Core Insights - The white liquor industry in 2025 is characterized by both "pain and transformation," with high inventory levels and price inversions affecting the market, leading some companies to engage in "price reduction for volume" strategies [2] - The trend of rational consumption is deepening, with "face consumption" giving way to "self-enjoyment drinking" [2] Group 1: Industry Trends - The industry is transitioning from a phase of scale pursuit to a "medium-low growth era," where leading companies must find a balance between "progress" and "stability" [4] - Major companies like Moutai and Wuliangye are focusing on long-term strategies, emphasizing market stability and adapting product offerings to align with consumer demand [4][6] - The white liquor sector has moved away from expansion, prioritizing "healthiness first" in a competitive environment [9] Group 2: Company Strategies - Moutai aims to enhance market stability by reducing the volume of high-value products and dynamically balancing product supply based on market demand [4][9] - Wuliangye has defined 2026 as a year for "marketing innovation," focusing on balancing short-term and long-term strategies, supply and demand, and development and safety [4][11] - Other companies like Jinshiyuan and Gujing Gongjiu are also emphasizing market breakthroughs, brand enhancement, and structural upgrades in their strategic plans for 2026 [6][8] Group 3: Consumer Focus - Moutai is shifting towards a consumer-centric approach, promoting a multi-channel sales model and focusing on new consumption scenarios [14] - Wuliangye is targeting new consumer demographics, including younger and female consumers, to expand its market base [14][20] - Gujing Gongjiu is integrating health products into its strategy, aiming to create new consumer experiences and lifestyle offerings [15][21] Group 4: Product Innovation - The industry is witnessing a generational shift in consumer preferences, with younger consumers showing less interest in traditional liquor [17] - Wuliangye is launching lower-alcohol products and innovative experiences to attract younger consumers [17][20] - Gujing Gongjiu has introduced a "light degree" concept with new product lines aimed at younger audiences, enhancing its retail experience [21] Group 5: Collaborative Ecosystem - Companies are moving towards a collaborative ecosystem, viewing distributors as integral to brand development rather than mere sales channels [11][13] - The focus is on building a "shared destiny" between manufacturers and distributors, emphasizing risk-sharing and mutual benefits [11][13]

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。 当29度的五粮液在两个月内销售额突破1亿元，当泸州老窖宣布28度的国窖1573研发成功，当古井贡酒 推出"轻度古20"切入微醺场景——2025年的中国白酒行业，正以前所未有的集体姿态，涌向"低度化"这 条赛道。这一年里，低度白酒正从边缘尝试走向主流竞争赛道。 层出不穷的低度白酒新品，以及各大酒企的低度化转型，既是消费代际更迭下的必然选择，也是行业在 库存高企、增长放缓背景中的主动突围。然而，降低酒精度真的能叩开年轻消费者的心门吗？在这场关 乎行业未来的"降度"实验中，白酒企业面临的远不止口感调整这般简单。 ...

Core Insights - 2025 is a transformative year for the Chinese liquor industry, marked by significant changes in product, market, and consumption structures [1] - Wuliangye has proactively adjusted its strategies to navigate challenges, achieving stable operational results and positioning itself as a "steady star" during industry adjustments [1] - The company aims to seize opportunities in the current market cycle, leveraging its strong brand, quality foundation, and financial advantages [1] Group 1: Quality Management - Wuliangye has been recognized for its quality management, winning the fifth China Quality Award nomination and the highest score in the EFQM Global Award [2] - The company emphasizes a comprehensive quality management model, integrating quality control from raw materials to finished products [2] - Continuous investment in research and development has led to advancements in digital and intelligent brewing processes, enhancing product quality [2] Group 2: Cultural and Brand Development - Wuliangye views brand culture as essential for its growth, with significant investments in cultural activities reaching an exposure of 32.1 billion people [4] - The company integrates traditional cultural elements into its branding, enhancing emotional connections with consumers [5] - The launch of the zodiac wine reflects Wuliangye's commitment to cultural innovation, merging traditional and contemporary values [6] Group 3: Innovation and Market Strategy - Wuliangye has introduced new products targeting younger consumers, such as the low-alcohol "29-degree Wuliangye," which achieved over 100 million yuan in sales within two months [7] - The company has expanded its distribution channels and enhanced its international market strategies, boosting confidence among overseas distributors [7] - Wuliangye's tourism integration strategy has attracted 1.2 million visitors in 2023, showcasing its ability to convert cultural resources into market appeal [7] Group 4: Future Outlook - Wuliangye is focused on balancing tradition and innovation, cultural value and economic benefits, and national characteristics with international trends [8] - The company has set ambitious marketing goals for 2026, emphasizing brand value enhancement and market share growth [9][10] - Wuliangye aims to contribute to the high-quality development of the global liquor industry by combining its historical legacy with modern strategies [10]

【导读】白酒2025："深水区"探底与价值回归 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展望2026年股市机会 和基金行业发展前景，以飨读者。 中国基金报记者 郑俊婷 "当下白酒行业过得不容易'有目共睹'，这一现状与白酒发展模式的快速转变有关。"在12月初举办的2025汾酒全球经销商大会上，山西汾酒董事长袁清茂 的一句话，道出了无数从业者的心声。 2025年，白酒行业在深度调整中持续"探底"。受宏观政策与消费需求收缩双重冲击，行业面临价格体系、市场结构与经营信心的多重考验。这不仅体现在 名优白酒批价接连"失守"重要关口，更表现为部分中小酒企罕见"爆雷"。同时，从区域酒企到头部酒企，频繁的高层人事更迭也映射出企业面对转型压力 的焦灼。 面对挑战，主流酒企正展现出反思的态度和积极应变的姿态，从被动承压转向主动破局。价格层面，多家头部企业果断收紧投放节奏，强化市场秩序管 控，严守价格生命线，稳定市场信心。产品层面，低度化、高质价比成为关键词和潮流。营销层面，品牌纷纷告别过往的"爹味说教"式营销，转向年轻 化、交互式沟通，重塑情 ...

Core Insights - The Chinese liquor industry is undergoing a profound transformation driven by generational shifts in consumption, with a focus on engaging younger consumers through "youth-oriented" strategies [1][2][3] Group 1: Industry Trends - The rise of the younger consumer demographic, particularly those born between 1985 and 1994, is reshaping the consumption structure of the liquor market, prompting companies to explore niche markets [2][3] - The China Alcoholic Drinks Association predicts that the low-alcohol market will exceed 740 billion yuan by 2025, with a compound annual growth rate of 25% [3][4] Group 2: Product Innovation - Many liquor companies are adopting "low-alcohol" products as a key strategy to attract younger consumers, with 62% of consumers under 35 perceiving traditional liquor as "spicy and stimulating" [4][5] - Major brands like Wuliangye and Moutai are launching low-alcohol products, such as Wuliangye's 29-degree liquor, which achieved over 100 million yuan in sales within two months of launch [4][5][6] Group 3: Marketing Strategies - Digital marketing is becoming a crucial avenue for liquor brands to connect with younger consumers, with social media being the primary channel for 49.57% of consumers to learn about liquor [7][8] - Innovative marketing campaigns, such as short dramas and interactive social media challenges, are being employed to engage younger audiences and redefine drinking culture [8][9] Group 4: Cultural Engagement - Companies are recognizing the importance of emotional connections and cultural resonance with younger consumers, moving beyond just product innovation to include storytelling and brand heritage in their marketing [7][10] - The shift towards a more interactive and consumer-driven marketing approach is evident, as brands encourage user-generated content and new drinking methods [8][9]

Core Insights - The white liquor industry is undergoing a deep adjustment period due to policy changes, consumption transformation, and intense competition [1] - Wuliangye's recent quarterly report shows a significant decline in both revenue and net profit, raising concerns about its position as the "second" in the white liquor market [1] Financial Performance - In the third quarter of 2025, Wuliangye reported revenue of 60.945 billion yuan, a year-on-year decrease of 10.26%, and a net profit attributable to shareholders of 21.511 billion yuan, down 30.09% year-on-year [1] - For the third quarter of 2025, Shanxi Fenjiu surpassed Wuliangye in single-quarter revenue, achieving 8.960 billion yuan compared to Wuliangye's 8.174 billion yuan [1] - Wuliangye's net profit has dropped to fourth place among listed companies in the industry, with profits of 2.019 billion yuan in the third quarter of 2025 [1] Market Challenges - Wuliangye is facing a significant challenge with price inversion in the terminal market, particularly for its flagship product, the 52-degree/500ml Wuliangye [1] - The market price for this product has decreased from 950 yuan at the beginning of 2025 to 855 yuan as of November 2025 [1] - The decline in market prices has led to reduced willingness among distributors to make payments, with Wuliangye's contract liabilities decreasing for three consecutive quarters [1] Strategic Initiatives - In response to market pressures, Wuliangye is actively seeking to innovate its market strategy and product offerings to cater to diverse consumer needs [1] - The company has introduced a high-end low-alcohol product, "29-degree Wuliangye: One Glance and Heart," aimed at attracting younger consumers [1] - Wuliangye's chairman emphasized the importance of adapting to changing consumer trends, including younger demographics and digital channels [1] Industry Outlook - The overall development environment for the white liquor industry remains challenging, with Wuliangye's ability to stabilize core product prices and invigorate distribution channels being critical for navigating the current market downturn [1]

Core Insights - The launch of 29-degree Wuliangye "Yijian Qingxin" achieved over 100 million yuan in sales within 60 days, indicating strong market response and validating the company's strategy to target younger consumers with lower-alcohol products [1][3][6] Group 1: Product Innovation - The product's success is attributed to its low alcohol content and innovative packaging, which appeals to the younger demographic's preference for a "lightly intoxicated" experience [3][5] - Wuliangye utilized decades of low-alcohol technology to ensure the product maintains flavor despite the reduced alcohol content, achieving a smooth taste profile that resonates with young consumers [3][6] Group 2: Marketing Strategy - The collaboration with singer G.E.M. as a global ambassador effectively transformed the brand's image from a "business symbol" to an "emotional companion," enhancing engagement with the target audience [5][6] - The marketing approach includes breaking traditional distribution models by establishing an "online direct sales, e-commerce first" system, which incorporates a referral-based sales strategy that incentivizes consumers to promote the product [5][6] Group 3: Industry Trends - Major liquor companies are increasingly focusing on the low-alcohol market, with several brands launching similar products to cater to changing consumer preferences [6][8] - The low-alcohol market is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, indicating a significant shift in consumer behavior towards lower-alcohol beverages [8][9]

Core Viewpoint - The recent trend in the Chinese liquor industry is a shift towards low-alcohol white spirits, with major brands launching products with alcohol content below 30 degrees, aiming to attract younger consumers and adapt to changing consumption preferences [1][3][5]. Group 1: Market Trends - Numerous brands showcased low-alcohol white spirits at recent trade fairs, reigniting discussions on the trend of lower alcohol content in white liquor [1][3]. - The market for low-alcohol white spirits is significant, with approximately 450 billion yuan in market size, accounting for nearly half of the total white liquor consumption [7]. - The penetration rate of low-alcohol spirits is increasing, with regions like Hebei and Shandong showing over 80% and 70% penetration rates, respectively [7]. Group 2: Consumer Preferences - Younger consumers prefer low-alcohol options for their comfort and drinking experience, moving away from traditional drinking cultures [5][11]. - The perception that higher alcohol content equates to better quality is fading, with consumers now prioritizing flavor and overall drinking experience [11][12]. - The trend towards low-alcohol spirits is seen as a response to the lifestyle changes of younger generations, who favor casual drinking and home cocktail preparation [5][11]. Group 3: Industry Response - Major liquor companies are actively developing low-alcohol products, with brands like Wuliangye and Gujinggong launching new offerings specifically targeting younger demographics [4][10]. - The industry is undergoing a transformation, with a focus on creating products that emphasize flavor and experience rather than just alcohol content [10][12]. - The introduction of new standards for low-alcohol spirits aims to address quality concerns and align with consumer demand for diverse and personalized products [9][10]. Group 4: Challenges and Future Outlook - The transition to low-alcohol products requires time and successful market examples to educate consumers [12][13]. - Companies must not only adjust alcohol content but also enhance brand positioning and marketing strategies to resonate with younger consumers [13]. - The future of the industry may see a complete redefinition of quality metrics, moving away from alcohol content as the primary indicator of product value [10][12].

Core Insights - The article discusses a marketing revolution in the competitive Chinese liquor market, led by major players like Wuliangye, focusing on innovative sales strategies to attract younger consumers [1][8]. Group 1: Marketing Innovation - Wuliangye has launched a "fission" sales system for its product "29-degree Wuliangye · First Love," allowing consumers to become "recommendation officers" and earn cash rewards for referrals [1][3]. - This fission model is seen as a breakthrough in the brand's efforts to appeal to younger demographics, transforming traditional advertising budgets into user incentives and fostering emotional connections through social sharing [1][5]. - The brand's marketing strategy has shifted towards social-driven approaches, with celebrity endorsements and a focus on engaging younger audiences through platforms they frequent [3][10]. Group 2: Market Trends - The low-alcohol liquor segment is rapidly growing, with projections indicating the market will exceed 74 billion yuan by 2025, reflecting a compound annual growth rate of 25%, significantly outpacing the overall liquor industry [5][6]. - Many liquor companies are investing in low-alcohol products, with 21.1% of firms planning to enhance their offerings in this category as part of their 2025 strategies [5]. - The trend towards low-alcohol beverages aligns with younger consumers' preferences for lighter drinking experiences and more flexible consumption scenarios [6][8]. Group 3: Industry Challenges - The liquor industry is facing significant challenges, including high inventory pressure and price imbalances, with average inventory turnover days reaching 900, a 10% increase year-on-year [8][10]. - Traditional distribution models reliant on intermediaries are becoming less effective, prompting a shift towards user-centric marketing and direct consumer engagement [8][10]. - Companies are exploring diverse marketing innovations to establish deeper emotional connections with consumers, particularly the younger generation [8][10].

Core Insights - Wuliangye has achieved the highest level of EFQM Global Award (Seven Diamonds) certification, marking a significant milestone for Chinese enterprises in global performance management [9][11] - The company emphasizes a dual approach of "quality + culture" to establish a strong international brand image and promote the globalization of Chinese brands [9][10] Group 1: Award Recognition - Wuliangye received the EFQM Global Award (Seven Diamonds) at the Sustainable Performance Conference in Spain, achieving the highest score for a Chinese company [9] - The EFQM Global Award is recognized as one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, with a focus on sustainable value and performance [9][11] Group 2: Key Practices Highlighted - The award feedback highlighted five exemplary practices: 1. Cultivating a corporate culture based on the "Harmony and Beauty" philosophy, deeply integrated into operations [9] 2. Leading ecosystem innovation aligned with UN Sustainable Development Goals, setting industry standards [9][11] 3. Ensuring alignment between strategy and performance indicators through a clear transmission mechanism [9] 4. Balancing tradition and innovation by enhancing traditional brewing techniques with scientific methods [9] 5. Promoting ESG-driven scalable development across the value chain [9][11] Group 3: Cultural Exchange and Global Outreach - The "Harmony Global Tour" in Spain featured events like the "Barcelona Wonderful Night" and a themed forum, showcasing Wuliangye's commitment to cultural exchange [10] - The company has expanded its global presence, having reached 17 countries since the launch of the "Harmony Global Tour" in 2023 [10] Group 4: Future Directions - Wuliangye aims to continue leveraging its award-winning status to drive management innovation and share Chinese liquor culture on the global stage [11] - The company is positioned to lead the internationalization of Chinese liquor, with a focus on quality and cultural representation [11]