在12月2日举行的2025汾酒全球经销商大会上，山西汾酒集团党委书记、董事长袁清茂表示，当下白酒 行业过得不容易是"有目共睹"，这一现状与白酒发展模式的快速转变有关。过去白酒行业高歌猛进，更 多由政务和商务消费场景带动，该类消费具有频次高、价格高等特点，也使行业形成了某种惯性思维。 然而，这一传统经验在2025年几乎失效。此外，白酒企业长期对微醺、休闲、家饮、自饮、友饮等消费 场景关注不足，甚至视而不见，也是原因之一。 今年三季度，白酒行业遭遇了近十年来最差的三季报 表现，山西汾酒是少数保持增长的酒企之一。2025年前三季度，山西汾酒实现营业收入329.2亿元，同 比增长5%；归属于上市公司股东的净利润114.1亿元，同比增长0.5%。因此，汾酒此次经销商大会也备 受行业关注。 袁清茂认为，随着白酒行业深度调整持续，过去白酒主要发挥社交货币的功能，而悦己 消费崛起后，其社交属性也受到一定影响。但基于中国人情社会的特点，未来白酒市场将是传统与年轻 化、悦人与悦己、线上与线下长期并存的局面。（一财） ...

Group 1 - The core viewpoint of the article indicates that the white liquor market is experiencing a high-level consolidation phase, with slight price increases observed in the top ten products, reaching a total retail price of 9198 yuan, which is the highest in the past week [1][2] - The data collected by "Wine Price Insider" comes from approximately 200 sampling points across various regions, ensuring an objective and traceable representation of the market prices for well-known white liquors [1][2] - Price fluctuations among major liquor brands show a wide divergence, with notable increases in prices for Gujing Gong 20 (up 11 yuan), Qinghua Lang (up 10 yuan), and Yanghe Dream Blue M6+ (up 7 yuan), while Wuliangye Pu 58 and Xijiu Junpin saw significant declines of 10 yuan each [1][4] Group 2 - At the 2025 Fenjiu Global Dealer Conference, the chairman of Shanxi Fenjiu Group highlighted a shift in white liquor consumption from traditional business and government use to a dual focus on "pleasing others" and "self-pleasing," marking a new growth curve for the industry [2] - The chairman emphasized the need for white liquor companies to adapt to changing consumer behaviors and market dynamics, suggesting that the future market will see a coexistence of traditional and modern consumption patterns [2] - Fenjiu's 2026 strategy will focus on expanding national coverage and promoting sales while also prioritizing youth-oriented and international strategies to tap into the self-pleasing consumption trend [2]

Group 1 - The core viewpoint of the article indicates that the retail prices of the top ten liquor products in the white liquor market have shown a slight increase, reaching a total price of 9198 yuan, marking the highest level in the past week [1][2] - The data collected by "Wine Price Insider" comes from approximately 200 sampling points across various regions, ensuring an objective and traceable representation of the market prices [1][2] - The price movements of different liquor products exhibit a wide divergence, with notable increases in prices for products like Gujing Gong 20, which rose by 11 yuan per bottle, and Qinhualang, which saw a 10 yuan increase [1][4] Group 2 - At the 2025 Fenjiu Global Dealer Conference, the chairman of Shanxi Fenjiu Group highlighted a shift in white liquor consumption from traditional business and government use to a dual focus on "pleasing others" and "self-pleasing" [2] - The chairman emphasized the need for white liquor companies to adapt to changing consumer behaviors and market dynamics, indicating a strategic shift towards national expansion and targeting younger consumers [2] - The 2026 strategy for Fenjiu includes a focus on both traditional market expansion and the development of international and youth-oriented strategies as key growth paths [2]

Core Insights - The article highlights the recent trends in the Chinese liquor market, particularly focusing on the retail prices of major baijiu brands, which have shown slight increases and a mixed performance among different products [1][5][6]. Price Trends - The average retail price of the top ten baijiu products has slightly increased, with a total price of 9198 yuan for a bundled sale, marking a 1 yuan rise from the previous day, reaching the highest level in the past week [1][5]. - Notable price changes include: - Gujing Gong 20 saw a significant rebound of 11 yuan per bottle [6]. - Qinghua Lang increased by 10 yuan per bottle, continuing a strong upward trend for four consecutive days [6]. - Yanghe Dream Blue M6+ rose by 7 yuan per bottle, while Crystal Jian Nan Chun increased by 6 yuan per bottle, marking three consecutive increases [6]. - On the downside, Wuliangye Pu 58 and Xijiu Junpin both dropped by 10 yuan per bottle, with Guojiao 1573 decreasing by 9 yuan per bottle [6]. Market Dynamics - The white liquor consumption is shifting from a traditional model focused on business and government consumption to a new paradigm that includes both "pleasing others" and "self-pleasing" [2][6]. - The chairman of Shanxi Fenjiu Group emphasized the need for companies to adapt to changing consumer behaviors and market dynamics, indicating a long-term coexistence of traditional and modern consumption patterns [2][6]. - Fenjiu's 2026 strategy will focus on expanding market coverage and promoting sales while also targeting younger consumers and international markets as key growth areas [2][6].

Core Insights - The white liquor industry is undergoing a significant adjustment, shifting from traditional consumption patterns dominated by government and business to a new model that emphasizes personal enjoyment and self-satisfaction [2][3] - Shanxi Fenjiu is one of the few companies maintaining growth, reporting a revenue of 32.92 billion yuan, a 5% increase year-on-year, and a net profit of 11.41 billion yuan, up 0.5% [2] - The company is adapting its strategy to focus on both traditional and younger consumer bases, as well as international markets, to capture the emerging "self-enjoyment" consumption trend [3] Industry Trends - The white liquor market is expected to coexist with traditional and modern consumption patterns, including social and personal enjoyment, as well as online and offline sales [3] - The introduction of new products aimed at younger consumers, such as the "Fenxiang Youth 28-degree" series, reflects a shift towards lower alcohol content and diverse flavors to attract different demographics [3] - The marketing approach is evolving, with a focus on consumer engagement rather than traditional promotional methods, as evidenced by the popularity of user-generated content and nicknames for products [4] Strategic Adjustments - Shanxi Fenjiu is implementing a national expansion strategy, targeting 12 core markets and 5 opportunity markets, while also exploring potential in 10 low-alcohol markets [3] - The company recognizes the need to adapt to changing consumer preferences and is committed to re-evaluating its market approach and product offerings [3] - Other major players in the industry, such as Kweichow Moutai, are also shifting towards market-oriented strategies, emphasizing consumer-centric marketing and digital integration [5]

Core Viewpoint - The Chinese liquor industry is undergoing a significant transformation, shifting from traditional consumption patterns dominated by government and business to a new model that emphasizes personal enjoyment and self-consumption [3][4]. Industry Overview - The liquor industry faced its worst quarterly performance in nearly a decade in Q3 2025, with Shanxi Fenjiu being one of the few companies to maintain growth [3]. - In the first three quarters of 2025, Shanxi Fenjiu reported revenue of 32.92 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 11.41 billion yuan, up 0.5% [3]. Strategic Adjustments - Shanxi Fenjiu is adapting its strategy in response to the changing market dynamics, focusing on both traditional and emerging markets while emphasizing youth and internationalization as key growth drivers [5]. - The company plans to launch a new low-alcohol product line, "Fenxiang Youth 28 Degrees," and expand its offerings in fruit, floral, and herbal flavors to attract younger and older consumers [5]. Consumer Behavior Insights - Consumer preferences are evolving, with a notable shift towards self-consumption and diverse drinking scenarios, which presents new challenges for liquor companies [6]. - A survey indicated that 70% of consumers are indifferent or even resistant to traditional marketing messages, preferring user-generated content and social media trends [5]. Market Trends - The liquor market is expected to see a coexistence of social drinking, self-enjoyment, and investment collection, with a focus on experiential and diversified consumption [6].

Core Insights - The Chinese liquor industry is undergoing a significant adjustment, shifting from a growth model primarily driven by government and business consumption to a new paradigm that emphasizes both "pleasing others" and "self-pleasing" [1][2] - Shanxi Fenjiu is one of the few companies maintaining growth amidst a challenging market, reporting a revenue of 32.92 billion yuan, a 5% increase year-on-year, and a net profit of 11.41 billion yuan, up 0.5% [1] - The traditional consumption patterns are becoming less effective, necessitating a reevaluation of market strategies by liquor companies [1][5] Industry Trends - The rise of self-pleasing consumption is impacting the social attributes of liquor, leading to a market that will feature a coexistence of traditional and modern consumption styles, as well as online and offline channels [2] - Fenjiu's 2026 strategy includes a focus on national expansion and targeting core markets while also emphasizing youth and internationalization as key growth avenues [2][4] Product Development - Fenjiu plans to launch a new low-alcohol product line called "Fen Enjoy Youth 28 Degrees," with over ten products in development [4] - The brand "Bamboo Leaf Green" is adopting a "Fenjiu+" approach to introduce fruit, floral, and herbal flavors to attract younger and older consumers [4] Consumer Engagement - Consumers are reshaping liquor consumption through their choices and actions, prompting companies to rethink their market and consumer engagement strategies [5] - A significant portion of consumers (70%) are indifferent or even resistant to traditional marketing, preferring user-generated content and social media trends [5] - The industry is moving towards a more market-oriented marketing transformation, focusing on consumer-centric approaches and digital integration [5]

Core Insights - The 2025 Fenjiu Global Distributor Conference was held in Taiyuan, focusing on the achievements during the 14th Five-Year Plan and strategizing for the 15th Five-Year Plan and the second phase of the Fenjiu Revival Program [3][5][9] Group 1: Strategic Focus - The second phase of the Fenjiu Revival Program emphasizes "emotional resonance, mutual achievement, and co-creation with consumers" as the main theme, aiming to redefine the understanding of consumers, the market, and the company itself [5][12] - The company plans to expand traditional marketing and create benchmarks for consumer satisfaction, targeting national, youthful, and international markets through various collaborative initiatives [5][12] - The strategy will be supported by three pillars: dynamic culture, digital intelligence, and systematic approaches, enhancing consumer emotional value [5][13] Group 2: Operational Goals - The year 2026 marks a transition in Fenjiu's business model, characterized by coexisting with tradition, resonating with the times, empathizing with consumers, and harmonizing with the world [6][13] - The company aims to translate strategic plans into actionable programs, ensuring effective implementation to gain consumer trust and co-create a better future [6][13] - The marketing strategy will focus on eight orientations and eight guidelines, promoting a robust marketing atmosphere and expanding market reach [6][13] Group 3: Recognition and Future Plans - The conference recognized outstanding distributors and personnel, awarding various honors such as the "Outstanding Contribution Award" and "Chinese Wine Soul Award" [8][15] - Representatives from award-winning teams and overseas distributors expressed commitment to the Fenjiu Revival Program, focusing on market engagement and enhancing brand influence [8][15] - A new product, "Qinghua Fenjiu 25·Huashen Ling," was launched, integrating traditional culture with modern aesthetics, showcasing the company's innovative approach [16][17]

Core Insights - The Chinese liquor industry is undergoing a significant adjustment, shifting from a traditional growth model based on government and business consumption to a new paradigm that emphasizes both "pleasing others" and "self-pleasing" [1][2] - Shanxi Fenjiu is one of the few companies maintaining growth, reporting a revenue of 32.92 billion yuan with a year-on-year increase of 5% and a net profit of 11.41 billion yuan, up 0.5% for the first three quarters of 2025 [1] - The traditional consumption patterns are becoming less effective, necessitating a reevaluation of market strategies by liquor companies [1][2] Industry Trends - The rise of self-pleasing consumption is impacting the social attributes of liquor, leading to a market that will feature a coexistence of traditional and modern consumption styles, as well as online and offline channels [2] - The 2026 strategy for Fenjiu includes a focus on national expansion and targeting 12 core markets, 5 opportunity markets, and 10 potential markets for low-alcohol products [2][4] - Fenjiu plans to introduce a new low-alcohol product line, "Fen Enjoy Youth 28 Degrees," and expand its bamboo leaf green wine brand to attract younger and older consumers [4] Consumer Behavior - Consumers are reshaping liquor consumption through their choices and actions, prompting companies to rethink their market approach [4] - A significant portion of consumers (70%) are indifferent or even negative towards traditional promotional content, preferring user-generated content and social media trends [4] - The complexity of liquor consumption is increasing, with social drinking, self-drinking, and investment collection coexisting, leading to higher demands on liquor companies [4]

证券代码：600809 证券简称：山西汾酒 公告编号：临2025-032 山西杏花村汾酒厂股份有限公司 关于控股股东与实际控制人之间 产权层级减少的提示性公告 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： 1.本次控股股东与实际控制人之间产权层级减少系山西省 人民政府将山西省国有资本运营有限公司（以下简称"山西国资 运营公司"）持有的山西杏花村汾酒集团有限责任公司（以下简 称"汾酒集团"）90%股权划转至山西省人民政府国有资产监督 管理委员会（以下简称"山西省国资委"）直接持有。 2.本次控股股东与实际控制人之间产权层级减少不会导致 公司直接控股股东及实际控制人发生变化。公司直接控股股东仍 为汾酒集团，实际控制人仍为山西省国资委。 3.本次控股股东与实际控制人之间产权层级减少不涉及要 约收购。 本次划转前，公司的股权控制关系如下图所示： 本次划转后，公司的股权控制关系如下图所示： 二、本次控股股东与实际控制人之间产权层级减少对上市公司的 影响 本次权益变动不会导致公司的实际控制人、直接控股股 东及其持股比例 ...