行业调整期，吴向东给出一把“新钥匙”

During Industry Adjustment, Wu Xiangdong Offers a “New Key”

7月8日，陕西榆林。

On July 8, in Yulin, Shaanxi.

珍酒李渡集团董事长吴向东再度走进直播镜头，跳出常规酒水带货逻辑，娓娓讲述4300年石峁古城的文明底蕴、秦直道千年不长草的建筑智慧，以及榆林拼三鲜中蕴藏的边塞戍边民俗。

Wu Xiangdong, chairman of ZJLD Group, stepped back in front of the livestream camera – but this time, he broke away from the usual e‑commerce playbook for spirits. Instead, he eloquently narrated the 4,300‑year‑old civilisational heritage of the Shimao ancient city, the engineering wisdom behind the Qin Straight Road (which has remained grass‑free for millennia), and the frontier garrison folklore embedded in Yulin’s local dish “Pinsanxian.”

这场为期两天的三场区域文化直播，全网累计观看497万人次，收获223万点赞，文化传播效果远超传统酒业营销直播。

Over two days, the three regional‑culture livestreams drew a cumulative 4.97 million views across all platforms, garnered 2.23 million likes, and delivered cultural impact far beyond conventional liquor marketing livestreams.

这是吴向东个人IP账号运营一周年的系列重磅直播。

This was a flagship series marking the first anniversary of Wu’s personal IP account.

一年来，聚焦地域文化传播的“吴向东-珍酒李渡”账号持续深耕内容，累计发布短视频215条，全网播放量突破11亿；19场区域专项大型直播累计观看超6800万，全网粉丝突破100万，成为酒业极具影响力的企业家文化IP。

Over the past year, the “Wu Xiangdong – ZJLD” account, which focuses on regional cultural storytelling, has consistently produced high‑quality content: 215 short videos with over 1.1 billion total views across platforms; 19 large‑scale regional livestreams with more than 68 million cumulative views; and over 1 million followers across the web, making it one of the most influential entrepreneur‑led cultural IPs in the liquor industry.

本次直播以“榆林锁钥——寻五千年大西北文脉”为主题，简简单单“锁钥”二字，暗藏吴向东布局酒业品牌、深耕西北市场的深层商业逻辑，值得深度拆解。

The latest broadcast was themed “Yulin: The Key – Tracing the 5,000‑Year Cultural Vein of the Northwest.” The seemingly simple word “key” (锁钥) conceals a deeper business logic behind Wu’s brand‑building strategy and his push into the Northwest market – one that merits a thorough analysis.

“锁钥”道出了做品牌的两种思路

“The key” reveals two approaches to branding.

榆林地处陕甘宁蒙晋五省区交界，是西北核心枢纽城市。2025年榆林GDP超7500亿元，稳居中西部非省会城市首位，雄厚的经济实力与市场潜力，让其成为白酒品牌西北拓荒的必争之地。

Yulin sits at the junction of Shaanxi, Gansu, Ningxia, Inner Mongolia, and Shanxi – a strategic hub in the Northwest. With its GDP exceeding RMB 750 billion in 2025, ranking first among non‑provincial‑capital cities in central and western China, Yulin’s economic heft and market potential make it a battleground for baijiu brands expanding into the Northwest.

长期以来，酒业区域市场拓展，固化遵循“铺货逻辑”，这是行业通用的“开锁思维”：将市场比作紧闭的锁，把产品、渠道、广告当作开锁的钥匙，依托区域消费力与渠道基础，批量铺货、投放广告、抢占市场份额，核心目标是快速做销量、冲规模。

For years, regional market expansion in the liquor industry has rigidly followed a “distribution‑first logic” – what we call the “key‑using mindset”: treating the market as a locked door, and products, channels, and advertising as the keys to open it. Leveraging regional purchasing power and distribution infrastructure, companies roll out mass shelf placements, flood the airwaves with ads, and grab market share, with the sole aim of rapidly boosting sales volume and scale.

吴向东的榆林直播，跳出了这套传统打法，走出了差异化的“造锁思维”。

Wu’s Yulin livestream, however, steered clear of this conventional playbook and carved out a differentiated “key‑forging mindset.”

直播全程聚焦榆林本土文化内核：解读占地400万平方米、被誉为“中国文明前夜”的石峁史前城址，揭秘秦直道熟土夯筑、千年不长草的工程奥秘，深挖2009年入选陕西非遗的神木酒曲文化，还与非遗传承人深度对话，探寻陕北民歌与白酒酿造的共生关系。

The entire broadcast focused on Yulin’s local cultural DNA: interpreting the 4‑million‑square‑metre Shimao prehistoric site – hailed as “the eve of Chinese civilisation” – uncovering the engineering secrets of the Qin Straight Road’s rammed‑earth construction that has resisted grass growth for 2,000 years, and delving into the Shenmu liquor‑starter culture, which was inscribed as Shaanxi intangible cultural heritage in 2009. He also engaged in in‑depth dialogues with intangible‑heritage inheritors, exploring the symbiotic relationship between northern Shaanxi folk songs and baijiu brewing.

他不急于用产品打开市场，而是深耕地域独家文化，为珍酒李渡打造专属的文化认知壁垒，构建同行无法复制的品牌护城河。

Rather than rushing to use his products to crack the market, he immersed himself in the region’s exclusive cultural assets, building for ZJLD a unique cultural‑cognitive barrier and a brand moat that competitors cannot replicate.

在酒业时报看来，两种思维的本质分野，正是白酒品牌竞争迭代的缩影：行业初级阶段拼渠道、拼铺货、拼营销投放，这些资源均可复制；但品牌与特定地域、独家文脉绑定形成的文化心智，是独一无二、无法照搬的核心竞争力，标志着行业从渠道驱动正式迈向认知驱动。

In the view of JiuYe Times, the fundamental divide between these two mindsets epitomises the evolution of baijiu brand competition: in the early stages, the game was about channels, distribution, and marketing spend – all replicable resources. But the cultural mind‑share that results from binding a brand to a specific region and its unique heritage is an inimitable core competence, signalling the industry’s formal shift from channel‑driven to cognition‑driven competition.

一条少有人走的长期主义之路

A long‑termist path seldom taken.

酒业做直播，绝大多数走的是“带货”路线——挂链接、放优惠、冲销量。这没有错，但同质化严重，难以留存用户心智。

Most livestreams in the liquor industry follow the “direct‑to‑sales” route – product links, discounts, and volume pushes. That approach is not wrong, but it has become highly homogenised and struggles to retain consumer mind‑share.

吴向东则摒弃了短期带货逻辑，走出了一条文化赋能品牌的小众赛道。

Wu, by contrast, has abandoned short‑term sales‑driven logic and taken a niche path of culture‑empowered branding.

他的直播无商品链接、无价格优惠、无销量诉求，全程以镜头为载体，行走山河、解读历史、传播地域文脉。从安徽广德到湖南邵阳，再到本次的陕西榆林，他选址的所有城市，均非网红流量高地，而是拥有深厚历史积淀、文化价值被低估的小众地域。

His livestreams feature no product links, no price promotions, and no sales targets. Instead, the camera serves as a vehicle for traversing landscapes, interpreting history, and spreading regional cultural veins. From Guangde in Anhui to Shaoyang in Hunan, and now to Yulin in Shaanxi, every city he chooses is not a viral traffic hotspot but a lesser‑known locale with deep historical deposits and undervalued cultural significance.

看似“不卖货、不创收”的直播，实则是一场精准的品牌心智圈地。用优质独家的文化内容，在消费者心中抢占专属认知领地，实现品牌价值的长期沉淀。

These seemingly “non‑selling, non‑revenue” broadcasts are, in fact, a precise land‑grab for brand mind‑share. By delivering premium, exclusive cultural content, he secures a distinctive cognitive territory in consumers’ minds, enabling long‑term brand‑value accumulation.

这套长期主义打法的商业价值，已被市场数据充分验证：截至2026年4月，珍酒李渡万商联盟签约合作商超4300家，网点全面覆盖全国31个省份；核心战略单品“大珍·珍酒”上市后持续顺价销售，累计回款突破13亿元。

The commercial value of this long‑termist approach has been fully validated by market data: as of April 2026, ZJLD’s “Alliance of Ten Thousand Merchants” had signed cooperation agreements with over 4,300 supermarkets and retailers, with distribution points covering all 31 provinces nationwide; the core strategic SKU “Dazhen · Zhenjiu” has maintained stable above‑cost pricing since its launch, with cumulative collections exceeding RMB 1.3 billion.

在行业普遍价格倒挂、动销疲软的调整期，这份成绩单足以印证文化营销的落地价值。

During an industry adjustment period marked by widespread price inversions and sluggish off‑take, these results speak volumes about the tangible impact of culture‑driven marketing.

本质而言，吴向东的系列文化直播，从来不是短期的流量变现，而是长效的品牌资产投资。

At its core, Wu’s series of cultural livestreams has never been about short‑term traffic monetisation, but rather a long‑term investment in brand equity.

让经销商“站在这片土地上”

Putting dealers “on the ground.”

这场直播还有一个容易被忽略的细节：吴向东不是一个人站在镜头前。

One easily overlooked detail of this livestream is that Wu did not stand in front of the camera alone.

直播期间，他携手全国万商联盟经销商团队，围绕榆林地域文化、西北市场动销、终端渠道赋能等核心话题深度交流；线下组织联盟商开展9.9公里环湖夜跑，以沉浸式互动替代传统商务对接。

During the broadcast, he engaged in deep exchanges with his nationwide dealer team from the Alliance of Ten Thousand Merchants, covering topics such as Yulin’s regional culture, Northwest market sell‑through, and terminal‑channel empowerment. Offline, he organised a 9.9‑km lakeside night run for alliance members, replacing traditional business meetings with immersive interactions.

这不是传统的经销商大会——台上讲PPT、台下记笔记。这是一种“沉浸式”的渠道沟通。

This was not your typical dealer conference – with PowerPoint slides on stage and note‑taking in the audience. It was an immersive approach to channel communication.

这种沉浸式、场景化、体验式的渠道沟通，让品牌文化不再是书面口号与宣讲话术。

By making the experience scene‑based and hands‑on, brand culture ceased to be just a slogan or a script.

当经销商亲身立足榆林这片土地，直观感受石峁古城的文明厚重、边塞地域的独特风情，对品牌“文化铸魂”的理念便会形成发自内心的认同，渠道凝聚力与忠诚度自然大幅提升。

When dealers set foot on Yulin’s soil themselves, feeling the weight of Shimao’s ancient civilisation and the unique frontier atmosphere, they developed a genuine, heartfelt identification with the brand’s philosophy of “building the soul through culture.” Channel cohesion and loyalty naturally soared.

方正证券近期发布研报，将珍酒李渡评级上调至“强烈推荐”，预测2026年公司归母净利润可达8.19亿元。

Fangzheng Securities recently issued a research report upgrading ZJLD to a “Strong Buy” rating, forecasting a net profit attributable to parent company shareholders of RMB 819 million in 2026.

在行业深度调整、渠道信心普遍不足的当下，依托真实土地体验筑牢的渠道信任，远比空洞的营销口号更有力量，也成为品牌穿越行业周期的核心底气。

In an era of deep industry adjustment and widespread channel caution, trust cemented through real‑world, on‑the‑ground experiences is far more powerful than empty marketing buzzwords – and it forms the core resilience that enables a brand to weather industry cycles.

酒业的下一个竞争维度

The next competitive dimension for the liquor industry.

当前白酒行业正处于深度调整、格局重塑的关键窗口期。

The baijiu industry is currently at a critical window of deep adjustment and structural reshaping.

市场数据显示，珍酒李渡2025年实现营业收入36.5亿元。

Market data show that ZJLD achieved operating revenue of RMB 3.65 billion in 2025.

海通证券分析指出，行业动销最艰难的阶段已经过去，主动变革、差异化布局的酒企，将率先走出行业低谷、抢占新一轮增长红利。

Haitong Securities analysis suggests that the toughest phase of off‑take weakness has passed, and wineries that proactively transform and differentiate themselves will be the first to emerge from the trough and capture the next wave of growth dividends.

在酒业时报看来，行业调整期恰恰是品牌格局重塑的窗口期。 行业竞争的底层逻辑早已悄然改变，单纯依靠渠道铺货、价格营销的打法已然失效。从渠道驱动转型认知驱动，从产品售卖转型文化赋能，是未来酒业突围的核心路径。

In the view of JiuYe Times, the adjustment period is precisely the window for reshaping brand dynamics. The underlying logic of industry competition has already shifted quietly – relying solely on channel distribution and price‑based marketing no longer works. Transitioning from channel‑driven to cognition‑driven, and from product‑selling to culture‑empowerment, is the core path for future breakthroughs in the liquor industry.

一年时间、22场全品类大型直播、215条原创短视频、11亿全网播放量，吴向东完成了从传统企业家到头部文化IP的完美转型。

In one year – with 22 large‑scale all‑category livestreams, 215 original short videos, and 1.1 billion total views – Wu Xiangdong has completed a remarkable transformation from traditional entrepreneur to top‑tier cultural IP.

这套打法的核心，从来不是流量运营技巧，而是回归品牌本质：品牌的价值，最终要回到土地、回到文化、回到人与人的真实连接中去。

The core of this approach has never been about traffic‑operation tricks, but rather a return to the essence of branding: brand value ultimately must be rooted in the land, in culture, and in genuine human connections.

从广德到邵阳，再到榆林，吴向东的人文行走版图仍在持续扩张。

From Guangde to Shaoyang, and now to Yulin, Wu’s map of cultural exploration continues to expand.

之于整个酒业，这场持续的文化探索，最大的价值从来不是个人IP的流量高度，而是验证了一套全新的品牌建设范式：以内容建立心智认知，以文化构筑竞争壁垒，以真实体验凝聚渠道与用户信任。

For the entire liquor industry, the greatest value of this ongoing cultural exploration has never been the traffic numbers of a personal IP, but rather the validation of a brand‑new brand‑building paradigm: building cognitive mind‑share through content, erecting competitive barriers through culture, and uniting channel and consumer trust through authentic experience.

这，正是白酒行业下一阶段竞争中，最具价值、也最值得关注的核心变量。

This, precisely, is the most valuable and most watchable core variable in the next phase of competition in the baijiu industry.