Core Viewpoint - The Chinese liquor industry is undergoing a significant adjustment, with high-end liquor prices declining and companies shifting their strategies to stabilize prices and adapt to changing consumer behaviors [4][10][11]. Group 1: Market Dynamics - The demand for high-end liquor has decreased, with a shift from traditional gifting consumption to more personal consumption, leading to a reduction in sales of premium products [5][6]. - The price of 53-degree 500ml Flying Moutai has fluctuated significantly, dropping to around 1495 yuan per bottle, prompting the company to implement quantity control measures to stabilize market expectations [3][8]. - The overall liquor market is experiencing a price decline, with major brands like Wuliangye and Fenjiu also seeing price reductions compared to the previous year [9][10]. Group 2: Financial Performance - In the first three quarters of the year, the liquor sector's 19 listed companies reported a total revenue of 317.74 billion yuan, a year-on-year decrease of 5.85%, and a net profit of 122.68 billion yuan, down 6.90% [14]. - The average return on equity (ROE) for the sector fell to 19.77%, a decrease of 2.84 percentage points from the previous year, indicating pressure on profitability [14]. - The stock performance of the liquor sector has been weak, with a cumulative decline of 13.76% for the liquor index in 2025, resulting in a market capitalization reduction of approximately 404 billion yuan [14][15]. Group 3: Strategic Adjustments - Companies are focusing on reducing burdens on distributors and shifting marketing strategies to be more consumer-centric, moving away from traditional distribution methods [17][18]. - Major liquor companies are streamlining their distribution channels, with a net reduction of 1,701 distributors among 20 listed companies in the first half of 2025 [18]. - The concept of a "shared destiny" between manufacturers and distributors is being emphasized, with calls for shared pricing power and responsibilities to ensure sustainable partnerships [18].

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 每经评论员 杜恒峰 岁末本是白酒消费旺季，如今整个行业却被价格集体下行的寒意笼罩。作为行业"天花板"，高端白酒价 格走弱让这股寒意显得格外刺骨——第三方监测数据显示，飞天茅台散瓶批价一度跌破1499元/瓶的官 方指导价，第八代52度五粮液批价一度下探至850元/瓶，与1019元/瓶的出厂价形成明显倒挂。 行业积弊首先体现在渠道体系的结构性缺陷上。在传统金字塔式销售模式中，品牌位于顶端，各级代理 层层下沉，利润也随之逐级递减。销售政策以白酒企业的账面销量或营收为核心，返利机制更多是鼓励 渠道多拿货而非推动终端动销，这导致大量库存淤积在流通环节，形成了"厂家压货-渠道囤货-价格失 真"的恶性循环，甚至连酒企自身都难以掌握真实的库存规模。 其次是行业普遍存在的"囚徒困境"。白酒行业缺乏准入门槛，属于充分竞争领域，但消费群体规模相对 固定。在此背景下，各家酒企都倾向于通过扩大产能抢占市场份额，没有企业愿意率先控制产量，唯恐 市场被竞争对手蚕食。然而，产量的无序扩张必然会传导至价格端。 最后是目标的短视。头部酒企多为上市公司，市值维护与分红压力倒逼企业追求短期营 ...

当前酒企推行的控量让利举措，虽能暂时缓解供需失衡、稳定渠道信心，却终究只是权宜之计。单纯的 价格保卫战无法触及问题核心，局部性的调整修补也难以推动行业实现平稳着陆。唯有通过精准施策破 除长期积弊，方能真正引领行业走出周期低谷。 岁末本是白酒消费旺季，如今整个行业却被价格集体下行的寒意笼罩。作为行业"天花板"，高端白酒价 格走弱让这股寒意显得格外刺骨——第三方监测数据显示，飞天茅台散瓶批价一度跌破1499元/瓶的官 方指导价，第八代52度五粮液（000858）批价一度下探至850元/瓶，与1019元/瓶的出厂价形成明显倒 挂。 面对价格困局，以茅台、五粮液为首的头部酒企率先打响价格保卫战并已显现初步成效。茅台控量消息 传开后，飞天茅台原箱价格一度回升至1600元/瓶，散瓶价格也达到1580元/瓶，带动白酒板块于近期企 稳。不过需要注意的是，这更多是短期供给调控带来的局部修复，终端动销疲软、渠道库存高企的核心 矛盾并未得到解决。 当前的价格保卫战仍处于初期阶段，最终能否见效仍是未知数。核心原因在于白酒行业积弊深重，且这 种积弊并非仅限于二三线品牌，而是贯穿超一线到区域品牌的普遍现象。叠加消费群体迭代、核心消费 场 ...