“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 a saturated market leading to price inversion and cash flow issues [4][6][9]. Group 1: Market Conditions - In Q3 2025, 18 out of 20 listed liquor companies reported declining performance, with some experiencing net profit drops exceeding 90% [6]. - Over 50% of white liquor distributors reported worsening price inversions, and more than 40% faced cash flow pressures [6]. - The market is described as overly saturated, with distributors unable to maintain profitability due to falling prices and increasing costs [7][10]. Group 2: Distributor Challenges - Distributors are experiencing a "reverse snowball" effect, where the value of inventory decreases with each new payment made to manufacturers [21][22]. - Many distributors are reducing their operational scale, cutting staff and costs in response to declining sales and profitability [13][19]. - The relationship between distributors and manufacturers is becoming strained, with some distributors losing their rights due to unwillingness to meet high purchase quotas [8][12]. Group 3: Consumer Behavior - There is a perception that younger consumers are not engaging with white liquor, although some distributors believe this is temporary and linked to age rather than a permanent shift in consumption habits [9][23]. - The cultural significance of liquor in social settings is being questioned, with a shift towards valuing health and moderation over traditional drinking practices [15][23]. Group 4: Future Outlook - Despite current challenges, some distributors maintain a belief in the long-term viability of the industry, citing the enduring nature of Chinese drinking culture [23]. - The industry is expected to undergo significant changes, with technology and new consumer preferences reshaping market dynamics [9].