白酒行业作为承载中国千年文化底蕴的传统产业，近年来在理性消费回归、大众需求升级与烟火气经济 兴旺的共同驱动下，正从"高端化竞赛"转向"民生化深耕"，其中光瓶酒赛道凭借贴近日常、高性价比的 特性，成为连接消费者与酒文化的重要纽带。而在这片充满活力的市场中，牛栏山旗下的陈酿系列，无 疑是最耀眼的"国民代表"——它带着牛栏山镇三百年酿酒传承的厚重积淀，以"为民酿酒，酿好民酒"的 理念为魂，走进了亿万家庭的餐桌。 STANDARD WANT WANT AND THE STATE SWATER OF CONSULT AND THE COLLECTION OF THE 市场地位声明书 Statement of Market Position SP2025-CMP-9981 国铝量 Date of Issue. Aug. 2025 数据来源：尚普咨询集团,通过对比全国《不包括惠澳台》范围内,全渠道市场,各国酒品牌系列单品销量情况,得出:"牛 栏山 時融全国销量第一"(以升计)。 统计时间:2024年1月1日-2024年12月31日;本声明于2025年8月完成调研。 个体出 STANK CONSTITUTION CONTRA ...

Industry Overview - In 2024, the production of large-scale liquor enterprises is expected to reach 4.145 million kiloliters, a year-on-year decrease of 1.8%, while sales revenue is projected to increase to 796.38 billion yuan, a year-on-year increase of 5.3%, indicating a unique trend of "declining volume but increasing profit" [2] - By the first half of 2025, 59.7% of liquor companies reported a decline in operating profit, and 50.9% experienced a contraction in revenue, with an average inventory turnover period of 900 days, up 10% year-on-year, highlighting significant challenges in the industry [2] Key Trends - The industry is witnessing a simultaneous trend of "contraction and concentration," with smaller companies exiting the market and leading firms shifting focus from "high-speed growth" to "steady development" [3] - A "channel revolution" is underway, with major companies moving towards direct consumer engagement through new sales channels like online platforms and instant retail, indicating a shift in power from distributors to brands [4] - Consumer demand is evolving, driven by younger consumers, leading to product upgrades towards lower alcohol content and diverse flavors, with major brands launching new products to cater to these trends [5] Company Performance - **Kweichow Moutai**: Aims for a 9% revenue growth by 2025, with a first-quarter revenue of 51.443 billion yuan, up 11.07%, and a net profit of 26.847 billion yuan, up 11.56%, demonstrating strong execution of its strategic goals [6][7] - **Wuliangye**: Targets revenue growth in line with macroeconomic conditions, reporting a first-quarter revenue of 36.940 billion yuan, up 6.05%, and a net profit of 14.860 billion yuan, up 5.80%, with ongoing channel reforms [6][8] - **Luzhou Laojiao**: Focuses on low-alcohol products, with a first-quarter revenue of 9.352 billion yuan, up 1.78%, and a net profit of 4.593 billion yuan, up 0.41%, indicating a strong market position in lower alcohol segments [6][9] - **Shanxi Fenjiu**: Reports a first-quarter revenue of 16.523 billion yuan, up 7.72%, and a net profit of 6.648 billion yuan, up 6.15%, with ongoing efforts in national expansion and product innovation [6][10] - **Guojiao**: Achieves a first-quarter revenue of 5.099 billion yuan, up 9.17%, and a net profit of 1.644 billion yuan, up 7.27%, driven by a focus on the wedding market [6][12] Strategic Shifts - The industry is transitioning from "incremental expansion" to "stock optimization," with companies focusing on refining existing markets rather than pursuing aggressive growth [17] - A shift from "channel-driven" to "consumer-driven" strategies is evident, with companies prioritizing direct consumer engagement and enhancing consumer experiences [18] - The trend is moving from "high alcohol content" to "low and diverse products," with major brands launching lower alcohol options to attract younger consumers [20] - Companies are increasingly emphasizing "long-term value" over short-term performance, with a focus on cultural branding and sustainable growth strategies [21] - The shift from "national expansion" to "regional deepening" is becoming a survival strategy for many companies, focusing on local market penetration and brand recognition [22][23]