主业不“快乐”，恒顺醋业跨界卖可乐

蓝鲸财经02-06

文｜斑马消费张闻溪恒顺醋业将一款带醋香的可乐味饮品推到大众视野，引发好奇并不奇怪。熟悉的品牌突然换了出场方式，消费者面对的不仅是做菜要不要放醋，还有喝饮料要不要选醋味，消费心理随之改变。对这类跨界产品而言，第一口往往来自新鲜感，第二口则来自口味与日常场景的匹配度。甜味、气泡、酸感的组合是否满足味蕾，醋香能否形成习惯等，都可能影响体验与势能。香醋可乐更像一次从尝鲜到习惯的跨界试探，谁会将其当作新奇...

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张闻溪恒顺醋业将一款带醋香的可乐味饮品推到大众视野，引发好奇并不奇怪。熟悉的品牌突然换了出场方式，消费者面对的不仅是做菜要不要放醋，还有喝饮料要不要选醋味，消费心理随之改变。对这类跨界产品而言，第一口往往来自新鲜感，第二口则来自口味与日常场景的匹配度。甜味、气泡、酸感的组合是否满足味蕾，醋香能否形成习惯等，都可能影响体验与势能。香醋可乐更像一次从尝鲜到习惯的跨界试探，谁会将其当作新奇...</p>\n\n<a href=\"https://www.lanjinger.com/d/1770341009939066987\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1868836914.USD","symbol_name":"CT (LUX) I AMERICAN \"3\" (USD) 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张闻溪恒顺醋业将一款带醋香的可乐味饮品推到大众视野，引发好奇并不奇怪。熟悉的品牌突然换了出场方式，消费者面对的不仅是做菜要不要放醋，还有喝饮料要不要选醋味，消费心理随之改变。对这类跨界产品而言，第一口往往来自新鲜感，第二口则来自口味与日常场景的匹配度。甜味、气泡、酸感的组合是否满足味蕾，醋香能否形成习惯等，都可能影响体验与势能。香醋可乐更像一次从尝鲜到习惯的跨界试探，谁会将其当作新奇玩意儿，谁会考虑将它列入日常清单？这场围绕风味边界、健康概念与饮品赛道游戏规则的博弈，会在消费者的购买与终端触达的广泛与高效中逐步见分晓。跨界不是头一回恒顺醋业跨出调味品边界，香醋可乐不是第一次。早在2022年就有过轻醋果味气泡水的尝试，口味包括菠萝、百香果、荔枝等，更强调低糖契合饮料行业差异化趋势的卖点。在此前后，还延伸到文创雪糕，三款雪糕囊括酱油芝士、香醋、黄酒口味。文创雪糕的销售场景，是线下特定点位，主要在恒顺博物馆等销售。这更像打卡式消费，复购属性往往弱于日常快消。2023年前后，恒顺继续从零食与饮品切入，“每日花醋”醋饮品、醋糖等零食品类，产品组合围着“醋味”做多形态延展。香醋可乐的出现，将这种延展推向更大众的碳酸饮料品类。若只看跨界的共同点，会看到恒顺醋业实则持续在做同一件事，将原本在烹饪环节出现的酸味，迁移到即饮、即食场景，试图让“醋”从调味变为可以随时入口的消费行为。但从“入口”到“复购”，中间隔着供应链、渠道、价格、口味稳定性与消费习惯等多重门槛。这些门槛不是靠话题热度就能跨过去，而是依赖企业的持续经营能力顶上去。与众多跨界产品类似，起初容易在社交场域形成热度，随后逐步进入较慢的消费频度。如何让热度持续转化为销量，是跨界的一大命题所在。更值得注意的是，恒顺醋业的香醋可乐，闯入的是一个由可口可乐与百事可乐长期主导的、高度固化的市场。在全球碳酸软饮料市场，“两乐”占据压倒性份额，形成稳定的双寡头格局。这种优势源于数十年构建的、覆盖城乡的毛细血管式渠道网络、根深蒂固的品牌心智以及巨大的规模成本优势，后来者极难正面突破。对恒顺醋业而言，跨界饮料的价值也许不是卖出多少瓶，更在于是否能让品牌从醋扩展到更多。这种认知迁移一旦建立，才可能在更长周期里释放可持续的跨界势能。主业陷入增长瓶颈跨界不是追求情绪共鸣效应，而是实实在在的企业经营甚至战略选择。尤其当主业增速承压时，企业用新品类去撬动新增量，看似制造热度，实则关系发展变量。从财务数据看，恒顺醋业2024年营业收入约21.96亿元，归母净利润约1.27亿元，分别同比增长4.25%和46.54%，利润的改善幅度大于收入。将时间线进一步拉长，2022年和2023年，公司营业收入分别为21.39亿元和21.06亿元，规模已几乎陷入停滞；同期，归母净利润为1.38亿元和0.87亿元，波动明显。收入陷入瓶颈、利润大幅波动，企业对增长这一命题很难从容。因为，单纯追求规模并不能自然带来利润的可持续改善，反而可能增加费用投入与渠道压力。而2025年前三季度，其营业收入约16.28亿元，同比增长约6.30%；归母净利润约1.42亿元，同比增长约17.98%。从利润增速高于收入增速来看，恒顺醋业的跨界就更像一种双轨动作，一边继续保持主业规模与利润，一边寻找可以提升盈利能力新市场机会。不过，跨界饮料并不必然会贡献大体量收入，原因在于饮料属于高频快消，但也属于成熟竞争领域。其间，巨头品牌、渠道资源、冷链或常温供应链、终端陈列费用、口味迭代速度都极为成熟。新玩家跨界进入，实则是触及了长期以来形成的、完全不同于调味品赛道的游戏规则，以及这一规则支撑下密集的赛场。香醋可乐走风味差异路线，能够换来首轮消费冲动，但从首次尝试到纳入选择清单之间，仍有赖于供应稳定与渠道效率。对于恒顺而言，跨界饮料可以看作是在主业之外争取新增触达的探索，这种触达在短期里可能难以映射到报表，但会映射到品牌的可塑性上。用户的尝新能否转化为复购，最终仍要回到两个指标：一是不同于调味品的饮品分销体系能否顺畅运转；二是消费者能否在日常生活场景中自发产生复购意愿，而不只是依赖渠道的推广。第二曲线在哪？第二曲线，更现实的起点不是宏大概念，而是现有主营收入的分布形态，因为这是资源投放重心与效率倾向的决定性因素。在恒顺醋业2025年第三季度披露的行业相关经营数据中，其前三季度按品类汇总的主营业务收入约14.30亿元，其中“醋系列”约10.53亿元。这组数据意味着，至少在主营业务中，“醋系列”仍是绝对主力，醋饮、礼品等跨界品类并未单独给出规模数据，外界难以判断其具体体量。恒顺醋业提出的三大战略，餐桌调味品、健康醋饮与功能性产品、跨界与礼品场景，三者的差异不在概念，而在运营颗粒度。餐桌调味品追求的是稳定、习惯与渠道深度，更适合依托既有经销网络，做品类内的升级与渗透。健康醋饮追求的是触点密度与复购频次，更考验企业对渠道的掌控，以及对完全不同于调味品的新领域的营销打法与推广策略。礼品场景追求的则是仪式感，更像节庆限定或地方特产的变体，在春节、旅游、城市伴手礼等层面形成购买冲动，但也更可能属于低频消费状态。由此来看，香醋可乐能否走向更高频的日常饮用，仍需要在渠道、口味与产品定位上不断发力和调整策略，而这种策略能否被经销网络接受，可能会决定规模上限。如果说跨界往往被视为一种短期“蹭热度”的行为，那么，恒顺醋业的跨界或许用多元化扩张稍显合适，其追求的或是在品牌认知、渠道效率、品类创新中寻找新的增长曲线。只不过，风味饮料只是其中一种工具，而非万能答案。恒顺醋业的跨界产品上新，可以在一定程度上视为其基于三大战略力争让“醋”离开厨房的一角，走进更多消费场景。这种探索本身不无道理，难点在于习惯养成。财务数据里的稳定与波动并存，渠道数据里的经销主导与线上增长并行，都在说明一个事实，恒顺醋业第二曲线的形成，考验的是其长期经营能力的累积，而非某一款单品的偶然引爆。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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