Core Viewpoint - The core keyword for the liquor industry in 2025 is "deep adjustment," with a focus on returning to product essence and value recognition, emphasizing who can maintain quality and stabilize channels [2] Group 1: Industry Environment - The industry is currently under pressure, with demand contraction, channel stress, and price transparency, necessitating a long-term strategy focused on stability rather than short-term aggressive tactics [3] - The leading companies in the industry, such as Wuliangye, exhibit resilience, which serves as a source of confidence during the industry's adjustment period [4] Group 2: Wuliangye's Strategy - Wuliangye has adopted a long-cycle strategy, prioritizing price stability and product quality over short-term scale fluctuations [4] - The company aims to build a community of shared destiny with distributors, utilizing digital systems to empower terminals and shift the focus of value distribution towards service and sales actions [7] Group 3: Distributor Relations - Wuliangye's approach includes enhancing the relationship with distributors by ensuring both material benefits and cultural recognition, fostering a sense of partnership rather than a mere transactional relationship [8][9] - The company has seen significant growth in its banquet market, with a 30% increase in banquet sessions and bottle openings, indicating a successful strategy in engaging with consumers [10] Group 4: Cultural Integration - Wuliangye emphasizes cultural expression through various events, reinforcing its brand values and creating emotional connections with consumers [11][15] - The brand's philosophy of "harmony and beauty" resonates across different consumer groups and occasions, positioning it as a preferred choice in both domestic and international markets [17][18] Group 5: Market Positioning - Wuliangye aims to occupy a key position in the high-end business banquet segment, focusing on the 1000-1200 yuan price range, which aligns with the values of collaboration and mutual recognition in business settings [9] - The company is moving beyond being a mere social symbol to becoming a preferred choice for significant moments and gatherings, thus enhancing its market presence [17] Group 6: Future Outlook - The liquor industry is entering an adjustment phase, with a growing emphasis on quality growth, channel health, and consumption scenarios, necessitating a return to fundamental questions about the reasons and contexts for drinking [20][21] - Companies must maintain strategic focus and return to value fundamentals to navigate through this deep adjustment cycle successfully [21]

来源：环球老虎财经app 在白酒行业深度调整，充满"不确定性"的2025年，一向被视为行业"风向标"的五粮液第二十九届12·18共识共建共享大会如期召开。 本次大会以"新形势、新机遇、新征程"为主题，系统总结了五粮液2025年发展成果。面对行业变局，五粮液不仅展现出龙头企业的战略定力与担当，更清 晰擘画出了"十五五"时期的战略新蓝图，为自身乃至行业的高质量发展注入强劲动能，为整个行业穿越周期、迈向高质量发展注入了一剂"强心针"。 行业"压舱石"的稳健定力 2025年的白酒行业，仍在深度调整期中持续"探底"。中国酒业协会发布的《2025中国白酒市场中期研究报告》指出，2025年酒类产业进入"三期叠加"局 面：新一轮政策调整期、消费结构转型分化期、存量竞争的深度调整期。在多重压力下，整个白酒行业都笼罩在"不确定性"之中。 《颠覆性创新》作者威廉·泰勒曾总结：决定品牌地位的，不只有经营利润和规模，更重要的是在行业变革中所处的地位——"最优秀的品牌往往是每一轮 变革的驱动者，而不是跟随者。"这一论断将企业的核心价值锚定在了其引领变革、塑造未来的能力上。 纵观白酒行业版图，五粮液作为肩负着行业"风向标"使命的头部企业， ...

Investment Rating - The report rates the food and beverage industry as "Overweight" [1] Core Insights - The expansion of domestic demand is being elevated to a strategic level, and the consumption sector is expected to rebound from the bottom. The liquor sector, particularly Wuliangye, is set to focus on high-quality sales and market share enhancement for 2026. The dairy product sector is anticipated to experience a cyclical reversal [3][9] Summary by Sections Investment Recommendations - The report emphasizes growth as the main line of investment, highlighting opportunities at turning points under supply and demand clearing. Recommended stocks include: 1. Liquor: Shanxi Fenjiu, Gujing Gongjiu, Yingjia Gongjiu, Jiuziyuan, Zhenjiu Lidu, Shede Liquor, and Jinhuijiu for growth; Guizhou Moutai, Wuliangye, and Luzhou Laojiao as stable picks [8] 2. Beverages: Eastroc Beverage and Nongfu Spring (Hong Kong stock) for structural high growth; China Foods, Master Kong Holdings, Uni-President China, and China Wangwang (all Hong Kong stocks) for low valuation and high dividends [8] 3. Snacks and food raw materials: Recommended stocks include Bailong Chuangyuan, Yanjinpuzi, Weilong Delicious (Hong Kong stock), Three Squirrels, and Ximai Foods [8] 4. Beer: Recommendations include Yanjing Beer, Qingdao Beer, Zhujiang Beer, and China Resources Beer (Hong Kong stock) [8] 5. Seasonings and livestock: Recommended stocks include Qianhe Flavor Industry, Baoli Foods, Babi Foods, Anjui Foods, Haitian Flavoring, Angel Yeast, Yili, New Dairy, Youran Livestock (Hong Kong stock), and Modern Animal Husbandry (Hong Kong stock) [8] Liquor Sector - Wuliangye has set its 2026 target as a "Year of Marketing Integrity and Innovation," focusing on enhancing market share and product matrix restructuring. The company aims to ensure channel collaboration and protect merchant rights, with a focus on maintaining high-end liquor market share while restructuring the pricing system [10][11][13] Consumer Goods - The dairy product sector is expected to see a cyclical reversal, driven by new fertility policies and domestic demand expansion. The Eastroc Beverage is expanding its product categories and is expected to exceed market expectations [14][16]

保持定力，拥抱变化，将是白酒穿越本轮周期的主旋律。 产业形势虽多变，但五粮液经销商团队拥有足够经验 白酒量价策略摇摆之际，五粮液给行业吃下定心丸。 在今日的五粮液第二十九届12·18共识共建共享大会上，这家白酒风向标企业透露自身改革力度前所未 有——高管薪酬全面跟市场表现挂钩，公司内部形成末等调整和不胜任退出机制。 外部渠道端，则明确不会为了短期增速而恶性竞争，保证经销商合理的市场经营回报。同时，电商端直 面百亿补贴，加大电商直采，扭转乱商无序的供货局面。 但行业已从最低点走出。其指出，当前产能正处高度优化过程中。分别表现为优质产能增长，劣质产能 下降，业外蹭热度资本退出，小企业停产，名酒企业贮存能力提升。其次，高企库存也正缓解——名酒 企业调整市场投放节奏，主动纾解库存压力。消化库存成效明显。此外，名酒价格倒挂正在趋稳，供需 关系决定价格，主动调整供需是保持价格稳定永远的法宝。"消费场景正在恢复之中，促消费是从中央 到地方的重要经济振兴策略。场景持续恢复是不可逆转的趋势。" 早前，工信部发布《关于推动历史经典产业高质量发展的指导意见（2026—2030年）》（征求意见 稿），首次将酿酒业与丝绸、瓷器等并列为 ...

Core Viewpoint - The "Double 11" sales event for liquor this year has revealed significant price drops and a concentrated reconciliation of channel systems, exceeding industry expectations [2][3]. Group 1: Market Dynamics - This year's "Double 11" saw a deeper discounting trend compared to previous years, indicating a release of pent-up emotions within the market [4]. - The core product of Jian Nan Chun, the Crystal Sword, experienced a notable decline in price despite maintaining high sales volume on platforms like Tmall and Meituan [5][6]. - The price of the Crystal Sword fell to around 350 RMB, significantly below its factory price of 410 RMB, due to aggressive subsidies and promotions from various platforms [5][10]. Group 2: Channel and Inventory Issues - The traditional speculative logic in channel management, where products were considered "safe bricks" for investment, has failed during this year's "Double 11" [7]. - Many orders for the Crystal Sword on platforms like Douyin remained unfulfilled post "Double 11," leading to financial losses for resellers who had anticipated selling at a profit [8][9]. - The market in Ningbo, a key area for the Crystal Sword, has seen rapid price changes due to its transparent channel network and high liquidity [12][13]. Group 3: Financial Performance and Challenges - Jian Nan Chun's revenue for 2024 is projected at 16.94 billion RMB, with a growth rate of only 3.74%, a significant decline from the previous year's 13.55% [28]. - Achieving the ambitious revenue target of 30 billion RMB by 2025 would require a staggering 77.1% year-on-year growth, which is challenging given the current market conditions [28]. - The brand's growth remains heavily reliant on the Crystal Sword, while its high-end product lines have not yet established a stable consumer base [28][29]. Group 4: Strategic Outlook - The liquor industry is shifting from growth to structural adjustment, with increasing pressure on mid-range price segments and tighter price linkages between e-commerce and offline channels [31]. - Jian Nan Chun faces critical questions regarding restoring channel confidence, re-establishing price order, and ensuring that distributors do not experience repeated concentrated sell-offs [31]. - The ability of Jian Nan Chun to leverage the sales momentum from "Double 11" to enhance brand competitiveness remains to be seen [31].

Core Viewpoint - The Chinese liquor industry is actively preparing for the Year of the Horse with various companies launching limited edition zodiac-themed products for pre-sale, indicating a competitive market environment and consumer interest in collectible alcoholic beverages [1][2][3]. Group 1: Zodiac Liquor Launches - Companies such as Jian Nan Chun, She De, Ben Fu, and Lu Zhou Lao Jiao have introduced their zodiac liquor products for the Year of the Horse, with She De offering a limited edition of 100,000 boxes priced at 598 yuan for a 518ml bottle [2]. - Jian Nan Chun has partnered with the National Museum of China to release a 888ml bottle of zodiac liquor priced at 1099 yuan, with a limited run of 30,000 bottles [2]. - Ben Fu is set to launch a series of zodiac liquors across various product lines, while Lu Zhou Lao Jiao has already released a 1.2L gift liquor priced at 888 yuan [3]. Group 2: Industry Collaborations and Innovations - Gu Yue Long Shan and China Resources Beer have launched a new product called "Yue Xiao Pi," which combines yellow wine and beer, showcasing innovation in the beverage sector [4]. - The strategic partnership between Gu Yue Long Shan and China Resources Beer was announced last month, indicating a trend towards collaboration in the industry [5]. Group 3: Corporate Developments - The transfer of control at Song He Liquor has been completed, with new leadership aiming to revitalize the brand through innovative channel models and a focus on long-term growth [6]. - The new management team plans to implement a "wine warehouse" model, which includes nearly 200 smart wine warehouses and a sample store opening soon in Zhengzhou [6]. Group 4: Market Trends and Performance - The national liquor prices have seen a decline of 2% year-on-year in October, reflecting broader market trends in consumer pricing [10]. - During a recent earnings call, Moutai reported a recovery in sales after a period of reduced market supply, with a focus on maintaining market stability and resilience [11].

Core Insights - The Chinese liquor industry is transitioning from a "price war" to a "cultural war," with a focus on cultural experiences rather than just product functionality [1][2] - Jian Nan Chun is pioneering a new cultural competition track in the high-end liquor market through its cultural liquor strategy, particularly with its zodiac liquor series [1][2] Industry Trends - The annual Double 11 shopping festival is evolving from a simple price-cutting event to a platform for brand culture display and new product launches [1][2] - There is a strong consumer purchasing intent for high-end liquor, particularly for year-end gifting and family gatherings, leading to a surge in inventory preparation [1][2] Company Strategy - Jian Nan Chun has successfully launched zodiac and cultural liquors during major promotional events for three consecutive years, transforming Double 11 into a "Cultural New Product Day" [2][3] - The company has introduced the "Bing Wu Ma Nian" zodiac liquor, which is part of a collaboration with the National Museum of China, creatively integrating historical artifacts into its product design [3][4] Product Details - The "Bing Wu Ma Nian" zodiac liquor is limited to 30,000 bottles with a suggested retail price of 1,099 yuan per bottle, enhancing its scarcity and collectible value [3] - Jian Nan Chun's previous cultural product, "Jian Nan Chun·Liu Jin Ji," was also released in a limited edition of 20,000 bottles, showcasing the company's strategy of creating exclusive offerings [3] Cultural Integration - Jian Nan Chun's cultural practices redefine the "cultural premium" of liquor, emphasizing the importance of cultural depth and brand heritage in the competitive zodiac liquor market [5][7] - The design of the zodiac liquor incorporates cultural symbols and aesthetic values, enhancing brand recognition and consumer engagement [6][8] Market Positioning - Jian Nan Chun's approach to cultural integration provides a new perspective on defining "cultural premium" in the liquor industry, focusing on brand value and cultural positioning [7][9] - The company has established a narrative system that combines Tang Dynasty culture, artifact activation, and contemporary aesthetics, creating a unique brand identity [8][9]

Core Viewpoint - The Chinese liquor industry is transitioning from a "price war" to a "cultural war," emphasizing cultural experiences over mere product functionality [1][6]. Group 1: Market Trends - The high-end liquor market is experiencing a surge in demand, particularly for cultural liquor products, as consumers show strong purchasing intentions during the year-end gift-giving season and family gatherings [2][6]. - The annual Double 11 shopping festival is evolving from a simple price-cutting event to a platform for brand cultural display and new product launches [2][6]. Group 2: Company Strategy - Jian Nan Chun is redefining the cultural premium of liquor through its zodiac wine series and cultural innovation, effectively capturing the trend of cultural competition in the high-end liquor market [3][6]. - The company has successfully launched zodiac and cultural liquor products during major promotional events for three consecutive years, transforming Double 11 into a "Cultural New Product Day" [6][16]. Group 3: Product Innovation - Jian Nan Chun's zodiac wine, the "Bing Wu Horse Year Zodiac Wine," is part of a collaboration with the National Museum of China, creatively integrating historical artifacts into its design [7][10]. - The limited release of the zodiac wine, with only 30,000 bottles priced at 1,099 yuan each, enhances its scarcity and collectible value [10][11]. Group 4: Cultural Integration - Jian Nan Chun's cultural practices aim to define the "cultural premium" of liquor, focusing on cultural depth and innovative expression in its zodiac wine offerings [13][14]. - The company has developed a multi-dimensional cultural narrative system that combines Tang Dynasty culture, artifact activation, and contemporary aesthetics, enhancing both cultural and commercial value [17][18].