Luzhou Laojiao handed over the latest report card under the new round of adjustment cycle of the liquor industry.
At the end of August, Luzhou Laojiao released its 2025 semi-annual report. From January to June, the company achieved revenue of 16.454 billion yuan and net profit attributable to shareholders of 7.663 billion yuan, basically maintaining stability.
Related data shows that in the first half of this year, the cumulative output of liquor companies above the designated size in the country was 1.916 million kiloliters, a year-on-year decrease of 5.8%. The industry as a whole shows a development trend of "quantity reduction and quality improvement" and is accelerating its transformation to "value creation".
As a representative of Sichuan wine, Luzhou Laojiao seized the opportunity and followed the trend. We will build a diversified product matrix with "dual brands, three products, and large single products", and actively explore younger and lower-level, and expand scenario-based layout.
This further consolidates its development resilience and simultaneously builds a brand moat and long-term value for the enterprise's crossing cycle.
Strong high-end leadership
2025 is the year of the end of the 14th Five-Year Plan. At this critical juncture, Luzhou Laojiao promotes high-quality development and seeks steady progress in its annual development theme of "accumulating momentum, working hard to stabilize growth; taking advantage of the trend, reforming and innovating to seek development".
In the semi-annual report, a number of core indicators such as revenue and net profit attributable to shareholders "to stabilize and resist declines", confirming its development path of "quality takes precedence over scale", and demonstrating the strategic determination of leading wine companies in cyclical fluctuations.
From the product perspective, under the continuous promotion of the strategy of "dual brands, three-line products, and large single products", the product structure of Luzhou Laojiao has been further optimized, and mid-to-high-end wines have shown obvious risk resistance.
In the first half of the year, mid-to-high-end liquor achieved revenue of 15.048 billion yuan, accounting for 91.45% of the total revenue, significantly better than the industry average.
Among them, Guojiao 1573 continues to maintain good sales and firmly sits in the "top three high-end liquor". The waist product special music, cellar age series, etc. also consolidate their advantages through refined channels and contribute stable returns.
In the same period, sales of mid-to-high-end wines increased by 13.33% year-on-year, and inventory decreased by 6.96% year-on-year. Through precise market strategies, Luzhou Laojiao has achieved double-digit growth in sales of mid-to-high-end wines, which not only consolidates the existing market share, but also accumulates potential energy for subsequent revenue recovery.
In the context of deep industry adjustments, it is not easy for Luzhou Laojiao to hand over this performance answer.
China Merchants Securities Research Report shows that after a series of adjustments from 2024 to the first half of 2025, the market inventory of Luzhou Laojiao has been significantly improved, especially the price of Guojiao series products is stable.
Thanks to the stable price list, Luzhou Laojiao's gross profit margin remained at 87.18% in the first half of the year, reflecting its management performance in cost control, product structure optimization, etc.
">"In the future, Luzhou Laojiao will take a path of 'stable' and 'real'. 'stable' is to stabilize the current good development trend, 'real' is to seek truth from facts and take effective measures." At the shareholders' meeting in June this year, Liu Miao, chairman of Luzhou Laojiao, said.
Rejuvenating
With the upgrading of consumption demand and the changes in consumption scenarios, liquor is returning to life emotional attributes from the past, and the post-85s and post-90s have become the most promising consumer groups in the future.
Aiming at this trend, this year, leading wine companies have launched low-grade products and made their moves younger. Luzhou Laojiao has been deeply engaged in the fields of low-calmification and youth for many years and has mastered the first-mover advantage.
38 Degree Guojiao 1573 is the first low-alcohol wine product in the industry with a scale of 10 billion, and has become an important part of the Guojiao brand.
At the shareholders' meeting in the middle of this year, Luzhou Laojiao announced that it had successfully developed 28 Degree Guojiao 1573 and will be put on the market in a timely manner. Lower-degree products are under testing and will further enrich the low-degree wine product matrix.
The extension from 38 degrees to 28 degrees consolidates its technological leadership in the field of low-alcohol liquor.
At the same time, low-alcohol liquor breaks the strong binding between high-alcohol liquor and specific occasions, making the consumption scenarios of liquor more diversified, and helping Luzhou Laojiao cover a wider range of consumption needs.
From the overall product dimension, Luzhou Laojiao has built a complete product matrix from high-end to popular and from height to low, forming a rare full-price belt product system in the industry.
In addition, in terms of reaching young consumers, Luzhou Laojiao is also actively exploring new marketing methods, such as cross-border cooperation, online interaction, etc., to attract young customers.
Industry view believes that the layout of younger and lesser is conducive to enterprises to explore new incremental sales markets. The current full price coverage and deep cultivation of the segmented market enable Luzhou Laojiao to always maintain market adaptability in the evolution of diversified consumption scenarios.
Create experience scenarios
The consumption concept of young consumers is also different from before. They pursue "not only to please others, but also to please themselves", which requires brands to establish a deeper emotional connection with consumers.
Previously, the management of Luzhou Laojiao pointed out that the change in the concept of liquor consumption will prompt companies to rethink product value and brand momentum, and shift from the previous emphasis on passive demand to emotional resonance and value recognition.
In marketing, Luzhou Laojiao is moving from the "telling" of brand stories to "scene co-creation".
On the one hand, we are actively creating various innovative experience scenarios. For example, by continuously carrying out activities such as the seal ceremony and the main cellar festival, we will launch a brand IP.
Since the Spring Sugar and Wine Fair in 2023, Luzhou Laojiao launched the first "Cellar Master Festival", the "Cellar Master Festival" has been held for three consecutive sessions, becoming a powerful tool for Luzhou Laojiao to break through the circle of youthfulness, and has gradually transformed into a super IP with its own "blood-making" ability.
This year is also the eighth year of Guojiao 1573 Ice·JOYS. The event has evolved from the initial tasting of famous wines to linking with art and life scenes.
From July to August, Guojiao 1573 Bing·JOYS "Inspiration Fermentation Bureau" Art Joint Exhibition was held in Beijing 798 Art Block. It integrates liquor ice drinks, art exhibitions, buyer stores, etc. to create a comfortable and pleasant lifestyle for young people, attracting a large number of consumers born in the 1995s and 2000s to experience it.
Before the adjustment period, Luzhou Laojiao had already realized the market opportunities brought by the iteration of consumer groups. These marketing designs that are in line with the new consumer groups have also become a way to break through the situation that can be learned from by the industry.
On the other hand, Luzhou Laojiao also expands its brand boundaries through cross-border cooperation.
For example, in 2025, innovative products such as "Three-Body" science fiction joint wine and Chinese fruit brewing will be launched to reach Generation Z consumers. Many innovative products not only meet the needs of young consumers in terms of taste, but also resonate with young people in terms of cultural connotation, strengthening the brand image.
In the semi-annual report, Luzhou Laojiao stated that during the reporting period, the shift of marketing focus to "precise reach" and "user operation", the special action of "terminal large infrastructure" was officially launched, the market struggle continued to deepen, the "five codes in one" product was promoted nationwide, the dealer portal system was launched online, the marketing service platform was built and operated, and the refined level of channel management reached a new level.
In terms of consumers, Luzhou Laojiao continues to increase investment in C-end, directly reaching consumers through scanning code marketing, membership system, opening bottles and awards, and improving repurchase and loyalty.
Based on "channel health" as the premise, "consumer needs" as the core, and "brand value" as the long-term anchor. This solid business logic not only lays the foundation for the final battle of the "14th Five-Year Plan" of Luzhou Laojiao, but also builds a barrier for it to travel through the cycle and accumulates potential energy for future development.
The content of this article is provided by the company and is for reference only.
