生肖酒走到第11年，最常见的做法是“把一只羊做得更贵”。泸州老窖选了另一条路：一只守品牌，一只吃年节，一只去交年轻朋友。

10月23日，国窖1573・金羊牧财、泸州老窖2027农历丁未羊年礼酒、泸州老窖定制酒・温柔咩三款羊年礼酒在直播间同步首发。这是泸州老窖生肖礼酒自2017年“金鸡啼祥”问世以来，首次实现“三羊同台”同步上市。

酒业时报认为，这一动作的行业分量，不在于又推出三款生肖酒，而在于它把生肖酒从“一个单品”重新定义成了“一条产品线”。当多数酒企还在用同一个属相覆盖所有人群时，泸州老窖先厘清核心问题：这只生肖酒，究竟是给谁消费的？

三款产品之间的差别，不在于定价高低，而是对应消费关系的远近。

国窖1573・金羊牧财承担着品牌关系里最庄重的商务场景。

瓶身复刻四羊方尊造型，1.573升容量对应品牌名称，青釉底色搭配手工描金，由国瓷永丰源负责烧制。产品依然保留收藏属性，但价值锚点不再是短期价格涨幅，转而落在器型设计、瓷艺工艺与青铜礼器承载的文化底蕴上。商务宴请、艺术收藏需要的体面气场，依靠器物文化价值支撑，而非金融升值预期。

泸州老窖2027农历丁未羊年礼酒瞄准节庆礼赠的主流需求。

1.2升红釉描金瓶身，底座加装可旋转转盘，“转”谐音“赚”，宴席上转动酒瓶，福气落到谁面前，谁就是收获好运的人。走亲访友、家庭团圆的场合，大家需要一瓶不用过多解释的礼品；它的价值不在于陈列观赏，而在于开瓶分享、烘托团圆氛围。

温柔咩则彻底跳出传统生肖酒的严肃气质。

瓶身采用云朵造型，搭配七彩釉色，100毫升小瓶装可以轻松放进口袋。这款酒不主打收藏，主打自饮小酌、轻社交与年轻人之间轻松随性的人情馈赠。长期以来，生肖酒的目标用户被固化为中年收藏群体，温柔咩打破了这一固化人群画像。

在酒业时报看来，三款酒共用同一个生肖主题，却分别锁定商务典藏、家庭礼赠、轻量悦己三类互不重叠的消费场景。高端款守住品牌高度，主品牌生肖酒承接年节流量，温柔咩用来挖掘年轻增量客群。三只羊并不是三款定价更高的纪念酒，而是一张拆分细化的消费场景地图。

温柔咩能够落地，不只是依靠年轻化的外观设计。

泸州老窖多年深耕低度白酒赛道，为生肖酒走向轻量化、年轻化打下品质与用户认知双重基础。

38度国窖1573已经成长为行业首个低度百亿级大单品，低度款在国窖整体营收中的占比持续提升。2026年公司明确战略：52度坚守高端核心市场，38度加速全国市场扩张，目前高低度国窖的销售占比已经基本持平。

华创证券在2026年一季报点评中提到，低度国窖承担着市场开拓、培育年轻消费群体的任务，一季度市场表现更为亮眼。

这意味着，把生肖酒做小瓶、轻量化、日常化，并不是一次单纯的外观创新，而是低度大单品验证成熟之后，消费链路向下延伸的必然结果。

如果没有低度白酒培育出的口感偏好与年轻客群，100毫升的温柔咩只会沦为文创摆件；依托低度化的市场根基，它才能变成真正被喝掉的生肖酒。

三款产品能够同年同步推出，背后有一个容易被忽略的前提：泸州老窖生肖礼酒自2017年“金鸡啼祥”首发，连续运营十一年，到羊年刚好走完一轮十二生肖周期。

运营主体泸州老窖乾坤酒堡定制酒销售有限公司，以乾坤酒堡为实体载体，把设计开发、国瓷永丰源等供应链资源、新品发布节奏、全渠道分销能力沉淀下来，形成一套每年可以重复复用迭代的成熟体系。

酒业时报认为，生肖酒赛道真正的分水岭，不在于某一年能不能做出一款颜值出众的纪念酒，而在于能否搭建一套可持续、分层化、节奏稳定的生肖产品开发体系。今年三款齐发，正是依托前十年定制业务跑通了从设计生产、新品上市到渠道铺货的完整链路。

把生肖营销从一次性短期活动，升级为可长期规划、分层延展的产品运营系统，这比单纯打造一款工艺更精美的生肖酒，具备更大的行业参考价值。

2026年以来，多家券商对泸州老窖长期战略给出正面评价。

东吴证券在2026年中报研报维持“买入”评级，核心观点为“以定力应对行业深调，以出清夯实发展底座”，认可公司“重动销、轻压货”的渠道策略，为后续业绩回暖预留空间。

华创证券维持“强推”评级，认为“国窖坚守价格高地、低度款向外扩张”的战略清晰坚定，下半年基数走低，动销与报表有望迎来改善。国泰君安、海通证券给出“增持”评级，认为公司2026年坚持稳中求进，股息率位居白酒行业前列。

华泰证券、广发证券、中金公司、华创证券等多家机构，在2026年陆续给出买入评级。

把券商研报观点和三款羊年礼酒的动作放在一起对照，不难发现二者逻辑高度一致：泸州老窖没有依靠短期渠道压货美化报表，而是在行业调整期持续拓宽产品结构、丰富消费场景、覆盖更多新用户。

生肖酒的产品分层，正是这套长期经营策略在细分品类上的落地样本。从高端商务宴请、年节家宴，到收藏陈列、随身小酌送礼，三只羊各自匹配对应人群。这条路比推出一款覆盖全场景的“万能生肖酒”更难，却更加贴合真实消费市场。

生肖酒不会就此消失，但“一个属相包打天下”的粗放增长阶段已经走到尽头。运营生肖酒来到第11年，泸州老窖交出的答案，不是打造一瓶定价更高的生肖酒，而是三款定位清晰、各有消费归宿的羊年礼酒。

The Year of the Zodiac liquor has reached its 11th year, and the most common approach has been to “make a sheep more expensive.” Luzhou Laojiao chose another path: one sheep to defend the brand, one to capture the festival season, and one to make young friends.

On October 23, three Sheep Year gift liquors — Guojiao 1573 · Golden Sheep Herding Wealth, Luzhou Laojiao 2027 Lunar Dingwei Sheep Year Gift Liquor, and Luzhou Laojiao Custom Liquor · Gentle Bleat — were simultaneously launched in a livestream. This marks the first time since the 2017 “Golden Rooster Crows Auspiciously” debut that Luzhou Laojiao’s zodiac gift liquors have achieved a “three sheep on one stage” simultaneous launch.

In the view of JiuYe Times, the industry significance of this move does not lie in launching yet another three zodiac liquors, but in redefining zodiac liquor from “a single product” into “a product line.” While most liquor companies are still using the same zodiac sign to cover all consumer groups, Luzhou Laojiao has first clarified the core question: for whom exactly is this zodiac liquor intended?

PART 01

Three Sheep, Three Kinds of “Relationships”

The difference among the three products does not lie in their pricing levels, but in the proximity of the consumer relationships they correspond to.

Guojiao 1573 · Golden Sheep Herding Wealth undertakes the most solemn business scenario within the brand relationship.

Its bottle replicates the form of the Four Sheep Square Zun, with a 1.573-litre capacity corresponding to the brand name, a celadon glaze base paired with hand-painted gold, and firing handled by Guoci Yongfengyuan. The product retains its collectible attribute, but its value anchor is no longer short-term price appreciation; instead, it rests on vessel design, porcelain craftsmanship, and the cultural depth carried by bronze ritual vessels. The dignified presence required for business banquets and art collection is supported by the cultural value of the object, not by expectations of financial appreciation.

Luzhou Laojiao 2027 Lunar Dingwei Sheep Year Gift Liquor targets the mainstream demand for festive gifting.

It features a 1.2-litre red-glaze, gold-painted bottle with a rotatable turntable base. “Zhuan” (to turn) is homophonous with “zhuan” (to earn); when the bottle is rotated at a banquet, whoever the good fortune lands before is the one who receives good luck. For occasions of visiting relatives and friends or family reunions, people need a gift that requires little explanation; its value lies not in display and appreciation, but in opening and sharing to enhance the reunion atmosphere.

Gentle Bleat, by contrast, completely breaks away from the serious temperament of traditional zodiac liquor.

Its bottle takes a cloud shape with colourful glaze, and the 100ml small bottle can easily slip into a pocket. This liquor is not positioned for collection, but for solo sipping, light socialising, and relaxed, casual gift-giving among young people. For a long time, the target users of zodiac liquor have been stereotyped as middle-aged collectors; Gentle Bleat breaks that fixed demographic image.

In the view of JiuYe Times, the three liquors share the same zodiac theme but respectively lock onto three non-overlapping consumption scenarios: business collection, family gifting, and light self-pleasing. The high-end edition guards the brand’s height, the main-brand zodiac liquor captures the festive traffic, and Gentle Bleat is used to tap incremental young consumer groups. The three sheep are not three commemorative liquors with higher prices, but a segmented and refined map of consumption scenarios.

PART 02

The Low-Alcohol Foundation Supports the “Third Sheep”

Gentle Bleat’s realisation does not rely solely on youthful appearance design.

Luzhou Laojiao has cultivated the low-alcohol baijiu track for many years, laying a dual foundation of quality and user perception for zodiac liquor to move toward lightweight and youth-oriented formats.

38-degree Guojiao 1573 has grown into the industry’s first low-alcohol RMB 10 billion-level flagship product, and the share of low-alcohol editions in Guojiao’s overall revenue continues to rise. In 2026, the company made its strategy clear: 52-degree holds the high-end core market, while 38-degree accelerates national market expansion. Currently, the sales ratio of high- and low-alcohol Guojiao is essentially balanced.

In its commentary on the 2026 first-quarter report, Huachuang Securities noted that low-alcohol Guojiao bears the task of market development and cultivating young consumer groups, and its first-quarter market performance was particularly impressive.

This means that making zodiac liquor small-bottle, lightweight, and everyday is not merely a superficial design innovation, but the inevitable result of the consumer chain extending downward after the low-alcohol flagship product matured. Without the taste preferences and young customer base cultivated by low-alcohol baijiu, the 100ml Gentle Bleat would be reduced to a cultural creative ornament; relying on the market foundation of low-alcoholisation, it can become a zodiac liquor that is genuinely drunk.

PART 03

The Custom Liquor System Is the Underlying Capability Behind Eleven Unbroken Years

The simultaneous launch of three products in the same year rests on an easily overlooked premise: since its 2017 “Golden Rooster Crows Auspiciously” debut, Luzhou Laojiao’s zodiac gift liquor has operated continuously for eleven years, and with the Sheep Year it has just completed a full twelve-zodiac cycle.

The operating entity, Luzhou Laojiao Qiankun Jiubao Custom Liquor Sales Co., Ltd., uses Qiankun Jiubao as its physical carrier to accumulate design and development, supply chain resources such as Guoci Yongfengyuan, new product launch rhythms, and omni-channel distribution capabilities, forming a mature system that can be repeatedly reused and iterated each year.

In the view of JiuYe Times, the true watershed in the zodiac liquor track is not whether a visually outstanding commemorative liquor can be produced in a given year, but whether a sustainable, tiered, and rhythmically stable zodiac product development system can be built. This year’s simultaneous launch of three products is precisely based on the previous decade of custom liquor business having run through the complete chain from design and production to new product launch and channel distribution.

Upgrading zodiac marketing from a one-off short-term activity into a product operation system that can be planned long-term and extended in tiers carries greater industry reference value than simply creating a zodiac liquor with more exquisite craftsmanship.

PART 04

What Brokerages Are Watching and What the Sheep Year Gift Liquors Are Doing Are the Same Thing

Since 2026, multiple brokerages have given positive assessments of Luzhou Laojiao’s long-term strategy.

In its 2026 interim report research, Soochow Securities maintained a “Buy” rating, with the core view of “responding to deep industry adjustment with resolve and consolidating the development foundation through clearing,” recognising the company’s channel strategy of “emphasising sell-through and lightening inventory loading,” which reserves space for subsequent performance recovery.

Huachuang Securities maintained a “Strong Recommend” rating, believing that the strategy of “Guojiao holding the price high ground while low-alcohol editions expand outward” is clear and firm, and that with a lower base in the second half, sell-through and financial statements are expected to improve. Guotai Junan and Haitong Securities gave “Overweight” ratings, believing that the company adhered to seeking progress while maintaining stability in 2026, with a dividend yield ranking among the top in the baijiu industry.

Multiple institutions including Huatai Securities, GF Securities, CICC, and Huachuang Securities successively issued Buy ratings during 2026.

Placing brokerage research views alongside the actions of the three Sheep Year gift liquors, it is not difficult to find that the logic is highly consistent: Luzhou Laojiao has not beautified its financial statements through short-term channel inventory loading, but has continued to broaden its product structure, enrich consumption scenarios, and cover more new users during the industry adjustment period.

The product tiering of zodiac liquor is precisely a落地 sample of this long-term operating strategy in a segmented category. From high-end business banquets and festive family dinners to collection and display, and portable sipping and gifting, the three sheep each match their corresponding audiences. This path is harder than launching a “universal zodiac liquor” that covers all scenarios, but it fits the real consumer market more closely.

Zodiac liquor will not disappear, but the extensive growth stage of “one zodiac sign conquering the world” has come to an end. In its 11th year of operating zodiac liquor, Luzhou Laojiao’s answer is not to create a zodiac liquor with a higher price, but three Sheep Year gift liquors with clear positioning and distinct consumer destinations.