来源：泸州老窖官网 4月25日，酒水行业研究者、千里智库创始人欧阳千里告诉海报新闻记者，目前来看，多数酒企均面临 核心单品市场实际成交价倒挂的问题，泸州老窖亦是，"价格是价值的体现，渠道长期库存高企将使得 核心单品的价格被严重低估，从而影响品牌美誉度、渠道忠诚度，进而影响消费者信心。" "泸州老窖通过停货的方式，恢复渠道信心，保障渠道利润，促进市场动销，以此夯实'消费者-经销商- 泸州老窖'的通路。"欧阳千里表示，当下酒业新周期的挑战包括同行竞品增长、市场库存高企等，泸州 老窖全品类停货的方式，亦是对市场的回应，牺牲短期利益来保障品牌的成长和市场的健康。 海报新闻记者 赵恩 上海报道 4月24日，有消息称，24日起泸州老窖全国全品系停止订单接收，停止发货。4月25日，海报新闻记者从 泸州老窖董事会秘书处了解到，此为正常的营销手段，公司此举是为端午节消费旺季做准备。另一方 面，股价波动因素较多，不会仅因停货等单方面因素而受到影响，公司目前一切经营正常。 工作人员回应，公司此前也有部分产品出现停货现象，因此不必过于担心。今年2月19日，泸州大成浓 香酒类销售有限公司发布通知，即日起暂停接收老头曲500ML装产品订 ...

• 1978年—1984年：在南充氮肥厂、长江液压件厂担任车间主任、工程师。 • 1984年—1987年：在泸州市进出口公司担任进出口部经理。 • 1987年—1992年：任泸州市经委高级经济师、处长，新产品开发中心主任。 谢明，1955年10月出生，四川仁寿人，经济学硕士，高级经济师，享受国务院特殊津贴专家。 • 学历：经济学硕士。 • 进修：曾在四川大学学习，获得MBA学位；在清华大学学习，获得EMBA学位。 早期工作 • 1997年—2004年：任泸州市龙马潭区委副书记、区长，区委书记、区人大常委会主任。 泸州老窖任职 • 谢明在任期间，推动泸州老窖从传统国企向现代化企业转型，提出"产业壮大资本，资本推动产业"的经营理念，形成产业与资本市场"双轮驱动"的良性循 环。 • 2004年4月—2005年12月：任泸州老窖集团公司董事局主席、总裁，泸州老窖股份有限公司董事长、党委书记。 • 2005年12月—2015年7月：任泸州老窖集团董事局主席，泸州老窖股份有限公司董事长。 • 2015年7月后：卸任泸州老窖股份公司董事长，继续担任泸州老窖集团董事局主席。 • 品牌建设与市场拓展： • 他主导了泸州老窖的品 ...

金十数据4月21日讯，近日，泸州老窖集团商业投资有限公司成立，法定代表人为朱勇，注册资本1亿人 民币，经营范围含房地产开发经营、建设工程施工、酒类经营、以自有资金从事投资活动、园区管理服 务、非居住房地产租赁、住房租赁等。股东信息显示，该公司由泸州老窖集团有限责任公司全资持股。 泸州老窖集团成立商业投资公司，注册资本1亿元 ...

十年相思情，寻香四月天。4月11日-13日，由泸州老窖·国窖1573研究院主办的中欧国际工商学院飞鸿班毕业10周年活动走进泸州老窖。中欧国际工商学 院教授、复旦大学教授、国际问题研究院前常务副院长、上海美国学会前副会长沈丁立以及来自中欧国际工商学院2013年深圳1班的30余位师生嘉宾一行 走进泸州老窖，探秘浓香圣地，再话同窗情谊，共同探寻浓香鼻祖泸州老窖的企业发展之道。 中欧国际工商学院飞鸿班嘉宾一行先后走进1573国宝窖池群、泸州老窖博物馆、泸州老窖三大天然藏酒洞之纯阳洞、乾坤酒堡，全方位沉浸式体验泸州老 窖"浓香鼻祖""浓香正宗"的文化魅力和白酒行业"活态双国宝"——泸州老窖酒传统酿制技艺和1573国宝窖池群的历史底蕴。 在1573国宝窖池群，嘉宾们近距离感受老窖池历经数百年的岁月沉淀，现场品味新酿出的浓香佳酿。泸州老窖博物馆内的丰富展品与详实史料，生动讲述 了泸州老窖从历史走来、迈向现代创新发展的故事，让嘉宾对泸州老窖的品牌内涵有了更深刻的认知。纯阳洞与乾坤酒堡中，弥漫在空气中的醇厚酒香及 亲手参与调制专属佳酿，更让嘉宾们沉浸式感受到泸州老窖洞藏陈酿与定制文化的独特魅力。 泸州老窖作为在明清36家酿酒作 ...

4月10日，由中国酒业协会主办、江苏洋河酒厂股份有限公司承办，以"强基 重构 立新"为主题的第十四 届中国白酒T9峰会在南京召开。茅台、五粮液、洋河、汾酒、泸州老窖、古井贡酒、习酒、郎酒、剑 南春等头部白酒企业齐聚，共同探讨全球经济变局下中国白酒产业的结构性变化及产业发展未来趋势与 挑战，共同推动"行业共创、生态共建、价值共赢"发展，携手开启中国白酒新征程。 峰会期间，T9企业领导围绕峰会主题，分享对产业趋势的研判与实践经验。泸州老窖集团(股份)公司党 委书记、董事长刘淼以《新周期 新机遇 新路径 "五大主义"引领中国白酒高质量发展》为题发表主题演 讲。 刘淼指出，当下要以"五大主义"引领中国白酒高质量发展。一是要保持"乐观主义"，坚定发展信心。当 前白酒产业进入新一轮调整转型期，既要看到内外部环境变化带来的不确定性和风险挑战，更要坚定看 到中国经济基础稳、优势多、韧性强、潜力大，依旧保持着长期向好的态势。一是党和政府坚持发展经 济、深化改革的决心没有变；二是中国经济发展坚实基础没有变；三是中国拥有超大规模市场没有变。 二是要坚持"长期主义"，穿越发展周期。中国白酒经历了数千年的技术发展与文化积淀，未来依旧具 ...

廖俊详细介绍了泸州老窖集团多元化、跨越式发展的成果。他表示，此次战略合作框架协议的签署，为 双方深度合作奠定了良好基础，希望双方紧密协作，探索灵活高效的体制机制，共同推动优质项目落 地，开辟更为广阔的赛道，为产业发展注入新活力。希望双方积极履行国企社会责任，在开展市场化投 资的同时，探索通过"以投引产"等形式，引进优质项目落地泸州，为地方经济发展作出积极贡献。 近日，四川振兴集团党委副书记、副董事长、总经理曾显斌率队赴泸州老窖集团座谈交流，泸州老窖集 团党委副书记、副董事长、总裁廖俊出席座谈会。会上，双方共同见证了四川创新发展投资管理有限公 司与四川璞信产融投资有限责任公司的战略合作协议签约仪式。 川创投公司与璞信投资公司双方代表签署了战略合作协议，约定建立互利共赢且可持续的战略伙伴关 系，推动双方实现高质量发展。(马力贤) 曾显斌详细介绍了四川振兴集团近年来转型发展的成果及产业布局。他表示，泸州老窖具有强有力的品 牌价值和综合实力，此次与璞信投资达成战略合作，是双方强强联合、共谋发展的重要举措，是双方基 于共同理念和发展目标的重要选择，希望双方充分发挥各自在行业研究、项目储备和产融结合方面的优 势，携手挖掘 ...

Core Insights - The discussion at the China International Wine Industry Development Conference focused on the theme "Seeking Change Amid Stability" and aimed to explore new paths for high-quality development in the Chinese liquor industry [1] Group 1: Industry Trends - The younger demographic is identified as a key strategic focus for growth in the liquor industry, particularly in the context of generational consumption shifts [2] - Companies are shifting from a supply-driven model to a consumer-centric approach, recognizing that younger consumers are now entering the market [3] Group 2: Company Strategies - Luzhou Laojiao's General Manager Lin Feng highlighted the importance of targeting younger consumers, noting that the brand has successfully entered the 20 billion yuan market by focusing on the 25 to 35 age group [3] - Luzhou Laojiao has initiated the "Jiao Master Festival" to enhance brand culture and innovate consumer experiences, covering various fields such as tasting, arts, and sports [3] - The company reported a significant increase in revenue from emerging channels, growing from 754 million yuan in 2020 to 1.42 billion yuan in 2023, indicating a near doubling of growth [4] Group 3: Differentiation Strategies - Kingway's President Wang Nanbo emphasized the importance of health value in the beverage industry, focusing on herbal and health-oriented products to differentiate from traditional liquor brands [6] - China Resources Beer is implementing a "Beer + White" dual empowerment strategy after acquiring Jinsha Liquor, leveraging shared resources and seasonal sales strategies to enhance market efficiency [8]

Group 1 - Luzhou Laojiao's overall product QR code scanning rate has reached 40%, indicating effective digital transformation and inventory management, with positive growth in sales and opening volume during the Spring Festival [1] - The establishment of a consumer data model will enable the company to better understand market demand and optimize products and services, potentially boosting confidence in the liquor industry [1] Group 2 - Wang Bowei announced the upgrade of five strategic products for Langjiu, including the ultra-high-end "Hongyun Lang" and classic "Langpai Lang," reflecting the company's strategy to enhance product matrix and brand value [2] - The product upgrades are expected to improve consumer recognition and optimize product structure, positively impacting the company's market positioning and long-term development [2] - Langjiu's actions may stimulate innovation and upgrades within the liquor sector, promoting a shift towards higher quality and added value [2] Group 3 - Hainan Yedao appointed new executives, Wang Zhiming as the board secretary and Wang Feiyan as the financial director, both bringing extensive management experience [3] - The personnel changes suggest an optimization of the company's governance structure and financial strategy, which may enhance strategic execution and market competitiveness [3]

Investment Rating - The report maintains a "Strong Buy" rating for Luzhou Laojiao (000568) with a target price of 206 CNY [1]. Core Insights - The report highlights that the company has reached a turning point in its fundamentals, with digitalization becoming a key operational focus. The management's strategies have proven effective in stabilizing prices and reducing inventory levels, which are now at a historically low point. The company aims for healthy growth in 2025, primarily focusing on inventory digestion in the second quarter [7]. Financial Performance Summary - **Revenue Forecast**: - Total revenue is projected to grow from 30,233 million CNY in 2023 to 36,326 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 12.1% [3]. - **Net Profit Forecast**: - Net profit attributable to shareholders is expected to increase from 13,246 million CNY in 2023 to 15,860 million CNY in 2026, reflecting a CAGR of about 12.9% [3]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 9.00 CNY in 2023 to 10.77 CNY in 2026 [3]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 15 in 2023 to 12 in 2026, while the price-to-book (P/B) ratio is expected to decline from 4.7 to 3.2 over the same period [3]. Operational Highlights - **Digitalization**: - The company has achieved a leading position in digitalization within the liquor industry, implementing digital solutions across production, packaging, management, and marketing. This includes a fully automated packaging line and a comprehensive marketing system that enhances consumer engagement and inventory management [7]. - **Inventory Management**: - The company has effectively reduced channel inventory to a manageable level of 2-3 months, indicating a strong focus on maintaining market order and pricing stability [7]. Market Position - **Competitive Advantage**: - Luzhou Laojiao's management has demonstrated flexibility and pragmatism in its strategies, which have helped maintain price stability and improve sales quality. The company is well-positioned to capitalize on potential demand recovery in the future [7].

Market Performance - On March 25, the food and beverage sector declined by 0.2%, underperforming the CSI 300 index by approximately 0.1 percentage points, ranking 17th among 31 sub-industries in the Shenwan classification [1] - Within the food and beverage sector, dairy (+1.5%), beer (+1.3%), and meat products (+0.9%) showed relatively strong performance, with companies like Beiningmei, Huangshi Group, and Western Pastoral leading the gains [2][3] Important Announcements - Yuanzi Co. reported a total operating income of 2.314 billion yuan for 2024, a year-on-year decrease of 12.99%; total profit reached 321 million yuan, down 9.3%; and net profit attributable to shareholders was 249 million yuan, a decline of 9.98% [4] - Xianle Health announced an adjustment to the conversion price of its convertible bonds, changing from 42.13 yuan/share to 41.96 yuan/share [4] - Shuanghui Development reported a total operating income of 59.561 billion yuan for 2024, a decrease of 0.64%; net profit attributable to shareholders was 4.989 billion yuan, down 1.26%; and net profit excluding non-recurring items was 4.813 billion yuan, also down 1.26% [4] Industry News - Luzhou Laojiao launched its Green Bean Daqu X15 on March 22, during a grand event in Luzhou, highlighting the health elements of the product [4] - The first high-end yellow wine forum and the launch of Kuaijishan Lanting·Xu took place on March 23 in Chengdu, gathering industry elites and experts to discuss the future of yellow wine [4] - On March 24, the "Constructing Guotai·Tongzhi Business Road" event was held in Chengdu, where Guotai officially launched several new products, emphasizing differentiation in the market [4]