Revenue falls short of expectations, with non-recurring net profit growth exceeding 30%. Kuaiji Mountain once again surges to hit the daily limit.

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（Source: 财闻）

          In 2025, the company achieved revenue of RMB 1.822 billion, up 11.68% year over year. It failed to meet its operating target of overall sales growth of 15%—20% in 2025, but it still set a record high.

Under the trend of continuously increasing investment in “upmarket positioning and rejuvenation,” Shaoxing Shan (601579.SH) delivered a performance with a significant increase in both revenue and profit in 2025. This is also the company’s third consecutive year of double-digit growth in both revenue and earnings.

In 2025, the company achieved revenue of RMB 1.822 billion, up 11.68% year over year. It failed to meet its operating target of overall sales growth of 15%—20% in 2025, but it still set a record high.

In addition, the company’s net profit attributable to shareholders was RMB 245 million, up 24.70% year over year. Non-recurring profits and losses (after excluding) net profit reached RMB 235 million, up 32.06% year over year significantly.

On April 1, Shaoxing Shan opened up 4.6%, and around 10:11 a.m. it surged to the daily limit; its share price was RMB 18.40.

It is worth noting that, according to the company’s 2025 Q3 report, its revenue and net profit growth rates were 14.12% and 3.23%, respectively. In the fourth quarter, the company’s single-quarter revenue was RMB 610 million, accounting for 33.5% of the full year, up only 7% year over year. Its single-quarter net profit attributable to shareholders was RMB 128 million, up sharply 53.6% year over year, accounting for 52.5% of the full year.

In terms of principal business, in 2025 the company’s liquor business generated revenue of RMB 1.769 billion, up 11.79% year over year, accounting for 97.1% of total operating revenue. Among that, yellow wine accounted for 89.08%. The overall gross margin reached 58.45%, up 5.70 percentage points year over year.

Among them, revenue from mid-to-high-end yellow wine reached RMB 1.142 billion, up 15.21% year over year. Revenue from ordinary yellow wine and other liquor was RMB 627 million, up 21.0% year over year. Their gross margins were 67.33% and 42.25%, respectively, with increases of 5.76% and 7.63%, respectively.

The annual report states that the company actively implemented a dual-brand strategy of “Shaoxing Shan” and “Lanting.” It achieved breakthroughs in both upmarket positioning (Lanting) and rejuvenation (the “Shuang Jiu” series of sparkling yellow wine). In particular, rejuvenation products such as sparkling yellow wine have become “billion-level flagship products.”

Regarding the expense structure, in 2025 the company’s operating costs were very effective, up only 1.02%, but selling expenses rose sharply. To capture market heat and advance national expansion, the company’s full-year selling expenses totaled RMB 473 million, up 42.67% year over year, far exceeding the revenue growth rate. This raised its selling expense ratio to 26%, placing it at a relatively high level in the yellow wine industry.

The company’s administrative expenses fell 24.75% to RMB 104 million; R&D spending also declined. Full-year R&D expenses fell by nearly 40% to RMB 43,349.1 thousand, down 37.68% year over year,

In addition, operating cash flow fell significantly: due to increased spending on advertising and publicity, the net cash flow from operating activities was RMB 238 million, down 27.7% year over year.

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