本报（chinatimes.net.cn）记者陶炜 南京报道 天士力、同仁堂、奇正，当你看到这些知名药企的招牌出现在于南京召开的第113届全国糖酒商品交易 会（下称"糖酒会"）现场时，请不要误会，他们不是来糖酒会卖药的——他们有的来卖茶、有的来卖 酒、有的来卖青稞，有的来卖糖果。 随着养生融入日常饮食，"药食同源"的市场越来越火热。《华夏时报》记者在糖酒会现场与食品饮料相 关的10个展馆里，几乎每个展馆都能看到多个参展商把"药食同源"四个字打在显眼的展示位上。这些参 展商绝大多数并不是医药类公司，但这并不妨碍他们把"药食同源"作为主要卖点。 药企频现糖酒会现场 记者在糖酒会2号展馆内看到，以复方丹参滴丸而闻名的天士力在推今年新推出的产品"降茶"。这是一 款功能性茶饮，目标人群为30—45岁糖前期及血糖健康关注者，宣称可通过"高倍茶褐素"与"降低咖啡 因技术"实现餐后血糖调节与睡眠友好的双重健康价值。 唐朝《黄帝内经太素》中"空腹食之为食物，患者食之为药物"的记载进一步明确了食物与药物的统一 性。现代定义中，国家卫生健康委员会与国家市场监督管理总局联合发布的目录已收录106种可安全用 于普通食品生产的药食同源物 ...

Group 1 - The Chinese liquor industry is undergoing profound changes by 2025, with shifts in consumer habits, channel restructuring, and capital market hesitance leading to both challenges and new opportunities [3][4][6] - The competition among regional liquor companies is becoming crucial due to increasing market concentration, consumption stratification, and channel inventory pressure, with four strategies proposed for success: market research, comprehensive assessment, terminal competition, and digital empowerment [5] - The rise of the post-90s generation in the liquor market is reshaping industry dynamics, with new players leveraging innovative channels like live streaming and instant delivery to drive growth [6][7] Group 2 - The upcoming Mid-Autumn Festival sees major liquor companies signaling price stabilization and increased channel investment to counter market pressures, with strategies including sales expense increases and inventory optimization [8][9] - Over 70% of consumers prefer classic products, indicating a return to value-driven purchasing during the holiday season, with brands focusing on quality and cultural elements to attract buyers [9][10] - Meituan's collaboration with top liquor brands to establish a comprehensive authenticity assurance system marks a significant leap in the instant retail sector, enhancing consumer trust and promoting a healthy market environment [10][11] Group 3 - The liquor industry is experiencing a shift towards rational consumption, with light bottle liquor gaining popularity as consumers prioritize cost-effectiveness and brand loyalty [12] - Major brands are engaging in cultural and experiential marketing to deepen connections with consumers, as seen in Qingdao Beer’s fan events and Wuliangye’s international cultural exchanges [13][15] - The launch of new products and strategic initiatives by companies like Langjiu and Niulanshan reflects a focus on quality and cultural resonance, aiming to capture market share in a competitive landscape [20][18] Group 4 - The establishment of quality control systems and agricultural partnerships by Fenjiu demonstrates a commitment to high-quality growth and sustainability in the liquor industry [25][26] - The introduction of low-alcohol products by companies like Fenyang Wang reflects a trend towards healthier drinking options, catering to evolving consumer preferences [27] - The integration of liquor with culinary experiences, as seen in Fenjiu's collaboration with Huaiyang cuisine, highlights the industry's efforts to innovate and enhance consumer engagement [28]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese liquor industry is undergoing profound changes in 2025, with shifts in consumer habits, channel restructuring, and capital market hesitance leading to both challenges and new opportunities [2] - The emergence of the post-90s generation as a new force in the liquor market is reshaping the industry landscape, emphasizing instant delivery and digital sales channels [4] - The industry is expected to reach a performance bottom in the first half of 2026, with head brands adjusting strategies to stabilize prices and optimize inventory [4][6] Industry Environment - The liquor industry is experiencing significant transformation characterized by consumer habit changes, channel restructuring, and capital market caution, leading to high inventory and performance declines [2] - Regional liquor companies are gaining traction while leading brands face performance pressures, indicating a divergence in market dynamics [2] - The focus on product innovation, particularly in low-alcohol and light bottle liquor, aligns with younger consumer trends [2] - The upcoming 2026 China Liquor Expo is anticipated to be a key platform for industry players to seize new growth opportunities [2] Brand Dynamics - Major liquor brands are adopting innovative marketing strategies to engage consumers, such as Meituan's collaboration with top liquor companies to ensure product authenticity in instant retail [8] - Qingdao Beer is enhancing its brand connection with consumers through cultural events and sponsorships, such as the National Fan Conference [9] - Wuliangye is promoting its internationalization efforts through cultural exchanges and themed events at global exhibitions [10] - The rise of live-streaming sales, particularly among younger entrepreneurs, is significantly impacting the liquor sales landscape [4][12] - Brands like Niulanshan are leveraging emotional marketing strategies to resonate with consumers, enhancing brand loyalty [12] Consumer Trends - Over 70% of consumers prefer classic liquor products, indicating a return to value-driven purchasing during the holiday seasons [7] - The trend towards rational consumption is evident as consumers prioritize quality and value in their purchasing decisions [7] - The focus on health and lower alcohol content is becoming increasingly important among consumers, particularly in the context of new product launches [21]