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Maker of Fenjiu, a leading light-aroma-style Chinese baijiu brand with a centuries-old distilling heritage.
Maker of Fenjiu, a leading light-aroma-style Chinese baijiu brand with a centuries-old distilling heritage.
Sells baijiu (a Chinese grain spirit) to distributors who resell it to shops, restaurants and gift buyers, so premium bottles bought for banquets and gifts carry the profit. It is ultimately owned by the Shanxi provincial government through the Fenjiu Group, and has grown from a mainly Shanxi brand to national sales.
In one line: China's Diageo/Brown-Forman for premium spirits.
Moat: narrow (brand). Strong regional brand heritage, though less nationally dominant than Moutai or Wuliangye.
Headquarters: Fenyang, China · Founded: 1919 · Employees: 14,026
Size Shanxi Xinghuacun Fen Wine Factory (600809.SS) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $24.1B, the 81st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥132.00 on 6 Nov 2026.
Performance Over six months the shares fell 7.9%, against +6.0% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 9.1% over the last twelve months (peer median -0.7%); the operating margin is 36.5% (peer median 15.2%).
Valuation It trades at 17.1× forward earnings against a peer median of 14.9× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.4 points above its cost of capital (7.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥34.2B | CN¥31.9B | CN¥30.2B | CN¥26.1B | CN¥21.6B |
| Revenue growth | — | +6% | +16% | +21% | — |
| Gross profit | CN¥25.3B | CN¥22.0B | CN¥21.5B | CN¥18.1B | CN¥15.1B |
| EBITDA | n/a | CN¥17.0B | CN¥16.8B | CN¥14.3B | CN¥10.7B |
| Net income | CN¥9.18B | CN¥12.2B | CN¥12.2B | CN¥10.4B | CN¥8.10B |
| Free cash flow | CN¥7.55B | CN¥8.27B | CN¥11.9B | CN¥7.10B | CN¥9.85B |
| Capital expenditure | CN¥803M | CN¥1.19B | CN¥638M | CN¥485M | CN¥826M |
| Total debt | CN¥4.33B | CN¥1.19B | CN¥1.29B | CN¥1.49B | CN¥705M |
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 |
|---|---|---|---|---|---|---|
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% |
| 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 | 600809.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.7% | +8.8% | 7th highest of 21 |
| 6-month return | -7.9% | +6.0% | 8th lowest of 21 |
| Distance from 52-week high | -35.2% | -12.8% | 4th lowest of 21 |
| Revenue growth (TTM) | -9.1% | -0.7% | 4th lowest of 21 |
| Operating margin | 36.5% | 15.2% | 2nd highest of 21 |
| Forward P/E | 17.1× | 14.9× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.0% | -1.1% | 6th most demanding of 20 |
| Growth delivered (Del g) | +22.7% | +3.2% | highest of 20 |
| Hurdle (Req g minus delivered) | -19.7 pp | -5.7 pp | least demanding of 20 |
| ROIC minus cost of capital | +17.4 pp | +3.8 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |