"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。 ...

文丨酒食汇团队 2025年的白酒行业，注定是"阵痛与蜕变"并存的一年。库存高企、价格倒挂仍在困扰市场，部分酒企陷入"降价换量"的内耗；"禁酒令"升级影响下，高端 白酒价格持续下探；消费理性化趋势深化，曾经的"面子消费"逐渐让位于"悦己饮酒"…… 站在2026年的起点，白酒行业将如何前行？从近期茅台、五粮液、汾酒、古井贡酒、习酒、今世缘等头部酒企在经销商大会/发展大会上披露的战略规 划，或可一窥白酒行业破局的核心路径。 稳中求进，在"进"与"稳"中寻找平衡 过去十年，白酒行业乘着消费升级与市场扩容的东风，实现了规模与利润的快速膨胀。如今的中国酒业，正集体步入从追求规模转向修炼内功的"中低速 增长时代"，头部酒企需要在"进"与"稳"中寻找平衡。 贵州茅台酒经销商大会上明确提出，要让市场更"稳"，坚持长期主义，致力让茅台的产品和价格适配市场需求和消费意愿。一方面，要供需适配稳基础， 在2026年的投放计划中，适当减少高附加值产品的量；另一方面将根据市场供需实际，动态平衡产品投放量，确保产品结构更加合理、稳固。 五粮液将2026年定义为"营销守正创新年"，用"五个统筹"来为2026年工作把关定向，分别是统筹好"短期" ...

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]