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。 气泡黄酒的案例，是黄酒年轻化的一次大胆实验，也是一面镜子：它验证了年轻消费者对低度、利口、 时尚化酒饮的需求，但也暴露了品牌渠道深耕不足与消费场景构建的短板。当"泡沫"散去，留下的思考 是：什么样的产品能够"长红"，且撑起黄酒年轻化的未来？ 2025年，在中国酒水行业深度调整的背景下，黄酒这一古老品类意外迎来高光时刻。会稽山凭借"气泡 黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超越古越龙山，引发行业广 泛关注。古越龙山也加速推出更多年轻化产品，同时与华润啤酒达成合作，推出首款联名 ...

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。 2025年，在中国酒水行业深度调整的背景下，黄酒这一古老品类意外迎来高光时刻。会稽山凭借"气泡 黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超越古越龙山，引发行业广 泛关注。古越龙山也加速推出更多年轻化产品，同时与华润啤酒达成合作，推出首款联名产品"越小 啤"。 然而，"气泡黄酒"的爆火仅如昙花一现，热度已经回落；"越小啤"刚推出不久前景未明。这一系列革 新，实则折射出黄酒行业在年轻化转型中的渴望与困惑。当流量褪去，传统黄酒企业究竟该如何打破地 域与年龄的壁垒，真正走进年轻消费者的 ...

如何让黄酒从"父辈的酒"真正成为"年轻人的潮饮"，是黄酒行业共同的目标。 近日，古越龙山（600059）正式聘任90后张磊光担任公司董事会秘书，公司官方公众号以推文肯定其丰 富的资本市场履历，将推动公司以更前沿的金融思维、更灵活的沟通方式和更开阔的产业视野，与新一 代投资者及市场伙伴构建对话。 但记者注意到，此次高管变更并未得到股民认可，有股民留言道"以为换个90后就能让年轻人喝酒了"， 引发市场热议。今年以来，古越龙山"年轻化"动作频频，市场真实反馈如何？黄酒能否成为"年轻人的 潮饮"？ 聘任年轻董秘引发热议 公开资料显示，张磊光历任浙江盘石信息技术股份有限公司董事长助理、证券事务代表；浙江核新同花 顺（300033）网络信息股份有限公司上市公司项目负责人（产品经理）；杭州博可生物科技股份有限公 司董事、董事会秘书。作为高管团队中最年轻的成员，张磊光职业轨迹横跨互联网营销、证券金融、大 健康、大消费四大核心赛道，这种"技术+产业+资本"的复合型背景，将为古越龙山公司战略升级、产 融结合及投资者关系管理注入全新动能。 事实上，对于单个高管的高度关注也映射出市场对古越龙山管理改革以及治理问题的潜在担忧。2025 ...

如何让黄酒从"父辈的酒"真正成为"年轻人的潮饮"，是黄酒行业共同的目标。（AI制图） 但记者注意到，此次高管变更并未得到股民认可，有股民留言道"以为换个90后就能让年轻人喝酒了"，引发 市场热议。今年以来，古越龙山"年轻化"动作频频，市场真实反馈如何？黄酒能否成为"年轻人的潮饮"？ 聘任年轻董秘引发热议 公开资料显示，张磊光历任浙江盘石信息技术股份有限公司董事长助理、证券事务代表；浙江核新同花顺网 络信息股份有限公司上市公司项目负责人（产品经理）；杭州博可生物科技股份有限公司董事、董事会秘 书。作为高管团队中最年轻的成员，张磊光职业轨迹横跨互联网营销、证券金融、大健康、大消费四大核心 赛道，这种"技术+产业+资本"的复合型背景，将为古越龙山公司战略升级、产融结合及投资者关系管理注入 全新动能。 事实上，对于单个高管的高度关注也映射出市场对古越龙山管理改革以及治理问题的潜在担忧。2025年前三 季度，古越龙山实现营业收入11.86亿元，同比下降8.10%；归母净利润为1.35亿元，同比仅增长0.17%。特别 是会稽山以12.12亿元营收首度超越古越龙山，成为前三季度黄酒行业营收冠军，其同比增幅高达14.12%。 ...

Core Viewpoint - The collaboration between Guyue Longshan and China Resources Beer to launch "Yue Xiao Pi" represents a strategic attempt to innovate and attract younger consumers in the face of declining performance and increasing competition in the yellow wine market [1][8]. Group 1: Product Launch and Features - "Yue Xiao Pi" is a cross-category product that combines elements of yellow wine and beer, featuring two flavors: Qingmei Sparkling Island and Chenpi Pomelo Shop, with an alcohol content of ≥3.7% vol [3][4]. - The product aims to appeal to younger consumers by adopting a lighter drinking style and modern packaging similar to beer bottles, moving away from the traditional heavy perception of yellow wine [4][10]. - Previous attempts at product innovation include the launch of a craft yellow beer that generated over 10 million yuan in orders within the first month, although it has since become less visible on major e-commerce platforms [4][7]. Group 2: Market Performance and Competition - Guyue Longshan's recent financial performance shows a decline, with a revenue drop of 8.11% and a net profit decrease of 34.07% in the first three quarters of the year, leading to a loss of its position as the leading yellow wine brand to Kuaijishan [8][10]. - Over the past decade, Kuaijishan has outpaced Guyue Longshan in growth, with Kuaijishan's revenue increasing from 859 million yuan to 1.631 billion yuan, a growth rate of approximately 8.99%, compared to Guyue Longshan's 4.47% [8][10]. - The competitive landscape is intensifying, with Kuaijishan launching innovative products like sparkling yellow wine and leveraging social media for marketing, prompting Guyue Longshan to follow suit with its own new offerings [10][11]. Group 3: Strategic Partnerships and Future Outlook - The partnership with China Resources Beer is seen as a strategic move for Guyue Longshan to leverage the latter's extensive distribution network and operational expertise to expand its market reach beyond its traditional base in Jiangsu, Zhejiang, and Shanghai [10][11]. - The collaboration has generated positive market reactions, with Guyue Longshan's stock price rising following the announcement, indicating investor optimism about the potential success of the cross-category product [10][11]. - Industry analysts emphasize that the success of "Yue Xiao Pi" will depend on effective channel management and whether the partnership can translate the beer channel's advantages into increased sales for yellow wine [10][15].

Core Insights - The Chinese liquor industry is undergoing significant structural adjustments, with the white liquor market experiencing slowed growth and changing consumer demands, leading to traditional marketing and product models facing bottlenecks [2][5] - Consulting firms are becoming crucial advisors for liquor companies in their transformation and upgrading processes, especially at this pivotal moment in the industry [2][5] Market Trends - The new liquor market is rapidly developing, with low-alcohol and diversified products like low-alcohol fruit wine, pre-mixed drinks, and tea wine emerging as core directions [4] - The new liquor market is projected to exceed 74 billion yuan by 2025, representing a significant growth area for the liquor industry amidst existing competition [4] Consumption Changes - In the first half of 2025, white liquor production was 1.9159 million kiloliters, marking a 5.8% year-on-year decline, indicating the industry is in a phase of stock competition [7] - Changes in consumer demographics and preferences are reshaping demand, with new consumption scenarios such as solo drinking, small gatherings, and outdoor leisure providing opportunities for market segmentation [7] Strategic Insights - The upcoming AIIC2025 Liquor Innovation and Investment Conference will feature insights from three consulting firms on new liquor consumption trends, demographic shifts, and the youth-oriented transformation of yellow wine [5][14] - The conference will include discussions on how to balance tradition and innovation in liquor branding to attract younger consumers, which is essential for future growth [10]

Core Insights - The yellow wine industry has shown a recovery growth trend in 2023, with three A-share yellow wine companies reporting year-on-year profit increases in their Q3 results, indicating a stable growth trajectory driven by consumption transformation and cultural innovation [1] Group 1: Company Performance - Kuaijishan reported a Q3 revenue of 395 million yuan, a year-on-year increase of 21.09%, with a net profit attributable to shareholders of 22.39 million yuan, up 2.47% [2] - For the first nine months of the year, Kuaijishan's sales revenue from mid-to-high-end yellow wine, regular yellow wine, and other alcoholic products were 751 million yuan, 273 million yuan, and 150 million yuan respectively, with mid-to-high-end yellow wine sales increasing by 19.64% and other products surging by 109.20% [2] - Guyuelongshan achieved a cumulative revenue of 1.186 billion yuan in the first three quarters, with Q3 revenue of 293 million yuan and a net profit of 44.58 million yuan, reflecting a year-on-year growth of 11.78% [2] Group 2: Market Trends and Innovations - The growth in yellow wine companies' performance is attributed to product structure adjustments, marketing innovations, and brand rejuvenation, with product upgrades being the core driver of revenue growth [2] - Yellow wine, as a traditional Chinese beverage, is expected to continue making breakthroughs in high-end and youth-oriented markets due to deep cultural roots and a solid consumer base [2] Group 3: Innovation and Marketing Strategies - Kuaijishan has introduced innovative products like sparkling yellow wine and various flavored low-alcohol options to cater to younger consumers, while also expanding its e-commerce presence through platforms like Xiaohongshu and Douyin [3] - The company has created a closed-loop marketing model through Douyin live streaming, enhancing online sales growth by aligning product taste with consumer health preferences [3] - Guyuelongshan has opened 65 tasting and slow wine bars globally to promote yellow wine culture and engage with consumers, while also participating in music festivals and sports events to connect with younger audiences [4]

Core Insights - The consumption of yellow wine is experiencing a surge alongside the peak season for hairy crabs, with traditional products being complemented by younger, innovative offerings [1][2] - The market is characterized by intense competition among brands, both traditional and new entrants, as they seek to capitalize on the growing demand for yellow wine during the crab season [1][6] Market Trends - The introduction of youthful yellow wine products by leading brands such as Kuaijishan and Guyuelongshan is reshaping the traditional pairing of yellow wine with hairy crabs [2][11] - Sales data indicates that Kuaijishan's 8-degree sparkling yellow wine has surpassed 6,000 sales, while Guyuelongshan's similar product has exceeded 400 sales, highlighting a shift in consumer preferences towards innovative products [2][11] Industry Growth - The hairy crab market has shown significant growth, with production reaching a historical high of over 7 billion crabs in 2023, indicating a robust demand that supports the yellow wine market [7][11] - The yellow wine industry is projected to grow, with sales revenue reaching 21 billion yuan in 2023, a 2.1% increase year-on-year, and expected to exceed 30 billion yuan by 2025, maintaining a compound annual growth rate of over 5% [11][12] Consumer Behavior - The younger demographic is increasingly drawn to low-alcohol beverages, making yellow wine appealing due to its lower alcohol content and palatable taste [11][12] - Brands are focusing on expanding consumption scenarios beyond traditional dining, aiming to position yellow wine as a cultural lifestyle product through innovative venues like "slow wine bars" [12][13] Strategic Initiatives - Companies are encouraged to enhance their brand's appeal to younger consumers through innovative marketing strategies, including social media engagement and collaborations with influencers [13][14] - The establishment of experiential consumption spaces, such as slow wine bars, allows brands to gather consumer data and preferences, facilitating a deeper connection with the target audience [12][13]

Core Insights - The strategic partnership between Guyue Longshan and China Resources Beer aims to innovate in the alcoholic beverage market by launching a new product, "Yellow Wine Brewed Beer," targeting a broader consumer base [1][2][3] - The collaboration is part of a larger strategic framework established between the Zhejiang provincial government and China Resources Group, focusing on high-quality development and consumer expansion [2] - The market for yellow wine has seen a resurgence, with companies like Kuaijishan experiencing significant stock price increases, while Guyue Longshan has lagged behind in growth [1][7][8] Company Collaboration - Guyue Longshan and China Resources Beer have signed a strategic cooperation agreement to leverage each other's strengths in marketing and product development [2][5] - The new product will first be launched in East China, with plans for nationwide expansion [3][5] - The partnership is expected to combine the youthful marketing strategies of China Resources Beer with the cultural heritage of Guyue Longshan [5][10] Market Dynamics - Kuaijishan has seen its stock price rise by over 120% this year, surpassing Guyue Longshan in market capitalization, which is currently around 9 billion [7][8] - Guyue Longshan's revenue growth has been slow, with a reported 0.4% increase in the first half of the year, while Kuaijishan's revenue exceeded 800 million with double-digit growth [8][9] - The yellow wine market is experiencing a shift, with innovative products like sparkling yellow wine gaining popularity, highlighting the need for Guyue Longshan to adapt quickly [7][9] Product Innovation - The new "Yellow Wine Brewed Beer" is positioned as a novel product that combines the characteristics of both yellow wine and beer, aiming to attract younger consumers [4][5] - Guyue Longshan has previously attempted to innovate with products like coffee yellow wine and yellow wine ice cream, but these efforts have not yet translated into significant market success [10] - The collaboration with China Resources Beer is seen as a crucial step for Guyue Longshan to enhance its product offerings and market presence [11]

Summary of Huangjiu Industry Conference Call Industry Overview - The Huangjiu industry benefits from a favorable tax policy, with net profit margins superior to Baijiu under similar gross margins. Leading companies like Kuaijishan have achieved gross margins exceeding 60%, while Jimo Laojiu and Wuzhanmao have net profit margins of 18% and 15% respectively. If product structures stabilize and gross margins approach 70%-80%, net margins could easily reach 20% [1][2] Key Points and Arguments - **Market Size and Consumption Habits**: The Huangjiu market is relatively small, with consumption habits being regionally strong, primarily concentrated in Jiangsu, Zhejiang, and Shanghai. The lack of clear consumption scenarios, as Huangjiu is often viewed as a staple or cooking ingredient, poses a significant challenge for consumer education [1][4] - **High-End Development Strategies**: Leading companies are pushing for high-end development through product innovation and channel reform. For instance, Kuaijishan has launched the Benniang series, while both Kuaijishan and Guyuelongshan are actively promoting high-end strategies, achieving significant results through consumer engagement and high-end cultivation [1][5] - **Kuaijishan's Strategic Moves**: Since the shareholder change in 2022, Kuaijishan has restructured its organization, enhanced its sales team, and refined its product structure. The company has established a dual-brand strategy with Kuaijishan and Lanting, focusing on nationalization, high-end, and youth-oriented development [1][6] - **Current Policy Environment**: The current policy environment has a limited impact on Huangjiu, particularly high-end products like Lanting, which are not significantly affected by policy restrictions. However, the overall cautious consumption environment may slow the speed of new partnerships, although growth potential remains in the second half of the year [1][8] Challenges Facing the Industry - The Huangjiu industry faces challenges such as a small market size, strong regional consumption habits, and a lack of distinct consumption scenarios compared to Baijiu and beer, which have much larger market scales [4] Company Performance and Future Expectations - Kuaijishan's sales volume has reached last year's total, with the Lanting series benefiting from a high-profile strategy that provides profit margins for group buyers, leading to high channel enthusiasm. The 1,743 series has a clear positioning and good sales rhythm, expected to become a major profit source [3][9] - Guyuelongshan is integrating dispersed production facilities to reduce costs and improve efficiency. The company is also innovating products to attract younger consumers and expanding brand influence through platforms like Douyin [3][12] Future Growth Prospects - The Huangjiu industry shows a trend of upward development, with potential for significant improvement in net profit margins. If net profit margins gradually reach 20% or higher by 2026-2027, the industry could see a doubling of current profit levels [15][16] - New consumption attributes are emerging in the Huangjiu industry, with recent reforms attracting market attention. The upcoming peak season, especially around the Spring Festival, is expected to accelerate growth, supported by channel expansion and improved consumer demand [17]