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Across dining tables in China, diners toast (or taunt) each other with a tiny shot of the distinctively pungent baijiu. The sorghum-based Chinese liquor commonly produced in the country’s southwestern Guizhou province has played a key role in China’s drinking culture since the Ming dynasty.

2Today, baijiu is often cited as the world’s most frequently consumed liquor, thanks largely to the country’s population, 1.4 billion strong. With a market cap of US$69.2 billion, distillers Kweichow Moutai surpassed Londonbased multinational Diageo1世界最大的蒸餾酒生產(chǎn)商，曾經(jīng)的世界第一酒股。to become the world’s biggest liquor maker back in 2017 and has continued to grow ever since.

3Several home lockdowns due to Covid-19 in 2020 didn’t cause China’s growth to falter, with GDP up and growth accelerating, the baijiu industry included. Although sales were impacted in the first half of 2020, the spirit’s revenue from the local market still increased by around US$3.2 billion compared to 2019.

在中國(guó)的餐桌上，就餐的人們往往會(huì)端起一小杯香氣撲鼻但風(fēng)味獨(dú)具的白酒相互敬酒或彼此打趣。以高粱為主要原料的中國(guó)烈酒通常產(chǎn)自西南省份貴州。貴酒自明代以來(lái)就在中國(guó)酒文化中有著舉足輕重的地位。

2如今，白酒常被認(rèn)為是世界上最常飲用的烈酒。這很大程度上要?dú)w功于中國(guó)14 億以上的人口。早在2017 年，貴州茅臺(tái)市值就高達(dá)692 億美元，超過(guò)總部位于倫敦的跨國(guó)公司帝亞吉?dú)W，成為世界最大的白酒生產(chǎn)商，而且此后規(guī)模一直不斷增長(zhǎng)。

32020 年新冠疫情導(dǎo)致多次封控，但中國(guó)經(jīng)濟(jì)增長(zhǎng)并未因此停滯。其國(guó)內(nèi)生產(chǎn)總值增長(zhǎng)，經(jīng)濟(jì)發(fā)展加快，白酒行業(yè)也不例外。盡管2020 年上半年銷售業(yè)績(jī)受到疫情影響，但跟2019 年相比，本地市場(chǎng)白酒收入依舊增長(zhǎng)了大約32 億美元。

4Valued at US$373 billion as of October 2021, Kweichow Moutai has retained its position as the world’s most valuable spirit brand. The second most valuable brand, Wuliangye, also Chinese and also a maker of baijiu, stands at US$144 billion.

5Steff iNo?l, a Shanghai-based research project leader at Daxue Consulting2一家來(lái)自歐洲的專業(yè)市場(chǎng)調(diào)查咨詢公司，總部位于北京。,attributes the stock price increase to the company’s excellent financial figures and straightforward business model.

6She says, “At least seven to eight companies in the baijiu industry have great financial conditions. Return on equity for Mao-tai and Wuliangye can reach as high as 35.6 per cent and 22.9 per cent respectively. Unlike technology, health or other industry’s annual reports, baijiu’s business model is easy to comprehend, and is straightforward,with a 90 per cent profit margin.”

7She also notes that the spirit’s position in the market in China is “a special case” and that such stock price surges in alcohol companies in overseas markets are non-existent.

8Shui Jing Fang, which means “the distillery by the well”, is recognised as one of the oldest baijiu distilleries in China with more than 600 years of continuous production. Looking to get on the bandwagon3get on the bandwagon 跟風(fēng)，趕時(shí)髦，順應(yīng)潮流。early, Diageo bought the brand’s parent company outright in 2013, and has since upped4up 提高，增加。its stake from nearly 40 per cent to 60 per cent.

4截至2021 年10 月，貴州茅臺(tái)市值3730 億美元，依然是世界最有價(jià)值烈性酒品牌。五糧液僅次于茅臺(tái)，同屬中國(guó)白酒品牌，市值1440 億美元。

5施特菲·諾埃爾是咨詢公司博圣軒上海分公司的調(diào)研項(xiàng)目負(fù)責(zé)人。她將茅臺(tái)酒股價(jià)上漲歸功于該公司出色的財(cái)務(wù)數(shù)據(jù)和簡(jiǎn)單的商業(yè)模式。

6她說(shuō)：“白酒行業(yè)至少有七八家企業(yè)財(cái)務(wù)狀況非常好。茅臺(tái)和五糧液的股本回報(bào)率分別能高達(dá)35.6%和22.9%。與科技、醫(yī)療保健或其他行業(yè)的年報(bào)不同，白酒行業(yè)的經(jīng)營(yíng)模式并不復(fù)雜，易于理解，利潤(rùn)率可達(dá)90%?！?/p>

7她還指出，白酒在中國(guó)市場(chǎng)上的處境是“特例”；在海外市場(chǎng)上，酒類企業(yè)股價(jià)如此暴漲的情況并不存在。

8“水井坊”被認(rèn)為是中國(guó)最古老的白酒釀造廠之一，其名含義是“井邊的酒廠”，有600多年延續(xù)不斷的釀酒歷史。帝亞吉?dú)W意圖在白酒業(yè)中搶占先機(jī)，于是在2013 年直接收購(gòu)該品牌的母公司，后來(lái)將持股比例從近40%提高到60%。

9Yet for a key industry brand,Kweichow Moutai has long been regarded as a luxury status symbol. In 2018, auction house Christie’s5一家擁有250 年歷史的英國(guó)藝術(shù)品及奢侈品拍賣行，于1766 年由詹姆斯·佳士得（James Christie）創(chuàng)立。became the first international auctioneer to host a baijiu auction in China, featuring 178 lots6lot 拍賣品。of Kweichow Moutai. According to Ned Zhang, an auction specialist,prices can range from 2,000 yuan to more than 300,000 yuan a bottle. Overall, the highly anticipated event eventually raised more than 25.5 million yuan.

10No?l believes there is still room for the industry’s giants to grow: “Famous and high-quality enterprises represented by Kweichow Moutai, Wuliangye and Luzhou Laojiao have gained a firm foothold7foothold 立足處，穩(wěn)固的地位（或基礎(chǔ)）。in the industry based on their respective comparative advantages,actively deploying and seizing mid-tohigh-end—especially high-end—markets. By 2029, China’s high-end liquor industry is expected to be a 160 billion yuan market. The demand for high-end baijiu such as Mao-tai is higher than the supply, which explains why there is still room for price increases.”

9然而，作為一個(gè)主要的行業(yè)品牌，貴州茅臺(tái)長(zhǎng)期以來(lái)被認(rèn)為是凸顯身份地位的奢侈品。2018 年，佳士得拍賣行成為第一家在中國(guó)舉辦白酒拍賣會(huì)的國(guó)際拍賣行，拍賣會(huì)上有178 件茅臺(tái)拍品。根據(jù)拍賣會(huì)酒業(yè)專家張萌的說(shuō)法，一瓶茅臺(tái)的拍賣價(jià)從人民幣2000元到30 多萬(wàn)元不等?？偟膩?lái)說(shuō)，這次拍賣會(huì)備受矚目，最終賣出逾2550 萬(wàn)元人民幣。

10諾埃爾認(rèn)為行業(yè)巨頭尚有發(fā)展空間。她說(shuō)：“以貴州茅臺(tái)、五糧液和瀘州老窖為代表的名優(yōu)企業(yè)憑借自身的比較優(yōu)勢(shì)在業(yè)內(nèi)地位穩(wěn)固，同時(shí)積極布局中高端市場(chǎng)，尤其是高端市場(chǎng)。到2029 年，中國(guó)高端白酒行業(yè)市場(chǎng)規(guī)模有望到達(dá)1600 億元人民幣。茅臺(tái)等高端白酒供不應(yīng)求，說(shuō)明價(jià)格還有上漲空間?！?/p>

1 1四川的瀘州老窖是中國(guó)持續(xù)運(yùn)營(yíng)時(shí)間最長(zhǎng)的酒廠，也是全球價(jià)值最高的四大烈酒品牌之一。這家歷史悠久的酒廠現(xiàn)在計(jì)劃推出一款衍生自經(jīng)典濃香型白酒的新酒來(lái)拓展市場(chǎng)，名為“明江”，專門瞄準(zhǔn)中國(guó)大陸以外的消費(fèi)者。

11Sichuan-based Luzhou Laojiao is the oldest continually operating distillery in China, and is also among the top four most valuable spirits worldwide.The historic8historic 歷史上著名（或重要的）；可名垂青史的。distillery now plans to expand its reach with a classic strongaroma variant9variant 變體（指與通常類型略有差異的事物）。—Ming River—exclusively targeting consumers outside the Chinese mainland.

12Derek Sandhaus, co-founder of the Ming River brand, says, “We have created a name and packaging that is more accessible for the international market, but respects the product’s heritage10heritage（文化）遺產(chǎn)，傳統(tǒng)。. Our sales numbers confirm that many more people are drinking baijiu in the US in the past couple of years.Typically, Americans like their liquor in cocktails, and that’s how most bars and restaurants serve our product.”

13Smaller brands are also profiting from increased demand. Lina Zhu, a representative for Tangniang, a distillery based in Mao-tai town in Guizhou province, says, “While international imports and exports were affected during the pandemic, especially for Western spirits and wines, the supply of baijiu continued to meet the demand in the domestic market. We have seen an uptick11uptick 發(fā)展；上升。of interest since our launch. The overall status has elevated beyond a dinner drink; it is a symbol of a generous and sincere gift as well as a mark of our Chinese culture.”

12德雷克·桑德豪斯是“明江”品牌的聯(lián)合創(chuàng)始人。他說(shuō)：“我們新創(chuàng)了酒名和包裝，更利于國(guó)際市場(chǎng)接受，但我們也尊重產(chǎn)品的傳統(tǒng)。我們的銷售數(shù)字證實(shí)，過(guò)去幾年里美國(guó)喝白酒的人越來(lái)越多。通常，美國(guó)人喜歡將烈酒調(diào)成雞尾酒喝，多數(shù)酒吧和餐館都是這樣來(lái)賣我們的白酒?！?/p>

13日益增長(zhǎng)的需求也讓小品牌從中獲利。朱麗娜（音）是貴州省茅臺(tái)鎮(zhèn)唐釀酒業(yè)的銷售代表，她說(shuō)：“盡管疫情期間國(guó)際進(jìn)出口貿(mào)易受到影響，尤其是西方烈酒和葡萄酒，白酒供應(yīng)仍持續(xù)滿足了國(guó)內(nèi)市場(chǎng)的需求。自我廠的品牌推出后，顧客對(duì)白酒的興趣有所提高。白酒整體地位提升，已不只是一種佐餐飲品；它既是象征慷慨和真誠(chéng)的送禮佳品，也是我們中國(guó)文化的標(biāo)志?！?/p>

14Some smaller brands seek to repackage themselves for a new age group. In 2018, young adults aged between 25 and 34 years accounted for the highest consumption of the spirit, according to a study by Global Data12一家數(shù)據(jù)分析和咨詢公司，總部位于英國(guó)倫敦。.

15Jim Boyce, founder of World Baijiu Day and owner of several wine and spirits blogs, notices a growing shift for brands to target the young.

16“In terms of the China market, there is lots of talk about growing interest among the younger generations in local brands and products, so people are hopeful that will inspire more focus on baijiu and spin-off13spinoff 副產(chǎn)品，派生物。products such as cocktails and canned mixed drinks.”

17Sandhaus highlights that education will be key. “Almost nobody knows what baijiu is,” he says, “even people who have lived in China and tried it before usually only have a cursory14cursory 粗略的，草草的。understanding of the category. Ironically,we do best pitching15pitch 推銷，爭(zhēng)取支持（或生意等）。it to people who have never tried it before, because they don’t bring with them any misconceptions about what baijiu is and should be.”

14一些小品牌設(shè)法針對(duì)新的年齡群體重新包裝自己的產(chǎn)品。根據(jù)全球數(shù)據(jù)公司的一項(xiàng)研究，2018 年，介于25 歲到34 歲之間的年輕人白酒消費(fèi)最多。

15“世界白酒日”的創(chuàng)始人吉姆·博伊斯是多個(gè)葡萄酒和烈酒博客的博主。他注意到酒企正逐步轉(zhuǎn)向年輕人。

16“就中國(guó)市場(chǎng)而言，很多討論提及年輕人對(duì)本地品牌和產(chǎn)品越來(lái)越感興趣。所以，人們希望這刺激更多人關(guān)注白酒及衍生品，如雞尾酒和罐裝混合飲料?！?/p>

17桑德豪斯強(qiáng)調(diào)教育是關(guān)鍵?！皫缀鯖]人知道白酒為何物?！彼f(shuō)，“即便是那些曾經(jīng)在中國(guó)生活過(guò)、品嘗過(guò)白酒的人對(duì)這種酒也往往只有粗淺的認(rèn)識(shí)。令人啼笑皆非的是，向那些以前從未嘗過(guò)白酒的人推銷，效果最好，因?yàn)樗麄儗?duì)白酒是什么、應(yīng)該是什么沒有任何誤解?！?/p>

1 8中國(guó)一些酒企也正攜手全球烈酒品牌，以提高海外年輕消費(fèi)者對(duì)白酒的認(rèn)識(shí)和興趣。2 0 1 9年，帝亞吉?dú)W與中國(guó)第三大白酒制造商江蘇洋河酒廠成立了一家新的合資公司，一項(xiàng)舉措是推出首款中式威士忌“中仕忌”。這款威士忌由蘇格蘭威士忌調(diào)配大師克雷格·華萊士和中國(guó)酒業(yè)協(xié)會(huì)首席白酒品酒師周新虎共同打造，采用一種“獨(dú)特”工藝釀造而成，包括將威士忌置于中式陶壇封存陳化使其口感“綿柔”。

18Chinese distilleries are also joining forces with global spirits to build stronger awareness and interest among younger and overseas consumers.Diageo developed a “new-to-world whisky” in 2019, as part of a new joint venture with Jiangsu Yanghe Distillery,China’s third-largest baijiu distiller.Created by Diageo’s Scotch whisky master blender Craig Wallace and China Alcoholic Drinks Association’s Chinese baijiu master Zhou Xinhu, the whisky was made through a “unique” production method, which includes “softening”whisky through Chinese ceramic pot maturation16maturation 成熟（過(guò)程），陳化。.

19Buffalo Trace Distillery, a Kentucky-based distillery that is part of the Sazarec Company, launched a limited release of a baijiu-style spirit aged17age 陳化，熟化。in just three new American oak casks as part of its ongoing Experimental Collection of spirits.

20“There has been a lot of interest in the baijiu-style whisky. I think many were surprised that we had been thinking about baijiu that long ago as most local spirits producers and consumers are not familiar with the category,” says Amy Preske, the distillery’s public relations manager.

19水牛足跡是美國(guó)肯塔基州的一家釀酒廠，隸屬于薩澤瑞克公司。該酒廠目前正在試制典藏級(jí)烈酒，其中一項(xiàng)是推出一款用新的美式橡木桶儲(chǔ)存的白酒風(fēng)味的限量版烈酒——只有三桶。

20埃米·普萊斯克是這家酒廠的公關(guān)經(jīng)理。她說(shuō)：“很多人對(duì)這種白酒威士忌感興趣。多數(shù)本地烈酒生產(chǎn)商和消費(fèi)者對(duì)這種品類并不熟悉，而我們已琢磨很多年了，這出乎很多人的意料?！?/p>