# Gansu Economy

The Northwest King in Retreat: Jinhui Liquor’s Historic Slump Signals a Crisis for China’s Regional Spirits

Jinhui Liquor has reported its first annual revenue and profit decline since its IPO, driven by a collapse in its low-end product segment and a failing national expansion strategy. Despite surging debt to fund industrial projects, the company is maintaining high dividend payouts, raising concerns about its financial resilience as national brands squeeze regional players.