Xinhua Silk Road: China's Fenjiu Group continues reform with focus on quality and culture to spur consumption

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BEIJING, Dec. 17, 2020 /PRNewswire/ -- Fenjiu Group, a renowned baijiu (Chinese liquor, or white alcohol) maker in China, has been promoting reform in management, technology, marketing and talent cultivation in order to spur consumption in the post-epidemic era, Li Qiuxi, Chairman of the group, said at the 2020 Sohu Finance Annual Conference held last month in Beijing.

Baijiu industry is one of the time-honored industries in China. As a representative producer of light-aroma baijiu, Fenjiu Group still retains some traditional techniques and links requiring manual operation to ensure the quality of baijiu. However, in an era of industrial upgrading and consumption revitalization, enterprises in traditional sectors need to explore ways of reform and improve management, said Li.

For Fenjiu Group, setting up modern management mode while carrying forward the culture and quality of centuries-old baijiu lies in the heart of its development philosophy, Li introduced.

After three years of reform, Fenjiu Group raked in 12 billion yuan of revenue in 2019, up from four billion yuan in 2017. This has made the baijiu producer a reference for the reform of state-owned enterprises in north China's Shanxi province where the group is headquartered and even the whole country, according to Li.

Fenjiu Group's business performance remained outstanding this year despite the impact of the COVID-19 pandemic. In the first three quarters, Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. (600809.SH), the listed unit of Fenjiu Group, achieved operating revenue of 10.37 billion yuan, up 13.05 percent year on year, with its net profit standing at 2.46 billion yuan, surging 43.78 year on year, according to its filing to the Shanghai Stock Exchange at the end of October.

Speaking of the reasons behind the rapid development of famous Chinese liquor, Li said that consumers are no longer satisfied with having baijiu to drink. Nowadays, they attach greater importance to the quality and culture of baijiu, which are the essence of famous, tasting and aged Chinese liquor. That's why Fenjiu Group has placed so much emphasis on exercising the core value of centering on consumers and putting quality and culture first.

Besides, the baijiu maker also aims to impress consumers with splendid Chinese culture by further enhancing its baijiu brands of Fenjiu, Zhuyeqing and Xinghuacun.

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