转自：中国质量报 以质为基 以心为桥 牛栏山深化营销变革让"民酒"品质直抵民心 □ 晞 畅 情感共鸣 今年，牛栏山以"情感破圈"为突破口，让"民酒"品质从物理属性升华为触动心灵的"情感质量"。春节期 间，《烟火人间》系列短片跳出传统白酒话语体系，将镜头对准归乡、邻里、职场等平凡生活场景，以 温情叙事引发广泛情感共振。截至7月，相关内容在抖音、视频号等平台实现超3亿次传播。随后，借势 央视爆款剧《以法之名》扩大共鸣半径，年底更携歌手田震打造"牛栏山经典之夜"，以"经典声音+经典 品牌"唤醒集体记忆。 面对Z世代成为消费主力的趋势，牛栏山以"年轻化对话"打破"白酒=老派"的刻板印象，让"民酒"品质与 时尚魅力触达年轻群体。今年夏季，牛栏山推出"牛碧桶"潮流饮品组合，通过"线下潮流快闪店+线上话 题挑战赛"的社交裂变模式，打造现象级破圈案例。低门槛、高分享的"用户共创"潮饮方式，让白酒成 功融入年轻人的社交语境。快闪店里，年轻人举杯打卡"牛碧桶"；短视频平台上，"解锁白酒新喝法"话 题播放量破亿。此举不仅破解了白酒夏季销售淡季难题，更将产品转变为连接年轻群体的"社交货币"， 实现消费场景与人群的双拓展，让"民酒"的 ...

Core Insights - Shunxin Agriculture, the parent company of Niulanshan Erguotou, reported a significant decline in revenue and profit for the first three quarters of 2025, with revenue of 5.869 billion yuan, down 19.79% year-on-year, and a net profit of 76.98 million yuan, down 79.85% [1][4][6] - The company recorded a net loss of 95.90 million yuan in Q3 2025, marking a return to quarterly losses after Q2 2025 [1][4][6] - The company's market capitalization has plummeted nearly 80% from its peak of 55 billion yuan, now standing at 11.6 billion yuan as of October 31, 2025 [1][4] Business Overview - Shunxin Agriculture was established in 1998 and has three main business segments: liquor, pork, and real estate [2] - The liquor segment accounts for approximately 80% of the company's revenue and net profit, while the real estate segment has been a drag on performance due to ongoing industry downturns [2][4] - The company successfully divested its real estate business by the end of 2023, focusing on liquor and pork as its core operations [2] Financial Performance - For the first three quarters of 2025, Shunxin Agriculture's revenue was 5.869 billion yuan, with a year-on-year decrease of 19.79% [3][4] - The net profit attributable to shareholders was 76.98 million yuan, down 79.85% compared to the previous year [3][4] - The company experienced a significant decline in cash flow from operating activities, with a net cash flow of -819.32 million yuan [3] Industry Challenges - The liquor industry is undergoing a deep adjustment period, with declining production and sales volumes [4] - The pork segment is also facing challenges, with domestic pork prices remaining low and a slight revenue decline of 0.49% year-on-year [4][5] - The company's liquor revenue for the first half of 2025 was 3.606 billion yuan, down 23.25% year-on-year, with a gross margin of 42.39% [5] Brand and Market Dynamics - Niulanshan Erguotou, once a leading brand, has seen its sales decline significantly since 2020, with a 26.03% drop in sales volume in 2023 [9][10] - The introduction of new regulations has impacted the brand, forcing a name change for its flagship product, which has further affected sales [9][11] - The company has attempted to launch new products like the "Golden Label" Erguotou to revitalize sales, but these efforts have not yielded the expected results [11][13][14]

Core Viewpoint - Shunxin Agriculture, the parent company of Niulanshan, reported a revenue decline of 13.85% year-on-year for 2024, but achieved a net profit of 231 million yuan, marking a significant turnaround with a growth of 178.2% compared to the previous year [2] Financial Performance - The company recorded total revenue of 9.126 billion yuan in 2024, with a net profit of 231 million yuan, indicating a recovery from losses in previous quarters [2] - The fourth quarter of 2024 saw the largest loss, with a revenue of approximately 1.809 billion yuan and a net profit loss of 151 million yuan [2] - For 2024, the white liquor business generated 7.041 billion yuan in revenue, a year-on-year increase of 3.19%, accounting for 77.15% of total revenue [3] - The pork business revenue was 1.891 billion yuan, down 27.21% year-on-year, with slaughtering and breeding segments contributing 1.689 billion yuan and 202 million yuan, respectively [3] Product Performance - High-end liquor revenue was 972 million yuan, down 0.59% year-on-year; mid-range liquor revenue was approximately 1.095 billion yuan, down 1.53%; while low-end liquor revenue was 4.974 billion yuan, up 5.08% [4] - Sales volume for several key liquor products declined, with the 42-degree 500ml Niulanshan Chenjiu (White Bull II) and 52-degree 500ml Niulanshan Chenjiu seeing decreases of 2.95% and 9.05%, respectively [6][7] - The company has focused on marketing its key products, particularly the Gold Label Niulanshan, despite recent sales declines [8] Cost Management - In 2024, Shunxin Agriculture significantly reduced marketing expenses, with overall sales expenses down 27.47% and white liquor sales expenses down 18.18% [9] - Advertising expenses decreased by 10.94%, and promotional expenses were cut by 26.98% [10] Future Outlook - The company aims to leverage its brand advantages and national marketing network to establish itself as a leading brand in the "people's liquor" segment, focusing on the Gold Label matrix and upgrading traditional Erguotou [10] - However, the first quarter of 2025 showed a decline in both revenue and net profit, with revenue at approximately 3.258 billion yuan, down 19.69%, and net profit at 282 million yuan, down 37.34% [11]