白酒经销商为什么越努力，离出路越远？

郑州百荣商城——全国最大的白酒批发市场——曾经一铺难求。如今呢？有酒商算过一笔账：一天出上百件货，流水看着热闹，刨去库房租金、员工工资和水电物流，净利就三百来块。一层铺面的转手费从二十万一路跌到零都无人问津。还有人把积蓄砸进直播间，折腾大半年后发现，每天睁眼就是赔钱。

这不是段子，是正在发生的事。

中国酒业协会2026年6月发布的《2026中国白酒市场中期研究报告》显示，今年上半年白酒行业正经历典型的“量价利三杀”。调研数据显示，86.4%的受访企业利润率下滑，74.8%的企业营业额萎缩，61.9%的终端门店减少。经销商批量退场，行业主动去库存、压缩流通链路。

酒业时报认为，行业收缩期退场潮的核心诱因，并非市场完全无需求，而是大批经销商仍在用十年前的流通思维应对全新存量竞争赛道。

行业承压，经销商们开始寻找出路。直播、OEM贴牌、私域流量、个人IP……各种方向被轮番尝试。然而一个残酷的事实是：大多数人在追逐风口的过程中，反而加速了出局。

你的能力在哪一层？

在讨论转型之前，有必要先搞清楚一个问题：你手上到底有什么牌？

白酒经销商的能力，大致可以分成三个层次。

第一层：流通配送能力。

这是绝大多数传统经销商的基本盘——有仓库、有车辆、有业务员，能把货从厂家仓库搬到终端门店。这套能力的核心是效率和覆盖。但问题是，当行业进入存量竞争，这套能力的门槛越来越低，可替代性越来越强。

酒业家调研显示，2026年一季度受访企业中，经销商数量减少的占比57%。不是经销商不努力，是这套能力的护城河太浅。

第二层：渠道经营能力。

比配送高一个台阶——知道某个区域、某个渠道的消费者要什么，能帮终端选品、做陈列、定价格。这套能力需要时间积累，需要对市场的深度理解。能做到这一层的经销商，已经不太容易被替代。

第三层：品类服务能力。

不再只是“把货铺进去”，而是“帮终端把生意做起来”——商品怎么组合、陈列怎么做、定价怎么定、什么产品引流、什么产品赚钱，全部由经销商主导。

中国酒业协会《2026中国白酒市场中期研究报告》指出，行业换挡期是经销商洗牌期，转型为终端服务商、消费者运营者、厂商协同者的经销商，将成为行业重构的核心资产。

在酒业时报看来，绝大多数经销商转型失败，根源在于：用第一层的配送流通能力，强行去做需要第三层深度服务能力才能做成的事，本质是严重的能力错配。

OEM贴牌：别把“开发酒”当“自有品牌”

OEM贴牌是这轮转型中参与者最多、栽跟头也最多的方向。

这里需要先厘清一个概念：白酒行业的OEM开发酒，和经销商完全自有的品牌，是两回事。

名酒OEM开发酒，本质是酒厂开放条码、经销商负责运营——品牌根基在酒厂手里，经销商做的是“品牌授权下的渠道运营”。而经销商自有品牌，是经销商自己持有商标、完全自主运营。二者的门槛、风险和商业模式完全不同。

先说OEM开发酒。

2026年，为了冲刺回款目标，不少名酒企业重新开放了开发酒、定制酒条码。多家头部酱酒、名酒品牌都通过定制酒方式推进产品开发，但渠道反馈并不理想。

开发酒赛道普遍陷入价格内卷、渠道倒挂难题，多数中小经销商入局后，既要承担条码开发、酒体生产固定成本，还要面对终端低价窜货、动销不足的双重压力，库存与资金风险显著放大。

酒业时报认为，酒厂放开开发条码的底层逻辑是透支经销商资金缓解自身回款压力，而中小酒商误以为靠自有渠道就能运营品牌，双方底层诉求天然相悖，这也是贴牌赛道高失败率的核心根源。

根本问题在于：经销商做OEM的逻辑是用渠道能力变现，但酒厂开放条码的底层逻辑是用经销商的资金和渠道缓解自身回款压力。二者的利益并不完全一致。经销商以为自己是在“做品牌”，实际上只是在替酒厂承担库存和回款风险。

至于经销商自有品牌，门槛更高。商标注册、持续品控、消费者教育、品牌维权——这些都是经销商此前从未接触过的领域。中国酒类流通协会发布的《2025中国酒类零售连锁行业发展白皮书》指出，价格倒挂、电商竞争及消费降级对酒类连锁发展构成显著影响。在这样的大环境下，从零开始做一个白酒品牌，成功率可想而知。

当然，OEM和自有品牌并非完全不可做。具备品牌运营团队、充足的长期资金储备、成熟的全国性渠道网络的头部酒商，仍然有机会在这个赛道跑出来。但对于绝大多数中小经销商而言，在没有这些前提条件的情况下贸然入场，大概率会踩坑。

直播带货：别拿“副业心态”赌“专业赛道”

直播是另一个“看起来很美”的方向。

百荣商城的酒商们是这轮直播潮的缩影。由于没有酒企授权，酒商不能在直播间上小黄车卖酒，只能通过直播和短视频引流，再进行私域转化。随着白酒线上渠道竞争白热化，曝光度提升成为共性难题。

有百荣酒商坦言，2024年短视频平均浏览量还能达到数万，同样的内容到2025年只有一万左右。唱衰行业的视频更容易吸粉，但真正能转化为销售的并不多。

《2026中国白酒市场中期研究报告》调研显示，2026年下半年白酒企业重点布局的销售渠道中，直播带货仅占18.2%。大多数酒企和经销商对直播赛道的态度仍偏谨慎。

问题出在哪里？线上和线下的运营逻辑完全是两套体系，不存在简单互补一说。

线下经销商的优势是客情关系、区域覆盖、终端服务。直播需要的是一套全新的能力——流量获取、内容创作、直播运营、私域转化。这四件事，每一件都需要专业团队和持续投入。酒仙集团的直播团队规模100多人。临沂一家酒水经销部能有3个直播账号、专业私域团队，2025年上半年销售额突破1700万元。

能做到直播盈利的，都是把直播当作核心业务来经营的人。绝大多数经销商只是把直播当作线下生意的补充，投入的资源、精力和专业度都不够，自然跑不出结果。

在酒业时报看来，直播赛道本身不存在好坏之分，失败的根源在于绝大多数中小酒商抱着副业心态入局，不肯配套专业团队与长期资金，用线下兼职人力去对抗专业电商团队，天然处于劣势。

但这并不意味着直播赛道本身不可行。对于具备专业电商人才、有内容创作能力和长期资金储备的经销商而言，直播仍然是可以探索的增量渠道。只是，它需要的是“all in”的决心和相匹配的组织能力，而不是“顺便做一下”的态度。

真正走得通的路：从“搬运工”到“服务商”

如果说追逐风口是一条高风险的路，那什么才是更稳健的选择？

稳健转型的核心思路，是立足自身沉淀多年的渠道基本功，在现有能力基础上做增值服务延伸，而非跨界从零布局陌生赛道。

酒业时报认为，酒水行业彻底告别“靠资源、靠信息差赚钱”的时代，正式进入能力变现的精细化竞争时代。当代理权不再稀缺，只有不可替代的终端服务能力才是经销商的核心硬通货。

浙江商源集团的转型历程是一个值得参考的样本。

从传统经销商起步，商源经历了品牌运营商、渠道整合商、供应链平台服务商的多次转型。如今，商源自主搭建数字化集采平台，链接数万家终端商户，整合上游200多个品牌资源，为下游经销商提供集采、品类调改全链路支持。

商源集团董事长朱跃明曾公开表示，传统经销体系下差价逐渐萎缩，必须主动向服务商、平台商转型。

商源的逻辑是：不再只是赚取差价，而是通过供应链整合和服务输出，为上下游创造价值。这套逻辑的门槛极高——需要时间、需要资源、需要持续的投入。但一旦做成，护城河极深，同行很难复制追赶。

类似的逻辑也适用于中小经销商。部分头部大商聚焦4S店、政企团购等细分渠道，凭借差异化选品建立渠道壁垒；少数提前布局社区团购的经销商，也在行业窗口期完成渠道增量沉淀。这些成功者的共同点是：他们没有扔掉做了十年的基本功，而是在基本功之上叠加了新能力。

中国酒类流通协会在行业交流会上指出，2025年酒类产业进入“三期叠加”——政策调整期、消费结构转型期、存量竞争深度调整期。传统渠道的各级经销商、分销商、终端店正在经历一轮深刻调整。在这个周期里，能活下来的不是跑得最快的，而是根基最稳的。

四个维度，帮经销商认清自己

在决定往哪走之前，不妨从四个维度审视一下自己：

第一，客户依赖度。

如果你的客户离了你还能找到同样品质、同样价格、同样服务的替代者，说明你的护城河还不够深。真正不可替代的经销商，是客户离开你会感到“麻烦”的人。

第二，能力延伸性。

你接下来想做的事，和你过去十年积累的核心能力之间，有没有至少50%的重叠？如果完全陌生，这条路大概率走不通。转型不是换赛道，是在现有赛道的基础上拓宽。

第三，组织适配度。

你的团队能支撑新的业务方向吗？做OEM需要品牌运营人才，做直播需要内容创作和流量运营人才。如果团队里全是送货的业务员，却想去做需要完全不同技能组合的事，成功率极低。

第四，资金安全垫。

新业务需要多长时间才能产生正向现金流？在这个周期里，你的资金链能不能撑住？白酒行业库存周转天数越来越拉长。如果新业务在半年甚至一年内都看不到回报，你有没有足够的“安全垫”？

白酒行业正在经历一轮深刻的结构性调整。《2026中国白酒市场中期研究报告》显示，68.5%的受访企业认为下半年行业将继续下行。在这样的大背景下，活下来比什么都重要。

但“活下来”的方式，不是盲目追逐每一个新风口。那些看起来最诱人的路，往往通向最快的出局。真正能穿越周期的，永远是那些清楚自己手上有什么牌、并且把牌打到极致的人。

酒业时报认为，所有盲目跨界转型失败的酒商，共同的短板都是看不清自身能力边界，一味追逐短期风口红利，放弃自身多年渠道积累。

转型的方向，早就被你的能力圈划定好了。搞清楚了这一点，才知道哪条是出路，哪条是加速出局的路。

（本文基于酒业时报对白酒流通市场的长期跟踪调研，参考公开资料而成）

参考资料：

1. 中国酒业协会《2026中国白酒市场中期研究报告》（2026年6月18日于2026四川国际美酒博览会发布），参见：https://www.sohu.com/a/1038326153_122014422
2. 中国酒类流通协会《2025中国酒类零售连锁行业发展白皮书》（2025年6月28日于第五届酒类零售连锁高质量发展大会发布），参见：https://mp.weixin.qq.com/s/__biz=MzA5MDgwOTQ3Nw==&mid=2648501258&idx=1&sn=b2c97c9f010882723a6d656f0e4f7bda
3. 茅台保健酒业销售公司《2026年酱酒总经销条码招商通告》（2026年1月19日发布），参见：https://bjj.moutai.com.cn/mtbjj/2026-01/19/article_2026011910093114034.html
4. 财经网《茅台保健酒公开招募11个酱酒条码总经销》（2026年1月19日），参见：http://industry.caijing.com.cn/20260119/5137351.shtml
5. 21世纪经济报道《白酒呈冷暖反差：超八成企业称利润下滑 烟酒零售额双位数增长》（2026年6月18日），参见：http://www.21jingji.com/article/20260618/herald/adddc6a365317273518dcef17581af0f.html
6. 东方财富网《行业正经历“量价利三杀”！中酒协：白酒正从“面子消费”转向“里子消费”》（2026年6月19日），参见：https://finance.eastmoney.com/a/202606193776864518.html
7. 证券之星《酒水流通企业为什么做不大？这是朱跃明找了30年的答案｜酒商时代》（2024年8月14日），参见：https://wap.stockstar.com/detail/IG2024081400038882
8. 证券之星《北京老板卖酒水，一年进账百亿！》（2024年8月9日），参见：https://wap.stockstar.com/detail/IG2024080900050020
9. 网易《名酒条码“大放水”，向经销商送出的一道道“催命符”》（2026年3月25日），参见：https://www.163.com
10. 东方财富网《白酒困在900天库存里，胡润百强榜中仍占22席》（2025年12月23日），参见：https://finance.eastmoney.com

Zhengzhou Bairong Commercial City – the largest baijiu wholesale market in China – where shop spaces were once impossible to secure. Today? Some liquor merchants have done the math: moving over a hundred cases a day, with revenue that looks impressive on paper, but after deducting warehouse rent, staff wages, utilities, and logistics, net profit barely reaches a few hundred yuan. Transfer fees for ground-floor storefronts have plummeted from RMB 200,000 to zero, and still no one is interested. Others have poured their savings into livestreaming, only to find after months of struggle that they’re losing money from the moment they wake up.

This is not anecdotal – it is a reality unfolding right now.

The 2026 China Baijiu Market Mid-Year Report, released by the China Alcoholic Drinks Association in June 2026, shows that the baijiu industry is experiencing a classic “triple whammy of declining volume, price, and profit.” Survey data indicates that 86.4% of surveyed enterprises saw profit margins decline, 74.8% experienced revenue contraction, and 61.9% reduced their retail outlets. Distributors are exiting in large numbers, with the industry actively destocking and compressing distribution channels.

In the view of JiuYe Times, the core driver behind this wave of exits during the industry contraction is not a complete lack of market demand, but rather the fact that a large number of distributors are still applying a distribution mindset from a decade ago to a completely new stock-market competitive landscape.

With the industry under pressure, distributors have begun searching for ways out. Livestreaming, OEM private-label products, private-domain traffic, personal branding – various directions have been tried in turn. Yet a harsh reality remains: most people, in their pursuit of the next big thing, have only accelerated their own exit.

Where Does Your Capability Lie?

Before discussing transformation, it is necessary to first clarify one question: what cards do you actually hold?

A distributor’s capability can be broadly divided into three levels.

Level One: Distribution and Delivery Capability.

This is the foundation for the vast majority of traditional distributors – they have warehouses, vehicles, and sales staff, and can move goods from the manufacturer’s warehouse to retail outlets. The core of this capability is efficiency and coverage. But the problem is that as the industry enters stock-market competition, the barriers to entry for this capability are getting lower, and substitutability is growing stronger.

A JiuYeJia survey shows that in the first quarter of 2026, 57% of surveyed enterprises reported a reduction in their distributor network. It is not that distributors are not working hard – the moat around this capability is simply too shallow.

Level Two: Channel Management Capability.

This is a step above distribution – understanding what consumers in a particular region or channel want, and helping terminals select products, arrange displays, and set pricing. This capability requires time to accumulate and a deep understanding of the market. Distributors who have reached this level are already much harder to replace.

Level Three: Category Service Capability.

This is no longer just “getting products onto shelves,” but “helping terminals build their business” – how to combine products, how to arrange displays, how to set pricing, what products to use for traffic generation, what products to use for profit – all led by the distributor.

The China Alcoholic Drinks Association’s 2026 China Baijiu Market Mid-Year Report points out that the industry’s transitional period is a time of distributor reshuffling. Distributors who transform into terminal service providers, consumer operators, and manufacturer-distributor collaborators will become the core assets of industry restructuring.

In the view of JiuYe Times, the root cause of most distributors’ transformation failures is a severe capability mismatch: using Level One distribution capabilities to do what requires Level Three deep service capabilities.

OEM Private Label: Don’t Mistake “Developer Liquor” for a “Own Brand”

OEM private-label is the direction with the most participants and the most failures in this round of transformation.

A concept needs to be clarified first: OEM developer liquor in the baijiu industry and a distributor’s fully own brand are two different things.

OEM developer liquor from established brands is essentially the distillery opening its barcode for licensing, with the distributor responsible for operations – the brand foundation remains with the distillery, and the distributor is doing “brand-licensed channel operations.” A distributor’s own brand, on the other hand, is where the distributor holds the trademark and operates completely independently. The thresholds, risks, and business models of the two are entirely different.

Let’s start with OEM developer liquor.

In 2026, in order to meet collection targets, many established baijiu companies reopened barcodes for developer and custom liquors. Several leading sauce-aroma brands and established-name brands have advanced product development through customised liquor channels, but channel feedback has not been ideal.

The developer liquor segment has generally fallen into price wars and channel inversions. Most small and medium-sized distributors, after entering the market, must bear the fixed costs of barcode development and liquor body production, while also facing the dual pressures of low-price cross-region sales and weak sell-through, with inventory and capital risks significantly amplified.

In the view of JiuYe Times, the underlying logic behind distilleries opening up developer barcodes is to leverage distributors’ capital to relieve their own collection pressure. Small and medium-sized liquor merchants mistakenly believe that their own channel capabilities are sufficient to operate a brand. The fundamental interests of both parties are inherently misaligned – and this is the core reason for the high failure rate in the OEM space.

The fundamental problem is: the distributor’s logic for OEM is to monetise channel capabilities, but the distillery’s logic for opening barcodes is to use the distributor’s capital and channels to relieve its own collection pressure. Their interests are not fully aligned. Distributors think they are “building a brand,” but in reality, they are merely assuming inventory and collection risks on behalf of the distillery.

As for a distributor’s own brand, the threshold is even higher. Trademark registration, continuous quality control, consumer education, brand protection – these are all areas that distributors have never dealt with before. The 2025 China Liquor Retail Chain Industry Development White Paper released by the China Liquor Circulation Association points out that price inversions, e-commerce competition, and consumption downgrades have significantly impacted the development of liquor retail chains. In such an environment, the odds of building a baijiu brand from scratch are predictably low.

Of course, OEM and own brands are not entirely impossible. Leading liquor merchants with brand operations teams, sufficient long-term capital reserves, and established national channel networks still have a chance to succeed in this space. But for the vast majority of small and medium-sized distributors, entering the market rashly without these prerequisites is highly likely to end in failure.

Livestreaming Sales: Don’t Treat a “Professional Track” with a “Side-Hustle Mindset”

Livestreaming is another direction that “looks beautiful.”

The liquor merchants of Bairong Commercial City are a microcosm of this livestreaming wave. Without authorisation from liquor companies, merchants cannot sell directly through livestreaming shopping carts; they can only use livestreaming and short videos to generate traffic and then convert through private channels. As competition in baijiu’s online channels intensifies, gaining exposure has become a common challenge.

One Bairong merchant candidly admitted that in 2024, average short video views could still reach tens of thousands, but the same content in 2025 only garnered around ten thousand. Videos that talk down the industry are easier to attract followers, but few actually convert to sales.

The 2026 China Baijiu Market Mid-Year Report survey shows that among the sales channels that baijiu companies plan to focus on in the second half of 2026, livestreaming sales account for only 18.2%. Most liquor companies and distributors remain cautious about the livestreaming track.

Where does the problem lie? The operating logic for online and offline channels are two completely different systems – there is no simple complementarity.

Offline distributors’ strengths are relationship management, regional coverage, and terminal service. Livestreaming requires a completely new set of capabilities – traffic acquisition, content creation, livestream operations, and private-domain conversion. Each of these four requires a professional team and sustained investment. Jiuxian Group’s livestreaming team has over 100 people. A liquor distribution outlet in Linyi runs three livestream accounts with a dedicated private-domain team, achieving sales exceeding RMB 17 million in the first half of 2025.

Those who can make livestreaming profitable are those who treat it as a core business. The vast majority of distributors treat livestreaming only as a supplement to their offline business, and the resources, effort, and professionalism they invest are insufficient – naturally, they cannot achieve results.

In the view of JiuYe Times, the livestreaming track itself is not inherently good or bad. The root of failure lies in the fact that most small and medium-sized liquor merchants enter with a side-hustle mindset, unwilling to invest in dedicated teams and long-term capital, using offline part-time manpower to compete against professional e-commerce teams – they are inherently at a disadvantage.

But this does not mean the livestreaming track is completely unviable. For distributors with professional e-commerce talent, content creation capabilities, and long-term capital reserves, livestreaming remains an explorable incremental channel. However, it requires an “all-in” commitment and the organisational capability to match, rather than a “let’s give it a try” attitude.

The Path That Truly Works: From “Mover” to “Service Provider”

If chasing the latest trends is a high-risk path, then what is a more stable choice?

The core idea of stable transformation is to build on years of accumulated channel expertise, extending value-added services based on existing capabilities, rather than venturing into unfamiliar territory from scratch.

In the view of JiuYe Times, the liquor industry has completely left the era of “making money through connections and information asymmetry” and entered an era of refined competition where capability monetisation is paramount. When distribution rights are no longer scarce, only irreplaceable terminal service capability becomes the distributor’s core currency.

The transformation journey of Zhejiang Shangyuan Group is a case worth studying.

Starting from a traditional distributor, Shangyuan has undergone multiple transformations – brand operator, channel integrator, and supply chain platform service provider. Today, Shangyuan has built its own digital centralised procurement platform, connecting tens of thousands of terminal merchants, integrating over 200 upstream brand resources, and providing downstream distributors with full-chain support for centralised procurement and category optimisation.

Zhu Yueming, Chairman of Shangyuan Group, has publicly stated that under the traditional distribution system, margins are gradually shrinking, and one must proactively transform into a service provider and platform operator.

Shangyuan’s logic is: no longer just earning the spread, but creating value for upstream and downstream partners through supply chain integration and service output. The barriers to this logic are extremely high – it requires time, resources, and sustained investment. But once established, the moat is deep and difficult for competitors to replicate.

A similar logic applies to small and medium-sized distributors. Some leading distributors focus on niche channels such as 4S stores and government-corporate group purchasing, building channel barriers through differentiated product selection. A few distributors who laid out community group-buying early have also capitalised on the industry’s window period to accumulate incremental channel growth. What these successful players have in common is that they have not abandoned the fundamentals they built over a decade, but have layered new capabilities on top of them.

The China Liquor Circulation Association has noted at industry exchange forums that the liquor industry has entered a “three-period superposition” phase in 2025 – a policy adjustment period, a consumption structure transition period, and a deep adjustment period for stock-market competition. Distributors, sub-distributors, and terminal outlets across traditional channels are undergoing a profound realignment. In this cycle, those who survive are not the fastest runners, but those with the most solid foundations.

Four Dimensions to Help Distributors Know Themselves

Before deciding where to go, it is worth examining yourself from four dimensions:

First, customer dependence.

If your customers can find alternatives of the same quality, price, and service without you, your moat is not deep enough. The truly irreplaceable distributor is the one whose customers would find it “troublesome” to leave.

Second, capability extensibility.

Is there at least 50% overlap between what you plan to do next and the core capabilities you have accumulated over the past decade? If it is completely unfamiliar, that path is likely unviable. Transformation is not a lane change – it is broadening the existing lane.

Third, organisational fit.

Can your team support the new business direction? OEM requires brand operations talent; livestreaming requires content creation and traffic operations talent. If your team is entirely composed of delivery salespeople, but you want to do something requiring a completely different skill set, the success rate is extremely low.

Fourth, financial safety cushion.

How long will it take for the new business to generate positive cash flow? Can your capital chain hold out during that period? Baijiu inventory turnover days are getting longer. If the new business shows no return in six months or even a year, do you have enough of a “safety cushion”?

The baijiu industry is undergoing a profound structural adjustment. The 2026 China Baijiu Market Mid-Year Report shows that 68.5% of surveyed enterprises expect the industry to continue declining in the second half. In such a context, survival is more important than anything else.

But “survival” does not mean blindly chasing every new trend. The paths that look most attractive often lead to the fastest exits. Those who truly transcend cycles are always those who know exactly what cards they hold – and play them to the maximum.

In the view of JiuYe Times, the common weakness of all liquor merchants who fail in blind cross-boundary transformation is an inability to see the boundaries of their own capabilities, chasing short-term trend dividends while abandoning years of channel accumulation.

The direction of transformation has already been drawn by your capability circle. Once you understand this, you will know which path leads to opportunity and which one accelerates your exit.

(This article is based on JiuYe Times’ long-term tracking and research of the baijiu distribution market, supplemented by publicly available information.)

References:

China Alcoholic Drinks Association, 2026 China Baijiu Market Mid-Year Report (released June 18, 2026 at the 2026 Sichuan International Fine Wine Expo), see: https://www.sohu.com/a/1038326153_122014422

China Liquor Circulation Association, 2025 China Liquor Retail Chain Industry Development White Paper (released June 28, 2025 at the 5th Liquor Retail Chain High-Quality Development Conference), see: https://mp.weixin.qq.com/s/__biz=MzA5MDgwOTQ3Nw==&mid=2648501258&idx=1&sn=b2c97c9f010882723a6d656f0e4f7bda

Moutai Health Wine Sales Company, 2026 Sauce-Aroma Baijiu General Distributor Barcode Investment Notice (released January 19, 2026), see: https://bjj.moutai.com.cn/mtbjj/2026-01/19/article_2026011910093114034.html

Caijing.com, Moutai Health Wine Publicly Recruits 11 General Distributors for Sauce-Aroma Baijiu Barcodes (January 19, 2026), see: http://industry.caijing.com.cn/20260119/5137351.shtml

21st Century Business Herald, Baijiu Shows Cold-Warm Contrast: Over 80% of Enterprises Report Profit Decline, While Tobacco and Liquor Retail Sales Grow Double Digits (June 18, 2026), see: http://www.21jingji.com/article/20260618/herald/adddc6a365317273518dcef17581af0f.html

Eastmoney.com, Industry Experiencing “Triple Whammy of Volume, Price, and Profit”! CADA: Baijiu Shifting from “Face Consumption” to “Substance Consumption” (June 19, 2026), see: https://finance.eastmoney.com/a/202606193776864518.html

Stockstar.com, Why Can’t Liquor Distribution Companies Grow Bigger? This Is the Answer Zhu Yueming Searched 30 Years For (August 14, 2024), see: https://wap.stockstar.com/detail/IG2024081400038882

Stockstar.com, Beijing Boss Sells Liquor, Annual Revenue Hits Ten Billion (August 9, 2024), see: https://wap.stockstar.com/detail/IG2024080900050020

NetEase.com, Famous Liquor Barcodes “Loosened Wide” – A Series of “Death Knells” Sent to Distributors (March 25, 2026), see: https://www.163.com

Eastmoney.com, Baijiu Trapped in 900 Days of Inventory, Still Occupies 22 Seats on Hurun Top 100 (December 23, 2025), see: https://finance.eastmoney.com