Recently, all listed liquor companies have disclosed their semi-annual reports, and the decline in growth has become an undeniable fact. Among the 22 listed liquor companies, only 6 maintained positive revenue and profit growth, while the industry is under pressure during a deep adjustment. In the face of the current difficulties, liquor companies are actively seeking to break through through transformation towards youthfulness and lower alcohol content. Instant retail, banquet market, and reduced alcohol content have become the three key words for the liquor industry in the first half of the year. Whether this is a "strong medicine" or a "good prescription" still needs time to verify. The liquor industry is overall in a deep adjustment period of "three phases overlapping." Among the 22 listed liquor companies, only 6 maintained positive revenue and profit growth in the first half of the year. These 6 companies are Moutai, WLY, Shanxi Fenjiu, Gu Jing, LAO BAI GAN JIU, and JINHUI. Among these companies, some are leading liquor enterprises, while others are regional leaders. This indicates that, despite the continuous increase in concentration in the liquor industry in recent years, there are still structural opportunities