Analysis of Development Potential for Gujing Gongjiu's 'Dajiu Pu' New Channel

The baijiu industry has now entered an era of stock competition, with slowing sales in traditional channels and profound changes in consumption scenarios and consumer groups. On December 12, 2025, Gujing Gongjiu opened its first ‘Gujing Dajiu Pu’ in Bozhou, Anhui, adopting the ‘front shop, back workshop, on-site dispensing and sale’ model. This marks that the leading Anhui baijiu enterprise has begun to return to the most original ‘dajiu’ (dispensing baijiu) model to seek new breakthroughs [1][2].

are reflected in three aspects: First, to address the challenges of channel transformation and loss of young customer groups under stock competition in the baijiu industry; second, to strengthen terminal control and get close to consumption scenarios through the direct sales model; third, to reduce the trial threshold with cost-effective bulk baijiu and compete for the self-drinking and daily consumption market [1].

The product matrix of Gujing Dajiu Pu covers diverse categories such as traditional baijiu flavors, Bozhou characteristic health wine, low-alcohol osmanthus wine, and fermented fruit wine. On-site free tasting is provided, with a minimum support of 125ml (two and a half liang) for dispensing, paired with trendy interactive activities like DIY wine dispensing and labeling, successfully attracting young consumers to stop and experience [2][3].

Unlike Kouzijiao’s ‘Kouzi Jiufang’ which emphasizes ‘traditional craftsmanship and old wine value’ and Yingjia Gongjiu which focuses on channel depth and breadth, Gujing Gongjiu’s layout pays more attention to the transformation of ‘

’ (brand youthfulness + digitalization) [1][2]. Gujing Gongjiu already has a dense layout in the market below 200 yuan in Anhui, but the consumption habit of ‘not entering tobacco and alcohol stores’ among the new generation of consumers leads to a scene gap for the brand. Through trendy experiences and online-offline linkage, Dajiu Pu attracts the attention of young consumers, while accumulating consumption data through the direct sales model to support product research and development and marketing strategy optimization.

According to industry data, the bulk baijiu market scale exceeded 80 billion yuan in 2024 and is expected to exceed 100 billion yuan in 2025, with a compound annual growth rate of over 15% [2]. This market growth mainly benefits from:

1. Return of rational consumption concepts
   : Consumers pay more attention to cost-effectiveness
2. Rise of new-generation consumers
   : Baijiu consumption shows new trends of ‘lightweight, personalization, and experience’
3. Changes in scene demand
   : The demand for daily, lightweight ‘micro-drunk’ scenes such as small gatherings with friends and family self-drinking is growing day by day

With the advantages of high cost-effectiveness and flexible purchase volume, bulk baijiu exactly meets the core demand of mass consumers for high-quality daily drinking wine, while lowering the threshold for famous wine consumption, allowing more consumers to access the brand’s core products and cultivating potential customers for the brand [3].

Gujing Gongjiu has a good financial foundation to support the expansion of new channels [0]:

Key Indicators	Value	Evaluation
Market Value	74.95 billion yuan	Industry leading scale
P/E Ratio	15.84x	Reasonably low valuation
ROE	18.60%	Excellent profitability
Net Profit Margin	22.60%	Strong profitability
Current Ratio	2.38	Financially stable
Debt Risk	Low risk	Financially secure

As a leading Anhui baijiu enterprise, Gujing Gongjiu has a deep channel foundation and brand awareness in the Anhui market, providing strong support for the promotion of Dajiu Pu. At the same time, the company has a good cash flow situation (latest free cash flow is about 2.3 billion yuan), with the financial strength to continue investing in new channel construction [0].

The bulk baijiu direct sales model belongs to heavy asset operation, with high single-store rent and labor costs, while the unit price of bulk baijiu is low, requiring high-frequency repeat purchases to cover costs. Currently, most stores are still in the model store stage, and how to optimize the cost structure and improve single-store profitability has become the core premise for model replication [1][3].

The direct sales model may conflict with traditional dealer channels, requiring a balance between terminal pricing and channel profits. Xiao Zhuqing, an independent commentator on China’s wine industry, pointed out that Gujing Gongjiu’s Dajiu Pu project needs to solve the problem of interest distribution with the traditional distribution system [1][2].

Whether Dajiu Pu can change consumers’ inherent perception of ‘bulk baijiu = low-end’ and how to achieve long-term value mining in terms of operational efficiency and user stickiness improvement are all tests of the enterprise’s wisdom [1][3].

According to insiders, Gujing Dajiu Pu is a supplement to Gujing Gongjiu’s offline channels in Bozhou and will not expand its scale for the time being [2]. This indicates that the company still holds a cautious attitude towards this new model, and whether the single-store model can be quickly replicated to form scale effects remains to be observed.

Gujing Gongjiu’s first Dajiu Pu is in the pilot stage, with the main goal of verifying the business model and accumulating operational experience. In the short term, it is expected to pilot in a few cities, focusing on the single-store profit model and consumer feedback. It is estimated that the number of Dajiu Pu of Gujing Gongjiu will still be very limited in 2026, and will not have a significant impact on the company’s overall performance [2].

If the pilot is successful, Gujing Gongjiu is expected to promote it in other cities in Anhui and gradually expand to surrounding provinces. The online channel has shown a good momentum: its 42-degree 500ml ‘Nongxiang Jiaocang · No.1’ baijiu has a seckill price of 25 yuan per bottle, and the sales volume of double bottles in the official Douyin live broadcast room has exceeded 2,000 orders, confirming the market appeal of cost-effective bulk baijiu [3].

From the industry trend perspective, the continuous growth of the bulk baijiu market and the profound transformation of consumption scenarios provide broad space for the Dajiu Pu model. If Gujing Gongjiu can form core competitiveness in brand youthfulness, digital operation, and cost control, Dajiu Pu is expected to become an important growth pole for the company.

Gujing Gongjiu’s ‘Dajiu Pu’ new channel represents an important exploration direction for channel innovation in the baijiu industry. From the strategic level, this layout aligns with the industry transformation trend and is forward-looking; from the execution level, the company has resource advantages such as capital, brand, and channels; however, challenges such as profit model, large-scale replication, and dealer relationships still need time to verify.

: Gujing Gongjiu’s ‘Dajiu Pu’ has , but it is difficult to become a major driver of performance growth in the short term. Investors are advised to pay attention to the following key indicators: single-store break-even time, consumer repurchase rate, young customer group penetration rate, and the company’s subsequent expansion plans.

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[1] Eastmoney - 《徽酒"巷战"新打法：一周内古井贡酒、口子窖争开直营酒铺》 (https://finance.eastmoney.com/a/202512133590803068.html)

[2] 36氪 - 《名酒下场、资本入局，散酒铺是下一个万店风口？》 (https://m.36kr.com/p/3603576652399877)

[3] Caifuhao - 《古井口子窖扎堆开"打酒铺"，散酒真能改写增长剧本？》 (https://caifuhao.eastmoney.com/news/20251215100644189324270)