中国白酒行业正经历一场由消费代际更迭驱动的深刻变革。年轻消费群体崛起让"年轻化"战略转型从曾 经的行业议题逐渐转变为各大酒企的集体行动。记者注意到，茅台、五粮液等头部酒企以及区域强势品 牌，纷纷通过产品低度化、营销数字化等方式，积极探索与年轻消费者的对话路径，着力掘金超700亿 元的低度酒市场。 贵州茅台公司董事王莉强调，果酒行业增速明显，市场潜力持续释放，消费者对低度、多元口感饮品的 偏好与果酒行业创新能力的双重驱动，为市场参与者提供了广阔的发展空间；"悠蜜"自身优势显著，品 牌底蕴持续凸显，拥有茅台品牌、渠道赋能、丹寨蓝莓生态原料、全产业链及助农等优势。 营销创新：重建品牌情感纽带 不过，白酒行业内也有部分专业人士认为，"唯低度化"并非万能钥匙。在口感革新之外，情感认知与文 化共鸣同样是连接年轻群体的关键。随着消费习惯变迁，传统的酒桌文化对年轻人的吸引力逐渐变弱， 如何有效进行营销方式创新，重新与新一代消费群体建立起情感链接，成为白酒行业转型破局的重点。 消费变革："年轻化"已成必答题 中国酒业协会发布的《2025中国白酒酒业市场中期研究报告》指出，随着年轻消费群体的崛起，白酒行 业的消费结构正在悄然发生 ...

不刻意追求开门红，更在乎国窖1573的品牌价值和价格体系稳定的泸州老窖，在白酒周期调整的大背景下，顺势而为。 其以"双品牌、三品系、大单品"构建起多元产品矩阵，并积极探索年轻化、低度化，扩展场景化布局。由此，凭借多措并举下构建起的品牌护城河与长期价 值，于财经网主办的2025年度新消费·新经济评选中，荣获"年度行业领军企业"的殊荣。 强高端引领 2025年，是"十四五"收官之年。在这一关键节点，泸州老窖围绕"蓄势攻坚，精耕细作稳增长；顺势而为，改革创新谋发展"的年度发展主题，推动高质量发 展，业绩稳中求进。 "泸州老窖走的是一条'稳'和'实'的路，'稳'是稳住当前的良好发展态势，'实'是实事求是，措施得力。"今年6月的股东大会上，泸州老窖董事长刘淼表示。 落子年轻化 随着消费需求升级和消费场景变化，白酒正从过去的社交属性，回到生活情感属性，85后、90后等成为未来最具潜力的消费群体。 瞄准这一趋势，今年，头部酒企纷纷推出低度产品，落子年轻化。而泸州老窖早在低度化、年轻化领域深耕多年，掌握先发优势。 38度国窖1573是行业内首个百亿级的低度酒大单品，已成为国窖品牌的重要组成。 同时，低度酒打破了高度白酒与特定 ...

编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 当29度的五粮液在两个月内销售额突破1亿元，当泸州老窖宣布28度的国窖1573研发成功，当古井贡酒 推出"轻度古20"切入微醺场景——2025年的中国白酒行业，正以前所未有的集体姿态，涌向"低度化"这 条赛道。这一年里，低度白酒正从边缘尝试走向主流竞争赛道。 层出不穷的低度白酒新品，以及各大酒企的低度化转型，既是消费代际更迭下的必然选择，也是行业在 库存高企、增长放缓背景中的主动突围。然而，降低酒精度真的能叩开年轻消费者的心门吗？在这场关 乎行业未来的"降度"实验中，白酒企业面临的远不止口感调整这般简单。 ...

Core Viewpoint - The performance of Jiu Gui Jiu under the leadership of Cheng Jun has been disappointing, with significant declines in revenue and profit, indicating ongoing struggles to reverse the company's fortunes [2][4][6]. Financial Performance - In the first three quarters of 2025, Jiu Gui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of 10 million yuan, down 117.36% year-on-year [2][4]. - The company's revenue dropped to 2.83 billion yuan in 2023, a decrease of 30.14%, and further fell to 1.423 billion yuan in 2024, with net profit plummeting by 97.72% to approximately 12.49 million yuan [6][8]. - The core product lines, including Neican and Jiu Gui, have seen significant revenue declines of 67.06% and 49.32% respectively, with only the Xiangquan line showing growth, albeit at a minimal contribution to overall revenue [6][8]. Product Development and Market Response - Cheng Jun has been pushing for a younger product lineup, including lower-alcohol options, but many of these products are still in development, with market feedback reportedly not favorable [3][5]. - The introduction of the "Freedom Love" sparkling wine has not met expectations, with reports of low sales and limited availability, indicating a lack of market traction [4][5]. - Comparatively, competitors like Wuliangye have successfully launched new products that achieved significant sales shortly after release, highlighting Jiu Gui Jiu's lag in product development and market responsiveness [5][6]. Management Changes - The company has experienced frequent leadership changes, with Cheng Jun taking over as general manager after a series of resignations, including former chairman Wang Hao and sales head Wang Zhe [7][8]. - The rapid turnover in management positions reflects the challenges the company faces in stabilizing its operations and reversing its declining performance [7][8].

Core Viewpoint - The performance of Jiu Gui Jiu under the leadership of Cheng Jun has been disappointing, with significant declines in revenue and net profit over the past year, indicating ongoing struggles for the company to reverse its fortunes [1][3][5]. Financial Performance - In the first three quarters of 2025, Jiu Gui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of only 10 million yuan, down 117.36% year-on-year [1][3][5]. - The company's revenue dropped to 2.83 billion yuan in 2023, a decrease of 30.14%, and further fell to 1.423 billion yuan in 2024, with net profit plummeting by 97.72% to approximately 12.49 million yuan [5][6]. Product Development and Market Strategy - Cheng Jun has been pushing for a younger demographic by developing lower-alcohol products, but many of these products are still in the research phase, leading to delays in market launch [2][4]. - The introduction of the sparkling wine "Jiu Gui Zi You Ai" has not met expectations, with reports of low sales and limited availability, indicating a lack of market traction [3][4]. Management Changes - The company has experienced frequent changes in leadership, with multiple high-level executives resigning within a year, which is unusual in the liquor industry [6][7]. - Cheng Jun, who took over as general manager, has struggled to deliver positive results, raising concerns about his ability to lead the company out of its current challenges [7].

Core Viewpoint - The article discusses the ongoing struggles of Jiu Gui Jiu under the leadership of Cheng Jun, highlighting significant declines in revenue and profit, as well as challenges in product innovation and market acceptance [2][12][13]. Financial Performance - In the first three quarters of 2025, Jiu Gui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of 10 million yuan, down 117.36% year-on-year [2][13]. - The company's revenue has been on a downward trend since 2022, with a drop to 2.83 billion yuan in 2023 (down 30.14%) and further to 1.423 billion yuan in 2024 [12][13]. Product Development and Market Response - Cheng Jun has been pushing for a younger product line, including low-alcohol and sparkling wines, but many of these products are still in development and have not yet been launched [3][8]. - The introduction of the "Jiu Gui Zi You Ai" product, which initially saw high demand, has cooled significantly, with reports of limited availability and a drop in online sales [6][10]. Management Changes - The company has experienced frequent leadership changes, with Cheng Jun taking over as general manager after a series of resignations among top executives, including the chairman and sales director [16][19]. - The rapid turnover in management is unusual in the industry and reflects the company's ongoing challenges in stabilizing its operations and performance [16][19]. Competitive Landscape - Jiu Gui Jiu's attempts to capture the younger consumer market have lagged behind competitors like Wu Liang Ye, which successfully launched a new product that achieved over 100 million yuan in sales within two months [8][12]. - The company's core product lines, including "Nei Can" and "Jiu Gui," have seen significant revenue declines, with drops of 67.06% and 49.32% respectively [15].

Core Insights - The replacement of the iconic Feitian Moutai with "Youmi" blueberry juice at the Moutai annual shareholders' meeting symbolizes a significant shift in the liquor industry [1] Industry Overview - The China Alcoholic Drinks Association reported that the national liquor production in Q1 2025 was 1.032 million kiloliters, a year-on-year decrease of 7.2%. This is significantly lower than the peak production of 13.584 million kiloliters in 2016, indicating a decline of over two-thirds in production capacity [3] - The average inventory turnover days for the liquor industry reached 900 days in the first half of 2025, an increase of 10% year-on-year, suggesting that companies require nearly two and a half years to clear their inventory [3] - Approximately 60% of companies are facing price inversion, particularly in the 800-1500 RMB price range, with Moutai 1935's price halving to around 500 RMB, and core products from Junpin Xijiu and Zhen San Shi dropping to 680 RMB and 675 RMB respectively [3] Consumer Behavior - The traditional drinking culture is perceived as a burden by younger consumers, who prefer lighter, more personalized social interactions rather than the heavy drinking associated with business and formal occasions [6] - Modern young consumers are more health-conscious and tend to favor affordable products priced below 100 RMB, contrasting with the liquor industry's focus on high-end products priced between 300-500 RMB [6] Industry Response - In response to changing consumer preferences, the liquor industry is undergoing a "youthful breakthrough," with major brands like Moutai and Wuliangye launching lower-alcohol products and smaller, portable packaging to appeal to younger audiences [7] - New product categories such as fruit wines and sparkling wines are being introduced to lower the barriers for young consumers to try these beverages [7] Future Outlook - The shift from Feitian Moutai to blueberry juice at the shareholders' meeting represents a turning point for the industry, which has faced eight consecutive years of production decline and a 7.2% year-on-year drop [9] - Companies that understand and innovate according to the needs of younger consumers are likely to emerge successfully from this industry reshuffle, as emphasized by Moutai's chairman, who noted that "youthfulness is not merely following trends but respecting the differences among consumers of various ages" [9]

Core Viewpoint - The company, JiuGui Jiu, has been struggling under the leadership of Cheng Jun, with significant declines in revenue and profit over the past year, indicating ongoing challenges in reversing its financial situation [2][9]. Financial Performance - In the first three quarters of 2025, JiuGui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of 10 million yuan, down 117.36% year-on-year [4][9]. - The company's revenue has seen a drastic drop from 4.05 billion yuan in 2022 to 2.83 billion yuan in 2023, a decrease of 30.14%, and further down to 1.423 billion yuan in 2024, representing a nearly 50% reduction [6][12]. Product Development and Market Strategy - Cheng Jun has been pushing for a younger demographic by developing lower-alcohol products, but many of these products are still in the research phase, causing delays in market entry [3][6]. - The company has introduced a new sparkling wine product, "Xiao Cher Gui," but it has reportedly faced poor sales, with only 101 units sold online and limited availability in physical stores [8][11]. Leadership Changes - The company has experienced frequent leadership changes, with the resignation of key figures such as former chairman Wang Hao and former general manager Zheng Yi, indicating instability within the management [12][14]. - Cheng Jun, who took over as general manager, has not yet demonstrated the ability to turn around the company's fortunes within a year [14].

Core Viewpoint - The performance of JiuGui Jiu has significantly declined under the leadership of Cheng Jun, with revenue and net profit showing substantial year-on-year decreases, indicating ongoing struggles to reverse the company's fortunes [2][9][24]. Financial Performance - In the first three quarters of 2025, JiuGui Jiu reported revenue of 760 million yuan, a year-on-year decline of 36.21%, and a net profit of 10 million yuan, down 117.36% year-on-year [2][9][24]. - The company's revenue dropped to 2.83 billion yuan in 2023, a decrease of 30.14%, and further fell to 1.423 billion yuan in 2024, with net profit plummeting by 97.72% to approximately 12.49 million yuan [8][12][24]. Product Development and Market Strategy - Cheng Jun has been promoting a younger demographic strategy, including the development of lower-alcohol products (33°, 28°, 21°, and 18°), but many of these products have not yet been launched due to poor market feedback [3][18][21]. - The introduction of the "Xiao Cher Gui" sparkling wine has faced challenges, with low sales (only 101 units sold online) and limited availability in retail channels [8][23]. Competitive Landscape - JiuGui Jiu's core product lines, including Neican and JiuGui Hongtan, have seen significant revenue declines of 67.06% and 49.32% respectively, while only the Xiangquan line showed growth, albeit at a small scale [11][26]. - The company struggles to compete with leading brands like Moutai and Wuliangye, which have stronger brand recognition and consumer loyalty [11][26]. Management Changes - The company has experienced frequent leadership changes, with key figures like former Chairman Wang Hao and former Sales Vice President Wang Zhe resigning within a year, indicating instability in management [12][13][27]. - Cheng Jun, who took over as General Manager, has not yet demonstrated the ability to turn around the company's fortunes after a year in charge [15][29].

【导读】白酒2025："深水区"探底与价值回归 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展望2026年股市机会 和基金行业发展前景，以飨读者。 中国基金报记者 郑俊婷 "当下白酒行业过得不容易'有目共睹'，这一现状与白酒发展模式的快速转变有关。"在12月初举办的2025汾酒全球经销商大会上，山西汾酒董事长袁清茂 的一句话，道出了无数从业者的心声。 2025年，白酒行业在深度调整中持续"探底"。受宏观政策与消费需求收缩双重冲击，行业面临价格体系、市场结构与经营信心的多重考验。这不仅体现在 名优白酒批价接连"失守"重要关口，更表现为部分中小酒企罕见"爆雷"。同时，从区域酒企到头部酒企，频繁的高层人事更迭也映射出企业面对转型压力 的焦灼。 面对挑战，主流酒企正展现出反思的态度和积极应变的姿态，从被动承压转向主动破局。价格层面，多家头部企业果断收紧投放节奏，强化市场秩序管 控，严守价格生命线，稳定市场信心。产品层面，低度化、高质价比成为关键词和潮流。营销层面，品牌纷纷告别过往的"爹味说教"式营销，转向年轻 化、交互式沟通，重塑情 ...