State-Owned C&D Discloses Rare Revenue Figures for Wine and Spirits Arm

Xiamen C&D Happy Wine Liquor Co., a liquor supply chain firm under the state-owned conglomerate C&D Inc., posted sales of around RMB 800 million (USD 110 million) in 2024, according to its general manager Chen Weizhong. The disclosure, made during an industry forum on July 20, marks a rare public reveal of operating figures from the group’s beverage arm.

C&D Happy Wine operates as a supply chain integrator, distinct from traditional liquor distributors. According to its official website, the company runs operations in over 25 key port cities across China, serves more than 355 wine and spirits importers, and manages over 30 million bottles of wine and spirits annually. Its business spans agency procurement, brand management, channel development, and warehousing services for clients.

Chen said roughly 80% of the company’s revenue came from supply chain-related services. “Unlike traditional distribution models, we pursue embedded cooperation by integrating deeply with both upstream and downstream partners,” he said. “We’re building an ecosystem where all stakeholders are interconnected.”

Despite its focus on supply chain management, C&D Happy Wine is often confused with another C&D-affiliated company: Xiamen C&D International Wines & Spirits Group Co., or C&D Wines & Spirits, one of China’s biggest wine importers.

While both firms share the same legal representative, Wang Zhibing, and are owned by C&D Inc., they operate as separate legal entities with different business focuses and registration details.

Its sister company C&D Wines & Spirits is one of China’s largest wine importers and was named among China’s Top 100 Wine Importers by Vino Joy News. The company’s portfolio includes major brands such as France’s Roche Mazet from Castel Group and Treasury Wine Estates’ Penfolds and Rawson’s Retreat. At its peak, the Roche Mazet  brand alone generated RMB 1 billion (USD 137 million) in annual sales.

In contrast, C&D Happy Wine plays a supporting role as a logistics and service provider. Its client list includes top domestic and international names like Moutai, Xijiu, Wuliangye, Cono Sur, Hennessy, Diageo, and Treasury Wine Estates. The company also provides integrated services to leading Chinese wine and spirits operators, including 1919.cn, Noble Family Wine and Liquor, Fond Wine, and Torre Oria China.

“Our role extends across the entire value chain,” Chen said. “We work closely with producers, financial partners, and consumer-facing channels to form a connected, resilient industry structure.”

Corporate filings also show that C&D Happy Wine has invested in Shaanxi Xifeng Liquor Co., a major Chinese baijiu producer, further highlighting its strategic ambitions in the supply chain.

While primarily focused on supply services, the company also distributes a limited range of imported wines and spirits. These include classified growth Bordeaux wines, Mouton Cadet Heritage Edition, Astelia Cabernet Sauvignon, and its self-owned XO Cognac brand “C&D FELINE.” However, compared to its sister company, its wine portfolio remains relatively small, reinforcing its positioning as a backend service provider rather than a brand-forward importer.