2025年，酒业的数字化转型已从初期的渠道尝试，迈入以"直达消费者"为核心的新阶段。线上平台不再是简单的补充渠道，而是与品牌价值重塑、私域流量 沉淀、传统渠道革新深度融合的"战略枢纽"，对酒企的战略定力与综合运营能力提出了前所未有的高要求。 1月5日，搜狐酒业主播毕然连线中国酒业资深营销专家、知名评论人肖竹青，开启搜狐酒馆50期节目，共同探讨新阶段下酒业数字化转型的底层逻辑与破局 之道。 在本次对话中，肖竹青指出，当前酒业竞争的核心已演进为对消费者的直接争夺。其破局关键在于坚定推行直达消费者的模式变革、构建品牌自主的私域运 营体系，并推动产品价值回归理性。他认为，酒企的数字化直销并非意在取代传统渠道，而是成为推动营销模式向"品牌方主导"深度转型的关键杠杆；短期 内，市场策略调整能带来流量关注，但行业的长远发展，终究要依靠品牌与消费者之间构建的持久信任与健康生态。他同时建议，消费者在选择产品时，应 优先信赖主流品牌及其经过长期市场验证的核心产品。 以下是直播全文摘要，供行业人士参考。 毕然：近期茅台在其数字化平台i茅台上以官方指导价直销核心产品，并且每日秒光，这成为一个现象级事件。您认为这背后反映了行业怎样的战 ...

高端、次高端"微复苏" 2026年伊始，酒类市场逐渐复苏。1月6日，北京商报记者走访北京部分终端市场发现，开年以来，高端 白酒依然是商超以及烟酒店主推产品。其中，在沃尔玛、盒马鲜生等商超渠道，五粮液、茅台1935等高 端产品礼盒均以堆头形式作为推荐首选。与高端酒价格修复形成呼应的是，300—500元价格带的次高端 产品成为元旦假期的销售主力。高端产品与次高端价格带产品成为假期"宠儿"，其背后是送礼需求与宴 席市场的双重驱动。即将进入春节销售旺季，2026年白酒消费加速复苏的突破口在哪？ 2026年元旦假期，中国酒类消费市场出现复苏迹象。北京商报记者走访终端市场发现，元旦期间，高端 白酒成为商超与烟酒店主推产品。在位于北京西单及和平里附近的盒马鲜生店内，记者发现包括五粮 液、青花汾酒、水井坊、红花郎等品牌的礼盒。不仅商超渠道，在位于方庄附近的烟酒店内，高端白酒 产品也被摆放在较为显眼的位置。但与商超渠道不同的是，烟酒店中主推的高端产品主要以单瓶装为 主。该店店员表示，元旦假期的送礼场景较多，因此主推茅台、五粮液等高端产品。 当终端市场热捧高端产品时，2026年白酒消费旺季也迎来新变化。上述方庄附近烟酒店的店员表 ...

2026年元旦假期期间，中国酒类消费市场呈现出与往年显著不同的复苏轨迹。北京商报记者走访终端市场发现，2026年元旦期间，高端白酒成为商超与烟酒 店主推产品。在位于西单以及和平里附近的盒马鲜生店内，记者发现包括五粮液"好事成双"52度*2产品售价为2099元/盒，青花汾酒20礼盒装 53度500ml*2 售价828元/盒，水井坊臻酿八号礼盒 52度500ml*2售价679元/盒，红花郎十 53度520ml*2 礼盒售价609元/盒。据北京商报记者统计，上述四款产品优惠幅度 在20—200元不等。 不仅是商超渠道，在烟酒店中也出现同样情景。在位于方庄附近的烟酒店内，高端白酒产品被摆放在较为显眼的位置。但与商超渠道不同的是，烟酒店中主 推的高端产品主要以单瓶装为主。该店店员表示，元旦期间送礼场景较多，因此仍主推茅台、五粮液等高端产品。 与往年不同，2026年酒类市场逐渐复苏。1月6日，北京商报记者走访北京部分终端市场发现，今年元旦春节期间，高端白酒依然是商超以及烟酒店主推产 品。其中，在沃尔玛、盒马鲜生等商超渠道，五粮液、茅台1935等高端产品礼盒均以堆头形式作为推荐首选。与高端酒价格修复形成呼应的是，300—5 ...

Core Viewpoint - The white liquor industry is increasingly leveraging concert sponsorships as a marketing strategy to boost sales and brand value amidst high inventory and declining profits, raising questions about the effectiveness of such investments in driving actual sales [2][7]. Group 1: Marketing Strategies - Major liquor companies like Wuliangye and Luzhou Laojiao are sponsoring concerts to enhance brand visibility and engage consumers, with over 20 concerts planned for 2025 [2][3]. - The "buy alcohol, get concert tickets" model is a key tactic, allowing companies to directly link product purchases to concert attendance, thereby driving sales [5][6]. Group 2: Industry Challenges - The white liquor industry faces significant challenges, with inventory levels reaching 168.39 billion yuan, a year-on-year increase of 19.29 billion yuan, indicating ongoing inventory pressure [3]. - A survey revealed that 58.1% of distributors reported increased inventory, and over 40% faced cash flow pressures, highlighting the financial strain on the distribution network [3][4]. Group 3: Effectiveness of Concert Sponsorships - While some companies report increased sales from concert sponsorships, others struggle to see a return on investment, with risks of inventory not being effectively sold but merely transferred [7][8]. - The cost of sponsoring concerts can be substantial, with expenses for a single event easily exceeding 5 million yuan, posing a risk for smaller companies [7]. Group 4: Future Outlook - As the industry shifts from growth to competition for existing market share, companies must focus on long-term brand value rather than short-term sales boosts to achieve sustainable growth [8].

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has launched the fourth batch of "Guarding Consumption" actions in 2025, focusing on optimizing the consumption environment and protecting consumer rights, with significant enforcement results reported in the first three quarters of the year [1] Summary by Cases - **Case 1**: A luxury goods trading company in Tongren was penalized for selling a counterfeit Cartier watch, violating consumer protection regulations [2] - **Case 2**: A fruit vendor in Qianan was found using a tampered electronic scale, which was deemed unqualified, leading to administrative penalties [3] - **Case 3**: A tobacco and liquor store in Pan County was caught selling products that infringed on registered trademarks, resulting in legal action [4] - **Case 4**: A grocery store in Sandu was penalized for selling uncertified electrical cables, violating mandatory product certification regulations [5] - **Case 5**: A construction safety testing company in Shiqian issued a false inspection report without conducting the necessary tests, leading to penalties [6][7] - **Case 6**: A fertilizer store in Leishan sold compound fertilizers that did not meet national standards, resulting in administrative action [8] - **Case 7**: An electric bicycle shop in Qianan was penalized for selling modified bicycles that did not comply with safety standards [9] - **Case 8**: A motorcycle repair center in Wudang was found selling modified electric bicycles without proper certification changes, leading to penalties [10] - **Case 9**: A milk tea shop in Luodian failed to provide food waste prevention reminders to consumers, violating food waste regulations [11] - **Case 10**: A shopping center in Nayong was penalized for selling food products with labels claiming therapeutic effects, violating food safety laws [12]

Core Viewpoint - The recent leadership change at Kweichow Moutai reflects the company's struggle with performance, marking the first time in decades that it has experienced single-digit growth, leading to the appointment of Chen Hua as the new chairman [2][6]. Group 1: Leadership Changes - Chen Hua is the sixth chairman of Kweichow Moutai in seven years, succeeding Zhang Deqin, who served for just over a year [4][6]. - The frequent turnover in leadership positions, with three out of the last six chairmen imprisoned for corruption, indicates a high-risk environment for the role [4][2]. Group 2: Performance Metrics - Kweichow Moutai reported a revenue growth rate of 9.16% and a net profit growth rate of 8.89% in the first half of the year, marking the first instance of single-digit growth in nearly a decade [6][11]. - The company's stock price and market value have been surpassed by competitors, indicating a decline in its status as the "king of stocks" [6]. Group 3: Strategic Shifts - Zhang Deqin attempted to shift the company's strategy back to focusing on distributors, achieving a 26.5% growth in wholesale channel revenue, but faced challenges in stabilizing product prices [9][11]. - Chen Hua's background in the energy sector may bring new perspectives to managing Moutai, especially in navigating government policies and economic contributions [13][14]. Group 4: Economic Impact - Kweichow Moutai is a significant contributor to the local economy, with tax contributions reaching 817 billion yuan, highlighting its importance to Guizhou's overall financial health [11][13]. - The company is under pressure to balance growth with government expectations, especially in light of the broader challenges facing the liquor industry [13][14].

Core Viewpoint - The Chinese liquor market is experiencing a significant shift, with online sales surging while traditional sales are declining, leading to a competitive struggle among major liquor brands to protect their pricing and market share [1][2][22]. Group 1: Market Trends - Sales of liquor have decreased by 20-25% year-on-year during the "Double Festival" period, while online platforms like Meituan and Yima have seen white liquor sales increase by approximately 800% [1]. - The rise of unauthorized online sales is threatening traditional distributors and forcing liquor companies to take action against price undercutting [2][16]. Group 2: Company Responses - Xiaohutuxian has proactively engaged in consumer interaction and brand promotion, leading to its rise in the market, surpassing other popular brands [4][6]. - Major brands like Xijiu, Wuliangye, and Guotai are responding to the pricing crisis by launching consumer notices and new products to stabilize their market positions [12][18]. - Wuliangye has publicly named and targeted unauthorized online platforms to protect its brand integrity and consumer interests [18][22]. Group 3: Competitive Dynamics - The competition among Xiaohutuxian, Xijiu, Wuliangye, and Guotai is intensifying as they all seek to combat online price disruptions, indicating a broader industry trend that may involve other leading brands like Moutai [22][23]. - The ongoing price war and brand protection efforts are expected to be a long-term battle, with potential implications for the entire liquor industry [23].

Core Viewpoint - The market atmosphere during the "Double Festival" is relatively flat, with a significant reduction in the traditional "peak season effect" [1][2] Sales and Pricing - Overall sales of liquor are expected to decline by 20%-30% during the Mid-Autumn Festival and National Day, aligning with pre-festival expectations [2] - Terminal sales showed a mild month-on-month recovery in September, but remain under pressure; wholesale prices have decreased year-on-year, leading to a contraction in channel profits [1][2] - High-end liquor prices are stabilizing after a decline, with brands like Moutai and Wuliangye showing signs of recovery in pricing [5][7] Inventory and Channel Dynamics - Distributors are facing increased inventory levels due to sluggish sales in Q2 2025, with pre-festival stocking leading to a temporary rise in inventory [1][2] - Despite a slight reduction in inventory during the festival season, it is expected that real estate liquor distributors will still hold high inventory levels [1][2] Regional Performance - There is a notable regional differentiation in sales performance, with high-end brands and regional leaders showing resilience, while mass-market products face challenges [3][4] - In Jiangsu, urban banquet sales are stable, while rural markets show weakness; in Henan, the mass-market price segment is becoming the main sales driver [3] - In Sichuan, demand for mid-range products is under pressure in urban areas, while county markets show stable performance for products priced between 300-500 yuan [3] Consumer Behavior - The consumption trend is shifting towards rationality, with stable performance in essential consumption scenarios like banquets and family gatherings, while business and government consumption remains weak [4] - The 100-yuan price segment is becoming the main sales driver, with high-cost performance products gaining popularity in regions like Henan and Shandong [6] Investment Recommendations - The company suggests that with the upcoming Q3 earnings disclosures, risks may be fully released, and the sentiment in the liquor sector may see a recovery [7] - Specific stocks to watch include those with strong elasticity in policy expectations and consumer recovery, such as Guizhou Moutai and Shanxi Fenjiu [7]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The overall sales of liquor during the Mid-Autumn Festival and National Day are expected to decline by 20%-30%, aligning with pre-festival expectations due to the impact of the "ban on alcohol" in May [2] - High-end liquor brands are showing resilience, while the mass market is under pressure, with a notable shift towards lower-priced products in certain regions [3] - The market is characterized by "overall pressure with regional differentiation," where high-end and regional leading brands perform better compared to mass-market products [3] - The price of high-end liquor is stabilizing after a decline, with notable brands like Moutai and Wuliangye showing recovery in prices [4] Summary by Sections Sales Performance - Sales during the double festival period are under pressure, with a slight recovery in terminal sales observed in September, but overall sales remain constrained [2] - Inventory levels among distributors are high due to sluggish sales, leading to cautious payment collection [2] Regional Analysis - Jiangsu: Stable sales in urban areas, but rural markets are struggling [3] - Henan: Lower-priced products are becoming the main sales drivers due to changing consumer perceptions [3] - Sichuan: Differentiated performance in urban and rural markets, with rural areas showing resilience [3] - Shandong: Sales are influenced by promotional activities, but overall market sentiment is weak [3] Pricing Trends - High-end liquor prices are stabilizing after a decline, with Moutai's price around 1760 yuan [4] - Strong brand power is crucial for performance, with brands like Jiu Gui and Jian Nan Chun showing better resilience [4] Investment Recommendations - The report suggests that with the upcoming Q3 earnings disclosures, risks may be fully released, and the sector could see a recovery in sentiment [5] - Key investment lines include: 1. High elasticity stocks under policy expectations: Jiu Gui, She De, Shui Jing Fang, Lao Jiao, Hua Zhi [5] 2. Stocks benefiting from consumer recovery: Gu Jing Gong Jiu, Ying Jia, Jin Si Yuan [5] 3. Strong alpha stocks: Moutai, Fen Jiu [5]

Core Insights - The overall price of liquor, particularly baijiu, remains stable despite the ongoing "Double Eleven" promotions, with only the high-end segment showing significant fluctuations [2][3] - The latest data from the "Greater Bay Area Liquor Price" report indicates that the average price of certain popular baijiu brands has seen minor changes, with some brands experiencing price drops [5][6] Price Trends - The price of Feitian Moutai has decreased after a brief rise during the National Day and Mid-Autumn Festival, with the latest average selling price at 1957.6 yuan per bottle, down from 2043 yuan on JD.com [3][6] - The price of Guojiao 1573 has shown slight fluctuations, with the latest average price at 931 yuan per bottle, while some retail channels report prices between 800 and 900 yuan [4][6] - Overall, among the 13 baijiu brands tracked, 5 saw price declines, 5 saw price increases, and 3 remained stable [5] Promotional Impact - During the initial phase of the "Double Eleven" promotions, some online channels have experienced varying price changes, with certain brands like Xijiu and Honghualang seeing both increases and decreases in their prices [4][5] - The report highlights that while most baijiu prices remained stable, specific online promotions have led to price adjustments in certain brands [4][5] Sales Channel Guidance - Guizhou Moutai has issued reminders for consumers to purchase from official and legitimate sales channels, emphasizing the importance of avoiding counterfeit products [7][9] - The company has listed various authorized online platforms for purchasing, notably excluding Pinduoduo, which has raised concerns about counterfeit sales [9]