The chairman of Fenjiu spoke a hard truth and pierced that thin layer of pretense.

He said the liquor industry is having a tough time now because past experience is almost completely obsolete.

To put it plainly, in the past, a significant portion of those drinking high-end liquor weren’t paying out of their own pocket. You know what I mean. This banquet today, that gathering tomorrow—liquor was hard currency, a mood-setter, a social lubricant. High prices, frequent drinking—everyone was happy, and distilleries were making a fortune. Having lived like this for so long, an illusion was created.

They thought China was full of “high-end people” drinking thousands-of-yuan-per-bottle liquor like water.

But when the wind shifted and the tide receded, it became clear who’d been swimming naked. Those who actually spend their own money—who want to have a drink with friends at home, get a little tipsy while camping, or just relax alone... these real people, these genuine consumption scenarios, were completely ignored by distilleries in the past, even dismissed as “low.” Now, they’re at a loss.

With the “official” orders gone and less business entertainment, you have to turn back to us ordinary folks, right? But you realize you don’t understand us at all. You don’t know what flavors we like, what prices we can accept, or even why we drink.

So, Fenjiu is actually pretty clear-headed. Facing the industry’s worst performance in a decade, they still managed slight growth precisely because they woke up a step earlier than the rest.

Net profit growth of 0.5%... just think about that number.

This isn’t good news; it’s a warning bell. If even the industry leader can barely hold on, what about the others?

The essence of business always comes back to people.

You’d better figure out who you’re serving.

Otherwise, when the times abandon you, you won’t even get a warning.