# turnaround

Anhui’s Jinzhongzi Struggles to Recover as Five-Year Loss Streak Deepens

Jinzhongzi, an Anhui-based baijiu maker, has forecast a 2025 net loss of RMB 150–190 million, marking its fifth consecutive year in the red. Heavy dependence on low-end products and Anhui sales, combined with a prolonged leadership vacancy despite a 2022 mixed-ownership reform with China Resources, have left the company struggling to adapt to industry premiumisation and channel shift.