Wuliangye invests 10b yuan in infrastructure upgrades

Wuliangye Yibin Co Ltd, a major distiller from the city of Yibin in Southwest China's Sichuan province, said it has invested more than 10 billion yuan ($1.4 billion) in upgrading the infrastructure and capacity of its industrial park, and is bullish on the strong demand for liquor from Chinese consumers.

In the first quarter, despite negative impact from COVID-19, Wuliangye reported substantial gains. The company achieved sales revenue of 20.24 billion yuan, up 15 percent year-on-year. In this period, its net profit hit 7.7 billion yuan, climbing 19 percent year-on-year, according to its latest earnings.

Within three years, the company aims to integrate its production and management with the latest technologies such as industrial internet, intelligent manufacturing and new retail models, aided by its continuously growing demand and solid earnings.

"Considering the positive recovery of market demand as the epidemic is getting under better control in China, we are confident in achieving our expected whole-year target of double-digit growth," said Li Shuguang, president of Wuliangye and an NPC deputy, on the sidelines of the ongoing two sessions in Beijing.

"There is a huge demand for baijiu, one of the most competitive consumer goods in China, and leading brands and production areas will embrace more business opportunities. We promise Wuliangye employees will not lose their jobs and incomes, and we will post more job openings," he said.

Li also suggested with the support of the local bonded areas, baijiu industrial players should apply for the construction of an international technical evaluation base of trade measures to help remove barriers in the import and export of Chinese spirits, and thus promote the formulation of international standards for Chinese liquors.