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China's oldest and largest grape-wine maker, producing and distributing wine under the Changyu brand.
China's oldest and largest grape-wine maker, producing and distributing wine under the Changyu brand.
Sells wine and brandy mostly through distributors to shops, restaurants and hotels across China, and draws its grapes from its own vineyards and contracted growers. A state-owned group in Yantai controls it.
In one line: China's Gallo/Constellation Brands for wine.
Moat: narrow (brand, distribution, scale). Oldest, most recognized domestic wine brand with nationwide distribution built since 1892.
Headquarters: Yantai, China · Founded: 1892 · Employees: 2,111
Size Yantai Changyu Pioneer Wine (000869.SZ) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $1.36B, the 1784th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.12 on 6 Nov 2026.
Performance Over six months the shares fell 11.5%, against -8.9% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 2.2% over the last twelve months (peer median -4.4%); the operating margin is 3.2% (peer median 11.1%).
Valuation It trades at 16.1× forward earnings against a peer median of 30.7× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points below its cost of capital (5.8% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.13B | CN¥2.78B | CN¥3.05B | CN¥4.09B | CN¥3.67B |
| Revenue growth | — | -9% | -25% | +11% | — |
| Gross profit | CN¥1.88B | CN¥1.29B | CN¥1.47B | CN¥2.13B | CN¥1.82B |
| EBITDA | n/a | CN¥483M | CN¥639M | CN¥1.08B | CN¥1.01B |
| Net income | CN¥35.2M | CN¥71.3M | CN¥305M | CN¥532M | CN¥429M |
| Free cash flow | CN¥692M | CN¥327M | CN¥308M | CN¥1.04B | CN¥671M |
| Capital expenditure | CN¥10.3M | CN¥31.5M | CN¥94.6M | CN¥132M | CN¥199M |
| Total debt | CN¥611M | CN¥426M | CN¥445M | CN¥699M | CN¥813M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Yantai Changyu Pioneer Wine 000869.SZ | $1.36B | -12% | -2% | 3% | 16.1× | 3.7% |
| Treasury Wine Estates TWE.AX | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
| Pernod Ricard RI.PA | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000869.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | +1.7% | 6th lowest of 21 |
| 6-month return | -11.5% | -8.9% | 10th lowest of 21 |
| Distance from 52-week high | -22.9% | -33.7% | 8th highest of 21 |
| Revenue growth (TTM) | -2.2% | -4.4% | 8th highest of 21 |
| Operating margin | 3.2% | 11.1% | 5th lowest of 21 |
| Forward P/E | 16.1× | 30.7× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | 0.8% | 6th most demanding of 13 |
| Growth delivered (Del g) | -3.0% | +5.8% | lowest of 13 |
| Hurdle (Req g minus delivered) | +6.7 pp | -5.9 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -2.6 pp | -2.2 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yantai Changyu Pioneer Wine 000869.SZ | China | $1.36B | -12% | -2% | 3% | 16.1× | 3.7% | -3.0% |
| Tilaknagar Industries TI.NS | India | $1.27B | +3% | +150% | 10% | 50.4× | n/a | n/a |
| Jinhui Liquor 603919.SS | China | $1.27B | -6% | -2% | 11% | 36.1× | 14.6% | +10.9% |
| Kuaijishan Shaoxing Rice Wine 601579.SS | China | $1.51B | +22% | +6% | 19% | 35.8× | 1.3% | +10.7% |
| Shede Spirits 600702.SS | China | $1.61B | -24% | -10% | -1% | 53.4× | n/a | n/a |
| Hebei Hengshui Laobaigan Liquor 600559.SS | China | $1.64B | -12% | -17% | 11% | 30.7× | 14.2% | +2.4% |
| Zhejiang Guyuelongshan Shaoxing Wine 600059.SS | China | $1.12B | -8% | -3% | 11% | 40.5× | n/a | n/a |
| Anhui Kouzi Distillery 603589.SS | China | $1.65B | -22% | -19% | 13% | 22.9× | n/a | n/a |
| Jiugui Liquor 000799.SZ | China | $1.70B | -18% | +19% | -3% | 271.1× | n/a | n/a |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| Sichuan Swellfun 600779.SS | China | $2.06B | -13% | -30% | 20% | 46.3× | 16.6% | +0.1% |
| Allied Blenders and Distillers ABDL.NS | India | $2.10B | +24% | -20% | 11% | 63.5× | n/a | n/a |
| Hitejinro 000080.KS | South Korea | $846M | -3% | -5% | 7% | 13.2× | -4.6% | +2.1% |
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| Anhui Golden Seed Winery 600199.SS | China | $739M | -6% | -46% | -51% | 53.5× | n/a | n/a |
| Xinjiang Yilite Industry 600197.SS | China | $669M | -23% | -26% | 14% | 27.7× | n/a | n/a |
| Olvi OLVAS.HE | Finland | $646M | -9% | +11% | 12% | 9.6× | -10.8% | +9.9% |
| Chongqing Brewery 600132.SS | China | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% | +6.2% |
| Guangzhou Zhujiang Brewery 002461.SZ | China | $2.91B | -15% | +2% | 15% | 19.8× | -5.8% | +6.9% |
| GDH Supertime 001338.SZ | China | $629M | -37% | -15% | 2% | n/a | -7.8% | +6.9% |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |