The Zhitong Finance App learned that on October 28, Shanxi Fenjiu (600809.SH) disclosed financial results for the third quarter of 2026. During the reporting period, Shanxi Fenjiu achieved operating income of 7.338 billion yuan, total profit of 2,698 billion yuan, and net profit attributable to shareholders of listed companies of 1,899 billion yuan.
Regarding the change in performance, the financial report explained that it was mainly due to a decline in revenue and a limited reduction in costs and expenses in the current period. According to this, Fenjiu is still in the clean-up stage, but the background also reflects the company's active control of the business pace during the industry adjustment period: it does not focus on short-term growth as the sole goal, but places more emphasis on channel health and long-term development quality.
As the liquor industry enters a stage of deep adjustment, Fenjiu has broken out of a single scale in the short term and prioritized refining a healthy and sustainable business ecosystem. Changes at the market level come from the brand's active calibration and chassis reshaping. The basic market and market position of the Fenjiu brand is still stable. It is steadily driving the growth logic from channel-driven to consumer-driven, linking terminals and close users, and continuously exploring products, scenarios, and consumer experiences to save long-term development potential.
Actively optimize the channel ecosystem and eliminate inefficient players to protect the bottom line of prices
Currently, Fenjiu is promoting the quality and efficiency of the dealer team, continuously sorting out the channel structure, and making high-quality merchants the main force in market operations. Since the end of last year, Fenjiu channel optimization has continued to be implemented, streamlining and optimizing inefficient and illegal dealers. What is behind the reduction in volume is not market contraction, but rather actively removing inefficient channels that do not comply with price trading rules, concentrating resources to support high-quality partners, and improving the quality and efficiency of individual merchants.
Regarding acts that disrupt the market order, Fenjiu has a clear attitude: previously, a major supermarket channel used Fenjiu products as low price diversion, impacting the regional price market. Fenjiu quickly cut off supply and set up a trade and repurchase mechanism. Once the goods flow into random price channels, those responsible need to buy back and take responsibility by bottle. In an environment where the price market in the industry is generally under pressure, Fenjiu chose to maintain the price bottom line, preferring to sacrifice short-term turnover and avoid damage to the price system for the entire product line. This is also an important reason why the price of the Blue and White series can remain stable.
Channel governance has contained the source of disorderly circulation. Dealers retained after screening have a stronger sense of operational quality and compliance, laying a solid foundation for subsequent collaboration with manufacturers.
Change the underlying logic of incentives, from purchase rebates to actual marketing
Channel entry is only the first step. The restructuring of interest rules is the core of this round of adjustments. Fenjiu changed the previous incentive method that used to focus on payment and purchase, and switched the reward scale to actual terminal bottle opening and sales. Relying on the digital traceability system of “enjoy benefits” and “five codes in one”, brands put rebates on the back, and marketing resources follow actual consumption. This also requires a change in the role of dealers, not simply acting as warehouses for the transit of goods, but instead becoming terminal-oriented service providers, deepening local scenarios, doing a good job in consumer operations, and opening up the “last mile” of connecting with ordinary consumers.
After the implementation of this set of refined controls, core markets in many places gradually showed positive changes: channel inventory fell back to a healthy range, the market price order stabilized, the pressure on dealers' capital turnover eased, and manufacturers slowly switched from previous task games to value symbiosis.
Judging from market research feedback, the overall batch price of the Qinghua Fenjiu series remained stable in the third quarter. Sales of 42-degree Qinghua Fenjiu increased by more than 30%, and sales volume of 53-degree Qinghua Fenjiu 25 doubled significantly; sales of the Panamanian series were stable and improved; the demand in the Bofen market was solid, and actual demand was greater than supply. The brand controlled goods in stages to ensure reasonable channel profit margins and avoid overdraft long-term value; the Baiyu Fenjiu and Rose Fenjiu series were in line with the new trend of younger drinks, and sales increased nearly 8 times, becoming a “black” trend adapted to the current trend of “black wine” Horses”.
Anchor C-side co-creation and cross the industry cycle with a long-term approach
The ultimate goal of a series of channel reforms is to serve the consumer side and complete the transformation from channel-driven to consumer-driven. Fenjiu no longer exports products to the market in one direction, but instead opens a channel for co-creation with consumers. The “Everyone Loves Fenjiu” challenge launched online attracted a large number of users to spontaneously share their blending recipes, drink their daily drink routine, and get lots of real drinking feedback, which directly became a reference for product innovation.
Based on user preferences, the brand followed the trend and launched products such as tangerine peel fenjiu, fenjiu series, and Jurassic series fenjiu, continuing to refine the “Fenjiu +” series of youthful, integrated products, breaking out of the traditional drinking framework and responding to the real needs of young people for light and diverse combinations. Relying on the core product echelon of “catching blue and white, strengthening the waist, and stabilizing Bofen”, Fenjiu maintains the basic market of mature products, while undertaking user creativity and continuously explores incremental needs such as pleasant drinks and light gatherings.
The phased adjustment of this round of third-quarter results is essentially the inevitable pain of Fenjiu taking the initiative to abandon the extensive channel bubble and complete the iteration of business logic. In an adjustment cycle where the entire industry generally passively removes inventory and keeps prices, Fenjiu's differentiating advantage is that it has not fallen into passive defense, but instead transforms short-term performance pressure into long-term value accumulation through three-dimensional reforms that clear channels, restructure incentives, and deep cultivation on the C-side.
Channel standardization, price stabilization, and younger consumption, the three underlying changes are reshaping the core competitiveness of brands, transforming traditional channel flows into real user mentality, scenario marketing, and brand barriers. Short-term data fluctuations will not change the long-term positive outlook. As the industry gradually clears up, Fenjiu, which completes ecological remodeling ahead of schedule and consolidates the business chassis, is expected to usher in a development trend of squatting and steady energy.