以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 来自湖北的保健酒隐形冠军给酒圈上了一课。通过抓住抖音、小红书上的破圈话题，如"姨妈神仙水""不是茅台喝不起，而是劲酒更有性价比"等，劲酒拿下了 女性以及年轻消费群体，重新定义了消费场景。泼天的流量最终转化成了销量，今年劲酒营收预计增长超20%。 01 女性用户多了400万 对酒圈来说，2025年有些不同寻常。 一边是白酒行业正处于深度调整期：价格倒挂、卖不动，不少经销商甚至在亏损。为了应对困局，酒企试图通过低度化、跨界、代言等方式连接年轻人的钱包， 但年轻人转头走进了瑞幸咖啡、蜜雪冰城。另一边，曾经是中老年男人专属的劲酒，在小红书、抖音等平台持续爆火，深受女性追捧。视频里，劲酒、水溶 C100、元气森林葡萄味气泡水，在灯光下一组合，不到一分钟，就在玻璃杯中调出了"烈焰玫瑰"……这些视频的转发、点赞动辄超10万。 伴随流量而来的是销量。 12月，劲牌公司市场推广中心总经理张何在公开活动中称，"今年市场需求增加，确实导致部分区域出现阶段性供不应求，劲牌 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, specifically highlighting the white liquor sector [2]. Core Insights - The white liquor industry is currently experiencing a downturn, with total production declining since 2016 and leading companies facing price pressures [4][12]. - Despite the overall industry challenges, the case of Jinjiu demonstrates resilience, with expected growth exceeding 20% this year, attributed to differentiated products and effective channel strategies [5][24]. - The market environment is shifting towards more rational consumer behavior, with the Z generation prioritizing self-satisfaction and health-conscious consumption [31][32]. - Historical trends suggest that the current low valuations and widespread price discrepancies may present a significant investment opportunity in the white liquor sector [33]. Summary by Sections Current Status - The white liquor sector is in a "winter" phase, with production and prices under pressure due to overcapacity and competitive dynamics [4][12][15]. - Key factors contributing to the industry's struggles include a "prisoner's dilemma" among competitors, pressure from shareholders, local economic challenges, and a long-standing problematic channel ecosystem [21][22]. Jinjiu Case Study - Jinjiu has achieved notable sales growth through product differentiation, channel policies that favor long-term relationships, and a focus on younger consumers [5][24][29]. - The brand has successfully engaged with the Z generation by offering smaller, lower-alcohol products that align with current health trends and social media marketing [6][31]. Market Environment - The Z generation, representing a significant portion of the consumer base, is characterized by a focus on personal satisfaction and health, which aligns with Jinjiu's product offerings [31][32]. - The report emphasizes the importance of adapting to changing consumer preferences and the potential for growth in the food and beverage sector as market conditions improve [10][34]. Investment Recommendations - The report suggests focusing on three main investment themes: stable demand leaders, companies innovating in products and channels, and undervalued segments within the consumer goods sector [10][34]. - Specific companies to watch in the white liquor space include Guizhou Moutai and Shanxi Fenjiu, which are positioned to benefit from potential market recovery [10][34].

Core Viewpoint - Hainan Yedao, known as the "first stock of health wine," reported a significant decline in revenue and continued losses, raising concerns about its management and market strategy [1][2][4]. Financial Performance - In 2024, Hainan Yedao achieved revenue of only 175 million yuan, marking a 21.97% decline following two consecutive years of nearly 50% decreases [1]. - Cumulative losses since 2015 have reached 794 million yuan, leading to a "*ST" warning and increasing the risk of delisting [2]. - The company's revenue for Q1 2025 further declined by 18.47% to 44 million yuan [4]. Product Performance - Sales of the flagship product, Luguijiu, fell by 44.47%, with a gross margin decrease of 7.87% [4]. - Other product lines, including the white wine series and other alcoholic beverages, also experienced significant revenue declines of 28.27% and 20.84%, respectively [4]. - High-end products, such as the Haijiao Sea Sauce 20, recorded minimal sales, with only 2 purchases noted [7]. Management and Strategy - The management team has faced instability, with the recent departure of General Manager Ma He shortly after the poor performance announcement [1][8]. - Ma He had previously engaged in aggressive marketing strategies, including a nationwide advertising campaign, which did not yield the expected results [10][12]. - The company has shown a high dependency on a limited number of clients and suppliers, with the top five clients accounting for 79.17% of total sales [7]. Market Position - Hainan Yedao's stock price has plummeted by 84.7% from its peak of 32.78 yuan, reflecting a severe loss of investor confidence [13]. - The company is at a critical juncture, facing internal challenges and market pressures that threaten its operational viability and future prospects [13].