白酒亏哭！别人压库存亏百万，19190库存冲140亿玩法差着平行宇宙

Core Viewpoint - The company 1919 has achieved continuous profitability for three years, contrasting sharply with its peers in the white liquor industry, which are facing significant losses. The company aims for a trading scale of 14 billion yuan by 2025, highlighting its unique position in a struggling market [1]. Industry Challenges - The white liquor industry is undergoing a profound restructuring of consumption scenarios and channel ecosystems, with traditional government and business banquet scenes declining. Consumer preferences are shifting towards home drinking and casual gatherings, leading to more rational purchasing decisions focused on value and convenience [2]. - The industry is facing dual pressures from demand reconstruction and inventory issues, with demand expected to drop by 20%-30% during key festivals in 2025, while inventory levels are rising by 10%-20%. This has resulted in severe price discrepancies in various price segments, causing many distributors to operate at a loss [5][3]. Company Transformation - 1919's growth is attributed to a significant transformation initiated three years ago, moving from a heavy asset model with a 92% debt ratio to a leaner platform model. The company abandoned most of its premium liquor distribution rights and initiated a three-year inventory reduction plan [7]. - This strategic shift allowed 1919 to avoid the impacts of falling premium liquor prices by implementing a "zero inventory" operation model, expanding its franchise model from 1,500 to 3,000 stores, and reducing its debt ratio to below 20% [9]. Innovative Business Model - The company's early investment in instant retail has become a core growth driver, with a strategic partnership with Taobao Flash Delivery enhancing its delivery capabilities. The instant retail market for liquor is projected to reach 200 billion yuan in 2023, with significant growth expected by 2027 [11][14]. - 1919 is also launching a "wine and food lifestyle" strategy, integrating dining and drinking experiences through innovative marketing and a diverse store format, which has shown to triple revenue in pilot locations [16]. Strategic Acquisitions - In December 2025, the founder of 1919 acquired a controlling stake in Yiyuan Wine Industry, a significant player in the domestic wine market, which is currently undervalued. This acquisition is seen as a strategic move to enhance asset integration and capitalize on the company's financial strength [20][22]. - The acquisition is expected to signal a restart of 1919's capitalization process, leveraging Hong Kong's financial advantages to expand its international liquor business [22].