Mei Ri Jing Ji Xin Wen·2025-09-19 03:11Core Viewpoint - The direct sales channel is emerging as a new battleground for the liquor industry amidst deep adjustments in the sector, with significant growth in direct sales revenue among leading companies [1][12]. Group 1: Direct Sales Revenue Performance - The total direct sales revenue of the top eight liquor companies reached 646.81 billion yuan in the first half of the year, with five companies experiencing year-on-year growth [1][5]. - Moutai and Wuliangye lead the direct sales revenue, with Moutai achieving 400.09 billion yuan (up 18.6%) and Wuliangye 211.95 billion yuan (up 8.6%) [5][11]. - Other companies like Luzhou Laojiao and Gujing Gongji have shown significant growth in direct sales revenue, with Gujing Gongji increasing by 40.19% to 5.73 billion yuan [5][11]. Group 2: Trends in Direct Sales Channel - The direct sales revenue share of leading liquor companies has been on the rise over the past three years, with Moutai's share increasing from 39.79% in 2022 to 45.52% in 2023 [7][8]. - Wuliangye's direct sales revenue share has remained stable around 36.6% to 36.58% during the same period [7][8]. - Regional companies like Yingjia Gongji and Jianshiyuan are also seeing increases in their direct sales revenue shares, indicating a broader trend across the industry [8][9]. Group 3: Future Outlook and Market Dynamics - The online sales of liquor are projected to reach 200 billion yuan in 2024, with a compound annual growth rate of 59% for the Douyin e-commerce liquor market from 2022 to 2024 [12][13]. - Companies are actively expanding their direct sales channels through e-commerce, group buying, and instant retail to capture market share [12][13]. - The direct sales model is expected to enhance profit margins, with Moutai's direct sales gross margin at 95.33%, significantly higher than traditional wholesale margins [13].