Corporate registration records show that on December 2, Sichuan Airlines Group (Sichuan Airlines) underwent a business registration change, with its registered capital surging from 417 million yuan to 1.219 billion yuan.
Accompanying this capital increase, Wuliangye Yibin Co., Ltd. (Wuliangye) Group became the second-largest shareholder of Sichuan Airlines Group, holding slightly over 45.8% of shares, second only to Sichuan Development Holding Co., Ltd., a comprehensive state-owned enterprise platform in Sichuan Province.
This business registration change marks the completion of Wuliangye Group's investment in Sichuan Airlines Group, finalizing a deal that had been in progress for five years.
In 2020, Wuliangye Group signed a "Capital Increase and Share Expansion Agreement" with Sichuan Airlines Group, intending to acquire a 34% stake. At the time, the aviation industry was struggling due to the pandemic, and Sichuan Airlines reported losses that year.
By the end of 2022, the two parties signed a supplementary agreement, with approximately 5 billion yuan in funds fully secured by year-end. By then, Sichuan Airlines had suffered three consecutive years of losses, accumulating over 10 billion yuan in deficits, with high debt ratios, making the capital injection urgently needed.
Wuliangye's financial support helped alleviate Sichuan Airlines' liquidity crisis.
It is important to note that the investment was made by Wuliangye Group, not its listed entity.
Contrary to public perception, Wuliangye Group is not solely focused on liquor production but operates as a "large modern enterprise group with liquor and related businesses as its foundation, advanced manufacturing as its backbone, and industrial services as its support." The group currently owns three national-level "little giant" specialized and innovative enterprises, five provincial-level flagship industrial chain leaders, and 14 provincial-level specialized and innovative firms. In recent years, it has also invested in new energy vehicle-related enterprises.
Similarly, Sichuan Airlines Group has expanded beyond passenger and cargo aviation operations (Sichuan Airlines) into a diversified industrial group centered on aviation, covering aircraft maintenance, in-flight catering, aviation finance, logistics, general aviation, low-altitude economy, and regional development, with stakes in 16 enterprises.
For Sichuan Airlines, Wuliangye Group's capital injection came at a critical time.
According to shareholder China Southern Airlines' semi-annual report, Sichuan Airlines (Sichuan Airlines Co., Ltd.) reported revenue of 16.218 billion yuan in the first half of 2025, with a net loss of 802 million yuan. Total assets stood at 74.728 billion yuan, while net assets were negative at 536 million yuan, indicating ongoing operational pressures despite significant loss reductions.
In recent years, the two companies have collaborated on business initiatives, most notably through Sichuan Airlines' "Wuliangye-themed flights," which have been launched during holidays and major events.
For example, during the 2023 Mid-Autumn Festival, Sichuan Airlines and Wuliangye jointly operated a themed Wi-Fi flight featuring Wuliangye-branded aircraft. In 2024, they collaborated on international route relaunches, such as the "Chengdu-Auckland" flight. During the 2025 New Year period, customized flights covered popular routes like Beijing, Shanghai, and Guangzhou for 22 days, with business-class passengers offered Wuliangye tasting experiences.
Further collaboration is expected.
At Sichuan Airlines Group's 2025 first shareholders' meeting on November 18, Zou Tao, Deputy Party Secretary, Vice Chairman, and General Manager of Wuliangye Group, stated that the company would continue supporting Sichuan Airlines Group's development and explore deeper industrial cooperation.
Wuliangye Group emphasized that its investment aims to explore digital and intelligent aviation cargo operations, build a smart logistics system, and promote resource sharing, business synergy, and brand collaboration for mutual growth.
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