According to a research report, China's instant retail sector has rapidly expanded in recent years, with the 2025 food delivery wars providing marginal catalysts, and the industry is expected to maintain double-digit growth in the coming years. Historically, liquor industry cycle transitions are typically accompanied by channel transformations. With the industry currently undergoing deep adjustments, weaker pricing and sales momentum, along with higher inventory levels, are impacting the profits and cash flows of traditional offline channels, while online channels remain relatively prosperous. Embracing instant retail represents a viable adaptation strategy. According to Meituan Flash Purchase estimates, China's alcoholic beverage instant retail market could reach 100 billion yuan by 2027, with compound growth rates potentially approaching mid-double digits, benefiting core categories like baijiu and beer.

**Instant Retail: Strong Overall Market with Active Alcohol Participation**

China's retail industry has evolved through traditional retail, e-commerce, and new retail phases, with instant retail dramatically shortening fulfillment times and enriching consumer choices. China's instant retail sector has expanded rapidly in recent years, with 2025 food delivery competition providing marginal catalysts, and the industry expected to maintain double-digit growth in coming years.

Specifically in the alcohol sector, alcoholic beverage instant retail originally emerged from vertical platforms like 1919 and Jiuxiaoer, accelerating around 2015 and forming four channel models: vertical, platform-based, warehouse-store integrated, and front warehouse types. Simultaneously, alcohol companies have increased their layout and cooperation efforts, significantly improving alcohol instant retail penetration rates.

The rise of alcoholic beverage instant retail stems from three main factors: First, changing consumer habits, with consumers increasingly pursuing convenience and seeking rapid satisfaction after immediate needs arise. Second, alignment with cost-effectiveness demands, compressing distribution links while saving operational costs, combined with platform fee subsidies creating obvious price advantages. Third, supply-side drivers, with channel partners intentionally seeking incremental growth through emerging channels, and brand partners willing to cooperate on new product launches and promotions to increase reach and revenue.

**Instant Retail as Liquor Industry Transformation Attempt, Expected Continued Expansion**

For the liquor industry, instant retail presents both advantages and disadvantages. Benefits include efficient fulfillment creating incremental growth and helping brands reach younger demographics. Drawbacks include online channels' inability to provide social, authentication services and emotional value, potential impacts on product pricing systems, and possible brand image concerns.

Historically, liquor cycle transitions typically accompany channel transformations. With the industry currently in deep adjustment, weaker pricing and sales momentum, along with higher inventory levels, are impacting traditional offline channel profits and cash flows, while online channels remain relatively prosperous, making embracing instant retail a reasonable adaptation strategy.

International comparisons show similar attempts in overseas markets, proving the feasibility of alcoholic beverage instant retail. Considering overseas markets generally have lower online penetration for consumer goods compared to China, especially in Europe and America where delivery efficiency and cost advantages are limited, China's alcoholic beverage instant retail still has significant development space.

According to Meituan Flash Purchase estimates, China's alcoholic beverage instant retail market could reach 100 billion yuan by 2027, with compound growth rates potentially approaching mid-double digits, benefiting core categories like baijiu and beer.

**Investment Recommendations: Retail Channels Undergoing Transformation with Structural Growth, Instant Retail Becoming Alcohol Channel Highlight**

1) Baijiu remains in bottoming phase, with nationally recognized premium brands and regional leading companies showing relatively strong resilience and possessing leading channel development capabilities and financial strength. Recommendations include Kweichow Moutai (600519.SH), Shanxi Xinghuacun Fen Wine Factory (600809.SH), Wuliangye Yibin (000858.SZ), Jiannanchun Group Luzhou Laojiao (000568.SZ), Yingjia Tribute Wine (603198.SH), Jinshiyuan (603369.SH), and Jiannanchun Group Gujing Gongjiu (000596.SZ). Short-term elasticity targets include ZJLD (06979), Shede Spirits (600702.SH), and Jiugui Liquor (000799.SZ).

2) Beer, as the second-largest alcoholic beverage category with broad customer base, shows high participation in instant retail. Recommendations include leading and growth targets Tsingtao Brewery (600600.SH), Zhujiang Beer (002461.SZ), and China Resources Beer (00291).

**Risk Warnings** Channel transformation and expansion falling short of expectations, continued weak demand, and wholesale price volatility.