After being named on 315, it actually doubled its revenue! What did Tinghhua Wine do right?

Listing | Zhongfang.com

Review | Li Xiaoyan

CCTV’s March 15th Gala has always been a benchmark for consumer market supervision. Companies exposed often face reputation damage and sharp drops in sales. In 2024, Qinghai Spring’s Tinghua Liquor was named for promotional and compliance issues, causing a significant decline in revenue in the liquor sector, and the parent company was issued a delisting risk warning. However, a year later, Tinghua Liquor delivered a countertrend growth: in 2025, revenue in the liquor sector doubled, returning to peak levels, breaking the industry norm of brands exposed on March 15th falling into decline. This recovery, amid controversy, is not only the result of companies facing issues head-on and implementing comprehensive rectifications but also reflects the combined support of product strength, channel development, and market resilience. It provides a typical example for crisis recovery and compliant development of consumer brands.

In 2024, the March 15th Gala directly pointed out irregular promotional practices and patent statement disputes involving Tinghua Liquor, highlighting inappropriate claims related to disease prevention and treatment functions. The relevant patents were still in application, and some promotional materials and sales language did not strictly follow food advertising regulations. After exposure, the company quickly cooperated with regulatory investigations, with products removed from e-commerce platforms and offline stores suspending operations, conducting self-inspections and rectifications. As a result, Qinghai Spring’s liquor revenue in 2024 dropped to 46.41 million yuan, a 44.05% decrease year-over-year. Coupled with ongoing losses, the stock was marked with *ST, increasing pressure to maintain listing.

Faced with the crisis, Qinghai Spring chose not to respond passively but to promote systematic rectification based on compliance. The company thoroughly cleaned up illegal promotional materials, revised sales scripts, strictly followed the “Food Safety Law” and “Advertising Law,” and completely removed any references to medical efficacy, returning to core values of flavor, taste, and brewing craftsmanship. Meanwhile, the company standardized patent and technical promotion, transparently disclosed product ingredients and processes, and provided truthful, accurate information to the market and consumers. On the channel side, the company paused aggressive marketing, reactivated communication with distributors, and used offline tasting and product experience events to replace exaggerated claims, gradually rebuilding channel confidence.

The effectiveness of these reforms became evident in 2025, with Tinghua Liquor achieving a rebound. Financial reports show that in the first half of 2025, revenue in the liquor sector reached 79.72 million yuan, a 59.44% increase year-over-year; the revenue for the first three quarters doubled compared to 2024, surpassing the total annual liquor revenue of 2024 and nearly reaching the peak levels of 2022-2023. The 2025 performance forecast indicates the company expects full-year revenue between 342.7 million and 371.4 million yuan, crossing the 300 million yuan red line for delisting, with net profit attributable to the parent narrowing significantly to between -44 million and -59.5 million yuan, showing a marked improvement in operating quality.

The rapid recovery of Tinghua Liquor hinges on product innovation and quality support, solidifying the foundation for resurgence. As an innovative brand in the high-end white liquor market, Tinghua focuses on flavor upgrades and health-oriented exploration, using targeted ingredient editing and re-brewing techniques to create differentiated taste experiences, forming a unique competitive edge. The company continuously improves six major R&D testing platforms, utilizing cell biological function screening and sensory flavor analysis to achieve stable, quantifiable, and iterative quality upgrades, earning industry awards and professional recognition. In an environment where high-end white liquor consumption is becoming more rational, Tinghua centers on quality, precisely targeting business banquets and gift-giving scenarios. Its stable flavor profile and consumer experience help retain core customers and support performance rebound.

Channel strategy optimization and market layout adjustments continue to drive revenue growth. After the exposure incident, the company adjusted pricing strategies, downplayed premium pricing labels, and launched product combinations better aligned with market demand to improve value and acceptance. It also steadily resumed compliant advertising, focusing on airports and high-end business scenarios to convey positive brand values; expanded offline distributor networks, deepened regional markets, and improved terminal sales efficiency. By May 2025, Tinghua Liquor resumed listing on e-commerce platforms, with online and offline channels working together to form a diversified sales pattern. Despite the overall pressure on the white liquor industry and price disparities among famous brands, Tinghua Liquor achieved countertrend growth through precise channel positioning and healthy inventory levels, demonstrating strong market adaptability.

From an industry perspective, Tinghua Liquor’s recovery is not an isolated case but reflects the rational return of the consumer market and brands’ self-repair capabilities. In recent years, the high-end white liquor market has shifted from blindly pursuing premium prices to balancing quality and compliance, with consumers paying more attention to genuine product value and brand integrity. Tinghua Liquor corrected its course in crisis, operating compliantly, focusing on product innovation, and deepening channels—aligning with industry development trends. Additionally, leveraging Qinghai Spring’s health industry background, the company integrates scientific research into brewing, promoting the fusion of traditional liquor craftsmanship and modern technology, opening new pathways for long-term brand development.

Of course, the road to recovery still faces challenges and regulatory scrutiny. In January 2026, the Shanghai Stock Exchange issued a regulatory letter focusing on revenue authenticity, compliance in revenue deductions, and capital occupation risks, requiring the company to further standardize information disclosure and management. The company announced a delay in response to ensure truthful and accurate disclosures, demonstrating a proactive approach to regulatory requirements and responsibility to the market and investors. Objectively, as a brand that previously crossed compliance red lines, Tinghua Liquor must continue strengthening internal controls, standardizing related-party transactions, and ensuring the quality of growth to eliminate market doubts through transparent operations.

This doubling of performance marks a turning point and a new beginning for Tinghua Liquor. From crisis to comprehensive rectification, from declining performance to strong recovery, Tinghua Liquor proves that the vitality of consumer brands comes from the courage to face problems, adherence to compliance, and continuous innovation. In an environment with increasingly strict regulation and rationalized consumer preferences, only by building on compliance, prioritizing quality, and fostering innovation can brands navigate cycles and achieve sustainable, long-term growth.

Looking ahead, with deeper reforms and standardized management, Tinghua Liquor is expected to further shake off negative public opinion, focus on product and service upgrades, and continue to innovate in the high-end white liquor sector. The recovery amid controversy also offers insights for the entire consumer industry: crises are never the end but opportunities for brand reshaping, compliance upgrading, and value return. Upholding integrity, delving into core product values, and earning long-term recognition from markets and consumers are the keys to sustainable high-quality development.