ZJLD (06979) fell more than 4% in Hong Kong trading. As of the latest update, the stock was down 4.15% to HK$8.54, with a turnover of HK$13.3644 million. The decline follows the release of Kweichow Moutai Co.,Ltd.'s (600519) annual report for 2025 on the evening of April 16. Financial data revealed that the company's operating revenue for 2025 was 1688.38 billion yuan, a decrease of 1.21% year-on-year, while net profit attributable to shareholders was 823.20 billion yuan, down 4.53% compared to the previous year. This marks the first annual decline in both revenue and net profit for Kweichow Moutai since its listing in 2001.

Analysts suggest the baijiu sector is facing continued pressure. Soochow Securities believes the industry entered a deeper adjustment phase in the second quarter of 2025 and expects this consolidation and bottoming-out trend to persist into the first and second quarters of 2026. The current period is seen as critical for the sector's adjustment, with first-quarter financial statements anticipated to reflect overall pressure. A new inventory cycle, characterized by price stabilization and improved restocking willingness, is projected to potentially emerge by the third quarter of 2026. Guosen Securities added that while the baijiu sector's apparent performance is expected to continue its downward trend in the first quarter of 2026, the rate of decline is forecast to narrow compared to the third and fourth quarters of 2025.