67%酒企毛利下滑！即将关店1500家，企业老板转型各显神通

Core Insights - The liquor retail industry is facing significant challenges, with major players like Jiu Yi Jiu and Jiu Bian Li experiencing severe financial difficulties and operational setbacks [3][12][15] - The industry has undergone a transformation from a period of rapid expansion and investment to a phase of contraction and restructuring, driven by changing consumer preferences and market conditions [10][20][22] Industry Overview - The liquor retail sector was once thriving, with companies like Jiu Yi Jiu and Jiu Xian Wang receiving substantial investments, leading to aggressive expansion plans [7][9] - The introduction of the "Three Public Consumption" policy in 2012 negatively impacted traditional liquor stores, but simultaneously provided opportunities for chain retailers to capture a larger market share [5][7] Financial Performance - Jiu Yi Jiu reported a revenue drop of 39% in 2020, resulting in a loss of 277 million yuan, and subsequently delisted from the New Third Board in 2023 [12][15] - Jiu Xian Wang faced even greater challenges, having been delisted in 2017 due to losses and failing multiple attempts to re-enter the A-share market [12][13] Market Trends - A report from the China Liquor Distribution Association indicates that 67% of liquor chain enterprises experienced a decline in gross profit in 2023-2024, with nearly 20 companies seeing a drop of over 10% [15] - The market is shifting away from reliance on high-end liquor sales, as younger consumers show less interest in traditional products [12][16] Strategic Responses - Companies are exploring new business models, such as integrating dining experiences with liquor sales and focusing on immediate retail and scene consumption [16][20] - Jiu Yi Jiu's chairman acknowledged the need to move beyond profit from high-end liquor margins, suggesting a pivot towards self-branded products and digital engagement with consumers [16][20] Future Outlook - Despite current difficulties, the liquor retail sector still has significant market potential, with a low chain retail penetration rate of 5% compared to other industries [20][22] - Successful companies will need to enhance their digital capabilities, develop proprietary brands, and improve the integration of online and offline sales channels to thrive in the evolving market landscape [20][22]