GUJING(000596) 21世纪经济报道· 2 1 Shi Ji Jing Ji Bao Dao·2025-05-21 01:56Core Viewpoint - Both Shanxi Fenjiu and Gujing Gongjiu are leading players in the Chinese liquor industry, focusing on national expansion and adapting to market changes while addressing investor concerns about future growth and market strategies [2][3][5]. Group 1: Company Performance and Strategy - Shanxi Fenjiu's revenue from outside Shanxi province exceeded 62% in 2024, with a faster growth rate compared to the domestic market, adding 598 new distributors outside the province [2]. - Gujing Gongjiu has achieved a national coverage rate of over 70%, with a provincial structure ratio of 6:4, aiming to enhance sales scale and market share outside its home province [3]. - Both companies are focusing on high-end and mid-range products to cater to diverse consumer needs, with Shanxi Fenjiu emphasizing its "four-wheel drive" strategy centered on key product lines [4]. Group 2: Market Trends and Challenges - The liquor industry is experiencing structural growth rather than rapid expansion, with challenges such as oversupply, high inventory, and intense competition leading to a consensus on slower growth [5]. - The overall production of liquor in China has been declining for several consecutive years, influenced by slowing population growth and intensified competition within the industry [5]. Group 3: Youth Engagement and Marketing - Shanxi Fenjiu is launching a "youngization" initiative starting in 2025, focusing on seven aspects of youth engagement, including product aesthetics and cultural expression [4]. - Gujing Gongjiu is integrating its brand with new consumer experiences and developing innovative products that appeal to younger consumers, while maintaining its focus on mid-range offerings [4].