一杯均价5元的奶茶，撑起了比"白酒巨头"更高的市值。 5月27日，蜜雪集团股价飙升至579港元，创下历史新高，总市值突破2198亿港元，反超泸州老窖，且两倍于洋河股 份。目前蜜雪集团高达市盈率45倍，已远超多家一线白酒品牌。 蜜雪集团今日股价飙升至579港元，创下历史新高 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。 蜜雪集团上市后的表现，既有京东外卖补贴战的短期催化，又有股权结构、门店优势等多重因素影响。这家主打极致 性价比的连锁品牌，正在颠覆消费品行业的传统估值体系。 蜜雪集团市值超过泸州老窖 截至5月27日收盘，蜜雪集团上涨9.97%，报579港元，总市值约2198亿港元，稳居2000亿港元大关上方。 从4月7日起，蜜雪集团股价就开始震荡上行，从333港元/股的低位一路走高至560港元上方，区间涨幅超68%。 目前，蜜雪集团市值已反超多家老牌酒业品牌。以5月27日收盘价计算，"初代酒王"泸州老窖市值为1754亿元，洋河 股份为1000亿元。啤酒巨头中，青岛啤酒、百威亚太的市值分别为855亿元、1066亿港元。 而从估值角度看，部分业内人士认为，蜜雪集团几乎等于 ...

5月22日，由中国贸促会主办的2025年全球贸易投资促进峰会在北京举行。峰会主题为"拥抱数智时代， 携手共同发展"。全球贸易投资促进峰会自2022年创办以来，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，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，以及国际组织负责人等 800余人线下参会。与会嘉宾谈合作、话机遇，推动国际社会共迎挑战、共创未来。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出席峰会并作主题分享。 推进数智化转型升级 泸州老窖主要实施了"三大行动"。一是实施数智赋能管理提升行动。通过做好数智化顶层架构规划设 计，推进营销数字化、管理数字化、酿酒生产数字化、供应链数字化、人才和组织数字化升级，实现订 单流、资金流、信息流、物流和行政流的"五流贯通"，构建起了高效畅通的跨体系、跨部门、跨单位协 同机制。 二是实施数智赋能生产行动。泸州老窖黄舣酿酒生态园充分运用人工智能、仿真技术、工业机器人技术 等手段，将优秀人工操作技术整理成数据参数，实现了智能化、自动化操作，固态酿造生产智能化水平 居行业前 ...

从中证全指食品、饮料与烟草指数持仓的市场板块来看，上海证券交易所占比61.18%、深圳证券交易 所占比38.82%。 从中证全指食品、饮料与烟草指数持仓样本的行业来看，白酒占比46.70%、乳制品占比12.47%、调味 品与食用油占比12.08%、其他食品占比7.99%、软饮料占比6.64%、啤酒占比4.75%、休闲食品占比 4.09%、肉制品占比3.26%、葡萄酒及其他占比1.22%、黄酒占比0.81%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 据了解，为反映中证全指指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证全 指指数样本按中证行业分类 ...

智通财经5月26日电，天眼查App显示，近日，泸州老窖资本控股有限责任公司发生工商变更，注册资 本由约6.07亿人民币增至约15.27亿人民币，增幅约152%。该公司成立于2022年12月，法定代表人为李 金，经营范围含自有资金投资的资产管理服务、企业总部管理、融资咨询服务、供应链管理服务、信息 咨询服务、社会经济咨询服务、企业管理咨询、财务咨询等。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。 泸州老窖资本控股公司增资至15.27亿 ...

证券代码：000568 证券简称：泸州老窖 泸州老窖股份有限公司投资者关系活动记录表 编号：2025-5-16 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | | | | □媒体采访 ★业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 股东大会交流 | | 参与单位名称及 | 通过互动易参加本次业绩说明会的投资者 | | 人员姓名 | | | 2025 时间 | 年 5 月 16 日 15:00-17:00 | | | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn | | 地点 | "云访谈"栏目 | | 上市公司接待人 | 董事长刘淼，独立董事陈有安、吕先锫、李国旺、李良琛，财 | | 员姓名 | 务总监谢红，副总经理、董事会秘书李勇 | | | 1. 当前白酒行业面对较大挑战，请问行业什么时候能够复苏？ | | | 答：尊敬的投资者，短期来看，行业仍处于调整期，本轮调整主 | | | 要受消费环境影响导致。我国产业体系完整、配套实力雄厚，经济发 | | | 展的韧性足、能力强，国 ...

简历显示，侯昊先生:经济学硕士,CFA(Chartered Financial Analyst特许金融分析师)、FRM(Financial Risk Manager金融风险管理师),2009年加入招商基金管理有 限公司,曾任风险管理部高级风控经理、部门负责人,负责投资风险管理、业绩归因、金融工程研究等工作;2011年加入量化投资部,在量化投资部的主要研究方 向是股指期货/商品期货交易策略和算法、结构化产品设计、数量化选股、微观结构等,现任招商基金量化投资部投资经理。2009年7月加入招商基金管理有 限公司,曾任风险管理部风控经理,量化投资部助理投资经理、投资经理,现任量化投资部副总监兼招商央视财经50指数证券投资基金基金经理(管理时间:2017 年9月5日至今)、招商中证大宗商品股票指数证券投资基金(LOF)基金经理(管理时间:2017年9月5日至今)、招商中证银行指数证券投资基金基金经理(管理时 间:2021年1月1日至今)、招商深证100指数证券投资基金基金经理(管理时间:2017年9月5日至今)、招商中证煤炭等权指数证券投资基金基金经理(管理时 间:2021年1月1日至今)、招商中证白酒指数证券投资基金 ...

Core Viewpoint - Luzhou Laojiao's 2024 performance shows a slowdown in revenue and profit growth, with a focus on adapting to market changes and consumer demands, particularly among younger demographics [3][4]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of about 13.473 billion yuan, up 1.71% [3]. - The fourth quarter revenue was around 6.893 billion yuan, with a net profit of approximately 1.88 billion yuan, showing a decline compared to the same period last year [3]. Market Dynamics - The liquor industry is transitioning from a phase of rapid growth to one of quality and sustainability, with increased competition and market differentiation [4]. - Luzhou Laojiao has set a goal for 2025 to achieve stable revenue growth amidst a challenging market environment characterized by high inventory and price discrepancies [4]. Inventory and Channel Management - The company maintains normal supply channels and has prepared adequately for the upcoming Dragon Boat Festival sales, despite previous media reports suggesting a halt in order acceptance [5]. - Luzhou Laojiao collaborates closely with distributors to adjust sales targets and market policies dynamically, ensuring a reasonable profit margin for clients and promoting healthy market development [4][5]. Digital Transformation - The company is undergoing significant digital reforms, shifting from a channel-driven sales strategy to a consumer-focused approach, enhancing marketing capabilities through digital tools [5]. - Concerns regarding the diminishing marginal effects of digital marketing strategies have been acknowledged, with the company emphasizing the importance of management system innovation [5]. Youth Engagement and Product Innovation - Luzhou Laojiao is actively developing products that cater to younger consumers, including innovative and cross-border collaboration products, with the "Three-Body" science fiction-themed liquor set to launch in June [3][7]. - The company has engaged in various promotional activities across cultural, artistic, and sports domains to resonate with the younger generation [7][9].

Core Viewpoint - The company is focusing on high-quality development amidst increasing market competition and is preparing for a significant transformation in the industry [1] Group 1: Business Strategy and Goals - The company aims for steady revenue growth in 2025, emphasizing a theme of "gathering strength to tackle challenges and refining efforts for stable growth" [1] - The management highlighted the ongoing transition in the industry from extensive to refined operations, and from quantity to quality, indicating an impending phase of intense competition and accelerated differentiation among companies [1] Group 2: Product and Market Adaptation - The company has fully revamped its five major products starting in 2023 and is selling some premium aged products through online platforms [1] - Due to the trend of lower alcohol consumption in the market, the revenue share of the lower-alcohol version of Guojiao 1573 has been increasing, currently approaching 50% [1] Group 3: Distribution and Partnerships - The management reiterated the commitment to the "customer is the team" philosophy, focusing on creating value and wealth alongside customers [2] - The company plans to continue expanding its national distribution network and will selectively add high-quality customers to its sales system to support high-quality development [2]

Core Insights - The management of Luzhou Laojiao stated that the current "five-in-one" strategy is becoming a burden, with diminishing marginal effects of digitalization, particularly in the high-end liquor segment, which is struggling to achieve above-industry-average growth [1] - The company is focusing on a significant overhaul of its management system as part of its digital transformation, which is considered to be ahead of the industry [1] Group 1 - The company has shifted its sales strategy from a "left-side strategy" focused on channel push to a "right-side strategy" that enhances consumer engagement through bottle scanning [1] - Digitalization is being leveraged through tools such as channel digitalization, consumer digitalization, and personnel digitalization to improve marketing management capabilities and support precise marketing decisions [1] - The management emphasized close collaboration with distributors, adjusting sales targets and market policies dynamically to ensure reasonable profit margins for clients and promote healthy market development [1] Group 2 - In response to concerns about the stability of mid-tier products, the management highlighted the importance of a matrix product structure to adapt to market changes, with a focus on the Guojiao 1573 brand to drive the development of mid-tier products [2] - The company aims to implement consumer membership management and focus on core markets while exploring opportunities in emerging markets, striving for the revival and value return of the Luzhou Laojiao brand [2] - The management disclosed that the top three regional markets for sales are North China, Southwest, and East China, as reported in the annual report [2]

Group 1 - The Shanghai Composite Index decreased by 0.40%, while the CSI 300 Food and Beverage Index reported at 25115.40 points [1] - The CSI 300 Food and Beverage Index has increased by 2.16% in the past month, 7.78% in the past three months, and 2.99% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [2] Group 2 - The top ten weights in the CSI 300 Food and Beverage Index are: Kweichow Moutai (51.86%), Wuliangye (13.12%), Yili (9.68%), Shanxi Fenjiu (5.17%), Luzhou Laojiao (4.78%), Haitian Flavoring (3.64%), Dongpeng Beverage (2.92%), Yanghe (2.1%), Jinshiyuan (1.82%), and Gujing Gongjiu (1.36%) [2] - The market share of the CSI 300 Food and Beverage Index is 76.40% from the Shanghai Stock Exchange and 23.60% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Food and Beverage Index includes: Baijiu (80.20%), Dairy Products (9.68%), Condiments and Edible Oils (4.59%), Soft Drinks (2.92%), Beer (1.31%), and Meat Products (1.30%) [3] - The index sample is adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]