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Maker of Yanghe baijiu, one of China's top liquor brands, known for its 'Dream Blue' premium bottled product line.
Maker of Yanghe baijiu, one of China's top liquor brands, known for its 'Dream Blue' premium bottled product line.
Sells to regional distributors rather than directly to consumers, so distributor stock levels signal real demand. The Dream Blue line, in the premium tier, carries the profit, and Jiangsu is the home market. Baijiu is often bought as gifts and for business banquets, so demand tracks corporate entertaining.
In one line: China's Diageo/Brown-Forman for premium spirits.
Moat: narrow (brand). Strong regional-to-national brand, though behind Moutai/Wuliangye in pricing power.
Headquarters: Suqian, China · Founded: 1949 · Employees: 22,392
Size Jiangsu Yanghe Distillery (002304.SZ) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $8.50B, the 294th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥37.86 on 6 Nov 2026.
Performance Over six months the shares fell 23.1%, against +10.3% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 31.4% over the last twelve months (peer median -1.3%); the operating margin is 4.4% (peer median 15.6%).
Valuation It trades at 32.6× forward earnings against a peer median of 16.2× (4th most expensive of 20).
Capital Return on invested capital runs 3.7 points below its cost of capital (6.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.9B | CN¥15.9B | CN¥24.1B | CN¥28.0B | CN¥25.8B |
| Revenue growth | — | -34% | -14% | +8% | — |
| Gross profit | CN¥9.57B | CN¥10.0B | CN¥15.9B | CN¥19.3B | CN¥17.7B |
| EBITDA | n/a | CN¥3.95B | CN¥9.43B | CN¥12.9B | CN¥12.4B |
| Net income | CN¥61.9M | CN¥2.21B | CN¥6.67B | CN¥10.0B | CN¥9.38B |
| Free cash flow | -CN¥1.83B | -CN¥1.09B | CN¥3.33B | CN¥5.28B | CN¥3.53B |
| Capital expenditure | CN¥499M | CN¥678M | CN¥1.45B | CN¥1.11B | CN¥539M |
| Total debt | CN¥541M | CN¥173M | CN¥146M | CN¥417M | CN¥450M |
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 |
|---|---|---|---|---|---|---|
| Jiangsu Yanghe Distillery 002304.SZ | $8.50B | -23% | -31% | 4% | 32.6× | n/a |
| Kweichow Moutai 600519.SS | $272B | +5% | -4% | 65% | 21.7× | 0.7% |
| Wuliangye Yibin 000858.SZ | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% |
| Luzhou Laojiao 000568.SZ | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% |
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 | 002304.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +10.6% | 4th lowest of 21 |
| 6-month return | -23.1% | +10.3% | lowest of 21 |
| Distance from 52-week high | -47.4% | -13.3% | lowest of 21 |
| Revenue growth (TTM) | -31.4% | -1.3% | 2nd lowest of 20 |
| Operating margin | 4.4% | 15.6% | 2nd lowest of 20 |
| Forward P/E | 32.6× | 16.2× | 4th most expensive of 20 |
| ROIC minus cost of capital | -3.7 pp | +5.2 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |