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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世界最大的蒸馏酒生产商，曾经的世界第一酒股。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.
在中国的餐桌上，就餐的人们往往会端起一小杯香气扑鼻但风味独具的白酒相互敬酒或彼此打趣。以高粱为主要原料的中国烈酒通常产自西南省份贵州。贵酒自明代以来就在中国酒文化中有着举足轻重的地位。
2如今，白酒常被认为是世界上最常饮用的烈酒。这很大程度上要归功于中国14 亿以上的人口。早在2017 年，贵州茅台市值就高达692 亿美元，超过总部位于伦敦的跨国公司帝亚吉欧，成为世界最大的白酒生产商，而且此后规模一直不断增长。
32020 年新冠疫情导致多次封控，但中国经济增长并未因此停滞。其国内生产总值增长，经济发展加快，白酒行业也不例外。尽管2020 年上半年销售业绩受到疫情影响，但跟2019 年相比，本地市场白酒收入依旧增长了大约32 亿美元。
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 iNoël, a Shanghai-based research project leader at Daxue Consulting2一家来自欧洲的专业市场调查咨询公司，总部位于北京。,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 跟风，赶时髦，顺应潮流。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，贵州茅台市值3730 亿美元，依然是世界最有价值烈性酒品牌。五粮液仅次于茅台，同属中国白酒品牌，市值1440 亿美元。
5施特菲·诺埃尔是咨询公司博圣轩上海分公司的调研项目负责人。她将茅台酒股价上涨归功于该公司出色的财务数据和简单的商业模式。
6她说：“白酒行业至少有七八家企业财务状况非常好。茅台和五粮液的股本回报率分别能高达35.6%和22.9%。与科技、医疗保健或其他行业的年报不同，白酒行业的经营模式并不复杂，易于理解，利润率可达90%。”
7她还指出，白酒在中国市场上的处境是“特例”；
在海外市场上，酒类企业股价如此暴涨的情况并不存在。
8“水井坊”被认为是中国最古老的白酒酿造厂之一，其名含义是“井边的酒厂”，有600多年延续不断的酿酒历史。帝亚吉欧意图在白酒业中抢占先机，于是在2013 年直接收购该品牌的母公司，后来将持股比例从近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’s5一家拥有250 年历史的英国艺术品及奢侈品拍卖行，于1766 年由詹姆斯·佳士得（James Christie）创立。became the first international auctioneer to host a baijiu auction in China, featuring 178 lots6lot 拍卖品。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.
10Noël 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 立足处，稳固的地位（或基础）。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，作为一个主要的行业品牌，贵州茅台长期以来被认为是凸显身份地位的奢侈品。2018 年，佳士得拍卖行成为第一家在中国举办白酒拍卖会的国际拍卖行，拍卖会上有178 件茅台拍品。根据拍卖会酒业专家张萌的说法，一瓶茅台的拍卖价从人民币2000元到30 多万元不等。总的来说，这次拍卖会备受瞩目，最终卖出逾2550 万元人民币。
10诺埃尔认为行业巨头尚有发展空间。她说：“以贵州茅台、五粮液和泸州老窖为代表的名优企业凭借自身的比较优势在业内地位稳固，同时积极布局中高端市场，尤其是高端市场。到2029 年，中国高端白酒行业市场规模有望到达1600 亿元人民币。茅台等高端白酒供不应求，说明价格还有上涨空间。”
1 1四川的泸州老窖是中国持续运营时间最长的酒厂，也是全球价值最高的四大烈酒品牌之一。这家历史悠久的酒厂现在计划推出一款衍生自经典浓香型白酒的新酒来拓展市场，名为“明江”，专门瞄准中国大陆以外的消费者。
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 历史上著名（或重要的）；
可名垂青史的。distillery now plans to expand its reach with a classic strongaroma variant9variant 变体（指与通常类型略有差异的事物）。—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）遗产，传统。. 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 发展；
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”品牌的联合创始人。他说：“我们新创了酒名和包装，更利于国际市场接受，但我们也尊重产品的传统。我们的销售数字证实，过去几年里美国喝白酒的人越来越多。通常，美国人喜欢将烈酒调成鸡尾酒喝，多数酒吧和餐馆都是这样来卖我们的白酒。”
13日益增长的需求也让小品牌从中获利。朱丽娜（音）是贵州省茅台镇唐酿酒业的销售代表，她说：“尽管疫情期间国际进出口贸易受到影响，尤其是西方烈酒和葡萄酒，白酒供应仍持续满足了国内市场的需求。自我厂的品牌推出后，顾客对白酒的兴趣有所提高。白酒整体地位提升，已不只是一种佐餐饮品；
它既是象征慷慨和真诚的送礼佳品，也是我们中国文化的标志。”
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 Data12一家数据分析和咨询公司，总部位于英国伦敦。.
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 副产品，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 推销，争取支持（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.”
14一些小品牌设法针对新的年龄群体重新包装自己的产品。根据全球数据公司的一项研究，2018 年，介于25 岁到34 岁之间的年轻人白酒消费最多。
15“世界白酒日”的创始人吉姆·博伊斯是多个葡萄酒和烈酒博客的博主。他注意到酒企正逐步转向年轻人。
16“就中国市场而言，很多讨论提及年轻人对本地品牌和产品越来越感兴趣。所以，人们希望这刺激更多人关注白酒及衍生品，如鸡尾酒和罐装混合饮料。”
17桑德豪斯强调教育是关键。“几乎没人知道白酒为何物。”他说，“即便是那些曾经在中国生活过、品尝过白酒的人对这种酒也往往只有粗浅的认识。令人啼笑皆非的是，向那些以前从未尝过白酒的人推销，效果最好，因为他们对白酒是什么、应该是什么没有任何误解。”
1 8中国一些酒企也正携手全球烈酒品牌，以提高海外年轻消费者对白酒的认识和兴趣。2 0 1 9年，帝亚吉欧与中国第三大白酒制造商江苏洋河酒厂成立了一家新的合资公司，一项举措是推出首款中式威士忌“中仕忌”。这款威士忌由苏格兰威士忌调配大师克雷格·华莱士和中国酒业协会首席白酒品酒师周新虎共同打造，采用一种“独特”工艺酿造而成，包括将威士忌置于中式陶坛封存陈化使其口感“绵柔”。
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（过程），陈化。.
19Buffalo Trace Distillery, a Kentucky-based distillery that is part of the Sazarec Company, launched a limited release of a baijiu-style spirit aged17age 陈化，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水牛足迹是美国肯塔基州的一家酿酒厂，隶属于萨泽瑞克公司。该酒厂目前正在试制典藏级烈酒，其中一项是推出一款用新的美式橡木桶储存的白酒风味的限量版烈酒——只有三桶。
20埃米·普莱斯克是这家酒厂的公关经理。她说：“很多人对这种白酒威士忌感兴趣。多数本地烈酒生产商和消费者对这种品类并不熟悉，而我们已琢磨很多年了，这出乎很多人的意料。”
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