经济观察网10月29日，安徽迎驾贡酒（603198）股份有限公司(以下简称"迎驾贡酒")发布《2025年第三 季度报告》显示，1—9月公司实现营业收入45.16亿元，同比下降18.09%；实现归属于上市公司股东的 净利润为15.11亿元，同比下降24.67%。 ...

Core Viewpoint - Gujinggongjiu's Q3 report shows significant declines in revenue and net profit, reflecting broader challenges in the liquor industry, with a shift towards high-quality growth amid ongoing adjustments [1][2]. Financial Performance - For the first three quarters of 2025, Gujinggongjiu reported revenue of 16.425 billion yuan, a year-on-year decrease of 13.87%, and a net profit of 3.96 billion yuan, down 16.57% [1][2]. - In Q3 alone, the company achieved revenue of 2.545 billion yuan, a substantial decline of 51.65%, and a net profit of 299 million yuan, down 74.56% [2]. - The basic earnings per share for the first three quarters were 7.49 yuan, a decrease of 16.59% year-on-year [1]. Cost and Expenses - For the first three quarters, Gujinggongjiu's operating costs were 3.307 billion yuan, down 14.54%, while sales expenses were 4.508 billion yuan, down 6.53% [2]. - R&D expenses increased by 20.58% to 622 million yuan, indicating a commitment to innovation despite overall financial pressures [2]. Industry Context - The liquor industry is undergoing a deep adjustment, transitioning from rapid growth to a focus on high-quality growth, with performance declines becoming a consensus among industry players [2]. - Despite the challenging environment, Gujinggongjiu and Yingjia Gongjiu have shown resilience due to their scale and comprehensive product offerings [2]. Competitor Performance - Yingjia Gongjiu reported a revenue decline of 18.09% to 4.516 billion yuan and a net profit drop of 24.67% to 1.511 billion yuan for the first three quarters [3]. - Kuozi Jiao experienced over a 20% decline in both revenue and net profit, facing challenges with fixed sales and management costs [4]. - Jinzhongzi Jiu was the only company unable to achieve profitability, reporting a revenue of 628 million yuan, down 22.08%, and a net loss of 1 billion yuan, which widened by 0.97% year-on-year [5]. However, it showed positive growth in Q3 with a revenue increase of 3.73% and a net profit increase of 74.42% [5].

Core Viewpoint - The white liquor industry is experiencing a significant downturn, with many companies reporting their worst third-quarter performance due to insufficient market demand [4][8]. Group 1: Performance of Regional Liquor Companies - Most regional liquor companies have reported accelerated declines in their third-quarter performance, with some experiencing nearly triple-digit drops in net profit [4][5]. - Kouzi Jiao (口子窖) reported a 46.2% year-on-year decline in revenue for the third quarter, with net profit dropping by 92.6% [5]. - Laobai Gan Jiu (老白干酒) saw a 47.6% drop in revenue and a 68.5% decline in net profit for the same period [5]. - Jinshiyuan (今世缘) reported a 26.8% decrease in revenue and a 48.7% drop in net profit [5]. Group 2: Performance of Leading Liquor Companies - Leading liquor companies showed a mixed performance, but overall results were better than regional companies [6]. - Shanxi Fen Jiu (山西汾酒) achieved a revenue of 8.96 billion, a 4.1% increase year-on-year, although net profit decreased by 1.4% [6]. - Luzhou Laojiao (泸州老窖) reported a revenue of 6.67 billion, down 9.8%, with net profit declining by 13.1% [7]. - Wuliangye (五粮液) and Yanghe (洋河股份) also experienced revenue declines of 52.7% and 29.1%, respectively [7]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to weak consumer demand, particularly affecting mid-to-high-end liquor sales reliant on business banquets [8]. - The industry faces challenges such as high inventory levels, price inversions, and overall market oversupply, leading to pressure on company performance [8]. - Recent surveys indicated that the demand for liquor during the Mid-Autumn Festival and National Day was down approximately 25% year-on-year, reflecting a broader trend of reduced banquet occasions [8][9].

Core Insights - The white liquor industry is experiencing a significant downturn, with many companies reporting their worst third-quarter performance to date [1] - The primary reason for the accelerated decline in performance is attributed to insufficient market demand [1] Group 1: Performance Decline - Most listed white liquor companies have reported a sharp decline in third-quarter performance, with some experiencing nearly triple-digit drops in net profit year-on-year [1] - Regional liquor companies, which were among the first to announce their results, have seen their performance declines intensify [1] Group 2: Specific Company Performance - Kuozi Jiao (口子窖) reported a 46.2% year-on-year drop in third-quarter revenue and a staggering 92.6% decline in net profit [1] - Lao Baigan Jiu (老白干酒) experienced a 47.6% drop in revenue and a 68.5% decrease in net profit for the third quarter [1] - Jinshiyuan (今世缘) reported a 26.8% decline in revenue and a 48.7% drop in net profit for the third quarter [1] - Yingjia Gongjiu (迎驾贡酒) saw a 20.8% decrease in revenue and a 39% decline in net profit [1] - Jinhui Jiu (金徽酒) reported a revenue of 550 million yuan, with a net profit of 30 million yuan, reflecting a 4.9% and 33% decline respectively [1] Group 3: Comparison with Leading Companies - The performance of leading liquor companies showed some differentiation, but overall, their results were better than those of regional companies [2]

证券研究报告 Q3 延续调整，看好洞藏释能 华泰研究 季报点评 投资评级(维持): 买入 | 目标价(人民币): | 49.14 | | --- | --- | | 龚源月 | 研究员 | | SAC No. S0570520100001 | gongyuanyue@htsc.com | | SFC No. BQL737 | +(86) 21 2897 2228 | | 宋英男 | 研究员 | | SAC No. S0570523100004 | songyingnan@htsc.com | | SFC No. BVO704 | +(86) 21 2897 2228 | 基本数据 迎驾贡酒 (603198 CH) | 收盘价 (人民币 截至 10 月 29 日) | 39.07 | | --- | --- | | 市值 (人民币百万) | 31,256 | | 6 个月平均日成交额 (人民币百万) | 339.04 | | 52 周价格范围 (人民币) | 38.43-67.75 | 股价走势图 (37) (22) (7) 8 23 Oct-24 Feb-25 Jun-25 Oct-25 (%) 迎驾贡酒 沪 ...

此前业绩表现较为稳定的区域酒企也难逃一降。今世缘（603369.SH）第三季度营业收入19.3亿元，下 滑26.8%，归母净利润下降了48.7%。迎驾贡酒（603198.SH）第三季度营收同比下降20.8%至13.6亿 元，归母净利润同比下滑39%至3.8亿元；金徽酒（603919.SH）第三季度营收规模为5.5亿元，归母净利 润为0.3亿元，分别同比下滑4.9%、33%。 30日晚集中亮相的头部酒企业绩也有所分化，但整体情况好于区域酒企。 山西汾酒（600809.SH）第三季度单季仍保持增长，实现收入89.6亿元，同比增长4.1%，但归母净利润 为39.7亿元，同比下降了1.4%，主要与省外市场销售收入增长12.7%有关。 泸州老窖（000568.SZ）第三季度收入66.7亿元，同比下降9.8%，归母净利润31亿元，同比下降13.1%。 白酒行业迎来行业深度调整期以来业绩跌幅"最惨"的三季报。 在已经公布业绩的白酒上市公司中，多数酒企第三季度业绩加速下滑，部分酒企净利润同比降幅近三位 数。 在业内看来，造成酒企三季报加速下滑主要与市场需求不足有关。 记者注意到，率先公布业绩的区域酒企整体业绩降幅都在放大。口 ...

转自：新华财经 在演讲中，秦海围绕三大方向阐述了迎驾贡酒与"Z世代"共鸣的发展理念。一是在生态层面，强调筑牢生态根基、传递绿色价值的重要性。他介绍了迎驾贡酒依托安徽六安霍山生态资源，构建了 秦海最后呼吁，行业同仁要共同守好品质的"生命线"，讲好文化的"故事集"，共创体验的"新模式"，携手"Z世代"开创中国白酒更加绿色、开放、自信的未来。（李晓康） 编辑：赵鼎 秦海指出，中国白酒如一条奔流不息的长河，"Z世代"并非旁观者，而是新时代的"弄潮儿"。他强调，拥抱"Z世代"不仅是行业的选择，更是确保白酒文化持续发展的必然路径。 10月28日，以"天地位育"为主题的赤水河论坛在贵州省遵义仁怀市茅台镇启幕。作为世界了解中国白酒文化的重要窗口，本次论坛吸引了众多行业领袖、专家学者齐聚一堂，共商酒业发展新路 "Z世代"指从1995年到2009年出生的一代人，他们成长于国家繁荣发展与信息技术飞速迭代的黄金时期，这一群体视野开阔、崇尚个性、注重体验，既怀揣文化自信，又秉持理性消费态度，已 ...

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

转自：新华财经 在演讲中，秦海围绕三大方向阐述了迎驾贡酒与"Z世代"共鸣的发展理念。一是在生态层面，强调筑牢生态根基、传递绿色价值的重要性。他介绍了迎驾贡 酒依托安徽六安霍山生态资源，构建了完整的生态酿造体系，传递的生态价值与"Z世代"对"可持续"和"绿色"的理念高度契合。二是在文化层面，提出需深 植文化底蕴并焕新品牌表达，通过挖掘千年迎宾文化、推进"文化迎驾"战略及开发新品，以更贴近"Z世代"的文化审美与消费偏好。三是在体验层面，着重 介绍了迎驾贡酒在创新体验场景、深化情感链接方面的实践，通过打造"迎驾大庄园"这一沉浸式美学空间，让年轻消费者在实地体验中感知酒文化，实现品 牌与用户的情感共鸣。 秦海指出，中国白酒如一条奔流不息的长河，"Z世代"并非旁观者，而是新时代的"弄潮儿"。他强调，拥抱"Z世代"不仅是行业的选择，更是确保白酒文化持 续发展的必然路径。 秦海最后呼吁，行业同仁要共同守好品质的"生命线"，讲好文化的"故事集"，共创体验的"新模式"，携手"Z世代"开创中国白酒更加绿色、开放、自信的未 来。（李晓康） 10月28日，以"天地位育"为主题的赤水河论坛在贵州省遵义仁怀市茅台镇启幕。作为世界了解中国 ...

据披露，迎驾贡酒经营性现金流也出现恶化趋势。前三季度，公司经营活动产生的现金流量净额为7.89 亿元，同比大幅下降38.13%，主要系销售商品、提供劳务收到的现金减少所致。 从各档位产品情况来看，前三季度迎驾贡酒中高档白酒、普通白酒分别实现销售收入10.14亿元、2.6亿 元。此外，1-9月迎驾贡酒省内、省外分别实现销售收入8.75亿元、3.98亿元。 10月29日晚间，安徽迎驾贡酒股份有限公司（以下简称："迎驾贡酒"）发布《2025年第三季度报告》显 示，前三季度公司实现营业收入45.16亿元，同比下降18.09%；归母净利润为15.11亿元，同比下降 24.67%；扣非净利润14.74亿元，同比下降26.16%，利润降幅超过营收。 从单季度表现来看，第三季度迎驾贡酒实现营业收入13.56亿元，同比大幅下降20.76%；归母净利润 3.81亿元，同比下滑39.01%。 对此，迎驾贡酒称，业绩下滑主要系消费需求疲软。从季度维度来看，自2024年四季度起，迎驾贡酒的 营收与净利润已连续四个季度出现负增长。 （原标题：迎驾贡酒三季报"遇冷"：第三季度净利下滑近四成） ...