茅台的价格，是经济消费的一面镜子 封面 I 豆包AI 作者I 李东阳 报道 I 李东阳朋友圈 谁是中国人心中最顶级的奢侈品，最通用的社交货币？ 答案各有千秋，但茅台一定是绕不开的选项。 所谓"万顷明珠一瓮收，君王到此也低头"，千百年来茅台在历史的长河中肆意流淌，其身份标签早已不再是一款普通的酒，而是人情世故的浓缩，金融产 品的内核。 | | 茅台飞天 | | 2025年11月17日 (公众号: 今日酒价) | | | --- | --- | --- | --- | --- | | 品名 | | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | | 53度/500ml | 1680 | 1680 | | 2 25年飞天(散) | | 53度/500ml | 1655 | 1655 | | 24年飞天(原) | | 53度/500ml | 1720 | 1720 | | 24年飞天(散) | | 53度/500ml | 1685 | 1685 | 图源：今日酒价 号称能理财、能抗通胀、永不下跌的神话市场第一硬通货茅台，价格还是崩盘了。 窥探下跌的原因，直接挂钩的就是经济。 正所谓茅台的价格，是经 ...

Core Insights - The 2025 (7th) Sohu Wine Industry Tasting Conference will be held on November 27 in Beijing, continuing a tradition that began in 2019 and evolved into a company-level brand project in 2021 [2][13] - The event will feature a diverse panel of experts from various fields, discussing key topics such as the youthfulness, internationalization, and trendiness of Chinese liquor [3][5] Event Details - The tasting event will include a "Beautiful Life Tasting Group" composed of industry leaders and influencers from sectors like culture, e-commerce, and sports [2][4] - Notable attendees include Sohu's founder Zhang Chaoyang, liquor industry leaders, and popular figures from social media platforms [5][6] Interactive Experience - The event will integrate online and offline experiences, including a "Sohu Market" for interactive engagement, aiming to break down barriers and showcase the multifaceted integration of liquor with contemporary life [2][7] - A variety of activities will be available, such as a 3-kilometer health run and a marketplace featuring unique exhibits and tastings [9][11] Industry Evolution - Sohu Wine Industry has established itself as a significant platform for dialogue and development in the liquor sector since its inception in 2018, hosting annual summits that adapt to industry trends [13][15] - The evolution of the conference format and themes reflects the changing landscape of the liquor industry, with a focus on cultural heritage and modern consumer preferences [14][16] Media Influence - Sohu, as a leading internet media group, leverages its platform to influence over 700 million internet users in China, promoting the values of credibility, authority, professionalism, and quality [17]

Core Insights - The launch of 29-degree Wuliangye "Yijian Qingxin" achieved over 100 million yuan in sales within 60 days, indicating strong market response and validating the company's strategy to target younger consumers with lower-alcohol products [1][3][6] Group 1: Product Innovation - The product's success is attributed to its low alcohol content and innovative packaging, which appeals to the younger demographic's preference for a "lightly intoxicated" experience [3][5] - Wuliangye utilized decades of low-alcohol technology to ensure the product maintains flavor despite the reduced alcohol content, achieving a smooth taste profile that resonates with young consumers [3][6] Group 2: Marketing Strategy - The collaboration with singer G.E.M. as a global ambassador effectively transformed the brand's image from a "business symbol" to an "emotional companion," enhancing engagement with the target audience [5][6] - The marketing approach includes breaking traditional distribution models by establishing an "online direct sales, e-commerce first" system, which incorporates a referral-based sales strategy that incentivizes consumers to promote the product [5][6] Group 3: Industry Trends - Major liquor companies are increasingly focusing on the low-alcohol market, with several brands launching similar products to cater to changing consumer preferences [6][8] - The low-alcohol market is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, indicating a significant shift in consumer behavior towards lower-alcohol beverages [8][9]

Core Insights - The core point of the news is that Wuliangye's strategic product "29° Wuliangye · A Heartfelt Encounter" achieved sales exceeding 100 million yuan within 60 days of its launch, reflecting the company's successful penetration into the young and low-alcohol market segment amidst a slowing overall liquor market [1][2]. Product Performance - "29° Wuliangye · A Heartfelt Encounter" sales surpassed 100 million yuan in just 60 days, indicating a strategic breakthrough in targeting younger consumers and aligning with their preferences for lower-alcohol beverages [1][2]. - The product's development involved over a hundred trials to ensure a smooth and light taste while retaining the rich flavor profile characteristic of Wuliangye, thus meeting the core demand of young consumers for a mild drinking experience [2][11]. Consumer Preferences - The product has been well-received for its unique flavor profile, described as "soft, smooth, and sweet," which aligns with the preferences of younger consumers who seek a less intense drinking experience [2][3]. - The aesthetic appeal of the product, including its elegant packaging and design, has resonated with young consumers, further enhancing its marketability and encouraging word-of-mouth promotion [3][11]. Marketing Strategy - Wuliangye's marketing strategy included appointing G.E.M. (Gloria Tang Tsz-Kwan) as the global ambassador for the product, which helped to effectively communicate the brand's youthful image [4][6]. - The brand engaged in innovative marketing tactics, such as sponsoring G.E.M.'s concert tours and creating interactive experiences through pop-up stores, which facilitated direct consumer engagement and enhanced brand visibility [4][6]. Channel Innovation - The sales strategy for "29° Wuliangye · A Heartfelt Encounter" emphasizes an "online direct sales, e-commerce first" model, moving away from traditional offline distribution channels to better reach young consumers [8][10]. - The product is available in various online formats, including a gift box and different bottle sizes, strategically priced between 300 to 400 yuan to appeal to the mid-to-high-end young consumer market [11][13]. Future Outlook - Wuliangye plans to continue its brand rejuvenation efforts by embracing new consumption trends and creating more cross-border innovations and cultural co-creation scenarios to further integrate into the lifestyles of younger consumers [13].

Core Viewpoint - The frequent leadership changes at Moutai reflect deeper issues within the Chinese liquor industry, which is facing significant challenges including declining market demand and changing consumer preferences [1][3][4] Group 1: Leadership Changes - Moutai has experienced four leadership changes in five years, with the latest being Chen Hua, who lacks experience in the liquor industry [1][3] - Each leader implemented various strategies, but short tenures hindered the continuity of these strategies, leading to confusion among distributors and consumers [3][4] Group 2: Industry Challenges - The liquor industry is suffering from a significant decline in demand due to economic downturns, which has reduced business-related drinking occasions and gift-giving [4][6] - Moutai's revenue growth of 9% in the first half of the year was misleading, as it was achieved through inventory control rather than genuine market demand [6][9] - Young consumers are not abandoning liquor; rather, the industry has failed to attract them due to a lack of appealing products and marketing strategies [6][7] Group 3: Market Dynamics - The industry is facing overcapacity and inflated prices, resulting from a decade of aggressive expansion that has led to a surplus of unsold inventory [7][9] - The price system has become unstable, with significant fluctuations causing uncertainty for both consumers and distributors [9][10] Group 4: Future Outlook - Despite current challenges, the liquor industry is expected to recover, with historical resilience during past economic downturns [9][10] - For recovery, Moutai and other industry leaders need to stabilize their strategies, engage younger consumers with relevant products, and align pricing with market conditions [10][12]

Core Insights - The article discusses how Fenjiu has successfully engaged with younger consumers by integrating its product into their lifestyle rather than merely altering its traditional image [1][4][5] - Fenjiu's collaboration with Zhitong Finance to produce the video series "Fenxiang Future: Youth Gravity" showcases the brand's understanding of contemporary youth culture and their preferences [1][6] Group 1: Understanding Young Consumers - Fenjiu has broken the traditional mold by creating experiences that resonate with young people's emotional needs and lifestyle scenarios, moving away from the "business entertainment" label [4][5] - The brand's approach includes a focus on casual drinking experiences, such as small gatherings and social events, which align with the preferences of younger consumers [4][5] - A report from the "Post-Wave Research Institute" indicates that Fenjiu is the only white liquor brand favored by young people, highlighting its unique position in the market [3] Group 2: Product Innovation and Market Strategy - Fenjiu has innovated by combining traditional liquor with cocktail culture, offering diverse flavors that appeal to younger consumers while maintaining its original essence [4][5] - The brand has actively engaged in cross-industry collaborations, such as partnerships with cafes and social media campaigns, to create immersive experiences that attract young audiences [5] - Fenjiu's long-term strategy includes direct interaction with young consumers through social media and experiential marketing, which has contributed to its growing popularity among this demographic [5][6]

Core Viewpoint - Luzhou Laojiao demonstrates strong resilience and growth potential during the "volume reduction and quality improvement" phase of the liquor industry, supported by a clear strategic focus and innovative approaches in low-alcohol, youth-oriented, and scenario-based developments [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, Luzhou Laojiao achieved revenue of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan, maintaining a net profit margin exceeding 46% [2][4]. - The company's high profitability is attributed to the continuous optimization of its product structure towards high-value categories, reflecting the successful implementation of its "dual brand, three product lines, and major single product" strategy [2][5]. Group 2: High-End Strategy - Luzhou Laojiao's high-end strategy has proven to be a core support for stabilizing its operational fundamentals, with its flagship brand, Guojiao 1573, maintaining a strong competitive position in the high-end market [2][3]. - The brand's value has been enhanced through cultural and sports IP initiatives, including the International Poetry and Wine Culture Conference and sponsorship of major sports events, which have helped to elevate its global brand image [3][4]. Group 3: Low-Alcohol Innovation - The company has recognized the trend towards low-alcohol consumption, launching the 38% vol Guojiao 1573 in 2001, which has now become the first low-alcohol product in the industry to exceed 10 billion yuan in sales [4][5]. - Luzhou Laojiao's long-term investment in low-alcohol brewing technology has created a competitive edge, allowing it to integrate traditional brewing techniques with modern technology [5][6]. Group 4: Youth Engagement and Scenario Innovation - The rise of younger consumers is reshaping the market, prompting Luzhou Laojiao to focus on product renewal and scenario reconstruction to connect with this demographic [6][7]. - The launch of the 2025 version of Luzhou Laojiao Erqu, positioned as a value-returning light bottle wine, aims to enhance quality recognition and consumer loyalty among younger audiences [6][7]. - Luzhou Laojiao has implemented immersive experiences and cultural events, such as the "Jiao Master Festival," to deepen consumer engagement and resonate with younger lifestyles [7].

Core Viewpoint - The growth logic of the liquor industry is shifting towards more resilient "value leadership" in the second half of 2025, as leading companies adjust their strategies to face challenges such as consumer segmentation and channel inventory [1] Group 1: Company Strategy - Luzhou Laojiao is actively optimizing channel health and stabilizing pricing through a series of proactive adjustments, showcasing its strategic determination and risk resistance [1][3] - The company is focusing on product innovation and brand storytelling while deepening consumer connections, aiming for a systematic transformation of the industry [1][6] - Luzhou Laojiao's strategic approach emphasizes long-term development quality over short-term scale growth, reflecting its vision as a traditional liquor brand [3][6] Group 2: Financial Performance - In the first three quarters of 2025, Luzhou Laojiao achieved revenue of 23.127 billion yuan and a net profit of 10.762 billion yuan, maintaining a steady performance [1] - The third quarter alone saw revenues of 6.674 billion yuan and a net profit of 3.099 billion yuan, indicating the company's resilience and strategic stability [1] Group 3: Market Positioning - Luzhou Laojiao is reinforcing its high-end positioning through a "dual brand, three product lines, and major single product" strategy, effectively enhancing its risk resistance [5] - The company is expanding its market reach through initiatives like the "Hundred Cities Plan" and "East China Strategy 2.0," improving regional penetration [5][8] Group 4: Innovation and Digital Transformation - Luzhou Laojiao is actively pursuing digital transformation, reconstructing its terminal sales ecosystem and enhancing inventory management efficiency through a "5-code association" system [5] - The company is also focusing on product customization and scenario-based services to create differentiated brand recognition and enhance user loyalty [5] Group 5: Youth Engagement and Brand Revitalization - Luzhou Laojiao is targeting younger consumers by breaking traditional boundaries, engaging in cultural events, and creating experiential marketing activities [11] - The company has successfully positioned its 38-degree Guojiao 1573 as a leading product in the low-alcohol market, achieving a scale of over 10 billion yuan [8] Group 6: Shareholder Returns and Market Outlook - Luzhou Laojiao announced a cash dividend of 6.759 billion yuan for 2024, with a commitment to progressively increase the dividend payout ratio in the following years [11] - Following the release of its third-quarter report, the company's stock price rose over 5%, reflecting market confidence in its resilience and growth prospects [11]

Core Insights - The launch of 29° Wuliangye "Yijianqingxin" achieved sales exceeding 100 million yuan within 60 days, indicating strong market recognition for Wuliangye's product innovation and a breakthrough in its strategy for youth and fashion [1][3][6] Group 1: Product Development - Wuliangye has successfully developed a product that meets the contemporary young consumers' demand for trendy and low-alcohol beverages, combining emotional value of "self-enjoyment" and "sharing" [3] - The product maintains a rich and harmonious base while being refined through numerous adjustments to achieve a smoother and lighter taste, catering to the preference for "mild intoxication" among young drinkers [3][6] - The design of the product incorporates elements of Eastern aesthetics and modern trends, inspired by "Qingqing Ziqin" from the "Book of Songs," featuring a "Sky Blue" color and a slender crystal bottle, appealing to young consumers [3] Group 2: Marketing Strategy - Wuliangye has shifted from traditional offline sales to an "online direct sales, e-commerce first" model, utilizing social media and interactive activities to enhance brand engagement [3][4] - The product is positioned in the price range of 300-400 yuan, balancing quality and affordability to attract younger demographics [3] - The collaboration with singer G.E.M. as a brand ambassador has significantly boosted product visibility through various promotional channels, achieving billions of views on related topics online [4] Group 3: Market Response - The primary sales channel for the product has been online direct sales, reflecting genuine consumer demand and indicating a successful entry into the "young white liquor" market segment [6] - Consumer feedback highlights the product's appealing aesthetics and taste, with many young buyers expressing a desire to collect it and use it creatively in social settings [6] - Industry experts note a shift in white liquor consumption towards "self-enjoyment" and "self-consumption," with Wuliangye effectively capturing this trend and providing a valuable reference for the industry [6] Group 4: Future Outlook - The success of the product serves as motivation for Wuliangye to continue exploring brand youthfulness and to create more innovative and culturally collaborative experiences for the younger generation [7]

Core Insights - The core argument of the article is that the Chinese liquor industry, particularly the baijiu sector, must shift its narrative from traditional ceremonial drinking to a more casual and relatable drinking experience that resonates with younger consumers [2][3]. Group 1: Changing Consumer Preferences - Young consumers are moving away from traditional drinking rituals and are seeking a more relaxed drinking experience that fits into their daily lives [2][3]. - The significance of drinking has shifted from social status and formalities to being a part of everyday moments, emphasizing the need for baijiu to adapt to these new contexts [2][4]. Group 2: Supply Chain Reconfiguration - The baijiu industry needs to rethink its supply chain to cater to both ceremonial and casual drinking occasions, focusing on lighter, more versatile flavors that can complement various foods [6][7]. - Brands must prioritize smaller, more frequent purchases and ensure that their products are suitable for casual settings, rather than just formal occasions [6][7]. Group 3: Marketing and Communication Strategies - The marketing approach should transition from grand narratives to "moment narratives," focusing on the context of consumption rather than the quantity consumed [7][9]. - Successful brands will be those that can create a stable "moment library" that connects specific drinking occasions with appropriate flavors and experiences [18][19]. Group 4: The Role of Flavor and Experience - The trend in the baijiu industry has shifted towards lighter flavors that are more appealing to younger consumers, allowing for better pairing with various cuisines [11][13]. - The concept of "good drinking" should be standardized, with clear product lines that cater to different drinking scenarios, enhancing the overall consumer experience [16][18]. Group 5: Long-term Brand Strategy - Brands like Fenjiu are redefining their role from mere storytellers to active participants in urban culture and the lives of young consumers, fostering a sense of community and shared experience [15][19]. - The focus on responsible drinking and creating a culture around moderation is essential for building trust and long-term relationships with consumers [15][19].