作者｜酒high 半颗 奋力跨越寒冬 在谈及今年的酒类流通市场时，"寒冬"是一个高频词。 引发各界争相讨论酒便利法拍事件，在不久前已尘埃落定。12月9日，酒便利控股股东河南侨华所持有的51%股权在淘宝司法拍卖平台完成转手，成交价 约6839.96万元，只比起拍价高出一小截，折算下来大约是评估价的七成出头。 图片来源：阿里司法拍卖平台截图 这个曾拿到联想控股数亿元战略投资、一度被视为"新零售样本"的企业，如今以"七折出清"的方式易主，折射出资本对酒类流通赛道估值预期的下调，也 把企业当前的处境摊在了台面上。 编者按：如果用一个词来形容2025年的酒业，"调整"一词当仁不让最贴切。全员逆风而行，演绎着一场又一场企业转型、渠道革命、消费代际更迭的故 事。生存游戏一般的情节残酷又曲折，但同时也在重塑产业生机。 翻一翻2025年酒类流通企业的账本，很难找到几组轻松的数字。司法拍卖、营收下滑、库存高企……酒类流通企业在这一轮调整中，成了压力最集中的环 节之一。资本市场的估值下调、厂商关系的重新审视，以及渠道自身的生存焦虑，都在2025年被摊到了明面上。 但这并不只是一个关乎"难"的故事。在压力被充分暴露的同时，酒类流通企 ...

立足"摘要·上宴"与"光阴故事·时代经典"双IP品鉴会，金沙酒业将系统化的消费者培育资源与策略，全 面赋能经销商网络，真正实现了从"品牌方主导"到"厂商一体化联动"的升级。 通过系统支持经销商举办核心终端答谢会与主题品销会，金沙酒业将大型品鉴会的影响力成功下沉至销 售毛细血管。这种"高空引爆"与"地面突击"相结合的模式，显著提升了终端门店的推荐积极性和销售转 化效率。多地经销商反映，公司提供的标准化活动工具包与定制化支持，让线下培育活动执行更顺畅、 效果更可预期，真正做到了"扶上马，送一程"，区域市场的活跃度与凝聚力得到显著增强。这一系列扎 实的培育动作，最终汇聚为终端动销的强劲浪潮，极大地鼓舞了渠道信心。 近日，"摘要·上宴"走进河南郑州、湖北宜昌与武汉，"光阴故事·时代经典"走进湛江。时至年末，"摘要· 上宴"与"光阴故事·时代经典"系列品鉴活动在全国多城相继举办，本年度金沙酒业携手全国经销商伙 伴，以两大标志性主题为引擎，在全国重点市场成功构建了一个从品牌高势能传播到终端高效转化的立 体化运营生态。这项系统性的消费者深度培育计划工程不仅收获了市场的热烈反响，更赢得了经销商伙 伴的高度评价与坚定信心，共同 ...

Core Insights - The signing of a strategic cooperation agreement between "Fuxing 1959" and Jubei Tongcheng marks a shift in the sauce liquor industry from "frenzied expansion" to "value cultivation" during a period of industry contraction [2][11] - The partnership aims to leverage local market strengths in Handan, where the liquor market shows stable sales between 3.5 billion to 4.5 billion yuan, with a significant portion of sales coming from mid-range products [5][10] Industry Context - The sauce liquor industry is facing a historic turning point in 2024, with 70% of small and medium-sized liquor enterprises facing production halts and a reduction of over 150,000 tons in the main production area of Renhuai [3][10] - Handan is identified as a key market due to its intersection of "capacity clearance" and "strong demand," making it an attractive opportunity for "Fuxing 1959" [3][10] Strategic Partnership Details - The cooperation involves a three-party ecosystem that includes the brand owner, local operators, and marketing partners, moving beyond traditional agency models [7][9] - Jubei Tongcheng has established a strong local presence with over 200 tobacco and liquor stores and more than 50 dining establishments, enhancing the distribution capabilities for "Fuxing 1959" [7][9] Market Strategy - "Fuxing 1959" plans to implement a three-tier network of "city service centers + county direct stores + community service stations," which aligns with local consumption habits and distribution needs [5][9] - The brand's pricing strategy targets the mid-range market, with a focus on high-quality products and local service, avoiding direct competition with top brands in the high-end market [10][12] Future Outlook - The partnership in Handan is seen as a model for future expansion, with plans to establish 50 service centers in major cities by 2026 [10] - The collaboration emphasizes quality and service as the core values, aiming to build a sustainable brand presence in the county market [12]

文 | 酒讯 子煜 编辑 | 方圆 今年秋糖的展厅里，不少经销商手里攥着厚厚的产品手册，脸上却难掩困惑。"我们问如何提升终端动销，厂家只讲品牌历史；我们吐槽价格倒挂亏得厉 害，对方却反复强调政策支持有多足。"一位经销商的感慨，道出了当下厂商沟通的核心矛盾。 在行业深度调整的背景下，这种"各说各话"的现象，正考验着当下厂商关系的韧性。 01 沟通断层 "加强与经销商沟通"，已成为酒企会议的高频词。但实际操作中，部分企业沟通仍停留在单向输出的层面，难以触及经销商的真实痛点。 经销商大会是最典型的场景：酒企高管台上发布年度战略、解读政策支持、下达销售目标，经销商台下聆听、接受信息。 3月，金沙酒业2025厂商命运共同体大会，金沙酒业表示，所有发展策略都围绕"如何让合作伙伴长期持续稳定获利"展开；国台产品体系及新品上市发布 会，现场阐释了其新战略构想——打造"厂商一体化、厂商端联盟化、厂商端消费者融通化"商业新生态；钓鱼台开展2025广东核心终端客户答谢会，贵州 杜康推出"三大模式+五大政策"的渠道策略，展现了更优的渠道格局和厂商关系。这些举措都显示出酒企寻求渠道合作的意愿。 然而，相较于酒企关注的业绩增长、市场覆盖 ...

Core Viewpoint - The collaboration between Jiugui Liquor and Pang Donglai to launch "Jiugui·Freedom Love" is seen as a crucial step to reverse the declining performance of Jiugui Liquor, which is facing significant revenue and profit drops [1][2]. Group 1: Product Launch and Market Response - The product "Jiugui·Freedom Love" has quickly sold out upon its launch, indicating strong market demand [1]. - The product is priced at 200 yuan per bottle, with a comprehensive cost of 168.26 yuan, resulting in a gross profit margin of 15.87% [2]. Group 2: Financial Performance - Jiugui Liquor is expected to see a 43% decline in revenue for the first half of 2025, with net profit dropping over 90.08% [1][3]. - The company's daily average net profit is projected to be less than 70,000 yuan for the first half of 2025 [3]. Group 3: Historical Performance and Market Trends - Jiugui Liquor's revenue grew from 1.512 billion yuan in 2019 to 4.05 billion yuan in 2022, but has since faced a steep decline due to market adjustments [3][4]. - The number of distributors increased significantly from 763 in 2020 to 1,774 in 2023, but has since decreased to 1,336 by the end of 2024, indicating a contraction in market presence [4][5]. Group 4: Strategic Adjustments - Jiugui Liquor aims to achieve a recovery in performance and has adjusted its long-term revenue target from 10 billion yuan to a focus on restoring growth in 2024 [6]. - The company plans to refine its product strategy by reducing the number of SKUs by 50% and eliminating underperforming products [6][7].

Core Viewpoint - The collaboration between Jiugui Liquor and Pang Donglai to launch the "Jiugui Freedom Love" product is seen as a crucial step to reverse Jiugui Liquor's declining performance, with expectations for improved sales and brand value amidst a challenging market environment [1][2]. Product Launch and Sales Performance - The "Jiugui Freedom Love" product will be available in multiple channels, including 13 Pang Donglai supermarkets and online platforms like Douyin, with initial sales in four stores in Changsha [1]. - The product has reportedly sold out quickly, indicating strong initial demand, with a retail price of 200 yuan per bottle and 1200 yuan per box [4][6]. Financial Performance and Market Position - Jiugui Liquor is projected to experience a 43% decline in revenue and over 90% drop in net profit for the first half of 2025, with daily net profit estimated to be less than 70,000 yuan [8][9]. - The company's market value has decreased by 82.38% since its peak in September 2021, reflecting significant challenges in the capital market [1][2]. Industry Trends and Consumer Behavior - The white liquor industry is undergoing a structural shift towards lower price segments, with increasing demand for mid to low-priced products, which Jiugui Liquor is now targeting with its new product [7][12]. - The collaboration with Pang Donglai is expected to enhance Jiugui Liquor's sales in the Henan market, although challenges remain in expanding beyond this region [12][13]. Inventory and Channel Issues - Jiugui Liquor has faced significant inventory challenges, with stock levels reaching 17.51 billion yuan, leading to increased inventory turnover days from 873 to 1461 days [11]. - The number of distributors has decreased from 1774 in 2023 to 1336 by the end of 2024, indicating a loss of confidence in the brand's distribution network [10][11]. Strategic Adjustments and Future Outlook - Jiugui Liquor aims to refine its product strategy by reducing SKU counts by 50% and focusing on high-potential products, while also planning to enhance its high-end offerings [14][15]. - The company has adjusted its growth targets, shifting from a long-term goal of reaching 10 billion yuan in revenue to focusing on recovery and positive growth in 2024 [13].

Core Insights - The Chinese liquor industry is undergoing a "silent revolution," with high-end liquor remaining strong but shifting away from mere "brand premium" narratives [1] - The market for mid-range liquor is expanding, with the introduction of the new product "Guotai Youbiao" targeting the 250-300 RMB price range [1][2] - Guotai Youbiao is positioned as a key product in the Guotai brand's mid-range strategy, utilizing an innovative model that integrates manufacturers and channels for effective market penetration [1][7] Product Features - Guotai Youbiao combines classic design elements with modern aesthetics, featuring a distinctive bottle design that appeals to both general consumers and business occasions [4] - The product is crafted using high-quality local ingredients and adheres to traditional brewing techniques, ensuring a premium taste profile characterized by a strong aroma and smooth finish [6] - The product aims to establish a new benchmark for mid-range liquor quality, addressing consumer demands for high standards in the context of market evolution [6] Market Strategy - Guotai Youbiao is strategically positioned within a product matrix that targets the high-growth potential of the 250-300 RMB price segment, complementing the existing Guotai brand offerings [6][10] - The product has already achieved significant market penetration, with successful launches in key regions such as Jiangxi, Shandong, Fujian, and Shaanxi [7][10] - The company employs a comprehensive operational system that includes innovative channel management and consumer engagement strategies to enhance market presence and profitability [9][10] Competitive Advantage - The product's strong market performance is attributed to its effective channel strategies and the establishment of a specialized alliance among distributors, retailers, and partners [9] - Guotai Youbiao is recognized for its ability to generate stable profits and adapt to various consumption scenarios, making it a preferred choice for upcoming sales periods [10] - The combination of product quality, strategic pricing, and robust channel support positions Guotai Youbiao as a potential new benchmark in the mid-range liquor market [10]