Is the party over for makers of traditional baijiu spirits?
It certainly looked that way, based on the latest annual results from ZJLD Group Inc. (6979.HK), the first and only maker of traditional Chinese spirits whose shares are available to foreign investors after its Hong Kong listing in 2023. The company’s revenue tanked by nearly half last year, with the declines accelerating in the second half of the year, according to its 2025 financial report released on Wednesday.
ZJLD started to bleed cash as its situation deteriorated, becoming cashflow negative for the year. That bled through to the company’s bottom line, as ZJLD fell into the red in the second half of 2025.
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