Core Insights - The white liquor industry is experiencing a significant downturn, with major companies reporting substantial declines in revenue and profit, marking the worst performance in a decade [3][5][24] - The decline is attributed to various factors, including changes in consumer behavior, economic pressures, and a shift in demand dynamics, leading to an inventory crisis across the industry [19][21][23] Industry Performance - In Q3 2025, 20 listed liquor companies in A-shares saw a total revenue decline of 18.42% year-on-year, with net profits dropping by 22.03% [3][24] - Major brands like Wuliangye and Moutai reported drastic revenue drops, with Wuliangye's revenue halving and profits plummeting by 65% [5][28] - Moutai's wholesale price fell below 1700 yuan, a historic low, representing a decline of over 50% from its peak in 2022 [2][3] Inventory Crisis - The average inventory turnover days in the industry reached 900 days, indicating a severe backlog where new products may take over two years to reach consumers [19] - Nearly 60% of distributors reported increasing inventory levels, leading to a cash flow crisis and forcing many to resort to drastic price cuts to survive [19][20] Market Dynamics - The industry is facing a fundamental shift in supply and demand, exacerbated by policies like the "ban on alcohol" which have reduced business-related consumption [21][22] - The once lucrative mid-range price segment (800-1500 yuan) has become a "death zone" for many brands, with 60% of companies experiencing price declines [13][19] Strategic Responses - Companies are urged to restructure their relationships with distributors, focusing on mutual survival rather than aggressive sales targets [29] - A shift towards optimizing product lines and focusing on core products is necessary for regaining market strength [30] - Long-term strategies must include rebranding efforts to appeal to younger consumers, moving away from outdated narratives [32][34]

以下文章来源于中国企业家杂志 ，作者张文静 段永平的独特性在于他于实业、投资的双重成功。实业领域，他创立小霸王品牌，后成立步步高公司。投资领域，他也创下了诸多成功案例，包括长期持有 网易、苹果、茅台等公司股权。人们将他视为"中国的巴菲特"，试图从他的只言片语中探得企业经营、投资的真经。 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 文 ｜ 张文静 编辑 ｜ 米娜 来源｜ 中国企业家杂志（ID：iceo-com-cn） 封面来源 ｜ 视觉中国 大部分时候，段永平看起来很谦逊、坦诚。他拒绝被神化，尽管外界关于他的传说一直在流传。但他说自己胸无大志，是个普通人。他不止一次坦白自 己"搞不懂"，搞不懂英伟达，也没搞懂谷歌。 只有一次，他没有谦虚。提起网易那笔收获百倍回报的投资，他坐在椅子上，微微晃了晃身子，脸上露出狡黠的神色，说 "那当然，我是谁啊？我做游戏出 身的呀，我可懂游戏了。" 他将这次成功归功于他懂游戏。 从步步高"退休"20多年后，段永平近日罕见露面，与投资者社区雪球创始人、董事长方三文进行了一场深度对话，尽管内容并未超出过去他散见于各个社交 平台的观点，但仍受到了投资者、企业经营者的热捧。 很多投 ...

| | 查公司 都在用的商业查询工具 | 查老板 直关系 查风险 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 嘉兴黔元智擎创业投资合伙企业(有限合伙) | 8 | 天眼一下 | 4 FEDULER | | | 基本信息 2 | 法律诉讼 | 经营风险 | 经营信息 | | 公司发展 | | | 工商信息 ● | | | | | | | | 工商信息 历史工商信息0 | | | | | | | | 企业名称 | 嘉兴黔元智擎创业投资合伙企业(有限合伙) | | | | | | | 执行事务合伙人 | 夏 夏顶立 | 登记状态 2 | 开业 | | | 天眼 | | | | 成立日期 | 2025-11-18 | | | | | 统一社会信用代码 0 | 91330402MAK12QWQ2U | 出资额 | | 10100万人民币 | | 253 | | 工商注册号 | | 纳税人识别号 2 | | 91330402MAK12QWQ2U | | 相框 | | 营业期限 | 2025-11-18 至 2045 ...

北京商报讯（记者 刘一博 冯若男）11月18日尾盘，沪指3939.81点下跌0.81%。白酒板块2327.02点收盘 下跌1.06%，其中14只白酒股下跌。 财通证券发布研报称，从两轮白酒产业调整的节奏看，当前白酒行业调整接近尾声，消费场景上看预计 家庭宴席场景的修复快于商务需求，龙头企业管理提效将持续提升份额。 从个股来看，贵州茅台收盘价达1476.00元/股，上涨0.34%；五粮液收盘价达120.36元/股，上涨0.17%； 山西汾酒收盘价达196.91元/股，下跌1.05%；泸州老窖收盘价139.75元/股，下跌0.18%；洋河股份收盘 价达68.99元/股，上涨0.77%。 ...

Core Insights - The liquor sector experienced a slight increase of 0.1% on November 18, with Huangtai Liquor leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Liquor Sector Performance - Huangtai Liquor (000995) closed at 13.85, up 2.21% with a trading volume of 145,800 shares and a transaction value of 204 million yuan [1] - Yanghe Brewery (002304) closed at 66.899, up 0.77% with a transaction value of 302 million yuan [1] - Gujing Gongjiu (000596) closed at 161.60, up 0.37% with a transaction value of 355 million yuan [1] - Kweichow Moutai (600559) closed at 1476.00, up 0.34% with a transaction value of 5.056 billion yuan [1] - Wuliangye (000858) closed at 120.36, up 0.17% with a transaction value of 1.785 billion yuan [1] - Luzhou Laojiao (000568) closed at 139.75, down 0.18% with a transaction value of 1.106 billion yuan [1] - Other notable declines included Jiuzi Jiao (603369) down 0.52% and Tianyoude Liquor (002646) down 0.60% [1] Capital Flow Analysis - The liquor sector saw a net outflow of 200 million yuan from institutional investors, while retail investors contributed a net inflow of 282 million yuan [2] - Major stocks like Kweichow Moutai and Wuliangye experienced significant net outflows from institutional and speculative funds [3] - Huangtai Liquor had a net inflow of 28.24 million yuan from institutional investors, but a net outflow of 30.67 million yuan from retail investors [3]

Market Overview - The Shanghai Composite Index closed at 3939.81 points, with a decline of 0.81%, and the total trading volume of A-shares reached 1,945.96 billion yuan [1] Stocks Breaking the Annual Line - A total of 35 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates including: - Guangyun Technology with a deviation rate of 19.13% - Longxun Co., Ltd. at 15.24% - Central Plaza at 7.88% [1] Top Performers - The top three stocks with the highest deviation rates are: 1. Guangyun Technology: Today's price increase of 19.99%, turnover rate of 9.16%, annual line price of 13.81 yuan, latest price at 16.45 yuan [1] 2. Longxun Co., Ltd.: Price increase of 20.00%, turnover rate of 19.74%, annual line price of 69.30 yuan, latest price at 79.86 yuan [1] 3. Central Plaza: Price increase of 10.11%, turnover rate of 9.48%, annual line price of 3.63 yuan, latest price at 3.92 yuan [1] Additional Notable Stocks - Other stocks that have recently crossed the annual line with lower deviation rates include: - Tianlong Group, Jinyu Medical, and Meili Cloud, which have just crossed the annual line [1]

Core Points - The Shanghai Composite Index is at 3937.29 points, with a decrease of 0.87%, and the total trading volume of A-shares is 1,593.98 billion yuan [1] - 30 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks that have broken through the annual line include: - Guangyun Technology (光云科技) with a deviation rate of 19.13% and a price increase of 19.99% [1] - Longxun Co., Ltd. (龙迅股份) with a deviation rate of 15.24% and a price increase of 20.00% [1] - Haohan Depth (浩瀚深度) with a deviation rate of 6.26% and a price increase of 8.69% [1] Trading Metrics - The trading volume for A-shares today is reported at 1,593.98 billion yuan [1] - The turnover rates for the top stocks that broke through the annual line vary, with Longxun Co., Ltd. at 17.65% and Guangyun Technology at 8.82% [1] Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Tianlong Group (天龙集团) with a deviation rate of 0.00% [2] - Jinyu Medical (金域医学) with a deviation rate of 0.05% [2] - Lihua Micro (力合微) with a deviation rate of 0.07% [2]

白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 11月15日，有市场消息称"抖音电商平台关停茅台未授权店铺"。有经销商反映收到"抖音小二"通知，平 台正对带"茅台"字眼的店铺进行集中研判处理；且要求商家马上下架所有1935商品。 当日，时代财经在抖音平台上搜索"53度飞天茅台"发现，大批第三方商品链接已被下架，前列展示的几 乎都是"茅台酱香酒官方旗舰店"等官方旗舰店商品。 不过很快，多家受影响的酒类专营店链接便开始逐步恢复。11月16日，某茅台授权店铺已重回搜索前 列，但店内53度飞天茅台仍处于"售罄"状态。据商家解释，此次调整为系统优化所致，预计商品晚些会 恢复上架。 此次店铺关停风波并非没有预兆。 在此之前，市场就有传言"卖茅台低于市场价将被罚"。11月10日，有消息称，抖音平台在商家社群发布 关于茅台价格治理的通知，称"茅台价格低于市场行情价将会被处罚，即日起，无论茅台海外版还是国 内版，低于市场行情价的，一律按假货存疑处罚，商家低价1瓶也不行，达人自己补贴也不行。" 随后，抖音电商连续两日发声辟谣，相关负责人回应称"相关传言不实，属于误读"。 11月11日，抖音方面表示，近期有多名消费者投诉个别商家 ...

证券时报·数据宝统计，截至今日上午10:30，上证综指3959.58点，收于年线之上，涨跌幅为-0.31%，A 股总成交额为9486.02亿元。到目前为止，今日有34只A股价格突破了年线，其中乖离率较大的个股有龙 迅股份、齐心集团、光云科技等，乖离率分别为15.24%、5.45%、5.43%；蓝黛科技、思特威、老板电 器等个股乖离率较小，刚刚站上年线。 11月18日突破年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 688486 | 龙迅股 份 | 20.00 | 14.64 | 69.30 | 79.86 | 15.24 | | 002301 | 齐心集 团 | 10.07 | 8.23 | 7.05 | 7.43 | 5.45 | | 688365 | 光云科 技 | 6.13 | 3.67 | 13.80 | 14.55 | 5.43 | | 301371 | 敷尔佳 ...

Core Insights - The news highlights the sudden shutdown of unauthorized Moutai stores on Douyin's e-commerce platform, followed by a rapid restoration of many links, indicating a deep collaboration between Moutai and Douyin [2][3] Group 1: Incident Overview - Douyin's e-commerce team announced a special governance notice on November 10, addressing complaints about malicious marketing of "overseas version" liquor, particularly during the "Double 11" shopping festival [2] - The price of overseas Moutai dropped significantly from 1419 yuan to as low as 1288 yuan per bottle, prompting Douyin to take action against over 100 abnormal price listings and restrict 52 merchants [2][4] Group 2: Mutual Benefits - The crackdown on low-priced Moutai benefits both Moutai and Douyin, as it helps Moutai regain control over pricing and prevents Douyin from facing potential counterfeit risks [3][4] - Moutai's recent actions, including delaying its release plan and reducing offline quotas, aim to stabilize prices and regain market control [4] Group 3: Channel Innovation - Moutai's collaboration with Douyin is part of its ongoing channel transformation, emphasizing the need for a resilient channel ecosystem and modern market management [5] - Moutai has been preparing for online channel expansion since April, recruiting operators for its products on Douyin [5] Group 4: Industry Impact - Douyin's actions reflect a broader restructuring of the liquor e-commerce ecosystem, indicating that channel compliance will become a long-term governance direction for major e-commerce platforms [7][8] - The crackdown on unauthorized sales is expected to stabilize prices and alleviate inventory depreciation pressures for offline liquor merchants [8] Group 5: Future Outlook - Following the implementation of the governance measures, Moutai's retail price is expected to rise slightly as the Spring Festival approaches, with the average retail price of 53-degree Moutai reaching 1841 yuan [9][10] - The market signals indicate a gradual return to stability in Moutai's pricing system, with consumers likely facing fewer opportunities for "super low prices" but benefiting from safer transactions [10]