Kweichow Moutai retained its position as China’s most valuable food company with a valuation of ¥1.9 trillion, marking a 1% year-on-year increase, according to the 2025 Hurun China Food Industry Top 100 list released today.

Key highlights from the ranking: 1. **Top Three**: - Wuliangye ranked second (¥570 billion, +2% YoY). - Nongfu Spring surged 71% to ¥530 billion, securing third place as the highest-valued soft drink firm.

2. **Sector Standouts**: - Liquor giants Shanxi Fenjiu and Haitian Flavors tied for fourth (¥245 billion each, +2%). - The top 10 included four liquor firms, down from five in 2024 after Yanghe exited the list. - Muyuan Foods (agriculture), Yili (dairy), and Wilmar (edible oils) maintained sector leadership.

3. **New Entrants**: - Eight companies debuted, including Andre Juice (¥13.5 billion, +70% YoY) and China Foods.

4. **Fastest Growers**: - Dekon Agri (92%), Nongfu Spring (71%), and Miaokelando (63%) led in value growth.

5. **Declines**: - CR Beverage (-28%), Feihe (-23%), and Mengniu (-11%) saw significant drops.

**Industry Trends**: - **Liquor Sector**: 22 firms made the list (down 2 YoY), grappling with inventory oversupply (900-day turnover). - **Health Shift**: Dairy and agriculture firms rose (11 and 12 entries, respectively), while meat processors fell to 2. - **Regional Leaders**: Beijing (7 companies), Shanghai (6), and Shenzhen (4 soft drink firms) dominated geographically.

**Market Context**: The total value of上榜ed firms grew 4% to ¥7.2 trillion, underperforming the SSE Composite’s 20% gain. Non-public companies like Wahaha and Lee Kum Kee accounted for 25 entries.

**Regulatory Update**: Revised Food Safety Law amendments took effect on December 1, 2025, strengthening oversight.

Note: Listed valuations are based on October 31, 2025, closing prices for public companies and comparable metrics for private firms.