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in the first half of this year, the revenue and net profit of the five major liquor companies all hit historical highs, with a total revenue of 195.106 billion yuan and a total net profit of 85.138 billion yuan. the year-on-year growth rates of revenue and net profit both reached about 14%.

judging from the performance of liquor stocks this year, there is not much correlation with performance growth. the five major liquors have all experienced a downward trend this year, with wuliangye having the smallest decline, down 9.06% this year. the largest decline was luzhou laojiao, down 30.45%. even kweichow moutai's stock price has fallen 14.65% this year. in addition to the five major liquor stocks, other liquor stocks have experienced different degrees of decline. therefore, this year's market environment is not very friendly to liquor stocks.

revenue and net profit increased by about 14% year-on-year, and basically achieved the growth target at the beginning of the year. why are liquor stocks still falling?

among the five major liquor stocks, except for yanghe shares, which saw single-digit growth in revenue and net profit, other listed liquors including moutai, wuliangye, shanxi fenjiu, and luzhou laojiao all saw double-digit growth. although the performance growth rate of the five major liquor stocks is in line with market expectations, the market has given a relatively pessimistic valuation pricing considering the continued slowdown in performance growth.