"十四五"收官在即，中国酒业正站在新的十字路口。面对消费动力不足、厂商关系重构和产业升级压 力，"深度调整中的结构性变革"，成为2025年的关键词之一。 从生产端到营销端，"重塑"贯穿各个环节。1月18日，在贵州白酒技术与营销创新交流会上，吴勇提出 厂商关系重建、"4P理论"(产品、价格、渠道、促销)向"4C理念"(消费者、成本、便利性、沟通)转化等 系统任务，意味着酒企将从规模导向转向用户价值导向。 12月16日下午，在郑州举办的一场"酒文化"论坛上，酒业观察者、酒业公益品牌酉贤创始人吴勇对外发 布了"中国酒业2025十大趋势关键词"。从渠道变革到产品升级、从新技术应用到文化创意转型，这场基 于深入研究的总结与前瞻性分析，勾勒出未来行业发展的清晰路径。虽是一家之言，亦可窥见行业发展 的一隅。下文根据吴勇的演讲整理。 大象新闻记者 朱耒刚 一、"重塑"，深度调整是主基调 2025年，重塑也即深度调整成为中国酒业的核心基调。行业面临消费动力不足、渠道库存高企、价格倒 挂等多重压力。 一季度上市酒企业绩增速显著放缓，部分企业出现营收与净利润大幅下滑。这迫使企业从追求规模扩 张，转向挤压式增长和价值竞争。面对存量竞 ...

Group 1 - The overall A-share market recorded an increase in the first half of 2025, with sectors like DeepSeek, precious metals, and humanoid robots performing well, leading to significant rises in stocks such as Hongjing Technology and Changcheng Military Industry [2] - In contrast, over ten sectors experienced declines, with the liquor sector, known as the "last bastion of value investment," being the worst performer, particularly affected by the new "ban on alcohol" regulations [3][5] - The price of Moutai, a leading liquor brand, has seen a significant drop, with the market price for the 2024 vintage falling from 2315 RMB to 1935 RMB by June 30, 2025, indicating pressure on the entire liquor industry [4] Group 2 - The new "ban on alcohol" regulations, effective from May 2025, impose strict restrictions on alcohol consumption in government receptions and other special occasions, further impacting the liquor industry [5] - The liquor index showed a nearly 16% decline in the first half of 2025, leading the A-share market downturn, with individual stocks like ST Yanshi and Yingjia Grape Wine experiencing drops of over 45% and 24% respectively [7] - Despite some companies like Moutai engaging in share buybacks, the overall performance of liquor companies has been weak, with many reporting declines in net profit compared to the previous year [6][8] Group 3 - In the first quarter of 2025, Moutai reported a net profit of 26.847 billion RMB, a year-on-year increase of 11.56%, while several other liquor companies faced declines in net profit [8][10] - The majority of liquor companies reported lower year-on-year growth rates in net profit for Q1 2025 compared to Q1 2024, indicating a clear sign of fatigue in the industry [10] - Recent leadership changes at companies like Yanghe and Jinzhu Wine have raised concerns among investors, reflecting the challenges faced by these firms in a declining market [12] Group 4 - Despite the current challenges, institutions remain cautiously optimistic about the future of liquor stocks, suggesting that leading brands with strong organizational advantages may navigate through the downturn [13] - Analysts predict that the overall demand for the liquor industry may remain under pressure in the second half of 2025, but there is potential for recovery as companies adapt and innovate [14] - Recommendations include focusing on high-quality leading brands and undervalued companies with potential for growth, as the liquor sector is currently at a low valuation [14][15]