"让中国白酒香飘世界！""对五粮液（000858）很有信心！"近日，在长江首城宜宾，五粮液第二十九届 12·18共识共建共享大会现场，来自全球的经销商们带着市场的回响"回家"。信心，在握手与寒暄中传 递。 激昂的乐团演奏声中，五粮液集团（股份）公司党委书记、董事长曾从钦带领高管团队立于红毯旁，向 每一位"家人"致意。目光交汇处，是风雨同舟的情谊，更是共赴未来的笃定。 全球经销商们带着市场的回响"回家" "本轮行业调整中蕴藏三大机遇。"曾从钦随后的主旨演讲声音铿锵。他的身后，是700余年不间断酿造 的古窖池，他的眼前，是行业深度调整的激荡波涛。 次日， 2025中国国际名酒博览会（以下简称"名酒博览会"）在宜宾开幕。中国酒业协会理事长宋书玉 表示："酿酒，是人类生生不息传承至今的古老产业，是流动的历史经典。" 舟大者任重。在"十四五"规划即将圆满收官、"十五五"征程即将开启的历史节点，在白酒产业面临经济 周期、消费周期、产业周期"三期叠加"的关口，作为中国白酒的"领航舰"，五粮液在名酒博览会期间展 现的一系列战略布局与实践深耕，恰似一面棱镜，折射出中国酒业破局新生的三个深层走向：重识时间 价值、重构发展空间、重 ...

Core Insights - The Chinese liquor industry in 2025 is undergoing significant transformation amidst challenges such as a sluggish macro environment, consumption differentiation, production contraction, and weak sales, leading to a reshaping of the industry landscape [2] - The industry is encouraged to innovate and break old rules to find new growth paths, reflecting a mix of pressure and hope [2] Group 1: Industry Developments - The Ministry of Industry and Information Technology has classified liquor production as a "historical classic industry," elevating its status and marking a shift towards high-quality development [3] - A stringent "ban on alcohol" was introduced, impacting high-end liquor sales and indicating a shift from government consumption to market-driven consumption [4] - The launch of "Da Zhen·Zhen Jiu" by Zhen Jiu represents a strategic move towards creating a "super product" in the liquor market, emphasizing quality and innovative packaging [5] Group 2: Market Strategies - The establishment of two platform companies by Wuliangye's distributors aims to enhance market control and stabilize high-end product prices, reflecting a shift towards a dual-driven model of channels and capital [7] - Sichuan Province has released a 21-point action plan to promote the high-quality development of the liquor industry, focusing on production capacity and market expansion [8] - Wuliangye's 12·18 conference emphasized the importance of quality, cultural heritage, and innovation in navigating market changes [9] Group 3: Consumer Engagement - The return of the white liquor milk tea "Drunk Step on the Road" by Tea Baidao highlights the growing trend of "micro-drunk" consumption among younger consumers [13] - The fifth live broadcast by Zhen Jiu's chairman garnered significant attention, showcasing innovative business models and strong consumer engagement [10] Group 4: Awards and Recognition - The 16th China (Dalian) Light Industry Commodity Expo featured a wine exhibition and quality competition, showcasing the strength and cultural appeal of Chinese liquor brands [16] - The announcement of the first batch of Chinese consumer brands included notable liquor brands, indicating recognition of quality and market position [5][6] Group 5: Future Outlook - The liquor industry is expected to continue evolving with a focus on quality, cultural integration, and innovative marketing strategies, as seen in the initiatives from various companies and government bodies [18][19]

Core Insights - The Chinese liquor industry is facing both challenges and opportunities as it enters the "14th Five-Year Plan" period, with a significant policy shift recognizing the liquor industry as a "historical classic industry" [1][2] - The industry is currently undergoing its fifth round of adjustment, with pressures affecting all players, including leading brands [3] - The need for innovation in consumption models, business strategies, and cultural expressions is emphasized as the industry adapts to new consumer demands [3][4] Policy Changes - The liquor industry has been officially recognized as a "historical classic industry," marking a significant elevation in its policy status [1] - The Ministry of Industry and Information Technology released guidelines to promote high-quality development in historical classic industries, including liquor [1] Industry Challenges - The current adjustment period is described as more complex and profound, with the industry experiencing a shift from rapid growth to a need for structural changes [3] - Traditional consumption patterns are declining, and the industry faces a mismatch between existing business models and evolving consumer preferences [4][5] Consumer Trends - The market is transitioning from functional consumption to emotional consumption, where consumers seek cultural recognition and emotional connections with products [6][7] - The rise of "self-pleasing" consumption is noted, with consumers becoming more rational and demanding better value for their purchases [7] Strategic Directions - Industry leaders stress the importance of balancing tradition and innovation, ensuring that cultural values are preserved while adapting to modern consumer needs [7] - There is a call for the industry to leverage technology and cultural resonance to enhance the value of liquor products [6][8] Events and Initiatives - The 2025 China International Famous Liquor Expo highlighted the industry's commitment to quality, ecology, and sustainable development, with major brands participating [8] - The event also showcased successful examples of integrating liquor with tourism, aiming to create replicable models for other regions [9][10]

Core Insights - The article highlights the inclusion of the liquor industry as a "historical classic industry" by the Ministry of Industry and Information Technology, alongside silk, tea, and porcelain, indicating its cultural and strategic significance beyond economic contributions [1][12] - Langjiu is presented as a leading example in the liquor industry, showcasing long-term investments and a deep understanding of the industry's essence, which aligns with the new policy direction [1][12] Group 1: Cultural Heritage and Innovation - Langjiu embodies the essence of cultural heritage, being recognized as an important representative of China's intangible cultural heritage, with its brewing techniques listed as a national-level intangible cultural heritage since 2008 [2][6] - The company emphasizes the dynamic preservation of traditional techniques, ensuring that ancient skills are actively integrated into contemporary life, thus achieving a living heritage [3][12] Group 2: Events and Community Engagement - Langjiu has developed various cultural IP activities, such as the "2025 Langjiu Chongyang Down Sand Ceremony," transforming production methods into cultural experiences that engage the public [5][12] - The Langjiu estate, covering 10 square kilometers, integrates local natural resources and cultural elements, providing consumers with a comprehensive experience of the liquor's origin and craftsmanship [15][19] Group 3: Research and Development - The Langjiu Quality Research Institute, known for its innovative approach, combines modern technology with traditional brewing methods, employing over 200 technical staff to enhance product quality [9][12] - The focus on both "heritage" and "innovation" has established a solid quality foundation for Langjiu, opening new value spaces within the traditional brewing industry [12][22] Group 4: Economic Impact and Global Presence - Langjiu actively contributes to rural revitalization through its brewing supply chain, promoting standardized and industrialized development of local sorghum cultivation, thus supporting regional economies [19][22] - The company has positioned itself on the global stage, engaging with international brands and showcasing Chinese liquor culture, thereby becoming a window for the world to understand Chinese liquor brewing and tasting [19][22]

Core Viewpoint - The article discusses the significant decline of a state-owned liquor company, VIVI Co., whose stock price has plummeted from 15 yuan in 2015 to around 3 yuan in 2025, amidst a challenging market environment for the liquor industry, while highlighting the recent investment by renowned investor Zhang Sufen as a potential indicator of a turnaround opportunity [1][3]. Industry Overview - The liquor market in 2025 is characterized by a stark contrast, with leading brands like Moutai and Wuliangye managing to sustain themselves through stable dividends, while smaller liquor companies face severe downturns, with a reported 5.9% decline in revenue for 20 A-share liquor companies in the first three quarters of 2025, and a staggering 18.47% drop in the third quarter alone [1][3]. - The overall liquor industry is experiencing a capacity utilization rate of less than 60% in 2025, leading to increased pressure on smaller companies as they struggle against dominant brands [4]. Company Performance - VIVI Co. has seen its stock price drop significantly, with a 23% decline from the beginning of 2025, and a total market value loss exceeding 10 billion yuan over the past decade [3][4]. - The company's revenue for the first three quarters of 2025 was 2.388 billion yuan, reflecting an 11.2% year-on-year decrease, and a stark contrast to its peak revenue of 5 billion yuan in 2013 [3][4]. - VIVI's liquor business is underperforming, with a mere 2.1% revenue growth in the first three quarters of 2025, significantly lagging behind the regional average of 6.2% [3]. Investment Insights - Zhang Sufen's recent acquisition of 12.33 million shares positions her as the third-largest shareholder in VIVI Co., which she views as a strategic investment based on the company's low valuation and state-owned background [5]. - The company's price-to-earnings ratio stands at 14, notably lower than the liquor sector average of 19.52, making it an attractive investment opportunity for those seeking undervalued stocks [5]. Policy Environment - The 2025 policy landscape presents potential benefits for VIVI Co., including local state-owned enterprise reforms aimed at improving operational efficiency, which could lead to asset revaluation and positive market sentiment [6]. - The recent recognition of liquor as a "historical classic industry" by the Ministry of Industry and Information Technology may provide VIVI Co. with additional support and funding opportunities [6]. - The removal of restrictions on mergers and acquisitions in the liquor sector by the China Securities Regulatory Commission could facilitate VIVI Co.'s efforts to optimize its liquor business and attract quality assets [6].

Core Viewpoint - Guizhou Moutai's recent shareholder meeting highlighted the company's confidence in its future, despite a slight decline in stock price this year, and emphasized its commitment to shareholder returns through share buybacks and dividends [1][5][6] Company Developments - Chairman Chen Hua expressed gratitude to shareholders, noting their rational expectations and responsible engagement, which contribute to Moutai's status as a "value benchmark" in the capital market [2] - Moutai announced a share buyback plan using its own funds, with an amount ranging from 1.5 billion to 3 billion yuan, and a maximum repurchase price of 1,887.63 yuan per share, aimed at reducing registered capital [5] - The company also revealed a mid-term dividend plan, proposing a cash dividend of 23.957 yuan per share, totaling approximately 30 billion yuan [5] Industry Insights - Chen highlighted that the white liquor industry is entering a phase of "stock competition," where opportunities outweigh challenges, driven by a growing middle-income demographic and the cultural significance of liquor [2] - Market analysts believe that the pressure on liquor sales has passed, with expectations for demand recovery as prices stabilize [7] - The report from Citic Securities indicates that the food and beverage sector is at a historical low in valuation, suggesting structural opportunities in quality assets like Moutai [7]

Core Insights - The event "Chishui Valley Chinese Sauce Aroma" marks a significant transformation in the Guizhou liquor industry, shifting from "policy empowerment" to "value self-driven" development [3] - The regional brand signifies a new phase in the sauce liquor industry, characterized by "standard definition + cultural capitalization" [3] - The brand represents a strategic upgrade in the internationalization of Chinese liquor, moving from product export to dual output of standards and culture [3] Industry Recognition - "Chishui Valley Chinese Sauce Aroma" is the only liquor regional brand recognized in the first batch of Chinese consumer brands, highlighting the quality and unique brewing techniques of the Chishui River basin [4] - This recognition solidifies Guizhou's position as a leading liquor production base in China, with the brand serving as a benchmark for regional liquor brands [4][6] Brand Development - The brand's development is seen as a "national priority," acknowledging the cultural value and industrial status of sauce aroma liquor, while also enhancing cultural confidence [6] - The construction of the brand is expected to become a proud cultural symbol for Guizhou and a representative of Chinese culture [8] Industry Collaboration - The event saw the launch of the "Chishui Valley Chinese Sauce Aroma" regional brand covenant, with 29 enterprises committing to eight principles aimed at fostering collective reputation and quality consensus [12][13] - This covenant signifies a shift from "jungle competition" to a new era of "value co-existence" in the liquor industry [12] Future Directions - Experts emphasize the need for Guizhou's liquor industry to focus on ecological preservation, cultural core, traditional craftsmanship, and innovation to maintain its competitive edge [16][20] - The industry is encouraged to enhance cultural research, protect consumer interests, and create a new ecosystem for industry integration [18] Event Highlights - The event featured discussions on various topics, including cultivating regional brands and creating globally influential classic industries, with participation from key industry leaders and experts [23] - The brand aims to replicate the success of other top regional brands globally, leveraging unique terroir and recognized standards to enhance its value chain [23]

Core Viewpoint - The high-end liquor market is undergoing significant changes, but it is expected to experience "structural expansion" after adjustments, driven by the recognition of "historical classics" in the industry [3][4]. Group 1: Historical Significance - The Ministry of Industry and Information Technology has included traditional industries such as liquor in the "historical classic industries" directory, signaling a strong endorsement for high-end liquor [3]. - The inclusion of liquor in historical classic industries aims to enhance the value of high-end liquor through cultural and historical empowerment, potentially reshaping the market and competitive landscape [3][4]. Group 2: Market Dynamics - The consumer base and market logic for high-end liquor are fundamentally changing, moving away from past associations with vulgarity and corruption towards a redefined value proposition [3][4]. - High-end liquor is expected to transition from being a "vulgar social currency" to a "classic cultural carrier," seeking high-end positioning through traditional culture and history [5]. Group 3: Marketing Strategies - High-end liquor will shift from mass marketing to "timeless marketing," leveraging historical, cultural, and geographical narratives to achieve brand and market synergy [5]. - Brands that successfully decode traditional classics will gain competitive advantages, while the market will see a redefined "classic scene" that merges traditional and modern elements [5][6]. Group 4: Market Concentration - The high-end liquor market is becoming increasingly concentrated, with a few dominant brands controlling 90% of the market share, particularly in the large single product category [6]. - Future differentiation in high-end liquor will likely occur in the realm of "high-end cultural creativity," with brands like Jian Nan Chun and Lang Jiu making significant strides in this area [6].

Core Viewpoint - The Chinese liquor industry, particularly represented by Langjiu, is recognized as a "historical classic industry" alongside silk, tea, and porcelain, highlighting its cultural and strategic significance beyond economic contributions [1][6]. Group 1: Cultural Heritage and Innovation - Langjiu embodies the essence of cultural heritage, being recognized as an important representative of China's intangible cultural heritage, with its brewing techniques listed as a national-level intangible cultural heritage since 2008 [3]. - The company actively promotes the living heritage of its brewing techniques through various cultural events and festivals, transforming traditional practices into public experiences that enhance cultural appreciation [3][4]. - Langjiu integrates modern technology with traditional brewing methods, employing a technical team of over 200 to enhance product quality and innovate within the industry [4]. Group 2: Economic and Community Impact - The "Historical Classic+" initiative aims to create a fusion ecosystem that connects culture, tourism, and rural revitalization, moving beyond single production to multi-dimensional value creation [6]. - Langjiu's estate spans 10 square kilometers, serving as a new experiential venue that combines natural resources with cultural and artistic elements, contributing to local economic development and job creation [6][7]. - The company supports rural revitalization through standardized agricultural practices, benefiting over 600,000 acres of sorghum cultivation and creating thousands of local jobs [6][7]. Group 3: Global Expansion and Future Outlook - The industry is encouraged to enhance international cooperation and maintain competitive advantages, with Langjiu positioning itself as a global ambassador for Chinese liquor culture [7]. - Langjiu has engaged in international collaborations and showcased its products on global platforms, establishing a clear path for international expansion [7]. - The future of the historical classic industry is seen as promising, with expectations for continued cultural depth and technological integration to achieve high-quality development [9].

Core Viewpoint - The Ministry of Industry and Information Technology has issued a draft opinion on promoting the high-quality development of historical classic industries (2026-2030), marking a shift for the liquor industry from restrictive development to strategic support, which is expected to positively impact Chinese liquor companies, particularly Gujing Gongjiu as a model for policy implementation [1] Group 1: Gujing Gongjiu's Alignment with "Historical Classic Industry" - "Historical classic industry" requires a solid foundation in brand history, industry scale, and technical systems, which Gujing Gongjiu aligns well with [2] Group 2: Brand History - Gujing Gongjiu's brewing history is closely tied to the development of Chinese liquor, with its techniques recognized as the world's oldest distillation method. The preservation of traditional brewing sites and the recognition of its brewing techniques as national intangible cultural heritage highlight its historical significance [4] Group 3: Industry Scale - Gujing Gongjiu is a leading enterprise in the liquor industry, contributing over 90% to the total output value of 26.3 billion yuan in Bozhou City in 2024, showcasing its role in driving regional economic development [8] Group 4: Technical Foundation - The company emphasizes the modernization of traditional techniques, standardizing its brewing process while establishing advanced research platforms to enhance production efficiency and quality [9] Group 5: Cultural Empowerment - Gujing Gongjiu has shifted from one-way communication to interactive experiences, creating a cultural IP matrix that enhances brand engagement and emotional connections with consumers [11] Group 6: Digital Transformation - The company is leveraging new information technologies in its smart brewing facilities, enhancing production efficiency and quality control through real-time monitoring and data analysis [14] Group 7: Internationalization - Gujing Gongjiu actively promotes Chinese liquor culture globally, participating in various international events and initiatives to enhance its brand presence and cultural dialogue [16] Group 8: Industry Opportunities - The liquor industry is undergoing a phase of adjustment, which is seen as a necessary stage for self-optimization. Gujing Gongjiu's focus on quality, cultural development, and international exploration aligns with the high-quality development direction of the historical classic industry, positioning it well for future opportunities [19]