在华润啤酒以123亿元收购金沙酒业55.19%股权两年后，这家曾经增速惊人的酱酒企业不仅没有如愿腾飞，反而陷入增长停滞、价格混乱、经销商溃退的 恶性循环。 "对于华润而言，要么不做，要么做到行业第一。"这是侯孝海担任华润啤酒执行董事及董事会主席时对华润"1+N"战略中，发展其他品类业务的定调。如 今，侯孝海已辞职，而留下的"1+N"中的"N"也已成为了一地鸡毛。 从华润雪花入局的白酒企业来看，除了汾酒，景芝酒业、金种子酒、金沙酒业都并没有因为华润的收购而实现质的飞跃，目前景芝酒业依旧是一家不知名 的小酒企，金种子酒也在继续亏损，金沙酒业更是遇到了2018年崛起以来最严重的困境。 《道德经》有言"治大国若烹小鲜"，这句话最简单的阐释就是"不折腾"，但华润收购金沙酒业后，除了在人事上折腾外，还在产品上进行了"瞎折腾"，甚 至在去年末还抛弃旗下大单品摘要的品牌定位"书读经典，酒饮摘要"，更换为了"争上游，喝摘要"的品牌宣传口号。 这一口号中的"争上游"的表述还被消费者认为"太过功利"，消费者对"争上游"的联想词TOP3为"销售团队""团建酒""老板画饼"，带有明显的支持PUA。这 种主动丢掉品牌文化资产，选择更"L ...

Core Viewpoint - The event "Caring for Growth, No Drinking for Minors" 2025 National Rational Drinking Promotion Week was launched, emphasizing the importance of protecting minors' health and promoting responsible drinking within the Chinese liquor industry [1][3]. Group 1: Corporate Responsibility and Initiatives - China Resources Beer, as the current chairman of the China Alcoholic Drinks Association's Committee for Promoting Alcohol and Social Responsibility, actively advocates for responsible drinking and has implemented strict advertising content review mechanisms to prevent minors from accessing alcohol-related information [3]. - The company engages in creative initiatives such as the "Top 10 Beautiful Wine Photography Contest" and "Public Welfare Theme Poster Design Contest" to promote rational drinking and protect minors [3]. - The chairman highlighted that ESG (Environmental, Social, and Governance) construction is a key driver for high-quality industry development, alongside the basic requirement of safeguarding growth [3]. Group 2: Environmental and Supply Chain Initiatives - China Resources Beer is advancing green factory construction, with two factories achieving carbon neutrality by 2024 and several others recognized as national and provincial "green factories" [3]. - The company has improved production efficiency and reduced overall energy consumption through smart brewing and integrated energy management technologies [3]. - To enhance supply chain resilience, the company is implementing the "National Barley Revitalization" strategy, exploring a new model of "leading enterprises + research institutions + planting bases" [5].

近日，记者走访深圳多家酒行、超市，发现当市场还在为高端白酒的"去库存"和价格倒挂问题争论不休时，一股更为凛冽的"寒流"似乎已经席卷了整个传 统酒饮市场——步白酒后尘，黄酒、红酒也不好卖了。 "黄酒一哥"改卖啤酒？ 古越龙山业绩"崩塌"寻找新赛道 近日，"黄酒一哥"古越龙山与"啤酒一哥"华润啤酒达成合作，双方宣布将联合研发推出"黄酒+啤酒"跨界联名产品。该产品预计年内上市，计划在华东市 场试点推广，逐步拓展至全国市场。 深圳某超市货架上的雪花啤酒。（深圳商报·读创客户端记者 周良成/摄） 记者采访发现，白酒、黄酒的销售困境并非孤例，与之呼应的是，红酒市场同样在经历一场销售的"寒冬"。随着酒类产业处于深度调整期，市场竞争加 剧，不少从业者表示："今年葡萄酒也越来越难卖了。" 深圳某超市货架上的红酒。（深圳商报·读创客户端记者 周良成/摄） "国产葡萄酒一哥"张裕A今年上半年营收、净利润"双降"。张裕A2025年中报显示，公司主营收入14.71亿元，同比下降3.4%；归母净利润1.86亿元，同比 下降16.09%。今年上半年，张裕A葡萄酒销量同比下滑10.28%，葡萄酒营收同比下滑7.97%。 在葡萄酒业务收入不断 ...

Core Viewpoint - The event "Caring for Growth, No Drinking for Minors" aims to promote rational drinking and sustainable development in the Chinese liquor industry, emphasizing the importance of ESG (Environmental, Social, and Governance) principles [1][5][14]. Group 1: Event Overview - The "Caring for Growth, No Drinking for Minors" 2025 National Rational Drinking Promotion Week was launched in Wuhan, gathering government leaders, industry experts, and representatives from well-known liquor companies to discuss the social value of rational drinking and sustainable development paths under ESG principles [1][3]. - The event is supported by the Wuhan government, which aims to create a social atmosphere conducive to rational drinking and sustainable development [3]. Group 2: Industry Insights - The President of the China Alcoholic Drinks Association highlighted the achievements of the rational drinking promotion week over the past decade and emphasized the significance of ESG in guiding the green development of the liquor industry [5]. - The Chairman of China Resources Beer stated that "guarding growth" is a fundamental requirement for fulfilling social responsibility, and ESG construction is a key engine for high-quality industry development [7][8]. Group 3: Youth Protection Initiatives - The former Deputy Minister of the Central Propaganda Department stressed the collective responsibility of society to create a healthy environment for youth, advocating for the clear boundary that minors should avoid alcohol [10]. - The event launched the "2025 China Prevention of Underage Drinking Green Book," emphasizing a comprehensive intervention system involving families, schools, society, liquor companies, and government [16]. Group 4: ESG Development and Actions - The China Alcoholic Drinks Association, along with Sina Finance and China Resources Beer, published the first "China Liquor Industry ESG Development Index Report," which outlines the industry's social responsibility and ESG practices for 2024 [14]. - The event introduced multiple specific actions to implement responsibility concepts, including the launch of promotional plans and a public welfare-themed microfilm [16].

Core Viewpoint - The collaboration between Guyue Longshan and China Resources Beer aims to create a new product that combines yellow wine and beer, responding to changing consumer trends and targeting the younger demographic seeking low-alcohol beverages [2][3][4]. Group 1: Strategic Collaboration - Guyue Longshan has become the exclusive partner of China Resources Beer in the "yellow wine + beer" crossover product area, focusing on creating a "yellow wine craft beer" [3]. - The partnership is seen as a strategic move to innovate product offerings and break traditional perceptions of yellow wine, leveraging the strengths of both companies [4][8]. - The new product is set to launch in the East China region before expanding nationwide, aiming to reach a broader and younger consumer base [3][4]. Group 2: Market Trends and Consumer Behavior - The collaboration is driven by the trend of younger consumers preferring low-alcohol beverages, with yellow wine typically having an alcohol content of 14%-20% and beer at 3%-5% [3][4]. - The combination of the rich flavor of yellow wine and the refreshing taste of beer is expected to create a unique drinking experience that aligns with modern social drinking preferences [3][4]. Group 3: Industry Context and Challenges - The yellow wine industry faces challenges such as limited market size, regional concentration, and a consumer base primarily consisting of older males, which hinders the growth potential among younger consumers [6][7]. - Competitors in the yellow wine sector, such as Kuaijishan and Jinfeng Wine Industry, are experiencing varied financial performances, indicating a competitive and evolving market landscape [5][6]. - The collaboration may help overcome regional limitations and enhance brand appeal, but it also faces challenges related to integrating different product categories and consumer habits [8][9].

2025年10月16日下午，由中国酒业协会主办、酒与社会责任促进工作委员会承办、华润啤酒（控股）有限公司协办的"关爱成长、非成勿饮"2025全国理性饮 酒宣传周启动仪式暨2025中国酒业ESG论坛在武汉举行。 出席活动的领导和嘉宾有：中国酒业协会理事长宋书玉，中共中央宣传部原副部长、中国文联原党组书记胡振民，原文化部副部长、国家图书馆原馆长、中 国酒业协会战略专家周和平，国家标准化管理委员会原主任、中国酒业协会战略专家纪正昆，国务院国有资产监督管理委员会监事会原主席、中国轻工业联 合会原副会长、中国酒业协会战略专家钱桂敬，国家新闻出版广电总局原党组成员、中国国际广播电台原台长、中国酒业协会战略专家王庚年，四川省人大 常委会原副主任、中国酒业协会战略专家王少雄，武汉市人大副主任杨相卫，中国酒业协会秘书长何勇中国健康管理协会秘书长魏畅，中国社科院教授、责 任云评价院院长张蒽。 华润啤酒（控股）有限公司董事会主席赵春武，贵州茅台酒厂（集团）有限责任公司党委书记、董事长张德芹，五粮液集团（股份）公司党委书记、董事长 曾丛钦，山西杏花村汾酒集团有限责任公司党委书记、董事长袁清茂，泸州老窖集团(股份)公司党委书记、董事长 ...

Core Viewpoint - The collaboration between Guyue Longshan and China Resources Beer aims to create a new product that combines yellow wine and beer, addressing the growing demand for low-alcohol beverages among younger consumers [2][3][5] Group 1: Strategic Collaboration - Guyue Longshan has signed a strategic cooperation agreement with China Resources Beer to jointly develop a "yellow wine + beer" product, leveraging both companies' strengths in production and market channels [2][3] - This partnership is exclusive, making Guyue Longshan the sole partner of China Resources Beer in the "yellow wine + beer" crossover market, which could provide a competitive edge [3] - The collaboration is seen as a key move for Guyue Longshan to pursue its strategy of "youthfulness and premiumization" amid increasing market competition and performance pressures [2][8] Group 2: Market Potential and Consumer Trends - The low-alcohol beverage market is experiencing structural opportunities, with young consumers increasingly influencing consumption patterns, as evidenced by a 34% share of young people in liquor consumption [6] - The product will initially be piloted in East China, a traditional market for yellow wine, before expanding nationwide, supported by China Resources Beer's extensive distribution network [4][9] - The marketing strategy will target modern social scenarios like camping and music festivals, aiming to reshape the perception of yellow wine as a traditional drink [4][7] Group 3: Financial Performance and Future Outlook - Guyue Longshan reported a revenue of 893 million yuan in the first half of the year, a slight increase of 0.4%, but net profit decreased by 4.72%, indicating ongoing performance challenges [9] - The company aims for a sales growth of over 6% and profit growth of over 3% by 2025, focusing on product optimization and market positioning [8][9] - The collaboration with China Resources Beer is part of a broader strategy to enhance brand image and attract younger consumers, potentially leading to new revenue streams [9]

Core Insights - The strategic partnership between Guyue Longshan and China Resources Beer aims to innovate in the alcoholic beverage market by launching a new product, "Yellow Wine Brewed Beer," targeting a broader consumer base [1][3][6] Company Developments - Guyue Longshan has announced a significant collaboration with China Resources Beer, marking a strategic move to enhance its market presence in both the beer and yellow wine sectors [1][6] - The new product will first be trialed in East China before expanding nationwide, indicating a phased approach to market penetration [3][8] - Following the announcement, Guyue Longshan's stock price rose over 3%, reflecting positive market sentiment towards the partnership [3] Market Context - The yellow wine sector has seen a resurgence in interest, with stocks like Kuaijishan experiencing a 120% increase in value this year, highlighting a competitive landscape [3][10] - Guyue Longshan, despite being a long-standing leader in the yellow wine market, has faced challenges in maintaining growth, with a reported revenue increase of only 0.4% in the first half of the year [10][12] - The collaboration with China Resources Beer is seen as a potential catalyst for revitalizing Guyue Longshan's brand appeal, particularly among younger consumers [10][13] Strategic Implications - The partnership aligns with broader strategic goals set by the Zhejiang provincial government and China Resources Group, emphasizing synergy and mutual benefits [6][8] - The introduction of "Yellow Wine Brewed Beer" is positioned as an innovative cross-category product that could redefine market dynamics and consumer preferences [8][10] - Guyue Longshan's historical significance in the yellow wine industry, combined with China Resources Beer's marketing expertise, is expected to enhance product visibility and cultural relevance [6][12]

来源：市场资讯 （来源：21Style） 文丨肖夏 面对势头凶猛的会稽山，古越龙山终于出招。 10月15日深夜，古越龙山披露了一项重磅合作：与华润啤酒在北京华润大厦签约达成战略合作，中国啤酒、黄酒两大领域的领军企业正式携 手。 古越龙山披露，双方将推出前所未有的"黄酒精酿啤酒"，让古越龙山触达更广泛的消费者群体。联名产品今年就将上市，会先在华东地区试 点推广，随后逐步拓展至全国市场、构建完整的全国化运营体系，将借助华润啤酒的年轻化营销经验，从而打破大众对黄酒"老酒"的刻板印 象。 今年资本市场突然爱上了黄酒，黄酒股整体上扬，尤其是积极开展年轻化的会稽山股价多次涨停，今年内股价已经暴涨了120%以上，成功登 顶黄酒市值第一。 相较之下，长期位居黄酒老大的古越龙山，今年虽然股价也顺势上涨，涨幅远不及会稽山。翻看古越龙山的财报，近年增速相对更缓，会稽 山有后来居上之势。 今早开盘，古越龙山一度大涨6%，截止发稿前古越龙山股价上涨3.92%至10.35元。 当年凭借年轻化营销逆势突围的华润啤酒，能否助力古越龙山也在年轻人之间翻红？ 来自古越龙山官方账号 啤酒龙头与黄酒老大联手 不过，烈性啤酒也有超过10%的酒精度。华 ...

Core Viewpoint - The strategic partnership between Guyue Longshan and China Resources Beer aims to innovate the beverage market by launching a new product, "Yellow Wine Brewed Beer," targeting a broader consumer base and leveraging each company's strengths in marketing and distribution [1][3][10]. Group 1: Strategic Collaboration - Guyue Longshan and China Resources Beer signed a strategic cooperation agreement to develop a new product that combines the characteristics of yellow wine and beer, with plans for a pilot launch in East China before expanding nationwide [3][10]. - This collaboration is part of a broader strategic framework established between the Zhejiang provincial government and China Resources Group, focusing on high-quality development and consumer expansion [8][10]. Group 2: Market Impact - Following the announcement of the partnership, Guyue Longshan's stock price rose over 3%, reflecting positive market sentiment towards the collaboration [3][15]. - The yellow wine sector has seen a resurgence in interest, with companies like Kuaijishan experiencing significant stock price increases, highlighting a competitive landscape where Guyue Longshan must adapt to maintain its market position [12][14]. Group 3: Product Innovation - The new "Yellow Wine Brewed Beer" product is expected to blend the rich flavors of yellow wine with the refreshing qualities of beer, aiming to create a unique offering in the beverage market [10][12]. - Guyue Longshan has previously attempted to innovate with products like coffee yellow wine and ice cream, but these efforts have not yet translated into significant market success [14][15]. Group 4: Future Prospects - The collaboration is seen as a crucial step for Guyue Longshan to rejuvenate its brand image and appeal to younger consumers, potentially enhancing its market competitiveness against emerging players like Kuaijishan [6][14]. - The partnership may lead to further collaborative efforts beyond product development, focusing on strategic alignment in marketing and distribution channels [15].