在存量竞争的白酒市场，一场由巨头引领的营销革命正悄然上演。 近日，南都湾财社记者从五粮液（000858·SZ）内部获悉，29度五粮液·一见倾心正在展开"裂变"的销售 系统。所谓"裂变"，即消费者通过扫描"推荐官"码审核后，即可生成专属推广二维码，推荐他人下单购 买可获得现金奖励。 这一模式被业内视为白酒品牌在年轻化转型与营销创新上的又一突破。酒业分析师蔡学飞对南都湾财社 记者表示，一见倾心产品定位"悦己"和"轻社交"，目标客群是习惯于社交媒体分享的年轻人，传统的层 层分销渠道难以高效对话并激发其共鸣，而裂变模式实质是将广告预算转化为用户激励，利用社交圈层 传播，这不仅降低了市场教育成本，更将销售转化为带有情感背书的分享，使品牌更快地融入年轻圈 层，完成从"父辈的酒"到"我的酒"的身份转变。 五粮液一见倾心。南都湾财社记者摄 低度酒"社交裂变"，从明星到"全民推荐官" 面对年轻消费群体逐渐成为市场主力，五粮液今年以来持续押注低度酒赛道。五粮液·一见倾心8月份上 市以来，品牌方先是邀请歌手邓紫棋担任代言人，以明星影响力触达年轻受众；如今，又推出"裂变"销 售系统进一步将营销重心转向"社交驱动"。 五粮液的"狠招" ...

Core Viewpoint - The liquor industry, particularly the leading company Wuliangye, is undergoing a significant adjustment period, facing unprecedented challenges and a slowdown in growth, with 2024 showing only single-digit increases in revenue and net profit [1][2][4]. Financial Performance - In 2024, Wuliangye achieved revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% [1]. - The first quarter of 2025 saw revenue of 36.94 billion yuan, growing 6.05%, and net profit of 14.86 billion yuan, increasing 5.80% [1]. - The company's revenue growth has reached historical lows, failing to meet the initial double-digit growth targets [1][2]. Market Position and Competition - Wuliangye's performance is lagging behind its competitor Moutai, which reported revenue of 170.899 billion yuan in 2024, with a growth rate of 15.71%, nearly double that of Wuliangye [4]. - The net profit margin for Wuliangye in 2024 was 37.22%, down 0.63 percentage points, while the sales expense ratio increased significantly to 11.99% [4]. Investor Sentiment - Institutional holding in Wuliangye has decreased from 79.26% in 2020 to 73.52% in the first three quarters of 2024, indicating cautious sentiment among professional investors [4]. - The company's market capitalization has dropped by over 500 billion yuan from its peak four years ago, with a current price-to-earnings ratio of around 15 times, significantly lower than its peers [4]. Dividend Policy - Wuliangye announced a record cash dividend of 22.3 billion yuan for 2024, with a payout ratio of 70%, exceeding the average A-share dividend rate of 30% [5]. - Despite the high dividend, market reaction has been muted, with the stock price remaining low [5]. Product and Channel Challenges - Wuliangye faces challenges in product structure and pricing, with a significant increase in promotional expenses, which rose by 49% to 6.76 billion yuan [4][6]. - The company reported a 5.99% increase in revenue from its distribution channels and a 12.89% increase from direct sales channels in 2024 [9]. Inventory and Supply Issues - As of the end of 2024, Wuliangye's inventory reached 18.23 billion yuan, a year-on-year increase of 4.86%, reflecting broader industry inventory challenges [9][11]. - The overall inventory crisis in the liquor industry has surpassed 1 trillion yuan, with significant overproduction issues [11]. Strategic Initiatives - Wuliangye has implemented a "only reduce, not increase" strategy to stabilize pricing, which has shown some short-term success [12]. - The company is attempting to diversify its product offerings to attract younger consumers, but current revenue from these initiatives remains low [14]. Future Outlook - The liquor industry is transitioning from "scale expansion" to "value cultivation," with Wuliangye's challenges reflecting broader structural adjustments within the industry [17]. - The company holds significant cash reserves and a commitment to dividends, providing a buffer for its transformation efforts [18].