On May 20, 2026, a date imbued with the romantic meaning of "I love you," the former "stock king" of the A-share market, Kweichow Moutai, interacted with investors in a unique way.

By the market close, Kweichow Moutai was trading at 1315 yuan, down 0.70% for the day. During the session, it touched a low of 1314 yuan, a number whose pronunciation corresponds to the phrase "a lifetime" in Chinese. This was dubbed by some investors as "the old man's romantic gesture," while others sarcastically called it "trapping you for a lifetime."

The "Romantic Bottom" of 1314 Yuan: Moutai's Stock Price Hits a Nearly 20-Month Low

After reaching its historical peak of 2303.41 yuan on February 18, 2021 (on a forward-adjusted basis), Kweichow Moutai's stock price began a prolonged decline. The current price is only about 57% of that peak. Since late April this year, the decline has accelerated, completely erasing gains made since the end of January and setting a new low since September 25, 2024—a span of nearly 20 months.

The sustained drop in Kweichow Moutai's share price reflects the fact that the baijiu industry has entered a period of deep adjustment. Weak terminal consumption, slowing market sales, and reduced willingness among distributors to make payments have created a negative feedback loop, severely impacting the performance of baijiu companies. Last year, revenues declined for 18 listed baijiu firms, with only Shanxi Fenjiu showing growth.

Kweichow Moutai itself reported its first negative growth in 20 years, with operating revenue down 1.2% and net profit down 4.53%. Its contract liabilities, a key indicator of distributor prepayment enthusiasm and a financial "reservoir" for baijiu companies, saw a sharp decrease of 16.52%. Last year, major players like Yanghe Brewery, Shanxi Fenjiu, Kweichow Moutai, and Luzhou Laojiao all experienced significant reductions in contract liabilities, which to some extent illustrates the pressure faced at the terminal market.

Furthermore, Wuliangye's restatement of its financial results for the first three quarters of 2025 led to substantial adjustments in its data. This not only exposed pressures within the baijiu sector but also deepened market distrust towards baijiu companies.

Change of the "Stock King": Capital Exits Consumer Sectors

As Kweichow Moutai's stock price hit new lows, companies like Lianxun Instruments and Cambricon saw their share prices surpass Moutai's. Additionally, seven companies, including Contemporary Amperex Technology Co., Limited, now have market capitalizations exceeding that of Moutai, crowning new "stock kings."

Since the beginning of 2026, there has been a noticeable shift in market style within the A-share market. Capital has been flowing out of traditional consumer sectors in significant amounts, moving instead into hard-tech tracks like semiconductors and artificial intelligence.

According to Wind statistics, since the start of the year, among 131 tertiary industries, 81 have seen gains while 50 have declined. Sectors ranking among the biggest decliners include travel retail, medical aesthetics, personal care products, animal feed, retail, hotels and catering, and baijiu.