（文章来源：每日经济新闻） 《每日经济新闻·将进酒》记者注意到，该公司背后股东阵容豪华，由成都产业投资集团有限公司、成 都酒业集团有限公司、成都天府粮仓农旅投资发展集团有限公司、成都蒲江产业投资集团有限公司、成 都市大邑县邑岭仁安建设发展有限公司共同持股，持股比例分别为51%、34%、5%、5%、5%，以上企 业均为国资控股企业。 公开资料显示，成都白酒产区是川酒五大产区之一，主要包括邛崃、蒲江、大邑等。其中，作为全国最 大优质白酒原酒供给地，邛崃更是其核心承载地。已入驻水井坊、文君、金六福、巴克斯等35家酒类企 业，其中规上企业11家。蒲江县则拥有持证酒类工业企业19户，年产"全兴大曲""牛栏山二锅头""光 良"等品牌白酒约15万千升，2024年白酒行业主营业务收入40.71亿元；而大邑盛产高山青梅，是梅见的 青梅基地之一，也拥有多家青梅酒企业等。 天眼查工商信息显示，近日，成都蓉酒酒业有限公司成立，法定代表人为周卫东，注册资本5亿元，经 营范围包括酒制品生产、酒类经营、饮料生产、食品销售等。 ...

五年前的江小白，像被按在舆论的谷底反复摩擦。曾经火遍街头巷尾的"青春小酒"，转眼成了行业里 的"反面教材"――自媒体翻来覆去拆解"营销大于产品"的"原罪"，一点也不管它在中国白酒的金三角产 区，有中国西部规模最大的清香型酒厂；人人都在质疑：这个走低度化的品牌，怕是撑不下去了。 更刺眼的是，货架上的产品明明还在，消费者明明都还在买，却总被贴上"过气网红"的标签，连创始人 都坦言那段日子像"在漆黑的隧道里开车，看不到尽头"。 江小白不再只盯着"把货卖出去"，而是钻进年轻人的消费场景里：2025年前10个月现代渠道整体增长 57%，果立方增速更是飙到87%；跟美团合作的"轰趴"项目，半年就卖了33万套，即时零售彻底活了。 对经销商，它用"不忽悠、不推责"的五不原则搞共创，把果立方的库存周转率压到1.9个月，北京、长 沙等试点城市的经销商跟着吃肉，长沙果立方单城增长就超215%。 2024年底，母公司更名"瓶子星球集团"，宣告从单一白酒品牌向新酒饮集团的跨越；截至2025年10月， 集团连续22个月每月平均增长超20%，2025年1-10月整体增幅达25%，果立方和梅见成了新酒饮市场 的"双子星"。 绝境之中，江小白 ...

"赢得信赖"是瓶子星球的第一经营目标。 11月19日，#AIIC2025酒业创新与投资大会 上发布的创新案例中，瓶子星球集团作为"转型增长"的典型案例。用长达五年的时间推动一家公司勇敢的变革 与创新，通过成功转型并实现了逆势增长，瓶子星球终于打开了新酒饮新世界的大门。 基于酒类行业整体处于下行周期中，瓶子星球董事长陶石泉表示："我们的行业像现在的天气一样，进入了冬天。"但他同时表示："企业对于自我改善的 努力不会停止，通过从产品到组织的极致改善来追求健康增长。" 目前瓶子星球已实现连续22个月稳健增长。对增长的原因，瓶子星球集团归结为"高质量经营改善"，并强调前提是"拒绝粉饰，把问题摆在桌面上"。现 场，陶石泉分享了四个维度的硬核实践： 01 高质量改善产品，赢得用户的信赖。 02 高质量改善消费场景，赢得终端的信赖。 03 高质量改善经销商合作模式，赢得客户的信赖。 04 高质量改善企业文化和机制，赢得员工的信赖。 "参照物不是同行，是过去的自己。"瓶子星球集团以实践作答，将新酒饮新世界的创新探索定义为一场与自己的较量。 ★本文根据2025酒业创新与投资大会陶石泉的演讲进行整理，内容有所删减，未经本人审阅， ...

Core Insights - Industry investment is a key engine for the evolution of the liquor industry, providing necessary funding and support for channel expansion, product innovation, and brand building [2] - The rise of "micro-drinking socialization" and "self-consumption" among younger generations has made the dual approach of capital and industry essential for the liquor sector to grasp future growth opportunities [2] - The AIIC2025 Liquor Industry Investment and Innovation Conference will launch the "AIIC New Growth Liquor Consumption Fund" with an initial scale of 500 million yuan, aimed at discovering innovative projects and providing financial support [2] Industry Trends - The new liquor segment has become a typical representative of industry investment driving innovation, reflecting how capital resonates with consumer trends [3] - From 2020 to 2021, the market size of new liquor brands surged from approximately 20 billion yuan to 30 billion yuan, with a compound annual growth rate of about 30% [3] - The new liquor segment is expected to grow from 57 billion yuan to between 74.3 billion and 75 billion yuan from 2024 to 2025, maintaining a compound annual growth rate of 25% to 30% [3] Company Developments - In October, Mixue Group invested nearly 300 million yuan to gain control of the fresh beer brand "Fulu Family," marking a significant move into the fresh beer sector [4] - Bottle Planet Group achieved a 16% organic revenue growth in 2024, with its low-alcohol new liquor business growing by 30% [4] - The traditional yellow wine leader, Kuaijishan, launched a sparkling yellow wine in August 2023, achieving over 10 million yuan in sales within 72 hours during the 2024 "618" event [8] Conference Insights - The AIIC2025 conference will provide a platform for industry innovators to share practical experiences and insights [4][11] - The event will serve as a strategic window for participants to engage directly with industry capital and learn about emerging growth trends [11] - Design has become a crucial factor in attracting younger consumers, with significant collaborations established with well-known liquor companies for packaging design [10]

Core Insights - The article emphasizes the importance of both external cycles and internal organization in determining a company's success, suggesting that understanding past actions is crucial for defining future outcomes [2][19] Group 1: Successful Companies in Favorable Conditions - Companies like Mixue Ice City thrive in a favorable environment characterized by industry benefits, strategic accuracy, and efficient execution, often referred to as "the right time, the right place, and the right people" [4] - Mixue Ice City's business model focuses on selling raw materials rather than franchise fees, resulting in the lowest opening costs among chain brands and achieving a gross margin and net margin that are among the highest in the new tea beverage industry [4] - The company's revenue is equivalent to the combined total of the second to fourth ranked competitors in the same sector, showcasing its unique profit model [4] Group 2: Companies Adapting to Market Changes - Pop Mart represents a contrasting approach, expanding globally rather than focusing on domestic market penetration, demonstrating a strong organizational capability to adapt to market demands [7] - The concept of "retail entertainment" is highlighted, indicating that companies must continuously innovate to remain relevant and capitalize on market opportunities [7] Group 3: Companies Facing Internal Challenges - Companies like Bottle Planet, known for its brand Jiangxiaobai, faced significant challenges due to a declining traditional liquor market but successfully pivoted to a "new liquor" strategy, launching new products to regain growth [8][9] - The implementation of the Danaher DBS model has been crucial for Bottle Planet's transformation, focusing on systematic improvements across various operational aspects [9][11] Group 4: Companies Struggling with Market Dynamics - Companies like Master Kong are experiencing external pressures from the rise of the takeout market, which has negatively impacted instant noodle sales, highlighting the challenges of adapting to changing consumer behaviors [16] - Three Squirrels, a former leader in the snack industry, struggles with an outdated business model and quality control issues, leading to significant revenue losses and a decline in market position [18]

Core Viewpoint - The report from Zheshang Securities emphasizes the investment opportunities arising from innovations in new categories, products, and channels within the liquor industry, with a short-term focus on new consumer products and a long-term focus on sales validation and product iteration, particularly recommending Zhenjiu Lidu (06979) which has a standout product "Dazhen" [1] Group 1: New Consumption Concept - New consumption in the liquor sector refers to products that emphasize innovation in product, channel, and model, with examples including: 1) Product innovation: sparkling yellow wine, tea beer, Meijian, and low-alcohol products from leading liquor companies [2] - Model innovation examples include Dazhen, Jiugui·Ziyouai, Xinbah, and Niushi Beer [2] Group 2: Investment Logic - Unlike traditional consumer goods that focus on immediate performance and recent growth, new consumption liquor stocks are expected to incorporate measurable future performance into current expectations, with significant investment opportunities arising from short-term catalysts, mid-term performance realization, and long-term growth potential [3] - A comparative analysis of stock prices for traditional liquor consumption (e.g., Kweichow Moutai), new consumption (e.g., Huadiao Mountain), and leading new consumption (e.g., Pop Mart) reveals that Moutai's price fluctuations are influenced by multiple cycles rather than single products or channels [3] - Huadiao Mountain's recent stock price surge is attributed to price increases and market anticipation of future high-end positioning and channel changes, necessitating ongoing performance realization [3] - Pop Mart's stock price increase is driven by the success of its flagship product labubu, with continuous performance realization and upward revisions of profit forecasts [3] Group 3: Case Studies - Huadiao Mountain is focusing on brand rejuvenation and premiumization, aligning with consumer trends towards upgrading consumption [4] - Bairun Co. is leveraging a dual-driven model of "pre-mixed drinks + whiskey" to establish quality standards and brand recognition in the domestic whiskey market [4] - Zhenjiu Lidu launched the strategic flagship product "Dazhen" in June 2025, aiming for a mid-term target of 6 billion yuan, supported by team capabilities and three major innovations [4] - Jiugui Liquor partnered with Pang Donglai to launch "Jiugui Liquor·Ziyouai," which sold out after multiple restocks, reflecting innovative channel strategies and consumer trends [4]

Core Viewpoint - The Chinese liquor industry is witnessing a shift as major liquor companies begin to develop and promote low-alcohol products, with a focus on appealing to younger consumers and addressing market challenges [1][5]. Group 1: Industry Trends - Major liquor companies are launching low-alcohol products, with notable examples including Wuliangye's "Yijian Qingxin" series at 29 degrees and Luzhou Laojiao's 28-degree Guojiao 1573 [2][5]. - Low-alcohol liquor currently accounts for about 10% of the market, indicating it is not yet a mainstream product [4]. - The market for low-alcohol liquor is projected to grow significantly, with a forecasted scale exceeding 740 billion yuan by 2025, reflecting a compound annual growth rate of 25% [6]. Group 2: Consumer Insights - A survey by Wuliangye revealed that only 19% of young consumers aged 20-35 prefer liquor, with over 60% favoring low-alcohol options due to the avoidance of the harshness associated with high-alcohol beverages [6]. - The younger demographic is becoming a key target for liquor companies, as they seek to adapt to changing consumer preferences [6]. Group 3: Production and Innovation - The production of low-alcohol liquor requires innovative brewing techniques, such as precise control of ingredient ratios and advanced filtration methods to maintain flavor [6][7]. - Current low-alcohol products are still in the early stages of market acceptance, with many products yet to be fully launched or tested in the market [6][7]. Group 4: Marketing Strategies - Companies are expanding consumption scenarios by developing cocktails and opening branded bars to attract younger consumers [7]. - Initiatives include creating summer-friendly cocktails and establishing pop-up stores to enhance brand visibility and engagement with target audiences [7][9].

Group 1 - The article discusses the rise and fall of the internet celebrity brand Jiangxiaobai, which aimed to become "the first bottle of liquor for young people" through emotional marketing but faced challenges due to quality issues and changing consumer preferences [1][3][8] - Jiangxiaobai initially gained popularity by breaking the traditional image of liquor with its 100ml small bottles and low alcohol content, targeting the younger demographic and leveraging social media for marketing [3][5] - From 2013 to 2019, Jiangxiaobai's revenue skyrocketed from 50 million to 3 billion, capturing 20% of the small bottle liquor market, but the novelty wore off, leading to a significant decline in market share [5][6][12] Group 2 - After experiencing a drop in sales and market presence, Jiangxiaobai shifted its focus to fruit wines like "Meijian" and "Guolifang" to attract young consumers again, but the effectiveness of this strategy remains uncertain [1][8][13] - The brand's marketing strategies have faced backlash, including a controversial campaign that was criticized for being disrespectful to women, highlighting the risks associated with relying heavily on marketing [8][11] - Despite attempts to reposition itself in the low-alcohol beverage market, Jiangxiaobai faces stiff competition from established brands and a crowded market, making its future growth prospects challenging [15][16][18]

Core Insights - The article discusses the transformation of a new consumer brand, "瓶子星球" (Bottle Planet), which has shifted its strategy towards low-alcohol beverages after experiencing a period of stagnation and competition challenges [2][3][6]. Group 1: Company Strategy and Performance - "瓶子星球" has rebranded and reported a 16% growth in 2024, focusing on a new strategy for low-alcohol beverages [2][7]. - The company's low-alcohol beverage segment, including products like 梅见 (Meijian) and 果立方 (Guolifang), has seen a 30% growth, with Meijian alone generating sales of 100 million in Chengdu [7][12]. - The brand aims to become the largest low-alcohol beverage group in China, indicating a strategic pivot rather than a mere transformation [12][28]. Group 2: Market Dynamics and Consumer Trends - The article highlights a structural opportunity in the market as traditional alcoholic beverages lose market share to low-alcohol options, driven by changing consumer preferences [25][26]. - The trend towards low-alcohol consumption is supported by a Nielsen survey indicating a global shift towards moderate drinking [25]. Group 3: Organizational Changes and Challenges - The company has emphasized the importance of organizational improvement to support its strategic goals, focusing on effective business practices and quality [13][18]. - "瓶子星球" has implemented a "high-quality operational improvement" system to enhance its market presence, particularly in the O2O (online-to-offline) space [18][22]. - The brand's success in retail partnerships, such as with 永辉 (Yonghui) and 盒马 (Hema), demonstrates its ability to adapt to market demands and consumer behavior [22][28].