天风证券研报表示，2025年上半年，经济和政策双重影响下白酒行业迎4大变化：①产品矩阵变化：在 低度化/年轻化/高性价比趋势下，酒企相继重视低度产品序列化&中档价位序列化布局工作&产品品质 升级；②渠道持续升级：酒企通过组建平台公司加强渠道掌控，拥抱新渠道平衡线上线下；③营销：打 破"红包"内卷，侧重培育新场景、新人群；④目标理性：头部酒企均以渠道健康&中长期发展为方向， 理性看待业绩增速目标。板块PE修复或先于EPS修复，预计26Q2板块业绩低基数背景下或迎EPS层面拐 点，重视当前板块投资机会。建议关注：①价值主线：强品牌、强需求韧性且分红回报可观的贵州茅 台、五粮液、山西汾酒等；②弹性主线：政策&需求端变化带来的潜在预期修复机会，泸州老窖、山西 汾酒、酒鬼酒、舍得酒业、水井坊、华致酒行、珍酒李渡等。 ...

绿茶集团表示，利润增加主要是由于以下各项的综合影响，包括集团的门店网络持续扩张导致收入较截 至2024年6月30日止六个月的约18.60亿元增加约3.91亿元至4.65亿元。同时，经营效率的持续提升导致 门店层面盈利能力提高，以及部分被截至2025年6月30日止六个月产生的上市开支(约1500万元至2000万 元)所抵销。经调整净利润增加主要由于以下各项的综合影响，包括集团的门店网络持续扩张导致上述 收入增加，以及经营效率的持续提升导致门店层面盈利能力提高。 北京商报讯（记者 张天元）7月31日，绿茶集团发布盈利预告，其中显示，集团预期2025年上半年利润 约2.30亿元(人民币，下同)至2.37亿元，而上年同期约为1.74亿元，增加约32%至36%;上半年经调整净利 润约2.47亿元至2.54亿元，上年同期约为1.79亿元，增加约38%至42%。 ...

Core Viewpoint - The company Zhenjiu Lidu (06979) is experiencing a decline in stock price despite the successful launch of its new product, Dazhen Zhenjiu, which has been positioned as a "super product" in the Chinese liquor industry and is gaining significant market traction [1] Company Summary - Zhenjiu Lidu's stock has dropped over 4%, currently trading at 6.71 HKD with a trading volume of 58.26 million HKD [1] - The company is focusing its budget resources on the Dazhen Zhenjiu product, which is expected to drive sales and market presence [1] - The company is shifting from a functional satisfaction approach to an emotional resonance strategy, indicating a structural change in its marketing [1] - Zhenjiu Lidu is adopting a leading commercial model that is expected to enhance its competitive edge in the market [1] Industry Summary - The liquor industry is under pressure, prompting Zhenjiu Lidu to relax payment collection requirements to support its distribution channels [1] - The company has increased inventory levels due to the distribution of Zhen Thirty last year, and is now focusing on enhancing terminal sales and reducing inventory [1] - The introduction of the strategic flagship product Dazhen is aimed at bridging the gap between Zhen Thirty and Zhen Fifteen, with a focus on offering exceptional value [1] - The company is expanding its price range and product matrix to increase market share, while competitors like Xiangjiao and Kaikouxiao are facing challenges [1] - Increased marketing expenditures are being directed towards alleviating cash flow pressures for distributors, with expectations of a decline in profit margins and a 40% drop in both revenue and profit for the first half of 2025 [1]

华创证券发布研报称，行业承压背景下公司放松回款要求，协助渠道纾压。具体看，珍三十去年流通渠 道铺货下，库存有所提升，公司强化终端动销培育，加速去库；珍十五商务场景有所受损，各地陆续放 松回款要求，持续聚焦去库。二季度推出战略大单品大珍，定位珍三十与珍十五之间，以极致性价比开 启招商，预计贡献回款收入。李渡通过拓张价格带、延伸产品矩阵提升市场份额，湘窖、开口笑有所承 压。上半年持续加大费投为渠道纾压，缓解经销商现金流压力，预计 25H1 利润率有所回落，收入/利润 同降 40%/40%。 智通财经APP获悉，珍酒李渡(06979)现跌超4%，截至发稿，跌4.14%，报6.71港元，成交额5826.08万港 元。 消息面上，据珍酒李渡官微报道，大珍·珍酒锚定中国白酒行业"超级产品"样本，上市即热销，成为"现 象级爆款"。浙商证券指出，大珍·珍酒能够成为行业爆款，主因珍酒今年将把大部分预算资源向这款产 品倾斜；从功能性满足向情感性共鸣的结构性转向；商业模式具备显著领先性。 ...

Core Insights - The white liquor market has experienced a collective price decline since 2025, affecting both high-end and mid-range products due to a cooling consumption environment and high inventory pressures [1][15][16] - The South China region, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, has shown significant price differentiation and a notable decline in retail prices for various white liquor products [1][2][3] Market Performance - More than half of the monitored products have seen a price drop since the beginning of the year, with high-end products being the most affected [2][15] - Among 21 monitored products, 15 experienced a decline in average retail prices, with only 4 showing slight increases and 2 remaining stable [2][3] - The most significant price drop was observed in Feitian Moutai, which fell from approximately 2624 CNY to 2368 CNY, a decrease of 256 CNY [2][3] Price Trends by Product - Feitian Moutai's market price has dropped significantly, with current prices ranging from 2100 to 2400 CNY per bottle, marking a decline of over 15% from its peak [3][15] - Other products in the thousand CNY price range, such as the eighth generation Wuliangye and Guojiao 1573, also saw price reductions, with the eighth generation Wuliangye dropping by 110 CNY [10][15] - Mid-range products like Yanghe Dream Blue M6+ and Guotai Guobiao also experienced price declines, although to a lesser extent compared to high-end products [4][10] Regional Price Dynamics - In Guangzhou, 17 out of 21 products saw price declines, with Feitian Moutai dropping from 2648 CNY to 2305 CNY [7][8] - Shenzhen's market showed a downward trend in retail prices, although some products had inflated prices due to high-end retail channels [9][10] - Dongguan's market exhibited significant price fluctuations influenced by seasonal demand and promotional activities, with Feitian Moutai's price dropping to 2299 CNY during peak sales periods [12][13] Inventory and Market Conditions - The white liquor industry is currently in a deep adjustment phase, with high inventory levels leading to price pressures across all product categories [15][16] - Approximately 60% of companies are facing price inversion, particularly in the 800 to 1500 CNY price range, which is experiencing the most significant downward pressure [15][16] - The average inventory turnover days have increased to 900 days, indicating a challenging market environment for producers [15][16] Future Outlook - The market is expected to continue facing challenges as companies balance between maintaining prices and expanding market share [17][18] - The introduction of new statistical methods and the inclusion of additional cities like Foshan in price monitoring may provide a clearer picture of market dynamics moving forward [20][21]

编者按：2024年，中国白酒行业步入深度调整期，市场竞争愈发激烈，行业人事变动频繁，风起云涌。 面对复杂多变的行业形势和消费市场的新需求，白酒企业纷纷将"改革"视为关键动力，积极探索新的增 长点，以应对挑战、拥抱机遇。 搜狐酒业特别推出"十大酒企董事长"栏目，聚焦贵州茅台（600519）、五粮液（000858）、山西汾酒 （600809）、洋河股份（002304）等具有行业影响力的酒企，深入剖析这些企业掌舵人的管理理念、战 略调整以及背后的市场考量，为行业提供参考与借鉴。 第六期关注的是珍酒李渡集团董事长吴向东。 出品丨搜狐酒业发展研究院 "男人要会吹牛""搞自动化是发疯""企业的使命是创造更多中产家庭"…… 近日，吴向东凭借在社交媒体上发表的一系列犀利言论，一跃成为酒圈新晋 "网红"，流量与争议也随 之而来。 截至目前，他的个人视频号已更新40条内容，从分享酒业思考到畅谈人生感悟，多次在行业刷屏，其中 要求员工做公益的视频更收获近4万点赞。 从代理五粮液"川酒王"起家，到创立国民品牌金六福，再到带领珍酒李渡成为 "港股白酒第一股"，这 位手握两家上市公司的传奇商人，如今亲自下场拥抱社交媒体，以"敢言"人设成 ...

编者按：2024年，中国白酒行业步入深度调整期，市场竞争愈发激烈，行业人事变动频繁，风起云涌。面对复杂多变的行业形势和消 费市场的新需求，白酒企业纷纷将"改革"视为关键动力，积极探索新的增长点，以应对挑战、拥抱机遇。 第六期关注的是珍酒李渡集团董事长吴向东。 作者丨饶婷 搜狐酒业特别推出"十大酒企董事长"栏目，聚焦贵州茅台、五粮液、山西汾酒、洋河股份等具有行业影响力的酒企，深入剖析这些企 业掌舵人的管理理念、战略调整以及背后的市场考量，为行业提供参考与借鉴。 截至目前，他的个人视频号已更新40条内容，从分享酒业思考到畅谈人生感悟，多次在行业刷屏，其中要求员工做公益的视频更收获 近4万点赞。 从代理五粮液"川酒王"起家，到创立国民品牌金六福，再到带领珍酒李渡成为 "港股白酒第一股"，这位手握两家上市公司的传奇商 人，如今亲自下场拥抱社交媒体，以"敢言"人设成功俘获了众多酒商共鸣。 不过，在行业调整周期的大背景下，珍酒李渡的业绩也同样出现波动。 2024年，公司实现营收70.67亿元，同比微增0.52%；股东应占净利润为13.24亿元，同比下滑43.12%。 为应对当下的消费趋势，珍酒李渡今年重推战略级新品"大珍 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Views - The liquor industry is strengthening its internal capabilities, with companies focusing on management, product, and channel improvements. The industry is currently at a low valuation and is expected to stabilize as sales pressure eases [2]. - In the beer and beverage sector, East Peak Beverage reported impressive mid-year results, while the industry continues to show high growth potential despite intense competition [3]. - The report highlights the ongoing transformation in product selection at Sam's Club, emphasizing operational efficiency through local supply chain adjustments [4]. Summary by Sections Liquor Industry - The liquor sector is in a phase of continuous improvement, with major companies like Guizhou Moutai and Shanxi Fenjiu enhancing their management and product offerings. The industry is currently experiencing a seasonal downturn, but valuations are low, suggesting potential for recovery [2]. Beer and Beverage Sector - The beer segment is advised to focus on high-growth products and structural performance, with companies like Yanjing Beer and Zhujiang Beer being highlighted. East Peak Beverage's revenue for the first half of 2025 reached 10.737 billion yuan, a year-on-year increase of 36.37% [3]. Food Sector - Sam's Club is undergoing a significant product selection transformation, with a shift towards national best-selling items to improve operational efficiency. The report notes that the low-temperature dairy market is performing better than the ambient temperature segment [4][7].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Group 1 - The visit by Ma Weihua and his team to Guizhou Zhenjiu highlights the company's strong brand reputation and product influence in the national market after half a century of development [2] - Ma Weihua praised Zhenjiu's commitment to high-quality liquor production amidst a complex market environment, emphasizing the importance of strategic focus [2] - Zhenjiu is undergoing a critical transformation phase in the liquor industry, aiming to enhance core competitiveness and innovate development models [4] Group 2 - The Zhenjiu estate project integrates red culture, liquor culture, and historical culture, with potential to become a model for immersive consumer experiences [4] - The establishment of the "Wanshang Alliance" aims to create a super organization and super products, providing a sustainable revenue mechanism for distributors [4] - Ma Weihua's background as a prominent figure in the financial sector, including his tenure as the second president of China Merchants Bank, adds credibility to his insights on Zhenjiu's future prospects [4]