（来源：云酒头条） 守的稳健、转的果敢、退的从容，三位老板的十余年的坚守与抉择，也是渠道生态的真实切片。 来自终端的变化同样也在提醒着酒企，与其纠结"要不要压货"，不如思考产品能否在微利时代，与终端荣融共生。 文｜王猛 丙午马年春节前夕，三位烟酒店老板迎来"年关"。 张云、游峰、陈志（均为化名）深耕酒业均超过10年：张云立足成都核心区主攻团购，在成都新津区的游峰和川北南部县的陈志经营较为多元。他们均表 示："生意难做。" 云酒头条与三人深度对话后发现，他们的节前策略既有共识，亦有分化。对于未来，有人选择求变图存，有人已决意离场。 交流中，烟酒店老板们提到三方面原因。 团购市场萎缩严重 不再压货、压力更大 酒业调整期下，货已经压不到烟酒店了。 陈志坦言："以前市场预期好，酒厂、经销商会压货，现在反过来了——他们不敢压货，我们也不用被迫存货。而且，以前捆绑销售政策很多，现在只要 谈好销量，就能按裸价拿货。" 不只县城，成都烟酒店的库存也大幅降低。即便是春节旺季，张云和游峰的店里也只保留一两天的周转库存，有需求再从经销商临时调货。 烟酒店的库存压力减小，但生存压力反而更大。今年节前旺季，主营高端名酒的张云和游峰相比 ...

【东吴食饮*更新】贵州茅台酒：春节前任务进度快，批价坚挺。 昨日和茅台（普飞）大商沟通，发货进度快： 全年普飞任务已打款33%左右，到货25%（2月份款全打，货发一 半），预计春节前全部到货33%。 25年3月份计划3月份到，预计26年3月份还有计划内货到。 当前经销商非标茅台（原分销合同）还未签约，也未到货。 2025年底任务执行 【东吴食饮*更新】贵州茅台酒：春节前任务进度快，批价坚挺。 昨日和茅台（普飞）大商沟通，发货进度快： 全年普飞任务已打款33%左右，到货25%（2月份款全打，货发一 半），预计春节前全部到货33%。 25年3月份计划3月份到，预计26年3月份还有计划内货到。 当前经销商非标茅台（原分销合同）还未签约，也未到货。 2025年底任务执行打折的经销商普飞合同还没执行（极少数经销商，反映了茅台公司经销商管理的细致） i茅台放货积极，经销商门店这段时间马年生肖消费者线下提货80多箱/500多瓶，i茅台普飞基本是茅台孙公司华赤 贵州发货和经销商没关系。 代售和寄售还未普遍推开。 批价坚定，大商团购价1600左右，批价1550左右。 春节前i茅台放货+经销商一二月计划正常，两者测试下，批价表现 ...

Core Insights - The article emphasizes the enduring value of Moutai, highlighting its financial attributes, collectible nature, and long-term growth certainty as key factors that contribute to its market resilience [1][2][4]. Group 1: Financial Attributes - Moutai has been referred to as "liquid gold," with a historical price equivalence to "10 grams of gold" in 2021, showcasing its financial appeal [1]. - The auction average price of Moutai old liquor is projected to grow at a compound annual growth rate (CAGR) of 18.7% from 2020 to 2025, significantly outpacing gold's 5.3% growth during the same period [2]. Group 2: Scarcity and Production - Moutai's production capacity for 2024 is limited to 57,200 tons, representing only 0.6% of China's total liquor production, indicating a structural scarcity [2]. - The production process involves 30 steps and 165 stages, with a minimum aging period of five years, further constraining expansion opportunities [2]. Group 3: Cultural Significance - Moutai's unique aging process enhances its flavor over time, with prices for 30-year and 50-year variants reaching over 10,000 yuan, reflecting the quantifiable value of time [3]. - The company integrates cultural elements into its products, such as the "Scattered Flower Moutai" and "Singing Moutai," which combine traditional art with limited editions, enhancing their collectible appeal [3]. Group 4: Resilience and Growth - Moutai has demonstrated strong resilience, successfully pivoting its strategy during the 2013 "ban on official liquor" by targeting high-net-worth individuals and business consumers [4]. - In Q1 2025, Moutai reported revenue of 50.6 billion yuan and a net profit of 26.8 billion yuan, showcasing its ability to grow even during industry downturns [4]. Group 5: International Expansion - Moutai's overseas sales reached 5.189 billion yuan in 2024, marking a significant increase of 19.27% year-on-year, indicating strong international demand [5]. - The company exported over 2,100 tons of liquor in 2024, with high-value Moutai sales exceeding 100 tons, reflecting a growing consumer base in emerging markets [5].