# white spirits

Falling Behind in Anhui’s Liquor Wars: How Jinzhongzi Became the Weak Link among the 'Four Huijiu Champions'

Jinzhongzi Wine, Fuyang’s only listed baijiu producer, reported another loss in 2025, extending a multi‑year decline driven by a shrinking national market, mounting competition and strategic missteps after China Resources became a major investor. Despite management changes and asset sales, the company has failed to rebuild margins or scale, leaving it far behind Anhui’s leading distillers.