茅台向C战略：一场白酒行业革命性的自我颠覆

Core Viewpoint - The Chinese liquor industry is undergoing an unprecedented deep adjustment in 2025, characterized by tightening policies, weakened consumption, price inversion, and high inventory levels, leading to collective anxiety within the industry. However, Kweichow Moutai is boldly advancing its strategy of transforming towards the consumer end (C-end) in a manner that disrupts traditional industry logic [3][4]. Industry Survival System - The prosperity of the liquor industry over the past two decades has largely relied on a complex "non-consumer-oriented" system, where sales are driven by channels rather than direct consumer engagement. The pricing is controlled by intermediaries, and the focus has shifted to financial speculation rather than genuine consumption needs [4][5]. - The industry has seen a proliferation of story-based marketing, emphasizing historical and cultural narratives over actual product quality and contemporary taste preferences [4]. Moutai's Strategic Shift - Kweichow Moutai is dismantling its traditional business model by enhancing its direct sales through the "i Moutai" digital platform, increasing its direct sales ratio to over 50% by 2025, significantly higher than the industry average [6][9]. - The company recognizes that the previous model of relying on inventory pressure for growth is unsustainable, especially as dealer inventory turnover exceeds 200 days and price inversions spread [9]. Consumer Engagement and Market Trends - Younger consumers, particularly Generation Z, exhibit low brand loyalty and prioritize experience, transparency, and social value over traditional narratives. They are less likely to be swayed by historical claims and more inclined to appreciate quality and shareable experiences [9][11]. - Moutai's shift towards the C-end is not merely about e-commerce or live streaming; it involves a comprehensive restructuring of the value chain, focusing on product transparency, reasonable pricing, experiential marketing, and direct consumer feedback [11][12]. Industry Impact and Future Outlook - Moutai's actions are seen as a significant disruption in the liquor industry, challenging companies that rely on storytelling and stock price manipulation. It compels competitors to reconsider their value propositions beyond capital operations [12][14]. - The future of the liquor industry will favor those who understand consumers rather than those who excel at marketing. Moutai's transformation signifies a return to creating genuine value rather than merely manufacturing scarcity [14].