijiu industry continued to destock in the first three quarters. Market participants: A fundamental reversal still awaits verification during the peak season.

Recently, 19 mainstream listed baijiu companies completed disclosure of their 2026 third-quarter reports. The industry remains in a stage of seeking a bottom in performance, with channel inventory prioritized for clearing, and divergence within the sector continues to widen. Data show that in the first three quarters, the 19 listed baijiu companies recorded total revenue of approximately RMB 265.509 billion, down 7.64% year on year; total net profit was approximately RMB 97.365 billion, down 9.44% year on year. The third-quarter reports confirm the current state of deep industry adjustment: most liquor companies have proactively controlled shipments, giving up short-term scale to clear channel inventory. The recent rebound in baijiu sector share prices reflects expectation repair. A number of market participants believe that a fundamental reversal in the baijiu industry still needs to be validated by the Spring Festival peak season, with opportunities concentrated in leading companies; the moves will come in sequence, and a phased rebound does not equal a trend reversal.