今日的情况早就不是过去 ， 老窖也不是昔日阿蒙 。 高度国窖确实要看茅五的脸色 ， 但是低度 国窖完全不用 。 低度酱酒基酒加水不适宜陈放 ， 53度是完美的酒兑酒度数的宣传 ， 无意中限 制了低度飞天的影响 。 在低度领域 ， 浓香是强过酱香的 。 降度后与高度口感对此 ， 单粮差异性小 ， 多粮差异性大 。 高端的面子 ， 次高端的里子 ， 世界通行的度数 ， 这就是低度国窖 。 老窖中端的特曲老字 号和特曲60还是很强的 ， 这个价格带五粮液没有强竞品 。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 酒金岁月 来源：雪球 投资人的悲欢并不相通 ， 哪怕在同一个行业 。 今天看了下5月的收益率 ， 怒亏-0.5% ， 我称 之为养鸡孵蛋体系的胜利 。 单吊意味着承受更大的下跌压力 ， 同样获得更大的上涨收益 ， 心 有多大 ， 收益就有多大 。 我不羡慕单吊未来的高收益 ， 同样也就不用承担现在下跌的强压力 ， 自得其乐 。 爱酒说老窖当年行业黑天鹅面临的茅五品牌价格下移带来的压制 ， 摧枯拉朽 。 老窖当初受伤最 重主要是逆势挺价的锅 ， 茅台都跌到90 ...

Core Viewpoint - Luzhou Laojiao faces significant challenges in regaining its position among the top three in the Chinese liquor industry, with declining growth rates and increasing competition from peers [1][3][20] Financial Performance - In 2024, Luzhou Laojiao reported revenue of 31.196 billion yuan, a growth of 3.19%, and a net profit of 13.473 billion yuan, a growth of 1.71%, both marking the lowest growth rates since 2015 [1][17] - The revenue growth rate further declined to 1.78% and net profit growth to 0.41% in Q1 2025, indicating a continuous weakening of growth momentum [3][19] Market Position and Competition - Luzhou Laojiao's goal to return to the top three has not been achieved, with a revenue gap of 4.815 billion yuan compared to Shanxi Fenjiu and a market capitalization gap exceeding 50 billion yuan [3][20] - The company has slipped to fourth place in the industry rankings, with its position becoming increasingly stable [20] Strategic Missteps - The company missed the opportunity to establish a high-end brand during the market's early price liberalization in the 1980s, leading to a significant gap in brand recognition compared to competitors like Moutai and Wuliangye [4] - Despite attempts to address this with the launch of "Guojiao 1573" in 2001, its high-end market positioning remains weak, with a price per ton of 641,700 yuan, only 39.12% of Wuliangye's high-end series price of 1.64 million yuan [4] Pricing and Inventory Issues - Luzhou Laojiao has continued aggressive price increases, including over ten price hikes in 2022, leading to a price collapse where the dealer settlement price for Guojiao 1573 was over 20% lower than the retail price [6] - As of the end of 2024, the company's inventory value reached 13.393 billion yuan, with inventory turnover days increasing from 371 days in 2018 to 1,158 days in 2024, indicating severe inventory management issues [10][12] Brand and Market Dynamics - The company's high-end product sales are primarily driven by gift-giving rather than essential consumption, resulting in a revenue growth rate of only 2.77% for mid-to-high-end liquor in 2024 [7] - Luzhou Laojiao's brand strategy has not effectively differentiated it from competitors, leading to a lack of unique market positioning [8] Financial Strategy and Shareholder Returns - To stabilize investor sentiment, Luzhou Laojiao increased its dividend payout ratio to 65% in 2024, amounting to 8.758 billion yuan, despite a significant decline in market capitalization [20] - The company's stock price has dropped nearly 60% from its historical peak, reflecting market concerns over its unsustainable growth model and strategic execution [20]

Core Viewpoint - The white liquor market is experiencing a slight price decline ahead of the Dragon Boat Festival, with various products showing different degrees of price drops [1][2]. Price Trends - High-end liquor prices have seen notable changes, with Feitian Moutai's average selling price dropping from 2269 CNY/bottle to 2230.4 CNY/bottle, a decrease of 38.8 CNY/bottle [1]. - The price of Feitian Moutai in retail channels decreased from 2300 CNY/bottle to 2250 CNY/bottle, while prices in the billion subsidy channel fell from 2040 CNY/bottle to 1990 CNY/bottle [1]. - Guojiao 1573's latest average selling price is 946.89 CNY/bottle, down by 29.22 CNY/bottle, primarily due to online channel influences [1][2]. Market Dynamics - In the next tier of pricing, the average selling price of Shui Jing Fang Zhen Niang No. 8 decreased from 357.44 CNY/bottle to 345.22 CNY/bottle, influenced by online sales [2]. - Conversely, the average price of Jin Zhi Xi Jiu increased from 205.56 CNY/bottle to 218.63 CNY/bottle, with significant price hikes observed on platforms like JD and Tmall [2]. - Overall, among 13 popular liquor products surveyed, 9 showed a price decline, while 2 increased and 2 remained stable [2]. Seasonal Trends - May is traditionally a slow sales season for the liquor market, yet it serves as a critical marketing period for brands [4]. - Seven liquor brands launched new products in May, including collaborations and new high-end offerings [4][5]. Product Innovations - Moutai 1935 has expanded its product line, introducing a new 1.935L variant aimed at high-end gifting scenarios [5]. - Other brands, such as Luzhou Laojiao and Jiu Gui Jiu, have also released new products, focusing on cultural attributes and mid-to-high-end market segments [5].

Group 1 - Luzhou Laojiao's director Qian Xu has resigned for personal reasons, effective immediately, and will not hold any positions in the company or its subsidiaries [1] - The company confirmed that Qian Xu's resignation does not affect the minimum number of board members and will not disrupt normal operations [1] - The company will proceed with the legal process to elect a new director [1] Group 2 - Kuaijishan's stock price has hit the limit up for three consecutive trading days, with a cumulative increase of over 33%, and a closing price of 25.81 yuan [2] - The company's static P/E ratio is 63.08, significantly higher than the industry average of 20.51 [2] - The company has issued a risk warning due to the significant short-term price increase, advising investors to be cautious [2][3] Group 3 - Jiu Gui Jiu's revenue for the high-end brand Neican has dropped by 67%, with overall revenue for 2024 down 49.7% to 1.423 billion yuan [4] - The company is focusing on price stability rather than volume growth in response to increased competition and a weak industry cycle [4] - The overall white liquor industry is facing dual pressures from demand and competition, indicating potential adjustments in the sector [4] Group 4 - From January to April, the revenue of the liquor, beverage, and refined tea manufacturing industry increased by 3.7% year-on-year, reaching 548.96 billion yuan [6] - The total profit for this sector was 98.33 billion yuan, reflecting a 3.5% year-on-year growth [6] - The performance of this sector is stronger than the overall industrial growth, indicating resilience and providing confidence to related sectors [6]

泸州老窖股份有限公司（以下简称"公司"）董事会于近日收到 公司董事钱旭先生递交的书面辞职报告。钱旭先生因个人原因申请 辞去公司第十一届董事会董事及审计委员会委员职务。钱旭先生原 定任期至公司第十一届董事会届满时止。钱旭先生辞职后不在公司 及控股子公司担任任何职务。 证券代码：000568 证券简称：泸州老窖 公告编号：2025-23 泸州老窖股份有限公司 关于公司董事离任的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 一、董事离任情况 根据《公司法》和公司《章程》的相关规定，钱旭先生的辞职 未导致公司董事会成员人数低于法定最低人数，不会影响董事会的 正常运作，其辞职自辞职报告送达公司董事会之日起生效。公司将 按照法定程序及时补选董事。 截至本公告日，钱旭先生未持有公司股份。钱旭先生在公司任职 期间恪尽职守、勤勉尽责，在提升公司规范运作、科学决策水平，推 动公司高质量发展等方面发挥了重要作用，公司董事会对钱旭先生履 职期间为公司做出的贡献表示衷心感谢！ 二、备查文件 2025年5月29日 2.深交所要求的其他文件。 泸州老窖股份有限公司 董事会 1.钱旭 ...

金十数据5月28日讯，泸州老窖公告，公司董事钱旭因个人原因申请辞去公司第十一届董事会董事及审 计委员会委员职务。钱旭先生原定任期至公司第十一届董事会届满时止。钱旭先生辞职后不在公司及控 股子公司担任任何职务。截至本公告日，钱旭先生未持有公司股份。 泸州老窖：董事钱旭因个人原因辞职 ...

Core Viewpoint - The top six listed liquor companies in China are transitioning to a low-speed growth model, reflecting a structural change in the industry due to external economic pressures, market transformation, and inventory adjustments [1][3][4] Industry Performance - In Q1 2023, the total revenue of large-scale liquor enterprises in China was 196.3 billion, a slight increase of 0.38% year-on-year, while total profit decreased by 0.73% [3] - The production of liquor in China from January to April 2025 was 1.308 million kiloliters, a year-on-year decrease of 7.8%, indicating a potential eighth consecutive year of declining production if the trend continues [1] Strategic Adjustments - Major liquor companies are adopting more pragmatic and quality-focused growth strategies, with Moutai setting a revenue growth target of around 9% for 2023 [4][6] - Companies like Wuliangye and Luzhou Laojiao emphasize stability and gradual progress in their development goals, reflecting a shift from rapid growth to high-quality development [4][6] Market and Channel Strategies - Companies are focusing on enhancing channel operation efficiency and quality, with Yanghe implementing product optimization and inventory control measures [8][10] - Luzhou Laojiao is adjusting sales targets and market policies based on consumer behavior, while Gujing Gongjiu is optimizing resource allocation for better effectiveness [10] Product Innovation - The industry is seeing a trend towards low-alcohol products, with Luzhou Laojiao's 38-degree Guojiao 1573 achieving over 10 billion in revenue [18][20] - The low-alcohol market is projected to grow significantly, with a compound annual growth rate of around 30% from 2021 to 2024, indicating a promising opportunity for smaller enterprises [20][21] Youth Engagement - The liquor industry recognizes the importance of engaging younger consumers, with companies like Wuliangye and Fenjiu launching targeted products and marketing strategies to attract this demographic [14][16] - The younger consumer segment (ages 25-40) accounted for 38% of liquor consumers in the first half of 2023, highlighting the need for brands to adapt to changing preferences [14] Conclusion - The liquor industry is undergoing a significant transformation, moving from rapid expansion to a focus on value creation and quality development, with both large and small enterprises needing to adapt to these changes to thrive in the evolving market landscape [21]

在以数字化为核心的新一轮全球贸易变革中，传统企业如何重塑增长引擎？在5月22日于北京召开的 2025年全球贸易投资促进峰会上，泸州老窖分享了其在数字化战略和全球化实践中的探索与成果，展现 出传统制造行业在新时代实现转型升级、迈向国际的可行路径。 本次峰会由中国贸促会主办，以"拥抱数智时代，携手共同发展"为主题，汇聚了来自48个国家和地区的 政府部门、贸促机构和商协会及企业代表，共话数智时代全球贸易投资合作新机遇。泸州老窖股份有限 公司首席数字官、泸州老窖国际发展(香港)有限公司董事长苏王辉应邀出席并作主题分享。 自2022年创办以来，全球贸易投资促进峰会已经连续举办三届，逐渐成为全球工商界对话交流、深化互 信、共谋合作、共话发展的重要机制性平台。本次峰会发布了《2025年全球贸易投资促进峰会北京倡 议》，倡议全球工商界携手探索新形式新领域合作，推动实现更加强劲、绿色、健康的全球发展。 "三大行动"构建数智化转型样本 数智技术快速发展为世界带来了广阔机遇，也深刻改写着传统产业竞争规则。作为行业内率先布局数字 化的白酒企业之一，泸州老窖自2015年起全面推进数智转型升级，大力实施"数智泸州老窖"战略，在智 改数转 ...

香飘飘Meco杯装果茶官宣时代少年团为全新品牌代言人 5月27日，茶咖日报的主要内容有： 茶饮股集体走强，蜜雪集团市值超越泸州老窖 5月27日消息，港股三大指数震荡走高，截至收盘，恒生指数(23381.99, 99.66, 0.43%)涨0.43%，报 23381.99点，恒生科技指数(5182.6, 24.95, 0.48%)涨0.48%，国企指数涨0.38%。 盘面上，科网股普涨，美团涨超2%，网易涨超1%，京东集团跌1%；CXO概念股齐涨，维亚生物(1.86, 0.21, 12.73%)涨超12%；啤酒股集体上涨，青岛啤酒股份(55.2, 2.10, 3.96%)涨近4%；茶饮股走强，蜜雪 集团涨近10%，股价飙升至 579 港元创历史新高，总市值突破2198亿港元，反超泸州老窖，达洋河股份 两倍。目前蜜雪集团市盈率高达45倍，已远超多家一线白酒品牌。作为港股"新贵"，蜜雪集团3月3日上 市后，至今累计涨超160%，均远超恒生指数同期涨幅。 参考灼识咨询，2025年现制茶饮市场规模约3109亿元，2023-2028年复合增速约19.7% 维持高速成长。 2023年CR5为49%（GMV口径），蜜雪冰城份 ...

Core Viewpoint - The stock price of Mixue Group surged to 579 HKD, reaching a historical high and surpassing the market capitalization of traditional liquor giants like Luzhou Laojiao and Yanghe, indicating a significant shift in valuation within the consumer goods sector [1][3][4]. Group 1: Stock Performance - Since its listing on March 3, Mixue Group's stock has increased by over 160%, significantly outperforming the Hang Seng Index during the same period [2]. - As of May 27, Mixue Group's market capitalization exceeded 219.8 billion HKD, with a price-to-earnings (P/E) ratio of 45, which is considerably higher than many leading liquor brands [1][4]. Group 2: Market Dynamics - The recent rise in Mixue Group's stock price is attributed to a competitive subsidy war initiated by major delivery platforms like JD.com, which has boosted same-store sales [5][7]. - The average daily retail sales per store for Mixue Group showed a slight decline in growth rates, indicating potential challenges in maintaining momentum in a saturated market [7]. Group 3: Ownership Structure - The actual controllers of Mixue Group, Zhang Hongchao and Zhang Hongfu, hold approximately 82% of the company's shares, resulting in a limited float in the market, which can lead to significant price volatility [8][9]. - The company has established a strong operational "moat," with over 46,479 stores globally, making it the largest chain brand in the world, surpassing Starbucks [8].