Is the beer most loved by those born in the 1980s going bankrupt?
An established beer manufacturer has also embarked on the path of self - rescue through bankruptcy reorganization.
Recently, Shandong Taishan Beer Co., Ltd. was ruled by the People's Court of Taishan District, Tai'an City to accept the application for bankruptcy reorganization in accordance with the law, and officially entered the judicial reorganization process.
The company's management emphasized that the dilemma of Taishan Beer does not lie in the products, nor in the market, but in the heavy debt burden accumulated over history. After entering the reorganization process, the company will temporarily get rid of the debt troubles, refocus its limited funds and all management energy on production and operation, and better serve consumers.
The situation of Taishan Beer reflects the common challenges faced by many regional traditional wineries in the in - depth adjustment of the industry: when beer consumption shifts from "quantity" to "quality", from industrial lager to craft beer, raw beer and high - end products, if old - brand enterprises cannot simultaneously complete product innovation, channel reconstruction and governance upgrading, even if they have loyal users and high - quality production capacity, they may be dragged into difficulties by the heavy historical burden. Its reorganization is not only a financial repair, but also an in - depth experiment on the transformation path.
In the new stage of China's beer industry moving towards high - quality development, how should established manufacturers break through and be reborn?
Announcement of Bankruptcy Reorganization
Taishan Beer has initiated the bankruptcy reorganization process.
Recently, the People's Court of Taishan District, Tai'an City, Shandong Province issued a "Civil Ruling" to legally accept the bankruptcy reorganization application of Shandong Taishan Beer Co., Ltd., and the enterprise officially entered the judicial reorganization process.
According to the court's investigation, as of October 31, 2025, after audit confirmation, the total assets of Taishan Beer were approximately 622 million yuan, the total liabilities were approximately 663 million yuan, and the asset - liability ratio reached 106.63%. After review, the People's Court of Taishan District believed that Taishan Beer was unable to pay off its due debts, its assets were insufficient to pay off all debts, and it obviously lacked the ability to pay off debts, meeting the conditions for bankruptcy. At the same time, it had the value and possibility of reorganization. Therefore, in accordance with the relevant provisions of the "Enterprise Bankruptcy Law of the People's Republic of China", it ruled to accept the bankruptcy reorganization application of Taishan Beer.
In response, Zhang Kaili, the general manager of Taishan Raw Beer, said that the dilemma of Taishan Beer does not lie in the products, nor in the market, but in the heavy debt burden accumulated over history. After entering the reorganization process, the company will temporarily get rid of the debt troubles, refocus its limited funds and all management energy on production and operation, and better serve consumers.
This ruling marks that this established enterprise with a history of nearly 70 years, once hailed as the "business card of Shandong beer", has officially entered a crucial stage of resolving the debt crisis through legal means and seeking rebirth. It is worth noting that the entity entering the reorganization process this time is "Shandong Taishan Beer Co., Ltd.", not its sub - brand "Taishan Raw Beer", which has attracted wide attention in the market in recent years. Although the two are highly related in brand origin and supply chain, they have been separated in legal and financial structures, which also reflects that the enterprise may have tried to isolate risks through business spin - off and independent brand operation in recent years.
In fact, Taishan Beer is not facing operational pressure for the first time. Around 2020, as the domestic beer market entered the stage of stock competition as a whole, coupled with the trend of consumption upgrading, the growth of traditional industrial lager beer was sluggish, while the segmented tracks of craft beer, fresh beer, raw beer, etc. rose rapidly. Relying on the differentiated strategy of "7 - day short - shelf - life" and "brewed on the same day and delivered on the same day", Taishan Raw Beer opened up the high - end fresh beer market in East China and even some cities across the country, and once became a successful case of regional winery transformation. However, the historical debt problem of the parent company has always followed it, continuously eroding the enterprise's cash flow and financing ability.
The court's ruling to accept the reorganization application this time has clear legal significance and practical value. On the one hand, according to Article 75 of the "Enterprise Bankruptcy Law", during the reorganization period, the exercise of the security right over the debtor's specific property is suspended; all litigation and enforcement procedures against the enterprise are legally suspended. This means that Taishan Beer will get a precious "protection period", during which it can avoid the forced seizure of assets, the freezing of accounts, and the interruption of production lines, so as to maintain basic operations. On the other hand, the reorganization process allows the enterprise to formulate a debt repayment and business restructuring plan under the supervision of the court, and introduce strategic investors or creditor - to - equity swaps and other market - based means to achieve a systematic repair of "debt reduction + capital injection + reform".
The initiation of bankruptcy reorganization by Taishan Beer is not only a concentrated clearance of its long - term accumulated financial risks, but also a strategic choice to achieve "radical treatment and light - loading" with the help of the judicial mechanism. It is no longer a simple debt liquidation, but an in - depth reconstruction related to brand survival, industrial transformation and the local economic ecosystem. The next six months to one year will be a crucial window period to determine whether this time - honored brand can truly be reborn.
From a Local Winery to a Pioneer in Fresh Beer
The story of Taishan Beer dates back to 1952. At that time, in the early days of New China when everything was waiting to be built, Tai'an Winery (the predecessor of Taishan Beer) was born at the foot of Mount Tai. Relying on the local high - quality water source and traditional brewing technology, the early products were mainly refreshing and mellow lager beer, which quickly became a "national drink" on the tables of Shandong people. After the reform and opening - up, the enterprise was renamed Shandong Taishan Beer Co., Ltd., and completed the modernization transformation in the 1990s, introducing advanced German production lines, and both the production capacity and quality were improved. In an era when beer was still a "mass necessity", Taishan Beer ranked among the top in the provincial market with its stable taste and solid distribution channels, becoming the taste memory of a generation of Shandong people.
What really rejuvenated Taishan Beer was the accurate grasp of the consumption upgrading trend after 2010. At that time, the domestic beer industry as a whole entered the stage of stock competition. The giants all turned to high - end layout, while small and medium - sized wineries faced the risk of being squeezed out. At this critical juncture, instead of blindly following the big manufacturers in price wars or OEM production, Taishan Beer found a new way and turned its attention to an under - developed niche market - raw fresh beer.
In 2013, Taishan Raw Beer officially launched the "7 - day short - shelf - life" series of products, featuring "unfiltered, undiluted, and unpasteurized", emphasizing the ultimate fresh experience of "brewed on the same day, delivered on the same day, and consumed within 7 days". This concept was quite bold at that time: it not only challenged consumers' perception of the beer shelf - life, but also put forward extremely high requirements for the supply chain. However, it was this "pioneering" courage that enabled Taishan Raw Beer to quickly open up the situation in core cities such as Jinan and Tai'an. Consumers found that beer could also have a "premium feeling" with rich malt aroma, thick foam, and fresh taste.
More importantly, Taishan Beer did not stop at concept marketing, but continuously strengthened its product strength. The company invested in building a full - process cold - chain warehousing and distribution system, achieving "24 - hour direct delivery to the terminal" in core cities; at the same time, it insisted on using high - quality raw materials such as imported Australian wheat and Czech Saaz hops to ensure flavor consistency. By 2018, Taishan Raw Beer had established more than 2,000 direct - sales stores and community outlets in East China, forming a unique model of "front - store, back - warehouse, and immediate consumption and sales", with a long - term repurchase rate of over 60%. This operation strategy of deeply binding consumers enabled it to maintain steady growth even under the impact of e - commerce.
In 2020, due to force majeure, the catering channel was generally hit, but Taishan Raw Beer broke through against the trend. Relying on the mature community distribution network and the cultivation of the "home fresh beer" consumption scenario, its online orders soared, and there was even a situation of "one box being hard to find". In this year, the sales volume of Taishan Raw Beer increased by more than 40% year - on - year, and it was hailed as a "dark horse during the epidemic" in the industry. In the following years, the brand gradually expanded to new first - tier cities such as Beijing, Chengdu, and Xi'an, with the number of stores exceeding 3,000, becoming a well - deserved representative of domestic raw beer.
It is worth noting that the success of Taishan Beer is not only due to product innovation, but also to its deep integration of "local culture". The brand has always taken "Mount Tai" as its spiritual totem, and has penetrated the concept of "as stable as Mount Tai and as fresh as a gushing spring" into packaging design, store experience, and user communication. The annual "Taishan Fresh Beer Festival" attracts tens of thousands of tourists to participate, which not only strengthens regional identity, but also builds a unique brand moat. This dual - wheel drive of "localization + high - quality" has enabled Taishan Raw Beer to stand out among many craft beer brands and embark on a differentiated path different from international giants.
Of course, rapid expansion has also brought pressure on funds and management. However, it must be noted that the core assets of Taishan Beer - brand recognition, product formula, cold - chain network, and loyal user group - are still solid and highly scarce. As General Manager Zhang Kaili said, the enterprise's dilemma does not lie in the products or the market, but in the drag of historical debts. This just shows that its business model itself is tenable and consumers recognize it. It just needs a "financial burden reduction" to release its constrained growth potential.
From a local state - owned winery to the leader in the national fresh beer track, Taishan Beer has proven with more than half a century that as long as it adheres to quality, dares to innovate, and is close to users, regional brands can also tell a world - class story. Now standing at the starting point of reorganization, the industrial foundation and market trust it has accumulated are the most precious capital for its future rebirth.
The Way for Traditional Beer Manufacturers to Break Through in Transformation
The initiation of bankruptcy reorganization by Taishan Beer is, of course, a crisis response. However, when examining it against the backdrop of the transformation and upgrading of China's beer industry, this move can be regarded as a crucial step for traditional wineries to actively "cut off the wrist to survive" and seek systematic reshaping.
In fact, in recent years, many regional beer brands have faced similar propositions: under the triple pressures of the peak of the industry's total volume, the drastic change in consumption structure, and the intensifying squeeze of giants, how can they get rid of the old model of "low profit margin, high inventory, and weak brand" and find their own new track? The exploration of Taishan Beer just provides a learnable transformation model for traditional manufacturers.
The high - end of products and category innovation are the core to break the deadlock. In the past, local beer factories mainly focused on low - priced industrial lager, relying on the catering channel to increase sales volume. The profit was meager and the homogenization was serious. However, Taishan Beer keenly captured the upgraded demand of consumers for "freshness", "naturalness", and "flavor", and decisively entered the high - value - added niche market of raw fresh beer. Different from ordinary beer that has undergone high - temperature sterilization and long - term storage, raw beer retains the yeast activity and original flavor, has a richer taste, and is more in line with the trend of healthy and personalized consumption. This transformation from "selling cheap beer" to "selling good beer" not only improves the gross profit margin, but also reshapes the brand image - making consumers willing to pay for quality rather than just for quenching thirst.
Channel reconstruction is the key to support the implementation of new product categories. Traditional beer relies on multi - level distribution by distributors, with weak terminal control and chaotic price systems. However, Taishan Raw Beer has built its own "direct - sales + community front - end warehouse" model, opening stores in residential areas and around office buildings, achieving efficient access in the "last mile". This DTC (Direct - to - Consumer) thinking enables the enterprise to directly obtain user feedback, quickly iterate products, and conduct precise marketing promotion. More importantly, through the membership system and community operation, Taishan Raw Beer has built a high - sticky private traffic pool, making repurchase the growth engine. This "user - centered" channel revolution is an effective way for traditional manufacturers to get rid of channel bondage and take the initiative in the market.
In addition, the modernization of supply - chain capabilities is the underlying guarantee for transformation. Fresh beer has extremely high requirements for cold - chain, timeliness, and quality control. A slight mistake may lead to taste deterioration or a surge in customer complaints. Therefore, Taishan Beer has continuously invested in building intelligent brewing workshops, temperature - controlled logistics fleets, and digital warehousing systems, achieving full - link visual management from production to distribution. Although this heavy - asset investment is under short - term pressure, it has built a competitive barrier - not all wineries can achieve "7 - day short - shelf - life national distribution". In the future, with the application of Internet of Things and AI technologies, traditional brewing technology can be deeply integrated with intelligent manufacturing to further improve efficiency and consistency.
Of course, transformation cannot rely on single - point breakthroughs, but also requires the simultaneous evolution of organizational mechanisms and capital structures. Many old wineries are limited by rigid management systems, unclear property - right relationships, or excessive dependence on local government support, and it is difficult for them to attract market - based talents and capital. Through this judicial reorganization, Taishan Beer is expected to clarify its equity, optimize governance, and introduce strategic investors under the supervision of the court - whether it is industrial capital or professional consumer funds, they may inject funds, management experience, and resource networks into it. This is not only "debt reduction", but also "blood replacement", paving the way for the establishment of a modern enterprise system.
Looking across the country, similar explorations are taking place in many places: Yanjing Beer has launched the "Lion King" craft beer series to test the high - end market, Zhujiang Beer has deeply cultivated South China to create a cultural IP, and Chongqing Beer has accelerated its national expansion with the help of the Carlsberg system... These cases all point to a trend: the future of traditional beer manufacturers does not lie in scale expansion, but in value deep - cultivation; not in imitating giants, but in finding their own genes and regional advantages, and doing in - depth and thorough work in segmented scenarios.
For Taishan Beer, reorganization is not the end, but a new starting point for transformation. Once it sheds the historical debt burden, its proven product strength, mature fresh beer model, and deep regional emotional connection will all become accelerators after light - loading. In the future, it may further expand the "fresh beer +" scenarios - such as matching with barbecue, seafood, camping and other lifestyles, developing season - limited and co - branded products; it can also explore B - end cooperation to customize exclusive raw beer for high - end restaurants and bars; even with the help of Shandong's cultural and tourism resources, it can create an experiential consumption space of "beer + Taishan culture".
This article is from the WeChat official account "Rongzhong Finance", author: Lü Jingzhi. Republished by 36Kr with permission.