在成为国人集体学习的标杆之前，泰国商业曾经有一段黑色记忆。 1997年夏天，泰国币值暴跌后的第二周，湄南河畔一座正在施工的49层高楼突然停工。工人撤离，塔吊停在半空，脚手架裸露在烈日下。那座楼叫 Sathorn Unique Tower，后来被全世界称为——"曼谷鬼楼"。 这栋鬼楼如今成为了曼谷的"都市探险目的地" | 来源：daxward.com 之后的十多年里，一批如今耳熟能详的项目因此而诞生：Siam Discovery、Siam Scape、The Commons、Central Park…… 他们把废弃资产、闲置地块、甚至是问题项目，重新激活为了极富魅力的社区商业与公共空间，成为全球存量商业改造的标杆。 而在今天的中国，存量商业的改造，也愈益成为行业关注的焦点。 闲置之殇：结构性过剩的去化困境 当前，国内商业不动产市场正经历深刻的格局重塑 ——严重的结构性过剩，已然成为中国商业地产必须直面的 "成长阵痛"。 即使在地产开发已经大规模降速的这今年，根据万商俱乐部统计的数据，全国规模以上的购物中心的数量，还是从2022年初的5,851座，上升到了2024年 末的7,245座，平均每年新增超400座。 而 ...

Group 1: Performance Overview - The performance of Pian Zai Huang has significantly declined, with a 11.93% drop in revenue and a 20.74% decrease in net profit for the first three quarters of 2025, marking the worst performance in a decade [3][4] - In contrast, Moutai has shown resilience, achieving an 8.09% increase in revenue and an 8.88% rise in net profit during the same period, maintaining a solid growth trajectory despite industry pressures [12][13] Group 2: Market Dynamics - Pian Zai Huang's stock price has plummeted from 473 yuan to 176 yuan, resulting in a market capitalization loss exceeding 200 billion yuan, while the company has underperformed the market by approximately 31% [4][7] - The price of Pian Zai Huang's core product has collapsed, with market prices dropping from 1600 yuan per piece in 2021 to around 400-500 yuan, leading to significant inventory accumulation [8][10] Group 3: Regional Performance - Revenue has declined across most regions for Pian Zai Huang, with only South China and Northwest regions showing slight growth, indicating a broader market contraction [9][11] - Moutai, however, has maintained its market leadership and brand loyalty, effectively navigating the challenges posed by declining prices and overall market conditions [16][18] Group 4: Consumer Behavior Changes - The decline of the "Old Deng Economy" has led to a significant reduction in traditional consumption scenarios, with a 23% drop in terminal opening rates and nearly 30% decrease in wedding and business banquet settings [20][22] - Younger consumers show a lack of interest in traditional high-end liquor and health products, with only 15% of Gen Z engaging in liquor consumption compared to 40% of older generations [22][23] Group 5: Future Strategies - Pian Zai Huang needs to refocus on its core pharmaceutical value, emphasizing clinical research and product innovation to adapt to market changes [25] - Moutai aims to balance its high-end positioning while expanding into broader consumer markets, enhancing its global presence and product offerings to meet diverse consumer needs [26]