Hong-Kong-listed baijiu group ZJLD reported modest top-line growth and resilient margins for the six months ended 30 June 2026.
Revenue advanced 2.00 % year-on-year to RMB 2.55 billion, supported by a 28.90 % jump at the Li Du brand, which now contributes 30.90 % of group sales. Flagship brand Zhen Jiu saw revenue decline 10.00 % but still accounted for 52.70 % of total turnover. Xiang Jiao and Kai Kou Xiao recorded slight sales increases of 2.00 % and 1.00 %, respectively.
Gross profit expanded 3.20 % to RMB 1.52 billion, lifting the gross margin to 59.70 % from 59.00 % a year earlier. The premium price band became the largest revenue contributor at 53.70 % (H1 2025: 39.30 %), offsetting a 43.00 % contraction in deluxe-segment sales.
Net profit attributable to shareholders edged up 1.00 % to RMB 580.72 million, while adjusted net profit (non-IFRS) increased 2.10 % to RMB 626.06 million, maintaining an adjusted net margin of 24.60 %. Basic and diluted EPS both rose to RMB 0.176.
Operating cash outflow narrowed to RMB 234.04 million from RMB 322.27 million, helped by working-capital improvements. Cash and equivalents stood at RMB 5.17 billion against RMB 5.34 billion at year-end 2025; interest-bearing borrowings increased to RMB 1.73 billion from RMB 953.60 million.
Selling and distribution expenses were RMB 571.33 million, representing 22.40 % of revenue (H1 2025: 22.20 %). Administrative expenses grew 16.20 % to RMB 283.27 million, mainly due to higher depreciation and professional fees.
No interim dividend was declared. The company has deployed RMB 3.51 billion, or 70.30 %, of the HKD 4.99 billion raised in its April 2023 IPO, leaving HKD 1.48 billion earmarked primarily for production capacity, brand promotion, channel expansion, digitalisation and working capital.
Management highlighted the successful rollout of its Premier Retailers Alliance and profit-sharing models, ongoing regional expansion, and continued investment in digital infrastructure as key drivers for future growth amid a recovering industry environment.