近期，随着五粮液第二十九届12·18共识共建共享大会的闭幕，五粮液浓香酒公司向市场传递出清晰而坚定的发展信号，持续开展渠道分类分级管理，构 建起行业领先的竞争优势。 当前，白酒行业步入存量竞争时代，渠道信心成为厂商穿越周期的稀缺资产。 1 业内人士表示，五粮液浓香酒的政策稳定、运营精准、利润可靠，不仅为渠道经销商解决后顾之忧，还有效激活终端培育消费的主动性，为厂商协同穿越 周期注入强劲的确定性动能。 其次，资源投放的精准匹配。通过对经销商和终端的分类分级评估，公司建立起动态的资源调配支持机制。 经销商的经营规模、市场运营能力、品牌维护水平等关键指标，决定其能够获得的政策支持力度和市场发展空间。针对不同类型的终端，公司制定差异化 的营销支持方案，确保每一份市场投入都能产生最大效用。 再者，发展预期的精准对齐。分类分级管理使各级渠道伙伴对自身的定位和发展方向有了清晰认知，为经销商和终端精准赋能，让厂商之间达成真正的发 展共识，为长期合作奠定坚实基础。 五粮液浓香酒公司通过分类分级管理，保证政策执行的透明度和渠道发展的均衡性，为各级商家提供清晰的运营指引，让品牌投入精准触达目标市场和核 心消费人群、优质潜在消费人群 ...

Core Insights - The 29th "12·18 Consensus Co-construction and Sharing Conference" of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [1][3] - The conference is significant as it marks a critical transition point for the liquor industry, emphasizing Wuliangye's leadership in navigating changes and promoting sustainable high-quality development [3][4] Group 1: Industry Dynamics - The year 2025 is anticipated to be challenging for the liquor industry, characterized by inventory and pricing pressures, alongside tests of confidence and partnership resilience [4] - The change in the conference's name from "Co-discussion, Co-construction, and Sharing" to "Consensus Co-construction and Sharing" symbolizes a strategic shift towards long-term value recognition and emotional connections with partners [6][8] Group 2: Company Strategy - Wuliangye's chairman highlighted that the current industry adjustment is cyclical, structural, and a return to market rationality, asserting the company's capability to seize opportunities during this phase [10] - The evolution of the partnership model reflects a deeper understanding of the industry chain, transitioning from a transactional relationship to a collaborative development community [10] Group 3: Product Strategy - Wuliangye is adapting to a "Three Rationality Era" in consumer behavior, focusing on the real value of products, cultural recognition, and emotional resonance [11] - The product strategy includes a clear framework with a core brand supported by various product lines, aiming to establish a comprehensive and competitive product matrix [11][13] - The introduction of the new Wuliangye zodiac wine reflects the brand's commitment to cultural and emotional value, expanding the product's significance beyond mere consumption [15] Group 4: Channel Strategy - Wuliangye is implementing a dual approach of strict management and optimization in its channel strategy to create a healthier and more efficient channel ecosystem [16] - The company is restructuring its organizational framework to enhance regional market responsiveness and improve marketing resource allocation [18] - Plans include the addition of new retail formats and partnerships with leading companies to expand market reach and enhance consumer engagement [18][19]

当下的白酒行业，正经历深度调整与周期寒意。龙头企业的一举一动，尤其受到关注。 12月18日，五粮液第二十九届12·18经销商大会如约举行。超过1500位经销商与投资者的到来，让 五粮液这场延续近三十年的盛会承载着不一样的期待。 谋篇"十五五"："五个统筹""三个突出" 其中，产品体系重构，是五粮液"品质为基"的重要支撑。 将2026定位"营销守正创新年"，并明确了"一核心三强化双目标"营销方针。 其中，针对渠道方面的调整，2026年，五粮液将调整优化传统渠道，聚焦终端建设包括经销商反向 激励，深耕当地团购与零售市场等；严管整顿渠道供给，坚决遏制低价抛售等冲击市场秩序的大批发行 为，取消跨省开箱、跨渠道窜货等不合规、低质量的销售奖励，坚决终止同扰乱市场秩序的商家合作； 持续完善"三店一家"网络布局，新增专卖店80家，保持总量在1700家左右，新增集合店300家，文化体 验店10家。此外，还将大力培育新兴渠道，积极拥抱电商渠道，进一步提升线上市场份额；加大电商直 采力度，逐步扭转乱商无序的供货局面。 站在"十四五"圆满收官与"十五五"即将启航的关键交汇点，五粮液明确将"十五五"视为塑造新优 势、培育新动能的重要窗 ...

Core Viewpoint - The year has been described as extraordinarily challenging for the liquor industry, with Wuliangye adapting through innovation, collaboration, and proactive measures to navigate market changes and pressures [3][9]. Group 1: Industry Challenges and Opportunities - Wuliangye has effectively advanced channel innovation, adding 474 new traditional channels and achieving direct distribution coverage in 20 core cities [3][9]. - The liquor industry is entering a complex fifth round of deep adjustment, characterized as "cyclical," "structural," and "regressive" [3][9]. - There are significant opportunities for industry growth, driven by a favorable macroeconomic environment and structural changes in consumer demographics and consumption scenarios [3][9][11]. Group 2: Policy and Market Trends - Recent industry policies have provided support for the liquor sector, emphasizing the importance of historical and cultural value in liquor production [4][10]. - Consumer trends such as youth engagement, female consumption, and the aging population are identified as key areas for market expansion [5][11]. Group 3: Strategic Initiatives - Wuliangye aims to leverage five key advantages: quality, brand, market, team, and financial strength [5][11]. - The company has outlined its mission to preserve historical classics and its vision to become a globally recognized leader in the liquor industry [5][11]. - A comprehensive strategy called "Five New Expansions" will focus on targeting new consumer groups, channels, scenarios, markets, and operational mechanisms [6][12]. Group 4: Product Development - Wuliangye plans to establish a product system centered around its eighth-generation liquor, with strategic products aimed at achieving significant sales milestones [6][12][13]. - The company intends to create four national strategic products in the fragrant liquor category, targeting sales tiers of 100 billion, 50 billion, 20 billion, and 10 billion [13].

五粮液集团（股份）公司党委书记、董事长曾从钦在会上表示，五粮液将着力构建主品牌"一核两擎两 驱一新"的产品体系。其中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高 端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚 持以五粮液一见倾心为新锐。五粮液浓香酒方面，要打造五粮春、尖庄、五粮特头曲、五粮醇四个全国 性战略大单品，形成100亿级、50亿级、20亿级、10亿级的梯队产品架构。 您对此有何看法，欢迎下面评论区留言分享。 您对此有何看法，欢迎下面评论区留言分享。 12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届12·18共识共建共享大会在宜宾召开。 12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届12·18共识共建共享大会在宜宾召开。 五粮液集团（股份）公司党委书记、董事长曾从钦在会上表示，五粮液将着力构建主品牌"一核两擎两 驱一新"的产品体系。其中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高 端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品 ...

"两擎"是经典系列，紫气东来，定位超高端主力产品，加力加劲开展市场培育，加快占领消费者心智， 真正树立价格标杆和价值标杆； 具体而言，"一核"是坚持以第八代五粮液为核心，定位为基本盘，加大量价关系平衡； 12月18日，五粮液第二十九届12·18共识共建共享大会上，五粮液集团（股份）公司党委书记、董事长 曾从钦表示，全方位重构产品体系，着力构建主品牌"一核两擎两驱一新"的产品体系，实施差异化、专 业化运营。 具体而言，"一核"是坚持以第八代五粮液为核心，定位为基本盘，加大量价关系平衡； "两擎"是经典系列，紫气东来，定位超高端主力产品，加力加劲开展市场培育，加快占领消费者心智， 真正树立价格标杆和价值标杆； "两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚持以 五粮液·一见倾心为新锐。 曾从钦还强调，五粮液浓香酒方面，要打造五粮春、尖庄、五粮特头曲、五粮醇四个全国性战略大单 品，形成100亿级、50亿级、20亿级、10亿级的梯队产品架构。 "两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚持以 五粮液·一见倾心为新锐。 ...

Core Viewpoint - The A-share market is experiencing a bull market in 2025, but the liquor sector, particularly the high-end liquor brands like Moutai and Wuliangye, is entering a bear market due to poor performance and negative market sentiment [1] Group 1: Company Performance - Moutai's third-quarter report shows stable net income and profit growth, while Wuliangye's performance has drastically declined, with a revenue of 8.174 billion yuan, a year-on-year decrease of 52.66%, marking the largest single-quarter revenue drop in over 20 years [3] - Wuliangye's net profit fell to 2.019 billion yuan, down 65.62% year-on-year, and its net profit margin dropped from 38.2% to 24.7%, with operating cash flow turning negative at -876 million yuan [3] - Moutai's wholesale price for its 53-degree Flying Moutai has dropped below 1,700 yuan, raising concerns about future market adjustments [5] Group 2: Market Dynamics - The significant decline in Wuliangye's performance is attributed to excessive inventory at its sales platform companies, leading to price cuts and substantial losses [5] - The shift in consumer behavior, with younger generations drinking less high-end liquor, is not the core reason for the performance decline, but rather the marketing and sales strategies that have resulted in large inventories and cash flow issues [8] - The high prices of premium liquors like Moutai and Wuliangye may become unsustainable, as consumers are becoming more rational and may distance themselves from these brands if prices remain elevated [10]

Core Viewpoint - The article highlights the rising trend of low-priced "opened" or "damaged" liquor being sold on live streaming and second-hand platforms, raising concerns about product safety and authenticity [1][2][3]. Group 1: Sales Channels and Pricing - Some liquor brands are being sold at significantly lower prices on live streaming platforms compared to official retail prices, such as a case of 53-degree 500ml Yuanxi liquor priced at 380 yuan versus 590 yuan on official platforms [1][2]. - Various brands are available on second-hand platforms, with prices for opened bottles ranging from 199 yuan for Wuliangchun to 380 yuan for Yanghe Dream Blue [1][2][3]. Group 2: Product Integrity and Safety Concerns - The practice of selling "opened" liquor raises questions about the integrity of the product, as many brands require the bottle to be opened for verification, which can compromise packaging [12][13]. - Legal experts indicate that selling opened or repackaged liquor may violate food safety and trademark laws, posing risks of counterfeit products [13][14]. Group 3: Consumer Warnings and Recommendations - Consumer organizations have repeatedly warned about the safety risks associated with opened liquor, emphasizing that compromised packaging can lead to contamination and spoilage [15][16]. - Recommendations include purchasing liquor from reputable sources such as large supermarkets or licensed online retailers to minimize risks associated with low-priced opened products [16].

Core Insights - The Chinese liquor industry is experiencing a significant downturn, with a collective revenue of 317.78 billion yuan for 20 listed liquor companies in the first three quarters of 2025, representing a year-on-year decline of 5.90% [2][4] - Shanxi Fenjiu has surpassed Wuliangye to become the second-largest player in the industry, with a revenue of 8.96 billion yuan in Q3 2025, compared to Wuliangye's 8.17 billion yuan [2][7] - The industry is undergoing structural changes, with a general slowdown in revenue growth and profitability across most companies [4][5] Industry Performance - The overall revenue growth rate for the liquor industry has dropped to a five-year low, with only eight companies achieving double-digit profit growth, while many others reported single-digit or negative growth [4] - Moutai remains the leader with a revenue of 128.45 billion yuan in Q3, but its growth rate has slowed to 6.36% [4] - Wuliangye reported a revenue of 60.95 billion yuan with a decline of 10.26%, while Fenjiu's revenue growth of 5% is notable [4][5] Challenges Faced - The industry is facing several challenges, including rising raw material costs, increased promotional expenses, and deteriorating cash flow due to higher inventory levels among distributors [5] - The cumulative production of liquor from January to September 2025 was 2.655 million kiloliters, a year-on-year decrease of 9.9%, indicating weak market demand [5] - Wuliangye's performance has been particularly affected by an imbalanced product structure and intensified competition in the mid-range market [8][9] Competitive Landscape - The competition is shifting from scale expansion to quality differentiation, with Fenjiu's rise posing a potential threat to Wuliangye's long-standing position [10][11] - Fenjiu's growth is attributed to the revival of clear aroma liquor, appealing to younger consumers [11][12] - Wuliangye's traditional distribution model is under pressure, leading to increased inventory and financial strain on distributors [8][9] Future Outlook - The liquor industry is expected to undergo a cleansing process, with a potential recovery starting in 2026 as macroeconomic conditions improve [13][14] - The "Matthew Effect" will continue to intensify, favoring leading companies with strong brand power and national distribution [14][15] - Companies that can blend traditional brewing wisdom with modern consumer insights are likely to emerge as winners post-adjustment [15]

Core Viewpoint - Wuliangye, a leading player in the Chinese liquor industry, is experiencing significant declines in revenue and profit, raising concerns about the end of the golden era for Chinese liquor [2][6]. Financial Performance - In Q3 2025, Wuliangye reported revenue of approximately 8.17 billion yuan, a year-on-year decrease of 52.66%, and a net profit of about 2.02 billion yuan, down 65.62% compared to the previous year [2][3]. - For the first three quarters of 2025, total revenue was around 60.95 billion yuan, a decline of 10.26%, with net profit at approximately 21.51 billion yuan, down 13.72% [6]. Market Conditions - The liquor industry is undergoing a deep adjustment period, with weak effective demand impacting sales [4][6]. - The revised regulations limiting alcohol consumption in government settings have reduced the market for high-end liquor, affecting Wuliangye and its competitors [4]. Inventory and Pricing Issues - Wuliangye's inventory remains high, with a book value of 17.54 billion yuan, indicating a pressing need for inventory reduction across the industry [8][9]. - The company faces a pricing issue where the market wholesale price is lower than the factory price, leading to a decline in dealer confidence and cash flow [9][10]. Strategic Response - In response to the inventory crisis, Wuliangye has actively controlled shipment volumes, which directly contributed to the significant drop in revenue for Q3 [10]. - The company aims to stabilize its pricing system and restore dealer confidence through these measures [10]. Brand and Management Challenges - Wuliangye's brand image and product matrix require improvement compared to competitors like Moutai, which have stronger brand loyalty and clearer product positioning [11]. - Recent management changes have raised concerns about strategic continuity and stability within the company [11]. Industry Trends - The overall liquor industry is experiencing a downturn, with many companies reporting declines in both revenue and profit, indicating a broader trend beyond Wuliangye [12][13]. - Analysts predict that the adjustment period for the liquor industry will continue until 2026, with challenges such as inventory digestion and weak demand [16].