Zhongjin: Liquor industry reports are expected to improve, and a turning point may be reached in the first half of next year.

The research report of Zhongjin Company believes that since the beginning of the year, the food and beverage industry has entered a new normal, with the overall consumption environment still showing weakness. The industry continues to pursue high-quality, cost-effective, functional, healthy, and emotional consumption trends. Most leading enterprises are focusing on stable operations and high-quality development, improving shareholder returns, and improving operating quality. Since the beginning of the year, the demand in the liquor industry has continued to be weak, compounded by the introduction of new regulations. Both supply and demand in the liquor industry have undergone significant adjustments, with mass food performance differentiation, and beverages and snacks showing good vitality. Looking ahead to next year, the research report believes that the industry will continue the trend of weak recovery and strong differentiation. Growth will rely more on product innovation efforts, fragmented channel layout, and expanding the customer base. Enterprises with strong brand power, product innovation capabilities, channel control, and excellent supply chain efficiency will be able to transcend the cycle and achieve high-quality growth. The research report predicts that the liquor industry's performance is expected to improve by 2026, with an upward turning point gradually becoming clearer. On the demand side, the research report believes that the impact of policies will continue to weaken. Consumer scenarios will see steady recovery after being heavily suppressed, promoting the deepening of consumption policies to drive demand improvement. It is expected that industry will begin to gradually recover in the first half of the year, with leading liquor companies benefiting the most from the early recovery and long-term market share logic.