LZLJ(SZ:000568) 第一财经·2025-08-02 00:18Core Viewpoint - The white liquor market is undergoing a transformation towards lower alcohol content and health-conscious consumption, with low-alcohol white liquor gaining market share since 2019, showing a compound annual growth rate significantly higher than traditional high-alcohol liquor [1][3]. Industry Trends - The trend towards lower alcohol content is seen as irreversible, indicating a potential market adjustment, benefiting leading companies like Luzhou Laojiao that have focused on the low-alcohol segment [3]. - The rise of younger consumers is reshaping the consumption structure of the white liquor industry, with a significant portion of the market now driven by the preferences of younger demographics who prioritize taste and health [7][11]. Company Performance - Luzhou Laojiao has emerged as a key player in the low-alcohol market, with its 38-degree Guojiao 1573 achieving over 10 billion in sales, increasing its sales proportion from 15% to 50% [5][11]. - The company has a long history of innovation in the low-alcohol sector, having recognized the shift towards health and comfort in consumer preferences well before the current trend [8][9]. Product Development - Luzhou Laojiao's success in the low-alcohol segment is attributed to its advanced technology and research, which have allowed it to maintain flavor integrity while reducing alcohol content [9][13]. - The company plans to introduce new products with even lower alcohol content, responding to the preferences of younger consumers [11][12]. Market Dynamics - The low-alcohol trend is expected to change the consumption landscape of white liquor, with a renewed focus on the strong flavor profile of the浓香型 (strong aroma) category, particularly in the context of Luzhou Laojiao's offerings [12][14]. - The successful positioning of low-alcohol Guojiao 1573 reflects a deep understanding of the health-conscious consumer trend, aligning with modern drinking preferences for lighter, more enjoyable experiences [13][14].