时隔20多年国资入股成二股东，剑南春走向引猜想

Core Viewpoint - Sichuan Jian Nan Chun Group has undergone a significant change in its shareholding structure, with the Mianzhu State-owned Assets Administration Center acquiring approximately 14.51% of the shares, becoming the second-largest shareholder, marking the return of state capital after over 20 years [1][2][4] Shareholding Structure Changes - The registered capital of Jian Nan Chun Group increased from approximately 808 million to about 946 million, reflecting a growth of around 17% [2] - The largest shareholder, Sichuan Tongsheng Investment Co., Ltd., saw its shareholding drop from 74.1439% to 63.0619% [2][3] - Other shareholders also experienced changes in their holdings, with Sichuan Blue Sword Investment Management Co., Ltd. decreasing from 9.948% to 8.4611%, and Sichuan Fusi Information Consulting Co., Ltd. from 6.2175% to 5.2882% [2][3] Historical Context - Jian Nan Chun was originally a state-owned enterprise before its privatization in 2003, when it transitioned to a private company under the leadership of Qiao Tianming and other executives [4] - The company once thrived during the early 2000s but has since lost its competitive edge in the high-end liquor market, failing to capitalize on the premiumization trend [7][10] Financial Performance - Jian Nan Chun's revenue surpassed 10 billion in 2018 and reached 12 billion in 2019, with 2020 revenues reported at 10.226 billion and 11.180 billion in 2021 [7] - Despite entering the 10 billion revenue club, the company has struggled to maintain its market position against competitors like Moutai and Wuliangye [10] Future Outlook - The introduction of state capital is expected to enhance liquidity and provide backing for the company's development [11] - The company aims to achieve a sales target of 30 billion by the end of 2025, but this goal appears challenging given the current competitive landscape and internal management uncertainties following the shareholding changes [10][11]