Morningstar

Sichuan Swellfun Co Ltd Class A

600779: XSHG (CHN)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Premiumization and Deepening Distribution to Drive Long-Term Growth Outlook for Swellfun

May 1, 2026

Business Strategy and Outlook

Narrow-moat-rated Sichuan Swellfun, or Swellfun, is one of the key subpremium baijiu brands in China with aged cellars dating as far back as the late Yuan dynasty. Diageo’s takeover in 2006 has further strengthened Swellfun’s strategic focus in the midrange to subpremium markets. This positions the company well amid the sector’s premiumization trend, allowing it to generate economic profits well into the future, in our view.

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