326 million Sichuan Xiaojiang Liquor Industry established, Xiaojiaolou Jiangkou Chun officially integrated?

Listing | Zhongfang Network

Review | Li Xiaoyan

On February 9th, Sichuan Xiaojiang Distillery Co., Ltd. was officially registered with a registered capital of 326 million yuan, held 49.08% by Chengdu Rongjiu Distillery and jointly established with Bazhong multi-level state-owned platforms and Jiangkou Chun Distillery. This landmark event not only marks the implementation of Chengdu and Bazhong regional collaborative development but also represents a key step in the integration and upgrading of Sichuan’s “Little Golden Flower” brands and the restructuring of the Sichuan liquor industry. As the National Distributors Conference approaches on March 23rd, the integration path of XiaoJiaoLou and Jiangkou Chun will become clearer, and the central Sichuan liquor region is迎来 a new opportunity for high-quality development.

From the perspective of equity structure, the formation of Xiaojiang Distillery exhibits clear characteristics of state-owned dominance, multi-party collaboration, and industry deep cultivation. Chengdu Rongjiu Distillery, as the largest shareholder, was jointly established in November 2025 by Chengdu Industrial Investment Group, Chengdu Liquor Group, and three other state-owned enterprises, with a registered capital of 500 million yuan. The actual controller is Chengdu State-owned Assets Supervision and Administration Commission, possessing strong capital strength and industry operation capabilities. Bazhong Revitalization and Development No.1 Industrial Investment Fund, Bazhong State-owned Capital Operation Group, and Bazhong Weiyuan Investment Group hold over 47% combined, demonstrating firm support from local state assets for the native liquor industry; Jiangkou Chun Distillery holds a 3.92% stake, deepening the bond between the brand and the new platform. This hybrid ownership structure of “Chengdu capital + Bazhong resources + brand stock” not only ensures stable integration direction but also balances the interests of all parties, laying a solid governance foundation for subsequent asset revitalization and business collaboration.

The establishment of Xiaojiang Distillery is not merely a new capital venture but also a dual implementation of the Sichuan liquor revitalization strategy and regional cooperation between Chengdu and Bazhong. In September 2025, Chengdu and Bazhong signed a regional collaborative development agreement, explicitly promoting industry complementarity and resource sharing; the 2026 government work report of Pingchang County also proposed accelerating deep cooperation between Jiangkou Chun, XiaoJiaoLou, and Chengdu Investment Group, advancing the “Two Bottles of Liquor” strategic cooperation. As a carrier of this integration, Xiaojiang Distillery will deeply融合 Chengdu’s channel, brand, and capital advantages with Bazhong Plain’s grain planting, ecological brewing, and capacity base advantages, constructing a full industry chain from raw grain planting and base liquor brewing to brand marketing and nationwide expansion, helping Bazhong build a highland of Sichuan Northeast liquor industry and推动 Chengdu to become a nationally leading liquor production area.

As a core member of the “Ten Little Golden Flowers” of Sichuan liquor, XiaoJiaoLou and Jiangkou Chun carry the historic glory of Sichuan folk liquor brands but also face development bottlenecks. Both companies originated in Pingchang, with century-old brewing techniques, mature capacity bases, and regional consumer reputation, once serving as benchmarks for accessible Sichuan liquor. However, due to limitations in systems, funding, and nationwide channels, their brand value has not been fully unleashed, and market expansion and product upgrading have slowed down. Under the background of increasing industry concentration, operating alone makes突破 growth ceilings difficult. Industry insiders generally believe that, given their shared origin and domain, and complementary categories, integration can reduce internal friction,集中 resources, and achieve a scale effect of 1+1>2.

This integration, centered on Xiaojiang Distillery, is expected to achieve three major breakthroughs: first, asset integration—streamlining core resources such as capacity, cellar pools, inventories, and channels, optimizing capacity layout, and enhancing base liquor reserves and production efficiency; second, brand升级—retaining core brand assets of XiaoJiaoLou and Jiangkou Chun, focusing on mainstream price points such as high-end light bottles and mid-range商务, creating a matrix of flagship products, and提升 brand premium and national influence; third, channel sharing—leveraging Rongjiu Distillery’s nationwide distribution network to quickly cover markets outside Sichuan, changing the previous high regional dependence. Pingchang County has planned to build a 40,000-acre dedicated brewing grain base to提升 local base liquor production, and the整合后 industry chain resilience will be significantly增强.

From an industry perspective, Xiaojiang Distillery’s model provides a replicable example for regional liquor enterprise integration. Currently, the white liquor industry is entering stock competition, with state-owned assets leading, regional collaboration, and brand renewal becoming mainstream paths for small and medium-sized liquor companies to突破. Chengdu’s state-owned assets intervene in a market-oriented manner, not through simple mergers but via platform operation, professional management, and capital empowerment to activate existing assets; the local government in Bazhong participates throughout to ensure industry stability, employment, and tax revenue, achieving政企 win-win. This “cross-city collaboration, state-owned asset leadership,民酒 revitalization” model not only responds to Sichuan’s policy orientation to optimize the white liquor industry layout but also aligns with national industry upgrading requirements, injecting new动力 into Sichuan liquor’s tiered development.

Objectively, challenges and uncertainties remain for the integration. Differences in history, management systems, and market strategies between the two companies require time to reconcile; intensified industry competition, large investments, and long cycles for nationwide expansion may pressure short-term performance; brand renewal and product iteration require precise positioning to avoid homogenization. These issues need to be gradually addressed in subsequent operations and are focal points for market attention. Overall, the integration direction conforms to industry规律, with backing from state assets and collaborative advantages, sufficient to hedge short-term risks.

On March 23rd, the Rongjiu Distillery · Xiaojiang Distillery National Distributors Conference will be held in Xinjin, Chengdu. Organized jointly by municipal and district governments and industry associations, this event will release key information on integration promotion, product planning, and market policies, marking the beginning of XiaoJiaoLou and Jiangkou Chun’s rebirth. At that time, the blueprint for Chengdu-Bazhong liquor collaboration will be fully unveiled, and Xiaojiang Distillery will present itself anew in the industry,推动 the two “Little Golden Flowers” from regional brands toward national brands.

The tide rises in Sichuan liquor, and collaboration leads to远大. The establishment of Sichuan Xiaojiang Distillery is a milestone in Chengdu-Bazhong cooperation and a new coordinate for Sichuan liquor industry升级. Driven by state-owned assets, regional collaboration, and brand renewal, XiaoJiaoLou and Jiangkou Chun are expected to break through development bottlenecks and revitalize century-old brands; the central Sichuan liquor region will form a new growth pole,助力 Sichuan to build a world-class white liquor产业集群. We look forward to Xiaojiang Distillery taking integration as an opportunity,坚持 brewing初心, innovating development models, and contributing new力量 to the revitalization of Sichuan liquor and regional collaboration, letting Pingchang’s fine wine香飘全国.