SHEDE SPIRITS

What SHEDE SPIRITS does

Shede Spirits Co., Ltd. is a publicly listed Chinese baijiu (liquor) manufacturer headquartered in Shehong County, Sichuan Province, trading on the Shanghai Stock Exchange under ticker 600702.SH. Founded in 1940 and listed in 1996 as China's third A-share liquor company, the company operates a dual-brand portfolio: the premium aged Shede line and the mass-market heritage Tuopai line, supplemented by the ultra-premium sauce-flavored Tunzhihu brand. Its core technology is the proprietary 'Eight Ecological Dimensions' brewing system, which integrates geographic origin (30.9°N brewing belt), water source (5,588m Minshan snowmelt), and the patented '211' liquor-making process that produces a signature 'golden liquor' quyao with distinct color characteristics; the company holds 17 invention patents and operates 32 standardized ecological brewing workshops with 10,000+ old cellars and a 120,000-ton aged spirits reserve — the largest in China.

The company's business model centers on producing and selling baijiu at multiple price tiers (from mid-market Tuopai variants in the $40–100 USD retail band up to ultra-premium Founder's Tribute and Tunzhihu) through traditional Chinese wholesale and retail distributors, with an exclusive duty-free distribution partnership with Camus for the Founder's Tribute SKU in international travel retail. Revenue streams include domestic wholesale/retribution, retail, duty-free exports to 36 countries, and industrial tourism at the 3-square-kilometer Tuopai town cultural park. Customer segments span premium gifting and collectors (primary), traditional strong-flavored/sauce-flavored baijiu drinkers, young/millennial consumers (via Tuo Xiaojiu small-bottle format), and trendy health-conscious drinkers (via the 2025 29-degree Shede Comfort launch). Fosun Group became a major strategic investor in December 2020, and Pu Jizhou has been Chairman since December 2023.

A smart packaging factory integrates DT, AI, and IoT for intelligent filling, traceability, and logistics, but AI/ML is not used in core brewing. The company has been recognized with the China Quality Award (2009), Brussels Spirits Selection Gold, ITI Superior Taste Awards, and a National May 1st Labor Certificate, and is designated a China time-honored brand with national intangible cultural heritage status for its traditional brewing technique.

Name

SHEDE SPIRITS

Legal name

Shede Spirits co., LTD.

Website

https://en.tuopaishede.cn

Company type

Public

Founded year

1940

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Shede Spirits is a publicly listed Chinese baijiu manufacturer (Shanghai: 600702.SH) operating the premium Shede and heritage Tuopai brands from Sichuan, selling aged and mass-market liquors through domestic distributors, international exports to 36 countries, and duty-free partner Camus.

Ownership category

akta.pro rank

Product category

Chinese Baijiu (Spirits) Manufacturing

NAICS

Distilleries (312140), Distilleries (31214), Wine and Distilled Alcoholic Beverage Merchant Wholesalers (42482)

SIC

Beverages (2080)

akta.pro primary industry

Spirits Distilling & Brands (CRADAIAC)

akta.pro secondary industries

Distilled Spirits Production & Distilling (AFAFAAAC), Spirits/Cocktail Bars Operated by Producers (THAFALAJ), Spirits Distillery Tours & Tastings (Whiskey, Rum, Gin, Vodka) (THAJAGAF), Fine Wine & Luxury Spirits Retail (CRANABAE), Beer, Wine & Spirits Wholesale Distribution (CRAOAIAA)

Keywords

• Baijiu manufacturing
• Chinese spirits production
• Premium aged liquor
• Sauce-flavored baijiu
• Ecological brewing

Headquarters

HQ city

Shehong

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Baijiu Production and Sales: Core revenue from production and sale of baijiu (Chinese spirits) under Shede and Tuopai brand portfolios. Products range from mid-market to ultra-premium, including strong-flavored, sauce-flavored, and specialty formulas. Revenue streams include domestic wholesale/distribution, retail, duty-free exclusive products, and industrial tourism experiences.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Shede Spirits manufactures and sells Chinese baijiu (liquor) under three sub-brands: Shede (premium aged spirits), Tuopai (heritage strong-flavored baijiu), and Tunzhihu (ultra-high-end sauce-flavored baijiu). The company operates 32 standardized ecological brewing workshops and over 10,000 old cellars, with a 120,000-ton aged spirits reserve, producing a diversified portfolio from mid-market to ultra-premium price points using proprietary ecological brewing and 211 liquor-making technologies.

Product overview

Shede Spirits is a leading Chinese baijiu manufacturer offering a diversified portfolio organized under three main sub-brands: Shede Aged Spirits (premium aged baijiu featuring long-stored products like Founder's Tribute, Wisdom Shede, and Collection Shede 10-Year Edition), Tuopai (mass-market strong-flavored baijiu including T68, Six-Cereal, Tuo Xiao Jiu, and specialty products like Wolfberry Spirits), and Tunzhihu (ultra-high-end sauce-flavored baijiu). The company operates from Sichuan province with ecological brewing facilities and holds significant aged liquor reserves exceeding 120,000 tons.

Differentiator

Problem solved

Functional benefit

Brands

• SHEDE: Premium aged spirits brand featuring products like Founder's Tribute, Shede Classic, Wisdom Shede, Crystal Shede, Collection Shede 10-Year Edition, and Shede-Mythical Characters Gift Package
• TUOPAI
• TUNZHIHU

Products and services

• Shede Aged Spirits
• Tuopai Heritage Liquor Heritage liquor brand with cumulative sales of over 5 billion bottles nationwide, featuring products including Tuo Pai Qu Jiu, T68 Tuo Pai Exceptional, Tuo Pai Six-Cereal, Tuo Xiao Jiu, Tuo Pai Chinese Wolfberry Spirits, and TuoPai Tequ. Marketed to traditional baijiu consumers for social and business gathering occasions.
• Tunzhihu Ultra-Premium Sauce-Flavored Baijiu Ultra-high-end sauce-flavored baijiu representing over a thousand years of Oriental wisdom and spirits culture. Available in Tun Zhi Hu (Red) and Tun Zhi Hu (Black) variants, with original jar storage of 10+ years and 53% alcohol content, targeted at premium gifting and collector's market.
• Founder's Tribute (Premium Baijiu) Flagship premium baijiu with retail price range of $40-100 USD. Features fermentation pits at Tai'an Workshop in continuous use since the Ming dynasty. Exclusively distributed at duty-free stores worldwide by Camus at 25% price advantage over domestic duty-paid equivalent.
• Shede Classic (High-End Strong-Flavored Liquor) Classic high-end strong-flavored liquor in China, stored in original jars for over 6 years and seasoned with over-15-year-old rare aged spirits. Features mellow, smooth, and refreshing taste with aromatic comfort and long-lasting aftertaste.
• Wisdom Shede Premium baijiu stored in original jars for over 8 years and seasoned with over-15-year-old rare aged spirits. Stored in purple pottery of Yixing, delivering the quintessence of Chinese culture philosophy.
• Crystal Shede Premium baijiu stored in original jars for over 6 years and seasoned with over-15-year-old rare aged spirits. Features mellow, smooth, and refreshing taste with long-lasting aftertaste.
• Collection Shede 10-Year Edition Collectible baijiu stored in original jars for over 10 years and seasoned with over-15-year-old rare aged spirits. Features long-standing, mellow, smooth, and refreshing bouquet. Uses brewing techniques of intangible cultural heritage of Taihe liquor classic spanning over 1,300 years.
• She Zhi Dao (Tian Dao) - Ecological Hospitality Liquor Ecologically-brewed decent liquor for treating customers with hospitality. Original jar storage of 5+ years, available in 500ml and 6-pack format with 50%vol or 42%vol alcohol content.
• Tun Zhi Hu (Red) - Top Sauce-Flavored Liquor Top-of-the-line sauce-flavored liquor with inclusiveness. Features conspicuously sauce-flavored, gracefully smooth, ample, mellow taste with balanced combination of flavors and long-lasting aftertaste. Gold Award winner at 2015 Spirits Selection Brussels.
• Tun Zhi Hu (Black) - Premium Sauce-Flavored Baijiu Premium sauce-flavored baijiu with original jar storage of 10+ years. Features conspicuously sauce-flavored, gracefully smooth, ample, mellow taste with balanced combination of flavors and long-lasting aftertaste. 53%vol alcohol, 750ml x 6 specification.
• T68 Tuo Pai Exceptional Premium baijiu with 100% solid state fermentation grain alcohol based on 6-cereal formula, with less than 60% prime liquor distilled solely. Available in 480ml/250ml formats with 50%vol/45%vol/42%vol alcohol content.
• Tuo Pai Six-Cereal Strong-Flavored Baijiu Strong-flavored baijiu made with six cereals (sorghum, sweet maize, wheat, glutinous rice, rice, and barley) sourced from the company's green grain base. Features 50%vol or 38%vol alcohol content.
• Tuo Xiao Jiu (Strategic Small-Bottle Liquor) Mid-to-high-end small bottle liquor brand for young people or consumers with a young mentality. Features compound old and fragrant taste with mellow and harmonious, soft and round, sweet and clean profile. Contains three-year-old spirits with 45%vol alcohol in 100ml x 24 format.
• Tuo Pai Chinese Wolfberry Spirits Specialty liquor featuring high-quality Ningxia wolfberry and other dual-purpose Chinese herbal medicines. Has typical style of pure sweetness and softness with 35%vol alcohol content in 250ml x 24 or 480ml x 12 formats.
• TuoPai Tequ 20/30 Year Cellar Age Premium strong-flavored baijiu aged in immemorial bodega selected for more than 20 years or 30 years. Made from 100% pure grains containing six kinds of cereals through traditional solid-state fermentation process. Available in 50%vol/45%vol/42%vol/38%vol alcohol content.
• Tuo Pai Qu Jiu (93-Rated Replica) Commemorative Edition Commemorative edition reproducing the 1989 award-winning product that earned the 'China's Famous Liquor' gold medal. Nationwide limited edition with full reproduction of the original brewing technology, liquor quality and bottle packaging.
• Shede-Mythical Characters Gift Package (Limited Edition) Limited edition gift package featuring Kuafu Chasing the Sun and Chang'e Flying to the Moon themes. Limited to 60,000 sets worldwide.
• Shede Comfort (29-Degree Trendy Drink) 29-degree lower-alcohol baijiu for trendy, health-conscious drinking occasions, featured at the 2025 China Baijiu Trendy Drink Competition where Shede Wine Industry won the Trendy Drink Pioneer Award.

Quantifiable outcome

• Net assets grew from 3.781 billion yuan (2020) to 7.417 billion yuan (2024), a 96.17% increase
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and major.

• CamuscoreChannel Partner/ Reseller/ DistributorExclusive duty-free distribution partner for Founder's Tribute product. Camus sells Founder's Tribute at duty-free stores worldwide in limited quantities. This partnership positions Shede's ultra-premium product in international travel retail.
• Phoenix TVmajorGTM or Marketing PartnerCo-produced 'The Wisdom of Letting Go' television program featuring cross-cultural storytelling. Shede Liquor integrated into cultural content alongside international guests sharing stories of sacrifice and gain, aligning with brand philosophy of releasing fleeting to embrace aged richness.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Diageo: Global premium spirits incumbent with extensive portfolio (Scotch, vodka, gin, etc.) and established international distribution. Comparable as a broad premium-spirits platform pursuing heritage-driven luxury positioning across multiple markets.
• Pernod Ricard: Global premium spirits conglomerate operating across categories including whisky, cognac, and champagne. Comparable as a globally distributed premium spirits portfolio operator that complements Shede's effort to internationalize via travel-retail partnerships.

Direct peers

• Kweichow Moutai: China's largest and most premium baijiu producer (sauce-flavor), publicly listed on Shanghai Stock Exchange. Directly comparable to Shede Spirits as a publicly listed Chinese baijiu manufacturer competing in premium gifting and ultra-premium segments with major aged-spirits reserves.
• Shanxi Fenjiu: Publicly listed Chinese baijiu (light-flavor/Fen-flavor) producer with strong heritage narrative and aging emphasis. Comparable as a major A-share baijiu company pursuing premiumization through aged-stock reserves and cultural/heritage positioning.
• Luzhou Laojiao: Sichuan-based, publicly listed strong-flavored baijiu producer using the same Luzhou-flavor brewing tradition as Shede/Tuopai. Direct competitor in flavor category, geographic region, and premium positioning, with comparable heritage claims and aged cellar assets.
• Jiangsu King's Luck Brewery: Chinese strong-flavor baijiu producer publicly listed on Shanghai Stock Exchange and one of the New 'Eight Golden Flowers.' Comparable as a mid-to-premium A-share baijiu brand competing in similar price tiers with an aging-driven product strategy.
• Wuliangye Yibin: One of China's 'Six Golden Flowers' Sichuan baijiu producers, publicly listed strong-flavored spirit manufacturer and second-largest baijiu brand. Highly comparable given shared Sichuan heritage, strong-flavor style overlap, multi-tier product portfolio, and A-share listing.
• Anhui Gujing Distillery: Publicly listed Chinese baijiu (strong-flavor) producer and another China Quality Award winner. Comparable as heritage-driven A-share baijiu company investing in premium aged spirits and multi-tier product strategy.
• Jiangsu Yanghe Brewery: Major Chinese baijiu company (strong-flavor and soft-flavor) publicly listed with broad premium portfolio and previously won China Quality Award alongside Shede. Comparable as A-share premium baijiu player with multi-brand portfolio and aging-based differentiation.
• Beijing Red Star: Established Chinese baijiu producer and historical Beijing brand known for traditional and emerging product extensions. Comparable as a Chinese baijiu producer pursuing modern youth-oriented product extensions in parallel with traditional premium offerings.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SHEDE SPIRITS