每经AI快讯，12月18日，中金公司研报表示，年初至今食饮行业进入新常态，整体消费环境仍显疲 弱，行业追求高质价比、功能性、健康性及情绪消费的趋势延续。年初至今白酒行业需求延续弱景气， 叠加新条例出台，白酒供需两端经历大幅调整，大众食品表现分化，饮品、休闲零食呈现较好景气度。 展望明年，行业将延续弱复苏强分化态势，增长将更依赖于企业端产品创新努力、碎片化渠道布局及人 群扩圈，拥有强大品牌力、产品创新力、渠道掌控力以及卓越供应链效率的企业，将能穿越周期，实现 高质量增长。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 ...

Core Insights - The Chinese liquor industry experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue at 310.28 billion yuan, down 5.48% year-on-year, and net profit at 122.69 billion yuan, down 6.63% year-on-year [1] - In Q3 2025, the industry reported revenue of 76.31 billion yuan, a year-on-year decrease of 18.4%, and net profit of 28.21 billion yuan, down 22.0% year-on-year [1] - The industry is characterized by a trend of weak recovery and strong differentiation, with growth increasingly dependent on product innovation and channel expansion [1][2] Industry Overview - The consumption environment remains weak, with a focus on high quality-price ratios, functionality, health, and emotional consumption trends [1] - Major leading companies are concentrating on stable operations and high-quality development, improving shareholder returns and operational quality [1] - The demand for liquor continues to show weak performance, compounded by new regulations affecting both supply and demand [1] Future Outlook - According to research, the liquor industry is expected to see a gradual improvement in 2026, with demand likely to recover as policy impacts diminish [2] - The first half of 2026 may witness a sequential recovery, particularly benefiting leading liquor companies with strong fundamentals [2] - The differentiation among liquor companies is increasing, with strong brand power allowing leading firms to demonstrate resilience [2] Company Specifics - Zhenjiu Lidu (06979) launched its new flagship product "Dazhen," which has already generated 370 million yuan in returns and signed over 2,800 alliance merchants [3] - The new product aims to position itself alongside existing series, potentially creating a third growth curve for the company [3]