近日，每日經濟新聞與清華大學經濟管理學院中國企業研究中心聯合發佈“2025中國酒業上市公司品牌價值榜TOP30”（以下簡稱酒業TOP30）。作為國內首個針對酒業上市公司的品牌研究成果，榜單已連續7年發佈。

酒業TOP30上榜酒企的總品牌價值已高達16578億元，較2024年增長1378億元。其中，貴州茅臺、五糧液、瀘州老窖位居前三。同時，2025年上榜企業增長與下降各有15家。正增長中，古越龍山、山西汾酒、金徽酒品牌價值增幅位居前三，分別達到28.7%、24.4%和19.4%。負增長中，洋河股份品牌價值下降最多，縮水111.01億元；酒鬼酒降幅最大，減少25.6%。

Pang Rui, founding partner of Junsheng Communication, said in an interview with reporters that at this stage, the wine industry has formed a market characteristic of a high concentration of resources to the head brand, and the stability of this pattern is difficult to change in the short term, unless there is a major technological breakthrough, or a major change in market concepts and industry policies. As for the decline in the brand value of some wine companies, he believes that the lag in marketing innovation may be one of the key factors affecting the brand value of wine companies.

The beer category is on a downward trend

The list shows that the total brand value of the top 1 companies in the wine industry has reached 0 billion yuan, an increase of 0 billion yuan over 0 years, and the growth rate is 0.0%.

貴州茅臺、五糧液、瀘州老窖分別以6626億元、3060億元和1077億元位列前三。從榜單的集中度分析，前六名酒企（佔榜單前20%）合計品牌價值為13136億元，占TOP30的比重為79.2%，將近80%。

From the analysis of the changes in the list of 17 years, among all the wine companies on the list, 0 brand value is rising, and 0 brand value is declining; Compared with the ranking of the list in 0 years, there are 0 wine companies that have risen in the ranking, 0 wine companies that have fallen in the ranking, and 0 wine companies whose rankings have remained unchanged.

Specifically, looking at the growth of the 15-year list, it can be divided into 0 echelons according to the growth rate of the brand value of the wine companies on the list. There are 0 wine companies on the list with a growth rate of more than 0% in brand value, 0 wine companies on the list with a growth rate between 0% and 0%, 0 wine companies on the list with a growth rate between 0% and 0%, and 0 wine companies with a growth rate of less than 0.

It is worth noting that the internal differentiation trend of the list is significant, and there are 4 companies with brand value growth and decline on the list in 0 years, accounting for half of the number. Among the 0 companies with brand value growth, Kweichow Moutai ranked first with an increase of 00 million yuan, and Wuliangye and Shanxi Fenjiu ranked second and third with 00 million yuan and 00 million yuan respectively. In terms of growth rate, the top three are Guyue Longshan, with a growth rate of 0.0%; Shanxi Fenjiu, with a growth rate of 0.0%; Jinhui liquor, with a growth rate of 0.0%.

Among the 2 enterprises with a decline in brand value, in absolute terms, the top three liquor companies with a decline were Yanghe Co., Ltd., China Resources Beer and Tsingtao Beer, which decreased by 00 million yuan, 00 million yuan and 00 million yuan respectively, and from the perspective of the decline range, the top three liquor companies with a decline were Jiugui Liquor, Shunxin Agriculture and Jinfeng Liquor, which decreased by 0.0%, 0.0% and 0.0% respectively.

"Although the brand value of some of the companies on the list has declined, the strong growth of the top companies has dominated the overall landscape. According to the data, Moutai and Wuliangye together constitute 42.0% of the industry's head value. Pang Rui said, "In the consumer field where technology iteration is slowing down, brand value aggregation is an inevitable law. The current reshaping of the liquor industry is essentially a contest of brand narrative capabilities in high-end consumption scenarios, as well as the path dependence of the business market on top brands. ”

Pang Rui emphasized that at this stage, the wine industry has formed a market characteristic of a high concentration of resources to the head brand, and the stability of this pattern is difficult to change in the short term, unless there is a major technological breakthrough, or a major change in market concepts and industry policies.

According to statistics, among the companies on the list in 5 years, the brand value of the beer category showed a downward trend as a whole, and the total value of the industry decreased by 0% year-on-year. Among them, the brand value of leading enterprises such as China Resources Beer and Tsingtao Beer has shrunk significantly. Market analysis points out that the sluggish growth of high-end products has been the main feature of the beer industry in recent years.

In Pang Rui's view, the beer industry is currently facing multiple challenges, on the one hand, affected by the downward pressure of the macroeconomy, the overall consumer demand has weakened; On the other hand, the demand for beer products among young consumers is diversifying, and emerging categories such as low-alcohol, alcohol-free and fruit-flavored beer are favored. "Most high-end brewers are relatively lagging in responding to market changes, and the adjustment of product structure is slow, which exacerbates the decline in sales to a certain extent."

The competition for high-end liquor has intensified

As the liquor company with the largest decline in brand value, Jiujiu Liquor also explained in the 2024-year performance forecast that the main reason for the sharp decline in performance is that the liquor industry is in a deep adjustment cycle, competition is intensifying, the business behavior of channel partners is conservative, and customers' willingness to pay back is reduced.

In addition, Jiuguijiu also said that due to the impact of industry adjustment on the company's high-end products, and the internal reference Jiachen version is still in the market expansion stage, no sales support has been formed, resulting in a decline in the proportion of the company's high-end product revenue in the revenue structure. "Due to the above reasons, the company's net profit fell more year-on-year."

At the same time, the financial report for the third quarter of 92 released by Yanghe shares shows that the operating income in the first three quarters of 0 was about 00 million yuan, a year-on-year decrease of 0.0%; The net profit attributable to shareholders of the listed company was about 0.0 billion yuan, a year-on-year decrease of 0.0%. In addition, over the years, the pattern of "Mao Wuyang" has also been broken with the decline in the performance of Yanghe shares, and Shanxi Fenjiu and Luzhou Laojiao have surpassed Yanghe shares in terms of market value. This may be able to see some clues of the decline in the value of the Yanghe brand.

In Pang Rui's view, the "quantity and price control" strategy implemented by Yanghe shares in 2024 years has affected the sales performance to a certain extent. At present, the liquor market presents an obvious "Matthew effect", and the market competition for high-end liquor is more intense.

He believes that the real problem of Yanghe shares is that its market positioning is facing new challenges. "As the earliest liquor company in the industry to implement the brand rejuvenation strategy, Yanghe has successfully shaped a modern brand image through product matrices such as Sea Blue and Dream Blue. But with the rise of emerging brands, there seems to be a certain lag in their marketing innovation. ”

National Business Daily