Industry Observation | From the Semi-Annual Report, Observing New Paths of Change in the Wine Industry

In the first half of 2025, the Chinese alcohol industry, against the backdrop of economic recovery, is undergoing multiple tests including evolving consumer demand, reshaping market landscape, and accelerating industry upgrades. From the intensifying differentiation of baijiu to the breakthrough of high-end beer, from the revival of yellow wine culture to the adjustment of the grape wine market, various sub-sectors are showing different development trends. Through the half-year report data, we can glimpse the deep-seated logic and future direction of the industry development. I. Baijiu sector: A dual variation of steady progress of leading companies and regional breakthroughs (i) High-end market continues to lead Leading liquor companies represented by Moutai, Wuliangye, and Luzhou Laojiao still maintained strong growth resilience in the first half of the year. Moutai's revenue exceeded 80 billion yuan in the first half of the year, with a year-on-year growth of about 12%. The ...