20232600300 yuan; at the same time, government departments and state-owned enterprises in many places have successively issued official drinking restriction policies, and the" prohibition order "has changed from" implicit restriction "to" explicit regulation ", which challenges the traditional consumption scene of high-end Baijiu. 99
This industry reshuffle caused by price fluctuations of leading brands and changes in policy environment is breaking the long-term 99. Industry experts point out that in the context of shrinking high-end markets and differentiated consumer demand, if small and medium-sized liquor enterprises can accurately capture market gaps, they may usher in a "counterattack window period"
9900011span style="font family: Song typeface; font-size:16px; "> Moutai price declines: high-end Baijiu 99
is the 99202020222800/30002023
According to the data of Huachuang Securities Baijiu Industry Research Report, 202392650/9900011span leaf="" style="font size: 16px;" >2590990111/span >9900011/span >9900011span style="font family: Song typeface); font-size:16px; ">10%298027806%20251600
is the superposition of multiple factors: first, the macroeconomic recovery was less than expected, and the demand for high-end Baijiu core scenarios such as business banquets and gift consumption was weak; Secondly, Maotai's own production capacity expansion (9900011/span >9900011span style="font family: Calibri; font size: 16px;" >9900011span leaf="" style="font size: 16px;" >20239900011/span >9900011span style="font family: Song typeface; font-size:16px; ">5.9202016%), the market circulation increased; third, the" Prohibition Order "effect spread, and the" deterministic demand "of government and state-owned enterprises shrank, increasing the market's concern about the ebb of the" financial attribute "of high-end Baijiu. 99
" The high price of Moutai in the past was, to some extent, a foam supported by "identity symbol" and "investment attribute". ”Ouyang Qianli, an analyst in the Baijiu industry, said, "When consumption returns to rationality, the price foam of Moutai is being squeezed, which is a warning to the whole high-end Baijiu sector." 99
9900011span style="font family: Song typeface; font-size:16px; ">
202520122025 years ago, the" Prohibition Order "was pushed again, but different from ten years ago, this round of policy emphasizes more on" precision and standardization "rather than" comprehensive prohibition "- for example, the SASAC of a province clearly stated that" high-end liquor is not allowed to be provided for official reception ", and a central enterprise required that" all drinking is prohibited in internal meetings ", but not" one size fits all "to prohibit all Baijiu consumption. 99
policy is to promote the consumption of Baijiu from 99" power driven "to" market driven "transformation. In the past, government affairs and business banquets were the" basic plate "of high-end Baijiu, accounting for more than 40%; Now, this market has shrunk significantly due to policy restrictions, while the demand for mass consumption (family dinners, friends' drinks, wedding banquets, etc.) and emerging scenes (camping economy, China-Chic experience) is rising. 99
2023327010.5%5.8% is far lower than the growth rate of revenue." This shows that the high gross profit model of high-end Baijiu is blocked, and the growth of the industry is changing from 'volume and price rise' to 'volume and price stability'. "Song Shuyu, president of the China Wine Association, pointed out that" in the future, products that meet the needs of the public and have differentiation advantages will have more space. "99
9900011span style="font family: Song typeface; font-size:16px; ">" survival in the cracks "to" precise breakthrough "
9900011span style="font family: Song typeface; font-size:16px; ">
" is "national" and "standardized", and small and medium-sized liquor enterprises can deeply cultivate regional characteristics. For example, the "Chuanchi Liquor Industry" in Qionglai, Sichuan Province, relying on the local Qionglai liquor culture, launched "West Sichuan Forest Sea" themed small bottle Baijiu, focusing on rural tourism scenes, 2025
