CITIC Construction Investment Yang Ju: The liquor industry welcomes its year of recovery, and there will be an opportunity for a decade-long bottom in investment

CITIC Construction Investment analyst Yang Ju pointed out that in 2025, the liquor industry will undergo a deep adjustment, with overall performance declining year-on-year and production decreasing by 12.1%. Traditional distributors are under pressure, but new channels such as live e-commerce and instant retail are experiencing significant growth. In terms of products, liquor companies are focusing on health and youthfulness, with low-alcohol and bottled liquor rapidly growing. Looking ahead to 2026, Yang Ju believes it will be the year of recovery for the liquor industry, and outstanding companies are expected to achieve performance improvement in the second quarter