"2025年赔钱了。"天津酒商张伟告诉记者，这两年的生意每况日下，去年特别明显，前两年酒水生意还 能持平，略有利润，但整体算算，2025年无论是白酒还是红酒业务都未能盈利。 做了十几年酒水，张伟曾是多个白酒和葡萄酒的代理商和团购商，葡萄酒的市场价格较为稳定，但动销 比较差。前几年其所在的总公司一年能做3000多万销售额，目前下降了近一半。白酒由于签约的品牌这 两年价格频频倒挂且动销不畅，情况更为糟糕一些。 对于白酒行业而言，2025年是众多酒商体感最差的一年，理性消费叠加反腐工作的持续深入，让白酒调 整进一步深入，过去习以为常的经验和操作都在改变，越来越多的白酒企业开始放下过去的价值和社交 货币的增长逻辑，重新审视和消费市场的关系。 但在业内看来，白酒的转型调整才刚刚开始。 更加艰难的生意 不过在业内看来，2026年白酒行业的深度调整仍未结束。1月7日晚，口子窖发布业绩预告，预计2025年 实现归属于上市公司股东的净利润为6.6亿元至8.3亿元，较上年同期预计减少50%至60%。主要是报告 期内白酒行业市场分化与渠道变革加剧，叠加需求下行及政策变化影响，核心利润来源高端产品销量大 幅下滑，导致营业收入减少。 ...

Core Insights - The white liquor industry in 2025 is characterized by both "pain and transformation," with high inventory levels and price inversions affecting the market, leading some companies to engage in "price reduction for volume" strategies [2] - The trend of rational consumption is deepening, with "face consumption" giving way to "self-enjoyment drinking" [2] Group 1: Industry Trends - The industry is transitioning from a phase of scale pursuit to a "medium-low growth era," where leading companies must find a balance between "progress" and "stability" [4] - Major companies like Moutai and Wuliangye are focusing on long-term strategies, emphasizing market stability and adapting product offerings to align with consumer demand [4][6] - The white liquor sector has moved away from expansion, prioritizing "healthiness first" in a competitive environment [9] Group 2: Company Strategies - Moutai aims to enhance market stability by reducing the volume of high-value products and dynamically balancing product supply based on market demand [4][9] - Wuliangye has defined 2026 as a year for "marketing innovation," focusing on balancing short-term and long-term strategies, supply and demand, and development and safety [4][11] - Other companies like Jinshiyuan and Gujing Gongjiu are also emphasizing market breakthroughs, brand enhancement, and structural upgrades in their strategic plans for 2026 [6][8] Group 3: Consumer Focus - Moutai is shifting towards a consumer-centric approach, promoting a multi-channel sales model and focusing on new consumption scenarios [14] - Wuliangye is targeting new consumer demographics, including younger and female consumers, to expand its market base [14][20] - Gujing Gongjiu is integrating health products into its strategy, aiming to create new consumer experiences and lifestyle offerings [15][21] Group 4: Product Innovation - The industry is witnessing a generational shift in consumer preferences, with younger consumers showing less interest in traditional liquor [17] - Wuliangye is launching lower-alcohol products and innovative experiences to attract younger consumers [17][20] - Gujing Gongjiu has introduced a "light degree" concept with new product lines aimed at younger audiences, enhancing its retail experience [21] Group 5: Collaborative Ecosystem - Companies are moving towards a collaborative ecosystem, viewing distributors as integral to brand development rather than mere sales channels [11][13] - The focus is on building a "shared destiny" between manufacturers and distributors, emphasizing risk-sharing and mutual benefits [11][13]

2026年1月1日9点，飞天茅台（普茅）上线i茅台，经过多次补货，也是半小时即售罄，这拉开了茅台市场化改革的序幕，也拉开了2026年中国白酒三端改 革（酒厂端、经销商端、消费者端）的深刻序幕。 知酒君注意到，在去年12月，中国白酒的前三甲茅台、五粮液、汾酒都召开了经销商大会，酒企领导也在会上宣布了很多重磅的改革措施。茅台集团（股 份）党委书记、董事长陈华定调"以消费者为中心、推进市场化转型"；五粮液集团（股份）公司党委书记、董事长曾从钦声称"改革力度前所未有"；汾酒 集团党委书记、董事长袁清茂提出"真情共鸣，彼此成就，与消费者共创未来"。 虽然四季度的财报数据尚未发布，但普遍认为不容乐观，会延续三季度的消费疲软态势。2026年的春节比2025年晚了将近20天，所以传统的元春促销旺季 对四季度业绩的拉升效果也会比较弱。 经销商大会既是复盘过去一年的成绩与得失，也是布局未来一年的战略与战术，其主题更是直接凸显企业对行情的审慎思考与对未来的预判。 2025年，茅台换帅，陈华首次亮相经销商大会，他也为茅台带来了巨大的变化。他提出"坚持以消费者为中心，全面推进茅台酒营销市场化转型"，结合会 后的系列动作：取消分销、普茅 ...

12月28日，以"坚持以消费者为中心，全面推进茅台酒营销市场化转型"为主题的贵州茅台酒2026年全国 经销商联谊会在贵阳举行。 这样的业绩表现不仅彰显了茅台强大的品牌韧性与市场竞争力，更成为其转型过渡期夯实基础的有力佐 证。而这份成绩的背后，绝非单一主体的孤军奋战，而是政企、厂商协同发力的成果。 正如茅台集团党委书记、董事长陈华所言，2025年是茅台"承前启后、承压奋进"的攻坚之年。在省委、 省政府的关心引领下，公司经营班子、市场一线员工、各渠道商群策群力、砥砺奋进，在逆势中沉着应 对，在挑战中开拓进取，在协作中凝心聚力，稳住了市场的"基本盘"，打好了营销的"攻坚战"，筑牢了 发展的"共同体"，为茅台高质量发展和现代化建设筑牢了坚实根基。 陈华还表示，2025年，面对消费需求减弱的挑战，茅台与渠道商主动出击、奋力攻坚，以构建"场景化 推荐、精细化运营、沉浸式体验"营销矩阵为抓手，扎实开展市场营销工作，进一步深化了消费者对茅 台的品牌认知。同时，在巩固传统优势客群的基础上，积极拓展新兴领域客群，累计发展超5000家团购 客户，有效扩大市场覆盖，推动品牌与行业头部资源、创新力量深度联动，充分展现了团队承压攻坚的 ...

12月28日—29日，2026年贵州茅台（600519）酒全国经销商联谊会、2026年贵州茅台酱香酒全国经销商 联谊会先后在贵阳召开。 "十五五"即将到来，白酒行业调整期仍在持续，作为构成贵州茅台上千亿元"盘子"的两大业务板块，茅 台酒、酱香酒来年如何推进经营变革，备受各界关注。一个佐证是，今年参会经销商总数创下历年新 高。 茅台推进转型的决心，从两场会议的主题便可见端倪——本届茅台酒经销商联谊会的主题为"坚持以消 费者为中心，全面推进茅台酒营销市场化转型"，本届酱香酒经销商联谊会的主题为"坚持以消费者为中 心，夯实渠道韧性，同心聚力赢未来"。 茅台集团党委书记、董事长，茅台酒股份公司党委书记、董事长陈华表示，希望全体渠道商朋友与茅台 一道，清醒认识当前之"时"的挑战，主动拥抱长远之"势"的机遇，转变观念，调整心态，积极拓展新客 群、发现新场景，不断提升触达消费端、服务客户的能力和水平。 在产品、渠道、服务等方面，茅台酒、酱香酒都提出了进一步市场化转型的思路和具体举措。 茅台酒方面，2026年市场营销工作将"以消费者为中心、推进市场化转型"作为首要任务，目的是通过一 系列市场化改革措施，让消费者能够公平、快捷 ...

新一代消费者崛起 营销三板斧正在失灵 2025年的科技圈，年轻化早已不是选择题，而是生存题。从谷子经济的爆发到Labubu的风靡，从"V我50"的疯狂文学到各种网络梗的跨界出圈……年轻人 用消费投票的底气越来越足。 但这片看似热闹的市场，却让无数科技品牌陷入迷茫。 年轻一代的世界，远比我们想象中复杂。最典型的是，他们沉浸在二次元、电竞、国风等无数小众圈层，既追求个性独立，又渴望情感共鸣；既看重产品 实力，又反感生硬说教。 从中国市场延展到全球年轻一代，这样的群体差异更为明显。当大多数老板时隔多年依旧看不懂"阅后即焚"为什么能火时，社媒至上、体验至上等消费趋 势已加速变为现实。 这些年，行业里比较奏效的方法是营销三板斧： 前几年，在抖音、B站、TikTok等社交媒体的带动下，曾有不少品牌借此斩获了一拨年轻用户。可现实是，这些模板化的操作越来越难奏效了。 参数内卷让用户审美疲劳，流量代言不被"感冒"，标签化营销显得虚伪刻意。科技品牌的年轻化焦虑，从隐性担忧变成了显性困境。 怎么办？这是全行业都在思考的问题。直到这两天，品叔看到华为高管的采访内容，才恍然间摸到了答案。 前不久，华为终端BG Marketing与销售 ...

Core Insights - The 8th China International Import Expo (CIIE) is being held from November 5 to 10 in Shanghai, showcasing a record scale of new products, technologies, and services, serving as a platform for global innovation collaboration and trade cooperation [1][2] - Bayer Health Consumer Products emphasizes an "open" innovation attitude, focusing on consumer-centric local collaborative innovations through its China Innovation Cooperation Center (CCIP) [1][2] Group 1: Event Overview - The CIIE has evolved from primarily introducing foreign products to a broader platform for value co-creation, including technology exchanges and cross-industry collaborations [2] - Bayer has established multiple significant agreements at the CIIE, launching several "CIIE babies," including two global firsts: Daxie® Lactulose Oral Solution and Beilexin® B5 Essence Diaper Cream [2] Group 2: AI Technology Application - Bayer is actively building an AI-driven innovation ecosystem in the health consumer sector, focusing on enhancing data foundations to improve business insights [4][5] - The company hosted a forum discussing how AI can meet consumer health needs and optimize the health consumer industry [5][6] Group 3: Consumer-Centric Innovation - With rising self-care demands, Bayer is restructuring its product and supply chain strategies to focus on consumer needs, establishing the CCIP to foster integrated innovation [8][9] - The Beilexin® B5 Essence Diaper Cream is a product developed through the CCIP, tailored to the specific needs of Chinese infants [9] Group 4: Manufacturing and Supply Chain - Bayer is investing 750 million yuan in a new supply center in Qidong, expected to be operational by 2028, to enhance production capacity for both domestic and export markets [11] - The company is shifting its channel strategy towards a "platform + pharmacy" model, collaborating with JD Health for comprehensive channel management [11][12] Group 5: Localization Strategy - Bayer's approach reflects a typical path for multinational companies adapting to the Chinese market, combining global experience with local insights through partnerships with local innovators and platforms [12]

Core Viewpoint - Yanghe is focusing on consumer needs and product quality during the industry's adjustment period, as emphasized by its chairman Gu Yu, who states that "consumer-centric" decision-making is the guiding principle for the company [1][2]. Group 1: Strategic Focus - Yanghe is committed to a strategy of "four focuses": focusing on leading brands, mid-range and sub-high-end price segments, provincial and external high-ground markets, and the core white liquor business, which helps the company build resilience amid market challenges [2]. - The company views quality as its lifeline, ensuring rigorous standards in raw material selection, traditional brewing processes, and meticulous aging and blending to enhance consumer drinking experiences [2]. Group 2: Product Performance - The seventh generation of Hai Zhi Lan, a classic product with over 100 million bottles sold annually, has been relaunched and is receiving positive consumer feedback for its smooth taste and complex aroma profile, making it a market favorite in the hundred-yuan price range [2][3]. - The Gao Xian Light Bottle Wine, priced between 50-80 yuan, has quickly become popular, selling out online and being highly sought after in physical stores, demonstrating Yanghe's ability to meet consumer demand effectively [3]. Group 3: Innovation and Consumer Engagement - Yanghe is committed to innovation in product, marketing, and digital fields, which strengthens its competitive edge by continuously adapting to consumer needs [4]. - The company is enhancing user engagement through its "Dream Gathering" high-end membership platform and interactive marketing strategies, such as "scan to redeem" promotions, to connect with consumers in various settings [4]. Group 4: Industry Positioning - As the white liquor industry faces significant adjustments, Yanghe's clear and determined approach is to maintain quality, embrace innovation, and demonstrate strategic resilience, which positions the company favorably for future growth [6].

Core Viewpoint - Guizhou Moutai demonstrates stable growth amidst a challenging environment for the liquor industry, with a revenue of 91.094 billion yuan and a net profit of 45.403 billion yuan in the first half of 2025, reflecting year-on-year growth of 9.16% and 8.89% respectively [1] Group 1: Product Strategy and Market Positioning - The company leverages a dual-channel system of "social + self-operated" to optimize its operations and expand sales channels, focusing on diverse product offerings to meet varying consumer needs [2] - Moutai's product strategy includes enhancing its core product lines while also expanding into new areas, such as the launch of limited edition products and innovative marketing approaches [3][4] - The introduction of a commemorative liquor for the 70th anniversary of the "Five-Star Brand" trademark has generated significant consumer interest, showcasing the brand's cultural value and enhancing its market presence [3] Group 2: Consumer-Centric Transformation - Moutai is committed to a consumer-centric approach, focusing on three transformations: customer group transformation, scene transformation, and service transformation, to adapt to changing market dynamics [5][6] - The company aims to engage new business demographics and diversify consumption scenarios, enhancing the overall consumer experience and satisfaction [6] Group 3: International Market Expansion - Guizhou Moutai has seen significant growth in international markets, with overseas revenue reaching 2.893 billion yuan, a year-on-year increase of 31.29% [9] - The company is actively expanding its international presence through market research and brand promotion in over 30 countries, tailoring its marketing strategies to local consumer preferences [9][10] - Moutai's international strategy includes establishing high-end retail partnerships and participating in global events to enhance brand visibility and appeal to luxury consumers [10][11]

Core Insights - The company reported a revenue of 3.532 billion yuan and a net profit of 737 million yuan for the first half of 2025, showing a recovery in net profit growth in Q2 [1] - The sales growth of dietary supplements in pharmacies declined by approximately 25% from January to May, prompting the company to focus on consumer-centric solutions and enhance product competitiveness [1] Group 1: Financial Performance - Revenue for the first half of 2025 reached 3.532 billion yuan, with a net profit of 737 million yuan [1] - The company experienced a narrowing decline in revenue year-on-year in Q2, with net profit growth returning to positive [1] Group 2: Market Challenges and Strategies - The company faced challenges such as decreased foot traffic in pharmacies, cash payment issues, and intensified online competition [1] - To address these challenges, the company leveraged its research capabilities and supply chain advantages, focusing on basic nutrient categories with high penetration and frequency of purchase [1] Group 3: Product Innovation and Market Position - New products in both offline and online channels have shown promising growth, contributing to an increase in market share [1] - Notable new products include the high-quality calcium DK and the OTC glucosamine, which have significantly driven category growth [2] - Online sales of the multi-layered vitamin product exceeded 10 million yuan within 45 days of launch, indicating strong market acceptance [2]