Sou Hu Cai Jing·2025-09-03 16:05Core Insights - The overall performance of the liquor industry is under pressure, with 20 listed liquor companies reporting a total revenue of 241.28 billion yuan in the first half of 2025, a slight decrease of 1.59% year-on-year, and net profits also facing challenges [1] - The industry is experiencing a significant divergence, with only 6 companies achieving both revenue and net profit growth, and only 4 companies maintaining positive revenue growth in the second quarter [1][2] - Major liquor companies are proactively adjusting strategies and innovating to strengthen core competitiveness and market share amid the industry's complex environment [1][4] Industry Performance - The liquor industry is currently in a "deep water zone" characterized by reduced volume, falling prices, and high inventory levels, leading to a cautious approach among companies [1][2] - Companies like Moutai and Gujing Gongjiu have acknowledged the industry's deep adjustment and the need for structural optimization to navigate the current cycle [1][2] Strategic Adjustments - "Proactive deceleration, controlling volume and stabilizing prices" has become a common strategy among liquor companies, with a focus on stability in their 2025 targets [2][4] - Nine companies have reduced contract liabilities to alleviate pressure on traditional channels, indicating a flexible market operation strategy [4] Inventory Management - The current "suspension of sales" trend is a significant market adjustment tool, with a broader product coverage and increased participation from both major and regional brands [5][7] - As of June 2025, the total inventory of 20 listed liquor companies reached approximately 170 billion yuan, reflecting a growing trend [7] Low-Alcohol Trend - The low-alcohol trend is gaining momentum, with companies like Wuliangye and Gujing Gongjiu launching new low-alcohol products to meet changing consumer preferences [8][10] - The low-alcohol market is projected to grow at a compound annual growth rate of 30%, with expectations to exceed 74 billion yuan by 2025 [11] Cross-Industry Innovations - Liquor companies are actively pursuing cross-industry innovations to expand their market reach and appeal to diverse consumer groups [14][18] - Collaborations with retail giants and the introduction of new product lines are strategies employed to enhance market penetration and operational efficiency [15][20]