黑土地种出的清香：追踪汾酒"原生家庭"！ 资料图。 黑土种红粱，粮心育清香：汾酒"第一车间"扎根吉 林梨树县！ 九月 的 吉林省四平市梨树县，大地正披上一袭红装。近十万亩高粱挺拔如戟，穗浪翻涌，将天 际染成一片绯红。这片位于北纬43度、被誉为"耕地中大熊猫"的黑土沃野，如今正以最炽热的 色彩，回应着自然丰饶馈赠。 9月16日，2025"走进汾酒第一车间"活动在这片黑土地上正式启动，这是汾酒继今年七月新疆奇 台基地之行后，再度踏上原粮溯源之旅。专家学者、行业代表们走进田间，聆听风与穗的低 语，共同见证 汾酒 " 从 一粒粮到一滴酒"的品质升华。 为什么汾酒不远千里，将原粮基地布局于梨树县？这要归功于这片土地得天独厚的自然禀赋与 农业生态。 松辽平原是世界四大黑土地之一，而梨树县地处松辽平原腹地，素有"东北粮仓"和"松辽明 珠"美誉，黑土肥沃、粮源丰沛，加之昼夜温差大，极为适合高粱的生长。这里产出的高粱颗粒 饱满、容重高，淀粉含量丰富，为酿造带来了更高的出酒率和更优的酒体品质。 基于此，这里是"好粮酿好酒"的源头，更是汾酒品质宇宙的起点。早在十余年前，汾酒开始在 全国优选优质粮食产区、自建原粮基地之初，梨树县就是 ...

Core Viewpoint - The overall market experienced a decline, with the Shanghai Composite Index dropping by 1.23% to 3781.61 points, and the liquor sector also faced a downturn, closing down 1.82% at 2248.33 points [1] Industry Summary - The liquor sector saw a decline with 20 stocks falling, including major players such as Kweichow Moutai, which closed at 1441.90 CNY per share, down 0.79%, and Wuliangye, which closed at 121.77 CNY per share, down 0.60% [1] - Other notable declines included Shanxi Fenjiu at 193.45 CNY per share, down 1.30%, Luzhou Laojiao at 132.18 CNY per share, down 1.05%, and Yanghe Brewery at 69.09 CNY per share, down 0.99% [1] Future Trends - According to Huashang Securities, the future development trend of the liquor industry is leaning towards lower alcohol content as the consumer base evolves. The industry is shifting towards "quality enhancement, brand influence, cultural expression, and value creation" [1] - Younger consumers are increasingly favoring personalized, lower-alcohol, and enjoyable drinking experiences, as well as "light social" drinking scenarios [1]

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is experiencing a significant downturn characterized by declining prices, increased inventory, and shifting consumer preferences, indicating a deep adjustment phase rather than a temporary fluctuation [4][15][22]. Industry Overview - The baijiu industry is facing a dual decline in both volume and price, with a reported production volume of 191.59 million kiloliters in the first half of 2025, a year-on-year decrease of 5.8% [5]. - Approximately 60% of liquor companies are experiencing price inversion, where actual market prices fall below manufacturer guidance, particularly affecting the 800-1500 yuan price range [5]. - The average inventory turnover days for the industry reached 900 days in the first half of 2025, a 10% increase year-on-year, indicating a significant slowdown in sales [11]. Company Performance - Major companies like Moutai and Wuliangye are showing signs of slowing growth, with Moutai's revenue growth target for 2025 set at 9%, the lowest since 2016 [17]. - Wuliangye's revenue for the first half of 2025 was 527.71 billion yuan, with a year-on-year growth of only 4.19% [17]. - Liquor companies are increasingly resorting to price cuts to manage high inventory levels, creating a downward pressure on prices [12]. Consumer Trends - The primary consumer demographic for baijiu is undergoing a generational shift, with younger consumers (born after 1995) showing diverse preferences for alcoholic beverages, including wine and craft beer [24]. - Health consciousness among younger consumers is changing drinking habits, leading to a decline in traditional drinking culture [25]. - The rise of new sales channels, such as e-commerce and community group buying, is disrupting traditional distribution models and further compressing profit margins for liquor companies [25]. Market Opportunities - Despite the challenges, there are emerging structural opportunities in the market, particularly in the lower price segments (100-300 yuan) where demand is shifting [26]. - The focus on family and friend gatherings as primary consumption scenarios is creating new opportunities for products that cater to these social settings [33]. - Companies that can adapt to these changes by enhancing their product offerings and marketing strategies are likely to survive and thrive in the long term [26].

Core Viewpoint - Shanxi Fenjiu's stock price has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 7.78%, indicating volatility in the market [1] Financial Performance - As of June 30, 2025, Shanxi Fenjiu reported a revenue of 23.964 billion yuan, representing a year-on-year growth of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, with a growth of 1.13% [2] - Cumulative cash dividends since the A-share listing amount to 24.325 billion yuan, with 16.775 billion yuan distributed over the past three years [3] Shareholder Structure - The number of shareholders increased by 52.38% to 104,400 as of June 30, 2025, while the average circulating shares per person decreased by 34.38% to 11,687 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 48.9991 million shares, and other significant institutional investors such as China Merchants Index and E Fund [3]

从杜牧笔下的诗意酒乡，到"一带一路"上的文化使者，汾酒跨越千年时光，以6000年酿酒史的厚 重、非遗技艺的精妙，酿出了中华民族的文化醇香。 如今，它既承载着晋商辉煌的记忆，推动着清香技艺的传承，又借着国际交流的东风，将中国味道 送往五大洲。 "来中国之前，我就对中国白酒很感兴趣，今天来到山西杏花村，深入了解汾酒文化，很震撼也很 感动。"哈萨克斯坦《今日哈萨克斯坦》通讯社社长兼总编辑铁木尔·库瓦托夫告诉人民日报健康客户端 记者，希望未来通过一带一路之间的文化交流和经济合作，在哈萨克斯坦也能品尝到中国白酒。 汾酒集团相关负责人向人民日报健康客户端记者介绍，汾州酒商作为晋中商帮的重要组成部分，在 晋商辉煌的500年间，依托晋中商帮的龙头地位声名鹊起，不仅推动并见证了晋中商帮的繁荣，更促进 了清香酿酒技艺在全国的传播，成为中国酒文化发展历程中重要的见证者。 本次论坛由人民日报社、中共云南省委、云南省人民政府共同主办，以"共担媒体责任 推动文明互 鉴"为主题，设置开幕式、主论坛、"一带一路"媒体合作对话会等多场分论坛、第二届国际传播"丝路 奖"颁奖、东盟及中日韩（10+3）媒体合作研讨会等环节。"一带一路"媒体合作论坛 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period towards high-quality growth, with Fenjiu leading a five-year "quality traceability journey" that aims to rebuild trust between the industry and consumers, providing a sustainable development model for the industry [1] Group 1: Quality Traceability Journey - Fenjiu's "quality traceability journey" has been ongoing for five years, showcasing a systematic approach to building a transparent quality traceability system from the field to the consumer [4][5] - The theme of the fifth anniversary event, "Grain Heart Builds Wine Soul · Earth Harvests Together," reflects the innovative format of the journey and highlights Fenjiu's commitment to quality [4] Group 2: Agricultural Base Development - Since 2009, Fenjiu has established over 1.4 million acres of standardized production bases, focusing on high-quality grain sourcing from key geographical areas [5] - The company employs a management model of "land registration + five unifications," ensuring full control over the entire process from production to storage, setting a new benchmark for quality safety in Chinese liquor [5][6] Group 3: Technological Empowerment - Fenjiu collaborates with top institutions to develop specialized grain varieties that meet brewing needs, enhancing both yield stability and resistance to adverse conditions [8] - The company has implemented a comprehensive quality control system covering 124 processes and 297 quality control nodes, integrating traditional brewing wisdom with modern technology [8][9] Group 4: Community Engagement and Trust Building - The "Walk into Fenjiu First Workshop" initiative has become a recognized quality IP, enhancing trust between the brand and consumers through transparency and active engagement [12] - Fenjiu's agricultural initiatives have positively impacted over 100,000 farmers, providing training and support, thus achieving a win-win situation for both the company and the agricultural community [12][13] Group 5: Future Commitment - Fenjiu aims to continue honoring the land and safeguarding quality, striving for high-quality development while contributing to rural revitalization and national strategies [14]

在中国白酒产业迈向高质量增长的深度调整期，一场由汾酒引领、历时五载的"品质溯源之旅"，正以其 深刻的产业实践和系统性的体系构建，重塑着行业与消费者之间的信任坐标，为中国白酒行业的可持续 发展提供了具有借鉴意义的"汾酒方案"。 梨树基地，高粱红遍 又是一年丰收季。从新疆奇台天山脚下的大麦金黄，到河北张北坝上草原的豌豆饱满，再到吉林梨树松 辽平原的高粱红遍，汾酒的丰收画卷在祖国东西跨越数千公里的土地上徐徐展开。与丰收同行，"走进 汾酒第一车间"活动也迎来第五个年头，专家学者、行业大咖齐聚松辽平原，在摇曳的高粱穗浪间，开 启了一场别开生面的田野品鉴与对话。 这场以"粮心筑酒魂·大地共丰收"为主题的深度对谈，不仅是五周年溯源之旅的形式创新，更是汾酒五 年来系统构建"从田间到舌尖"透明化品质溯源体系的最佳例证。 北纬36°-45°的黄金布局 源头筑牢品质根基 一场溯源，在汾酒绿色原粮基地上演 从汾酒2015年公开的检测数据来看，其食品安全指标远超国际标准。多年来，汾酒始终用科技赋能酿 造，用数智化守护品质，这套覆盖全产业链的质控体系不仅为企业带来品质革命，更为中国白酒行业树 立了全新标杆。 "粮为酒之本"。自2009年 ...

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [10] Core Insights - The liquor inventory cycle is gradually turning, with expectations of a demand recovery driven by ongoing economic policies and improved consumer confidence. The industry is entering a critical phase for left-side layout [2][8] - Current valuations and fund holdings in the liquor industry are at historical lows, indicating a favorable time for allocation. Leading liquor companies are showing strong dividend support [2][8] Summary by Sections Inventory Management - The liquor industry has clear inventory cycle fluctuations, with different phases affecting stock performance. The current phase indicates a shift from passive inventory accumulation to active inventory reduction, suggesting a more scientific and rational management approach by manufacturers [6][20][24] Demand Recovery - The demand for liquor is closely tied to macroeconomic conditions. Historical data shows that liquor industry revenue growth aligns with GDP growth, indicating potential for gradual recovery as the economy improves [36][39] Head Brand Concentration - The trend of market share concentration towards leading brands continues, with top companies maintaining stable growth despite overall market slowdowns. In 2024, listed liquor companies accounted for 28% of the total production, a historical high [42][44] Mid-Autumn Festival Performance Review - Historical performance around the Mid-Autumn Festival shows varying results for liquor stocks compared to the CSI 300 index. The fundamental performance remains the decisive factor for excess returns during this period [49][52]

长江商报奔腾新闻记者 张璐 相关基金到期退出 "华润系"欲减持山西汾酒（600809.SH）。 9月22日，山西汾酒发布公告称，其股东华创鑫睿（香港）有限公司（简称"华创鑫睿"）因旗下基金到 期清算，拟通过大宗交易方式减持所持有的部分山西汾酒股份，减持数量不超过1620.06万股，减持比 例不超1.33%。 当前，中国白酒行业正经历一场深刻的周期性调整，行业整体产量、销售额及利润均承受一定压力。 在"总量收缩、分化加剧"的背景下，企业能保持稳健前行极为不易。在此环境下，山西汾酒交出一份较 为稳健的半年报。2025年上半年，山西汾酒实现营收239.64亿元，同比增长5.35%；净利润85.05亿元， 同比增长1.13%。 山西汾酒主营汾酒、竹叶青酒及杏花村酒的生产与销售。经营数据显示，今年上半年，其核心产品汾酒 系列实现营收233.91亿元，占公司总营收比重约98%，产品结构高度集中；其他酒类实现销售收入4.84 亿元，同比下降10.55%。产品结构内部优化明显。 此外，值得一提的是，山西汾酒的成功也离不开其前瞻性的全国化战略。按地区划分，今年上半年，山 西汾酒在山西省内、省外分别实现销售收入87.32亿元、1 ...

九月的吉林梨树，秋高气爽，苍穹如洗。站在松辽平原的腹地极目远眺，一望无际的高粱地如红色海洋 般铺展，秋风拂过，层层红浪翻滚。这里是北纬43°"黄金种植带"，是世界稀有的黑土核心区，也是汾 酒绿色原粮基地版图上的一颗明珠。 循着这抹高粱红，9月16日至 17 日，"走进汾酒第一车间"落脚在这片土地之上，农业专家、地理学者、 酒业研究者与媒体代表跨越山河，于田野间展开沉浸式的对话，溯源清香白酒的生命起点。 在一场场对话中，黑土肥沃奥秘、原粮生长智慧与清香汾酒的关联被层层揭开。透过多元视角，"走进 汾酒第一车间"这一持续五年IP背后，汾酒对原粮的坚守、对文化的传承与对行业的引领，也愈发清晰 地呈现在众人眼前。 黑土生金，天赐粮源 一粒高粱孕出汾酒的清香底色 黑土，是这场关于品质与风味的对话中，第一个无法绕开的关键词。 黑土的诞生，是地理演化的奇迹：数万年前，松辽平原曾是广袤的湖泊与沼泽，水生植被、草本植物年 复一年枯荣交替，残骸在缺氧的环境中缓慢分解，历经地质变迁与气候更迭，最终沉积为厚度30–100厘 米的黑土层。 千万年沉积的馈赠，这片土地因此也被誉为"耕地中的大熊猫"的沃土，有机质含量是普通耕地的数倍。 在东 ...