"2026 China Liquor Industry Listed Companies Brand Value Top 30" Released, Four Brands Valued at Over 100 Billion Yuan Each

On March 26, the 2026 Liquor Industry Innovation Thought Forum hosted by The Economic Daily News was held in Chengdu. The forum, themed “Consolidate Strength Toward C to Reconstruct the Future,” focused on new challenges for the consumer market and capital market under deep industry adjustments. It brought together industry associations, experts and academics, senior executives from liquor companies, securities investment institutions, and others to jointly discuss China’s liquor industry’s path to breaking through multiple pressures.

At the forum, The Economic Daily News and the China Enterprise Research Center of the School of Economics and Management at Tsinghua University jointly released the “Top 30 Brand Value List of Listed Liquor Companies in China for 2026.” The total brand value of the companies on the list adds up to 161.44 billion yuan.

It is reported that, as the first domestic brand research achievement specifically targeting listed liquor companies, this list was first launched in 2019. To date, it has been published for 8 consecutive years. The aim is to help liquor companies on the list more clearly understand their brand development status, and to provide a reference for dynamically tracking the investment performance of their brands and improving brand management efficiency.

Brand values of 11 companies increased

The list shows that the total brand value of liquor enterprises in the TOP30 (top 30) amounts to 161.44 billion yuan, down 43.4 billion yuan from the previous year, a decrease of 2.7%. Among them, Kweichow Moutai has ranked first on the list for 8 consecutive years, with brand value of 69.83 billion yuan; Wuliangye ranks second with brand value of 27.40 billion yuan; Shanxi Fenjiu ranks third with brand value of 10.89 billion yuan; Luzhou Laojiao ranks fourth with brand value of 10.21 billion yuan.

The Economic Daily News Brand Value Research Institute points out that in the first three quarters of 2025, the operating revenue and operating profit of the companies on the list all declined. This year, the overall brand value of China’s listed liquor companies has fallen.

From the perspective of changes, in this year’s list, 11 companies saw an increase in brand value, while 19 companies saw a decline. Among the companies whose brand value increased, only 1 company had an increase of more than 20%, 1 company had an increase of 10%~20%, and 9 companies had an increase of 0~10%. The fastest-growing brand value is Shaoxing Guyi, with an increase of 35.8%.

From the perspective of tiering, there are 4 companies whose brand value exceeded 100 billion yuan. Their total brand value is 118.33 billion yuan, accounting for 73.3%, which is an increase of 8.4 percentage points compared with 2025. There are 13 companies with brand value between 10 billion yuan and 100 billion yuan. Their total brand value is 37.53 billion yuan, accounting for 23.2%, which is a decrease of 8.9 percentage points compared with 2025.

Higher concentration among listed liquor companies

It is worth noting that the concentration among listed liquor companies is relatively high. The data shows that the combined brand value of enterprises ranked in the top 20% (positions 1 to 6) is 130.09 billion yuan, accounting for 80.6%; for the remaining listed companies, the combined brand value is 31.35 billion yuan, accounting for 19.4%.

In terms of regional distribution, the 30 companies come from 18 regions. Among them, the top two regions by total brand value are Guizhou and Sichuan. The two regions together have combined brand value of 109.6 billion yuan, accounting for 67.9% of the total brand value, and they hold a dominant position.

In terms of categories, there are 19 baijiu (Chinese distilled liquor) companies, with combined brand value of 142.11 billion yuan; 6 beer companies, with combined brand value of 17.08 billion yuan; the number of yellow wine, cocktails, and wine companies on the list is 3, 1, and 1 respectively, with brand values of 8.556 billion yuan, 7.575 billion yuan, and 6.435 billion yuan respectively.

The Economic Daily News Brand Value Research Institute observes that in 2026, the development of liquor industry brands in China shows six major trends.

First is pattern concentration, with value lying in differentiation. The Matthew effect intensifies, and market concentration continues to rise.

Second is healthier demand, with value lying in pleasing oneself. From “heavy drinking” to “micro-sipping,” low-alcohol liquor has become a new trend.

Third is innovation with scenario-based focus, with value lying in breaking out of the mold. Product forms change with scenarios. The three major segments—high-end business, middle-class in the making, and Gen Z—each have distinctive characteristics. New products such as camping micro-sipping sets, fruit wines, and sparkling wines have become highlights for growth.

Fourth is marketing digitization, with value lying in enabling. The share of DTC (direct-to-consumer) direct sales has increased noticeably. Instant retail has become the core for driving sell-through, and platforms such as “i Moutai” have shown significant results.

Fifth is the sustainability of concepts, with value lying in the underlying tone. ESG (environmental, social, and corporate governance) has shifted from compliance costs to core competitiveness, reshaping brand connotations through water resource utilization, packaging innovation, and rural revitalization.

Sixth is strategic globalization, with value lying in going global. Moving from exporting products to exporting brands, Chinese liquor brands have tremendous potential.

The Economic Daily News