转自：中国质量报 此次行动采取政企联动模式，联合山西杏花村汾酒厂股份有限公司专业人员，深入山阴县开展地毯式精 准摸排。执法人员以该公司相关外观设计专利及商标为重点保护对象，累计检查经营主体60余户，精准 锁定并查处了一批侵权假冒行为，有力阻断了假劣商品流入消费市场。 该局负责人表示，将持续保持对知识产权违法行为的高压打击态势，坚持"严宽相济、惩教并举"原则， 在强化监管震慑的同时，积极引导经营主体合规经营，为人民群众筑牢消费安全防线。 本报讯 （记者秦海峰）近日，山西省朔州市市场监管局（知识产权局）启动"守护知识产权"专项执法 行动，聚焦商超、烟酒专卖等重点场所，严厉查处商标、专利等领域侵权行为，查扣侵犯"汾酒"等商标 权白酒82瓶，查处涉嫌外观专利侵权案源19起，有效净化了市场环境。 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Group 1: Market Performance - The three major indices opened higher on November 6, with the Shanghai Composite Index up 0.10%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.60% [1] - The Tianhong Food and Beverage ETF (159736) rose by 0.28%, with a premium trading rate of 0.06% [1] - As of November 5, the Tianhong Food and Beverage ETF had a latest circulating scale of 5.622 billion yuan, ranking first among food and beverage ETFs in the Shenzhen market [1] Group 2: Fund Flows - The Tianhong Food and Beverage ETF experienced net inflows for 9 out of the last 10 days, accumulating nearly 120 million yuan [1] - The ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as segments like beverages, dairy, and condiments [1] Group 3: Agricultural Sector - The Tianhong Agricultural ETF (subscription code: 512623, listing code: 512620) officially launched on November 3, with fundraising set to end on November 7, 2025 [1] - This ETF tracks the CSI Agricultural Index, which selects 50 stocks covering sectors such as breeding and agricultural chemicals, including leading companies like Muyuan and Haida [1] Group 4: Industry Insights - Guizhou Province's Commerce Department is soliciting opinions on transforming "selling liquor" into "selling lifestyle," encouraging innovation in product offerings and service methods in retail and dining sectors [2] - As of October 30, over 90% of the autumn grain harvest has been completed nationwide, with the Northeast region nearing completion and expected to achieve a good harvest [2] Group 5: White Liquor Market Analysis - Guosen Securities reports that the white liquor market is facing pressure on both volume and price due to tightening regulations on public consumption and business banquets [3] - The report indicates that the worst period for white liquor sales pressure has passed, with expectations for demand recovery in the future [3] - Guosen Securities suggests focusing on stable industry leaders and high-quality stocks with long-term growth potential due to ongoing structural upgrades and channel strategy optimization [3]

Core Viewpoint - The Chinese liquor industry is experiencing a significant downturn, marked by a battle for inventory reduction and financial pressure, with major companies reporting substantial declines in revenue and profit [1][2]. Industry Overview - In the first three quarters of 2025, 20 A-share liquor companies reported a total revenue of 320.23 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 122.77 billion yuan, down 6.76% [2]. - Only Kweichow Moutai and Shanxi Fenjiu managed to maintain growth, while the remaining 18 companies experienced declines [3]. Quarterly Performance - The third quarter of 2025 was particularly harsh, with companies like Shui Jing Fang and Guo Jiao reporting revenue drops of 58.91% and 51.65% respectively [4]. - Luzhou Laojiao and Kweichow Moutai also faced significant profit declines, with Moutai's revenue growth slowing to 0.56% in Q3, a stark contrast to previous quarters [6][7]. Historical Context - This marks the first major performance decline in five years for the liquor industry, with the number of companies experiencing revenue drops increasing from 2 in 2021 to 7 in 2024 [5]. - The trend of declining profits is evident, with 90% of liquor companies reporting a year-on-year decrease in net profit for the first three quarters of 2025 [6]. Inventory Crisis - The industry is facing a severe inventory crisis, with total inventory for 20 listed liquor companies reaching 176.69 billion yuan by Q3 2025, an increase of 11% year-on-year [14]. - Companies like Kweichow Moutai hold the largest inventory, nearing 56 billion yuan, while others like Yanghe and Wuliangye also report significant inventory levels [14]. Financial Strain - The financial strain is evident as companies reduce their contract liabilities significantly, with Kweichow Moutai's contract liabilities dropping by 19% to 7.75 billion yuan [17]. - Many smaller liquor companies are facing survival challenges, with some unable to cover their interest-bearing debts [20]. Market Dynamics - The price reduction of Moutai has diminished the price advantage of Wuliangye, leading to a rapid decline in its performance [8]. - Shanxi Fenjiu, despite revenue growth, saw its net profit decline for the first time since 2015, indicating market saturation challenges [9]. Sales Strategies - Companies are increasingly resorting to credit sales to manage inventory, with Kweichow Moutai leading this shift by relaxing its cash payment policies [19]. - The overall market is expected to face prolonged challenges as inventory digestion may take several years due to the current oversupply situation [15].

茶酒融合："微 醺经济"的双向 奔赴_南方+_南 方plus 近日，贵州省商 务厅发布《关于 进一步推动"卖 酒"向"卖生活方 式"转变的指导 意见（征求意见 稿）》（下 称"征求意见 稿"）。征求意 见稿指出，要要 深入实施"白酒 +"产品融合行 动，发挥酒咖、 酒茶组合优势， 拓展跨界消费市 场。 | 贵州省商务厅 请输入关键字搜索 Coulzhou C | | | | | Ci | | --- | --- | --- | --- | --- | --- | | 贵州省商务厅:政务 贵州电子口岸,政务 | | | | | | | 首 页 新闻中心 互动交流 法制在线 | 政务公开 | | 政务服务 | 公共服务 | 数据开放 | | ● 您现在的位置: 首页 » 意见征集 | | | | | | | 省南务厅关于公开征求《关于进一步推动"龙酒"向"卖生活方式"转变的隘导意见(征求意见顺)》意见融议的公告 | | | | | | | 征集部门:贵州省商务厅 征集状态: 田园 开始时间:2025-11-03 结束时间:2025-12-03 | | | | | | | 为阿贴透应白酒周书方式的深刻变化,发挥影州 ...

行业处于调整期，区域酒企的经营压力正逐步从市场端传导至组织内部。 近日，一张关于宣酒全员降薪的内部通知截图在网络流传。通知称，宣酒决定自2025年10月1日起调整 全体员工薪资，以实发工资（即五险一金缴纳后税前工资）为基数降低10%，落款为"安徽宣酒集团股 份有限公司"。 一名接近宣酒员工的人士向时代财经证实了上述消息的真实性。据其透露，内部员工对公司降薪决定反 响不一。"有员工认为，高管的主要收入并不依赖工资，降薪10%的影响有限，甚至被质疑有炒作嫌 疑。" 11月5日，时代财经多次致电宣酒品牌部门，电话均处于占线状态，招商人员表示不便接受采访。 白酒行业分析师肖竹青向时代财经表示，据其近期调研，多家中小型区域酒厂已经开始降薪或裁员，或 者将固定待遇的员工改为灵活用工。 "酒厂开始有'过紧日子'的感觉。"肖竹青说。 "几乎每个酒厂都在强调降本增效" "白酒行业整体经历了持续调整，但作为地方支柱产业和民生产业，酒企长期以来在员工薪酬和税收方 面表现良好。"蔡学飞指出，宣酒此举打破了行业维持已久的"底线平衡"，"如果引发连锁效应，可能对 整个产业生态形成负面示范。" 他进一步分析，对于区域品牌而言，本身品牌知名 ...

证券研究报告 | 2025年11月05日 食品饮料周报（25 年第 40 周） 优于大市 酒类渠道包袱加速去化，大众品品类表现分化 行情回顾：本周食品饮料（A 股和 H 股）累计下跌 0.40%，其中 A 股食品饮 料（申万食品饮料指数）下跌 0.29%，跑赢沪深 300 约 0.14pct；H 股食品饮 料（恒生港股通食品饮料）下跌 1.97%，跑赢恒生消费指数 1.97pct。本周 食品饮料板块涨幅前五分别为日辰股份(17.79%)、有友食品(10.47%)、盐津 铺子(7.72%)、宝立食品(7.01%)和迎驾贡酒(6.46%)。本周投资组合平均涨 幅-0.21%，跑赢食品饮料（申万）指数 0.08pct。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。三季报业绩降幅扩 大，渠道包袱加速去化。当前板块进入左侧布局阶段，具备价位、区域话语 权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒（稳健释放 包袱，全国化空间较大）、贵州茅台（稳健穿越、长期定价权）、迎驾贡酒 （出清较快、份额提升），也建议关注五粮液/洋河股份/舍得酒业的改革节 奏。啤酒：行业库存良性，静待需求回暖。继续优先推荐大单品快速 ...

01 说个不一样的发现。 虽然券商的统计显示，主动基金在三季度继续减仓白酒。 但这可能是基于市值维度的数据，三季度中证白酒涨了7.75%，跑输沪深300指数10个点，跑输"偏股混合型基金指数"18个点，白酒跑输较多，导致白酒 在公募基金持仓中的占比被动下降。 | | 25Q3 环比 | 2503 | 2502 | 2501 | 24Q4 | 2403 | 2402 | 2401 | 2304 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 食品饮料 | -1.45 pct | 4.17% | 5.62% | 7.39% | 7.51% | 8.16% | 8.64% | 12.28% | 12.31% | | 自酒 | -0.77 pct | 3.21% | 3.98% | 5.95% | 5.73% | 6.97% | 7.53% | 10.59% | 10.47% | | 啤酒 | -0.22 pct | 0.16% | 0.38% | 0.40% | 0.48% | 0.35% | 0.36% | 0.61% | 0.5 ...

Core Viewpoint - The overall performance of the liquor industry, particularly the baijiu sector, is declining, with only a few companies like Guizhou Moutai and Shanxi Fenjiu showing slight growth, while the majority face significant revenue drops [1][2]. Industry Overview - In the third quarter of 2025, 20 listed baijiu companies reported their earnings, with only Guizhou Moutai and Shanxi Fenjiu achieving minor increases, while 18 others experienced varying degrees of decline [1]. - The baijiu industry is undergoing a deep adjustment period due to changing consumer environments and high channel inventories [1]. Market Trends - Despite the overall downturn, the light bottle liquor segment is experiencing robust growth, with products like Shanxi Fenjiu's Guo Fen showing over 10% sales growth in the first three quarters [1][5]. - The market size of light bottle liquor has expanded from 35.2 billion yuan in 2013 to over 150 billion yuan in 2024, with projections indicating it will surpass 200 billion yuan in 2025 [1][5]. Company Performance - Shanxi Fenjiu reported a revenue of 32.924 billion yuan in the first three quarters of 2025, marking a 5% year-on-year increase, with a net profit of 11.405 billion yuan, a slight increase of 0.48% [2]. - The growth in Shanxi Fenjiu's performance is attributed to its light bottle products, particularly Guo Fen, which has shown significant sales increases [2][5]. Competitive Landscape - The rapid growth of the light bottle liquor market has prompted many liquor companies to increase their investments in this segment, with notable entries from Yanghe and other brands [6][8]. - Analysts indicate a shift in consumer preferences from luxury packaging to quality and cost-effectiveness, driving the growth of light bottle liquor [8]. Market Challenges - Despite the overall growth in the light bottle liquor market, there is increasing differentiation among brands, with traditional brands like Niulanshan facing severe challenges [10][12]. - Niulanshan's revenue dropped by 19.79% to 5.869 billion yuan in the first three quarters, with a net profit decline of 79.85% [10][12]. - The competitive landscape is intensifying, with many companies facing challenges due to changing consumer habits and market dynamics [13][16].

Core Insights - The Chinese liquor industry is undergoing a significant transformation, facing challenges such as declining production and prices, while also experiencing new opportunities driven by consumer trends and digitalization [1][6][14] Group 1: Market Performance (2024-2025) - In 2024, the number of large-scale liquor enterprises decreased to 989, with total production at 4.145 million kiloliters, a year-on-year decline of 1.8%. However, sales revenue reached 796.38 billion yuan, up 5.3%, and total profit increased by 7.8% to 250.87 billion yuan, indicating a shift from extensive to intensive development [2][16] - The top six brands (CR6) accounted for 86% of the industry's total profit in 2024, up from 55% in 2014, highlighting a growing concentration in the market [2][20] - In the first quarter of 2025, the industry faced further pressure with production down 7.2% year-on-year to 1.032 million kiloliters, marking a potential eighth consecutive year of decline [3][26] Group 2: Consumer Trends and Pricing - The first half of 2025 saw a significant shift in consumer behavior, with only 26.9% of distributors reporting increased sales before the Spring Festival, dropping to 11.5% during the May Day holiday [4] - The price range of 100-300 yuan became the most active market segment, while higher price segments faced significant challenges, with the price of premium brands like Moutai dropping over 36% since 2022 [4][6] - Young consumers are increasingly defining value in the liquor market, prompting companies to innovate product designs and marketing strategies to attract this demographic [5][6] Group 3: Industry Challenges - The industry is experiencing a "volume and price decline" scenario, with over 59.7% of liquor companies reporting reduced operating profits due to rising costs and declining sales [3][34] - The average inventory turnover days reached 900, a 10% increase year-on-year, indicating high inventory pressure and a widespread issue of price inversion affecting 60% of companies [23][34] - The overall market is characterized by a cautious consumer sentiment, with many companies resorting to discounts and bundled sales to maintain market share, further squeezing profit margins [3][34] Group 4: Future Outlook - The report suggests that 2025 presents a strategic opportunity for the liquor industry to achieve high-quality development despite short-term challenges, focusing on product innovation, digital transformation, and cultural marketing [6][14] - The industry is expected to transition from "scale growth" to "value growth," with a focus on enhancing product quality and consumer experience [6][14]