第一财经·2025-07-11 09:22Core Viewpoint - The ongoing slowdown in domestic market sales and intensified competition have prompted Chinese liquor companies to focus on international expansion, with a notable trend of liquor returning to the domestic market as well [1][2]. Group 1: International Expansion of Chinese Liquor - Since 2024, major Chinese liquor companies have increased their investments in international markets, with brands like Moutai, Wuliangye, Yanghe, and Luzhou Laojiao actively participating in international events and marketing activities in regions such as Southeast Asia, the Middle East, and South America [3]. - As of the first half of 2025, 63.9% of liquor companies have either established or are expanding their overseas markets, with the Asia-Pacific region being the primary destination [3]. - In the first five months of 2025, China's liquor export volume and value both increased, with an export value of $400 million, up 8.4% year-on-year, and an export volume of 6.84 million liters, up 5.7% year-on-year [4]. Group 2: Liquor Reflow to Domestic Market - A significant amount of liquor is returning to China, with the country being the largest source of imported spirits, accounting for $160 million in imports, a 56.6% increase year-on-year, and 893,000 liters, a 64.4% increase year-on-year [5]. - The average import price of these returning liquors is $174 per liter, significantly higher than the $12 per liter for British spirits [7]. - The reflow of liquor is attributed to various factors, including the lack of effective overseas market penetration by Chinese companies and the potential for profit despite the multiple layers of taxes incurred during the import process [11][14]. Group 3: Challenges in Internationalization - The primary challenges faced by liquor companies in international markets include cultural differences (82.9%), brand influence (68.6%), and tariffs and trade barriers (60.0%) [17]. - Although some companies have achieved success through localized operations, significant time and effort are still required for market penetration and brand recognition [18]. - The unique characteristics of Chinese liquor, including its consumption habits and cultural significance, pose additional challenges in appealing to foreign consumers [19][20].