China Merchants CSI Liquor Index Fund-A

WLY released FY2026 Q1 earnings on April 30 After-Market (BJT), actual revenue CNY 22.84 B (forecast CNY 26.9 B), actual EPS CNY 2.0772 (forecast CNY 2.885)

SHANXI FEN WINE released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue CNY 14.92 B (forecast CNY 15.85 B), actual EPS CNY 4.41 (forecast CNY 4.2)

LZLJ released FY2025 Q4 earnings on April 28 (BJT), actual revenue CNY 2.604 B (forecast CNY 3.994 B), actual EPS CNY 0.0464 (forecast CNY 0.9655)

LZLJ released FY2025 annual earnings on April 28 (BJT), actual revenue CNY 25.73 B (forecast CNY 28.09 B), actual EPS CNY 7.36 (forecast CNY 8.0818)

WLY released FY2025 earnings on April 28 After-Market (BJT), actual revenue CNY 40.53 B (forecast CNY 76.06 B), actual EPS CNY 2.3068 (forecast CNY 6.722)

WLY released FY2025 Q4 earnings on April 28 After-Market (BJT), actual revenue CNY -20.42 B (forecast CNY 12.04 B), actual EPS CNY -3.2344 (forecast CNY 1.0444)

King’s Luck released FY2025 Q4 earnings on April 28 After-Market (BJT), actual revenue CNY 1.3 B (forecast CNY 1.295 B), actual EPS CNY 0.0438 (forecast CNY 0.2)

King’s Luck released FY2025 annual earnings on April 28 After-Market BJT, actual revenue CNY 10.18 B (forecast CNY 10.16 B), actual EPS CNY 2.0883 (forecast CNY 2.1614)

Gu Jing released FY2026 Q1 earnings on April 28 Pre-Market (BJT), actual revenue CNY 7.446 B (forecast CNY 7.774 B), actual EPS CNY 3.04 (forecast CNY 3.52)

LZLJ released FY2026 Q1 earnings on April 28 After-Market (BJT), actual revenue CNY 8.025 B (forecast CNY 7.949 B), actual EPS CNY 2.52 (forecast CNY 2.78)

Gu Jing released FY2025 Annual Earnings on April 28 During-Market (BJT), actual revenue CNY 18.83 B (forecast CNY 19.3 B), actual EPS CNY 6.71 (forecast CNY 8.2078)

King’s Luck released FY2026 Q1 earnings on April 28 Pre-Market (BJT), actual revenue CNY 4.322 B (forecast CNY 4.589 B), actual EPS CNY 1.1108 (forecast CNY 1.09)

Gu Jing released FY2025 Q4 earnings on April 28 During-Market (BJT), actual revenue CNY 2.407 B (forecast CNY 2.575 B), actual EPS CNY -0.7763 (forecast CNY 0.8982)

Yanghe released FY2025 earnings on April 27 During-Market (BJT), actual revenue CNY 19.21 B (forecast CNY 20.15 B), actual EPS CNY 1.4644 (forecast CNY 2.4192)

Yanghe released FY2025 Q4 earnings on April 27 During-Market (BJT), actual revenue CNY 1.121 B (forecast CNY 1.502 B), actual EPS CNY -1.1741 (forecast CNY -0.4406)

Yanghe released FY2026 Q1 earnings on April 27 During-Market (BJT), actual revenue CNY 8.186 B, actual EPS CNY 1.6241 (forecast EPS CNY 1.45)

Moutai released FY2026 Q1 earnings on April 24 During-Market (BJT), actual revenue CNY 53.91 B (forecast CNY 54.79 B), actual EPS CNY 21.76 (forecast CNY 22.01)

SHANXI FEN WINE to release FY2026 Q1 earnings on April 30 After-Market (BJT), forecast revenue CNY 15.44 B, EPS CNY 4.2

WLY to Release FY2026 Q1 Earnings on April 29 After-Market (BJT), Forecast Revenue CNY 26.9 B, EPS CNY 2.885

LZLJ to Release FY2026 Q1 Earnings on April 29 After-Market (BJT), Forecast Revenue CNY 7.949 B, EPS CNY 2.78

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Five of the seven beer companies listed in mainland China reported increased gross profit margins in Q1, driven by a shift towards high-end products. The combined net profit for these companies reached CNY2.6 billion (USD390 million), a 6.1% year-on-year increase. Notably, Tsingtao Brewery's net profit rose 5.2% to CNY1.8 billion, while Yanjing Brewery saw a 60.2% surge to CNY265 million. Despite these gains, beer production in China has declined for two consecutive years, prompting companies to focus on off-premises sales and product upgrades.

Yicai

Yanjing Brewery

Tsingtao Brewery

TSINGTAO BREW

Tianhong CSI Food and Beverage ETF

Penghua CSI Alcoholic Drink ETF

China Merchants Guozheng Food and Beverage ETF

ChinaAMC CSI Food & Beverage Sub-Industry ETF

Premium Beer Strategy Swells Profit Margins at Chinese Brewers

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Jefferies reported that BUD APACachieved a normalized EBITDA of USD463 million in Q1, exceeding expectations by 2%. Strong sales in eastern APAC, particularly in India, contributed to a 3% sales increase. However, revenue in China fell 4% due to increased investments, with a 1.5% decline in sales volume. Despite a 10.9% YoY drop in normalized EBITDA, management noted a slight improvement in the China market. Jefferies maintains a target price of HKD9.4 and a Buy rating.

AASTOCKS News

BUD APAC

Jefferies Financial

Jefferies: BUD APAC  1Q Normalized EBITDA Beats; Strong India Sales

CLSA's report on BUD APACindicates a narrowing 1.5% decline in China's sales volume in 1Q, with overall organic revenue down 0.7% YoY, slightly better than expectations. Revenue rose 2.2% YoY to USD 1.493 billion, exceeding forecasts. Normalized EBITDA fell 4.5% YoY to USD 463 million, while net profit decreased 3.4% YoY to USD 226 million, both surpassing market expectations. CLSA maintains an Outperform rating with a target price of HKD 9.

CLSA: BUD APAC  1Q China Volume Decline Narrows, Rating Outperform

Gosset, the oldest Champagne house, presents the Célébris Rosé 2009, a unique prestige rosé that defies typical flavor profiles. Sourced from 99% external grapes, the wine reflects a commitment to quality and tradition, with a focus on flavor over production targets. The 2009 vintage, marked by warmth, showcases a blend of 70% Chardonnay and 30% Pinot Noir, crafted to be dry and elegant. Gosset's decision to release this wine exclusively as a rosé highlights its dedication to representing its distinctive style.

FiNews

Jauch's Selection: A Rosé Built for the Table

Harrison Ford has co-created a limited edition Glenmorangie Highland single malt Scotch whisky, tailored to his taste. The whisky, crafted with Dr. Bill Lumsden, features a blend of bourbon cask-aged Glenmorangie and rare whisky finished in toasted Portuguese red wine casks. It offers zesty citrus notes, complemented by hints of muscovado sugar and apricot. Ford describes it as "very nice" and expresses pride in the collaboration. The Glenmorangie Harrison Ford Limited Edition will be available for purchase starting May 4, 2026, for $99.99.

prnewswire

09:00 ETHarrison Ford co-directs his own limited-edition Glenmorangie. His verdict? "Very nice"

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Alpha Professional Holdings Ltd. has initiated a creditors’ voluntary liquidation of its insolvent subsidiary, Willis Trading Limited, which reported no revenue and a loss of HK$45.1 million for the year ending March 31, 2025. The decision aims to reduce losses and refocus resources on developing adult-formula milk products and expanding logistics and cleaning services. The board believes this will not adversely impact the group's remaining operations despite Willis Trading's significant asset size.

Tip Ranks

ALPHA PRO HLDGS

Alpha Professional Winds Up Insolvent Milk Powder Unit to Refocus Core Business

FTXG

AOM International Group is expanding its wine business by acquiring Fujian Laojiu Investment Co., Ltd., a historic liquor brand. The company plans to launch Fujian Laojiu Stewed Pot restaurants and a franchise project in 2026, focusing on healthy dining trends. AOM aims to enhance profitability through a dedicated supply chain and traditional brewing methods. This acquisition marks a significant step in AOM's strategy to leverage traditional brands and expand in the food and beverage market, following its incorporation in Bermuda and recent business segment developments.

First Trust NASDAQ Food & Beverage

AOM International Bets on Fujian Laojiu Stewed Pot Chain to Drive Wine-Linked F&B Growth

Marie Brizard Wine & Spirits (EPA:MBWS) reported soft earnings, but shareholders remain unconcerned. Despite a €962k reduction in statutory profit due to unusual items, analysts suggest potential profit improvement in the coming year if these expenses do not recur. The company's earnings per share fell over the last year, but the overall earnings potential remains promising. Analysts' forecasts indicate a positive outlook for future profitability, encouraging investors to consider the company's long-term prospects.

Simplywall

Some Investors May Be Willing To Look Past Marie Brizard Wine & Spirits' (EPA:MBWS) Soft Earnings

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Beijing Enterprises Holdings' subsidiary, Fujian Yanjing Huiquan Brewery, reported a 23.14% increase in net profit for 2025, despite a slight revenue decline. The company proposed a cash dividend of RMB 1.00 per 10 shares, reflecting confidence in earnings. Governance changes were announced, including board resolutions and the resignation of the chairman. The stock currently holds a 'Hold' rating with a price target of HK$35.00. The company operates in China's brewery sector and has a market cap of HK$39.27B.

HuiQuan Beer

Beijing Enterprises’ Brewery Unit Boosts 2025 Profit and Declares Dividend Amid Governance Changes

China Merchants CSI Liquor Index Fund-A(161725.SZ)