326 million Sichuan Xiaojiang Liquor Industry established, Xiaojiaolou Jiangkouceuen 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, with Chengdu Rongjiu Liquor holding 49.08% and jointly established with Bazhong multi-level state-owned platforms and Jiangkou Chun Liquor. This landmark event not only marks the implementation of regional coordinated development between Chengdu and Bazhong 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 Liquor, as the largest shareholder, was 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 Zhenxing 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 Liquor holds a 3.92% stake, enabling deep binding 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 Industrial Investment, advancing the “Two Bottles of Liquor” strategic cooperation. As the carrier of this integration, Xiaojiang Distillery will deeply融合 Chengdu’s channel, brand, and capital advantages with Bazhong’s grain planting, ecological brewing, and capacity base strengths, 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 white liquor industry and推动 Chengdu to become a nationally leading white 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 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,集中资源, 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 brands XiaoJiaoLou and Jiangkou Chun, focusing on mainstream price points like high-end light bottles and mid-range商务, creating a flagship product matrix, and提升品牌溢价 and national influence; third, channel sharing—leveraging Rongjiu Liquor’s nationwide distribution network to rapidly cover markets outside Sichuan,改变过去区域依赖的局面. Pingchang County has planned to build a 40,000-acre dedicated brewing grain base to提升基酒本地化率, and after integration, the产业链韧性 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 leading roles played by state assets, regional collaboration, and brand renewal as main paths for small and medium-sized enterprises 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; Bazhong’s local government participates throughout to ensure产业稳定, employment, and税收, achieving政企共赢. This “跨市协同, state-owned assets lead,民酒振兴” 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梯队建设.

Objectively, challenges and uncertainties remain in the integration process. 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 national expansion may pressure短期业绩; brand renewal and product iteration need precise positioning to avoid homogenization. These issues need to be gradually addressed during subsequent operations and are focal points for the market. However, overall, the integration aligns with industry规律, backed by state assets and collaborative advantages, sufficient to hedge short-term risks.

On March 23rd, the Rongjiu Liquor·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 progress, product planning, and market policies, marking the beginning of XiaoJiaoLou and Jiangkou Chun’s rebirth. At that time, the blueprint for Chengdu-Bazhong cooperation will be fully unveiled, and Xiaojiang Distillery will present itself anew to the industry, promoting these 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产业升级. Driven by state assets, regional collaboration, and brand renewal, XiaoJiaoLou and Jiangkou Chun are expected to break through development bottlenecks and revive century-old brands; the central Sichuan liquor region will form a new growth pole, helping Sichuan build a world-class white liquor产业集群. We look forward to Xiaojiang Distillery leveraging this integration opportunity,坚持酿造初心, and innovating development models, contributing new力量 to Sichuan liquor’s振兴 and regional collaboration, and让平昌美酒香飘全国.