出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2025年，白酒行业进入加速出清期。 根据中国酒业协会数据，2025年上半年白酒产业总产量191.59万千升，同比下降5.8%；销售收入3304.2 亿元，同比微增0.19%；实现利润876.87亿元，同比下降10.93%。 在市场压力下，酒企渠道库存压力进一步加重。中国酒业协会《2025中国白酒市场中期研究报告》显 示，2025年上半年，58.1%的经销商表示库存增加，超过一半存在价格倒挂问题，白酒行业平均存货周 转天数已达900天，较上年同期增加10%。 终端消费疲软、市场动销放缓、经销商回款意愿降低，形成负反馈，直接影响到酒企的发货节奏。 68%上市白酒企业收入下滑 "量减价增"逻辑失效 从上市公司来看，上半年19家白酒上市公司中有13家收入出现下滑，占比达到68%，收入增速比上年同 期显著减缓。 与此同时，白酒公司分化加剧，市场份额向头部公司集中的趋势日益明显。2024年，6家头部白酒企业 收入占比达到47%，比5年前提升13个百分点；利润总额占比达到62.2%，较5年前提升了9个百分点。 分化同时体现在业绩增速上，上半年6家百亿以上白酒企业收入增 ...

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing, with a total production of 1.9159 million kiloliters in the first half of 2025, a year-on-year decrease of 5.8% [1] - Sales revenue reached 330.42 billion yuan, showing a slight increase of 0.19% year-on-year, while profits fell to 87.687 billion yuan, down 10.93% year-on-year [1] - Over 58.1% of distributors reported increased inventory, with an average inventory turnover period of 900 days, up 10% from the previous year [1] Industry Performance - Among 19 listed liquor companies, 13 reported a decline in revenue, accounting for 68%, with a significant slowdown in revenue growth compared to the previous year [2] - The market is increasingly concentrated among leading companies, with the top six accounting for 47% of revenue in 2024, up 13 percentage points from five years ago [2] - The median revenue growth rate for companies with over 10 billion yuan in revenue was 2.36%, while those below 10 billion saw a median decline of 16.89% [2] Price Trends - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [2] - The wholesale price index for liquor has been declining from September 2024 to August 2025, affecting even premium brands [2] Contract Liabilities - Total contract liabilities for 19 listed liquor companies reached 37.497 billion yuan, a decrease of 9.01 billion yuan year-on-year [4] - Guizhou Moutai saw its contract liabilities drop from 9.993 billion yuan to 5.507 billion yuan, a decline of 44.89%, reflecting adjustments in direct sales channel allocations [4] - Eight companies reported a reduction in contract liabilities of over 15%, with most being smaller firms [5] Company-Specific Performance - Guizhou Moutai reported a revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, with contract liabilities at 5.507 billion yuan [6] - Other companies like Luzhou Laojiao and Wuliangye also reported varying revenue changes, with Wuliangye's contract liabilities at 10.077 billion yuan [6] - Ancient Liquor, a regional representative, experienced a revenue growth of 10.38% in Q1 but a decline of 14.23% in Q2, indicating a significant market shift [5]

68%上市白酒企业收入下滑 "量减价增"逻辑失效 从上市公司来看，上半年19家白酒上市公司中有13家收入出现下滑，占比达到68%，收入增速比上年同 期显著减缓。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2025年，白酒行业进入加速出清期。 根据中国酒业协会数据，2025年上半年白酒产业总产量191.59万千升，同比下降5.8%；销售收入3304.2 亿元，同比微增0.19%；实现利润876.87亿元，同比下降10.93%。 在市场压力下，酒企渠道库存压力进一步加重。中国酒业协会《2025中国白酒市场中期研究报告》显 示，2025年上半年，58.1%的经销商表示库存增加，超过一半存在价格倒挂问题，白酒行业平均存货周 转天数已达900天，较上年同期增加10%。 终端消费疲软、市场动销放缓、经销商回款意愿降低，形成负反馈，直接影响到酒企的发货节奏。 白酒企业逆势加大费用投放 销售费用率最高的水井坊达到36.35% 上半年上市白酒企业费用并没有收缩。19家白酒公司收入增速中位数为-11.85%，而总体销售费用与上 年持平，管理费用则降低3.89%，远低于收入降幅。 与此同时，白酒公司分化加剧，市场份额向 ...

此次对华东、西南、东北三线7个省区茅台酒市场调研，共覆盖200余家渠道商。在各地市场营销座谈会 上，厂商共同分析研判当前形势，商讨应对风险挑战之策，进一步凝聚共识，坚定信心、保持定力，以 更加积极的姿态，携手并肩、全力以赴，高质量做好市场营销工作。 洞察发展趋势，顺势而为。会议指出，白酒行业正经历"三期叠加"新形势，消费结构转型显著，消费者 更注重性价比与理性消费，白酒行业进入新一轮的深度调整期。今年以来，茅台经过厂商双方高效执 行"三个转型""四个聚焦打""五个量比关系"等一系列措施，努力转型、积极拓客，取得了良好成效。从 此次对三地市场调研情况和各方反馈数据来看，随着传统双节临近，8月环比6、7月份，市场终端动销 有所回暖，8月底以来至今终端动销环比增长显著，市场态势有望进一步向好。会议认为，当前来看， 必须清晰认识和把握市场趋势，积极拥抱理性消费时代的到来，深入分析新时代背景下的消费特点、消 费习惯和消费场景，抢抓机遇、精准施策，拥抱新消费形势，多维度拓客，拓展个性化服务，不断满足 消费者多元个性需求，进一步夯实市场基础。 8月24日至9月7日，茅台集团党委副书记、总经理王莉率队深入华东、西南、东北市场 ...

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production and profits [1] - The overall market is experiencing a slowdown, with a notable increase in inventory pressure among distributors [1][2] - A majority of listed liquor companies are facing revenue declines, indicating a shift in the industry's growth logic [3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19% [1] - The industry's profit was 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory, with over half facing price inversion issues, and the average inventory turnover days reached 900 days, an increase of 10% from the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [3] - The market is increasingly concentrated among leading companies, with the top six companies accounting for 47% of revenue and 62.2% of total profits in 2024 [3] - The median revenue growth rate for companies with over 10 billion yuan in revenue was 2.36%, while those below 10 billion yuan saw a median decline of 16.89% [3] Price Trends - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [3] - The wholesale price index for liquor has been declining from September 2024 to August 2025, affecting even premium brands [3] - Specific price drops include Moutai's batch price falling from 1820 yuan to 980 yuan, and other brands like Wuliangye and Guojiao also experiencing significant price reductions [4] Notable Company Results - In the first half of 2025, the total revenue of the 19 listed liquor companies was 241.48 billion yuan, with Kweichow Moutai leading at 91.094 billion yuan, followed by Wuliangye at 52.771 billion yuan [5] - Companies like Jiangsu Yanghe and Jiu Gui Jiu saw revenue declines of 35.32% and 43.54%, respectively, indicating severe challenges for smaller firms [6][7][8] - The median revenue growth rate for listed liquor companies was -11.85%, with 11 companies experiencing declines over 10% and 4 companies over 20% [5]

9月12日，贵州茅台召开了2025年半年度业绩说明会。 会上，有投资者提问：上半年"i茅台"收入同比增长4.98%，但占直销收入的比例却下滑3.5个百分点至26.89%，公司是否会对"i茅台"平台的运营模式、产品投放策略、营销推广方式等进行优 贵州茅台副总经理、财务总监、董事会秘书蒋焰表示，i茅台是公司"4+6"渠道生态的重要组成部分。自建成以来，紧密围绕市场动态，持续优化产品投放策略，取得较好的运营成效。后续，i茅 责任编辑：李思阳 ...

9月12日，贵州茅台召开了2025年半年度业绩说明会。 贵州茅台董事、代行总经理职责王莉就国际化问题进行作答，王莉表示：2025年上半年，公司国际市场在2024年高基数上取得了较大增长，实现了新突破，品牌全球影响力再上新台阶。我们将 责任编辑：李思阳 ...

Core Viewpoint - Guizhou Moutai is facing multiple pressures from industry cycle adjustments and changing consumer trends, but the company is committed to maintaining market stability and promoting sustainable high-quality development [1] Group 1: Market Performance - An investor raised concerns about the price of Feitian Moutai dropping below 1800 yuan before the Mid-Autumn Festival [1] - The company is actively optimizing market strategies and product placements to respond to current market trends [1] Group 2: Company Strategy - Guizhou Moutai emphasizes a long-term perspective, focusing on market and consumer needs while addressing uncertainties with its own certainties [1] - The company aims to maintain the resilience of its channel ecosystem and ensure good collaboration within the market [1]

Core Viewpoint - The management of Kweichow Moutai addressed investor concerns regarding the significant price drop of Moutai 1935 and emphasized the strategic importance of this product in their portfolio, highlighting its unique characteristics derived from two different production areas [1] Group 1: Product Strategy - Moutai 1935 is a strategic product that integrates base liquor from both the Heji Xing production area and the core Moutai production area, maintaining the unique style and flavor characteristics of Moutai [1] - The product features a delicate aroma and a rich, balanced taste, showcasing the organic unity of color, fragrance, and flavor [1] Group 2: Sales and Marketing - The increase in sales expenses is attributed to enhanced brand building and consumer group cultivation, particularly focusing on series liquor and overseas markets [1] - The company's sales expense ratio is approximately 3%, which is among the lowest in the industry, indicating a good cost-effectiveness despite an absolute increase in expenses [1] Group 3: Channel Management - The decline in contract liabilities in the first half of the year reflects the company's commitment to stable and sustainable development of channel partners [1] - During industry cycle adjustments, the company has proactively enhanced channel resilience, fostering a cooperative ecosystem that supports healthy market development [1]

王莉还指出，今年以来，面临行业周期调整和消费趋势变化等多重压力，公司通过统筹优化市场策略， 科学精准实施产品投放，主动维护渠道生态韧性，保持了市场的总体平稳和渠道的良性协同。（智通财 经记者 郭莎莎） 9月12日，贵州茅台（600519.SH）召开2025年半年度业绩说明会，贵州茅台董事王莉（代行总经理职 责）表示，随着传统双节临近，8月环比6、7月份，市场终端动销有所回暖，8月底以来至今终端动销环 比增长显著，市场态势有望进一步向好。 ...