第 51 周 酒行业 周度市场观察 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： 三个变量下，酒业未来五年靠什么增长？ 打造10万+酒饮前置仓，以六大能力重构即时零售新生态； "白酒+新能源"能否酿出新增长？ 行业环境： 1. 三个变量下，酒业未来五年靠什么增长？ 关键词：人口结构变迁,技术革命深化,行业内部调整,价值深耕,AI智能革命 概要：2025年中国酒业面临人口结构变迁、技术革命深化和行业内部调整三重挑战。人口负增 长和主力消费人群减少迫使行业从"规模扩张"转向"结构优化"；AI技术推动产业智能化转 型，重塑生产和营销模式；行业进入深度调整期，需解决库存压力和结构性矛盾。破局路径包 括：发展理念回归务实与真价值，精准匹配市场需求；产品端注重科技与品质升级，满足多元 化消费需求；市场端精耕存量并开拓增量，推动白酒文化出海；文化生态上强化品牌IP和情感 连接，构建共生共荣的商业生态。未来酒企需以科技、文化为驱动，实现高质量可持续增长。 原文链接：https://www.163.com/dy/article/KG9AB17N0519SQQ7 ...

"十四五"收官在即，中国酒业正站在新的十字路口。面对消费动力不足、厂商关系重构和产业升级压 力，"深度调整中的结构性变革"，成为2025年的关键词之一。 从生产端到营销端，"重塑"贯穿各个环节。1月18日，在贵州白酒技术与营销创新交流会上，吴勇提出 厂商关系重建、"4P理论"(产品、价格、渠道、促销)向"4C理念"(消费者、成本、便利性、沟通)转化等 系统任务，意味着酒企将从规模导向转向用户价值导向。 12月16日下午，在郑州举办的一场"酒文化"论坛上，酒业观察者、酒业公益品牌酉贤创始人吴勇对外发 布了"中国酒业2025十大趋势关键词"。从渠道变革到产品升级、从新技术应用到文化创意转型，这场基 于深入研究的总结与前瞻性分析，勾勒出未来行业发展的清晰路径。虽是一家之言，亦可窥见行业发展 的一隅。下文根据吴勇的演讲整理。 大象新闻记者 朱耒刚 一、"重塑"，深度调整是主基调 2025年，重塑也即深度调整成为中国酒业的核心基调。行业面临消费动力不足、渠道库存高企、价格倒 挂等多重压力。 一季度上市酒企业绩增速显著放缓，部分企业出现营收与净利润大幅下滑。这迫使企业从追求规模扩 张，转向挤压式增长和价值竞争。面对存量竞 ...

Group 1: Industry Environment - The white liquor industry is experiencing a slowdown in performance and increasing differentiation, with 19 listed companies reporting a 7% year-on-year decline in total revenue by Q3 2025, while only Moutai and Fenjiu maintained growth [2] - The industry is entering a phase of volume competition, with intensified price wars and channel battles increasing cost pressures, particularly for small and medium-sized enterprises [2] - Future competitiveness will favor companies that actively transform and focus on long-term value, as the industry shifts towards rational development [2] Group 2: Consumer Trends - Young consumers are driving a trend towards mixed drinks, such as white liquor with cola, leading to a demand for lower alcohol content products [3] - Companies are responding with innovative products, including cross-industry collaborations like the "yellow wine + beer" from Guyue Longshan and Carlsberg's low-sugar sparkling fruit wine [3] - The industry is debating the definition of low-alcohol liquor, with a push towards maximizing flavor rather than adhering to strict alcohol content classifications [3] Group 3: Regional Enterprises - Regional liquor companies face significant challenges, including high inventory pressure and price inversions, as national brands dominate the market [4] - Strategies for regional companies include becoming provincial leaders, focusing on core markets, or considering exit strategies [4] - Key pathways for success involve brand premiumization, product structure optimization, and deepening distribution channels [4] Group 4: Policy and Development - The Ministry of Industry and Information Technology has included liquor production in the "historical classic industries," promoting cultural heritage and high-quality development [5] - Goals include cultivating over 50 billion-level leading enterprises and creating trillion-level industry clusters by 2028 [5] - The focus is on integrating culture, technology, and ecology to facilitate the transformation and upgrading of the liquor industry [5] Group 5: Brand Dynamics - Yanjing Beer reported a net profit of 1.77 billion yuan for Q3 2025, a 37.45% increase year-on-year, driven by a high-end strategy and cross-industry collaborations [15] - Luzhou Laojiao achieved revenue of 23.127 billion yuan and net profit of 10.762 billion yuan in the first three quarters of 2025, demonstrating resilience amid industry challenges [16] - Wuliangye's revenue reached 60.945 billion yuan with a net profit of 21.511 billion yuan, as the company adjusted its strategy to meet changing consumer demands [18] Group 6: Innovation and Sustainability - The first sustainable development report for the core sauce-flavored liquor production area was released, focusing on ecological protection and circular economy [9] - Moutai introduced a "date selection" service for consumers, enhancing personalization and emotional value in product offerings [23] - Niulanshan Chenxiang achieved significant sales milestones, selling 6 billion bottles over ten years, supported by strong brand recognition and market positioning [24]

Core Insights - The meeting held on October 28 focused on building communication platforms, deepening industrial collaboration, and promoting high-quality development between Shanxi Provincial Private Economy Promotion Association and Zhuyeqing Industry Company [1] Group 1: Meeting Overview - The meeting was attended by key figures from the Shanxi Provincial Private Economy Promotion Association and Zhuyeqing Industry Company, including leaders and representatives from various sectors [3] - The meeting was hosted by Secretary-General Li Bing, emphasizing the importance of collaboration and resource sharing for mutual growth [3] Group 2: Key Statements - Wang Guohua expressed gratitude towards Zhuyeqing for their hospitality and highlighted the association's role in promoting Shanxi's private economy, noting Zhuyeqing as a significant cultural and economic symbol of the province [5] - Chen Jieming provided an introduction to Zhuyeqing Industry Company, detailing its development history, core advantages, and future plans, showcasing its rich heritage and innovative spirit [7] Group 3: Collaborative Opportunities - Zhu Qianrui acknowledged the significance of the meeting, emphasizing Zhuyeqing's market potential and the importance of resource sharing and collaboration for future development [9] - The free exchange segment allowed entrepreneurs to propose constructive cooperation ideas in areas such as packaging design, marketing, logistics, digital management, and resource recycling, aligning closely with Zhuyeqing's development needs [9] Group 4: Strategic Development - Both parties agreed to leverage their respective resources to deepen cooperation in industrial integration, brand building, and innovative development, aiming for a synergistic effect to boost Shanxi's brand products and private economy [9] - This year is pivotal for the revival of the Zhuyeqing brand, with the company focusing on strategic product development and market planning along three main paths: "liquor transformation, functionality, and fashion" [9] Group 5: Historical Significance - Zhuyeqing liquor has a rich history, being recognized as the first liquor served at state banquets in New China and winning multiple awards, establishing itself as a benchmark in the liquor industry [10] - The brand has gained international recognition, selling in over 60 countries and regions, thus becoming a vibrant representation of Chinese culture [10]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese liquor industry is undergoing profound changes in 2025, with shifts in consumer habits, channel restructuring, and capital market hesitance leading to both challenges and new opportunities [2] - The emergence of the post-90s generation as a new force in the liquor market is reshaping the industry landscape, emphasizing instant delivery and digital sales channels [4] - The industry is expected to reach a performance bottom in the first half of 2026, with head brands adjusting strategies to stabilize prices and optimize inventory [4][6] Industry Environment - The liquor industry is experiencing significant transformation characterized by consumer habit changes, channel restructuring, and capital market caution, leading to high inventory and performance declines [2] - Regional liquor companies are gaining traction while leading brands face performance pressures, indicating a divergence in market dynamics [2] - The focus on product innovation, particularly in low-alcohol and light bottle liquor, aligns with younger consumer trends [2] - The upcoming 2026 China Liquor Expo is anticipated to be a key platform for industry players to seize new growth opportunities [2] Brand Dynamics - Major liquor brands are adopting innovative marketing strategies to engage consumers, such as Meituan's collaboration with top liquor companies to ensure product authenticity in instant retail [8] - Qingdao Beer is enhancing its brand connection with consumers through cultural events and sponsorships, such as the National Fan Conference [9] - Wuliangye is promoting its internationalization efforts through cultural exchanges and themed events at global exhibitions [10] - The rise of live-streaming sales, particularly among younger entrepreneurs, is significantly impacting the liquor sales landscape [4][12] - Brands like Niulanshan are leveraging emotional marketing strategies to resonate with consumers, enhancing brand loyalty [12] Consumer Trends - Over 70% of consumers prefer classic liquor products, indicating a return to value-driven purchasing during the holiday seasons [7] - The trend towards rational consumption is evident as consumers prioritize quality and value in their purchasing decisions [7] - The focus on health and lower alcohol content is becoming increasingly important among consumers, particularly in the context of new product launches [21]

Industry Environment - The white liquor industry is shifting its endorsement strategy from middle-aged male celebrities to younger, diverse stars like G.E.M. and Zhang Yixing, reflecting a trend towards a more youthful and lifestyle-oriented brand image [2][3] - The light bottle liquor market is experiencing a bifurcation, with traditional brands like Niulanshan facing significant revenue declines due to price competition, while high-quality products like Fenjiu's Guofen are in high demand, indicating a shift towards quality and brand strength in the market [4][5] - The upcoming 2025 China Open tennis tournament will feature enhanced spectator experiences and cultural integration, with Luzhou Laojiao as the exclusive partner, promoting Chinese liquor culture [5] - The high-end beer market is undergoing significant changes, with CR Beer surpassing Budweiser APAC in revenue, indicating the rise of local brands in the premium segment despite overall market contraction [6] - The banquet market is emerging as a new battleground for liquor companies, with several firms reporting double-digit growth in this segment as they adapt to changing consumer preferences [7] - Eight listed liquor companies reported direct sales revenue exceeding 640 billion yuan in the first half of the year, with Moutai and Wuliangye leading the market [8] - The past decade has seen significant changes in the regional liquor market, with notable growth among regional leaders while others struggle due to strategic missteps [9] Key Trends - The trend towards lower alcohol content in liquor is gaining traction, with companies like Wuliangye and Luzhou Laojiao launching lower-alcohol products to attract younger consumers, and the low-alcohol market expected to grow significantly [11] - Regional liquor companies are leveraging local sports events for marketing, enhancing brand connection with consumers, although the effectiveness of such strategies remains to be seen [12] - The first China Liquor Market Prosperity Index was released, indicating a favorable outlook for online sales and low-alcohol products driving consumption [10] Company Dynamics - Songhe Liquor is upgrading its quality strategy with a commitment to long-term aging processes, aiming to enhance its market position [13] - The launch of "Dazhen·Zhenjiu" has seen strong initial sales, indicating a successful entry into the high-end liquor market through strategic partnerships and pricing control [14] - Gujing Gongjiu is integrating cultural elements into consumer experiences, showcasing the importance of cultural heritage in modern marketing strategies [15] - The "Jiuxiao Er" brand is focusing on immediate retail and digital transformation to enhance consumer engagement and market presence [14][19] - Yanghe's summer marketing campaign successfully connected the brand with consumer experiences through sports and cultural events, emphasizing the importance of experiential marketing [20] Emerging Opportunities - The introduction of herbal yellow wine "Bencao Bang" targets health-conscious consumers, indicating a trend towards health-oriented products in the liquor market [21] - A strategic partnership between Huajun Media and Bojiangfang aims to reshape the market for sauce-flavored liquor through quality certification and consumer engagement [22] - The launch of UMEET blueberry distilled liquor exemplifies the industry's shift towards catering to younger, health-conscious consumers with innovative products [24]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The white liquor industry is undergoing a significant transformation with a shift towards younger and more diverse brand ambassadors, moving from traditional middle-aged male figures to younger celebrities to connect with new generations of consumers [2] - The high-end beer market is experiencing a competitive shift, with local brands like China Resources and Qingdao Beer gaining ground against international players like Budweiser [4] - The banquet market is emerging as a new battleground for revenue growth, with several liquor companies reporting double-digit growth in this segment [5] - The direct sales revenue of eight listed liquor companies exceeded 640 billion yuan in the first half of the year, with Moutai and Wuliangye leading the market [6] - The low-alcohol product segment is rapidly growing, with expectations to surpass 742 billion yuan by 2025, driven by changing consumer preferences [8] Summary by Sections Industry Trends - The white liquor industry is shifting towards younger brand ambassadors, reflecting a broader trend of appealing to younger consumers through lifestyle marketing [2] - The light bottle liquor market is experiencing a split, with traditional brands struggling while high-quality products like Guojiao are in high demand [2] - The high-end beer market is seeing local brands outperform international ones, with China Resources surpassing Budweiser in revenue [4] - The banquet market is becoming a key area for growth as companies adapt to changing consumer behaviors [5] - The direct sales model is gaining traction, with significant revenue growth reported by leading companies [6] - The low-alcohol segment is expected to grow rapidly, indicating a shift in consumer preferences towards lighter beverages [8] Top Brand News - Songhe Liquor is enhancing its quality strategy and aims for long-term growth through a focus on aged products [10] - The launch of "Dazhen·Zhenjiu" marks a significant entry into the high-end liquor market, leveraging a strong sales strategy [11] - Gujing Gongjiu is integrating cultural elements into consumer experiences to enhance brand engagement [13] - The "UMEET" blueberry distilled liquor targets younger consumers by combining health and quality [20] - The collaboration between Huajun Media and Bojiangfang aims to reshape the market for sauce-flavored liquor through strategic marketing [19]

Industry Overview - The liquor industry is undergoing a deep adjustment period, with the white liquor sector facing high channel inventory and price inversion, while leading companies like Moutai and Wuliangye continue to grow [6][11] - The beer industry is performing well, with major players like China Resources, Tsingtao, and Yanjing showing revenue and profit growth, driven by high-end products [5][6] - The overall liquor market structure remains largely unchanged, with leading companies gaining more advantages while different liquor categories face unique challenges and opportunities [6][10] Key Insights on Liquor Segments - The second and third-tier sauce liquor brands are struggling with inventory buildup and price inversion, necessitating a shift from scale competition to value competition, focusing on brand positioning and quality upgrades [3][4] - The beer industry is experiencing a transformation with a focus on high-end products, craft beers, and innovative distribution channels, which are becoming key profit growth points [5][6] - The low-alcohol liquor market is projected to reach 74 billion yuan by 2025, with a compound annual growth rate of 25%, as younger consumers drive the trend towards "light drinking" and social consumption [13][14] Brand Dynamics - Wuliangye reported a revenue of 52.771 billion yuan in the first half of 2025, reflecting a year-on-year growth of 4.19%, showcasing the resilience of industry leaders [16] - Luzhou Laojiao achieved a revenue of 16.454 billion yuan and a net profit of 7.663 billion yuan, focusing on market penetration and product innovation to adapt to changing consumer demands [20] - Moutai is launching new products to enhance market reach, emphasizing consumer needs and personalized offerings during the adjustment period [7][8] Consumer Trends - The industry is witnessing a shift towards lower alcohol content and personalized products, with companies like Wuliangye and Luzhou Laojiao introducing low-alcohol options to cater to younger consumers [13][29] - The focus on emotional value and social attributes in consumption is becoming increasingly important, as brands adapt to the preferences of younger demographics [9][21] - The online sales of aged liquor are growing, with the market expected to exceed 130 billion yuan by 2024, driven by younger consumers and the demand for unique experiences [14][19] Strategic Initiatives - Companies are increasingly adopting cross-industry strategies to attract younger consumers, with brands like Moutai and Luzhou Laojiao exploring collaborations with non-alcoholic sectors [11][12] - The emphasis on cultural experiences and community engagement is becoming a key strategy for brands to build loyalty and enhance consumer connections [25][26] - The introduction of innovative products and marketing strategies is essential for brands to navigate the competitive landscape and meet evolving consumer expectations [22][30]

Group 1 - The company is actively working on the "Guilingji Wine Restructuring" project, focusing on improving the quality of the base liquor, taste, packaging design, and standardizing product technology [2] - The company has developed a diverse product matrix, including flavored Guilingji medicinal wine, Yuanzipai Guilingji health wine, Guiling liquor, and white liquor [2] - The company is committed to long-term research on any matters that benefit its development and product improvement, aiming to establish a solid foundation for enhancing operational quality [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese liquor industry is undergoing significant adjustments characterized by declining volume and price, policy impacts, and a focus on high-quality development [2] - The competition for the younger market is intensifying among major liquor brands, with a shift towards lower-alcohol products to cater to the preferences of younger consumers [5] - The market for light bottle liquor is rapidly growing, with major brands entering this segment to capture new consumer demographics [17] Industry Environment - The first half of 2025 will see the liquor industry facing deep adjustments, marked by seven key characteristics: consumption recovery, channel inventory, pricing systems, high-quality development, simultaneous decline in volume and price, significant policy impacts, and product innovation [2] - The trend towards smaller capacity and larger bottle sizes is emerging, with small bottles (50ml-250ml) gaining traction among younger consumers, while larger bottles (1L and above) are being used for special occasions [2] - The low-alcohol liquor segment is gaining popularity, with major brands launching products aimed at younger consumers, reflecting a strategic shift towards youth-oriented marketing [5] Top Brand News - Tibet Development Co. plans to acquire a 50% stake in Lhasa Beer from Carlsberg, aiming to enhance its asset integrity and operational capabilities [8] - Yanghe's collaboration with the Scottish Premier League has led to the launch of a football-themed product, enhancing brand engagement through cultural innovation [8] - Water Well's sales volume increased by 14.54% in the first half of 2025, driven by a focus on mid-to-high-end products despite the overall industry downturn [12] - The introduction of the "窖藏里的三餐四季" IP by Xijiu aims to connect with consumers on an emotional level, promoting a lifestyle approach to liquor consumption [13] - The light bottle liquor market has surpassed 150 billion yuan, with major brands competing aggressively in the 50-100 yuan price range [17]