智库报告：白酒行业前三季度整体承压 应以“持久战”思维构建抗风险能力

Core Insights - The white liquor industry is facing significant pressure, with a notable decline in performance in the first three quarters of 2025, characterized by "volume shrinkage and profit reduction" [1][2] - The report highlights that 19 listed liquor companies experienced a revenue decline of 6.26% year-on-year and a net profit decline of 6.72%, with the profit decline outpacing revenue [1] - The industry is undergoing a deep adjustment period due to overlapping challenges of policy changes, consumption structure transformation, and intense competition [1][2] Industry Performance - The demand side of the white liquor market shows weak recovery in core consumption scenarios, leading to high inventory levels and price inversion, creating a threefold dilemma of high inventory, price inversion, and confidence erosion [1] - The performance decline is more pronounced this year compared to the previous year, indicating a deepening and widening trend in the industry's struggles [1] Market Segmentation - The report notes a growing disparity within the industry, where leading liquor companies can manage pressures due to their brand and channel advantages, while smaller companies face greater challenges in inventory management, price stabilization, and maintaining channel confidence [1][2] Strategic Recommendations - The report emphasizes that the current adjustment in the white liquor industry is not a short-term cyclical fluctuation but a necessary transformation from "scale expansion" to "quality improvement," requiring companies to adopt a long-term perspective [2] - Companies are advised to abandon short-term speculative thinking and focus on three core areas: destocking, price stabilization, and strengthening foundational capabilities to build resilience against risks [2]