以下文章来源于凤凰网财经 ，作者风暴眼 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ "已经没有利润了，还怕失去经销权吗？" 文 ｜ 风暴眼 来源｜ 凤凰网财经(ID：finance_ifeng) 封面来源 ｜ IC photo "已经没有利润了，还怕失去经销权吗？" 白酒经销商赵照对凤凰网《风暴眼》直言不讳，他已经没法继续向品牌方打款。 接待室外是他开的一家烟酒门店，面积约两百平米。虽然才下午两三点，店里没什么客人，没开灯，有些昏暗。当天下午，店里唯一一次亮灯，是因为他 的妻子正在会见一个抖音流量运营团队——三四个月前，公司缩减开支后，妻子来帮忙，正从头学着做短视频推广。 赵照还在犹豫要不要大力做线上，他对这一领域并不熟悉，但眼下，似乎已别无选择。 专做某地方区域酒的经销商刘洋对凤凰网《风暴眼》讲了个玩笑，有朋友要求按他的"进货价"来买酒，他反问，"你确定？本来准备卖你400的，按我进货 价，得500。" 头部知名白酒的经销商日子也不好过。 "每天睁眼就是亏钱" ，从业十多年的经销商张国强 ...

Core Insights - The white liquor industry is facing significant challenges, with many distributors reporting severe financial losses and cash flow issues due to market saturation and price inversion [3][4][5] - A majority of distributors are struggling to maintain profitability, with over 50% reporting worsening price inversions and more than 40% facing cash flow pressures [3][4] - The relationship between manufacturers and distributors is becoming increasingly strained, as distributors are pressured to make payments for inventory that is rapidly losing value [5][6] Market Conditions - In Q3 2025, 18 out of 20 listed liquor companies reported declining profits, with some experiencing net profit drops exceeding 90% [3] - The market is described as overly saturated, leading to significant price inversions where distributors are forced to sell products at prices lower than their purchase costs [4][5] - Distributors are experiencing a "snowball effect" where the value of their inventory decreases with each new payment made to manufacturers [18][19] Distributor Challenges - Many distributors are reporting that they are unable to sell inventory at profitable prices, with some stating that they are losing money on every sale [4][17] - The pressure to maintain sales volumes is leading to drastic cost-cutting measures, including reducing staff and operational expenses [9][10] - There is a growing trend of distributors considering online sales, but uncertainty about the effectiveness and costs associated with digital marketing remains a concern [9][10] Consumer Behavior - Changes in consumer preferences, particularly among younger demographics, are impacting demand for traditional white liquor, leading to fears about the industry's future [6][11] - The perception of drinking culture is shifting, with younger consumers viewing alcohol consumption as less essential compared to previous generations [11][12] - Distributors believe that the current decline in consumption is temporary and that demand will rebound as younger consumers mature and enter professional environments [21] Financial Outlook - Many distributors are projecting significant losses for the year, with estimates of losses reaching into the millions for some [3][17] - The financial strain is leading to a reevaluation of inventory management and sales strategies, with some distributors opting to reduce their purchase volumes from manufacturers [18][19] - The industry is experiencing a critical juncture where maintaining cash flow and managing inventory effectively are paramount for survival [18][19]

Core Viewpoint - The white liquor industry is facing significant challenges, with many distributors reporting severe financial losses and market saturation, leading to a shift in the relationship between distributors and manufacturers [5][7][21]. Market Conditions - In Q3 2025, many liquor companies reported poor performance, with 18 out of 20 listed white liquor companies experiencing profit declines, some exceeding 90% [5]. - Over 50% of white liquor distributors reported worsening price inversions, and over 40% faced cash flow pressures [5]. - The market is saturated, with distributors struggling to sell inventory at prices higher than their purchase costs, leading to significant financial losses [5][10]. Distributor Challenges - Distributors are experiencing a "snowball effect" where the value of their inventory decreases with each new payment made to manufacturers, leading to increasing financial strain [21][22]. - Many distributors are reducing their operational scale, cutting staff, and moving to smaller offices to manage costs [12][18]. - The relationship between distributors and manufacturers is becoming strained, with some distributors losing their rights due to refusal to meet high purchase quotas [6][7]. Consumer Behavior - There is a perception that younger consumers are not drinking white liquor, although some distributors believe this is temporary and linked to age rather than a permanent trend [7][25]. - The drinking culture is changing, with fewer consumers viewing drinking as a social obligation, impacting sales [14][25]. Future Outlook - Despite current challenges, some distributors maintain optimism about the long-term viability of the industry, believing that as younger generations mature, they will appreciate the value of white liquor [25]. - The industry is expected to continue facing pressure from online sales and price competition, which may further complicate the market landscape [13][14].

Core Viewpoint - Crocs Inc. experienced a decline in sales of its namesake brand for the first time in five years, leading to a drop in share prices and expectations of continued sales decline as customer preferences shift [1] Company Summary - The footwear maker's sales decline marks a significant change in its performance trajectory, indicating potential challenges ahead for the brand [1] - The decline in sales is attributed to changing customer behaviors, suggesting a need for the company to adapt its strategies to maintain market relevance [1] Industry Summary - The footwear industry may be facing shifts in consumer preferences, which could impact sales for brands similar to Crocs Inc. [1] - The decline in sales for a leading brand like Crocs could signal broader trends within the industry that warrant close monitoring [1]

Core Viewpoint - Juewei Foods, once a leading brand in the snack industry, is facing significant challenges including declining performance, store closures, and legal repercussions, leading to its stock being labeled as ST (special treatment) due to undisclosed revenue issues [2][18][28]. Group 1: Financial and Legal Issues - Juewei Foods received a notice from the Hunan Securities Regulatory Commission regarding administrative penalties for failing to accurately disclose revenue from 2017 to 2021, resulting in a fine of 4 million yuan [2][12]. - The company's stock was suspended for one day and subsequently received a risk warning, changing its A-share abbreviation to "ST Juewei" [2][12]. - The company reported a significant drop in net profit by 40.71% in the first half of 2025, with revenue declining by 15.57% [18][19]. Group 2: Revenue Recognition Problems - The company has been accused of underreporting revenue related to franchise store renovation fees, which were not recognized according to regulations, leading to a significant understatement of reported income [8][11]. - The unreported revenue as a percentage of total disclosed revenue from 2017 to 2021 was 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively, indicating a systematic issue over several years [8][12]. Group 3: Market and Operational Challenges - Juewei Foods has seen a drastic reduction in store numbers, closing over 5,000 stores in a year and a half, representing a 32.3% decrease from its peak [23][24]. - The overall snack industry is experiencing stagnation, with major players reporting a collective revenue decline of over 10% in the first half of 2025 [22][27]. - The company's profitability is under pressure, with both gross and net profit margins declining significantly, particularly a net profit margin drop of over 31% [22][28].