On the evening of April 29, Sichuan Swellfun released its 2024 annual report and 2025 first quarter report. The total revenue for 2024 exceeded 5 billion yuan.
According to the report, Sichuan Swellfun achieved revenue of 5.217 billion yuan in 2024, an increase of 5.32% year-on-year; it achieved net income of 1.341 billion yuan, an increase of 5.69% year-on-year. In the first quarter of 2025, Sichuan Swellfun achieved revenue of 0.959 billion yuan, a year-on-year increase of 2.74%; net income reached 0.19 billion yuan, a year-on-year increase of 2.15%. In the first quarter of 2025, the company experienced dual growth in revenue and net income, continuing the positive trend from 2024. Due to the impact of the first phase of the Qionglai project coming online and the relaxation of credit sales for some dealers, the company's cash flow saw a slight decline year-on-year, but the overall financial situation remains healthy, and the accumulation from long-term stable operation and strategic layout will lay the foundation for future growth.
Baijiu Industry expert Cai Xuefei pointed out: "Against the backdrop of an extended overall adjustment cycle in the industry and increased external uncertainties, the key operational indicators of Sichuan Swellfun continue to grow, and core financial data remain healthy and stable, reflecting rare development resilience and excellent long-term investment value."
"In the current context of structural changes in Baijiu consumption scenarios and behaviors, Sichuan Swellfun has formulated a long-term development strategy for the next five years centered around 'extreme consumer experience, expanding growth momentum, and achieving healthy, leapfrog development.' In 2024 and the first quarter of 2025, the company upheld the spirit of 'consumer-oriented' and laid a solid foundation for the successful implementation of our high-quality five-year strategic plan while achieving healthy and stable development," said General Manager Hu Tingzhou of Sichuan Swellfun.
Consumer-oriented, enhancing growth resilience.
Currently, the Baijiu industry is undergoing a structural transformation from "supply-driven" to "demand-led," with an increasing emotional demand for Baijiu consumption and a trend towards increasingly diversified consumption scenarios. In response to the industry's changes, Sichuan Swellfun focuses on the consumer at its core, using sales momentum as a beacon to drive performance growth; expanding across all channels to service increasingly diverse consumption scenarios; and strengthening emotional brand connections to capture consumer mind share, achieving healthy and steady growth.
In the face of the trend towards diversification in consumption scenarios and channels, Sichuan Swellfun adopts both online and offline strategies, continuously expanding its omnichannel terminal network, connecting offline and online channels. In 2024, Sichuan Swellfun signed over 0.015 million new offline stores, significantly expanding its terminal channel capacity. At the same time, the company actively laid out e-commerce platforms and O2O channels, collaborating with several mainstream platforms like Meituan and JD.com to create the 'Sichuan Swellfun Brand Pavilion,' providing '30-minute delivery' services for consumers in over 50 cities nationwide, driving high double-digit growth in its New Retail business in 2024.
To better meet the growing emotional needs of consumers, Sichuan Swellfun focuses on the brand positioning of 'drinking fine liquor, celebrating good events', centering around key consumer scenarios and groups to create a more heartfelt brand experience. At the beginning of the lunar year of the Snake, the Sichuan Swellfun x Temple of Heaven 'Fortune Opening Ceremony' uses liquor to pray for good fortune, conveying over 600 years of good events and luck to consumers, while celebrating the New Year with thousands of households, further infusing 'good luck' into the emotional value of the brand.
In addition to the domestic market, Sichuan Swellfun has also performed impressively in expanding its overseas market. In 2024, Sichuan Swellfun's overseas market is expected to grow by about 45% year-on-year.
Steadily promote the sustainable development strategy, creating a company with long-term investment value.
At the time of disclosing the Earnings Reports, Sichuan Swellfun has published an independently prepared 'Environmental, Social, and Corporate Governance (ESG) Report' for the fourth consecutive year, comprehensively showcasing the progress and achievements in sustainable development over the past year. It is noteworthy that this report disclosed for the first time the systematic carbon reduction targets for Sichuan Swellfun: the company commits to a cumulative reduction of no less than 60,000 tons of greenhouse gas emissions from Scope 1 (direct emissions) and Scope 2 (indirect emissions from purchased energy) during the period of 2024-2030 through upgrading production technology and optimizing energy management. Meanwhile, the company will also deepen collaboration in the Industry Chain, connecting upstream and downstream partners to build a low-carbon ecosystem, continuously enhancing the company's long-term development resilience through green transformation across the whole industry chain.
'In today's accelerating return of sovereignty in Baijiu consumption back to consumers, many Baijiu companies, including Sichuan Swellfun, have collectively chosen a consumer-centric development strategy. To put this concept into practice, we have comprehensively sorted and upgraded the company's development strategy in areas such as branding, products, channels, and corporate culture,' said Hu Tingzhou, General Manager of Sichuan Swellfun. 'The development resilience displayed by the company in a challenging environment gives us more confidence and strength to continuously advance the high-quality implementation of various strategic plans, achieving healthy and leapfrog development for the company, making Sichuan Swellfun a company with greater long-term investment value.'
