430亿苏酒老二，打响四大攻坚战 【中国白酒网】430亿市值的"苏酒老二"，期待延续增长故事。 12月末，今世缘董事长顾祥悦，在发展大会上回顾，过去五年，其主要指标翻番，营收突破百亿， 省内市占率大幅提升，省外超千万地级市场达40个。 所谓"量质双升，基础更牢"的答卷，给了顾祥悦信心。 "成为中国白酒最具成长性的创新型企业。"顾祥悦如此为未来定调，2026年预备全力打赢"四大攻 坚战"。 一边鼓气，一边也回归务实。 "公司现在更关注市场占有率，而不是绝对的数字目标。"此前有管理层坦言。 提振信心 按本来计划，2025年的营收力争150亿元。 只是，酒业量价齐跌、库存高企，要达到这一目标的概率很低。 1-9月，今世缘营收为88.81亿元，净利25.49亿元，同比均有两位数下滑，这种状况也是近年来罕 见。 尤其是江苏大盘的营收，缩水超10亿元，淮安、南京两大核心区域下滑超一成，省外营收仅微增 0.6%。 目前，江苏白酒市场的总规模约600亿元，今世缘的市占率达17%，仅次于洋河的24%，增长空间 接近天花板。 顾祥悦说，旗下产品矩阵得到优化，如强化国缘V系高端形象，四开、对开、淡雅等大单品的战略 成效显著，推动了 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant adjustment, with high-end liquor prices declining and companies shifting their strategies to stabilize prices and adapt to changing consumer behaviors [4][10][11]. Group 1: Market Dynamics - The demand for high-end liquor has decreased, with a shift from traditional gifting consumption to more personal consumption, leading to a reduction in sales of premium products [5][6]. - The price of 53-degree 500ml Flying Moutai has fluctuated significantly, dropping to around 1495 yuan per bottle, prompting the company to implement quantity control measures to stabilize market expectations [3][8]. - The overall liquor market is experiencing a price decline, with major brands like Wuliangye and Fenjiu also seeing price reductions compared to the previous year [9][10]. Group 2: Financial Performance - In the first three quarters of the year, the liquor sector's 19 listed companies reported a total revenue of 317.74 billion yuan, a year-on-year decrease of 5.85%, and a net profit of 122.68 billion yuan, down 6.90% [14]. - The average return on equity (ROE) for the sector fell to 19.77%, a decrease of 2.84 percentage points from the previous year, indicating pressure on profitability [14]. - The stock performance of the liquor sector has been weak, with a cumulative decline of 13.76% for the liquor index in 2025, resulting in a market capitalization reduction of approximately 404 billion yuan [14][15]. Group 3: Strategic Adjustments - Companies are focusing on reducing burdens on distributors and shifting marketing strategies to be more consumer-centric, moving away from traditional distribution methods [17][18]. - Major liquor companies are streamlining their distribution channels, with a net reduction of 1,701 distributors among 20 listed companies in the first half of 2025 [18]. - The concept of a "shared destiny" between manufacturers and distributors is being emphasized, with calls for shared pricing power and responsibilities to ensure sustainable partnerships [18].

Core Viewpoint - The current liquor industry, particularly the baijiu sector, is undergoing a deep adjustment period, which presents both challenges and opportunities for companies like Wuliangye [1]. Group 1: Market Research and Strategy - Wuliangye Group's Chairman, Zeng Congqin, led a market research initiative in cities such as Hanzhong, Xi'an, Yinchuan, and Lanzhou [1]. - The company aims to scientifically balance five key relationships: "short-term and long-term," "supply and demand," "existing and incremental," "co-construction and sharing," and "development and safety" [1]. Group 2: Collaboration and Support - Wuliangye emphasizes the importance of working closely with distributors to create a shared destiny and mutual success [1]. - The company is committed to optimizing policies and enhancing service capabilities to ensure that core products maintain a balance between volume and price [1]. Group 3: Focus on Distributor Returns - Wuliangye is dedicated to ensuring that distributors receive reasonable returns, aiming to foster a harmonious and symbiotic relationship within the industry [1].

2025年是"十四五"规划的收官之年，也是白酒行业进入全面深度调整的一年。五粮液主动应变，通 过"主动应市调整、主动纾压解困、主动识变求变"三大举措，应对市场挑战。 在三个"主动"下，五粮液产品端，多款核心产品开瓶率显著提升，29°五粮液·一见倾心上市两个月销售 额破亿；渠道端，2025年与新能源、汽车、科技企业建立合作直销网络，实现销售收入45亿元，团拜企 业4000余家，销售转化率达70%，渠道力与终端掌控力持续提升。 新形势，新机遇，新征程。12月18日，五粮液第二十九届12·18共识共建共享大会（以下简称"12·18大 会"）如约而至。 值此"十五五"开局与行业深度调整关键期，大会以"新"领航，为行业高质量发展校准航向。 厂商同行 凝聚发展共识 "只有达成共识，才能共建共享。"五粮液集团（股份）公司党委书记、董事长曾从钦在开幕致辞中开宗 明义。 跳出传统厂商会议的单一场景，五粮液将"12·18大会"升维为"全民参与的品牌节日"，通过多元活动打 通消费链路。 会前，一系列活动已率先铺开："五粮液杯"中国大学生酒类创新创意大赛决赛顺利举办，为产业注入青 年动能；"家有老酒"2025年度盛会则以老酒为媒，让 ...

一场大会、一场典礼、一曲高歌……一个延续近30年的约定，正在将商业契约升华为情感与价值的深度共识。 2025年12月，长江首城宜宾成为全球酒业瞩目的焦点。围绕五粮液第二十九届12·18共识共建共享大会（以下简称五粮液"12·18"大会），一场场活动次第展 开——从庄严肃穆的祭祀大典到星光璀璨的全球伙伴歌唱大赛，从战略擘画的共识共建共享大会到坦诚深入的国际经销商恳谈会…… 以"和美"理论升维共同体理念 在今年五粮液"12·18"大会期间举办的"文明的温度 活态的力量——中国酒业遗产守护与开拓暨五粮液古窖泥捐赠中国国家博物馆20周年纪念"活动中，《五 粮液和美论》新书发布，其核心观点引发广泛共鸣。这标志着五粮液的"和美"文化完成从理念倡导到理论体系的升级，"三生万物"是和谐共生的生态系 统，"五生和美"孕育无限价值，将直接指导"和美"营销的全链实践。 《五粮和美论》新书发布。 面对行业调整，五粮液集团（股份）公司党委书记、董事长曾从钦在2025世界名酒发展大会上表示，必须处理好"传承与创新""文化价值与经济效益""民族 特色与国际时尚"三大关系。与此同时，五粮液携手中国酒业协会及各大名酒企业共同见证《中国酿酒历史 ...

五粮 1218 G @ e 五粮液第二十九届12·18共识共建共享大会 = 页 献 奖 e 服务社 百川名品供应链 股份有限公司 西藏中糖德和 经贸有限公司 河南盛林 北京朝批 商贸股份有限公司 湖北人人大 经贸有限公司 可 乾坤福 商贸有限公可 2 71 . 青海八坊青稞酒酒业 北京京东世纪 源 24 47 实业有限公 i限公司 有限量可 技术gg 限公司 新作会 新机遇 設計可能 上十年 根和美 □泗伍 （图片由五粮液提供）一场大会、一场典礼、一曲高歌……一个延续近30年的约定，正在将商业契约升华 为情感与价值的深度共识。2025年12月，长江首城宜宾成为全球酒业瞩目的焦点。围绕五粮液第二十九届12·18共 识共建共享大会（以下简称五粮液"12·18"大会），一场场活动次第展开——从庄严肃穆的祭祀大典到星光璀璨的 全球伙伴歌唱大赛，从战略擘画的共识共建共享大会到坦诚深入的国际经销商恳谈会……这一系列活动，勾勒出 的不仅是企业日程，更是一幅"和美"文化从理念到实践、从共识到共生的落地全景图。在行业周期性调整、结构 性挑战加剧的背景下，五粮液以"和美"为核，探索出一条超越传统关系的厂商合作新路径。这条路径的核 ...

Core Insights - The 29th "12·18 Consensus Co-construction and Sharing Conference" of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [1][3] - The conference is significant as it marks a critical transition point for the liquor industry, emphasizing Wuliangye's leadership in navigating changes and promoting sustainable high-quality development [3][4] Group 1: Industry Dynamics - The year 2025 is anticipated to be challenging for the liquor industry, characterized by inventory and pricing pressures, alongside tests of confidence and partnership resilience [4] - The change in the conference's name from "Co-discussion, Co-construction, and Sharing" to "Consensus Co-construction and Sharing" symbolizes a strategic shift towards long-term value recognition and emotional connections with partners [6][8] Group 2: Company Strategy - Wuliangye's chairman highlighted that the current industry adjustment is cyclical, structural, and a return to market rationality, asserting the company's capability to seize opportunities during this phase [10] - The evolution of the partnership model reflects a deeper understanding of the industry chain, transitioning from a transactional relationship to a collaborative development community [10] Group 3: Product Strategy - Wuliangye is adapting to a "Three Rationality Era" in consumer behavior, focusing on the real value of products, cultural recognition, and emotional resonance [11] - The product strategy includes a clear framework with a core brand supported by various product lines, aiming to establish a comprehensive and competitive product matrix [11][13] - The introduction of the new Wuliangye zodiac wine reflects the brand's commitment to cultural and emotional value, expanding the product's significance beyond mere consumption [15] Group 4: Channel Strategy - Wuliangye is implementing a dual approach of strict management and optimization in its channel strategy to create a healthier and more efficient channel ecosystem [16] - The company is restructuring its organizational framework to enhance regional market responsiveness and improve marketing resource allocation [18] - Plans include the addition of new retail formats and partnerships with leading companies to expand market reach and enhance consumer engagement [18][19]

Core Insights - The 29th 12·18 Consensus Building and Sharing Conference of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [2][3] - The conference highlighted Wuliangye's commitment to building a community of shared destiny with distributors and showcased its strategic planning for high-quality development [2][3] Industry Context - 2025 marks a significant year for the Chinese liquor industry, facing deep adjustments and challenges such as market changes and intensified competition [3][5] - The conference serves as a key observation point for how companies like Wuliangye respond to these industry challenges [3] Company Strategy - Wuliangye's chairman outlined the company's approach to overcoming market challenges through proactive adjustments, collaboration, and a focus on quality and innovation [5] - The company reported significant growth in various product lines, with the Wuliangye·1618 achieving over 30% growth in banquet market engagement and a 20% increase in banquet activities [5][9] Product and Market Performance - Wuliangye's international market expansion is evident with the opening of a large restaurant in Singapore and a Michelin-starred restaurant in Japan [6] - The company received notable awards for quality, including a nomination for the "Fifth China Quality Award" and the highest level EFQM certification [9] Future Outlook - For 2026, Wuliangye plans to initiate a "Marketing Integrity and Innovation Year," focusing on five strategic areas to solidify market foundations and enhance brand strength [11][12] - The company aims to expand its consumer base by targeting younger demographics and enhancing its channel strategies [13] Community and Collaboration - The conference emphasized the importance of building consensus among manufacturers and distributors to navigate industry challenges [17][20] - Wuliangye's commitment to collaboration was reflected in awards presented to outstanding distributors, reinforcing a unified approach to market challenges [20][21] Conclusion - Wuliangye's proactive strategies and strong performance metrics position it as a leader in the liquor industry, providing a model for navigating the current market landscape [22]

Core Viewpoint - Wuliangye expresses a self-assessment of "stability with progress" and "stability with improvement," indicating confidence in navigating industry challenges and seizing new opportunities amid market adjustments [1] Group 1: Financial Performance - In the first three quarters of the year, Wuliangye's revenue decreased by 10.26%, and net profit attributable to shareholders fell by 13.72% [3] - In Q3, Wuliangye's revenue was 8.174 billion yuan, a significant decline of 52.66% year-on-year, while net profit was 2.019 billion yuan, down 65.62% year-on-year [3] - The price of Wuliangye's core product, the eighth generation of Wuliangye, is currently 850 yuan per bottle, with a factory price of 1,019 yuan and an official suggested retail price of 1,499 yuan [3] Group 2: Market Conditions and Opportunities - Wuliangye believes that the macroeconomic environment is improving, providing a solid economic foundation for the white liquor industry to undergo counter-cyclical adjustments [3] - The company identifies the emergence of new business demographics and consumption scenarios as a strong market foundation for continued white liquor consumption [3] - National policies have officially categorized liquor production as a "historical classic industry," with provinces like Sichuan and Guizhou incorporating high-quality development of this sector into their 14th Five-Year Plan [4] Group 3: Strategic Confidence - Wuliangye expresses confidence in its product quality, brand strength, and market advantages, supported by a loyal distributor network and a strong marketing team [4] - The company has over 100 billion yuan in cash reserves, which bolsters its ability to face challenges [4] Group 4: Strategic Measures - Wuliangye has elevated the concept of a "shared destiny with distributors," emphasizing the importance of channel profits and returns for distributors [5] - The product strategy includes a focus on the eighth generation of Wuliangye as the core, with plans to balance pricing and expand high-end product offerings [5] - The company plans to strictly manage channel supply, curtail low-price dumping, and enhance its retail presence by adding 100 exclusive stores and optimizing existing ones [5]

作者︱田野 在中国白酒行业，有三个风向标——浓香看宜宾，酱香看茅台镇，清香看杏花村。 今年12月，风向标再次指向宜宾，指向中国白酒巨头之一的五粮液，指向已经被刻写为中国酒文化符号之一的"和美五粮"之乡。 每年12月18日，很多卖酒的经销商都会来到宜宾，希望能从这里找到白酒行业的营销答案。因为这一天，是五粮液召开全球经销商大会的日子；因为在这一 天，五粮液要总结经验、确立方向、发布新政策。 今年也不例外，从12月16日开始，宜宾这座飘满了五粮液酒香的城市，就已经开始热闹了起来。 12月16日，五粮液古窖泥捐赠中国国家博物馆20周年纪念活动率先拉开帷幕；12月17日，2025"五粮液"杯中国大学生酒类创新创意大赛决赛和五粮液第二十 九届祭祀大典盛大开启；12月18日，五粮液第二十九届12·18共识共建共享大会正式召开…… 随着上述活动陆续登场，宜宾的曝光度陡然升高。 会上，曾丛钦、华涛、张宇作为五粮液管理层的三大支柱，在各自的发言中揭秘了五粮液应对不确定性的核心密码——厂商合体、品质筑基、让青春成为市 场飞扬的主角。 这次大会以"共识"为基，凝聚合力，力图重构产业生态的"情感纽带"，让厂商关系从利益协同升华为价值 ...