上海北外滩贵州茅台快闪店 ◎记者 郭成林 高志刚 你见过白酒的"盲盒"吗？ 上海证券报记者注意到，近日，舍得酒业的电商平台旗舰店和社交媒体主页上频现俏皮亮色：公司推出 名为"马上有舍得"的系列小酒盲盒，作为旗下首款明确将年轻人作为主要目标消费群体的酒款。 舍得酒业并非中国白酒试水"年轻化"的孤例。 近年来，一批白酒企业在产品研发、市场营销、品牌传播等方面进行了各种创新探索。随着新生代逐渐 成为消费主力，行业亦正经历一场全方位的深刻重塑。 "低度化是迎合新生代对微醺感觉的重要方向和手段。"中国食品产业分析师朱丹蓬在接受上海证券报记 者采访时分析，老一代酒桌文化的核心更多是"悦人"，而新生代已转向"悦己"，这背后的消费逻辑已发 生根本变化。 中国酒业协会数据显示，2025年低度酒市场规模将突破740亿元，年复合增长率达25%，这一增速远超 白酒行业整体水平。 酒企掀起"降度潮" 中国酒业协会报告显示，白酒主力消费群体正在进行代际更迭：1985年至1994年出生人群已成为新主 力，占比达34%；1995年后出生的成年群体占比达18%，年轻消费力量持续崛起。 基于对消费趋势的敏锐洞察，今年以来，多家白酒企业加速布局低 ...

但现实很骨感，低度酒从来没有真正带领行业走出过低谷，拯救行业的往往是高端化。 如果低度酒真能救行业，那茅台最大的对手或许是江小白。 低度酒救不了行业，要从白酒这门生意的本质说起。 白酒是披着C端外衣的B端/G端生意。 俗话说"烟铺路、酒搭桥"，高端白酒绝大部分消费来自商务场景：茅台商务接待占比 50%，礼品占比 30%，宴会占10%，剩余才是自饮等需求。 历史是个轮回，尤其对白酒而言。 从1989年亚洲金融危机到2012年八项规定再到如今的需求下行+最严禁酒令，每逢白酒遇到危机，行业 总会出现低度化风潮。 逻辑看似很完美：低度酒可以在不伤害品牌的情况下降价，吸引更多消费者。 而商务场景又由经济周期和产业结构决定，白酒的供给端创新显然无法撬动商务场景。 低度酒救市逻辑不通，又有历史的前车之鉴。由此，部分投资人质疑酒企集体押注低度酒，并非战略主 动调整，而是来自股东压力——面对持续"不乐观"的业绩和低迷股价，管理层"必须做点什么"。 调整是否来自股东压力暂且不论。 但行业想要走出下行趋势更务实的做法是，卸下业绩包袱，放弃压货换增长的打法，牺牲短期业绩去创 造更健康的行业环境。 / 01 /白酒降度是悖论 曾被视为 ...

Core Viewpoint - The white liquor market is experiencing a shift from being a social tool to becoming a "lifestyle companion," with mid-to-high-end liquor consumption increasingly focused on self-enjoyment rather than social occasions [3][4]. Group 1: Market Dynamics - The consumption structure of white liquor is changing, with traditional dining and self-drinking scenarios gaining share, aligning with the "self-enjoyment" trend [4]. - High-end liquor prices have recently decreased due to a decline in social demand and increased supply, allowing brands to cater to a broader customer base [5]. - The core social function of high-end liquor remains intact, but the proportion of self-enjoyment is expected to gradually increase from 10-20% [5][6]. Group 2: Brand and Consumer Behavior - White liquor's competitive edge lies in brand recognition and consumer loyalty rather than product iteration, as emotional value in social settings is paramount [6][7]. - High-end liquor brands maintain a significant portion of their sales from business banquets (60-70%), with gifting and collection also contributing [8][9]. - Regional brand strength influences consumption patterns, with local brands often having higher gifting ratios in their core markets [9][10]. Group 3: Pricing and Economic Factors - The pricing of white liquor is cyclical, influenced by economic conditions and supply strategies, with premium brands likely to maintain scarcity to enhance brand value [11][12]. - The trend of lower alcohol content in liquor is unlikely to transform it into a mass-market beverage like cola, as the consumer experience and value proposition differ significantly [11][12]. Group 4: Sales Channels and Trends - Instant retail services are impacting the distribution of mid-to-low-end liquor, while high-end liquor remains less affected due to authenticity concerns [15][16]. - The importance of the Mid-Autumn Festival and National Day as peak seasons for liquor sales is declining, with a shift towards experiences over gatherings [18][19].

泸州老窖 20250923 摘要 受中秋国庆连假旅游倾向及禁酒令影响，预计 2025 年双节白酒动销或 不及去年，下半年白酒行业整体仍面临挑战，消费需求复苏缓慢。 泸州老窖经销商备货谨慎，公司坚持控价策略，维持品牌影响力和渠道 利润空间，库存保持良性可控，避免短期降价促销。 泸州老窖将以国窖 1,573 为重心，资源倾斜至中档和大众产品，推进 "终端大基建"战略，扩大乡镇县域市场覆盖，提升有效终端至 110 万 家。 低度白酒占比提升，国窖 1,573 高低度比例接近五五开，公司顺应低度 化趋势，推广低度产品，满足消费者多元需求，不设定特定营收目标。 面对五粮液批价下跌，泸州老窖短期内坚持稳价策略，旨在提升品牌影 响力，缩小与五粮液的价格差距，伺机实现价格反超。 公司已启动 2025 年营收规划，但受行业深度调整影响，需深入研究市 场并与相关部门沟通，暂未确定 155 亿营收目标。 中档产品如老字号特曲和特曲 60 版表现稳定，上半年实现个位数增长， 宴席市场表现良好，下半年将加强推广和导入，尤其在主销区和宴席市 场。 Q&A 今年（2025 年）双节临近，白酒行业的市场动态如何？泸州老窖对未来的展 望是什么 ...

Summary of the Conference Call for Luzhou Laojiao Industry Overview - The high-end liquor market is under pressure due to the impact of the alcohol ban, with slow recovery in business banquet scenarios affecting high-end products like Guojiao 1573 significantly. However, mid-to-low-end products such as Luzhou Laojiao Tequ and Erqu are performing relatively stable in rural markets [2][4][5]. Key Points and Arguments - **Market Performance**: Since June, the liquor industry has faced challenges due to macroeconomic conditions and weak consumer demand, particularly in high-end business banquet consumption, leading to a sales decline of approximately 30-40% in June and July. A slight improvement was noted from late July to early August, continuing into September [4][5]. - **Product Strategy**: Luzhou Laojiao is optimistic about the low-alcohol liquor market, adjusting its product structure based on market demand without strictly differentiating between high and low alcohol content. The low-alcohol Guojiao is performing well in regions like North China and Jiangsu-Zhejiang [2][7][12]. - **Youth Market Engagement**: The company is actively targeting younger consumers by opening "liquor cafes," developing low-alcohol and craft beer products, and sponsoring sports events to create a youthful brand image [9][19]. - **Pricing Strategy**: Luzhou Laojiao is committed to maintaining stable pricing for Guojiao 1573 to avoid price wars and protect brand image, preparing for future price increases [17][18]. - **Channel Expansion**: The company is increasing investments in emerging channels such as instant retail, online sales, and membership supermarkets, collaborating with partners like Pang Donglai for flexible customization [19][20]. Additional Important Insights - **Sales Distribution**: The revenue share between high and low alcohol products for Guojiao 1573 is nearly equal, with a long-term trend towards lower alcohol content expected, although the exact changes in proportion remain to be seen [11]. - **Market Potential**: Luzhou Laojiao sees significant growth potential in low-alcohol products, particularly in regions where market share is currently underperforming, such as East China and Jiangsu-Zhejiang [13][16]. - **Competition Management**: The company is adopting a flexible channel strategy, including direct sales and enhanced management of distributors to ensure market stability amid competition [3][23]. - **Impact of Alcohol Ban**: The company acknowledges that while the most severe effects of the alcohol ban have passed, the overall consumption demand has not yet improved significantly, posing ongoing challenges for the industry [24]. - **Sales Forecast**: The company is cautious about predicting sales performance for the upcoming Mid-Autumn Festival and National Day, noting that consumer behavior may be affected by travel plans [5][25]. This summary encapsulates the key insights and strategic directions of Luzhou Laojiao as discussed in the conference call, highlighting the challenges and opportunities within the current market landscape.

Core Viewpoint - The Chinese liquor industry is shifting from a "business necessity" to a "lifestyle enjoyment" approach, with many companies launching lower-alcohol products to attract younger consumers and enhance market vitality [2][3][4]. Group 1: Industry Trends - Several major liquor companies, including Wuliangye, Luzhou Laojiao, and Shui Jing Fang, are actively introducing lower-alcohol products, indicating a trend towards product diversification and market adaptation [2][3]. - The market for low-alcohol liquor is projected to grow significantly, from approximately 20 billion yuan in 2020 to about 57 billion yuan in 2024, with an expected compound annual growth rate of 30% [4]. Group 2: Consumer Demographics - The primary consumer demographic for liquor is shifting, with older generations gradually exiting the market, while younger consumers, particularly those born after 1985, are becoming the main growth drivers [3][4]. - The younger generation prefers personalized, lower-alcohol, and social drinking experiences, which necessitates a strategic shift for liquor companies to engage this demographic effectively [3][5]. Group 3: Marketing and Sales Strategies - Companies need to adopt innovative marketing strategies, utilizing new media and experiential marketing to resonate with younger consumers and stimulate brand engagement [5][6]. - The current market faces challenges, including a lack of consumption scenarios for low-alcohol products and limited channel profitability, which may hinder sales unless companies implement supportive policies [5][6]. Group 4: Future Directions - Lowering alcohol content is seen as a starting point for companies to connect with younger consumers, but deeper engagement with consumer preferences and behaviors is essential for long-term success [6]. - The industry is entering a new era characterized by rational consumption attitudes, where understanding and responding to the needs of younger consumers will be crucial for driving growth [6].

白酒正在放下"商务刚需"的架子，朝着"生活悦己"的方向发展。9月16日，北京商报记者统计，目前包 括五粮液、泸州老窖、水井坊及舍得酒业等多家白酒上市公司推出低度化产品，主动为白酒产品 降"度"。在这股低度风潮下，不仅有酒企为拓展年轻消费群体深耕存量市场的思考，同时也有通过低度 产品实现与核心主品牌的价值区隔与互补。事实上，酒企想要获得年轻消费者的青睐，不仅是推出产品 那么简单，未来若想要真正成为"年轻人的第一口白酒"，仍需要酒企切实贴近消费者需求。 白酒从业者表示，无论年轻消费群体的潜力，还是市场增速的可观性，其背后不仅蕴藏巨大的增量市 场，同时也为酒企深耕存量市场提供了机会。但目前低度酒市场仍面临诸多挑战，如何真正贴近年轻消 费群体并非是一款产品就能解决的，而是需要企业从战略、产品、渠道以及营销策略全方位布局。 尽管当下低度酒产品相继发布，但若想要真正切入年轻消费市场却并非仅有产品这么简单。纵观当下消 费市场，低度酒仍面临着消费场景缺失的问题，且市场认知与饮用习惯并未建立。目前，白酒消费场景 主要以商务宴请与礼赠等为主，其主要产品以高度、高端白酒产品为主。而在居家自饮、朋友聚会等场 景中，精酿啤酒、预调酒等 ...

Core Viewpoint - The Chinese liquor industry is experiencing a trend towards "low-alcohol" products, with major companies launching new products with alcohol content between 26 to 29 degrees as a strategy to attract younger consumers [1] Industry Summary - Notable companies such as Wuliangye, Luzhou Laojiao, Gujing Gongjiu, and Shede Liquor have introduced ultra-low alcohol products like "Wuliangye·Yijianqingxin," "28-degree Guojiao 1573," "Nianfen Yuanjiang·Gu20," and "Shede·Zizai" [1] - The move is seen as a proactive attempt by the industry to adapt to changing consumer preferences and seek a breakthrough in appealing to younger demographics [1] Expert Opinion - Song Shuyu, Chairman of the China Alcoholic Drinks Association, stated that the low-alcohol trend cannot yet be classified as a definitive trend [1] - He identified that the liquor industry has entered an era of "three rationalities": rational attitudes towards drinking, rational consumption, and rational drinking behavior [1] - Song emphasized the need for the industry to develop new strategies in response to these profound changes and highlighted the lack of systematic research on the drinking habits and behaviors of younger consumers [1] - He urged liquor companies to engage more deeply with the younger demographic to understand their genuine needs [1]

Group 1 - The Chinese liquor industry is undergoing a deep adjustment, prompting companies to reflect on how to appeal to the new generation of consumers [1] - Major liquor companies, including Wuliangye and Luzhou Laojiao, are launching low or ultra-low alcohol products in response to changing consumer preferences [1] - The president of the China Alcoholic Drinks Association, Song Shuyu, stated that the current low-alcohol trend cannot yet be considered a true trend, emphasizing the need for deeper understanding of young consumers' preferences [1] Group 2 - Luzhou Laojiao announced the successful development of a 28-degree liquor product, while Gujing Gongjiu launched a 26-degree product, and Wuliangye and Shede Liquor introduced 29-degree products [1] - The industry is entering an era characterized by rational attitudes, consumption, and behavior regarding drinking, necessitating new strategies for engagement with younger consumers [1] - The upcoming 23rd China International Wine Expo will shift focus from product display to consumer interaction and exploration of new consumption scenarios, including the introduction of trendy drinking culture [2]

Group 1: Market Trends and Product Strategy - The company views low-alcohol products as a future trend in the industry, responding to the younger consumer group's preference for personalized and lower-alcohol beverages. The 38-degree Guojiao 1573 has become a billion-level product due to its quality and taste [2][3] - The new version of Luzhou Laojiao Erqu is positioned as a key part of the company's large bottle product matrix, targeting a broad consumer base with a focus on quality and comfort [2][3] - The company is exploring new consumption scenarios, including ice drinks and mixed beverages, to adapt to changing consumer demands [2][3] Group 2: Brand Development and Marketing - The company leverages cultural advantages and has created a series of cultural IPs, such as the International Poetry and Wine Culture Conference, to enhance brand image [3][4] - Partnerships with major sports events, including the FIFA World Cup and the Australian Open, have been established to further integrate the brand into cultural activities [3][4] - The company is committed to a national expansion strategy, focusing on deep market cultivation and the implementation of the "Hundred Cities Plan" [6][4] Group 3: Financial Health and Performance - The company has approximately 8 billion in interest-bearing debt and aims to optimize its capital structure while maintaining a healthy financial position [4][5] - The current adjustment in the Chinese liquor industry is characterized by a "reduction in volume and increase in quality," prompting the company to focus on high-quality development and sustainable growth [4][5] - The company has established a dividend return plan for 2024-2026, ensuring shareholder returns are aligned with company performance [4][5] Group 4: Industry Challenges and Responses - The company acknowledges the ongoing deep adjustment in the liquor industry, emphasizing the need for innovation and adaptation to changing consumer preferences [4][5] - In response to recent price reductions in high-end liquor, the company has implemented a multi-price strategy to maintain balance between volume and price [6][4] - The company believes that the younger generation's appreciation for traditional culture is increasing, which bodes well for the future of Chinese liquor [6][4]