Jiang Xiaobai received 120 million yuan of state-owned financing, can low-alcohol wine recreate "Jiang Xiaobai"?

Our reporter Wang Jinchen

The once popular liquor "Jiang Xiaobai" recently received a "big red envelope" - its Jiang Kee Winery was invested by state-owned assets
.

According to national industrial and commercial information, recently, the state-owned enterprise Chongqing Jiangjin District Huaxin Asset Management (Group) Co.
, Ltd.
invested about 120 million yuan in Jiang Xiaobai's Jiangji Winery, and became one of the major shareholders of Jiangji Winery with a shareholding ratio of
13.
79%.

Jiang Ji Winery is one of the three major industrial chains laid out at the peak of Jiang Xiaobai's performance, and its production capacity has risen to 1 billion tons in 2019, when the soaring Jiang Xiaobai also once reported a listing plan, however, since 2020, Jiang Xiaobai's popularity has plummeted, and the market share has declined rapidly, and Jiang Xiaobai has not disclosed sales and other related performance data
since 2020.

In recent years, Jiang Xiaobai has adjusted the layout direction, successively launched new drinks such as the green plum wine brand "Meijian" and the low-grade fruit sorghum wine "Fruit Cube", and focused on the online market
.

Nowadays, low-alcohol alcohol is becoming the new favorite of young consumer groups, and more and more companies are also paying attention to this market, and many established wine companies have also entered the market
.
In order to break through among the many entrants, Jiang Xiaobai is under a lot of pressure
.

After two years, he received financing to replenish blood

A few years ago, whether you drink or don't drink, or have heard of the Internet red white wine "Jiang Xiaobai", or brushed the copy on the outer packaging of Jiang Xiaobai
.

According to the data, Jiang Xiaobai is a brand
of naturally fermented and distilled sorghum wine brewed and produced by Jiangji Winery under Chongqing Jiang Xiaobai Wine Industry Co.
, Ltd.
The market positioning of the product is a drink that young people usually gather and eat, and the price of more than a dozen yuan is also quite affordable
.

Aiming at the affordable liquor market and marketing with packaging creative copywriting close to young people, Jiang Xiaobai has gained brand awareness
across the country in a short period of time after its listing in 2012.

According to official disclosure data: in 2014, Jiang Xiaobai's sales exceeded 100 million yuan; In 2017, Jiang Xiaobai's performance directly soared to 1 billion yuan; In 2018, sales exceeded 2 billion yuan; In 2019, it reached 3 billion yuan
.

At the same time, Jiang Xiaobai has also become the "darling"
of capital.
In 2015, Jiang Xiaobai won the favor of a series of investment institutions and completed a series A financing
.
In 2017, Jiang Xiaobai received Series B financing
led by Black Ant Capital.
In 2020, Jiang Xiaobai completed Series C financing, led by Huaxing New Economy Fund, a subsidiary of China Renaissance Capital, and followed by Baillie Gifford, Zhengxin Valley Capital, CMB International Capital, Kunyan Capital and Wens International
.

However, in the past two years, Jiang Xiaobai, who was once very popular, has gradually faded in the young market
.

Data show that Jiang Xiaobai's market share has shrunk significantly, from 20% at its peak in 2019 to 0.
5%
in 2020.
Since 2020, Jiang Xiaobai has not disclosed relevant performance data
such as sales.

Recently, Jiang Xiaobai has received widespread attention
from the market for his Jiangji Winery to obtain about 120 million yuan of shares from Chongqing Jiangjin District CEFC Asset Management (Group) Co.
, Ltd.
At this time, two years
have passed since Jiang Xiaobai's last financing.

According to public information, Chongqing Jiangjin District Huaxin Asset Management (Group) Co.
, Ltd.
is a wholly state-owned company
controlled 100% by the State-owned Assets Supervision and Administration Commission of Chongqing Jiangjin District.
As for why Jiang Xiaobai received financing from local state-owned enterprises to replenish blood, it may be related
to the local policy support of "revitalizing Yujiu".

In 2020, the Chongqing Municipal Government issued the Action Plan for Promoting the High-quality Development of the Consumer Goods Industry (2020-2022), which pointed out that it is necessary to strengthen brand and cultural drive, improve brewing technology, and create a dominant liquor production area
in southwest China.

Chongqing is located in the "Golden Triangle" production area of Baijiuchuan, Qianjiu and Chongqing in China, and is one of the birthplaces of
fragrant sorghum wine in China.
Among them, Jiangjin is located in the southwest of Chongqing, and the local winemaking history can be traced back to the Song Dynasty, and the brewed soju was once sold throughout the country
.
In recent years, the scale of Jiangjin's local liquor market has expanded year by year, and by 2019, the annual output value of liquor in Jiangjin will exceed 3 billion yuan
.
As one of the important local industrial pillars, Jiang Xiaobai was funded by the Chongqing Jiangjin State-owned Assets Supervision and Administration Commission, which should be pinned on high hopes
in the plan to revitalize Yujiu.

Can the transformation of new drinks stand out?

When officially announcing the completion of the C round of financing, Jiang Xiaobai said that after this round of financing, it will develop a diversified product matrix, continue to promote the adherence to the new wine and new production in response to the changes in the consumption habits and consumption scenarios of the new generation, and continue to promote the "new wine plan"
.

The so-called "new alcoholic beverage" refers to an innovative alcoholic beverage
with an alcohol content of 15 degrees or less, based on fruit elements, popular drinks and alcoholic beverages, and has both color, aroma and a comprehensive sense of experience of a slightly drunken state.
This kind of product has the characteristics of
many colors, high appearance value, and low degree.

According to the "Jingdong 618 New Consumption Trends" report, the sales of fruity beer, non-alcoholic beer and mulled wine spice buns have increased by 25%, 210% and 270%
respectively year-on-year in the past year.
According to the "2022 Low Tidal Drinking Trend Report" jointly released by many institutions in the alcohol industry, by 2022, the scale of China's low-tide drinking market is expected to reach 33.
8 billion yuan, and maintain an average annual compound growth rate of
30%.
It is estimated that by 2025, the entire market size will exceed the 70 billion yuan mark
.

In the past two years, Jiang Xiaobai has also launched a number of new wine products
.
In 2019, Jiang Xiaobai Company launched the Meimian green plum wine series, which has two products
: 12-degree green plum original flavor and 14-degree smoky flavor.
On September 8, 2020, Jiang Xiaobai announced the new Fruit Cube series, a "fruity Jiang Xiaobai" based on Xiaoqu sorghum wine, with a degree of
15-23 degrees.

Among them, Jiang Xiaobai's "Mei Jian" is more
well-known.
According to official disclosures, during the 618, Double 11 in 2020, and 618 in 2021, "Umemi" green plum wine ranked at the forefront of
the fruit wine category.
In terms of online marketing, "Meimian" has recently named a number of variety shows
.

However, the huge development potential of low-alcohol alcohol also hides cutthroat competition
.
With the continuous development of the new wine market, the gradual expansion of the industry scale and the rapid change of products, the industry competition has become more fierce, and several camps such as old famous wine companies, FMCG giants, and cutting-edge brands have entered the melee
.

As early as 2015, Moutai developed and launched the "Youmi" series of blueberry wine; Gujing Gongjiu launched a healthy Baishi fruit wine in 2014; In 2019, Luzhou Laojiao also launched three new products of "Qingyu", "Flower Drink" and "Pick-up" to enter the green plum wine market.
.
.

There are many cases of old famous wine companies entering the market, and fast-moving consumer goods giants are not far behind
.
In May 2020, Nongfu Spring released a rice wine + sparkling wine product "TOT sparkling wine"; In October 2021, Budweiser China launched two low-alcohol wine series products, "Floating Sparkling Tea Wine" and "Beaaa Muaaa Grape Sparkling Wine"; In April 2022, Wahaha's brand KellyOne launched a "3.
5-degree slightly drunk" three-and-a-half degree sparkling wine.
.
.

Some industry insiders said that compared with mature markets such as low-level tidal drinks such as Japan, China's low-level tidal drinks are still in the growth period, lack industry standards, and the definition of categories is blurred, making it difficult
to cultivate loyal consumer groups.

"After Jiang Xiaobai's 'Meimian' became popular, many brands launched their own plum wine products
.
In addition to the different names, different brands are very similar to 'Umemi' in terms of packaging style design, and the homogenization of products is serious
.
The person said
.

Will Jiang Xiaobai make efforts in the field of new wine and beverage products after holding hands with state-owned assets? If he wants to break through among many entrants, what special competitive advantage does Jiang Xiaobai have? The reporter sent an interview letter to Jiang Xiaobai on related issues, but as of press time, no reply
has been received.

Responsible Editor: Zhao Yu Review: Peng Zonglu