2026年上半年，中国白酒行业遭遇业绩下滑。20家A+H股上市公司累计营收同比下降6.65%，归母净利润同比下降超过8%，其中超过八成的上市公司出现业绩下滑和亏损1。
面对行业困境，贵州茅台采取了积极的市场调整举措。该公司在2026年以来进行了五次价格调整，践行"随行就市"和"量价平衡"的策略1。在经营模式上，茅台推行非标产品代售制，经销商通过销售代理赚取销售额的5%服务费1。这些举措体现了头部白酒企业在维持销量与稳定价格之间的探索。
China's baijiu sector entered a period of significant strain in the first half of 2026, with twenty listed companies traded on both A-shares and H-shares reporting cumulative revenue declines of 6.65% year-over-year 1. The industry's challenges have intensified, as more than eighty percent of these publicly traded firms experienced deteriorating financial performance 1. Net profits attributable to parent companies fell by over 8% during the same period 1.
In response to mounting pressures, Kweichow Moutai has implemented a strategy prioritizing volume over price stability. The company executed five separate price adjustments throughout 2026 while simultaneously introducing a non-standard product agency system designed to alleviate distributor burdens 1. Under this new model, dealers earn a service fee equivalent to 5% of sales revenue 1. The company's approach emphasizes "market-responsive pricing" and "balanced volume-to-price optimization," reflecting its attempt to navigate the industry downturn by maintaining sales momentum 1.
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