On August 25, Luzhou Laojiao Company Limited released its 2026 semi-annual report, revealing operating revenue of 10.472 billion yuan and net profit attributable to shareholders of 4.339 billion yuan for the first half of the year.
The announcement highlighted that during the reporting period, Luzhou Laojiao Company Limited deepened its regional channel layout. The "235+100" regional development strategy was further implemented, with the comprehensive launch of the "100 Cities Plan 3.0". Scenario-based marketing momentum was released, with continuous optimization and upgrades to initiatives such as the "Wave Plan" and the Galaxy Left Bank Music Festival. Innovative product promotion and operations advanced, with low-alcohol tasting campaigns fully rolled out and the brand system for 28掳 Halo completed. Digital and intelligent operations continued to empower the business, leveraging the digital marketing system to achieve multi-dimensional refined management across demographics, scenarios, clients, and timing.
The announcement also noted that Luzhou Laojiao Company Limited is steadfastly executing its "dual-brand, three-series, major single-product" strategy. The premium value benchmark position of the Guojiao 1573 series continues to be solidified, while the Luzhou Laojiao series comprehensively covers price bands from sub-premium to mid-range and entry-level. Health-focused wines, innovative spirits, new retail channels, and overseas markets are being cultivated with precision, significantly enhancing brand recognition and intrinsic value.
The report also acknowledged that in the first half of 2026, the baijiu industry remains in a deep adjustment phase, with terminal sales under pressure and channel inventory digestion still a shared challenge across the sector. Against this backdrop, Luzhou Laojiao Company Limited has prioritized channel health over short-term scale growth, deliberately slowing its shipment pace.
Earlier, management at Luzhou Laojiao Company Limited projected during the 2025 annual general meeting that the industry would enter a normalization cycle of inventory reduction starting in June 2026, asserting that short-term market fluctuations cannot determine value and that the company's long-term competitiveness will gradually materialize over the next three to five years. Meanwhile, the company has signaled positive momentum: since the 2026 Spring Festival, sales of Guojiao 1573 have held steady at their core base, and the terminal price of 52-degree Guojiao 1573 remains stable.