编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 气泡黄酒的案例，是黄酒年轻化的一次大胆实验，也是一面镜子：它验证了年轻消费者对低度、利口、 时尚化酒饮的需求，但也暴露了品牌渠道深耕不足与消费场景构建的短板。当"泡沫"散去，留下的思考 是：什么样的产品能够"长红"，且撑起黄酒年轻化的未来？ 2025年，在中国酒水行业深度调整的背景下，黄酒这一古老品类意外迎来高光时刻。会稽山凭借"气泡 黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超越古越龙山，引发行业广 泛关注。古越龙山也加速推出更多年轻化产品，同时与华润啤酒达成合作，推出首款联名 ...

编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 2025年，在中国酒水行业深度调整的背景下，黄酒这一古老品类意外迎来高光时刻。会稽山凭借"气泡 黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超越古越龙山，引发行业广 泛关注。古越龙山也加速推出更多年轻化产品，同时与华润啤酒达成合作，推出首款联名产品"越小 啤"。 然而，"气泡黄酒"的爆火仅如昙花一现，热度已经回落；"越小啤"刚推出不久前景未明。这一系列革 新，实则折射出黄酒行业在年轻化转型中的渴望与困惑。当流量褪去，传统黄酒企业究竟该如何打破地 域与年龄的壁垒，真正走进年轻消费者的 ...

如何让黄酒从"父辈的酒"真正成为"年轻人的潮饮"，是黄酒行业共同的目标。 近日，古越龙山（600059）正式聘任90后张磊光担任公司董事会秘书，公司官方公众号以推文肯定其丰 富的资本市场履历，将推动公司以更前沿的金融思维、更灵活的沟通方式和更开阔的产业视野，与新一 代投资者及市场伙伴构建对话。 但记者注意到，此次高管变更并未得到股民认可，有股民留言道"以为换个90后就能让年轻人喝酒了"， 引发市场热议。今年以来，古越龙山"年轻化"动作频频，市场真实反馈如何？黄酒能否成为"年轻人的 潮饮"？ 聘任年轻董秘引发热议 公开资料显示，张磊光历任浙江盘石信息技术股份有限公司董事长助理、证券事务代表；浙江核新同花 顺（300033）网络信息股份有限公司上市公司项目负责人（产品经理）；杭州博可生物科技股份有限公 司董事、董事会秘书。作为高管团队中最年轻的成员，张磊光职业轨迹横跨互联网营销、证券金融、大 健康、大消费四大核心赛道，这种"技术+产业+资本"的复合型背景，将为古越龙山公司战略升级、产 融结合及投资者关系管理注入全新动能。 事实上，对于单个高管的高度关注也映射出市场对古越龙山管理改革以及治理问题的潜在担忧。2025 ...

如何让黄酒从"父辈的酒"真正成为"年轻人的潮饮"，是黄酒行业共同的目标。（AI制图） 但记者注意到，此次高管变更并未得到股民认可，有股民留言道"以为换个90后就能让年轻人喝酒了"，引发 市场热议。今年以来，古越龙山"年轻化"动作频频，市场真实反馈如何？黄酒能否成为"年轻人的潮饮"？ 聘任年轻董秘引发热议 公开资料显示，张磊光历任浙江盘石信息技术股份有限公司董事长助理、证券事务代表；浙江核新同花顺网 络信息股份有限公司上市公司项目负责人（产品经理）；杭州博可生物科技股份有限公司董事、董事会秘 书。作为高管团队中最年轻的成员，张磊光职业轨迹横跨互联网营销、证券金融、大健康、大消费四大核心 赛道，这种"技术+产业+资本"的复合型背景，将为古越龙山公司战略升级、产融结合及投资者关系管理注入 全新动能。 事实上，对于单个高管的高度关注也映射出市场对古越龙山管理改革以及治理问题的潜在担忧。2025年前三 季度，古越龙山实现营业收入11.86亿元，同比下降8.10%；归母净利润为1.35亿元，同比仅增长0.17%。特别 是会稽山以12.12亿元营收首度超越古越龙山，成为前三季度黄酒行业营收冠军，其同比增幅高达14.12%。 ...

传统"新质" 作为历史经典产业的黄酒，具有文化和产业的双重内涵。被赋予新时代黄酒复兴重任的古越龙山，不仅 把黄酒看作一项事业，更视之为一份文化家业。 "我们的对手不是其他黄酒品牌，而是坚持长期主义，面向广大消费者，把黄酒品类宣传好，把黄酒文 化传播好，共同把黄酒市场做大。"近日，古越龙山董事长孙爱保接受记者采访时掷地有声。 聚焦"高端化、年轻化、全球化、数字化"四化战略，近年来古越龙山努力让"老酒"焕发新机，年轻单品 层出、高端化战略成效渐显。今年上半年，古越龙山国酿白玉已经售罄，新业态销售同比增长 22.64%，线上销售同比增长15.31%，直播销售达亿元规模，公司新产品、新渠道让人耳目一新。 2500年前，越王勾践卧薪尝胆，以忍耐蓄势，以果敢破局，造就"胆剑精神"的文化原点。如今，在黄酒 复兴的征途中，这家绍兴老牌酒企以此自勉，书写属于自己的"胆剑篇"。 古越龙山是国家非遗绍兴黄酒酿制技艺传承基地，一直坚持手工原酒传统工艺，目前仍保持着黄酒行业 手工酿造最大的产能，但传统工艺也有依赖经验、周期长、效率低、成本高等痛点。 破局之道始于智能化改造。步入古越龙山智能化酿造基地，酒曲香气萦绕鼻尖，高耸的储酒罐整齐 ...

Core Viewpoint - The leading advantage of Guyue Longshan, the top player in the yellow wine market, is gradually diminishing, as its revenue has been surpassed by its competitor, Kuaijishan, in the first three quarters of this year [1][2]. Financial Performance - In the first three quarters, Guyue Longshan reported revenue of 1.186 billion yuan, a year-on-year decline of 8.1%, while net profit was 135 million yuan, a slight increase of 0.17% [2]. - The third quarter revenue was 293 million yuan, down nearly 27% year-on-year, with net profit at 40 million yuan, an increase of 11.78%. However, the non-recurring net profit dropped to 582,000 yuan, a decrease of 85.26% [2][3]. - The cash flow from operating activities was negative 189 million yuan, reflecting a significant decrease in contract liabilities by 68.16% [2]. Market Competition - Guyue Longshan's sales in its home market of Zhejiang fell by over 10%, while Kuaijishan's sales in the same region increased by 17.89% [3]. - The competition between Guyue Longshan and Kuaijishan has intensified, with analysts noting that the gap in revenue and net profit between the two companies has been narrowing in recent years [5][6]. Product Strategy and Challenges - The company faces challenges in upgrading its product structure and has not fully capitalized on the high-end market, with the gross margin for mid-to-high-end products only slightly increasing [4][5]. - The mainstream price range for yellow wine has not significantly increased compared to other alcoholic beverages, limiting the company's ability to enhance brand value [4][5]. Innovation and Collaboration - Guyue Longshan has partnered with China Resources Beer to launch a cross-border product combining yellow wine and beer, aiming to leverage the extensive distribution network of China Resources [7][8]. - The effectiveness of this collaboration in expanding the market for yellow wine outside its traditional regions remains to be seen [8]. Product Line and Brand Positioning - Investors have raised concerns about the complexity and unclear positioning of Guyue Longshan's product line, suggesting a need for a more focused approach to enhance consumer loyalty [9][10]. - The recent change in indirect controlling shareholder may lead to potential brand enhancement and market growth opportunities for the company [10].

Core Insights - The traditional yellow wine industry is at a transformative crossroads, with leading brands exploring cross-industry collaborations to expand their consumer market [1][3] - The industry faces multiple challenges, including limited consumption regions and scenarios, prompting companies to seek new growth opportunities through innovative partnerships [1][6] Group 1: Industry Trends - Major yellow wine brands like Guyue Longshan and Kuaijishan are actively engaging in cross-industry collaborations, such as the launch of "Yue Xiao Pi" in partnership with China Resources Beer [3][4] - Guyue Longshan has introduced various innovative products, including coffee-infused yellow wine and a whiskey variant, indicating a shift towards younger consumer preferences [4][10] - The yellow wine market is experiencing a trend towards diversification, with brands exploring new consumption scenarios beyond traditional settings [4][9] Group 2: Market Dynamics - The yellow wine market is highly concentrated, with the Jiangsu, Zhejiang, and Shanghai regions accounting for over 70% of sales, leading to intense competition [6][7] - Financial reports reveal that Guyue Longshan and Kuaijishan derive a significant portion of their revenue from these regions, highlighting the geographical limitations of the market [6][7] - Despite the challenges, the yellow wine industry is projected to grow, with sales expected to exceed 300 billion yuan by 2025, driven by a shift in consumer preferences towards lower-alcohol beverages [9][10] Group 3: Consumer Engagement - Marketing experts suggest that yellow wine brands should enhance their appeal to younger consumers through innovative marketing strategies, including social media and influencer collaborations [5][11] - The emergence of "slow bars" and other experiential venues is seen as a way to engage consumers and gather valuable data on preferences and behaviors [10][11] - The industry must address the perception issues surrounding yellow wine, which has been labeled as "cooking wine," to improve brand recognition and value [7][8]

Core Viewpoint - The report from Dongfang Caifu Securities indicates that the supply-demand mismatch in 2024 will lead to deteriorating industry operations, but as companies gradually lower growth targets to adapt to demand in 2025, this will alleviate supply-demand conflicts and enhance investment value in the sector. The expectation is for positive growth in financial statements by the second or third quarter of next year [1]. Group 1: Industry Overview - In Q1-Q3 2025, under weak demand, industry revenue showed slight growth while profits were under pressure, with the food and beverage sector experiencing a revenue decline of -4.9% and a net profit drop of -14.6% in Q3 2025 [1]. - Traditional consumption is hindered by slow recovery in consumption scenarios, with the liquor sector, particularly baijiu, facing accelerated clearance and weak performance in beer demand [1]. - Sectors like snacks and beverages that have opportunities for new product launches and channel expansion continue to show positive momentum, with products like konjac experiencing rapid growth since 2024 [1]. Group 2: Category Analysis and Outlook - **Baijiu**: The industry is accelerating clearance with clearer turning points. In Q3 2025, overall revenue and net profit declined by -18.4% and -22.2% respectively, but demand is expected to improve, stabilizing prices and leading to better financial performance by Q2 2026 [2]. - **Low-Alcohol Beverages and Beer**: Beer revenue and net profit grew by +2.0% and +11.8% respectively in Q3 2025, with cost advantages continuing. Demand recovery is anticipated in 2026, influenced by changes in retail channels [3]. - **Dairy Products**: The raw milk sector is gradually bottoming out, with demand expected to stabilize and prices recover. The low-temperature fresh milk segment is projected to grow, replacing some ambient milk [4]. - **Snacks**: Categories like konjac and oats are expected to maintain high growth, with a shift towards emerging channels and significant growth in instant retail [4]. Group 3: Investment Recommendations - **Baijiu**: Focus on companies that are clearing inventory early and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao, as well as those with strong product matrices and channel capabilities like Moutai and Wuliangye [5]. - **Low-Alcohol Beverages**: Highlighting head companies like Kweichow Moutai and Qingdao Beer, which are expected to benefit from demand recovery [5]. - **Dairy and Snacks**: Emphasizing the potential for recovery in the raw milk sector and recommending companies like Yili and Mengniu, as well as snack companies that can leverage product and channel adjustments [6].

Core Viewpoint - The collaboration between Guyue Longshan and China Resources Beer to launch "Yue Xiao Pi" represents a strategic attempt to innovate and attract younger consumers in the face of declining performance and increasing competition in the yellow wine market [1][8]. Group 1: Product Launch and Features - "Yue Xiao Pi" is a cross-category product that combines elements of yellow wine and beer, featuring two flavors: Qingmei Sparkling Island and Chenpi Pomelo Shop, with an alcohol content of ≥3.7% vol [3][4]. - The product aims to appeal to younger consumers by adopting a lighter drinking style and modern packaging similar to beer bottles, moving away from the traditional heavy perception of yellow wine [4][10]. - Previous attempts at product innovation include the launch of a craft yellow beer that generated over 10 million yuan in orders within the first month, although it has since become less visible on major e-commerce platforms [4][7]. Group 2: Market Performance and Competition - Guyue Longshan's recent financial performance shows a decline, with a revenue drop of 8.11% and a net profit decrease of 34.07% in the first three quarters of the year, leading to a loss of its position as the leading yellow wine brand to Kuaijishan [8][10]. - Over the past decade, Kuaijishan has outpaced Guyue Longshan in growth, with Kuaijishan's revenue increasing from 859 million yuan to 1.631 billion yuan, a growth rate of approximately 8.99%, compared to Guyue Longshan's 4.47% [8][10]. - The competitive landscape is intensifying, with Kuaijishan launching innovative products like sparkling yellow wine and leveraging social media for marketing, prompting Guyue Longshan to follow suit with its own new offerings [10][11]. Group 3: Strategic Partnerships and Future Outlook - The partnership with China Resources Beer is seen as a strategic move for Guyue Longshan to leverage the latter's extensive distribution network and operational expertise to expand its market reach beyond its traditional base in Jiangsu, Zhejiang, and Shanghai [10][11]. - The collaboration has generated positive market reactions, with Guyue Longshan's stock price rising following the announcement, indicating investor optimism about the potential success of the cross-category product [10][11]. - Industry analysts emphasize that the success of "Yue Xiao Pi" will depend on effective channel management and whether the partnership can translate the beer channel's advantages into increased sales for yellow wine [10][15].

Group 1: Beverage Market Overview - The beverage market has entered a contraction phase, with overall sales down 9% year-on-year in September, and offline sales down 10.4% [1] - Uni-President China reported that its beverage business saw a low single-digit decline in revenue for Q3, while food business revenue grew in the mid to low single digits [1] - The decline in beverage revenue is attributed to price wars on delivery platforms and industry competition, with specific categories like juice facing significant pressure [1] Group 2: Dairy Industry Impact - The dairy market is also facing challenges, with Yili noting that ready-to-drink tea is substituting liquid milk products, particularly impacting packaged liquid milk sales [2] Group 3: Production Trends - National Bureau of Statistics data indicates a weakening trend in beverage production in Q3 compared to the first half of the year, with soft drink production declining by 0.17%, 6.79%, and 10.12% year-on-year in July, August, and September respectively [3] Group 4: External Factors - Adverse weather conditions, including typhoons and heavy rain, may have also impacted beverage sales during Q3 [4] Group 5: Market Recovery Signals - There are signs that the delivery platform price wars are becoming more manageable, which could be a positive development for the beverage market [5][6][7]