直播间里，随着珍酒李渡董事长吴向东举起一瓶375毫升铝瓶装啤酒，定价88元的"牛市"精酿就此亮 相。北京商报记者近日在淘宝App查询发现，牛市啤酒精酿5.5度375毫升整箱装已售超300笔。珍酒李渡 跨界精酿仅是近年来酒企入局精酿的缩影之一。除珍酒李渡外，五粮液旗下五粮液仙林生态酒业有限公 司（以下简称"仙林生态酒业"）也入局精酿赛道，推出"风火轮"中式五粮精酿啤酒。 白酒企业闯入精酿啤酒赛道，不仅在于其超300亿元的市场规模，更是为缓解白酒市场疲软作出的新选 择。当白酒企业精酿版图逐步拼凑起来时，白酒渠道能否承载精酿啤酒产品？跨界精酿啤酒是陷阱还是 自救？对于白酒企业而言都还是未知数。 拓精酿版图 在吴向东的个人直播首秀中，高端精酿啤酒产品"牛市News"正式推出，零售标价88元/瓶。事实上，吴 向东切入精酿赛道早有预兆。公开资料显示，2018年，作为东北最大酒商之一的东北往事商贸董事长王 笑卓推出自有啤酒品牌——辛巴赫精酿，吴向东旗下的金东投资集团有限公司正是该公司的股东之一。 北京商报记者通过淘宝App查询发现，在牛市啤酒旗舰店中，5.5度375毫升的牛市精酿啤酒整箱装（12 瓶）售价为720元/箱，截 ...

Core Viewpoint - Major Chinese liquor companies are entering the craft beer market, aiming to tap into a rapidly growing segment of the beer industry, which is projected to exceed 100 billion yuan by 2025 [1][4]. Industry Overview - The Chinese beer market is undergoing significant structural adjustments, with overall production declining. In the first half of 2025, production from large-scale breweries was 19.04 million kiloliters, a year-on-year decrease of 0.3% [2]. - Traditional beer production has been declining for five consecutive years, with 2024 production at 35.21 million kiloliters, down 30% from the peak of 50.62 million kiloliters in 2013 [2]. - The market is highly concentrated, with five major players—China Resources Beer, Tsingtao Brewery, Budweiser APAC, Yanjing Beer, and Chongqing Beer—holding over 90% of the market share [2]. - The low-end beer market is shrinking, while mid-range and premium products are expected to drive future growth [2]. High-End Beer Performance - High-end beer products are experiencing growth, with Chongqing Beer reporting a 0.04% increase in revenue from high-end products (priced above 8 yuan) to 5.265 billion yuan [3]. - Yanjing Beer saw a 9.32% increase in revenue from mid-to-high-end products, reaching 5.536 billion yuan, with their gross margin improving by 6.25 percentage points to 51.71% [3]. Craft Beer Market Growth - The craft beer segment is rapidly expanding, with the market size projected to grow from 42.8 billion yuan in 2022 to 68 billion yuan in 2024, reflecting a compound annual growth rate of 26.7% [4]. - By 2025, the craft beer market is expected to surpass 104 billion yuan, driven by changing consumer preferences towards quality over quantity [4]. Profitability and Consumer Trends - Craft beer generally has a gross margin of 55% to 65%, which is 15% to 20% higher than that of industrial beer [5]. - The Z generation (born 1995-2009) is becoming the main consumer group, shifting the focus from traditional social drinking to personal enjoyment and quality experiences [5][6]. White Liquor Companies Entering Craft Beer - Major liquor companies like Zhenjiu Lidou and Wuliangye are launching craft beer products to capture market share. Zhenjiu Lidou's "Niu Shi News" craft beer gained significant attention during its launch, with over 190 million views online [7]. - Wuliangye's new craft beer brand "Fenghuolun" is priced at 19.5 yuan per bottle, marking its entry into the mid-to-high-end craft beer market [7]. - Luzhou Laojiao has been active in the craft beer sector since 2021, focusing on high-end craft beer products and expanding its market presence [8]. Strategic Insights - The entry of liquor companies into the craft beer market leverages existing brand resources and distribution networks, aiming for new growth opportunities [8]. - Analysts suggest that these companies should adopt differentiated strategies to avoid direct competition with established beer giants, focusing on high-end branding and leveraging mature distribution channels [8].

"一瓶375毫升的啤酒零售价88元，确实有点儿贵，甚至这页（产品售价）PPT我都有点儿不想展 示。"日前，在珍酒李渡集团董事长吴向东的首场个人直播中，他在推介公司旗下首款高端精酿啤酒产 品"牛市News"时这样介绍道。 在此之前，五粮液旗下子公司宜宾五粮液仙林生态酒业有限公司（以下简称"仙林生态酒业"）推出名 为"风火轮"的精酿啤酒，390毫升建议零售价19.5元/瓶。 白酒企业跨界啤酒并非首次。此前，茅台集团曾推出茅台啤酒，泸州老窖也开发了百调精酿啤酒。这种 跨界尝试的背后，是消费群体迭代和消费多元化趋势的推动，企业正积极寻求新的增长点。同时，借助 白酒成熟的销售渠道推广啤酒产品，也成为跨界布局的天然优势。 啤酒主打价格大众化，而此次白酒企业推出小规格、中高端以及超高端价位的啤酒产品，能否被市场接 受仍是关注的焦点。吴向东近期谈到价格时提到，"我对品质的要求很高，牛市啤酒的成本是一般啤酒 的20倍。" 业内人士分析指出，白酒企业进军啤酒市场，既是拓展年轻消费群体的战略布局，也是维持收益率的重 要举措。凭借品牌背书优势，白酒企业不仅够为啤酒高端产品提供溢价空间，还能发挥其渠道资源优 势。不少酒企通过委托代加工 ...

Core Insights - The entry of liquor companies into the craft beer market is driven by the need to diversify their product offerings and attract younger consumers, as seen with brands like "牛市News" and "风火轮" [1][2][6] - The pricing strategy for these new craft beers is positioned in the mid to high-end range, with "牛市News" priced at 88 yuan per 375ml bottle, significantly higher than traditional beers [1][6][8] - The craft beer market in China is expected to grow rapidly, with a projected compound annual growth rate of 17% from 2022 to 2025 [7][8] Company Strategies - Companies like珍酒李渡 and五粮液 are leveraging their established brand recognition and distribution channels to promote their new beer products [1][9] - The use of high-quality imported ingredients and unique brewing techniques is emphasized to justify the premium pricing of these craft beers [3][6] - Many liquor companies are opting for contract manufacturing to mitigate risks and control costs while entering the beer market [10] Market Trends - The craft beer segment is increasingly appealing to younger consumers who value innovation, unique flavors, and cultural significance in their beverage choices [9] - The trend of liquor companies diversifying into craft beer is part of a broader strategy to maintain profitability amid stagnating growth in the traditional liquor market [8][9] - The craft beer market is witnessing a shift towards higher-end products, with companies like青岛啤酒 successfully increasing their high-end product offerings [8]

Core Insights - The craft beer sector is witnessing an influx of brands from various industries, including major liquor and food companies, as they seek growth opportunities amid a competitive landscape in the high-end liquor market [1][4]. Group 1: Market Entry and Strategy - Wuliangye's subsidiary launched a craft beer named "Fenghuolun," priced at 19.5 yuan per can, targeting consumers aged 25 to 49 and aiming to capture the mid-to-high-end beer market [1][2]. - Other companies like Zhenjiu Lidu and Luzhou Laojiao have also entered the craft beer market, with Zhenjiu Lidu's "Niushi News" priced at 88 yuan per bottle, emphasizing a new consumer experience [2][3]. - The entry of food companies like Haoxiangni and Three Squirrels into the craft beer market reflects a broader trend of diversification among brands seeking new revenue streams [1][4]. Group 2: Industry Trends and Growth - The Chinese craft beer market is projected to grow from 428 billion yuan in 2022 to 680 billion yuan by 2024, with a compound annual growth rate of 26.7%, and is expected to exceed 1 trillion yuan by 2025 [6]. - The craft beer segment is attractive due to its high gross margins, typically ranging from 55% to 65%, which are significantly higher than those of industrial beers [6]. - The shift in consumer preferences towards higher-quality and premium experiences is driving the growth of craft beer, as companies leverage existing distribution networks and brand equity to support higher price points [4][6]. Group 3: Competitive Landscape - Major players like China Resources Beer, Qingdao Beer, and Budweiser APAC dominate over 90% of the market, while craft beer brands and regional players compete for the remaining share [5]. - The overall beer production in China has been declining since reaching a peak of 50.62 million kiloliters in 2013, with a projected production of 35.21 million kiloliters in 2024 [5]. - The high-end beer segment has shown robust growth since 2020, contributing significantly to the profits of leading beer companies [5][6]. Group 4: Future Outlook - Experts predict that the trend of cross-industry collaboration in the alcoholic beverage sector will intensify, with a focus on quality enhancement and brand development [7][8]. - The high-end beer market is expected to continue evolving, with an emphasis on product innovation and meeting the diverse needs of consumers [7].

Core Insights - The craft beer sector is witnessing an influx of brands from various industries, including major liquor companies like Wuliangye and food companies like Three Squirrels, aiming to explore new growth opportunities amid a competitive landscape in the high-end liquor market [1][4]. Group 1: Market Entry and Strategy - Wuliangye's subsidiary launched a craft beer named "Fenghuolun," targeting consumers aged 25 to 49, with a price point of 19.5 yuan per can, reflecting a strategy to attract younger demographics [2][1]. - Zhenjiu Liduo introduced its high-end craft beer "Niushi News" at a retail price of 88 yuan per bottle, aiming to redefine consumer perceptions of quality beer [2][3]. - The entry of food companies like Haoxiangni and Three Squirrels into the craft beer market indicates a broader trend of diversification among brands seeking new revenue streams [4][1]. Group 2: Industry Trends and Growth - The craft beer market in China is projected to grow from 428 billion yuan in 2022 to 680 billion yuan by 2024, with a compound annual growth rate of 26.7%, expected to exceed 1,040 billion yuan by 2025 [6]. - High-end beer has become a focal point for major breweries, with leading companies like China Resources Beer and Qingdao Beer experiencing significant profit increases, indicating a shift towards premium products [5][6]. - The craft beer segment is characterized by high profit margins, typically between 55% and 65%, which is 15% to 20% higher than industrial beer, attracting various brands to enter the market [6][4]. Group 3: Competitive Landscape - Major players in the beer market, including China Resources Beer, Qingdao Beer, and Budweiser APAC, dominate over 90% of the market share, while craft beer companies and regional brands compete for the remaining market [5][6]. - The high-end beer market is becoming increasingly competitive, with brands focusing on product innovation and premium positioning rather than just price competition [7][5]. - Experts suggest that the integration of liquor industries, such as the crossover between liquor and beer, will become a common practice, emphasizing the need for brands to develop management and operational capabilities to thrive in a diversified market [8][7].