✦ 关注蓝裕文化，好内容不容错过 ✦ 导语： 中国葡萄酒行业在过去十年的发展困境是一个复杂的多因素问题，涉及政策、市场、文化等多维度原因。以下是蓝裕酒类规划院对这一现象的深 入剖析及未来破局建议。蓝裕酒类规划院虽是酒类专业设计公司，但伴随并目睹了中国葡萄酒从发展、成长到迷失的近三十年激荡岁月。过去的 十年，是中国房地产高速发展到衰落的十年，是中国白酒高速发展的十年，是茅台等酱酒企业高速发展的十年，也是中国啤酒高速发展的十年， 却更是中国葡萄酒 "失去的十年"。 中国 2015 年至 2024 年葡萄酒产量变化如下： 关键趋势：连续 12 年下降，2024 年产量仅为 2015 年峰值的 8.3%。 而进口量在 2024 年出现反弹（28 万千升），中国国产酒市场份额进一步压缩。 对比中国白酒： 中国葡萄酒从 2015 年 300 亿的市场规模，萎缩至 2024 年不到 50 亿的市场规模，年复合增长率为负，也逐渐从中国百姓婚姻餐桌上 "一红一白" 的格局中退 出。 而高端白酒市场规模从 2015 年 600 亿增至 2024 年 6200-6500 亿（中国酒协数据），年复合增长率超 22.6%，成功塑造了 ...

新华财经北京5月29日电当前，中国葡萄酒产业正处于深刻变革及转型升级的关键阶段。2024年，我国 葡萄酒产需双降，盈利萎缩，规模以上企业葡萄酒产量同比下降14.5%，葡萄酒消费量同比下降 19.3%，面临消费低迷、库存高企、分化加剧等结构性挑战。 图为上市葡萄酒企业2024年营收、利润情况 企业营收方面，2024年，10家上市公司营收55.2亿元，同比下降13.5%；归母净利润1.8亿元，同比下降 10.8%。存货天数方面，2024年10家上市公司平均存货周转天数为2638.7天，同比增长85.85%，有6家企 业存货周转天数同比增加。 2024年，在国内企业葡萄酒产量下降的同时，葡萄酒进口量出现反弹。海关总署数据显示，2024年，我 国进口葡萄酒28.3万千升，同比增长13.6%，进口金额15.9亿美元，同比增长37.2%，这也是自2019年进 口葡萄酒行业总量持续下滑以来的首次回暖。 图为我国规上企业葡萄酒产量与进口量情况 我国各大葡萄酒产区及企业积极寻求破局之策，深耕细分领域。中国经济信息社分析师认为，葡萄酒市 场当前仍蕴含结构性机遇，应以消费者需求为发展导向，以"文旅融合+开放合作"双轮驱动激发产业活 ...

Group 1 - The company held its first extraordinary general meeting of shareholders on May 29, 2025, at its headquarters [1] - The meeting was presided over by the chairman, Zhu Qiuhong, and utilized a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [1] - A total of 9.6421% of the shares were represented at the meeting, indicating a significant level of shareholder participation [1] Group 2 - All non-cumulative voting proposals were approved, with 97.3313% of A-share shareholders voting in favor [1] - The meeting confirmed that the voting procedures and results were in accordance with legal regulations and the company's articles of association, ensuring the legitimacy of the resolutions passed [1] - The legal representatives present at the meeting were Ding Qiuyan and Li Yueyan, who verified the compliance of the meeting with relevant laws and regulations [1]

去年，Bain Capital Special Situations（贝恩资本特殊机会基金）与其他四家投资者通过债转股方式，接 管了澳大利亚第二大葡萄酒生产商 Accolade Wines（艾格雷葡萄酒）。如今，他们正希望通过贷款市场 为公司的重组计划提供资金支持。 尽管如此，对于 Accolade 来说，能以仅3.5%左右的利差获得融资，几乎可称为"奇迹"。要知道就在一 年前，该公司还因未能偿还3.01亿英镑（约合5.83亿澳元）的B类定期贷款以及1.5亿澳元的循环信贷额 度而陷入违约。 在全球葡萄酒需求放缓的背景下，整个行业都面临压力，不少酒企被迫关停品牌、削减成本。Accolade 的贷款也因此以每1澳元债务仅售38至40澳分的价格被出售，最终由五家投资机构组成的财团接盘： Bain Capital Credit、Fred Woollard 的 Samuel Terry Asset Management、Sona Asset Management、伦敦上 市的 Intermediate Capital Group 以及来自北欧的信用资产管理机构 Capital Four。 正是这一财团取代了前东家凯雷集 ...

Core Insights - The Chinese wine industry is undergoing profound adjustments and transformations, presenting unprecedented development opportunities and challenges [1] - The recent T7 Summit highlighted the importance of enhancing service quality, driving consumption growth, and expanding market space [1] Industry Challenges and Strategies - The industry faces multiple challenges including consumption fatigue, lack of innovative consumption scenarios, and conflicts between traditional channels and emerging e-commerce pricing systems [4] - Emphasizing consumer demand as the core, the industry must reconstruct its development path to overcome bottlenecks [4] Key Discussions at the T7 Summit - Topics discussed included quality enhancement and service system construction, innovative consumption scenarios, and market expansion strategies under international competition [3] - Industry leaders stressed the need for collaboration and communication among leading enterprises to improve marketing practices and broaden perspectives [3] Company Initiatives - Changyu Wine has made significant progress in consumer education, innovative marketing, and market demand exploration in response to the China Wine Association's initiatives [4] - The company aims to strengthen raw material procurement platforms to create an efficient and stable supply chain, thereby reducing production costs and enhancing market competitiveness [3]

Core Viewpoint - The wine industry is facing significant challenges, with Zhangyu A's performance falling short of expectations, leading to a decline in both revenue and net profit, raising concerns about consumer demand for wine [1][2][3] Group 1: Company Performance - Zhangyu A reported a revenue of approximately 32.77 billion yuan for 2024, a year-on-year decline of 25.26%, and a net profit of about 3.05 billion yuan, down 42.68% [2] - The wine business, which contributes over 70% of the company's revenue, saw a revenue decline of 22.32% in 2024, with a gross margin of 57.32%, also down from the previous year [2][3] - The company set a revenue target of no less than 34 billion yuan for 2025, which is significantly lower than the previous year's target of 47 billion yuan [4][5] Group 2: Industry Challenges - The wine industry is experiencing a "cliff-like" decline in consumer sentiment, shrinking consumption scenarios, and weakened channel dynamics [2][3] - A total of 772 wine companies have closed, with 11,354 others in abnormal states, indicating a severe industry contraction [6] - The overall revenue for 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, showing a slight decline compared to the previous year [6] Group 3: Future Outlook - The company anticipates a challenging year ahead, with a higher probability of continued industry decline [7] - Increased competition between online platforms and offline channels is leading to price wars, affecting profit margins and creating challenges for distributors [7] - The company plans to focus on targeted market breakthroughs and enhance marketing capabilities to better engage consumers [7]

Core Viewpoint - Zhangyu A's performance in the previous year was adversely affected by both external and internal factors, leading to a cautious outlook for the wine industry in the short term, while maintaining a long-term optimistic perspective due to evolving consumer preferences [1][3]. Group 1: Performance Attribution - The poor performance last year was attributed to three external factors: a drastic decline in consumer sentiment towards wine, a significant reduction in consumption scenarios compared to five years ago, and weakened channel dynamics due to price inversions in the liquor market [1]. - Internal factors included insufficient product innovation to meet consumer taste demands, limited channel innovation, and ineffective marketing strategies with low sales expense efficiency [1]. Group 2: Market Situation - The wine industry is facing significant downward pressure, with 772 wine companies closing down and over 10,000 companies in abnormal or other statuses [1]. - The combined revenue of 10 listed wine companies was 4.5 billion yuan, with a net profit of 180 million yuan, indicating a narrowing of losses compared to 2022, but some leading companies have accumulated severe losses over the past decade [1]. - The first quarter sales figures suggest a conservative estimate of a 19% decline in annual revenue, with online competition leading to lower transaction prices and dissatisfaction among offline distributors [1]. Group 3: Future Outlook - The company has set a revenue target of no less than 3.4 billion yuan for this year, reflecting growth from last year's 3.277 billion yuan, while maintaining a gross margin of around 61% [2]. - To achieve growth, the company plans to implement several strategies, including targeted market breakthroughs, enhanced marketing collaborations, product innovation aimed at younger consumers, and improvements in product taste [2]. - The company remains cautious about the short-term industry outlook but is optimistic about long-term opportunities as consumer preferences shift towards elegant and healthy lifestyles [3].

External Factors - The consumption situation has sharply declined, with consumers tightening their spending, leading to a critical point where wine consumption drastically dropped in the second half of last year [1][2] - The consumption scenarios have also shrunk significantly, with both social and personal consumption needs not being met, resulting in a long-term decline in wine consumption [2] - The driving force from distribution channels has weakened, as most distributors also handle white wine, which has been under pressure, leading to a marginalization of wine sales [2] Internal Factors - Product innovation has been insufficient, with many new products not achieving the desired consumer satisfaction, limiting their contribution to sales [2][3] - Channel innovation has been lacking, with attempts to find new distributors yielding weak results [2] - Marketing efforts have been limited due to budget constraints, resulting in a vicious cycle of reduced visibility and sales [2][3] Market Analysis - In the past year, the total revenue of 10 listed wine companies was only 4.5 billion yuan, with a net profit of 180 million yuan, showing a slight improvement but still reflecting significant losses over the past decade [4] - The wine industry is facing a severe downturn, with 772 wine companies having closed, indicating a critical state of decline [4][5] - The online and offline competition is intensifying, with major platforms engaging in price wars, negatively impacting profit margins for distributors [5] Future Outlook - The company aims to achieve a revenue target of no less than 3.4 billion yuan this year, reflecting a modest increase from last year's 3.277 billion yuan [6] - The gross profit margin from domestic operations is expected to remain around 61%, with challenges in increasing product prices due to consumer spending trends [6] - The company is focusing on localized market breakthroughs and enhancing marketing capabilities to better connect with consumers [6][7] Strategic Initiatives - The company plans to enhance its digital marketing efforts, leveraging consumer data to improve targeting and engagement [7][8] - New product categories are being explored, including low-alcohol and herbal wines, to meet emerging consumer demands [12][14] - Collaborations with new retail formats are being pursued to adapt to changing market dynamics and improve supply chain efficiency [14][15]

Production and Market Trends - In the first four months of 2025, the production of liquor in China reached 1.308 million kiloliters, a year-on-year decrease of 7.8%, with April's production at 281,000 kiloliters, down 13.8% year-on-year [1] - The national coverage rate of Gujing Gongjiu has exceeded 70%, with a focus on maintaining market share in core provinces while expanding into new markets [2] - The average price index for liquor in mid-May showed a slight decline of 0.03%, with the index for famous liquor down 0.06% and local liquor down 0.01% [3][4] Company Developments - Luzhou Laojiao's management visited the China Food Institute to discuss collaboration on museum construction and marketing strategies [1] - Gujing Gongjiu plans to optimize its product structure and expand its market share in various price segments, focusing on its core products [2] - Langjiu Group emphasizes quality construction and aims to enhance the experience at its distillery while aligning production with brand development [3] New Product Launches - Gubeichun launched three strategic new products, "Gold Edition," "Silver Edition," and "Hong Edition," to boost consumption and expand its market presence [3] Regulatory and Quality Control Initiatives - The Ningxia Helan Mountain wine industry park is conducting a quality safety inspection to ensure compliance in the use of inputs and production processes [6] Leadership Changes - Qingdao Beer appointed Jiang Zongxiang as the new chairman, with interim responsibilities for the presidency until a successor is chosen [5] - Zhang Daohong was elected as the new president of the Yichang Enterprise Federation [5] - Zhang Li was appointed as the general manager of Jiu Bian Li [5] Investment Projects - A 5 billion yuan project for the production of sauce-flavored liquor is set to be established in the Bozhou District, covering an area of 1,080 acres [5]

Core Viewpoint - The Australian wine industry is experiencing a significant shift, with a notable increase in exports to China, but overall challenges persist, including declining sales in other markets and an oversupply of low-end wines [1][3][24]. Export Performance - In the first full fiscal year after the tariff removal, Australian wine exports to mainland China surged to AUD 1.03 billion, accounting for nearly 40% of total exports of AUD 2.64 billion, marking a 41% year-on-year increase [1]. - However, total Australian wine exports fell by 13% to AUD 1.62 billion, the lowest in a decade, with export volumes hitting a 20-year low [3]. Market Dynamics - The Australian wine market is facing a decline in sales across key regions, including the UK, US, and Hong Kong, with the US market reverting to levels not seen in 20 years [4]. - The industry is grappling with an oversupply of grapes, stagnant sales of low-end wines, and a shortage of high-end wines, leading to a challenging outlook for the sector [5]. Industry Consolidation - The industry is witnessing consolidation, with major players dominating the market. A recent merger between Pernod Ricard's wine brands and Accolade Wines formed a new entity, Vinarchy, with annual revenues of AUD 1.5 billion, expected to eliminate up to 50 wine brands [6]. - This consolidation reflects a trend of increasing industry concentration, with many smaller wineries facing pressure to sell [6]. Supply Chain Challenges - The crisis in the Australian wine industry has been brewing for years, with domestic wine consumption declining by 9% since the 2016-17 fiscal year, a trend observed globally [10]. - The demand for high-quality grapes remains strong, but the majority of Australian wine grapes are produced in warmer regions, where prices are significantly lower compared to cooler regions [16]. Consumer Behavior - The Australian wine market is characterized by a dual monopoly, with a few large companies controlling many brands, making it difficult for smaller wineries to stand out [21]. - The shift in consumer preferences towards higher-end wines is evident, as sales of wines priced below AUD 15 are declining, while those above AUD 15 are performing better [11]. Conclusion - The apparent recovery in the Australian wine industry due to Chinese orders masks deeper issues, as reliance on a single market exposes vulnerabilities. The mismatch between China's high-end preferences and Australia's surplus of low-end production poses a significant challenge [24].