Hua Xia Shi Bao·2025-10-31 14:35Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment, with regional liquor companies facing significant pressure, as evidenced by declining revenues and profits across the board in the third quarter of 2025 [2][3]. Performance Pressure - All regional liquor companies reported a decline in both revenue and net profit in the first three quarters of 2025, with over ten companies showing this trend [3]. - Specific companies like Jinshiyuan and Qiaojia Wine experienced revenue declines of 10.66% and 19.79%, respectively, with net profits dropping by 17.39% and 79.85% [4][5]. Contract Liabilities - Contract liabilities, which reflect market expectations, have generally decreased for regional liquor companies, indicating cautious outlooks from distributors [7]. - Only Tianyoude Wine saw a slight increase of 0.1% in contract liabilities, while others like Shunxin Agriculture and Jinshiyuan experienced significant declines of 74.83% and 67.35%, respectively [7]. Market Dynamics - The industry is facing a shift from traditional distribution models to online and instant retail, which poses new challenges for liquor companies [8][10]. - The "public banquet prohibition" has weakened old demand while new demand is still developing, leading to high inventory levels and reduced purchasing willingness among distributors [8]. Third Quarter Insights - In the third quarter, only two companies, Jiugui Wine and Jinzongzi Wine, reported growth in both revenue and net profit, while others faced severe declines, with net profit drops exceeding 30% for most [6][9]. - Jiugui Wine's revenue was 1.98 billion yuan, a 0.78% increase, while Jinzongzi Wine's revenue was 1.44 billion yuan, up 3.73% [9]. Future Trends - The liquor industry is expected to evolve towards quality, youthfulness, and internationalization, with a focus on digitalization and experiential marketing [10]. - Companies are likely to strengthen channel control and build partnerships with distributors to stabilize prices and reach consumers directly [10].