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Chinese baijiu maker of the Shuijingfang premium liquor brand, majority-owned by global spirits group Diageo.
Chinese baijiu maker of the Shuijingfang premium liquor brand, majority-owned by global spirits group Diageo.
Sells baijiu, a Chinese grain spirit, mostly through distributors, so sales follow banquet and gifting demand, and the mix of higher-priced bottles matters most for profit. Diageo is the controlling shareholder.
In one line: Diageo's China baijiu listed subsidiary.
Moat: narrow (brand). Shuijingfang brand heritage plus Diageo's global spirits marketing expertise.
Headquarters: Chengdu, Sichuan, China · Employees: 1,733
Size Sichuan Swellfun (600779.SS) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $2.06B, the 1224th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.25 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -7.1% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 30.0% over the last twelve months (peer median -2.4%); the operating margin is 19.7% (peer median 11.1%).
Valuation It trades at 46.3× forward earnings against a peer median of 30.0× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +17 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 1.8 points below its cost of capital (10.5% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.64B | CN¥2.55B | CN¥4.45B | CN¥4.20B | CN¥3.95B |
| Revenue growth | — | -43% | +6% | +6% | — |
| Gross profit | CN¥2.16B | CN¥1.83B | CN¥3.45B | CN¥3.28B | CN¥3.16B |
| EBITDA | n/a | CN¥772M | CN¥1.93B | CN¥1.73B | CN¥1.63B |
| Net income | CN¥294M | CN¥406M | CN¥1.34B | CN¥1.27B | CN¥1.22B |
| Free cash flow | CN¥765M | -CN¥889M | CN¥235M | CN¥760M | CN¥361M |
| Capital expenditure | CN¥65.9M | CN¥265M | CN¥509M | CN¥974M | CN¥953M |
| Total debt | CN¥1.09B | CN¥1.08B | CN¥40.3M | CN¥72.5M | CN¥50.3M |
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 |
|---|---|---|---|---|---|---|
| Sichuan Swellfun 600779.SS | $2.06B | -13% | -30% | 20% | 46.3× | 16.6% |
| Anhui Kouzi Distillery 603589.SS | $1.65B | -22% | -19% | 13% | 22.9× | 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% |
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 | 600779.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.7% | +1.7% | 7th highest of 21 |
| 6-month return | -13.1% | -7.1% | 7th lowest of 21 |
| Distance from 52-week high | -38.4% | -29.9% | 5th lowest of 21 |
| Revenue growth (TTM) | -30.0% | -2.4% | lowest of 21 |
| Operating margin | 19.7% | 11.1% | 2nd highest of 21 |
| Forward P/E | 46.3× | 30.0× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.6% | 3.7% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +0.1% | +5.5% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +16.6 pp | +3.7 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -1.8 pp | -2.4 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| Jiugui Liquor 000799.SZ | China | $1.70B | -18% | +19% | -3% | 271.1× | n/a | n/a |
| Anhui Kouzi Distillery 603589.SS | China | $1.65B | -22% | -19% | 13% | 22.9× | n/a | n/a |
| Hebei Hengshui Laobaigan Liquor 600559.SS | China | $1.64B | -12% | -17% | 11% | 30.7× | 14.2% | +2.4% |
| Shede Spirits 600702.SS | China | $1.61B | -24% | -10% | -1% | 53.4× | n/a | n/a |
| Kuaijishan Shaoxing Rice Wine 601579.SS | China | $1.51B | +22% | +6% | 19% | 35.8× | 1.3% | +10.7% |
| 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% |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |
| Yantai Changyu Pioneer Wine 000869.SZ | China | $1.36B | -12% | -2% | 3% | 16.1× | 3.7% | -3.0% |
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| 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% |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| Zhejiang Guyuelongshan Shaoxing Wine 600059.SS | China | $1.12B | -8% | -3% | 11% | 40.5× | n/a | n/a |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |