China Resources Jinsha Liquor Renames Unit and Launches Premium Zhaiyao at 880 RMB

On September 12, Jinsha Liquor held a ceremony marking the 75th anniversary of its founding and the launch of Premium Zhaiyao at its Dashuichang production area in the upper reaches of the Chishui River. The central action of the event was the official market launch of the strategic new product Premium Zhaiyao. Jinsha Liquor (Guizhou Jinsha Jiaojiao Liquor Co. , Ltd.) has been renamed China Resources Jinsha Liquor (Guizhou) Co. and recently held an unveiling. Lan Yi, vice general manager of China Resources (Holdings) Co. , and senior executives of China Resources Beer and China Resources Jinsha Liquor attended.

Jinsha Liquor was founded in 1951, and "Jinsha Huisha Liquor" was formally named in 1958. In 1963 it was rated among the first eight famous Guizhou liquors, and the Zhaiyao brand was born in 2014. In 2021, Jinsha Liquor entered the second tier of sauce-aroma baijiu producers. In 2023, China Resources acquired control of Jinsha Liquor for 12.3 billion RMB. China Resources subsequently proposed a "beer plus baijiu" dual-empowerment model and restructured Jinsha Liquor in areas including organizational structure and channel management. Fan Shikai was dispatched to Jinsha as vice president of China Resources Beer and chairman of China Resources Jinsha Liquor. After taking control, the company cleared channel inventory, repaired price levels, and shifted from nationwide recruitment to base markets. Under overall industry pressure, Jinsha Liquor's revenue has continued to shrink, falling to about 1.5 billion RMB in 2025 from annual sales revenue of about 6 billion RMB at its peak.

In the first half of 2026, China Resources Beer's baijiu business recorded unaudited turnover of 570 million RMB and unaudited earnings before interest, taxes, depreciation and amortization of 84 million RMB, both below the same period in 2025. With the renaming completed, China Resources Jinsha Liquor will rely on China Resources' governance system and nationwide operating network to carry out follow-up work focused on improving quality, optimizing organizational structure, and maintaining channel ecology. Jin Hanquan, president of China Resources Beer, attended the launch event.

Alongside the renaming and unveiling, Jinsha Liquor released the strategic product Premium Zhaiyao. Priced at 880 RMB per bottle, the product will serve as a bridge between Zhaiyao Fifteen and Zhaiyao Zhenpin, further enriching the price-band layout of the Zhaiyao series in circulation channels. Actor Liu Ye attended the event as Zhaiyao liquor's brand ambassador for the third time. Major e-commerce platforms show Zhaiyao Zhenpin priced at about 440 RMB per bottle, while the high-end Shijiu series mainly covers the 698 RMB to 1,198 RMB range. Premium Zhaiyao's pricing falls within this range and belongs to the same high-end price band. The Shijiu series focuses on group-purchase channels, while Premium Zhaiyao targets circulation channels.

Li Pu, general manager of China Resources Jinsha Liquor, said Premium Zhaiyao will not set short-term targets, aiming first to prove out the model before a nationwide rollout. In terms of operating model, Premium Zhaiyao will adopt a "platform alliance plus integrated warehousing and distribution" approach. The platform alliance comprises Jinsha Liquor, one operator acting as the funding party, 50 alliance merchants with terminal outlets, and 10 group-purchase or cross-industry partners, while the integrated warehousing and distribution component is formed jointly with JD Logistics. Its core mechanism separates money and goods: the funding party manages money, the logistics party manages goods, a digital system manages accounts, and alliance merchants handle consumer cultivation. Alliance merchants bear no logistics or delivery duties and assume no funding occupation or inventory risk. Jinsha Liquor provides three guarantees for the product covering returns, warehousing, and sell-through, and promises a fixed return on the first-order funds of the operator and alliance merchants. Over the past 25 years, the baijiu industry's overall revenue scale grew about 25-fold; between 2010 and 2023, the 600 RMB to 800 RMB price band grew 35-fold.