Core Viewpoint - The Chinese liquor industry is undergoing a significant value reshaping in 2025, with high-end liquor prices facing downward pressure and a structural reform in supply-side management [1][2]. Industry Overview - The liquor industry is experiencing a deep adjustment driven by fundamental changes in demand, leading to challenges such as inventory buildup, price inversions, and slowing growth indicators [2][8]. - The A-share liquor index has dropped nearly 14% this year, contrasting with the overall market's upward trend, indicating a significant decline in the once "star" sector [2]. Financial Performance - In the first three quarters of 2025, only Kweichow Moutai and Shanxi Fenjiu reported growth in net profit attributable to shareholders, highlighting the financial struggles of many liquor companies [2]. - Major liquor companies, including Kweichow Moutai and Wuliangye, announced over 40 billion yuan in dividends for the mid-2025 period, maintaining a tradition of shareholder returns despite industry challenges [2][3]. Profitability and Market Share - The six major liquor companies (Moutai, Wuliangye, Fenjiu, Yanghe, Luzhou Laojiao, and Gujing Gongjiu) collectively accounted for over 90% of the industry's total revenue and profit, showcasing their strong pricing power and risk resilience [3][4]. - The average net profit margin for these companies exceeds 20%, making them rare quality assets in the A-share market [3]. Market Dynamics - Wuliangye's recent price cuts are seen as a potential catalyst for broader market changes, aimed at reducing inventory and supporting distributors [7][9]. - The industry is in a "proactive destocking" phase, with companies like Moutai controlling shipments to alleviate distributor inventory pressure [8][9]. Future Outlook - Analysts predict that the current industry adjustment may last until spring 2026, with a focus on maintaining channel health and promoting genuine consumption [8][10]. - The industry is expected to undergo a transformation, with a shift towards quality innovation and targeting younger demographics, as well as integrating online and offline marketing strategies [10][11].

Group 1 - The core point of the article is that Wuliangye's recent channel policy adjustment, which effectively reduces the price of its flagship product, reflects the company's proactive response to operational pressures and the collective challenges faced by the liquor industry during a deep adjustment period [1][6] - Wuliangye's price adjustment is not a direct reduction of the factory price but rather an "official subsidy" to alleviate channel burdens, maintaining the factory price at 1019 yuan per bottle while allowing distributors to invoice at 900 yuan per bottle through discounts [2][7] - The adjustment is driven by significant pressures on channels and declining performance, with the market circulation price for Wuliangye's product on platforms like Tmall and JD.com being around 850 yuan per bottle, which is substantially lower than the factory price [2][8] Group 2 - Wuliangye's performance data indicates severe operational pressure, with a revenue of 60.945 billion yuan for the first three quarters of 2025, a year-on-year decline of 10.26%, and a net profit of 21.511 billion yuan, down 13.72%, marking the first revenue decline since 2015 [3][8] - The adjustment is historically significant, as it marks the first effective price reduction since 2014, when the factory price was lowered from 729 yuan to 609 yuan per bottle, highlighting a rapid market reversal within just over a year [3][8] - The high-end liquor market is experiencing collective pressure, with leading companies facing challenges to their traditional pricing strategies, leading to a shift from "volume decline with profit increase" to "decline in both volume and price" since 2025 [4][9] Group 3 - The price inversion phenomenon is widespread, particularly severe in the 800 to 1500 yuan price range, with different price segments showing distinct development trends [4][9] - The high-end market is trapped in a "volume-price decline" cycle due to reliance on business banquets and gift consumption, while the mid-range market faces intense competition with low consumer loyalty, leading to a common practice of "price for volume" [4][9] - The low-price market has seen growth in sales below 100 yuan, but the limited profit margins make it a strategic move for maintaining market share rather than supporting profit growth for leading companies [4][9]

2025年的白酒行业，仍处于深度调整期，并全面进入"存量竞争"时代，酒企普遍面临渠道库存高企、产品价格倒挂、指标增速放缓等现实问题。 而在资本市场，曾经的"明星"板块更是疲态尽显——年内A股白酒指数累计跌幅已逾15%，在火热的市场行情中逆势领跌，成为拖累大盘的关键因素。 立足当下，白酒行业现在的情况究竟如何？长期前景是否值得期待？ 业绩普遍降速，行业龙头也暴雷 从业绩层面来看，2025年前三季度，白酒股普遍遭遇业绩降速，其中归母净利润录得增长的仅有贵州茅台（600519.SH）、山西汾酒（600809.SH）两家， 其余酒企的归母净利润均出现下滑，其中还有顺鑫农业（000860.SZ）、酒鬼酒（000799.SZ）这样遭遇"断崖式"下滑的酒企。 | 证券代码 | 证券简称 | 前三季度营业总收 | 前三季度营业总收入 | | 前三季度归母净利 前三季度归母净利润 | | --- | --- | --- | --- | --- | --- | | | | 入（亿元人民币） | 同比增长率(%) | 润（亿元人民币） | 比增长率(%) | | 600519.SH | 贵州茅台 | 1,309.04 | 6.32 ...

时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 以下文章来源于时代财经APP ，作者林心林 12 月 2 日，一封落款 " 贵州无忧酒业（集团）有限公司创始人、董事长袁明权 " 的感谢信在白酒圈内流传。起因是近日一则贵州无忧酒业被列 为被执行人的消息。 当日下午，袁明权向时代财经确认该公开信的真实性。 " 过去的十天，对无忧、对我个人，都是前所未有的考验。公司面临的舆论与经营压力， 想必各位伙伴都已感知。 " 袁明权在感谢信中无奈感慨。 作为无忧酒业的创始人，袁明权还有另一层引人关注的身份 —— 贵州茅台前副总经理。袁明权曾欲将无忧酒业打造成 " 茅台镇第二传奇 " ，如 今这一狂想会按下暂停键吗？ 导语："茅台镇第二传奇"会按下暂停键吗？ 陷 6000 万执行风波，创始人坦言扩张太激进 一周前，这家茅台镇中小酒厂陷入被执行风波。 | | | | 被执行信息 | | --- | 中国执行信息公开网披露，贵州无忧酒业（集团）有限公司于 11 月 21 日新增六则被执行人信息，执行法院为仁怀市人民法院，总执行标的约为 6255.51 万元，但具体原因并未披露。 11 ...

【#汾酒董事长称白酒行业过得不容易#，传统经验几乎失效】在12月2日举行的2025汾酒全球经销商大 会上，山西汾酒集团党委书记、董事长袁清茂表示，当下白酒行业过得不容易是"有目共睹"，这一现状 与白酒发展模式的快速转变有关。过去白酒行业高歌猛进，更多由政务和商务消费场景带动，该类消费 具有频次高、价格高等特点，也使行业形成了某种惯性思维。然而，这一传统经验在2025年几乎失效。 此外，白酒企业长期对微醺、休闲、家饮、自饮、友饮等消费场景关注不足，甚至视而不见，也是原因 之一。 袁清茂认为，随着白酒行业深度调整持续，过去白酒主要发挥社交货币的功能，而悦己消费崛起后，其 社交属性也受到一定影响。但基于中国人情社会的特点，未来白酒市场将是传统与年轻化、悦人与悦 己、线上与线下长期并存的局面。（一财） 今年三季度，白酒行业遭遇了近十年来最差的三季报表现，山西汾酒是少数保持增长的酒企之一。2025 年前三季度，山西汾酒实现营业收入329.2亿元，同比增长5%；归属于上市公司股东的净利润114.1亿 元，同比增长0.5%。因此，汾酒此次经销商大会也备受行业关注。 ...

Core Insights - The Chinese liquor industry is undergoing a significant adjustment, shifting from a growth model primarily driven by government and business consumption to a new paradigm that emphasizes both "pleasing others" and "self-pleasing" [1][2] - Shanxi Fenjiu is one of the few companies maintaining growth amidst a challenging market, reporting a revenue of 32.92 billion yuan, a 5% increase year-on-year, and a net profit of 11.41 billion yuan, up 0.5% [1] - The traditional consumption patterns are becoming less effective, necessitating a reevaluation of market strategies by liquor companies [1][5] Industry Trends - The rise of self-pleasing consumption is impacting the social attributes of liquor, leading to a market that will feature a coexistence of traditional and modern consumption styles, as well as online and offline channels [2] - Fenjiu's 2026 strategy includes a focus on national expansion and targeting core markets while also emphasizing youth and internationalization as key growth avenues [2][4] Product Development - Fenjiu plans to launch a new low-alcohol product line called "Fen Enjoy Youth 28 Degrees," with over ten products in development [4] - The brand "Bamboo Leaf Green" is adopting a "Fenjiu+" approach to introduce fruit, floral, and herbal flavors to attract younger and older consumers [4] Consumer Engagement - Consumers are reshaping liquor consumption through their choices and actions, prompting companies to rethink their market and consumer engagement strategies [5] - A significant portion of consumers (70%) are indifferent or even resistant to traditional marketing, preferring user-generated content and social media trends [5] - The industry is moving towards a more market-oriented marketing transformation, focusing on consumer-centric approaches and digital integration [5]

Core Insights - The Chinese liquor industry is undergoing a significant adjustment, shifting from a traditional growth model based on government and business consumption to a new paradigm that emphasizes both "pleasing others" and "self-pleasing" [1][2] - Shanxi Fenjiu is one of the few companies maintaining growth, reporting a revenue of 32.92 billion yuan with a year-on-year increase of 5% and a net profit of 11.41 billion yuan, up 0.5% for the first three quarters of 2025 [1] - The traditional consumption patterns are becoming less effective, necessitating a reevaluation of market strategies by liquor companies [1][2] Industry Trends - The rise of self-pleasing consumption is impacting the social attributes of liquor, leading to a market that will feature a coexistence of traditional and modern consumption styles, as well as online and offline channels [2] - The 2026 strategy for Fenjiu includes a focus on national expansion and targeting 12 core markets, 5 opportunity markets, and 10 potential markets for low-alcohol products [2][4] - Fenjiu plans to introduce a new low-alcohol product line, "Fen Enjoy Youth 28 Degrees," and expand its bamboo leaf green wine brand to attract younger and older consumers [4] Consumer Behavior - Consumers are reshaping liquor consumption through their choices and actions, prompting companies to rethink their market approach [4] - A significant portion of consumers (70%) are indifferent or even negative towards traditional promotional content, preferring user-generated content and social media trends [4] - The complexity of liquor consumption is increasing, with social drinking, self-drinking, and investment collection coexisting, leading to higher demands on liquor companies [4]

本文字数：1257，阅读时长大约3分钟 作者 |第一财经 栾立 封图|任玉明摄 2025.11.28 无忧酒业被列为被执行人，也引发了业内热议，各种传言不绝于耳。11月27日，无忧酒业工作人员向第 一财经回应表示，公司并未暴雷出现经营危机，生产经营正常，并希望记者到酒厂现场考证。但对于为 何被列为被执行人等问题，工作人员则并未作出回应。 而无忧酒业最新在社交媒体上发布的公开信称，被列为执行人是由于"行业下行期中，面对阶段性资金 压力时出现的状况和公司战略选择以及优化人员结构必须的机会成本。"公开信中也表示，公司2026年 度正常投产，生产经营活动正常。 另有无忧酒业员工向记者证实，酒厂并未停产，但确实存在裁员等情况。 随着白酒行业的持续深度调整，中小酒企的日子越发艰难。近期，有多家酒企被指出现经营困难等问 题。11月以来，四川仙潭酒业集团有限责任公司遭到经销商上门，称市场费用未兑现，且迟迟不发货。 仙潭酒厂之后发布了承诺书，称仅为局部运营环节疏漏，并非经营危机。11月24日，阿里法拍网显示， 区域酒企山东扳倒井股份有限公司旗下560吨68度芝麻香型原酒被公开拍卖。企查查数据显示，山东扳 倒井股份有限公司涉及数 ...

2025.11. 28 企查查数据显示，贵州省遵义市仁怀市人民法院于11月21日立案，向贵州无忧酒业（集团）有限公司和大股东贵州嘉健实 业有限公司发出6份执行文书，涉及金额合计6255.51万元。 无忧酒业是茅台镇大型酱酒企业之一。公开资料显示，无忧酒业有三个产区，占地面积400余亩，年产优质大曲酱香型白 酒7000余吨；现有员工1400余人，曾被评为中国酱香白酒核心产区（仁怀）十大名酒、遵义市十大名酒等若干荣誉。 本文字数：1257，阅读时长大约3分钟 作者 | 第一财经 栾立 封图 | 任玉明摄 近日，贵州无忧酒业被列为被执行人的消息引发了业内关注。 无忧酒业工作人员11月27日向第一财经回应时否认出现经营危机"暴雷"，并称目前生产经营正常。有员工则表示确实存 在裁员等情况。 近期包括四川仙潭酒厂、山东扳倒井等中小酒企都出现了不同程度的经营问题。在业内看来，酒业集中度调整还远未结 束，中小酒企长期发展需要重新寻路。 从2024年开始，国内白酒行业进入深度调整期，行业一方面整体规模萎缩，一方面向头部酒企和品牌集中，中小酒企的日 子越发艰难。从三季报来看，头部酒企的业绩表现明显优于区域上市公司。 知趣营销总经 ...

Core Viewpoint - The recent news regarding Guizhou Wuyou Liquor Industry being listed as an executed party has raised concerns within the industry, although the company claims its operations are normal despite some layoffs [1][2]. Company Summary - Guizhou Wuyou Liquor Industry has been issued six execution documents by the Renhuai City People's Court, totaling 62.55 million yuan [1]. - The company is a large sauce-flavored liquor producer in Maotai Town, with an annual production capacity of over 7,000 tons and approximately 1,400 employees [1]. - In a public letter, the company attributed its status as an executed party to "phase-specific financial pressures" and necessary strategic choices, asserting that normal production activities will resume by 2026 [2]. Industry Summary - The liquor industry is experiencing significant challenges, with many small and medium-sized enterprises facing operational difficulties [3]. - Recent reports indicate that companies like Sichuan Xiantan Liquor and Shandong Bandaojiu are also encountering issues, including unpaid market expenses and public auctions of their products [3]. - Industry experts predict that the next three years will see deeper adjustments in the liquor sector, with a shift towards larger enterprises and brands, as the overall market shrinks [3]. - The current market conditions are characterized by insufficient consumer demand, demographic changes, high channel inventories, and price inversions, which are impacting the market [3]. - Marketing experts suggest that small and medium-sized liquor companies need to abandon blind expansion and focus on core markets, differentiated products, and healthy channels to enhance their resilience [4].