Distillers and Vintners

SCSF

SCSF released FY2025 Q4 earnings on April 29 After-Market (BJT), actual revenue CNY 689.69 M (forecast CNY 689.92 M), actual EPS CNY 0.1648 (forecast CNY 0.1652)

SCSF released FY2025 Annual Earnings on April 29 After-Market (BJT), Actual Revenue: CNY 3.038 B (Forecast: CNY 3.371 B), Actual EPS: CNY 0.8377 (Forecast: CNY 0.933)

SCSF released FY2026 Q1 earnings on April 29 After-Market BJT, actual revenue CNY 815.83 M, actual EPS CNY 0.353

SCSF to Release FY2026 Q1 Earnings on April 30 After-Market (BJT)

SCSF to Release FY2025 Earnings on April 30 After-Market (BJT), Forecast Revenue CNY 3.371 B, EPS CNY 0.933

SCSF released FY2025 Q3 earnings on October 30 Pre-Market BJT, actual revenue CNY 850.27 M (forecast CNY 1.655 B), actual EPS CNY 0.4554 (forecast CNY 1.4635)

SCSF released FY2025 9 Months earnings on October 30 Pre-Market (BJT), actual revenue CNY 2.348 B, actual EPS CNY 0.6729

SCSF to Release FY2025 Q3 Earnings on October 31 Pre-Market (BJT), Forecast Revenue CNY 1.966 B, EPS CNY 1.4635

SCSF released FY2025 Q2 earnings on August 28 During-Market (BJT), actual revenue CNY 538.87 M (forecast CNY 538.81 M), actual EPS CNY -0.1751 (forecast CNY -0.137)

SCSF released FY2025 Semi-Annual Earnings on August 28 During-Market BJT, with actual revenue of CNY 1.498 B and EPS of CNY 0.2175

SCSF to Release FY2025 Semi-Annual Earnings on August 29, 2025 (BJT)

Senior Management Changes at Shuijingfang Group

Water Well Mansion's Net Profit Expected to Drop 56.52% in H1 2025

Water 井坊 Attracts Young Consumers and Implements ESG Strategy Through Diverse Strategies

Water 井坊 Holds Shareholders' Meeting, Demonstrates Industry Confidence

Shuijingfang Holds Shareholders' Meeting, Executives Address Inventory Management and Sales Strategies

Shuijingfang Holds 2024 Annual Shareholders' Meeting

Shuijingfang Discusses Strategies for Youth-oriented Trends

Shuijingfang Announces 1Q2025 Financial Report

Shuijingfang Releases 2024 ESG Report and Sets Carbon Reduction Goals

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Goldman Sachs released a research report listing the investment ratings and target prices for mainland retail stocks. Among the liquor stocks, Moutai and WLY are rated as "Buy," with target prices of 1,553 yuan and 133 yuan, respectively; ZJLD, SHANXI FEN WINE, and LZLJ are rated as "Neutral"; Yanghe, Gu Jing, JGJC, and SCSF are rated as "Sell." In the beer stocks, BUD APAC, CHINA RES BEER, and Tsingtao Brewery are rated as "Buy," while others are rated as "Neutral." Among the condiment stocks, HAITIAN FLAV is rated as "Buy."

AASTOCKS

HAI TIAN

Tsingtao Brewery

TSINGTAO BREW

ChinaAMC CSI Food & Beverage Sub-Industry ETF

Tianhong CSI Food and Beverage ETF

LZLJ

Moutai

HAITIAN FLAV

China Merchants CSI Liquor Index Fund-A

BUD APAC

Penghua CSI Alcoholic Drink ETF

CHINA RES BEER

China Merchants Guozheng Food and Beverage ETF

Yanghe

JGJC

SHANXI FEN WINE

Gu Jing

ZJLD

Goldman Sachs' Investment Ratings and Target Prices for Mainland Retail Stocks (Table)

UK whiskey giant Diageo has confirmed it will not sell its Chinese liquor brand Shui Jing Fang (SJF) at a low price, despite rumors of a potential sale. CEO Sir Dave Lewis stated that the company is not actively seeking to divest its brands below fair value. CFO Nik Jhangiani emphasized that there will be no 'firesale' of assets, although future considerations for SJF could arise due to the slowdown in the Chinese liquor market. Diageo's recent earnings report showed a 4% decline in net sales, largely attributed to weak performance in North America and China.

Yicai

Diageo plc

Diageo

UK’s Diageo Won’t Sell Off Chinese Liquor Brand SJF, Execs Say

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The non-ferrous sector continues to decline significantly, with over thirty stocks including Baiyin Nonferrous, Hunan Silver, China Gold, and ZJIG hitting the daily limit down. The liquor concept is performing actively, with SCSF gaining 2 limit ups in 3 days, Huangtai Wine achieving 3 consecutive limit ups, and AGSW, Moutai, Zhongrui Co., and JINHUI following suit. Hong Kong tech stocks are adjusting, with XPeng down over 9%, Nio down over 6%, and Leapmotor and BYD down over 5%

- A-shares experienced a significant decline in the non-ferrous metal sector, with major drops in gold and silver stocks amid turbulence in the international precious metals market.  
- New Yisheng saw a surge of over 10% after announcing a projected net profit of 9.9 billion yuan for the year, a near 249% increase due to growing AI-driven computing investments.  
- Overall, market indicators showed declines across A-shares and Hong Kong shares, while the commodity market faced widespread drops, particularly in gold, silver, and copper.

Wallstreetcn

AGSW

China Gold

Huangtai Wine

JINHUI

Baiyin Nonferrous

Hunan Silver

ZJIG

A-shares fluctuated and fell, gold and silver stocks hit the limit down extensively, CPO was active in early trading, NewEase surged over 10%, the Hang Seng Index dropped over 2%, and tech stocks collectively adjusted

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36Kr learned that the three major A-share indices collectively fell during the midday break, with the Shanghai Composite Index down 1.32%, the Shenzhen Component Index down 1.41%, and the ChiNext Index down 1.18%; the precious metals, energy, and semiconductor sectors led the decline, with SC GOLD and CHIFENG GOLD hitting the limit down, XC-TECH falling over 16%, and STL and GIGADEVICE dropping over 8%; the banking, liquor, and media sectors strengthened, with SCSF rising over 7%, Jinyi Media rising over 4%, and Hua Xia Bank rising over 2%

36Kr

SC GOLD

CHIFENG GOLD

Shenzhen Index

GIGADEVICE

XC-TECH

Hua Xia Bank

SSE Index

Jinyi Media

ChiNext

The three major A-share indices collectively fell at the midday break, with resource stocks weakening

Spirits company Diageo is considering strategic options such as divesting its Chinese assets to streamline its product portfolio. The company is working with Goldman Sachs and UBS to review its business, including its stake of over 63% in SCSF. Advisors have reached out to local buyers and private equity firms to gauge acquisition interest. The proposal is still in the preliminary consideration stage, and no final decision has been made yet

Diageo, the spirits company, is considering various strategic options including divesting its assets in China

After the news of JianNanChun's proposed acquisition of SCSF emerged, SCSF's stock price hit the ceiling at 39.8 yuan per share. Sina Finance inquired about JianNanChun's response to this matter, but there has been no reply. Both JianNanChun and SCSF related personnel stated that they have not received any acquisition information. SCSF's investor relations department said they are unaware of the rumors, and the company's production and operations are normal

JianNanChun responds to the proposed acquisition of SCSF

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Zhongshan Securities released a research report indicating that the liquor industry experienced significant declines in revenue and profit in Q3 2025, at -18% and -22%, respectively. Although the industry is facing a "corporate hardship period," stock prices are expected to bottom out and rebound with the clearing of channel inventory and price recovery. Leading companies such as WLY will continue to increase their market share, and it is anticipated that the industry will gradually recover after positive demand signals. Looking ahead to Q4 2025, companies will still need to address the demand gap and policy impacts, and overall clearing will continue

Zhitong

LAO BAI GAN JIU

King’s Luck

CITIC Securities: Positive signals for liquor clearance, bottom gradually emerging, layout of strong leaders + early clearance improvement

On October 31st, regarding the decline in third-quarter performance and future outlook, a reporter called the SCSF Securities Department as an investor. The relevant staff stated, "From an industry perspective, the consumption of liquor was weak in the third quarter. In addition, the company actively reduced inventory and controlled supply, which led to a significant decline in performance."

SCSF responds to performance decline: Weak consumption of liquor in the third quarter, the company actively reduces inventory and controls supply

SCSF(600779.SH)