Core Insights - Jiangxiaobai has transformed from a struggling brand labeled as a "has-been" to a successful player in the low-alcohol beverage market by focusing on product quality rather than marketing gimmicks [1][6] Group 1: Brand Transformation - Five years ago, Jiangxiaobai faced significant criticism and was seen as a cautionary tale in the industry, with doubts about its sustainability [1] - The company chose not to follow the trend of transitioning to strong liquor but instead embedded "productism" into its core strategy, leading to a quiet yet effective turnaround [1] Group 2: Customer Feedback and Product Development - Jiangxiaobai established a CDT&R customer defect tracking system to address consumer complaints, successfully reducing complaint rates by 50% [1] - The company focused on young consumers' needs by developing products like "Guolifang," which features a juice content of over 30%, enhancing the drink's appeal [1][2] Group 3: Sales and Distribution Strategy - Jiangxiaobai shifted its focus from merely selling products to understanding and engaging with young consumers' purchasing scenarios, resulting in a 57% growth in modern channels and an 87% increase for Guolifang in the first ten months of 2025 [2][4] - The company implemented a "five no" principle with distributors to foster collaboration, achieving an inventory turnover rate of 1.9 months, with some cities seeing growth exceeding 215% [4] Group 4: Corporate Evolution - By the end of 2024, the parent company will be renamed "Bottle Planet Group," marking its transition from a single liquor brand to a new beverage group [4] - The group has experienced consistent growth, averaging over 20% monthly for 22 consecutive months, with a total increase of 25% from January to October 2025 [4]

证券研究报告 建议择机入场 2025 年 11 月 23 日│中国内地 量化投资周报 本周观点：建议择机入场 上周，受全球流动性压力、美联储降息预期反复以及 AI 叙事松动多重因素 影响，全球风险偏好下降——VIX 指数攀升至近三个月高位，各类风险资产 均承压，其中比特币、微盘股等对流动性和风偏更敏感的资产领跌。我们的 模型认为 A 股经过上周的调整，整体上消化了过高的估值，观点由防御转 为看平。叠加周五美联储释放了略积极的降息信号，Nowcasting 模型预测 11 月 CPI 或将继续上行至 3.7%-3.8%，但核心 CPI 预计保持平稳，或有利 于市场风偏的恢复。建议择机入场，优选低位防御板块，本周行业轮动模型 加大了对低位消费板块的押注，风格上仍看好红利。 A 股大盘择时模型：上周回调消化了高估值压力，可择机入场 我们以万得全 A 指数作为 A 股大盘代理，从估值、情绪、资金、技术四个 维度对 A 股大盘进行整体方向性判断。今年以来，模型多空择时的扣费后 收益 43.84%，同期 A 股大盘涨跌幅为 20.09%，超额收益为 23.76%；上周 模型超额收益为 10.41%。上周，受全球流动性压力 ...

Core Insights - The article highlights the entrepreneurial journey of Bai Xuejun, who has over 40 years of experience in the liquor industry, emphasizing the importance of practical action, market presence, and strategic thinking in achieving success [3][5][16] Group 1: Entrepreneurial Journey - Bai Xuejun started from a poor background and faced significant challenges, including dropping out of school due to financial constraints, but he persevered and gradually built a successful liquor business [7][8] - His initial foray into the market involved selling low-cost beverages and later transitioning to logistics for breweries, which laid the foundation for his future success in the liquor industry [7][8] - Bai's innovative approach to business included recycling beer bottles and establishing a supply chain, which allowed him to become a key supplier for local breweries [7][11] Group 2: Market Strategy - Bai Xuejun's strategy involved direct engagement with the market, where he visited stores and built relationships with local business owners to understand their needs and drive product sales [9][10] - He implemented a successful promotional campaign by offering free tastings of his products, which significantly boosted sales and market penetration in his region [10][11] - His company, Bai's Liquor Store, became the largest beer distributor in the Linyi area, selling approximately 20,000 tons of Qingdao beer annually, and was recognized as a benchmark case by Qingdao Beer at national distributor conferences [11][12] Group 3: Industry Insights - Bai Xuejun has shown a keen ability to identify market trends, such as the rising popularity of yellow wine among younger consumers, and has secured new agency contracts to capitalize on this growth [12][13] - His understanding of the liquor market's dynamics, including the importance of supply chain management and sales strategies, has positioned his business favorably amidst industry changes [11][16] - Bai's unique approach, termed "Bai's Military Strategy," combines supply chain management, market presence, and trend forecasting, serving as a practical model for other liquor businesses facing industry challenges [16]

Core Insights - The primary business goal of the company is to "win trust" [4][8] - The company has successfully transformed from a single liquor brand to a multi-brand beverage group over five years, achieving a 16% growth last year and a 25% increase from January to October this year [4][5] - The company emphasizes "high-quality improvement" as a key strategy to navigate the industry's downturn, maintaining a steady growth for 22 consecutive months [4][5] Group 1: High-Quality Improvement - The company focuses on four dimensions of high-quality improvement: product, consumption scenarios, distributor cooperation models, and corporate culture [9][23] - A customer defect tracking and resolution system (CDT&R) has been implemented to enhance product quality and user satisfaction, resulting in a 50% reduction in customer complaints [11][20] - The brands "Meijian" and "Guolifang" have become significant players in the new beverage market, with Meijian establishing a large-scale aged plum wine library and Guolifang adapting to the cocktail market [13][14] Group 2: Consumer Engagement - The company is improving consumption scenarios by integrating products into users' lives and fostering drinking habits through various marketing strategies [14][20] - Collaborations with restaurants and supermarkets have led to significant sales growth, with overall performance increasing by 57% in the first ten months of the year [17][20] - The company has successfully launched a "party" project in collaboration with Meituan, selling 330,000 sets [20] Group 3: Distributor Relationships - The company has introduced a new distributor cooperation model based on principles of transparency and mutual growth, aiming to alleviate the operational pressures faced by distributors [21][23] - Inventory turnover rates have improved significantly, with Meijian's turnover at two months and Guolifang at 1.9 months, enhancing collaboration with distributors [21][23] Group 4: Corporate Culture and Employee Trust - The company is focused on building a professional team and a healthy corporate culture to drive innovation and transformation [23][33] - A talent co-creation declaration has been issued to attract innovative thinkers and professionals, fostering a culture of continuous improvement [33][35] - The company believes that the essence of the new beverage industry lies in returning to common sense and continuously evolving beyond past achievements [35]

Core Viewpoint - The collaboration framework agreement between Qiangshi International's subsidiary Qiaoxiong Fujian and Guangdong Qianjun Wanjian Group aims to create a globally trusted international liquor brand while supporting veteran entrepreneurship [1] Group 1: Strategic Collaboration - The partnership focuses on combining Qiangshi's expertise in medicinal cuisine and health beverage development with Qianjun Wanjian's liquor brewing techniques to create new products like health-oriented liquor [1] - The collaboration aims to capture emerging health consumption markets by leveraging both companies' strengths [1] Group 2: Market Expansion and Channel Sharing - Qiangshi is expanding its offline presence through a national plan for medicinal cuisine stores, while Qianjun Wanjian seeks to accelerate its goal of establishing "ten thousand chain stores" [1] - The two companies plan to share channels to create a composite sales scenario of "liquor + health beverages," enhancing store profitability and reducing market development costs [1] Group 3: Financial and Operational Synergies - Qiangshi's Hong Kong stock listing platform and capital operation capabilities will provide financial support for Qianjun Wanjian's franchisee support programs, such as subsidies for veteran entrepreneurs [1] - Qianjun Wanjian's established liquor brand operation system will help Qiangshi enter the high-margin liquor sector with lower risk, while enhancing market credibility through patriotic branding [1] - The ultimate goal is to achieve a strategic loop of "capacity synergy, product innovation, channel sharing, and capital complementarity" [1]

Core Viewpoint - QianShi International (00381.HK) has entered into a cooperation framework agreement with Guangdong Qianjunwan Sauce Group Co., Ltd. to explore opportunities in the liquor industry, aiming to become a trusted global brand and support veteran entrepreneurship [1] Group 1: Cooperation Agreement - The cooperation framework agreement was signed between QianShi International's wholly-owned subsidiary, Qiaoxiong (Fujian) Investment Co., Ltd., and Guangdong Qianjunwan Sauce Group [1] - The collaboration aims to allow people worldwide to enjoy quality liquor and to establish a reputable international liquor brand [1] Group 2: Market Potential - The liquor industry is identified as a significant component of the consumer sector, showcasing substantial market potential and opportunities due to the continuous economic growth and upgrading consumption in mainland China [1] - Both parties will leverage their respective strengths to explore and develop new opportunities in the domestic liquor market [1]

Core Viewpoint - The collaboration between Qian Shi International and Guangdong Qian Jun Wan Jiang Group aims to create a globally trusted liquor brand while supporting veteran entrepreneurship and promoting patriotism [1][2]. Group 1: Collaboration Framework - Qian Shi International's wholly-owned subsidiary, Qiao Xiong Fujian, has signed a cooperation framework agreement with Guangdong Qian Jun Wan Jiang Group to explore potential collaboration [1]. - The partnership's mission is to provide high-quality liquor to consumers worldwide and establish a reputable international liquor brand [1]. Group 2: Strategic Benefits - The collaboration leverages Qian Shi International's expertise in medicinal cuisine and health beverage development, combined with Qian Jun Wan Jiang's liquor brewing techniques, to create new health-oriented products [2]. - The companies plan to share distribution channels, enhancing revenue per store and reducing market entry costs through a combined sales approach of liquor and health beverages [2]. - Qian Shi International's capital market capabilities will support Qian Jun Wan Jiang's franchise initiatives, particularly for veteran entrepreneurship, while Qian Jun Wan Jiang's established brand will help Qian Shi International enter the high-margin liquor market with reduced risk [2].

Core Insights - The traditional yellow wine industry is at a transformative crossroads, with leading brands exploring cross-industry collaborations to expand their consumer market [1][3] - The industry faces multiple challenges, including limited consumption regions and scenarios, prompting companies to seek new growth opportunities through innovative partnerships [1][6] Group 1: Industry Trends - Major yellow wine brands like Guyue Longshan and Kuaijishan are actively engaging in cross-industry collaborations, such as the launch of "Yue Xiao Pi" in partnership with China Resources Beer [3][4] - Guyue Longshan has introduced various innovative products, including coffee-infused yellow wine and a whiskey variant, indicating a shift towards younger consumer preferences [4][10] - The yellow wine market is experiencing a trend towards diversification, with brands exploring new consumption scenarios beyond traditional settings [4][9] Group 2: Market Dynamics - The yellow wine market is highly concentrated, with the Jiangsu, Zhejiang, and Shanghai regions accounting for over 70% of sales, leading to intense competition [6][7] - Financial reports reveal that Guyue Longshan and Kuaijishan derive a significant portion of their revenue from these regions, highlighting the geographical limitations of the market [6][7] - Despite the challenges, the yellow wine industry is projected to grow, with sales expected to exceed 300 billion yuan by 2025, driven by a shift in consumer preferences towards lower-alcohol beverages [9][10] Group 3: Consumer Engagement - Marketing experts suggest that yellow wine brands should enhance their appeal to younger consumers through innovative marketing strategies, including social media and influencer collaborations [5][11] - The emergence of "slow bars" and other experiential venues is seen as a way to engage consumers and gather valuable data on preferences and behaviors [10][11] - The industry must address the perception issues surrounding yellow wine, which has been labeled as "cooking wine," to improve brand recognition and value [7][8]

不止是白酒，红酒市场也受到了不小的冲击。 2025年，我国白酒行业经历了前所未有的价格震荡。曾经被视为"液体黄金"的飞天茅台散瓶批发价已经跌至1640元左右，和今年年初相比，暴跌超过30%， 部分电商平台甚至还出现了补贴后1499元的低价。 茅台的价格崩塌不仅改写了茅台的价格记录，更折射出整个白酒行业的深层调整。 价格反映了需求，茅台价格下滑的背后，看起来好像是国人更不爱酒了，但背后的原因还不仅仅是不爱喝酒这么简单。 从上市公司财报来看，我国白酒行业呈现明显的分化趋势。其中贵州茅台今年前三季度实现营业总收入1309亿元，同比增长6.32%，归母净利润646亿元， 也同比增长6.25%。 看起来，茅台营收利润都在上涨，但对整个行业来说，茅台只是一个个例。 另一家白酒巨头五粮液的日子就没那么好过。今年前三季度，五粮液同期营业收入同比下降10.26%，归母净利润下降13.72%。 而那些区域酒企处境就更艰难，口子窖今年前三季度营业收入同比下降27.24%，净利润更是下降43.39%，几乎是腰斩。 白酒企业营收下滑，利润下滑，已经成了一个大趋势，数据反映的直接结果就是，白酒的确是卖不动了，但白酒需求降低的背后，原因是 ...

(中国人民大学商学院教授、博士生导师姚建明发言) 姚建明首先立足宏观政策与市场环境，明确了当前酒类行业发展的核心背景。他指出，当前提振消费、 建设全国统一大市场、推动企业出海以及发展新质生产力，这四大方向构成了行业发展的重要政策支撑 与市场机遇。同时，市场与政策层面的变化也对酒类企业的战略选择提出了新要求，企业需精准研判形 势，避免战略偏差。 在市场定位这一核心问题上，姚建明提出了极具针对性的观点。他不建议将战略重心放在争夺年轻消费 群体上，认为"90后等年轻群体饮酒意愿低，强行推动不现实"。在他看来，酒类企业更应聚焦于现有饮 酒人群，通过精准策略挖掘这一群体的市场潜力。结合汾酒的发展实践，姚建明对汾酒价格定位提出了 优化建议，相对于在同品类同价格带内过度细分产品，他建议汾酒应集中资源强化核心产品的市场地 位。 11月14日，由山西汾酒联合新华社品牌工作办公室、半月谈杂志社共同举办的"汾酒第二阶段高质量发 展战略研讨会"在山西太原成功举办。本次研讨会以"行稳致远，质领未来"为主题，汇聚政企学研多方 智慧，为更好实现"全要素、高质量、又好又快扎根中国酒业第一方阵"的阶段目标建言献策。 在研讨会中，中国人民大学商 ...