Wuliangye stock gained 1.88 percent as H1 profit rose 89.30 percent

Wuliangye stock (ISIN CNE000000VQ8) gained 1.88 percent to CNY 70.06 on the Shenzhen Stock Exchange on September 30, 2026. The move followed a first-half report showing higher revenue and profit, but also negative operating cash flow.

Profit growth accelerates

According to Jiufang Zhitou in its September 12, 2026 publication of the interim report, H1 2026 operating revenue reached CNY 28.41667454177 billion, up 20.87 percent from H1 2025. Net profit attributable to shareholders rose 89.30 percent to CNY 8.75294299131 billion, while basic earnings per share increased 89.31 percent to CNY 2.2551.

The report attributes the profit improvement to a low comparison base and stronger sell-through of core products during the New Year and Spring Festival sales period. Wuliangye-branded baijiu generated CNY 23.63202546010 billion in H1 revenue, up 72.84 percent, while its gross margin was 87.91 percent.

Cash flow raises a counterpoint

The earnings improvement came with a cash conversion warning. According to Jiufang Zhitou, net cash generated from operating activities was negative CNY 2.15356879232 billion in H1 2026, compared with positive CNY 31.13673662858 billion in H1 2025. The report links the reversal to lower cash receipts after a collection-policy adjustment and fewer maturing bank acceptance bills.

Wuliangye also reported selling expenses of CNY 6.32223137853 billion, up 80.65 percent year over year. Sales promotion expenses rose 169.85 percent, indicating that the company increased market investment while working to improve sell-through.

Stock stays below yearly high

At CNY 70.06 on September 30, 2026, the stock stood 43.02 percent below its 52-week high of CNY 122.96 and only CNY 1.38 above its 52-week low of CNY 68.68. The Shenzhen-listed company had a market capitalization of CNY 271.9 billion and volume of 19,539,831 shares on that date.

For investors, the key tension is clear: H1 profit growth and branded-product revenue improved sharply, while operating cash flow and higher selling costs point to the cost of defending demand.

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