---
title: "Exclusive Observation | When Will China Resources' \"Beer + Baijiu\" Dual-Wing Strategy Expand into Sichuan Baijiu? The Landscape of Sichuan's \"Little Golden Flowers\" May Shift"
description: "Recently, many distributor friends have left messages asking New Distribution to interpret China Resources' baijiu strategy. Given the accelerating pace of China Resources' baijiu layout, they are eager to know where its next move will be—in Guizhou or Sichuan. This article analyzes the strategic significance of baijiu for China Resources, deduces its possible layout approach, and speculates on which Sichuan baijiu brand it might partner with."
author: "陈思廷"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2022-05-27"
language: "en"
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# Exclusive Observation | When Will China Resources' "Beer + Baijiu" Dual-Wing Strategy Expand into Sichuan Baijiu? The Landscape of Sichuan's "Little Golden Flowers" May Shift

> Recently, many distributor friends have left messages asking New Distribution to interpret China Resources' baijiu strategy. Given the accelerating pace of China Resources' baijiu layout, they are eager to know where its next move will be—in Guizhou or Sichuan. This article analyzes the strategic significance of baijiu for China Resources, deduces its possible layout approach, and speculates on which Sichuan baijiu brand it might partner with.

Recently, many distributor friends have left messages in the background, hoping that New Distribution would interpret China Resources' baijiu strategy.
Especially seeing that China Resources' layout in baijiu is accelerating, everyone wants to know: where will China Resources' next chess piece be placed? In Guizhou, a major baijiu province, or Sichuan?
This is not hard to understand. Distributors are the most keenly perceptive group in this market; the rise of an enterprise often creates a large number of distributors. In the business rules of distributors, opportunity and effort are equally important, and sometimes opportunity matters more.
Among these consulting distributors, there are distributors of China Resources Snow, distributors of other alcohol brands, and distributors of beverages and other categories.
It is not without reason that China Resources' baijiu has received widespread industry attention. It took only 20 years to go from a regional Shenyang beer brand to the number one in China in sales, and it has carved out its own cultural and brand path for Chinese beer.
In the industry's view, from strategic layout, market resources, to organizational capabilities and operational experience, no matter from which perspective, it is natural and logical for China Resources Snow to venture into baijiu.
In fact, starting from 2018 when it invested 5.16 billion yuan in Fenjiu to become the second largest shareholder, China Resources began its baijiu layout. After investing in Shandong Jingzhi in 2021 and Jinzhongzi in 2022, this pace has clearly accelerated.
This article attempts to analyze the future of China Resources' baijiu from the following aspects, hoping to provide some reference for the industry and distributor friends.
** _1) How to think strategically about the significance of baijiu to China Resources?_**
** _2) How to deduce the possible layout approach of China Resources' baijiu?_**
** _3) After partnering with Fenjiu and investing in Jingzhi and Jinzhongzi, where will China Resources' next city be? In Sichuan, Guizhou, or other strong regions of China Resources Beer?_**
** _4) If China Resources' next city is in Sichuan, who is most likely to marry China Resources?_**
Today's article is long, but trust me, it will be worth it.
**The Strategic Significance of China Resources' Firm Layout in Baijiu**
Actually, this involves two questions: the significance of the baijiu track for beer companies, and the significance of baijiu for China Resources.
**1) From the global market perspective, it is a development trend for beer companies to expand from low-alcohol to high-alcohol beverages**
Since 2012, global beer production and sales have entered a plateau, hovering around 190 million kiloliters for nearly a decade (see figure below). The Chinese beer market accounts for about 23% of the global market, making it the largest beer market in the world, twice the size of the second-largest, the United States. Over the past decade, it has also shown a similar trend of stagnant capacity.
Source: Prospective Industry Research Institute (2012-2020, global beer market production and sales growth)
Source: Prospective Industry Research Institute (2015-2020, China beer market production and sales growth)
The global beer market structure is positively correlated with China's beer structure. China's beer market structure has been stable for many years, with the T5 group holding a combined market share of over 90%, indicating a "terrible balance" among giants. Except for the very low probability of "big fish eating big fish" investment events, the scale imagination space for China and even the global beer industry has basically peaked.
This means that the development space for global beer companies will be in the following areas:
**# Shift from volume-centric scale growth to profit-centric quality growth.** China Resources Beer took the lead in launching a high-end campaign in 2019, with profits growing year after year, sparking a wave of high-endization in China's beer industry.
**# Market competition shifts from channel barrier competition to comprehensive competition in product, brand, and channel.** Product high-endization, diversification, personalization, brand clusters, and high-end channel marketing capabilities have become the main focus of current beer brand competition.
**# Development from low-alcohol to high-alcohol spirits.** Whether from the global or Chinese alcohol market perspective, the most profitable are still spirits companies. The profit of Moutai alone is several times the profit of the entire Chinese beer industry.
Therefore, no matter from which angle, beer companies, as representatives of the largest low-alcohol beverage producers, will inevitably venture into high-alcohol spirits sooner or later. In China, that is baijiu. As the leader of China's beer market, China Resources cannot afford to miss this trend.
In fact, this trend has already emerged. Since 2018, not only has China Resources made three moves in baijiu, but other beer brands have also been active.
In 2018, AB InBev acquired British spirits company Atom Group; in 2019, it acquired American spirits company Cutwater Spirits; in 2021, AB InBev Asia Pacific announced the introduction of the whiskey brand Fireball Cinnamon.
In 2020, Tsingtao Brewery announced the addition of spirits businesses such as "whiskey and distilled spirits."
In 2021,金星啤酒 (Jinxing Beer) took over the exclusive sales agency for the century-old liquor "Funiu Bai," achieving dual-brand and dual-category operations in both peak and off-peak seasons.
In 2021, Heineken announced the acquisition of South African wine and spirits producer Distell Group Holdings for 40.1 billion South African rand (approximately $2.6 billion).
**2) From the perspective of China Resources Beer, baijiu must become the next strategic growth pole for China Resources Beer**
**Industry problems are often the problems of the leader; the leader's thinking is the industry's thinking; the leader's future often determines the industry's future.**
After sitting firmly on the throne of China's beer sales for 15 years, China Resources Beer naturally has to think about where its strategic growth pole will come from in the next decade.
On the one hand, there is endogenous quality growth in the beer industry. We have already seen that China Resources Beer was the first to propose the concept of a "new world of beer" and launched a sustained strategic campaign of "decisive high-end" and has achieved surprising results.
△Hou Xiaohai, CEO of China Resources Beer
On the other hand, how to sustain enterprise scale growth is still a strategic issue that must be answered. Objectively speaking, compared with the world's top liquor companies such as AB InBev, Heineken, Pernod Ricard, and Diageo, China Resources Beer still has a gap in scale and cannot stop the pace of sustained growth.
The first possibility for scale growth is the globalization of China Resources Beer as a company, which depends on changes in the global political and economic situation and is beyond the capability of a single enterprise.
The second possibility is to open up a second major track in the domestic market. Considering the actions of world beer giants like AB InBev and Heineken in investing in spirits, this is also in line with the development trend of beer companies.
**On December 11, 2020, China Resources Wine Holdings Co., Ltd. (hereinafter referred to as "China Resources Wine") was quietly established in Haikou National High-tech Zone.** From "beer" to "wine," the one-word difference indicates China Resources' new corporate strategy of shifting from beer as the main business to limited diversification including baijiu.
**3) Strategically deduce the logic of China Resources Beer's success in the baijiu track**
China Resources is a company that places great emphasis on strategy. According to its decision-making habits, it does not waste energy on short-term matters. Behind almost every major move, there is far-reaching and important strategic significance.
From China Resources Beer to China Resources Wine, from beer business to baijiu business, a strategy opens a new world.
New Distribution has previously analyzed who China Resources Beer truly wants to benchmark against and surpass.
One is AB InBev. The world's largest liquor group, with annual sales exceeding 350 billion yuan, mainly in beer, is China Resources Beer's most direct competitor.
The other is Diageo. The world's third-largest liquor sales group, exceeding 100 billion yuan; it is also the world's largest spirits group. Diageo's products span distilled spirits, wine, baijiu, and beer, with a very diversified business, mainly focused on spirits.
According to China Resources Beer's current strategic layout, it is highly likely to form an H-shaped development strategy of "beer + baijiu" in the future, creating a combination of AB InBev and Diageo in the Chinese market.
The famous expert Mr. Liu Chunxiong once defined strategy as "wild imagination under strict logic." So, what is the logic that supports the success of China Resources' baijiu strategy?
**# China Resources' corporate genes possess the ability to "quickly enter new fields and succeed."**
Currently, China Resources spans multiple fields in the consumer sector, including food, beverages, alcohol, and pharmaceuticals, as well as retail, and its overall development is very good.
This fully proves that from outsider to insider, from insider to leading enterprise, China Resources has gained a "fast" capability in its development. Quickly entering new fields, quickly learning and mastering the essence of the industry, quickly forming unique strategies, and quickly growing into a leading enterprise.
This ability to quickly "learn, summarize, implement, and succeed" is sufficient to support China Resources' leap from beer to baijiu.
**# China Resources Beer possesses the organizational capabilities, talent pool, and channel resources to enter baijiu.**
Objectively speaking, China Resources Beer's organizational capabilities are second to none in China's beer industry. Over the past 20 years, China Resources Beer has been able to fight small against big, overcome strong opponents in South China, Southwest, Central China, East China, and other major regions, and finally establish a dominant position, which is inseparable from its strong organizational and combat capabilities.
Since 2018, China Resources Beer has initiated a strategic action of "organizational restructuring." It should be said that opening up the baijiu battlefield is not only a need for strategic development but also a need for the overflow of talent from China Resources Beer.
More and more marketing talents are growing internally, and it is inevitable that another business is needed to provide new development opportunities and space. After all, you cannot watch a large number of talents leave because there is no room for advancement, right?
Over the past 20 years, China Resources Snow Beer has grown from small to large, overcoming strong opponents, and has trained tens of thousands of experienced marketing talents and channel teams. If it can recruit or cultivate outstanding high-level operators, the probability of winning is very high.
At the same time, beer competition is a competition of strong channel capabilities. China Resources Beer's channel operation capability is unmatched in the beer field. This strong channel operation capability and channel resources are one of the core competitive factors in the market competition for mid-range baijiu and mass-consumption staple liquor.
As a company with the strongest terminal control in China, Snow Beer obviously has sufficient capability and resources to operate the baijiu market well.
**# China Resources' layout in baijiu is accelerating and improving.**
The industrial logic of baijiu has many differences from beer. The most fundamental difference is that baijiu's brand, culture, craftsmanship, and origin are all unique and non-replicable, and its capacity expansion is not as rapid as beer.
Therefore, in the baijiu industry layout, what cards China Resources can get may determine its future performance in baijiu. China's baijiu industry has experienced a golden decade, and then a "revival of 5 years" starting from 2017, and now it has entered a stage of differentiation.
National famous liquors still dominate the high-end field with overwhelming power; mass-consumption staple liquors compete one after another, each leading for three to five years; mid-range baijiu is fiercely contested between national brands and regional leaders, with no clear winner.
China Resources has already placed three pieces in baijiu, but it is obvious that its layout speed is accelerating. What are the characteristics of China Resources' layout approach in baijiu? Who might become the next city in China Resources' baijiu layout?
**China Resources' Baijiu Layout Approach:**
**Beer Advantage Regions + Main Aroma Types + Regional Famous Liquors**
Every piece China Resources places in baijiu is not arbitrary but has deep meaning. After successively investing and cooperating with Fenjiu, Jingzhi, and Jinzhongzi, the industry is very concerned about where China Resources will lay out next and who it might be.
New Distribution carefully analyzed the already-laid-out Fenjiu, Jingzhi, and Jinzhongzi, and summarized its possible layout approach.
If it is a national famous liquor with good development momentum, it will actively enter, even if it cannot dominate, becoming the second largest shareholder is possible, as with the investment in Fenjiu. But if it is only an ordinary shareholder, it will choose to give up.
However, the pattern of national famous liquors has basically been formed, and capital market valuations have reached high levels, basically fully released, leaving little opportunity to enter and dominate. This determines that China Resources Wine's main energy will be focused on regional famous liquors.
The investments in Shandong Jingzhi and Anhui Jinzhongzi are very typical representatives. From these, we can find China Resources Wine's layout approach and selection criteria.
Jingzhi is the number one regional famous liquor in Shandong, a representative brand of sesame-flavor baijiu, with an existing scale of over one billion yuan; Jinzhongzi was also popular in the Anhui market at one time and is a listed company.
At the same time, the Anhui market is one of the base markets where China Resources Snow ranks among the top, with a significant market share advantage and very complete channel construction. The Shandong market is a rising star for China Resources Snow and is also the next provincial market that China Resources Snow Beer will focus on attacking. In 2021, China Resources Snow Beer planned to invest 1.3 billion yuan to build a new factory in Jinan.
To summarize, we can roughly sort out a possible layout approach for China Resources' baijiu:
 _# In major baijiu consumption provinces, there are regional famous liquors with a certain sales scale and brewing scale, their own brand history and taste or aroma characteristics, and a base market. Of course, it is best to be a regional leading brand._
_# It is best to be in a market where China Resources Snow has an advantage, and it should align with China Resources' core channel advantages, so as to better integrate and leverage channel advantages. Jingzhi in Shandong and Jinzhongzi in Anhui are both like this._
_# A full layout combining mainstream and characteristic aroma types. For the three mainstream aroma types of strong aroma, sauce aroma, and light aroma, China Resources Wine will inevitably have a full layout. Sesame aroma representative Jingzhi has also been included in the layout, and light aroma has invested in the leading light aroma brand Shanxi Fenjiu, but who will win the strong aroma and sauce aroma is still unknown._
Of course, when selecting layout targets, China Resources Wine will certainly consider many factors, such as whether the shareholder structure is clear, whether there are historical burdens, whether there is a nationalization foundation or has been nationalized before, etc. This article will not elaborate further.
Between the two mainstream aroma types of strong aroma and sauce aroma, this article believes that quickly and effectively laying out strong aroma baijiu brands is of greater significance to China Resources Wine than laying out sauce aroma.
**Entering Sichuan to Lay Out Strong Aroma,**
**Should Be the Top Priority for China Resources Wine**
**1) For laying out sauce aroma, China Resources Wine can take it slowly**
Let's analyze the sauce aroma baijiu track according to the above "layout approach."
Guizhou has Moutai, which is the base camp of sauce aroma baijiu and a major baijiu production and sales province, which is in line. The Guizhou market is an advantageous market for Snow Beer, which is also in line.
But there are two problems that allow China Resources Wine to slow down the pace of laying out sauce aroma. If there is no excellent opportunity, there is no need to rush to act now.
First, due to process costs, sauce aroma liquor prices are relatively high, and there are few well-known brands that serve as consumers' staple liquor. Therefore, Snow Beer's strongest catering channel advantage is actually difficult to leverage in promoting sauce aroma products.
Second, even if a low-cost sauce aroma staple liquor product can be developed, sauce aroma liquor is the slowest among all baijiu aroma types in capacity expansion, and it may not be able to meet the rise in market demand. Moreover, compared with staple liquors of other aroma types, the profit margin is too poor.
Therefore, it is not that China Resources Wine cannot lay out sauce aroma, but the targets are limited; sauce aroma brands with large production capacity can be counted on two hands. At the same time, the sauce aroma craze in recent years has made the entire Guizhou liquor industry relatively impetuous. Even from a pure capital investment perspective, the price is probably not too cost-effective.
Of course, when a good opportunity arises, it should act decisively.
**2) Entering Sichuan to lay out strong aroma is the layout that China Resources Wine should most actively promote at present.**
We believe that China Resources Wine should, at the fastest speed, form an effective strong aroma brand layout in the Sichuan region.
Sichuan is China's largest baijiu production area and also the largest and most core production area for strong aroma baijiu.
In the baijiu market, the current largest and widest main channel is still strong aroma. Especially in the staple liquor segment, more than 80% of the market capacity should be strong aroma baijiu.
Today, strong aroma market share still exceeds 50%, with a peak of over 70% in 2017; sauce aroma is about 27%, and the vast majority is consumed by a few giants like Moutai and Xijiu; light aroma accounts for about 15%; other aroma types account for less than 10%.
The Sichuan market is also a core market that Snow Beer has deeply operated for more than 20 years, with a very large leading advantage and extremely solid market foundation. Strong aroma baijiu has large production capacity and is the main staple liquor for baijiu consumers.
The channel characteristics of staple liquor are very similar to beer, both centered on catering terminals. For a staple liquor brand to occupy a regional market, it must be drunk in restaurants in that region. And catering terminals are one of Snow Beer's strongest core capabilities.
With large production capacity, mainstream market, matching core channels, and matching advantageous markets, what reason does China Resources Wine have not to quickly lay out strong aroma baijiu brands in Sichuan?
Based on analysis, we have reason to believe that China Resources Wine has already had deep thoughts on strong aroma baijiu and has taken action. At the end of 2020, when 70% of Tuopai Shede's equity was auctioned, China Resources decisively made a move, but unfortunately lost to Yuyuan Co., Ltd., which has a Fosun background.
So, there is only one reason: China Resources Wine has not yet found the most suitable target, or the time is not yet right to act.
**Observation and Speculation:**
**Among the Ten Little Golden Flowers of Sichuan Liquor, Who Might China Resources Marry?**
Sichuan's famous liquors are relatively easy to inventory because there are "Six Golden Flowers" and "Ten Little Golden Flowers," which basically include the high-quality famous liquors in the Sichuan region. The list is relatively fair and recognized by the entire baijiu industry.
The "Six Golden Flowers" include "Wuliangye, Luzhou Laojiao, Jiannanchun, Langjiu, Tuopai Shede, and Shuijingfang"; the "Ten Little Golden Flowers" include "Xiaojiaolou, Fenggu, Wenjun, Sanxi, Guchuan, Xufu Daqu, Jiangkou Chun, Jinyan, Yuchan, and Xiantan (sauce aroma)."
**1) The chance of entering the "Six Golden Flowers" is slim**
Among the first-tier Six Golden Flowers of Sichuan liquor, four are listed companies. Among them, Wuliangye and Luzhou Laojiao are strong aroma giants with unattainable market values; Shede has already fallen into the hands of Fosun, and Shuijingfang, although its market value is relatively low, has been controlled by the global spirits giant Diageo since 2010.
As for Jiannanchun and Langjiu, which are not listed, although their market scale and brand status are quite good, they still have some historical controversial issues that have not been fully clarified and resolved, which are relatively complex. In addition, their sales are above 10 billion yuan, so even if there is an opportunity to invest, the price would probably be very scary.
After the opportunity of the Shede equity auction in 2020, the good opportunity to enter the Six Golden Flowers of Sichuan liquor should be relatively slim. Therefore, we believe that the opportunity for China Resources Wine to invest in Sichuan strong aroma baijiu is most likely among the "Ten Little Golden Flowers."
**2) Among the Ten Little Golden Flowers of Sichuan Liquor, which ones might marry China Resources?**
Let's first analyze which Little Golden Flower brands are impossible.
Among the Ten Little Golden Flowers, the four brands Sanxi, Jinyan, Yuchan, and Guchuan have too low brand awareness and too small production and sales scale, making them unlikely choices for China Resources Wine. Among the many famous liquors in Sichuan, they can only have a place in the location of the distillery. In most periods, they have not gone out of the local market, let alone have the experience of going out of the Sichuan market.
Among the remaining six brands with higher awareness, we analyze them one by one.
"Xiantan" is a sauce aroma liquor. The origin concept of sauce aroma is in Guizhou. If China Resources lays out sauce aroma, it will most likely choose in Guizhou. At the same time, "Xiantan" itself pursues steady development and does not want to introduce a controlling shareholder. Previously, Fosun had intended to enter, but it eventually fizzled out.
Then there is the ill-fated Wenjun liquor. In 2000, Lanjian acquired it for 120 million yuan; in 2001, Jiannanchun Group became a 62% controlling shareholder; in 2007, the famous global spirits giant Hennessy held 55% for 25 million euros, strategically shifting to luxury; in 2017, Hennessy completely withdrew, and Wenjun liquor became a wholly-owned subsidiary of Jiannanchun again, and it has still not been able to get out of the trough.
Xufu Liquor is now controlled by Sichuan Liquor Group, with its main market concentrated in some markets in southern Sichuan. It lacks the experience of nationalization, and the probability of cooperating with China Resources Wine is really too small.
Jiangkou Chun is a baijiu enterprise in Pingchang County, Bazhong. After multiple restructuring and reorganization, it is now a municipal state-owned enterprise, Jiangkou Chun Longding Liquor. After 2000, Jiangkou Chun's sub-brand "Zhuge Niang" was once popular in Guangdong, Shanghai, and other places. But "Zhuge Niang" is a developed product. At the same time, Jiangkou Chun's production capacity and old liquor reserves are relatively small, lacking the foundation to support major development.
Among the Ten Little Golden Flowers, eight are not suitable. We believe that the remaining Mianyang Fenggu Liquor and Bazhong Xiaojiaolou, each with its own advantages and disadvantages, are the two baijiu brands most worthy of attention and selection by China Resources Wine.
Let's talk about Mianyang Fenggu first. If the Ten Little Golden Flowers were ranked by scale, Fenggu Liquor was once the absolute number one. In 2012, Fenggu Liquor's sales scale reached a historic 3 billion yuan, known as the seventh golden flower of Sichuan liquor. But afterwards, it declined due to shareholder events, and even in 2021, Fenggu Liquor reached the point of applying for bankruptcy and restructuring. It can be said that Fenggu's past decade has been a decade of having lofty aspirations but watching the flowers fall.
Fenggu's advantage is that it has sufficient brand history foundation and still has good appeal in channels and among consumers. Fenggu's problem is that it has undergone multiple restructuring and transfers in history, with equity changes, and the core team that once created achievements was forced to leave, carrying a complex and heavy historical burden.
Then there is Bazhong Xiaojiaolou. Xiaojiaolou originated in 1679 at the end of the Ming Dynasty and the beginning of the Qing Dynasty, expanded in 1981, restructured in 2001, and acquired by Sichuan Yuanhong Group in 2013, renamed "Sichuan Yuanhong Xiaojiaolou Liquor Co., Ltd."
Xiaojiaolou has had two peaks in history. The first was in the mid-1980s, when Xiaojiaolou ranked first in national production and sales for three consecutive years; the second was around 2003, when it relied on the big single product "Waguan Xiaojiaolou" to sweep through the national catering channels, with annual sales exceeding 3 million boxes.
At the same time, after expansion, Xiaojiaolou's production capacity reached 29,000 tons, which is a scale that can enter the tail end of the first tier of baijiu.
Overall, Fenggu's advantage is its good brand foundation, but its disadvantage is that the team has dispersed due to shareholder changes, with a complex background and heavy historical burden.
Xiaojiaolou's advantages are its good nationalization genes, staple liquor, high compatibility with beer channels, large production capacity potential, and simple and clear equity structure. Its disadvantage is that it has developed slowly over the past decade or so, and it will take considerable effort to restore its former glory.
But the golden track of baijiu never lacks capital stories.
It is understood that among the Little Golden Flowers of Sichuan, Xiaojiaolou has shown obvious signs of strategic capital introduction in recent years. Danshui Spring Capital, Qingquan Capital, Fosun, and China Resources have all conducted multiple in-depth research and contacts. China Resources Wine's investment department conducted two surveys of Xiaojiaolou in 2020 and 2021, and had contact in 2022. The main leaders of the Bazhong Municipal Party Committee, where Xiaojiaolou is produced, also had in-depth talks with China Resources Group leaders in Guangzhou in the summer of 2021 about investment and cooperation intentions.
Coincidentally, Xiaojiaolou's current general manager, Mr. Bai Taitai, worked for many years in China Resources Beer's Sichuan company before his early tenure at Langjiu Group. Xiaojiaolou's current main product, the "Lvshui Qingshan" series of bare bottles, places more emphasis on the deep marketing model of beer categories with catering as the core breakthrough.
Comprehensive analysis shows that among the Ten Little Golden Flowers of Sichuan liquor, the most valuable are Xiaojiaolou and Fenggu Liquor. But in the end, who will hold hands with whom? Who will gain the favor of big capital? Apart from some unverifiable rumors, nothing is known at present.
**Conclusion:**
New Distribution's release of this exclusive observation and in-depth analysis of China Resources Wine is only an attempt to deduce its layout approach and next steps from multiple angles, including strategic layout, industry characteristics, and regional baijiu groups.
We believe that no matter whether China Resources Wine finally chooses Fenggu or Xiaojiaolou in the strong aroma segment, or another, it will definitely be the most eye-catching event in China's baijiu industry, especially in the mass baijiu segment.
We hope that the analysis in this article can provide some reference for distributors concerned about the development of China Resources' baijiu, and hope that every distributor can seize growth opportunities. However, this article cannot serve as any investment advice.
At the same time, we also believe that with the entry of China Resources Wine, the Chinese baijiu world, which had already settled and gradually become boring, will become interesting again. And with the gradual improvement of the baijiu layout, China Resources Wine's unique H-shaped corporate strategy model of "beer + baijiu" is even more anticipated.
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