文丨酒食汇团队 近期，酒业的"暴雷"新闻可谓一个接一个，潭酒陷兑付风波、无忧酒业陷6255万元执行风波、山东扳倒井560吨原酒被法拍……给本就深陷调整期的白酒 行业蒙上一层阴霾。 另据中国酒业协会发布的《2025中国白酒市场中期研究报告》显示，2025年上半年规模以上白酒企业数量只剩887家，同比少了100多家。可以预见，还将 有更多的酒企会被淘汰。 酒企接连"暴雷"，泡沫正在一步步破灭 上市酒企的业绩只是浮在上面的，更多没有披露业绩的酒企更是暗藏危机，而且这些危机也逐渐浮现，"雷"声不断。 11月10日，网上曝出大批潭酒经销商在仙潭酒厂大门口聚集，并拉起"仙潭酒厂还我们血汗钱；仙潭酒厂涉嫌诈骗经销商"的横幅，向厂家讨要说法。后面 潭酒发布《致仙潭老潭酒经销商伙伴的公开致歉与问题解决承诺书》，表示公司经营状况一切正常，只是局部运营环节的疏漏，并表示将解决问题。 11月22日，企查查显示，贵州省遵义市仁怀市人民法院于11月21日立案，并向贵州无忧酒业（集团）有限公司发出（2025）黔0382执4787号—4792号文书 （共6份连续执行文书），执行标的合计6255.51万元。 11月24日，阿里法拍网显示，山东 ...

Core Viewpoint - The Chinese liquor industry is experiencing significant polarization, with major players like Moutai thriving while others, such as Jinzhongzi, face severe losses, indicating a challenging market environment for many companies [1][8]. Industry Overview - The white liquor industry is undergoing accelerated differentiation, with 21 listed liquor companies showing mixed results: 6 companies are struggling to grow, 14 are experiencing declines, and 3 are nearing losses [3]. - The average inventory turnover days in the liquor industry have reached 900 days, indicating a significant inventory pressure on distributors [12]. Company Performance - Moutai reported a revenue of 893.89 billion with a net profit of 454.03 billion, showing a year-on-year growth of 8.89% [5][6]. - Gujing Gongjiu achieved a revenue of 138.8 billion, with a 0.54% increase in net profit to 36.62 billion, largely due to its online sales strategy [6][24]. - Jinzhongzi reported a loss of 72 million, with a staggering year-on-year decline of 750.54% [8][19]. - Other companies like Jiugui Jiu and Yanghe experienced significant revenue declines of 43.54% and 35.32%, respectively [6][19]. Market Trends - The introduction of new regulations limiting alcohol consumption in government settings has drastically reduced the share of business banquet wines from 35% to 18%, impacting high-end liquor sales [19]. - There is a growing consumer preference for lower-priced, simpler packaging products, leading to a rise in sales of light bottle wines priced between 60-80 yuan [21][24]. - Companies are innovating their product lines, with some introducing herbal liquors and health-oriented products to attract younger consumers [22][27]. Strategic Responses - Moutai is leveraging its by-products for new revenue streams, converting waste into organic fertilizers and biogas [15][17]. - Gujing Gongjiu's online sales have surged by 40.19%, demonstrating the effectiveness of digital marketing strategies during this downturn [24]. - Companies are focusing on channel innovation and deepening market penetration to maintain resilience amid industry adjustments [24][26].

Core Viewpoint - The Chinese liquor industry is currently in a downward trend, with many companies experiencing significant declines in performance, indicating a challenging market environment [1][5][8]. Financial Performance Summary - Among 21 listed liquor companies, 15 reported a decline in performance in the first half of the year, while only 6 maintained positive growth, including leading brands like Kweichow Moutai, Wuliangye, and Shanxi Fenjiu [1][2]. - Kweichow Moutai reported a revenue of 89.39 billion yuan, with a year-on-year growth of 9.16%, and a net profit of 45.40 billion yuan, growing by 8.89% [2]. - Shanxi Fenjiu and Wuliangye also showed growth, but many other companies, especially in the lower tiers, faced significant declines, with some experiencing drops over 20% [2][4]. Market Dynamics - The second quarter saw 17 out of 21 liquor companies report revenue declines, with half of them experiencing drops exceeding 20% [4][5]. - The overall market is undergoing a reshuffling, with leading brands maintaining their positions while others struggle to keep up [8][10]. - The industry is witnessing a trend where competitive advantages are increasingly concentrated among top brands, leading to a significant market reshuffle [12][19]. Future Outlook - Analysts suggest that unless there is a rapid market recovery in the third quarter, most liquor companies are unlikely to see unexpected growth in the latter half of the year [7][15]. - There is speculation that the upcoming Mid-Autumn and National Day festivals could provide a window for price stabilization and potential recovery for leading brands [14][18]. - The current market conditions may lead to a prolonged adjustment period, with some experts predicting a U-shaped recovery by late 2026 [16][20].