Pang Dong Lai and Jiugui Liquor's co-branded "Freedom Love" generated approximately 196 million yuan in actual sales in 2025—only completing less than 20% of its 1-billion-yuan target. In the same period, Jiugui Liquor's revenue fell 22.17%, posting its first loss in a decade and exposing the risks and contradictions of the retail-giant custom baijiu model.
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