双十一电商酒水集体大涨；10月烟酒消费增长4%｜观酒周报

Industry Overview - The "Double Eleven" shopping festival has shown significant growth in the liquor category, with major brands like Moutai, Wuliangye, and Luzhou Laojiao leading the sales surge across platforms such as Tmall, JD, Meituan, and Douyin [1][3] - JD's report indicates that liquor sales from October 9 to November 11 increased by 18% year-on-year, with self-operated liquor sales rising by 32% [3] - Meituan's report highlights that the white liquor category saw exceptional growth, with Wuliangye's transaction amount increasing by 487% and Moutai's by 612% year-on-year [3] Sales Performance - The overall retail sales of tobacco and liquor products in October grew by 4.1% year-on-year, contributing to a 4% increase from January to October [4] - In the first three quarters of 2025, the export volume of liquor increased by 31%, while the total export value reached $1.47 billion, marking a 7.9% increase [5][6] Brand Performance - Top-selling liquor brands during the Double Eleven included Jian Nan Chun, Moutai, Guojiao 1573, and others, with Jian Nan Chun ranking first in Tmall's white liquor sales [3] - The export of beer reached $410 million, with a year-on-year growth of 17.2%, while wine exports saw a remarkable increase of 137% in value [5][6] Company Developments - Qingdao Beer announced its commitment to a diversified strategy despite the termination of its acquisition of a yellow wine company, indicating ongoing interest in non-beer business opportunities [8] - The company also integrated the Qingdao Beverage Group into its operations, focusing on business synergies and potential future listings [8] Regulatory and Market Challenges - Various liquor companies are enhancing measures to combat counterfeit products, with brands like Niulanshan and Xijiu implementing new anti-counterfeiting technologies [7] - Zhenjiu has temporarily halted recruitment in several provinces to ensure market stability, indicating proactive measures to manage distribution channels [12] Management Changes - Diageo appointed Dave Lewis as the new CEO, effective January 1, 2026, bringing extensive experience in marketing and brand management [15] - The establishment of the Fuyang City Wine Association saw the election of Jia Guangming as president, reflecting ongoing leadership changes within the industry [16]