ZJLD (06979) fell more than 5% during early trading. As of the latest update, the stock declined 5.67% to HK$7.99, with a turnover of HK$148.939 million. The move comes as Wuliangye Yibin Co.,Ltd. adjusted its financial results. The company revised its revenue for the first three quarters of 2025 downward from the previously disclosed 609.45 billion yuan to 306.38 billion yuan. Net profit attributable to shareholders also dropped from 215.11 billion yuan to 64.75 billion yuan. Earlier, Kweichow Moutai Co.,Ltd. reported a 1.21% year-on-year decrease in 2025 revenue and a 4.53% decline in net profit attributable to shareholders, marking the first simultaneous decline since its 2001 listing. These performance changes at leading liquor companies have drawn significant market and industry attention. Notably, ZJLD's 2025 financial report showed annual revenue of 3.65 billion yuan, down 48.3% from 7.067 billion yuan in 2024, shrinking nearly by half and even falling below the level of its first listing year in 2023. Profit attributable to equity shareholders also plunged 59.3%, from 1.324 billion yuan to 538 million yuan, effectively halving. ZJLD Group Chairman Wu Xiangdong stated in the financial report that 2025 was a year of intense adjustment pressure for China's liquor industry.