今年春节聚餐，不少人学会了在酒桌上扫码。 春节是一年一度的酒饮消费大节，尤其白酒最为重视，今年更是史上最长的春节长假，为创造更多酒饮 消费场景提供了可能性。 21世纪经济报道记者在春节期间注意到，各类酒企的春节经营重点进一步转向"推动C端开瓶饮用"，无 论是多达八家酒企登上马年春晚，还是各家酒企集体推出开瓶扫码促销，营销活动的核心都是围绕开瓶 率展开。 外界原本对今年春节白酒消费不抱期待，但从近期国内外机构调研来看，普遍认为春节白酒销售略好于 预期。 证券分析师张伟敬对21世纪经济报道记者透露，从机构调研的情况来看，今年春节白酒整体动销预计同 比仍然有两位数下滑，但下滑幅度比去年下半年明显收窄，"行业已经有底部信号。" 头部品牌更是交出了超预期表现。 21世纪经济报道记者注意到，马年春晚上共有8家酒类品牌亮相，仅次于2024年9家白酒登场的龙年春 晚，各家品牌营销投入力度依旧，植入深度甚至有进一步提升。 五粮液是第四年成为春晚"和美好礼"独家互动合作伙伴。 综合21世纪经济报道记者走访和券商调研的情况来看，今年茅台、五粮液等头部白酒继续占据家庭团 圆、节庆宴请等核心场景的C位。券商多预计茅台今年春节销量有两位 ...

21世纪经济报道记者在春节期间注意到，各类酒企的春节经营重点进一步转向"推动C端开瓶饮用"，无论是多达八家 酒企登上马年春晚，还是各家酒企集体推出开瓶扫码促销，营销活动的核心都是围绕开瓶率展开。 由于需求端疲软，外界原本对今年春节白酒消费不抱期待，但从近期国内外机构调研来看，普遍认为春节白酒销售略 好于预期。 证券分析师张伟敬对21世纪经济报道记者透露，从机构调研的情况来看，今年春节白酒整体动销预计同比仍然有两位 数下滑，但下滑幅度比去年下半年明显收窄，"行业已经有底部信号。" 头部品牌更是交出了超预期表现。 来源：21世纪经济报道 作者：肖夏 今年春节聚餐，不少人学会了在酒桌上扫码。 春节是一年一度的酒饮消费大节，尤其白酒最为重视，今年更是史上最长的春节长假，为创造更多酒饮消费场景提供 了可能性。 综合21世纪经济报道综合记者走访和券商调研的情况来看，今年茅台、五粮液等头部白酒继续占据家庭团圆、节庆宴 请等核心场景的C位。券商多预计茅台今年春节销量有两位数甚至更高的增长，五粮液有个位数至两位数的增长。 尤其是茅台，大单品500m53度飞天茅台今年通过直销渠道放量，春节期间"上桌率"大幅提升。21世纪经济报道 ...

Core Viewpoint - The overall sales of the liquor industry during the Spring Festival are expected to decline by double digits year-on-year, but the decline is narrowing compared to the second half of last year, indicating that the industry is showing bottom signals [1][21]. Group 1: Sales Performance - The top brands, such as Moutai and Wuliangye, continue to dominate key consumption scenarios during family reunions and festive banquets [1][21]. - Moutai's sales during the Spring Festival are reported to have significantly improved, with some brokerages estimating a growth of over 10%, and even up to 20% year-on-year [1][15][36]. - The performance of high-end liquor products remains strong, while mid-range products are experiencing a decline [3][39]. Group 2: Marketing Strategies - Major liquor brands have maintained high levels of marketing investment during the Spring Festival, with eight liquor brands appearing on the CCTV Spring Festival Gala [4][25]. - Brands like Wuliangye and Gujing Gongjiu have been actively involved in various promotional activities, including sponsoring special programs and integrating their products into popular shows [25][29]. - The use of QR code red envelope promotions has become a common strategy among brands to boost sales and gather consumer data [11][31]. Group 3: Market Trends - The market for liquor is showing signs of resilience, with expectations for stabilization in the industry due to the strong performance of leading brands [39][40]. - The price recovery of Moutai has addressed key consumer concerns regarding authenticity and pricing, leading to increased demand [36]. - The performance of lower-priced liquor products, especially those under 300 yuan, has been relatively stable, benefiting from favorable market conditions during the Spring Festival [16][37].

Core Viewpoint - The traditional business model of the liquor industry, particularly in the high-end white liquor segment, is failing, leading to a collapse of the pricing system and the emergence of new business models and consumer behaviors driven by the Z generation [3][4][14]. Industry Overview - In 2025, the Chinese consumer market is undergoing profound changes, with high-end liquor prices, such as those of Moutai, continuously declining, raising questions about their investment and stockpiling attributes [3][4][14]. - The Z generation (born between 1995 and 2009) has become the main consumer force, reshaping market rules and consumer preferences [3][4][14]. Pricing and Sales Performance - The prices of major white liquor products have significantly dropped, with Moutai's wholesale price falling from over 2200 yuan per bottle at the beginning of the year to below 1500 yuan by December 2025 [5][16]. - The overall performance of white liquor companies has deteriorated, with 20 A-share listed companies reporting a combined revenue of 317.78 billion yuan, a year-on-year decrease of 5.90%, and a net profit drop of 6.93% [5][17]. Corporate Strategies and Changes - Many liquor companies are experiencing frequent personnel changes, with over ten major companies, including Moutai and Yanghe, adjusting their core leadership positions in 2025 [6][18]. - Companies are exploring new business models and channels, such as switching from a "payment before delivery" to a "delivery before payment" model [8][20]. New Business Models - Moutai has announced a restructuring of its product system and pricing strategy, moving towards a direct sales model through its app, aiming to connect directly with consumers [9][20]. - The rise of "health liquor" has been notable, with a growth rate of 66%, indicating a shift in consumer preferences towards healthier options [10][21].

Core Viewpoint - The collaboration between Wuliangye and the Spring Festival Gala has evolved into a significant cultural partnership, showcasing the integration of traditional Chinese culture with modern consumer experiences, particularly during the festive season [5] Group 1: Partnership and Cultural Integration - Wuliangye has been the exclusive interactive partner of the Spring Festival Gala for four consecutive years, emphasizing the theme "Harmony and Beauty" [2][4] - The 2026 Spring Festival Gala featured Wuliangye prominently, showcasing the cultural heritage of Yibin, the birthplace of Wuliangye, to a global audience [4] - The partnership has transformed the abstract concept of "harmony" into a tangible experience for consumers during the festive season [5] Group 2: Consumer Engagement and Marketing Strategies - Wuliangye launched a series of interactive activities during the Spring Festival, including a real-time lottery with over 100,000 prizes, enhancing consumer engagement [2][4] - The brand's social media presence surged, with the hashtag 和美五粮液 幸福中国年 ranking among the top three on commercial hot search lists, reaching over 1.53 billion interactions [4] - Wuliangye's marketing strategies included product innovations tailored to various consumer segments, such as limited edition gift boxes and collaborations with popular figures [6][7] Group 3: Sales Performance and Market Impact - The brand's initiatives during the Spring Festival have historically resulted in significant sales growth, with a reported 25% increase in sales during the 2021 "Spring Festival Never Closes" campaign [8] - Wuliangye aims to embed its brand deeply into the cultural fabric of global consumers' New Year celebrations, enhancing its market presence [8] - The company plans to continue leveraging its "Harmony" cultural philosophy to resonate with consumers and enhance their festive experiences [8]

Core Insights - The real consumption is becoming the only measure to evaluate brand quality in the liquor industry during the third Spring Festival adjustment [1] Group 1: Sales Performance - The sales atmosphere for the eighth generation of Wuliangye (000858) is continuously improving, with significant marketing initiatives such as shareholder discounts and QR code scanning during the Spring Festival [3] - Wuliangye's sales have seen a notable increase, with a significant rise in sales volume compared to the same period in 2024 and 2025 [4] - The online sales data is also impressive, with Wuliangye ranking first in the sales of strong-flavored liquor on JD Supermarket [4] Group 2: Market Trends - The newly launched Wuliangye Year of the Horse zodiac wine is in high demand, with reports of it being "hard to find" [5] - The banquet market is recovering significantly, with Wuliangye's 39-degree and Wuliangye 1618 becoming popular products, showing double-digit growth in sales [5] - The inventory cycle for some distributors has dropped to a healthy range of 30 to 45 days, indicating a positive market environment [5] Group 3: Marketing Strategies - Wuliangye has shifted its marketing resources from the channel side to the consumer side, focusing on increasing bottle opening rates and repurchase rates through targeted marketing efforts [3] - The company is actively engaging with younger consumers through social media campaigns and collaborations with popular figures, enhancing emotional resonance and brand recognition [9] - Wuliangye's partnership with the Central Radio and Television Station for the Spring Festival Gala includes the distribution of over 100,000 "Harmonious Gifts," further promoting brand visibility [3][9] Group 4: Consumer Engagement - The company has initiated a value connection with investors, achieving over 10 million yuan in sales since the launch of the shareholder discount program [7] - Wuliangye's new product "Wuliangye One Glance" has achieved over 200 million yuan in sales during its first Spring Festival season [7] - The introduction of a membership center allows consumers to earn points that can be redeemed for exclusive discounts, enhancing customer loyalty [10]

Core Viewpoint - The "Great Beauty of Spring - 2026 Art Spring Festival Symphony Concert" held in Beijing showcases the integration of wine culture and art, with Wuliangye playing a significant role in promoting cultural exchange and enhancing the value of Chinese liquor [1][2]. Group 1: Event Overview - The concert was co-hosted by several cultural institutions and featured over a thousand leaders and artists from various art organizations, presenting a high-level artistic event [1]. - The concert included a variety of performances such as orchestral music, ballet, and poetry recitation, providing a rich auditory and visual experience [1]. Group 2: Cultural Significance - Numerous artworks were displayed, reflecting deep national sentiment and the enduring spirit of the Chinese people, with artists sharing their journeys and cultural experiences [2]. - Wuliangye's participation in the concert emphasizes its role as a guardian and promoter of traditional Chinese culture, embodying the cultural essence of "harmony and beauty" [2]. Group 3: Ongoing Cultural Initiatives - Wuliangye has been actively involved in various cultural expressions, sponsoring major television events and creating cultural IPs to promote Chinese culture [3]. - The company is expanding its cultural outreach through diverse artistic collaborations, including poetry and photography competitions, and aims to continue innovating in cultural expression [3]. - Wuliangye plans to maintain its "harmony" cultural philosophy, using wine as a medium to tell stories about liquor and Chinese culture, contributing to a vibrant cultural landscape [3].

Group 1 - The "Great Beauty of Spring - 2026 Art Spring Festival Symphony Concert" was held at the National Convention Center, marking the beginning of a new year for China's cultural and artistic community [1][2] - The event, known as the "Spring Festival Gala" of the Chinese art world, has been held annually since 2013 and has attracted over a thousand artists from both domestic and international backgrounds [2][3] - The concert featured a variety of performances, including orchestral music, piano, violin, ballet, and vocal singing, creating a memorable auditory and visual feast [2][3] Group 2 - The event showcased several large-scale artworks, including the collective creation of three large paintings that celebrated the beauty of the motherland, and the grand piece "Ode to Peace," reflecting the theme of harmony and beauty [2][3] - The collaboration between Wuliangye and the "Great Beauty of Spring" event has evolved into a deep cultural integration, promoting the brand's spirit of craftsmanship and cultural depth within the art community [4][6] - Wuliangye has actively engaged in cultural activities, including organizing artists to create calligraphy and Spring Festival couplets at its production site, fostering a connection between artists and frontline workers [5][6] Group 3 - The partnership between Wuliangye and the "Great Beauty of Spring" event exemplifies the integration of a leading Chinese enterprise with a top cultural platform, enhancing cultural confidence and innovation [6] - Wuliangye has been involved in various cultural initiatives, including sponsoring major events and creating cultural IPs, which contribute to the innovative development of traditional Chinese culture [6]

Core Viewpoint - The high-end liquor market is experiencing a significant recovery ahead of the 2026 Spring Festival, with leading brands like Moutai and Wuliangye showing strong sales performance and price increases, supported by a rebound in demand for business banquets and holiday gifting [2][3]. Group 1: Market Performance - Wuliangye has demonstrated a notable improvement in sales due to precise supply chain management and innovative marketing strategies, achieving high-quality growth since the New Year [2][3]. - The overall inventory levels in the liquor industry remain high, but Wuliangye's proactive measures have led to a healthier channel status, with inventory around one month [4][6]. - The core product, the eighth generation of Wuliangye, has seen significant growth compared to the same period last year, indicating strong market demand [4][5]. Group 2: Strategic Initiatives - Wuliangye's marketing strategy for 2026 focuses on "innovative marketing while maintaining core values," aiming to enhance efficiency and empower the terminal market [3][6]. - The company has implemented a "bottle opening scan" initiative to connect with consumers digitally, significantly increasing daily bottle opening rates and enhancing consumer engagement [5][6]. - Wuliangye has also targeted the younger demographic with new product launches and collaborations with popular cultural icons, achieving over 200 million yuan in sales for its new low-alcohol product [5][6]. Group 3: Industry Outlook - The liquor sector is in a "bottoming out" phase, with expectations of a valuation recovery post-Spring Festival as consumer demand begins to rise [6]. - Wuliangye's effective channel management and consumer-focused strategies are likely to enhance its market share during the festive season, while its strong brand positioning in the high-end market offers substantial growth potential [6].

Core Viewpoint - The Chinese liquor industry is experiencing a structural recovery, with Wuliangye leading the market in sales during the 2026 Spring Festival consumption peak, indicating a positive trend for high-end liquor brands [1][4]. Group 1: Market Performance - Wuliangye ranked first in JD.com's 2025 sales list for strong-flavored liquor, followed by Luzhou Laojiao and Yanghe [1]. - The overall sales of Wuliangye have shown significant growth during the 2026 Spring Festival, with its core product, the eighth generation Wuliangye, performing robustly and achieving substantial year-on-year sales increases [4][6]. - The demand for Wuliangye's products has exceeded expectations, particularly in key markets like Shandong and Jiangsu, where sales volumes have continued to rise [6][8]. Group 2: Product Strategy - Wuliangye's growth is attributed to a diversified product matrix rather than reliance on a single product, enhancing its competitive edge [9]. - The eighth generation Wuliangye serves as the core product, maintaining its status as a benchmark in the high-end liquor market, with strong performance during the Spring Festival [13]. - Wuliangye aims to develop its product lineup into a structured system, including high-end offerings and new products targeting younger consumers, such as the "Wuliangye Yijian Qingxin," which has achieved over 200 million yuan in sales within five months of its launch [10][11][15]. Group 3: Channel and Inventory Management - Wuliangye's channel reforms have led to improved inventory health, with average inventory levels for distributors dropping to a healthy range of 30-45 days [18][22]. - The company has implemented a "three stores in one" strategy, optimizing its retail presence and enhancing online and offline integration through partnerships with major e-commerce platforms [20]. - The focus on genuine consumption, as evidenced by the doubling of daily opening bottle counts since the launch of the opening bottle scanning initiative, reflects a shift from channel inventory to consumer demand [6][20].