The citic sec research reports indicate that the whisky industry in china is currently in a high-speed development window, showing a trend of rising quantity and price, with domestic whisky production capacity expected to be gradually released in 2025-26. Taking Japan as a reference, product localization and consumer education are considered the two key factors for domestic whisky to break through bottlenecks. In the short term, international whisky brands, due to their strong brand power accumulated in the early stages, may still dominate; however, in the medium to long term, as production capacity expands, consumer development progresses, and brand strength continues to be built, domestic whisky is expected to form consumer awareness and accelerate its growth.