Wuliangye invests over 600 million yuan in Sanjiang Leasing, further deepening financial layout and exploring new expansion paths

Recently, Sichuan Sanjiang Huihai Financial Leasing Co., Ltd. (hereinafter referred to as “Sanjiang Leasing”) completed a change of industrial and commercial registration, with registered capital increasing from 1.27 billion yuan to 2.037 billion yuan, a 60.4% increase. Among them, Sichuan Yibin Group Co., Ltd. (also known as “Wuliangye Group”) became a new strategic investor by subscribing to 611 million yuan in capital. After this capital increase, the original wholly-owned shareholder Yibin Development Holding Group’s shareholding ratio decreased to 70%, but it still maintains control.

Sanjiang Leasing was established in February 2021 with an initial registered capital of 1 billion yuan, fully owned by Yibin Development Holding Group. As an important platform for Yibin City’s “financial control platform” construction, the company is tasked with improving the local financial ecosystem, serving the real economy, and promoting manufacturing upgrades. The introduction of Wuliangye Group is seen as a key move to deepen industry-finance integration and expand its business footprint. Notably, Wuliangye Group has a shareholding relationship with Yibin Development Holding Group—Wuliangye Group is fully owned by the latter. Wuliangye (000858.SZ), a core listed company under Wuliangye Group, has two major state-owned legal shareholders: Yibin Development Holding Group (holding 34.43%) and Wuliangye Group (holding 20.65%).

Industry analysts point out that Wuliangye Group’s investment in the financial leasing sector may be driven by multiple strategic considerations. Du Juan, senior researcher at the Su Business Bank Research Institute, believes this move can serve the capital needs of its own baijiu industry chain and provide financial support for upstream and downstream merchants; it can also enhance yield efficiency by activating on-balance sheet funds and explore new growth paths during industry adjustments. For Sanjiang Leasing, the addition of industry shareholders will bring high-quality asset resources, and the shareholders’ capital strength and cash flow support will help expand its business scale.

In fact, leading liquor companies’ involvement in financial leasing is no longer an isolated case. Moutai Group established Moutai (Shanghai) Financial Leasing Co., Ltd. in 2014; Yanghe Group participated in establishing Jiangsu Huaihai Financial Leasing Co., Ltd. the same year; Luzhou Laojiao initiated the establishment of Sichuan Huixin Financial Leasing Co., Ltd. in 2016. These cases show that industry giants are deepening supply chain collaboration through financial tools and seeking diversified investment returns.

In recent years, Sanjiang Leasing has continued to focus on local industries in Yibin, with investments covering key areas such as power batteries and crystalline silicon photovoltaics, gradually expanding into emerging sectors like agricultural technology, energy storage, artificial intelligence, and low-altitude economy. Through flexible financial leasing models, the company precisely injects funds into critical parts of the industrial chain, supporting local economic transformation and upgrading.

Wuliangye Group’s financial layout extends far beyond this. Its core subsidiaries include Yibin Bank (02596.HK), Chengdu Wuliangye Construction Investment Co., Ltd., and Yibin Wuliangye Group Financial Co., Ltd. The group also expands its financial footprint through equity participation: as of the end of 2024, it held 5.5% of Sichuan Bank, ranking as the fourth-largest shareholder; it also holds a 2.83% stake in Huaxi Securities, making it one of the top ten circulating shareholders.

Since proposing to transform into a state-owned capital investment and operation platform in 2018, Wuliangye Group has gradually built a diversified structure centered on baijiu, supported by green packaging, smart logistics, financial investment, and health industries. Among its 15 core subsidiaries, non-liquor businesses have significantly increased, forming a stable “liquor industry foundation with emerging growth poles.” The group’s leadership recently emphasized the need to continuously consolidate core advantages while accelerating the cultivation of new industry momentum.

Financial data shows that Wuliangye (000858.SZ) faced operational pressure in the first three quarters of 2025, with operating revenue of 60.945 billion yuan, down 10.26% year-on-year; net profit attributable to the parent was 21.511 billion yuan, down 13.72% year-on-year. Against this backdrop, expanding into the financial sector may be a key strategy for the company to seek breakthroughs and cope with industry challenges.