12月15日，A股市场白酒股逆势上涨，其中，皇台酒业涨停，酒鬼酒涨4%，金徽酒、舍得酒业、古井 贡酒涨超2%，金种子酒、水井坊、迎驾贡酒、口子窖、今世缘、顺鑫农业、伊力特涨超1%，贵州茅台 一度涨超1%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 566000 | 皇台酒业 | 1 | 10.02 | 23.95亿 | -18.18 | | 000799 | 酒鬼酒 | 1 | 4.05 | 188亿 | 5.57 | | 603919 | 金徽酒 | | 2.85 | 102亿 | 5.68 | | 600702 | 舍得酒业 | 1 | 2.38 | 197亿 | -9.31 | | 000596 | 古井贡酒 | 神 | 2.08 | 785亿 | -10.58 | | 600199 | 我的子酒 | | 1.95 | 65.25 亿 | -25.41 | | 600779 | 水井坊 | 源 | 1.56 | 184亿 | -27.80 | | 603198 | 迎驾贡酒 | | 1.4 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected stocks and sectors within the industry [4]. Core Insights - The white liquor sector is showing signs of recovery, with Shanxi Fenjiu focusing on national expansion, youth engagement, and internationalization strategies for 2026. The company is optimizing inventory and enhancing market capacity, which is expected to support growth [2]. - In the beverage sector, companies like Nongfu Spring are planning to strengthen their water and tea product lines while introducing new products. The beer segment is diversifying with new flavors to cater to changing consumer preferences [3]. - The report highlights the potential for growth in consumer staples, with companies like Three Squirrels expanding into a full-category strategy and Mengniu Dairy leading in deep processing innovations [7]. Summary by Sections White Liquor - Shanxi Fenjiu's 2026 marketing strategy focuses on nationalization, youth engagement, and precise consumer service. The company is targeting key markets and optimizing inventory to enhance growth potential [2]. - The white liquor industry is characterized by bottoming out in sales, clearing financial reports, and low expectations, suggesting a favorable environment for quality asset allocation [2]. Beer and Beverage - The beer sector is witnessing the launch of new products like Jin Xing Beer’s winter flavor, reflecting a shift in consumption patterns towards home and outdoor settings [3]. - Nongfu Spring's strategy for 2026 includes strengthening its core water products and expanding its tea offerings, indicating a focus on product diversification and market penetration [3]. Consumer Staples - Three Squirrels is advancing its full-category strategy with the opening of flagship stores, emphasizing community engagement and a wide range of products [7]. - Mengniu Dairy is enhancing its product line with deep processing innovations, which are expected to drive demand and improve the utilization of raw milk [7]. - The frozen food sector is recovering, with companies like Anjuke benefiting from new product launches and channel optimizations, indicating a positive market response [7].

Core Viewpoint - The company, Laobai Ganjiu, has indicated that stock repurchase is a significant matter for listed companies and will fulfill information disclosure obligations as required by regulations if any related matters arise [2] Group 1 - Laobai Ganjiu responded to investor inquiries on an interactive platform regarding stock repurchase [2] - The company emphasized the importance of adhering to relevant regulations for information disclosure [2]

Group 1: Industry Overview - The liquor industry is entering a year-end summary and planning phase as the year comes to a close [1] - Guizhou's "14th Five-Year Plan" aims to consolidate the sauce-flavored liquor industry cluster and optimize product structure and marketing strategies, targeting a production value of 160 billion yuan for the liquor industry in 2024 [2] - The beer tasting committee's selection event attracted 384 participants, highlighting the growing importance of sensory evaluation in the beer industry [3][4] Group 2: Company Developments - Moutai's new leader, Chen Hua, expressed confidence in the liquor industry's potential, emphasizing the importance of quality over quantity and a focus on consumer needs [5][6] - Jiuzi Jiu and Shenzhen Airlines signed a strategic cooperation agreement to enhance brand collaboration and customer engagement [11] - Qingdao Beer plans to invest up to 10 billion yuan in financial products over the next 12 months, indicating a strategic move to manage its financial resources [10] Group 3: Market Trends - The low-alcohol fruit juice wine brand "Guoli Fang" has achieved double-digit growth for 26 consecutive months, indicating a strong market demand for innovative products [9] - The 2026 Chengdu Spring Sugar and Wine Fair is set to be the largest ever, with an exhibition area of 325,000 square meters, reflecting the industry's growth and interest [17] - Wuliangye continues its collaboration with CCTV for major events, reinforcing its brand presence in the market [8] Group 4: Product Innovations - Laobai Gan Jiu is launching new products targeting younger consumers, including lemon and dried tangerine peel wines, to adapt to changing market demands [13][14] - Moutai has introduced new products, Moutai Prince Wine (Sauce Color) and Moutai Prince Wine (Black Gold), aimed at enhancing market competitiveness [19][20]

Core Viewpoint - The company reported significant declines in revenue and net profit for the third quarter of 2025, prompting a strategic shift towards low-alcohol, fruit-flavored products targeting younger consumers [2][5][6] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.33 billion yuan, a year-on-year decrease of 18.53% [2] - The net profit attributable to shareholders was 400 million yuan, down 28.04% year-on-year [2] - The third quarter alone saw revenue drop to 849 million yuan, a decline of 47.55%, and net profit fell to approximately 79.39 million yuan, down 68.48%, marking the largest drop in recent years [2] Product Structure - Revenue from products priced above 100 yuan was 1.738 billion yuan, down 14.96% year-on-year, while products priced below 100 yuan generated 1.574 billion yuan, down 22.06% [3] - The company is focusing on product innovation, developing low-alcohol and fruit-flavored products for younger consumers, as well as health-oriented products for older demographics [4][6] Market Strategy - The company plans to enhance its marketing efforts through social media and new media platforms, including Douyin and WeChat [3] - Initiatives include a short video creation contest for employees to promote brand awareness and collaborations with other industries to engage high-net-worth clients [3][4] - The company is also expanding its online sales presence through major e-commerce platforms and embracing instant retail channels to integrate online and offline resources [4] Industry Context - The shift towards low-alcohol products is part of a broader trend in the liquor industry, with major competitors also entering the low-alcohol market [5][6] - The low-alcohol and fruit-flavored beverage segment has become increasingly competitive, with established brands already having strong market recognition [6]

证券日报网讯老白干酒11月24日在互动平台回答投资者提问时表示，公司5家白酒企业均是地方区域酒 企，现在各自聚焦本地区域市场发展，公司在不断深化本地区域市场建设的同时，也在有序的扩展省外 市场，目前在全国大多数省份均有销售网点，并依托在不同区域市场的优势和客户资源，有效整合和共 享双方的销售渠道，优化资源配置，协同发展。近年来，面对一线名优酒渠道下沉，公司作为区域酒企 在与一线名优酒企的竞争中，需要不断的加强品牌建设、渠道建设，加大产品的市场推广力度。公司在 加大市场投入，不断扩展市场的同时，严格预算管理，对费用进行精细管控，公司每月都会对销售费用 的使用情况进行分析，力求实现销售费用的最有效使用。同时，加强监管与考核，合理控制成本，不断 提升公司的营利水平。回购股票是上市公司的重大事项，后续如有相关事项会按照相关规定履行信息披 露义务。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯老白干酒11月24日在互动平台回答投资者提问时表示，为保证所有投资者平等获悉公司信 息，根据信息披露公平性原则，公司会在各期定期报告中按要求披露前十名股东的信息和相应时点的股 东人数，请关注公司的相关公告。 ...

Group 1 - The company will hold an investor briefing on November 27, 2025, from 10:00 to 11:00 AM [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][5] - Investors can submit questions from November 20 to November 26, 2025, and the company will address common concerns during the briefing [2][4][6] Group 2 - The purpose of the briefing is to provide a comprehensive understanding of the company's Q3 2025 operational results and financial status [2][3] - The company encourages investor participation through the Roadshow Center website and via email for pre-submitted questions [4][6] - After the briefing, the main content and outcomes will be available for review on the Roadshow Center [6]

证券代码：600559 证券简称：老白干酒 公告编号：2025-026 河北衡水老白干酒业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 27 日（星期四）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 hslbg@hengshuilaobaigan.net 进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 河北衡水老白干酒业股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计 ...

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].