Xin Lang Zheng Quan·2025-05-09 06:53Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for many products [1] Group 1: Industry Overview - The liquor industry is facing significant challenges, with inventory issues becoming prominent and leading major companies to halt shipments to stabilize pricing [1] - The number of liquor companies experiencing revenue declines has increased from 2 in 2023 to 6 in 2024, indicating a growing divide between leading and smaller enterprises [2] Group 2: Revenue Performance - In 2024, 19 listed liquor companies achieved a total revenue of 441.94 billion yuan, reflecting a growth of 7.67% compared to 2023, but with a notable slowdown in revenue growth [2] - The median revenue growth rate for these companies dropped to 3.69% in 2024 from 18.04% in the previous year [2] - The top three companies with the highest revenue growth rates are Jinhuijiu (18.59%), Gujinggongjiu (16.41%), and Guizhou Moutai (15.66%) [2] Group 3: Company-Specific Insights - Guizhou Moutai generated revenue of 174.14 billion yuan in 2024, accounting for 39.4% of the total revenue of listed liquor companies, an increase of nearly 3 percentage points [2] - Yanghe's revenue fell by 12.83% to 28.88 billion yuan, causing it to drop out of the 30 billion yuan club [4] - Jiugui Jiu's revenue declined nearly 50% in 2024 after a 30% drop in 2023, highlighting severe channel issues [4] Group 4: Revenue Rankings - The revenue rankings for 2024 show Guizhou Moutai leading with 174.14 billion yuan, followed by Wuliangye with 89.18 billion yuan, and Shanxi Fenjiu with 36.01 billion yuan [5] - Companies like Jiugui Jiu and Jinzongzi Jiu are experiencing significant revenue declines, with Jiugui Jiu's revenue dropping to 1.42 billion yuan, a decrease of 49.70% [5]