--- title: "Fangzheng Securities: The trend of consolidation in the yellow wine industry is significant, with multi-dimensional improvements and transformations on the supply side driving new growth" type: "News" locale: "en" url: "https://longbridge.com/en/news/244211809.md" description: "Fangzheng Securities released a research report indicating that the yellow wine industry is experiencing a significant trend towards consolidation, with sales revenue expected to reach 8.5 billion yuan in 2023. Leading enterprises in the industry are promoting high-end transformation by improving product quality, expanding sales channels, and optimizing product structure, thereby enhancing the market landscape. Small and medium-sized enterprises continue to exit the market, with the CR2 rising to 37.4%. Policy support and the growth of consumer demand are jointly promoting the revival of the industry, and the development of a younger market is also bringing new growth points for yellow wine" datetime: "2025-06-12T09:03:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/244211809.md) - [en](https://longbridge.com/en/news/244211809.md) - [zh-HK](https://longbridge.com/zh-HK/news/244211809.md) generator: "portal-rs" --- # Fangzheng Securities: The trend of consolidation in the yellow wine industry is significant, with multi-dimensional improvements and transformations on the supply side driving new growth According to the Zhitong Finance APP, Founder Securities released a research report stating that in 2023, the sales revenue of large-scale yellow wine enterprises reached 8.5 billion yuan, with the number of large-scale enterprises decreasing from a peak of 121 in 2017 to 81 in 2023. The CR2 increased to 37.4%, with small and medium-sized enterprises continuing to be eliminated, and a significant trend towards consolidation among leading companies. In recent years, the market structure of the yellow wine industry has become clearer, and under the significant trend of concentration among leading companies, the industry has undergone multidimensional positive changes. Leading enterprises have innovated in multiple dimensions, including product quality, sales channel expansion, product structure enhancement, and internal governance improvement, and with policy support and the expansion of consumer demand, are expected to jointly promote the positive revival of the industry. **1) In terms of quality improvement,** Jiangnan University collaborates with leading liquor companies to lead the technological breakthroughs that reform yellow wine quality, enhancing taste and flavor stability, and optimizing past issues related to the drinking experience and flavor stability of yellow wine. **2) Leading enterprises are promoting high-end transformation, facilitating the re-recognition of market value for yellow wine categories.** In the past, about 70% of yellow wine products were still concentrated in the 20-25 yuan price range, corresponding to the mid-low end price range of 80-100 yuan for white liquor, resulting in weak price growth in the industry. Currently, mainstream products from industry leaders are successively increasing prices while improving the layout of high-end product lines. The KJS "Lanting" series has pushed the price per ton to 13,800 yuan/ton, while the GYLS Guoniang, Baiyu Qingyu, and other series have driven the proportion of mid-to-high-end wine revenue to 73.4%, promoting structural improvement and upward profitability. **3) Offline channels are becoming increasingly refined, and leading companies are laying out online strategies to align with the trend of youthfulness.** The traditional channel operations of the yellow wine industry are gradually shifting from extensive to refined, accompanied by organizational restructuring, such as KJS deepening the operation of the "KJS + Lanting" dual-brand division and GYLS deepening the "one axis, two wings, multiple points advancing" sales channels. At the same time, leading companies are targeting the youth market by launching new categories such as sparkling yellow wine and coffee yellow wine, with the proportion of mid-to-high-end products online continuously increasing, which is expected to bring new growth. **4) Top-level policy support and improvements in corporate governance drive the long-term development of the industry.** Yellow wine has unique cultural connotations, and currently, policy support is being strengthened at both national and provincial levels. Shaoxing has clearly stated that by 2027, the sales revenue of the yellow wine industry will exceed 10 billion yuan, with leading companies benefiting more from policy preferences. Additionally, after the change of ownership in leading companies like KJS, corporate governance has improved, and the current sales team aligns with the "market-oriented mechanism + division system + precise strategy" model of the China Construction Bank team, making the organization more efficient. **5) Under the leadership of high-end transformation, the national market outside Jiangsu, Zhejiang, and Shanghai is gradually breaking through.** Against the backdrop of policy capital empowerment and the activation of demand (scenarios + cognition), the supply side of yellow wine is expected to continue the overall trend of "clearing + upgrading." Leading yellow wine enterprises have a competitive advantage when facing emerging markets outside Jiangsu, Zhejiang, and Shanghai, as some emerging markets have a higher acceptance of high-end products, which is expected to continue expanding the market. **Risk Warning:** Risks of macroeconomic downturn, intensified industry competition, and expansion of emerging markets falling short of expectations ### Related Stocks - [600616.CN](https://longbridge.com/en/quote/600616.CN.md) - [601579.CN](https://longbridge.com/en/quote/601579.CN.md) - [600059.CN](https://longbridge.com/en/quote/600059.CN.md) - [601901.CN](https://longbridge.com/en/quote/601901.CN.md) ## Related News & Research - [Volcanic Gold Mines secures first refusal rights on Los Angeles antimony mine in Guatemala](https://longbridge.com/en/news/296776469.md) - [Heineken Holding N.V. reports transactions under its current share buyback programme | HKHHY Stock News](https://longbridge.com/en/news/296773285.md) - [Hotei Properties extends deadline for Nomade Madrid hotel sale to Sept. 4, adds EUR 7.5 million guarantee](https://longbridge.com/en/news/296748710.md) - [Enduro Metals completes inaugural 2,700-meter drill program at Andrei target in BC Golden Triangle](https://longbridge.com/en/news/296777089.md) - [03:15 ETScania to showcase its broad marine offering at SMM 2026](https://longbridge.com/en/news/296749344.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**