飞天茅台“退席”，蓝莓汁“登场”！白酒行业遇冷背后，年轻化突围战打响

Core Insights - The replacement of the iconic Feitian Moutai with "Youmi" blueberry juice at the Moutai annual shareholders' meeting symbolizes a significant shift in the liquor industry [1] Industry Overview - The China Alcoholic Drinks Association reported that the national liquor production in Q1 2025 was 1.032 million kiloliters, a year-on-year decrease of 7.2%. This is significantly lower than the peak production of 13.584 million kiloliters in 2016, indicating a decline of over two-thirds in production capacity [3] - The average inventory turnover days for the liquor industry reached 900 days in the first half of 2025, an increase of 10% year-on-year, suggesting that companies require nearly two and a half years to clear their inventory [3] - Approximately 60% of companies are facing price inversion, particularly in the 800-1500 RMB price range, with Moutai 1935's price halving to around 500 RMB, and core products from Junpin Xijiu and Zhen San Shi dropping to 680 RMB and 675 RMB respectively [3] Consumer Behavior - The traditional drinking culture is perceived as a burden by younger consumers, who prefer lighter, more personalized social interactions rather than the heavy drinking associated with business and formal occasions [6] - Modern young consumers are more health-conscious and tend to favor affordable products priced below 100 RMB, contrasting with the liquor industry's focus on high-end products priced between 300-500 RMB [6] Industry Response - In response to changing consumer preferences, the liquor industry is undergoing a "youthful breakthrough," with major brands like Moutai and Wuliangye launching lower-alcohol products and smaller, portable packaging to appeal to younger audiences [7] - New product categories such as fruit wines and sparkling wines are being introduced to lower the barriers for young consumers to try these beverages [7] Future Outlook - The shift from Feitian Moutai to blueberry juice at the shareholders' meeting represents a turning point for the industry, which has faced eight consecutive years of production decline and a 7.2% year-on-year drop [9] - Companies that understand and innovate according to the needs of younger consumers are likely to emerge successfully from this industry reshuffle, as emphasized by Moutai's chairman, who noted that "youthfulness is not merely following trends but respecting the differences among consumers of various ages" [9]