白酒准百亿梯队生变，增长失速且有人掉队，达成目标要延后？

Core Viewpoint - The white liquor industry is experiencing significant changes among the "quasi-100 billion" enterprises, with increased competition and varying growth rates among companies aiming to reach the 100 billion revenue threshold [2][3][7]. Group 1: Industry Overview - The 100 billion revenue mark is considered a threshold for white liquor companies to enter the top tier of the industry, with those earning between 50 billion and 100 billion classified as "backup troops" [3][7]. - The industry is currently in a deep adjustment phase, with a general slowdown in growth and a focus on reducing channel inventory [2][8]. Group 2: Company Performance - Among the quasi-100 billion companies, Yingjia Gongjiu achieved a record revenue of 73.44 billion yuan, marking an 8.46% increase [4]. - Baiyunbian reported revenue of 78.3 billion yuan, a 1% increase, while other companies like Zhenjiu Lidu and Kouzi Jiao maintained revenue levels from the previous year [4][6]. - Shede Liquor experienced a significant decline, with revenue dropping to 53.57 billion yuan, a decrease of 24.41% compared to the previous year [4][5]. Group 3: Market Dynamics - The overall market environment is characterized by high inventory levels, price inversions, and intensified competition, leading to a challenging landscape for quasi-100 billion enterprises [8][9]. - The production of white liquor in 2024 is projected to decline by 1.8%, indicating a shift towards "volume reduction competition" [8]. - Analysts suggest that achieving the 100 billion revenue goal may take several more years for many companies due to the current market conditions [9][10]. Group 4: Future Outlook - The industry is expected to see a normalization of growth around 10%, with companies needing to adjust their growth expectations and strategies to navigate the current environment [9][10]. - Some analysts remain optimistic about a potential recovery in the industry, suggesting that the supply-side adjustments are nearing completion and that market conditions may improve by 2025 [9][10].