韧性犹在：汾酒中报给清香品类吃下一颗“定心丸”

8月31日，山西汾酒披露2026年半年度报告。报告期内，公司实现营业收入210.44亿元，归属母净利润64.39亿元。

当行业还在讨论“何时见底”的时候，汾酒已经在用行动证明：真正的穿越周期，不是等待环境变好，而是让自己的根系扎得更深，从规模扩张的快车道，转入质量深耕的精细化轨道，汾酒用渠道出清、价盘稳定、产品韧性、消费者共创，给清香品类吃下一颗“定心丸”。

一场精细化的“滴灌式”转型

进入八月中旬以来，正值白酒上市公司年中报告密集发布期。从已披露的各家业绩来看，白酒行业整体并未实现市场预期的筑底企稳，依旧处于深度调整周期之中。渠道库存高企、批价倒挂、终端动销乏力，仍是行业普遍面临的现实压力。这不是某一家企业的短期波动，而是整个行业穿越周期的共性议题。

面对同样的市场环境，头部酒企并未被动等待，而是精耕细作主动调整经营节奏。汾酒更是在行业调整的特殊周期，将“养料”直接送到根部命脉进行“滴灌”，聚焦更高质量的长期发展，把有限的资源放在“刀刃”上，放在真正能触达C端、实效推动消费动能的举措上。

2026年，汾酒明确提出将以“聚集经营创效，深化精益管控；紧盯战略执行、积蓄发展动能；坚持创新驱动，提升科技赋能；强化风险防控，树牢底线思维”为经营方针。

在行业下行周期中，企业面临的普遍矛盾是“保当期增长”与“保渠道健康”之间的取舍。汾酒的选择是主动调整增长节奏，接受短期报表增速的放缓，给渠道以更多的修复空间。

在渠道层面，汾酒放缓发货节奏，为经销商减轻库存压力。同时对经销商结构进行提质升级，主动优化低效经销商，拓宽更多优质经销商，将资源集中向优质终端倾斜，有效提升渠道运转效率。

汾酒用销售数智化推动控盘分利走向成熟，将奖励费用更科学、精准、可控地分级投放到广大终端。升级后的“五码合一”数字化追溯系统，实现从生产到开瓶的全链路信息记录。“汾享礼遇”渠道激励方案，将经销商返利与批价稳定性、终端动销达标率、库存健康度、开瓶扫码率等指标直接挂钩，在保证动销的同时完成价盘的管控，实现“厂商店一体化控盘，全链路共享式分润”。“扫码+云终端签收”体系提升库存数据准确性，瓶内码/外码双码机制，持续积累扫码数据，为公司销售经营和战略制定提供用户数据基础。

从上半年渠道反馈来看，主流产品批价基本稳定，经销商库存降至合理区间，渠道经营模式正从“囤货等待涨价”向“服务终端动销”转变。

产品结构韧性之下的“消费细分”

如今的消费者更加趋向理性消费，对产品提出更加多维的要求。谁能抓住消费者新需求，提供更精益化的服务和产品，谁就能在存量竞争中赢得份额。

解构各家财报不难发现一个结构性亮点：适配大众消费的平价酒款销量实现稳步增长，贴合年轻消费群体的电商渠道营收逆势攀升。

而汾酒的优势在于，“抓青花、强腰部、稳玻汾”的产品策略覆盖全产品梯队，产品价格带的布局多点开花，不过分依赖单一高端品项，基础稳、中部强、高端青花20、25、30形成清晰的价格梯度和定位区隔，既有向上拉升的品牌势能，又有向下渗透的规模基础，构成了健康、强韧的产品结构。根据市场调研反馈，2026年上半年，汾酒42°青花25和42°青花30都有不错的市场表现，42°青花25增长20%以上；42°青花30约增10%；53°青花25销量增长约360%；巴拿马汾酒系列整体稳中有增；玻汾在控量基础上仍稳住国民口粮大单品优势。此外，白玉、玫瑰系列增长约678%，这说明汾酒在年轻化、低度化产品上已经得到了消费者的真实反馈。

延续、稳住产品策略是主调，同步汾酒也在做更精细的消费细分、产品细分。针对年轻消费市场，汾酒推出了低度化、轻量化白酒产品系列“汾享青春”，通过低酒精度、小规格包装及风味创新，契合年轻人“微醺悦己”的饮酒需求。在2026年春糖期间，陈皮汾酒惊艳亮相，成为“汾酒+”战略的重要落子。从大众口粮到次高端放量，从高端形象到年轻化尝试，再到露酒焕新，汾酒在产品端的精细化布局，试图在细分消费场景中先一步抢占自己的位置，打造新增长极。

坚定地与渠道和消费者一起，共赢共创

2025年底的全球经销商大会，汾酒明确提出“真情共鸣，彼此成就，与消费者共创未来”。2026年6月的股东大会上，汾酒再提“共创型组织”，覆盖从生产到销售、从渠道到消费者的全链路环节。与渠道站在一起之外，汾酒也在把触角直接伸向消费者——不再只思考“怎么把货卖给消费者”，而是思考“怎么和消费者一起做品牌”。

汾酒一直在尝试与消费者更近。“观汾”小酒馆在太原、上海、大同、济南、北京陆续落地，不止于卖酒，观汾更像是汾酒为消费者提供精细化服务、让品牌与消费者直接交流的美学氛围空间；抖音上“大家都爱汾酒”挑战赛持续多年，网友自发上传数百万条与汾酒之间的那些事儿，逐步勾勒出汾酒在消费者心目中具象化的形象轮廓。

一旦品牌在消费者心目中有了具体的形象认知，它就不再只是一个印在瓶子上的商标，而是一个有温度、可感知的存在，一个与消费者有情感关联的存在。

汾酒与消费者之间已经不再是品牌向消费者单向输出关系，而是“一起玩、一起定义、一起表达”的双向互动。消费者认可的品牌，才是能够真正穿越周期的品牌。

当行业回归“动销为本”的基本逻辑，汾酒在库存管理、价格管控、终端服务上的持续投入，正在构建应对周期波动的缓冲能力，引领清香品类走向更加健康可持续的未来。

从“提速”到“提质”，从“规模扩张”到“精益管控”，这不仅是汾酒的调整方向，也是头部酒企在新周期下的共性选择。对于汾酒而言，放缓脚步是为了让渠道更健康，稳定价格是为了让伙伴更安心。汾酒的年中报，记录了品牌在行业调整期主动求变、着眼长远的经营决策。

On August 31, Shanxi Fenjiu released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of RMB 21.044 billion and net profit attributable to shareholders of RMB 6.439 billion.

While the industry is still debating “when the bottom will arrive,” Fenjiu has already proven through action that truly transcending market cycles does not mean waiting for conditions to improve, but rather allowing one’s roots to grow deeper – shifting from the fast lane of scale expansion to a refined track of quality cultivation. Through channel clearing, price stabilisation, product resilience, and consumer co-creation, Fenjiu has given the light-aroma category a reassuring “pill of confidence.”

A Refined “Drip Irrigation” Transformation

Since mid-August, the baijiu industry has entered the intensive period of semi-annual report releases. From the results disclosed so far, the industry as a whole has not achieved the bottoming-out and stabilisation that the market had anticipated, and remains in a deep adjustment cycle. High channel inventory, wholesale price inversions, and weak terminal sell-through remain the common pressures facing the industry. This is not a short-term fluctuation for any single enterprise, but a shared issue for the entire industry as it navigates the cycle.

Facing the same market environment, leading distilleries have not waited passively, but have actively adjusted their operational tempo through intensive cultivation. In this special adjustment period, Fenjiu has taken the approach of delivering “nutrients” directly to the roots through “drip irrigation,” focusing on higher-quality long-term development and channelling limited resources to the “cutting edge” – onto measures that truly reach the C-end and effectively drive consumer momentum.

In 2026, Fenjiu explicitly outlined its operational principles: “Focus on operational efficiency and deepen lean management; closely monitor strategic execution and accumulate development momentum; adhere to innovation-driven growth and enhance technological empowerment; strengthen risk prevention and reinforce bottom-line thinking.”

During an industry downturn, enterprises face the common dilemma of choosing between “protecting current growth” and “preserving channel health.” Fenjiu’s choice has been to proactively adjust its growth pace, accept a slowdown in short-term reported performance, and give the channel more room for recovery.

At the channel level, Fenjiu has slowed shipment cadence to alleviate inventory pressure on distributors. At the same time, it has upgraded the quality of its distributor structure, proactively optimising underperforming distributors while bringing in more high-quality partners, and concentrating resources on premium terminals to effectively improve channel efficiency.

Fenjiu has leveraged sales digitalisation to mature its “control-discount and profit-sharing” model, distributing incentives more scientifically, precisely, and controllably to a broad network of terminals. The upgraded “five-code integration” digital traceability system now enables full-chain information recording from production to bottle-opening. The “Fenxiang Liyu” channel incentive programme directly links distributor rebates to indicators such as wholesale price stability, terminal sell-through achievement rates, inventory health, and bottle-opening scan rates – simultaneously ensuring sell-through while maintaining pricing control, achieving “integrated manufacturer-distributor-terminal control and full-chain shared profit distribution.” The “scan + cloud terminal confirmation” system improves inventory data accuracy, while the dual-code mechanism (inner and outer codes) continuously accumulates scan data, providing a user data foundation for sales operations and strategic planning.

Based on channel feedback in the first half, wholesale prices of mainstream products have remained largely stable, distributor inventory has been reduced to reasonable levels, and the channel operating model is shifting from “hoarding in anticipation of price increases” to “serving terminal sell-through.”

“Consumer Segmentation” Under Product Structure Resilience

Today’s consumers are increasingly rational in their purchasing decisions, placing more multi-dimensional demands on products. Those who can capture new consumer needs and provide more refined services and products will gain market share in the stock-market competition.

Examining the financial reports of various companies reveals a structural bright spot: affordable products catering to mass consumption have achieved steady growth in sales, while e-commerce channels targeting younger consumer groups have seen revenue rise against the trend.

Fenjiu’s advantage lies in its product strategy of “prioritising Qinghua, strengthening the mid-tier, and stabilising Bofen” – covering the full product spectrum. Its price band佈局 is diversified, without over-reliance on any single premium item. With a solid foundation, a strong mid-tier, and a clear price ladder and positioning differentiation across Qinghua 20, 25, and 30 at the premium end, Fenjiu possesses both upward brand momentum and downward volume penetration, forming a healthy and resilient product structure. According to market research feedback, in the first half of 2026, Fenjiu’s 42° Qinghua 25 and 42° Qinghua 30 both performed well, with 42° Qinghua 25 growing over 20%; 42° Qinghua 30 growing approximately 10%; 53° Qinghua 25 sales increasing by approximately 360%; the Panama Fenjiu series overall maintaining stable growth with some increase; and Bofen maintaining its position as a national everyday staple despite volume controls. Additionally, the Baiyu and Rose series grew by approximately 678%, indicating that Fenjiu has received genuine consumer feedback on its youth-oriented and lower-ABV products.

Maintaining and stabilising the product strategy is the main direction, while simultaneously Fenjiu is pursuing finer consumer and product segmentation. Targeting the young consumer market, Fenjiu has launched the “Fenxiang Youth” series of lower-ABV, lightweight baijiu products, featuring lower alcohol content, smaller packaging, and flavour innovation to align with young people’s drinking preference for “tipsy self-pleasure.” During the 2026 Spring Festival trade fair, Chenpi Fenjiu made a stunning debut, representing a key implementation of the “Fenjiu+” strategy. From everyday staple to sub-premium volume, from premium brand image to youth-oriented experimentation, and onto new-style liqueur innovation, Fenjiu’s refined product佈局 is attempting to secure its position in segmented consumption scenarios and create new growth drivers.

Resolutely Moving Forward with Channels and Consumers Toward Win-Win Co-Creation

At the end of 2025, Fenjiu’s Global Distributor Conference explicitly articulated “True resonance, mutual achievement, co-creating the future with consumers.” At the June 2026 shareholder meeting, Fenjiu again raised the concept of a “co-creation organisation,” covering the entire chain from production to sales, from channels to consumers. Beyond standing alongside its channels, Fenjiu is also reaching directly to consumers – no longer just thinking about “how to sell products to consumers,” but about “how to build the brand together with consumers.”

Fenjiu has been consistently attempting to get closer to consumers. The “Guan Fen” tasting taverns have successively opened in Taiyuan, Shanghai, Datong, Jinan, and Beijing – not merely places to sell liquor, but aesthetic spaces where Fenjiu provides refined services and facilitates direct brand-consumer dialogue. On Douyin, the “Everyone Loves Fenjiu” challenge has continued for years, with users spontaneously uploading millions of videos about their experiences with Fenjiu, gradually shaping a tangible image of the brand in consumers’ minds.

Once a brand takes on a concrete image in consumers’ minds, it is no longer just a trademark printed on a bottle, but a warm, perceptible presence – an entity with emotional resonance with consumers.

The relationship between Fenjiu and its consumers is no longer a one-way brand-to-consumer transmission, but a two-way interaction of “playing together, defining together, and expressing together.” A brand that consumers recognise is a brand that can truly transcend market cycles.

As the industry returns to the fundamental logic of “sell-through as the core,” Fenjiu’s sustained investment in inventory management, price control, and terminal services is building a buffer capacity to navigate cyclical fluctuations, leading the light-aroma category toward a healthier and more sustainable future.

From “accelerating” to “improving quality,” from “scale expansion” to “lean management” – this is not only Fenjiu’s adjustment direction, but also the common choice of leading distilleries in the new cycle. For Fenjiu, slowing down is to make the channel healthier; stabilising prices is to give partners greater peace of mind. Fenjiu’s mid-year report documents the brand’s proactive change and long-term-oriented strategic decisions during the industry’s adjustment period.