这一转变已成为行业共识，不仅华致酒行，茅台、五粮液等主流酒企及众多消费品公司，均在持续加大对C端的投入，将构建用户资产作为长期竞争壁垒。 对于酒类流通企业而言，这场转型既是挑战也是机遇。中小企业目前正普遍面临价格倒挂与库存周转天数压力，而那些能够精准把握用户需求、构建高效服 务体系的企业，正逐步抢占市场主导地位。华致酒行适时开启的"新零售保真连锁品牌+酒类供应链服务平台"的战略升维，正是对这一行业趋势的精准把握 与主动响应。 当白酒行业从规模扩张的增量时代迈入价值重构的存量竞争，酒类流通领域正经历一场深刻的结构性变革。消费分级加剧、需求场景多元、数字化浪潮冲 击，传统"渠道为王"的增长逻辑逐渐失效，以用户运营为核心的新范式加速成型。 【渠道博弈到用户主权时代】 中国白酒行业正经历深度调整。《2025至2030中国白酒行业市场深度调研报告》显示，行业呈现显著的"量降利升"特征，2025年产量预计跌破390万千升， 但利润总额有望达2700亿元，头部酒企市占率持续提升，马太效应加剧。而这种结构性变化的背后，是消费端与渠道端的双重变革，推动酒类流通行业从规 模竞争转向价值竞争。 消费分级与需求多元化正在重构市场生态 ...

Investment Rating - The report indicates a negative growth trend in the white liquor industry, with a recommendation for cautious investment due to the ongoing challenges and market adjustments [2][4][6]. Core Insights - The white liquor industry experienced its first decline in overall operating performance since 2015, with a decrease in total revenue and profit among 20 A-share listed companies [4][5]. - The leading companies, such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, showed revenue growth, while the majority of other companies faced significant sales pressure, highlighting a trend of industry differentiation [2][9]. - The industry is currently facing an imbalance in supply and demand for mid-to-high-end products, with social inventory needing further clearance [2][13]. Summary by Sections Industry Performance - In the first half of 2025, the total revenue of 20 A-share listed companies in the white liquor sector reached 241.51 billion yuan, with a year-on-year decline of 0.86% [5][12]. - Excluding Guizhou Moutai, the remaining 19 companies saw a more pronounced decline, with total revenue dropping by 6.07% [5][10]. Market Dynamics - The report notes that the white liquor industry has entered a phase of "total decline, head and shoulder concentration" since 2017, with a gradual decrease in production and sales volume among large enterprises [9][15]. - The introduction of stricter policies, such as the revised regulations on waste reduction, has significantly impacted consumer behavior and sales in the second quarter of 2025 [6][15]. Future Outlook - Short-term challenges remain, with expectations of continued downward pressure on operating performance into the second half of 2025 and potentially into 2026 [12][14]. - Long-term trends suggest a potential contraction in the industry, but opportunities for product structure optimization and increased industry concentration may support the resilience of existing listed companies [15][16].