疯狂的酱酒回归理性：茅台珍酒"哐哐"上新，"消费者本位"成共识 【中国白酒网】没有一个行业永远向上，多年高速增长之后，白酒进入调整期。 前几年被资本狂热追逐的酱酒赛道，感受尤为深刻。曾经，赤水河畔新项目接连上马，行业内外资 本争相涌入，酱酒一度被视作"点石成金"的香饽饽。如今，狂热褪去，行业光环不再，赛道回归理性。 今年上半年，白酒龙头贵州茅台营收增速首次降至个位数，珍酒李渡则出现上市两年来首次营收与净利 润"双降"。 如何从"资本驱动" 转向 "消费驱动"，如何让产品真正匹配消费者的需求与喜好，成为所有酒企必 须面对和解答的核心课题。市场上仅有的两家酱酒上市公司——贵州茅台与珍酒李渡，不约而同地将发 力点放在了新品上。无论是茅台的高频上新，还是珍酒的新品营销创新，本质上都是在通过产品这个载 体，试探消费者的真实喜好，用更精准的价值传递打动市场。 记者也密切关注到这两家酱酒头部企业在调整期的主动作为，试图从它们的动作中，探寻行业回归 消费本质的路径与逻辑。 "茅老大"疯狂上新，百般试探消费者的心 上半年，贵州茅台茅台酒产品实现营收755.9亿元，同比增长10.24%，增速高于公司整体营收；第 二季度单季收入3 ...

日前，白酒上市公司2025年半年报已全部出炉，行业整体业绩图景浮出水面。 在这一背景下，"主动降速，控量稳价"成为众多酒企的共同选择，尤其在制定2025年度目标任务时，普 遍将"稳"作为关键词。茅台将今年营收增速锁定在9%左右，强调企业由高速增长向稳健发展换档;五粮 液提出"2025年营业总收入力争与宏观经济指标保持一致"，将自身发展与宏观大势深度绑定;古井贡酒 则明确"营业总收入较上年度实现稳健增长"，一个"稳"字道尽笃定。 "稳字当头，稳中求进"不仅是宏观经济的总基调，此刻也成为白酒行业穿越周期迷雾的"定海神针"。这 种战略定力，是酒企在不确定性中寻找确定性的关键，目标的审慎与弹性，恰是酒企在行业调整期实 施"进攻性防御"战略的智慧体现。 基于这一思路，在市场运营策略上，酒企们展现出更为灵活的机动性。数据显示，今年上半年，在20家 白酒上市公司中，共有9家企业通过降低合同负债为传统渠道减压。在这背后，主动放宽经销商打款要 求，并同步进行停货稳价，成为酒企们的主要策略。 据佳酿网不完全统计，今年以来，近20家酒企先后发布了停货通知，包括五粮液、洋河、今世缘、汾酒 等上市企业，以及郎酒、习酒等非上市品牌。 众 ...

在8月31日正式开幕的2025企业合作发展年会上，珍酒李渡集团董事长吴向东与京东集团创始人、董事局主席刘强东，360集团创始人、董事长周鸿祎等24位 企业家，一起荣获"可持续发展——年度最具企业家精神的商界领袖"奖项。 据悉，该奖项旨在表彰领导力卓越，在产业升级、科技研发等领域敢为人先、敢于担当的企业家，为行业树立典范。 吴向东深耕白酒行业近30年，从创立"金六福"品牌，到带领华致酒行成为中国首家酒类流通A股上市企业，再到推动珍酒李渡成功登陆港股，成为"港股白 酒第一股"，其凭借敏锐洞察力和卓越领导力带领企业数次穿越行业周期，实现高质量发展，成为白酒行业领军人物。 面对行业新周期，吴向东积极创新、勇于破局。今年以来，在其主导下，珍酒李渡推出战略级新品大珍·珍酒，成为行业现象级产品；打造超级组织万商联 盟，重塑行业生态；发布旗下首款高端精酿啤酒品牌牛市啤酒，正式开启"白+啤"产品战略。此外，吴向东成功打造个人IP，两个月内视频播放量超5000 万，两次大型直播观看总人数超750万，影响力不断破圈。 行业观察人士认为，在酒业"寒冬"，吴向东以超级新品、超级模式、超级传播，开辟出一个充满活力的增长通道，为行业成功探 ...

今年，白酒行业还在探底过程中。 21世纪经济报道记者统计21家白酒上市公司半年报注意到，今年上半年有15家业绩出现倒退，仅有6家保持了正增 长，分别是贵州茅台、五粮液、山西汾酒、古井贡酒、金徽酒——几乎都是名酒。 过去几年高增长的白酒股，今年难见踪影。 | | | 白酒股2025年半年报增长表现 | | | | --- | --- | --- | --- | --- | | | H1营收(亿元) | 同比增长 | H1归母净利润(亿元) | 同比增长 | | | | 第一梯队 领跑行业 | | | | 贵州茅台 | 893.89 | 9.16% | 454.03 | 8.89% | | 山西汾酒 | 239.64 | 5.35% | 85.05 | 1.13% | | 五粮液 | 527.71 | 4.19% | 194.92 | 2.28% | | | | 第二梯队 保持增长 | | | | | H1营收(亿元) | 同比增长 | H1归母净利润(亿元) | 同比增长 | | 古井贡酒 | 138.80 | 0.54% | 36.62 | 2.49% | | 老白干 | 24.81 | 0.48% | 3. ...

Core Viewpoint - The current outlook for the liquor industry indicates that a bottom has formed due to multiple policy catalysts, with the liquor sector showing signs of recovery but still at historical lows. The industry is expected to benefit from improved economic expectations, with a focus on the upcoming Mid-Autumn Festival and National Day for demand recovery [1][2]. Group 1: Industry Performance - In Q2 2025, the liquor industry entered a deep adjustment phase under macroeconomic and policy pressures, with total revenue for the first half of 2025 reaching 239.8 billion yuan, a year-on-year decrease of 0.9%, and net profit attributable to shareholders at 94.6 billion yuan, down 1.2% [2]. - Excluding Moutai, other listed companies in the sector reported a total revenue of 150.4 billion yuan in H1 2025, a decline of 6.1%, with net profit at 49.2 billion yuan, down 8.9% [2]. - The overall price of mainstream liquor products has declined, but with improving industry sentiment and easing constraints in H2, a recovery is anticipated, particularly during the peak sales periods of the Mid-Autumn Festival and National Day [2]. Group 2: Brand and Price Segmentation - High-end liquor brands are outperforming mid-range and regional brands, with high-end brands maintaining resilience through strong brand power and channel control. Moutai and other leading brands are stabilizing their market positions through inventory control and channel optimization [3]. - Mid-range liquor brands are experiencing more direct impacts from policy changes, with some brands like Fenjiu showing continued growth despite pressures [3]. - Regional leaders are focusing on maintaining market share and stabilizing core product prices, while brands like Jiangsu Yanghe and Jiuzi have seen significant adjustments [3]. Group 3: Investment Recommendations - The company suggests focusing on leading brands with strong market positions such as Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu during the economic transition [3]. - Regional leaders that maintain their core markets, such as Gujing Gongjiu and Jiuzi, are expected to sustain momentum as demand recovers [3]. - Brands that have actively managed their financials during this adjustment period, like Shede and Yanghe, are also recommended for attention [3].

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is currently experiencing a downturn, with many companies reporting declining performance. However, some analysts believe this could signal a bottoming out and potential recovery in the future [1][12]. Industry Performance - In the first half of the year, 15 out of 21 listed baijiu companies reported declining performance, with only 6 companies, including Kweichow Moutai and Wuliangye, showing positive growth [1][4]. - The overall industry is facing significant challenges, with many companies returning to average performance levels after years of high growth [4][11]. Company-Specific Insights - Leading companies like Kweichow Moutai and Wuliangye continue to show resilience, maintaining their positions despite a slowdown in growth [5][9]. - Companies such as Yingjia Gongjiu and Jiuzi Jiu have reported significant declines, with Yingjia Gongjiu's revenue dropping by 24% and net profit by 35% in Q2 [2][8]. - The performance of Shanxi Fenjiu has slowed, with growth rates returning to single digits after years of double-digit increases [2][6]. Market Dynamics - The competitive landscape is shifting, with a clear trend of market share concentrating among top brands, while smaller and regional brands struggle to maintain their positions [10][11]. - The number of regulated baijiu companies has decreased, indicating a consolidation trend within the industry [11]. Future Outlook - Analysts suggest that the second half of the year may see a potential rebound, particularly during the Mid-Autumn Festival and National Day, which could provide a window for price stabilization and recovery [12][13]. - Despite recent stock price increases, the overall sentiment remains cautious, with many expecting that a full recovery may take until late 2025 or beyond [13][14].

Core Viewpoint - The Chinese liquor industry is entering a deep adjustment period characterized by policy adjustments, consumption structure transformation, and intensified competition, leading to a slowdown or negative growth in the revenue of listed liquor companies in 2025 [1][5][14] Group 1: Industry Performance - In the first half of 2025, only five out of 17 liquor companies reported revenue growth, with Moutai, Wuliangye, Gujing, Jinhui, and Fenjiu showing positive growth, while 12 companies, including Jiu Gui, experienced negative growth, with Jiu Gui's revenue declining by 43% [2][3] - The overall revenue of the liquor industry is expected to face a slowdown, with a significant number of companies reporting negative profit growth, including a staggering 750.54% decline for Jinzizi [2][3] Group 2: Market Dynamics - The liquor industry is undergoing structural changes, with a notable decline in government and business consumption, leading to a shift in consumer behavior towards lower-priced products [5][10] - The market for strong aroma liquor is projected to grow to over 300 billion yuan by 2025, but with a low compound annual growth rate of only 3%, indicating a challenging environment for regional liquor companies [7][10] Group 3: Product Segmentation - The introduction of new national standards for sauce-flavored liquor is expected to accelerate industry reshuffling, imposing significant cost pressures on small and medium-sized distilleries [8][10] - Clear aroma liquor is gaining traction among younger consumers, with its market share increasing significantly, reflecting a shift in consumer preferences towards lighter and more affordable options [11][12] Group 4: Future Outlook - The liquor industry is anticipated to continue facing challenges, with a projected 7.2% decline in production in the first half of 2025, marking the eighth consecutive year of decline [5][10] - The market is expected to transition from "barbaric expansion" to "structural growth," with leading companies likely to increase their market share as weaker players exit [10][14]

珍酒李渡近期股价走势图 白酒行业告别产量驱动黄金时代，正式进入"存量博弈+结构升级"新周期。曾经依靠渠道压货、广告轰炸取得好业绩的时代一去不复返，企业必须重新审视 自身战略定位和发展模式，以适应市场变化。 低迷的市场环境中，珍酒李渡股价涨幅显著，从8月初的6.46港元/股，一路冲高至10.9港元/股。截至9月2日，股价高报10.06港元/股，一个月内涨幅近 50.82%，成为白酒"明星股"。 这并非单纯的"资金"狂欢。要知道，资本市场的背后，是一群精明的投资者。他们深知，行业寒冬中，只有敢于主动进化、积极构建核心竞争力的企业，才 是真正的潜力股。 8月底，中金公司研报维持珍酒李渡"跑赢行业"评级，并上调目标价至11.2港元。 短期业绩异动 珍酒李渡的四维变革 目前，A+H股所有白酒上市公司均已发布半年报。数据显示，22家白酒上市公司中，仅有6家维持了营收利润正增长，其余营收利润则双双下滑，4家白酒 公司报亏。 短期业绩承压成为行业共识，资本市场投资逻辑也从业绩为王的单一逻辑，转向关注企业在行业低谷中展现的战略决心和变革能力。珍酒李渡主动出击，积 极寻求变革和突破，让投资者看到了其潜力和价值。 珍酒李渡的变革， ...

珍酒李渡不再是中国第四大酱酒品牌了。 作者：李淼淼 编辑：贾 明 8月22日晚，珍酒李渡（06979.HK）发布的2025年上半年财报，营收同比下滑39.6%、经调整净利润同比下滑39.8%的双位数跌幅，曾借弗 若斯特沙利文数据宣称"中国第四大酱香型白酒品牌"的企业，正式告别规模扩张的黄金时代。 营收同比下滑39.6％、归母净利润同比下滑23.5％、经调整净利润同比下滑39.8。这三组核心数据创下珍酒李渡上市以来最差半年成绩单。 | 下表載列截至2025年6月30日止六個月我們的觸鍵財務數據,連同2024年同期 | | | | | --- | --- | --- | --- | | 的比較數字及變動(以百分比表示)。 | | | | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | 家 | | | (未經審計) | (未經審計) | (96) | | | (人民幣千元)(人民幣千元) | | | | 收入 | 2.497.106 | 4.133.191 | -39.6 | | 毛利 | 1.474.284 | 2.428.682 | -39 3 | | 期內本公司權益股東應佔 ...

引子： 近来，白酒面临复杂局面，行业整体处于深度调整阶段。受政策调控、消费场景结构性迁移、代际消费 差异等多方面因素影响，行业增速放缓，多家企业上半年业绩出现同比下滑。如分众传媒董事长江南春 在春糖会期间所指出：白酒品牌面临存量博弈、需求瓶颈和动销承压三大挑战。 在此背景下，珍酒李渡（06979.HK）于8月22日晚发布2025年半年报，实现营业收入24.97亿元，经调整 净利润6.13亿元。 文化节启幕：传承与创新交织 8月30日早晨，第二届国宝李渡申遗文化节在国宝李渡酒庄盛大启幕。作为去年同期首届申遗文化节的 延续，本届活动在规模、内容与体验形式上全面升级，以"陶酒共生 头排开窖 福渡万家"为主题，为参 与者们献上一场兼具文化深度、生活美学与公益责任的盛宴。 文化节以国宝李渡酒庄传统盛典——"头排开窖"仪式拉开帷幕。百口窖池历经120天封藏发酵后齐齐开 启，醇香弥漫，气势如虹，不但彰显出酿酒文化的深厚传承，也体现了"道法自然"的理念，处处可见李 渡对千年酒文化精髓的坚守与敬意。 逢此良辰，国宝李渡酒庄在活动现场重磅发售了限量纪念酒——"福渡万家"。该作品诞生于120天超长 发酵的沉淀，以千年陶酒共生之力淬 ...