上市企业：贵州茅台（600519）,五粮液（000858）,洋河股份（002304）,泸州老窖（000568）,山西汾酒 （600809）,古井贡酒（000596）,水井坊（600779）,舍得酒业（600702）,酒鬼酒（000799）,老白干酒 （600559） 相关报告：智研咨询发布的《2025-2031年中国白酒行业市场现状分析及投资前景规划报告》 根据国家统计局数据显示：2025年4月中国白酒(折65度，商品量)产量为28.1万千升，同比下降13.8%； 2025年1-4月中国白酒(折65度，商品量)累计产量为130.8万千升，累计下降7.8%。 2020-2025年1-4月中国白酒(折65度，商品量)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

Core Viewpoint - The liquor sector experienced a decline of 1.79% on October 17, with the leading stock, Jiu Gui Jiu, falling significantly. The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1]. Group 1: Stock Performance - The liquor sector stocks showed varied performance, with notable declines in several key companies: - Zhi Si Cha (000799) closed at 62.22, down 3.20% with a trading volume of 106,600 shares and a transaction value of 671 million yuan - ST Yan Shi (600696) closed at 5.50, down 2.65% with a trading volume of 37,600 shares and a transaction value of 2.08 million yuan - She De Jiu Ye (600702) closed at 61.87, down 2.57% with a trading volume of 74,200 shares and a transaction value of 463 million yuan - Huang Tai Jiu Ye (000995) closed at 13.47, down 2.46% with a trading volume of 38,300 shares and a transaction value of 5.22 million yuan - Gu Li Gong Jiu (000596) closed at 155.80, down 2.02% with a trading volume of 22,100 shares and a transaction value of 348 million yuan - Kweichow Moutai (600519) closed at 1455.00, down 2.01% with a trading volume of 38,100 shares and a transaction value of 5.595 billion yuan - Shui Jing Fang (600779) closed at 42.10, down 1.98% with a trading volume of 20,700 shares and a transaction value of 87.98 million yuan - Jin Zhong Zi Jiu (661009) closed at 10.20, down 1.92% with a trading volume of 66,900 shares and a transaction value of 68.80 million yuan - Yi Li Te (600197) closed at 15.22, down 1.81% with a trading volume of 44,500 shares and a transaction value of 68.22 million yuan - Lao Bai Gan Jiu (600559) closed at 16.89, down 1.75% with a trading volume of 116,000 shares and a transaction value of 197 million yuan [1]. Group 2: Capital Flow - On the same day, the liquor sector saw a net outflow of 1.173 billion yuan from main funds, while retail funds experienced a net inflow of 488.5 million yuan and speculative funds saw a net inflow of 688 million yuan [2].

面对白酒消费市场的细分化，贺延昭透露，企业仍会坚守市场战略，聚焦300-600元价格带，推拉 并举，稳盘中高端、决胜次高端，同时在渠道上在与知名电商伙伴合作中，积极探索数字化与精细化运 营升级。 贺延昭表示，在坚守长期主义的同时，企业还要坚守品质为先，作为国家级非遗，衡水老白干承 袭"老五甑"工艺与三排净技术，以现代科技赋能传统，严格把控每道工序，满足消费者对品质不断提升 的需求。 作为传统消费品，白酒的年轻化一直是业内共同聚焦的话题之一。业内人士认为，白酒年轻化绝非 简单地将产品包装卡通化或单纯地降低白酒度数，而是一场关乎价值认同与消费场景的系统性革新，其 核心在于与年轻一代建立"对话"，而非单向的"灌输"。 业内认为，白酒市场竞争日趋激烈，市场呈现"理性化、去库存、两极化"的趋势，对于消费者来 说，消费倾向更趋务实，更看重"性价比"，追求品质与价格的平衡。 河北衡水老白干酒业股份有限公司副总经理兼营销公司总经理贺延昭认为，白酒行业正步入"品质 革命"与"价值回归"的深度调整期。随着消费理念升级与人群结构演变，理性饮酒、场景细分、年轻力 量崛起已成为不可忽视的三大趋势。 他认为，企业在激烈的市场竞争环境中， ...

Core Insights - The common response strategy for liquor companies at different stages is the synergistic development of "stabilizing the fundamentals" and "seeking innovation" [2][61] - The white liquor industry has experienced eight distinct stages, each facing unique market challenges and core pain points, necessitating the identification of key drivers and factors for successful transitions to the next stage [3][4] Industry Overview - As of June 2025, the number of large-scale white liquor enterprises (annual revenue over 20 million RMB) has decreased from 1,593 in 2017 to 887, indicating a trend of market share and profits concentrating among leading companies [4] - The production of white liquor has seen a decline, with a reported 6.5% year-on-year decrease in June 2025 and a cumulative 5.8% decrease in the first half of 2025 [2] Company Development Stages - The eight stages of liquor company development are characterized by specific sales scales and corresponding market strategies, emphasizing systematic upgrades in products, channels, brands, and organization [3][4] - Each stage has distinct characteristics, market performance, core pain points, and breakthrough strategies, which are essential for companies to navigate their growth effectively [7][13][24][34][40] Market Dynamics - The industry is witnessing a continuous increase in concentration, with a clear "pyramid" structure where a small number of top companies capture most of the industry's profits, while numerous small enterprises struggle for survival and growth [6][12] - The competitive landscape is shifting towards a focus on brand recognition and consumer engagement, moving away from reliance on government-related consumption [53] Strategic Recommendations - Companies are encouraged to integrate artificial intelligence into their strategic planning, organizational structure, and business processes to drive intelligent development and upgrade traditional industries [2][19] - Emphasis on product focus, pricing stability, and channel management is crucial for companies at various stages to enhance their market presence and profitability [9][22][27][37] Conclusion - The liquor industry must adapt to current challenges by restructuring brand, product, regional, and channel strategies while leveraging organizational upgrades and AI technology to overcome growth bottlenecks [61]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights the upcoming Q3 performance period and suggests a focus on valuation shifts in thriving sectors such as beverages, snacks, and pet products [13][14]. - It notes that the consumption sector has shown relative weakness, but low valuations may attract investment [13]. - The report emphasizes the stable growth of key companies like Shanxi Fenjiu and Wuliangye, with the latter's major shareholder completing a significant share buyback, reflecting confidence in the company [2][3]. Summary by Sections Core Company Tracking - Shanxi Fenjiu's "Glass Fen" series is experiencing steady growth, with plans to expand into markets with weaker consumption atmospheres [10]. - Wuliangye's major shareholder has completed a buyback of shares worth over 800 million yuan, increasing their stake to 55.1% [3]. - Chongqing Beer is expected to continue gaining market share in China, with a current market share of 9%, up from 6% in 2017 [11]. - Qiaqia Foods has seen improved sales in September, with expectations of a slight recovery in gross margin for Q3 [12]. Investment Recommendations - The report recommends focusing on growth stocks in the snack sector, particularly Ximai Foods and Wei Long [14]. - It continues to recommend leading companies in the Hong Kong market such as Nongfu Spring and H&H International Holdings, while suggesting attention to Haitian Flavoring [14]. - In the new consumption sector, it highlights Zhongchong Co., Guibao Pet, and Bairun Co., with additional recommendations for Yuanfei Pet and Petty Co. [14]. - Traditional consumption is entering a configuration phase, with a focus on leading liquor brands like Shanxi Fenjiu, Luzhou Laojiao, and Guizhou Moutai [14].

10月9日，老白干酒(600559）召开2025年上半年业绩说明会，上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增 长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 10月9日，老白干酒(600559）召开2025年上半年业绩说明会。 上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 对于刚刚过去的中秋国庆双节，赵旭东表示，9月以来市场明显回暖，中秋与国庆重叠形成较长消费窗口，期间市场动销良好。 至于即将到来的"双十一"大促，赵旭东表示，公司正全面布局京东、天猫、抖音、拼多多等平台，将根据不同的平台和平台消费者的特点匹配相应的产品 和运营策略。此外，公司加大对京东、天猫、拼多多等传统电商的宣传投放，最大程度拉新引流，并结合平台促销机制转化为销量。 老白干酒今年的营收目标是54.7亿元（同比增长2.1%）；同时将营业成本控制在18.26亿元以内，费用不超过16.58亿元，营业总成本控制在43.59亿元以 内。 从区域来看，老白干酒上半年在其核心市场河北 ...

来源：市场资讯 10月9日，老白干酒（600559）召开2025年上半年业绩说明会。 上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年 相比，其营收、净利润增速显著放缓。 针对这一现象，老白干酒董事、总经理赵旭东在业绩会上回应称，从行业层面看，白酒行业整体增速放缓，企业 分化加剧，"马太效应"进一步显现，区域集中度持续提升。从消费形势看，白酒市场竞争非常激烈，消费需求较 弱，消费场景及消费频次减少。从今年上半年20家A股白酒上市公司经营情况看，老白干酒营业收入增速排名第5 位，净利润增速排名为第二位。 从区域来看，老白干酒上半年在其核心市场河北实现营收14.82亿元，同比增长3.74%；湖南地区则凭借武陵酒的 扩张，成为公司增速最快的市场，营收同比增长11.34%至5.24亿元。 业绩会上，赵旭东谈及公司目前的全国化布局："武陵酒在聚焦湖南区域市场发展的同时，有序扩展省外市场，目 前已在国内十余省市设立销售网点。" 不过，记者注意到，公司今年在安徽、山东及其他省份营收均出现双位数下滑，全国化进展并非一帆风顺。 对于刚刚过去的中秋国庆双节，赵 ...

上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 10月9日，老白干酒（600559）召开2025年上半年业绩说明会。 针对这一现象，老白干酒董事、总经理赵旭东在业绩会上回应称，从行业层面看，白酒行业整体增速放缓，企业分化加剧，"马太效应"进一步显现，区域 集中度持续提升。从消费形势看，白酒市场竞争非常激烈，消费需求较弱，消费场景及消费频次减少。从今年上半年20家A股白酒上市公司经营情况看， 老白干酒营业收入增速排名第5位，净利润增速排名为第二位。 对于刚刚过去的中秋国庆双节，赵旭东表示，9月以来市场明显回暖，中秋与国庆重叠形成较长消费窗口，期间市场动销良好。 从区域来看，老白干酒上半年在其核心市场河北实现营收14.82亿元，同比增长3.74%；湖南地区则凭借武陵酒的扩张，成为公司增速最快的市场，营收同 比增长11.34%至5.24亿元。 至于即将到来的"双十一"大促，赵旭东表示，公司正全面布局京东、天猫、抖音、拼多多等平台，将根据不同的平台和平台消费者的特点匹配相应的产品 和运营策略。此外，公司加大对京东 ...

谈及中秋国庆期间动销，管理层表示，9月以来市场明显回暖，中秋与国庆重叠，形成较长消费窗口， 双节动销良好。 对于双十一公司会有哪些动作，管理层提到，一是全面布局京东、天猫、抖音、拼多多等平台，今年双 十一，公司根据不同的平台和平台消费者的特点匹配相应的产品和运营策略。 10月9日，老白干酒举办2025半年度业绩说明会。会上管理层提到，从行业层面看，白酒行业整体增速 放缓，企业分化加剧，"马太效应"进一步显现，区域集中度持续提升。 近年来，公司下属子公司武陵酒不断的创新营销模式，采用直达终端的短链销售模式，没有中间经销商 进行分销，公司直接面向终端代理商、大客户、电商等进行销售。 在聚焦湖南本地区域市场发展的同时，有序的扩展省外市场，目前已在国内十余省市设立销售网点。公 司将加强与经销商的合作，通过密切协作，不断扩大市场占有率。近年来，武陵酒实现了持续、稳定、 高质量的发展，营业收入、净利润稳步提升，为公司的业绩提升发挥了重要作用。 二是加大对京东、天猫、拼多多等传统电商的广宣投放，最大程度拉新引流，并结合平台促销机制转化 为销量。目前，抖音平台持续开展店铺直播活动，通过多样化促销活动拉动成交，同时积极接洽头部 ...