---
title: "Cross-border capital, can't handle the liquor industry? | Liquor industry readjustment (3)"
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/20951186.md"
description: "Zebra Consumer Yang Wei: Baijiu has become a game for giants. In recent years, all the new entrants and key players in the baijiu industry have come from wealthy capital groups. However, even they find it difficult to make headway in the already saturated and fiercely competitive baijiu market. For example, China Resources-backed Jinsha Baijiu has seen a sharp decline in business, while Jinseed Liquor continues to report losses. Fosun's Guo Guangchang's favorite, Shede Baijiu, is under performance pressure. Rock Co., Ltd. faces a liquidity crisis due to the fallout from Hywin Wealth's scandal. Qinghai Spring's Tinghua Baijiu hasn't even resumed operations yet. Crossovers into baijiu have collectively met their Waterloo—some due to shared reasons, others facing unique challenges..."
datetime: "2024-05-08T00:16:31.000Z"
locales:
  - [en](https://longbridge.com/en/topics/20951186.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/20951186.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/20951186.md)
author: "[斑马消费](https://longbridge.com/zh-CN/profiles/6226040.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/20951186.md) | [繁體中文](https://longbridge.com/zh-HK/topics/20951186.md)


# Cross-border capital, can't handle the liquor industry? | Liquor industry readjustment (3)

Zebra Consumer Yang Wei

Baijiu has become a game for giants. In recent years, the new entrants into the baijiu industry, whether helmsmen or operators, have all come from wealthy capital families.

However, even they find it difficult to make inroads in the baijiu market, which has already entered an era of 存量 (stock) and become more consolidated.

CR Beer-backed 金沙酒业 (Jinsha Liquor) saw a sharp decline in business, while 金种子酒 (Jinzhongzi Liquor) continued to suffer losses; Fosun's 郭广昌 (Guo Guangchang)'s beloved 舍得酒业 (Shede Liquor) faced performance pressure;岩石股份 (Rock Co., Ltd.) encountered a liquidity crisis due to the 暴雷 (bomb) of 海银财富 (Hywin Wealth);青海春天 (Qinghai Spring)'s 听花酒 (Tinghua Liquor) has yet to resume operations.

Crossing into baijiu has been a collective 滑铁卢 (Waterloo). There are common reasons, as well as 各自的困境 (individual dilemmas). What comes next is equally critical.

**Crossing into Baijiu: A Collective Waterloo**

Driven by the overall market rise and multiple positive factors such as the solid performance of leading baijiu companies, baijiu stocks have experienced a long-awaited comprehensive surge.

In just the last two trading days，贵州茅台 (Kweichow Moutai, $Moutai(600519.CN)) saw its stock price rise by 3.81%, with its market value increasing by over 80 billion yuan; the 白酒Ⅱ (Baijiu II) sector (340500) rose by 4.40%.

However, one baijiu company completely missed this wealth feast. After the holiday，青海春天 (Qinghai Spring, $Qinghai Spring(600381.CN)) experienced 连续跌停 (consecutive limit-downs).

On April 30，青海春天 (Qinghai Spring)'s 2023 annual report arrived belatedly. Due to 连续 3 个会计年度扣非净利润均为负值 (three consecutive fiscal years of negative adjusted net profits) and the accounting firm issuing a non-standard audit opinion on the company's 2023 financial report, its stock was subjected to 其他风险警示 (other risk warnings), becoming ST Spring.

In 2023，青海春天 (Qinghai Spring)'s revenue was 214 million yuan, up 33.52% year-on-year, while its 归母净利润 (net profit attributable to shareholders) was -268 million yuan, marking the fourth consecutive year of losses and the fifth consecutive year of adjusted losses.

In Q1 2024, the company's revenue grew 49.96% year-on-year to 84.4994 million yuan, but it continued to lose 26.9051 million yuan. More importantly, its core baijiu product，听花酒 (Tinghua Liquor), was named by 央视 315 (CCTV's 315 Gala) and subsequently removed from major e-commerce platforms. As of now, it has yet to be relisted, and business pressure is expected to intensify.

Another 跨界白酒玩家 (cross-border baijiu player) caught off guard is 华润啤酒 (CR Beer, $CHINA RES BEER(291.HK)).

CR Beer's baijiu business primarily consists of 金沙酒业 (Jinsha Liquor). In 2023, the segment's revenue was 2.083 billion yuan, with EBIT of 130 million yuan. Notably, before its acquisition，金沙酒业 (Jinsha Liquor)'s net profits after tax in 2021 and H1 2022 were 1.315 billion yuan and 670 million yuan, respectively. What exactly happened to 金沙酒业 (Jinsha Liquor) in recent years remains unknown to the public.

Another baijiu business deeply involved by CR Beer is 金种子酒 (Jinzhongzi Liquor, $AGSW(600199.CN)), one of 安徽白酒四朵金花 (Anhui's four golden flowers of baijiu). After years of consecutive losses, 2023 did not bring substantial performance improvements, with revenue growing 23.92% to 1.469 billion yuan but continuing to lose 22.0692 million yuan.

As for 华润系 (CR Group)'s strategic investment in 山西汾酒 (Shanxi Fenjiu, $SHANXI FEN WINE(600809.CN)), the latter has achieved significant performance breakthroughs through a nationalization strategy, aiming to become the third-largest baijiu player. Here, the role of strategic investors is not decisive.

It seems capital often adds flowers to brocade but rarely offers help in times of need.

Back then, the 三大跨界白酒巨头 (three major cross-border baijiu giants) alongside CR Group included Fosun Group and 综艺系 (Zongyi Group).

Fosun's 舍得酒业 (Shede Liquor) stabilized growth with low-end products, but profitability suffered. In 2023, revenue was 7.081 billion yuan, and 归母净利润 (net profit attributable to shareholders) was 1.771 billion yuan, up 16.93% and 5.09% year-on-year, respectively. In Q1 this year, performance declined directly, with operating cash flow halving after dropping over 30% last year.

As for 综艺系 (Zongyi Group)'s baijiu business, being 非上市公司 (unlisted), its performance is not public. All we know is that 贵州醇&青酒&匀酒董事长 (chairman of Guizhou Chun, Qingjiu, and Yunjiu) 朱伟 (Zhu Wei), once quite active on social media, has now quieted down.

In 2023, the only cross-border baijiu player with seemingly decent performance was 岩石股份 (Rock Co., Ltd., $Shanghai Guijiu(600696.CN)), with revenue of 1.629 billion yuan and 归母净利润 (net profit attributable to shareholders) of 87.0704 million yuan, up 49.30% and 133.00% year-on-year, respectively.

However, after 关联方海银财富暴雷 (the bomb of related party Hywin Wealth)，岩石股份 (Rock Co., Ltd.) also faced liquidity pressure, affecting normal operations. In Q1 2024, revenue was 109 million yuan, and 归母净利润 (net profit attributable to shareholders) was -19.6608 million yuan, down 71.94% and 163.35% year-on-year, respectively.

Is there really not a single capable player among the cross-border baijiu entrants?

**Capital Giants Rush into Baijiu**

Among these cross-border baijiu players，青海春天 (Qinghai Spring, $Qinghai Spring(600381.CN))'s chairman 张雪峰 (Zhang Xuefeng) was among the first to recognize the allure of the baijiu industry.

In 2016, the company's flagship product, "极草" (Jicao), was banned by authorities, leaving it eager for new ventures. Around 2018, the company entered the baijiu industry, trialing the small-bottle 酒凉露 (Jianglu).

After this 平价白酒 (affordable baijiu) faded due to poor reception，青海春天 (Qinghai Spring) directly targeted the 超高端白酒 (ultra-premium baijiu) market, launching 听花酒 (Tinghua Liquor) with novel concepts, sky-high pricing, and aggressive strategies.

Inspiration came from a dream of the Taoist deity 太上老君 (Taishang Laojun); Nobel laureates were invited to endorse it; prices surpassed 茅台酒 (Moutai), with the standard edition priced at 5,860 yuan/bottle and the premium edition at 58,600 yuan/bottle; ads flooded airports，高铁站 (high-speed rail stations), and core media...

Regardless of actual sales, these groundbreaking moves once made 听花酒 (Tinghua Liquor) a top trend in the baijiu market.

Compared to 营销大师 (marketing maestro) 张雪峰 (Zhang Xuefeng)'s dabbling，昝圣达 (Zan Shengda) and 朱伟 (Zhu Wei)'s recent industrial maneuvers represent 抄底 (bottom-fishing) by baijiu experts.

Two decades ago，洋河 (Yanghe) rose from a local distillery to a top-three baijiu player through 顶级白酒产业运作 (top-tier baijiu industry operations). Industrial investors and management teams played pivotal roles.

综艺系掌舵人 (Zongyi Group's helmsman) 昝圣达 (Zan Shengda) was one of 洋河 (Yanghe)'s major investors back then.朱伟 (Zhu Wei), a key figure in 洋河 (Yanghe)'s rise, once served as vice president of 洋河股份 (Yanghe Co., Ltd., $Yanghe(002304.CN)).

In 2019，综艺集团 (Zongyi Group) acquired 贵州老牌白酒企业 (Guizhou's veteran baijiu company) 贵州醇 (Guizhou Chun), with 朱伟 (Zhu Wei) at the helm. Under Zhu's leadership, the 真年份战略 (authentic vintage strategy) was introduced, and sales were boosted via social media. These efforts turned 贵州醇 (Guizhou Chun) around.

Subsequently，昝圣达 (Zan Shengda) and 朱伟 (Zhu Wei) acquired 中小酒厂 (small and medium-sized distilleries) like 枝江酒业 (Zhijiang Liquor)，蔺郎酒业 (Linlang Liquor)，贵州青酒 (Guizhou Qingjiu), and 贵州匀酒 (Guizhou Yunjiu), forming a baijiu conglomerate.

Compared to 昝圣达 (Zan Shengda) and 朱伟 (Zhu Wei)'s 步步为营 (step-by-step approach), Fosun，岩石股份 (Rock Co., Ltd.), and CR Group adopted a 高举高打 (high-profile) strategy, with capital leading and industry following，挤进 (squeezing into) the baijiu market during its peak.

In 2020, Fosun, pivoting to China and betting big on 消费 (consumption), secured control of 金徽酒 (Jinhuijiu, $JINHUI(603919.CN)) and 舍得酒业 (Shede Liquor). Holding two A-share baijiu listed companies simultaneously was unprecedented and unlikely to be repeated. Later, to address 同业竞争 (industry competition) and alleviate Fosun's liquidity 压力 (pressure)，郭广昌 (Guo Guangchang) relinquished control of 金徽酒 (Jinhuijiu), retaining a minority stake to focus on 舍得酒业 (Shede Liquor).

Around the same time，岩石股份 (Rock Co., Ltd.) 整合 (integrated) 章贡酒业 (Zhanggong Liquor)，长江实业 (Changjiang Industrial), and 高酱酒业 (Gaojiang Liquor), creating a new baijiu 上市公司 (listed company) despite A-share baijiu IPOs being halted.

华润啤酒 (CR Beer), though a latecomer, orchestrated the climax of 跨界白酒 (cross-border baijiu)'s capital and industrial 整合 (integration).

In early 2023，华润啤酒 (CR Beer) spent billions to acquire a controlling stake in 酱酒小巨头 (small 酱香 baijiu giant) 金沙酒业 (Jinsha Liquor), the largest baijiu M&A deal in recent years.

In 2022，华润系 (CR Group) participated in 金种子酒 (Jinzhongzi Liquor)'s 混改 (mixed-ownership reform), becoming its indirect controlling shareholder. However, operational control likely rests with 华润啤酒 (CR Beer): its chairman 侯孝海 (Hou Xiaohai), executive 董事 (director), CFO 魏强 (Wei Qiang), and regional executive 何秀侠 (He Xiuxia) joined 金种子酒 (Jinzhongzi Liquor)'s board and management.

**Face Reality or Hold On?**

Watching 跨界白酒 (cross-border baijiu) rise and fall within years, these 资本巨头 (capital giants) now grapple with 各自的困境 (individual dilemmas).

Baijiu companies' positioning, products, channels, and 营销模式 (marketing models) vary, making 优劣 (merits) hard to judge. The common thread among 跨界玩家 (cross-border players) is 外行指导内行 (amateurs leading professionals).高管 (Executives) lacking baijiu experience facing market setbacks is unsurprising.

Can investment teams excel in baijiu operations? Does 啤酒 (beer) success guarantee 白酒 (baijiu) prowess? Can 概念 (concept)-driven brands 破局 (break through) without industrial or 渠道 (channel) foundations?

The only 专业组合 (professional duo) is 昝圣达 (Zan Shengda) and 朱伟 (Zhu Wei). Earlier this year，综艺系 (Zongyi Group) strengthened further as 原金沙酒业董事长 (former Jinsha Liquor chairman) 张道红 (Zhang Daohong) joined 枝江酒业 (Zhijiang Liquor) as 董事总经理 (managing director). Whether 枝江酒业 (Zhijiang Liquor) can emulate 贵州醇 (Guizhou Chun)'s revival remains to be seen.

The primary reason for 跨界白酒玩家 (cross-border baijiu players)' collective 滑铁卢 (Waterloo) is the 白酒市场结构 (baijiu market structure)'s 固化的 (rigidity), leaving little room for newcomers.

青海春天 (Qinghai Spring) exemplifies this, shifting from 大众酒 (mass-market) to 超高端 (ultra-premium), often 有名无市 (more fame than sales). Post-315, under heightened 监管 (scrutiny), even resuming operations is challenging.

Moreover, since 2016, the baijiu market has entered a 存量阶段 (stock phase). In 2023，规模以上白酒企业 (large-scale baijiu producers)' output fell 2.8% to 4.492 million kiloliters, while revenue and profits grew 9.7% and 7.5% to 756.3 billion yuan and 232.8 billion yuan, respectively—增速 (growth rates) plummeting. In just years，规模以上白酒企业 (large-scale baijiu producers) dwindled by over a third.

During industry upswings, all players prospered. In 收缩期 (contractions), even 传统巨头 (traditional giants) face pressure, leaving 跨界新势力 (cross-border newcomers) no room.

岩石股份 (Rock Co., Ltd.) faces the most urgency. If 海银财富 (Hywin Wealth)'s liquidity 压力 (pressure) persists, the 上市公司 (listed company)'s best 出路 (exit) may mirror 舍得酒业 (Shede Liquor)'s past.

For its next helmsman, two issues loom: as a 新品牌 (new brand)，上海贵酒 (Shanghai Guijiu)'s 产业影响力 (industrial clout) remains weak;商标争议 (trademark disputes) with 洋河股份 (Yanghe Co., Ltd.) and 负面记录 (negative history) hinder its desired 证券简称 (stock ticker) change to "上海贵酒" (Shanghai Guijiu).

Though 郭广昌 (Guo Guangchang) now prioritizes 舍得酒业 (Shede Liquor, $Shede Spirits(600702.CN)), in 复星系 (Fosun Group)'s vast 资产负债表 (balance sheet), any asset is for sale—as seen with 青岛啤酒 (Tsingtao Beer) and 金徽酒 (Jinhuijiu).

Exiting isn't unprecedented for pressured 跨界玩家 (cross-border players).联想控股 (Legend Holdings) entered baijiu earlier, acquiring 孔府家 (Kongfu Jia)，武陵 (Wuling)，文王贡 (Wenwang Gong), and 乾隆醉 (Qianlong Zui), forming 丰联酒业 (Fenglian Liquor) a decade ago—only to sell it to 老白干 (Laobaigan).

华润系 (CR Group) and 综艺系 (Zongyi Group) will likely 坚守 (hold on). Their deeper pockets make them 耐心资本 (patient capital) with some industrial prowess.

More critically，华润啤酒 (CR Beer)'s 主业 (core business) faces growth 压力 (pressure);综艺股份 (Zongyi Co., Ltd., $JSZY(600770.CN)) suffers 主业空虚 (hollowed-out operations) and 连年亏损 (years of losses)—both 急需 (desperately need) baijiu to shine anew.

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- [Shanghai Guijiu (600696.CN)](https://longbridge.com/zh-CN/quote/600696.CN.md)