“每天睁眼就是亏钱”，有白酒经销商一年亏3000万

Core Insights - The white liquor industry is facing significant challenges, with many distributors reporting severe profit declines and cash flow pressures, leading to a crisis in the distribution network [3][4][6] - Over 50% of white liquor distributors reported worsening price inversions, with more than 40% facing cash flow issues, and 38.7% experiencing reduced payment amounts [3] - The market is saturated, and the relationship between manufacturers and distributors is becoming increasingly strained, with many distributors questioning the viability of continuing their partnerships [4][5][19] Industry Performance - In Q3 2025, 18 out of 20 listed liquor companies reported declining performance, with some experiencing net profit drops exceeding 90% [3] - The industry is characterized by a "strong factory, weak distributor" dynamic, where market pressures are being transferred to distributors [3][4] - Distributors are experiencing a consistent decline in the value of their inventory, with some reporting that the value of goods decreases significantly with each new payment made to manufacturers [17][19] Distributor Challenges - Distributors are struggling with inventory management, with many unable to sell products at a profit due to market price drops [7][14] - The pressure to meet sales targets set by manufacturers is leading to unsustainable practices, with some distributors reducing their operational scale to cope with financial strain [9][14] - The shift in consumer behavior, particularly among younger generations, is causing concern among distributors about the long-term viability of the white liquor market [5][19] Market Dynamics - The rise of online sales and aggressive pricing strategies by competitors is complicating the market landscape for traditional distributors [11][12] - Many distributors are considering or have already begun to reduce their physical presence and operational costs in response to market conditions [9][10] - The perception of drinking culture is changing, with younger consumers viewing alcohol consumption differently, which may impact future demand [5][12][19]