白酒挤泡沫，压垮经销商

Core Viewpoint - The white liquor market, once a booming industry, is now facing a significant downturn, with prices collapsing and many distributors struggling to survive [6][7][9]. Group 1: Market Conditions - The wholesale market for white liquor is experiencing a severe decline, with merchants opening later and logistics failing to meet demand [3][4]. - High-end liquor prices have dropped significantly, with the price of 500ml Flying Moutai falling to 1968 yuan, breaching the 2000 yuan warning line [6]. - The market is witnessing a "multi-layer collapse," with even mid-range liquor prices falling below wholesale levels [7][8]. Group 2: Distributor Experiences - Distributors like Hai Tao are shifting to a "fast in, fast out" business model, avoiding inventory management due to low profits [4][5]. - Many distributors report drastic declines in sales, with some not opening for business due to lack of orders [13][14]. - The reliance on non-market consumption, such as government events, has severely impacted sales following recent regulations [17]. Group 3: Historical Context - The white liquor industry previously thrived during a period of rising incomes and consumption, leading to rampant expansion and speculation [19][20]. - The pandemic acted as a "black swan" event, disrupting the market and leading to increased inventory levels among producers [24][26]. - The once-reliable high-end brands are now facing a crisis of confidence, with the belief in brands like Moutai eroding [29][37]. Group 4: Changing Consumer Preferences - Younger consumers are gravitating towards diverse alcoholic beverages, leading to a decline in white liquor consumption [47][48]. - The perception that young people do not drink white liquor is challenged by the idea that they simply lack access to quality products [49][52]. - Aging management in liquor companies is failing to adapt to changing market dynamics, further alienating younger consumers [55][56]. Group 5: Future Outlook - The industry is undergoing a significant shift, with a potential return to rational consumption patterns and a cleansing of excess inventory [45][46]. - Distributors are exploring new business models, with some opting to create their own brands to escape the pressures of traditional distribution [60][61]. - Despite the current challenges, some industry players remain optimistic about the future, believing that the market will stabilize over time [63][64].