食品饮料行业 超配（维持） 顺应趋势，开拓创新 预调酒行业深度报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 2026 年 2 月 25 日 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 投资要点： 证 | 1. 预调酒简介 | 4 | | --- | --- | | 1.1 预调酒口感丰富，酒精含量适中 | 4 | | 1.2 预调酒行业产业链 | 4 | | 2. 我国预调酒行业市场规模稳步增长，消费群体以年轻女性为主 | 5 | | 2.1 我国预调酒行业市场规模稳步增长 | 5 | | 2.2 预调酒市场集中在一二线城市，消费群体以年轻女性为主 | 6 | | 2.3 我国预调酒渠道结构以 KA 为主 | 8 | | 3. 我国预调酒市场呈寡头垄断竞争格局 | 8 | | 4. 我国预调酒 ...

Core Insights - The low-alcohol beverage market in China has rapidly expanded, with market size projected to grow from 200 billion yuan in 2020 to over 570 billion yuan by 2024, and globally reaching 634.17 billion yuan in 2023, expected to exceed 740 billion yuan by 2025 [1][4][6] - The shift in consumer preferences from traditional high-alcohol beverages to low-alcohol options is driven by younger generations seeking healthier and more enjoyable drinking experiences [5][6][8] - The market is becoming increasingly competitive with new brands entering, including traditional liquor companies and retail chains launching their own low-alcohol products [5][9][12] Market Trends - The rise of low-alcohol beverages is characterized by a cultural shift from "drinking for social obligation" to "drinking for personal enjoyment," with 50% of consumption occurring at home and a 56% increase in outdoor activities like camping [5][6] - Young consumers aged 18-35 account for 68% of sales, with a significant portion being female [5][6] - Health concerns are a primary motivator for Gen Z consumers choosing low-alcohol options, as traditional high-alcohol spirits are viewed as outdated [6][8] Competitive Landscape - Established brands like RIO and emerging players such as Mei Jian and Bei Rui Tian Xin are competing for market share, with RIO facing challenges due to declining sales and brand fatigue [2][9][11] - Traditional liquor companies like Moutai and Wuliangye are diversifying into low-alcohol products, while retail chains like Hema and Haidilao are also launching their own offerings [5][9] - The market is characterized by a lack of standout brands, with many new entrants struggling to differentiate themselves in a crowded space [12] Consumer Behavior - Young consumers prefer low-alcohol products that are smooth and sweet, contrasting with the strong flavors of traditional spirits [8] - The use of social media has significantly increased the visibility and popularity of low-alcohol beverages, with discussions on platforms tripling in 2020 [4] - The trend towards low-alcohol beverages is not just a passing fad; it reflects a deeper cultural shift in drinking habits among younger generations [5][6]

Group 1 - The core viewpoint of the articles highlights the struggles of RIO's parent company, Bairun Co., as it faces declining sales and profits in the pre-mixed beverage market, particularly with RIO cocktails [1][2] - In the first half of the year, Bairun reported revenue of 1.489 billion yuan, a year-on-year decline of 8.56%, and a net profit of 389 million yuan, down 3.32% [1] - The alcoholic beverage segment, led by RIO, experienced a 9.35% decline in sales, equating to 2.18 million fewer boxes sold [1] Group 2 - Bairun Co. has shifted its focus towards the whiskey market, aiming to create "China's own whiskey," after investing over 3 billion yuan since 2017 [3] - Despite launching several whiskey products in the first half of the year, this new venture has yet to generate significant revenue [3] - The company faces challenges as major liquor brands are entering the low-alcohol beverage market, while Bairun is investing heavily in the high-capital whiskey sector [3]

Core Insights - The beverage industry is experiencing a new wave of cross-industry collaboration driven by the diversification of consumption scenarios and the popularity of the "tipsy economy" among younger consumers [1][4][5] - Non-alcohol brands are entering the alcohol market, focusing on scenario-based marketing to capture market share, indicating a trend towards diversified alcohol consumption scenarios [1][5][6] Industry Trends - The alcohol market in China exceeded 1.5 trillion yuan in 2023, with stable growth in categories like baijiu, beer, and wine, particularly among younger consumers seeking low-alcohol and craft beer options [6][9] - The shift in alcohol consumption scenarios from traditional settings like business banquets and family gatherings to new environments such as small bars, camping, and music festivals reflects changing consumer habits [6][10][11] Company Strategies - Companies like "Guoquan Shihui" are planning to open new store formats like "Guoquan Wine Convenience," combining hot pot and alcohol sales to leverage existing consumer bases [4][6] - Brands such as Haidilao and Coucou are successfully integrating alcohol offerings into their dining experiences, enhancing consumer engagement through unique venue designs and product offerings [4][5][10] Marketing Approaches - Scenario-based marketing is emerging as a key strategy for alcohol brands, focusing on creating emotional value and enhancing consumer experiences to drive repeat purchases [6][11] - The transition from product-driven to scenario-driven marketing emphasizes the importance of integrating into consumers' lifestyles to capture market opportunities [11]