Guotai Junan: The industrial prosperity of the liquor industry in the second quarter is still bottoming out from a month-on-month perspective.

Guotai Haitong's research report believes that the industrial prosperity of the liquor industry in the second quarter of 2025 is still seeking the bottom from a month-on-month perspective, with price pressure greater than quantity pressure. From the perspective of inventory cycle, the liquor industry may have completely entered the second half of the inventory cycle. On the product level, the price system of liquor is being reshaped, with the trend of high-end liquor prices decreasing, and the structural sinking of products leading to the continuous highlighting of the strategic significance of "full price range layout." At the same time, the growth logic of liquor is being overturned, with market share being more important than price/profit, and enterprises with market share advantages gradually taking the lead.