新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 12月28日，2026年茅台经销商大会将召开。新浪财经《酒业内参》从现场获悉，本次大会主题为"坚持 以消费者为中心，全面推进茅台酒营销市场化转型"。 责任编辑：韦子蓉 区别于2025年的"聚共识以共赢，怀厚德以远行"，2026年的主题将"消费者"和"营销市场化"作为关键 词，更加聚焦C端与市场动态。 12月28日，2026年茅台经销商大会将召开。新浪财经《酒业内参》从现场获悉，本次大会主题为"坚持 以消费者为中心，全面推进茅台酒营销市场化转型"。 区别于2025年的"聚共识以共赢，怀厚德以远行"，2026年的主题将"消费者"和"营销市场化"作为关键 词，更加聚焦C端与市场动态。 责任编辑：韦子蓉 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant transformation, shifting from traditional consumption patterns dominated by government and business to a new model that emphasizes personal enjoyment and self-consumption [3][4]. Industry Overview - The liquor industry faced its worst quarterly performance in nearly a decade in Q3 2025, with Shanxi Fenjiu being one of the few companies to maintain growth [3]. - In the first three quarters of 2025, Shanxi Fenjiu reported revenue of 32.92 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 11.41 billion yuan, up 0.5% [3]. Strategic Adjustments - Shanxi Fenjiu is adapting its strategy in response to the changing market dynamics, focusing on both traditional and emerging markets while emphasizing youth and internationalization as key growth drivers [5]. - The company plans to launch a new low-alcohol product line, "Fenxiang Youth 28 Degrees," and expand its offerings in fruit, floral, and herbal flavors to attract younger and older consumers [5]. Consumer Behavior Insights - Consumer preferences are evolving, with a notable shift towards self-consumption and diverse drinking scenarios, which presents new challenges for liquor companies [6]. - A survey indicated that 70% of consumers are indifferent or even resistant to traditional marketing messages, preferring user-generated content and social media trends [5]. Market Trends - The liquor market is expected to see a coexistence of social drinking, self-enjoyment, and investment collection, with a focus on experiential and diversified consumption [6].

Core Viewpoint - The new chairman of Kweichow Moutai, Chen Hua, emphasizes the company's commitment to high-quality development and sustainable value creation, addressing market and investor concerns during the recent shareholder meeting [2][3]. Group 1: Company Strategy - Kweichow Moutai adheres to the principle of "four obeys," prioritizing quality over production volume, cost, efficiency, and speed, ensuring long-term development is not sacrificed for short-term gains [2][5]. - The company plans to focus on five key areas: maintaining quality foundations, advancing market-oriented marketing transformation, enhancing cultural value, promoting digital and green transformation, and practicing ESG principles [6]. Group 2: Market Opportunities and Challenges - The white liquor industry is currently in a "stock competition" phase, facing challenges such as high channel inventory and slowing growth rates, but Chen believes that opportunities outweigh these challenges [3][4]. - The confidence in Kweichow Moutai's future is based on three factors: the large domestic market potential, the deep cultural roots of the liquor industry, and the company's resilience through multiple economic cycles [3]. Group 3: Financial Actions - Kweichow Moutai plans to distribute a cash dividend of 23.957 yuan per share, totaling 30 billion yuan, and intends to repurchase shares worth between 1.5 billion and 3 billion yuan [4]. Group 4: Internationalization and Brand Protection - The company maintains a "three-step" strategy for internationalization, focusing on product export, overseas expansion, and creating international value [7][8]. - Kweichow Moutai has established a special protection mechanism against counterfeiting, allocating funds for regular inspections and legal actions against counterfeit products [8].

Core Viewpoint - The white liquor industry is currently undergoing a deep adjustment period, with companies facing high channel inventory, product price inversion, and slowing growth rates, indicating a shift to a "stock competition" era [1] Group 1: Industry Insights - The market space for the white liquor industry is sufficiently large, the industry has deep roots, and Guizhou Moutai has strong resilience [1] - Challenges in the industry are acknowledged, but they are seen as manageable and not insurmountable, with opportunities existing alongside risks [1] Group 2: Company Strategy - The company will adhere to the principle of "four obediences" (production obeys quality, cost obeys quality, efficiency obeys quality, speed obeys quality) to balance short-term and long-term goals [2] - Five key areas of focus for the company's strategy include maintaining quality, advancing marketing transformation, enhancing cultural value, promoting enterprise transformation, and implementing ESG principles [2] - Marketing transformation is deemed crucial for the company's success in navigating the current cycle [2] Group 3: Sales and Production - The sales of Moutai liquor are maintaining a stable trend, with significant year-on-year growth in the sales of Moutai 1935 and a high opening rate [2] - The product release schedule is determined by market capacity, emphasizing the importance of maintaining channel resilience and market stability [3] - The company aims for a dual approach of stability and progress, focusing on maintaining the market position of core products while adapting to new consumer trends [3]