Core Insights - The current contraction in the Chinese liquor industry is closely related to the economic downturn in the real estate sector and the impact of an aging population [1][2] Group 1: Industry Trends - The shift from quantity growth to quality growth is evident, with the industry currently in a destocking adjustment phase. Companies are adopting flexible operational strategies, emphasizing a pragmatic approach focused on stability and quality [1] - The focus of the industry is shifting from manufacturers to consumers. The primary consumer group, aged 30 to 55, has decreased by 28 million, prompting companies to adopt consumer-centric marketing strategies to enhance brand loyalty [1] Group 2: Profit Distribution - The average gross margin for liquor distributors has declined from 20%-23% in 2019 to approximately 15%-17% in 2024, while average net profit has dropped from 8% to 3%-5% [2] - Companies are encouraged to develop new products and categories to align prices more closely with market demands and attract younger consumers [2]
中泰国际李迅雷：本轮白酒收缩和房地产下行强相关 白酒主力消费人群已减少2800万
Mei Ri Jing Ji Xin Wen·2025-10-31 05:55