“每天睁眼就是亏钱”，有白酒经销商一年亏3000万

Core Viewpoint - The white liquor industry is facing significant challenges, with many distributors reporting severe financial losses and market saturation, leading to a shift in the relationship between distributors and manufacturers [5][7][21]. Market Conditions - In Q3 2025, many liquor companies reported poor performance, with 18 out of 20 listed white liquor companies experiencing profit declines, some exceeding 90% [5]. - Over 50% of white liquor distributors reported worsening price inversions, and over 40% faced cash flow pressures [5]. - The market is saturated, with distributors struggling to sell inventory at prices higher than their purchase costs, leading to significant financial losses [5][10]. Distributor Challenges - Distributors are experiencing a "snowball effect" where the value of their inventory decreases with each new payment made to manufacturers, leading to increasing financial strain [21][22]. - Many distributors are reducing their operational scale, cutting staff, and moving to smaller offices to manage costs [12][18]. - The relationship between distributors and manufacturers is becoming strained, with some distributors losing their rights due to refusal to meet high purchase quotas [6][7]. Consumer Behavior - There is a perception that younger consumers are not drinking white liquor, although some distributors believe this is temporary and linked to age rather than a permanent trend [7][25]. - The drinking culture is changing, with fewer consumers viewing drinking as a social obligation, impacting sales [14][25]. Future Outlook - Despite current challenges, some distributors maintain optimism about the long-term viability of the industry, believing that as younger generations mature, they will appreciate the value of white liquor [25]. - The industry is expected to continue facing pressure from online sales and price competition, which may further complicate the market landscape [13][14].