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wrote a column · Dec 24, 2025 17:52

Xiao Zhuqing's Year-End Review: Top Ten Impressions of China's Liquor Industry in 2025

Special Contributing Author: Xiao Zhuqing (Independent Commentator on China's Liquor Industry) 1. The busiest leader: Song Shuyu, Chairman of the China Alcoholic Drinks Association. Every day he advocates for high-quality development of China’s liquor industry. Chairman Song promoted the adoption of real-aged liquor standards among China’s famous liquor companies. He pushed to de-emphasize aroma categories and strengthen regional value propositions. He encouraged Chinese Baijiu companies to jointly expand overseas. He called on listed companies in China’s liquor sector to shift from high-speed growth to high-quality development and to slow down expansion to help distributors reduce inventory. He urged China’s liquor industry to learn from Jing Brand on 'creating trendy drinks,' developing new drinking scenarios to attract young consumers and grow both audience base and consumption scenarios. 2.The busiest chairman of a listed company is Wu Xiangdong, the chairman of Zhenjiu Lidu and Huazhi Liquor. In over 200 days of 2025, Wu Xiangdong stationed himself at the Zhenjiu distillery in Zunyi, Guizhou. Every day, he receives prospective partners from the 'Ten Thousand Merchants Alliance' across the country, gives a two-hour personal presentation daily, and personally toasts every table of guests! He personally witnessed the signing of 3,000 partners with Zhenjiu's 'Ten Thousand Merchants Alliance'. Netizens commented on Wu Xiangdong: 'People who are more successful than you are still working harder than you…' Today, Wu Xiangdong is the second most popular internet-famous chairman of a listed company among Chinese entrepreneurs. Every day, he releases work or life videos or live streams, with each video receiving millions of clicks, and several videos surpassing 20 million views. 3. Who is the most wronged person in the Chinese liquor industry in 2025? Zhang Deqin was originally seen as someone taking on the task under urgent circumstances, wanting to lead Maotai out of the industry adjustment period, but...
Special Contributing Author of this article: Xiao Zhuqing (Independent Commentator on China's Liquor Industry)
1. The busiest leader: Chairman of the China Alcoholic Drinks Association, Song Shuyu.
Advocating for high-quality development of China’s liquor industry every day.
Chairman Song promoted the adoption of the real-age liquor group standard among renowned Chinese spirits companies.
Promote the weakening of fragrance types and strengthen the expression of localized value.
Promote liquor to go overseas in groups.
Call on Chinese liquor industry listed companies to upgrade from high-speed development to high-quality development, and call for a slowdown in development to help distributors reduce inventory.
The Chinese liquor industry should learn from Jinpai to "create trendy drinks," develop new drinking scenarios, and attract young fans as an increasing consumer group and consumption scene.
2.The busiest chairmen of listed companies: Chairman Li Du of Zhen Jiu and Chairman Wu Xiangdong of Hua Zhi Jiu Hang.
In the more than 200 days of 2025, Wu Xiangdong presided over the Zhenjiu Distillery in Zunyi, Guizhou, receiving prospective partners from the "Ten Thousand Merchants Alliance" across the country every day. He needed to personally give a speech for two hours each day and toast to the guests at every table! He personally witnessed 3,000 partners signing contracts with Zhenjiu's "Ten Thousand Merchants Alliance."
A netizen commented to Wu Xiangdong, "Those who are more successful than you are still more hardworking than you..."
Today, Wu Xiangdong is the second most popular chairman of a publicly listed company among Chinese entrepreneurs. He posts work or lifestyle videos or live streams every day, with each video attracting millions of views, and several videos exceeding 20 million views.
3. Who is the most wronged person in the Chinese liquor industry in 2025?
Zhang Deqin was originally seen as someone who was called upon in a time of crisis, aiming to lead Moutai out of the industry adjustment period. However, from August 2024 to October 2025, just 14 months, the industry’s deep adjustment has not yet reached the bottom, and Moutai itself is also facing challenges such as changes in the market environment, maintenance of the pricing system, and the transformation towards a younger demographic. Zhang Deqin is hurriedly trying to navigate, yet in the face of the prevailing trends, the helmsman of this giant ship still appears powerless.
Special Contributing Author: Xiao Zhuqing (Independent Commentator on China's Liquor Industry) 1. The busiest leader: Song Shuyu, Chairman of the China Alcoholic Drinks Association. Every day he advocates for high-quality development of China’s liquor industry. Chairman Song promoted the adoption of real-aged liquor standards among China’s famous liquor companies. He pushed to de-emphasize aroma categories and strengthen regional value propositions. He encouraged Chinese Baijiu companies to jointly expand overseas. He called on listed companies in China’s liquor sector to shift from high-speed growth to high-quality development and to slow down expansion to help distributors reduce inventory. He urged China’s liquor industry to learn from Jing Brand on 'creating trendy drinks,' developing new drinking scenarios to attract young consumers and grow both audience base and consumption scenarios. 2.The busiest chairman of a listed company is Wu Xiangdong, the chairman of Zhenjiu Lidu and Huazhi Liquor. In over 200 days of 2025, Wu Xiangdong stationed himself at the Zhenjiu distillery in Zunyi, Guizhou. Every day, he receives prospective partners from the 'Ten Thousand Merchants Alliance' across the country, gives a two-hour personal presentation daily, and personally toasts every table of guests! He personally witnessed the signing of 3,000 partners with Zhenjiu's 'Ten Thousand Merchants Alliance'. Netizens commented on Wu Xiangdong: 'People who are more successful than you are still working harder than you…' Today, Wu Xiangdong is the second most popular internet-famous chairman of a listed company among Chinese entrepreneurs. Every day, he releases work or life videos or live streams, with each video receiving millions of clicks, and several videos surpassing 20 million views. 3. Who is the most wronged person in the Chinese liquor industry in 2025? Zhang Deqin was originally seen as someone taking on the task under urgent circumstances, wanting to lead Maotai out of the industry adjustment period, but...
4. The regret of the Chinese liquor industry in 2025: unable to end the adjustment.
The market had generally expected that after adjustments in the first half of 2024 and 2025, the industry would stabilize in the second half of 2025. However, the third quarter data pointed to a deeper "bottoming out," revealing more profound issues: such as the worst third-quarter report for listed companies in a decade; inventory pressure akin to a dammed lake; price inversion, and the collapse of liquor companies.Market confidence and patience are facing unprecedented challenges.
5. Impressions of the Annual Hot Products in China's Wine Industry?
Candidate: Da Zhen
The minimalist packaging highlights the confidence of the fine wine, and Da Zhen has inspired a wave of "big" imitators following in succession, which is the best impression of a blockbuster product.
6. What is the biggest surprise in China's liquor industry this year?
Candidate: Expensive liquor from Shanghai? Sauce liquor cannot fill the financial gap; the long-termism of the liquor industry proves that one boiler can only produce one batch of liquor.
Special Contributing Author: Xiao Zhuqing (Independent Commentator on China's Liquor Industry) 1. The busiest leader: Song Shuyu, Chairman of the China Alcoholic Drinks Association. Every day he advocates for high-quality development of China’s liquor industry. Chairman Song promoted the adoption of real-aged liquor standards among China’s famous liquor companies. He pushed to de-emphasize aroma categories and strengthen regional value propositions. He encouraged Chinese Baijiu companies to jointly expand overseas. He called on listed companies in China’s liquor sector to shift from high-speed growth to high-quality development and to slow down expansion to help distributors reduce inventory. He urged China’s liquor industry to learn from Jing Brand on 'creating trendy drinks,' developing new drinking scenarios to attract young consumers and grow both audience base and consumption scenarios. 2.The busiest chairman of a listed company is Wu Xiangdong, the chairman of Zhenjiu Lidu and Huazhi Liquor. In over 200 days of 2025, Wu Xiangdong stationed himself at the Zhenjiu distillery in Zunyi, Guizhou. Every day, he receives prospective partners from the 'Ten Thousand Merchants Alliance' across the country, gives a two-hour personal presentation daily, and personally toasts every table of guests! He personally witnessed the signing of 3,000 partners with Zhenjiu's 'Ten Thousand Merchants Alliance'. Netizens commented on Wu Xiangdong: 'People who are more successful than you are still working harder than you…' Today, Wu Xiangdong is the second most popular internet-famous chairman of a listed company among Chinese entrepreneurs. Every day, he releases work or life videos or live streams, with each video receiving millions of clicks, and several videos surpassing 20 million views. 3. Who is the most wronged person in the Chinese liquor industry in 2025? Zhang Deqin was originally seen as someone taking on the task under urgent circumstances, wanting to lead Maotai out of the industry adjustment period, but...
7. Annual Robbery Invaders of China's Wine Industry
Candidates: Yima, Meituan Douyin local life and timely retail
8. Annual Growth Champion of China's Liquor Industry: Jinpai China
Expanded Usage Scenario: Jinjiu + Red Bull = Chinese Whisky
Jinjiu + Warm Drink = Magical Elixir for Women’s Menstrual Period
9. Risk Alert for China’s Liquor Industry in 2025?
Candidate: Unintelligible Digital Assets in the Liquor Industry?
Illusory flowers on the mirror, moon in the water—liquor industry digital assets lacking trading attributes are neither visible flowers nor reachable moons.
10. The Biggest Hope for China’s Liquor Industry: The Ban on Alcohol is Lifted.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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