Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The liquor industry is undergoing a transformation with the rise of instant retail, prompting companies to adapt their strategies for full-chain competition [2] - The market for loose liquor is expected to grow significantly, from 800 billion yuan in 2024 to over 1 trillion yuan in 2025, driven by community consumption and the appeal to younger consumers [2] - The trend of low-alcohol liquor is gaining traction, with major brands launching products to cater to the preferences of younger consumers, although challenges remain in maintaining flavor and stability [5] - The white liquor market is experiencing a shift from high-end to mid-range products, with a focus on value and quality rather than brand prestige [6] - The concept of "user co-creation" is emerging as a key strategy for brands to engage consumers and enhance brand loyalty [13] Industry Environment - Instant retail is becoming a new frontier for liquor sales, with leading brands exploring online channels and innovative models like live streaming [2] - The loose liquor market is being targeted by several well-known brands as a response to inventory pressures and price discrepancies [2] - The high-end liquor segment is facing challenges with declining sales and inventory issues, prompting brands to adjust their strategies [9] - The 400-600 yuan price range for liquor is disappearing in many markets, with actual transaction prices dropping to 300-400 yuan [9] - The wedding market is seeing a resurgence, but overall liquor consumption is declining due to economic pressures [14] Top Brand Dynamics - Wuliangye is implementing a "youthful and scenario-based" strategy with the opening of a cultural experience center in Hangzhou [21] - Shede Liquor is collaborating with high-end dining experiences to showcase the value of premium liquor [22] - The introduction of light-flavored liquor by Niulanshan aims to attract younger consumers and adapt to changing market demands [22] - The report highlights the success of Jinjiao liquor in appealing to young female consumers, marking a shift in the health liquor market [28] - Muddy Pit Liquor is achieving growth through a focus on quality and brand empowerment during the industry's downturn [25]

Core Viewpoint - Since 2026, listed companies have actively engaged in shareholder return activities, including exclusive gift packages and free product experience boxes, in addition to dividends [1] Group 1: Shareholder Return Activities - Multiple listed companies have launched shareholder return activities, such as "Good Idea's New Year Gift Package" to enhance shareholder engagement and product awareness [2] - Good Idea (002582) invites shareholders holding 100 shares or more to participate in the exclusive gift package activity, which includes classic and innovative products [2] - Su Yan Jing Shen (603299) offers free experience gift boxes to shareholders registered by August 19, 2025, with a specific claim period from January 1 to January 10, 2026 [2] Group 2: Trends in Shareholder Returns - Since 2025, dozens of listed companies have introduced various forms of shareholder return activities, particularly in the cultural tourism and food consumption sectors [3] - Market analysts suggest that these tangible or rights-based returns differ fundamentally from the sustained cash dividends advocated by regulators, often leading to short-term stimulation effects [3] - Investors are advised to focus on the company's core business growth, financial health, industry competitiveness, and long-term profitability rather than being swayed by short-term "benefits" [3] Group 3: Increasing Cash Dividends - In addition to physical returns, cash dividends from listed companies have been on the rise, with A-share companies distributing a record 2.55 trillion yuan in cash dividends in 2025, double the scale of IPOs and refinancing during the same period [4] - Several companies have announced substantial cash distributions, such as Gree Electric (000651) planning to distribute 5.585 billion yuan in cash dividends based on a share base of 5.585 billion shares [4] - Luzhou Laojiao (000568) intends to distribute approximately 2 billion yuan in cash dividends, with a proposed payout of 13.58 yuan per 10 shares [4]

Core Insights - The Chinese liquor market shows a mixed trend with six products increasing in price and four decreasing over the past 24 hours, indicating ongoing industry adjustments and a lack of significant improvement in market sentiment [1] Price Movements - The overall price for a package of the top ten liquor products is 8,906 yuan, which is an increase of 31 yuan from the previous day [1] - Among the products that increased in price, Qinghua Lang rose by 14 yuan per bottle, while Xijiu Junpin followed with a 13 yuan increase [1][4] - Other notable increases include Qinghua Fen 20 (up 6 yuan), Yanghe Dream Blue M6+ (up 3 yuan), and Guojiao 1573 and Wuliangye Pu 58th generation (both up 2 yuan) [1][3] Declining Products - Feitian Moutai continues to decline, with a decrease of 4 yuan per bottle, influenced by the "price anchoring" effect from the iMoutai platform [1][3] - Other products that saw a decrease include Boutique Moutai (down 2 yuan), Gujing Gong Gu 20 (down 2 yuan), and Shuijing Jian Nan Chun (down 1 yuan) [1][4]

证券日报网讯1月16日，泸州老窖（000568）在互动平台回答投资者提问时表示，公司股东人数在定期 报告中进行披露，可向公司提供证明持有公司股份的种类以及持股数量的书面文件，待公司核实股东身 份后，可查询相关股东人数，详细情况可咨询公司投资者热线0830-2398826。 ...

Group 1 - The establishment of Shenzhen Jin Jun Run Wan No. 2 Investment Partnership (Limited Partnership) has been registered, with a capital contribution of 383 million RMB [1] - The managing partner is Jin Hui Hong Hu (Shenzhen) Enterprise Management Co., Ltd., which indicates a focus on investment activities, enterprise management, and financial consulting [1] - The partnership includes contributions from Luzhou Laojiao (000568) through Sichuan Jin Jue Investment Co., Ltd., Jin Hui Hong Hu (Shenzhen) Enterprise Management Co., Ltd., and two individual investors [1]

雷达财经讯，天眼查工商信息显示，近日，深圳市金骏润湾贰号投资合伙企业（有限合伙）成立，执行事务合伙人为金惠红湖（深圳）企业管理有限公司， 出资额3.83亿人民币，经营范围为以自有资金从事投资活动、企业管理、企业管理咨询、财务咨询。合伙人信息显示，该合伙企业由泸州老窖旗下四川金舵 投资有限责任公司、金惠红湖（深圳）企业管理有限公司以及两位自然人共同出资。 | | 查公司 都在用的商业查询工具 | 查老板 查关系 查风险 | | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 深圳市金骏润湾贰号投资合伙企业（有限合伙 | | 基本信息 6 | 法律诉讼 | 经营风险 | | 工商信息 ● | | | | 工商信息 历史工商信息0 | | | | 企业名称 | 深圳市金骏润湾贰号投资合伙企业(有限合伙) | | | 执行事务合伙人 | 金惠红湖(深圳)企业管理有限 金惠 | 登记状态 ② | | | 红湖 公司 | 成立目期 | | 统一社会信用代码 ⑦ | 91440300MAK5DTUK2P | 出资额 | | 工商注册号 | 440300228138178 | 纳税人识别号 2 ...

"2025年度酒业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 医病 | 茅台集团董事长 | | 2 | 曾从钦 | 五粮液集团董事长 | | 3 | 刘淼 | 泸州老窖集团董事长 | | 4 | 袁清茂 | 汾酒集团董事长 | | 5 | 梁金辉 | 古井集团董事长 | | 6 | 顾宇 | 洋阿股份董事长 | | 7 | 汪俊林 | 郎酒集团董事长 | | 8 | 顾祥悦 | 今世缘酒业董事长 | | 9 | 赵春武 | 华润啤酒董事长 | | 10 | 宋克伟 | 牛栏山酒厂董事长 | | | 培养出口:世文不分先后,围绕专业能力 | 川山市三三川 | | | 乡响力等维度综合评选得 | | 瑞财经 1月13日，由瑞财经推出的"2025年度酒业十大杰出人物"榜单揭晓，泸州老窖集团董事长刘淼入 选。 刘淼，男，1969年出生，美国莱特州立大学工商管理硕士，中国酿酒大师，正高级工程师、高级营销 师。曾任公司策划部部长，销售公司总经理，公司总经理助理，公司副总经理。现任老窖集团党委书 记、董事长， ...

Group 1 - Shenzhen Jin Jun Run Wan No. 2 Investment Partnership (Limited Partnership) was recently established with a registered capital of 383 million yuan [1][2] - The business scope includes investment activities with self-owned funds, enterprise management, enterprise management consulting, and financial consulting [1][2] - The partnership is co-funded by Sichuan Jin Jue Investment Co., Ltd., a subsidiary of Luzhou Laojiao Group Co., Ltd. [1] Group 2 - The executing partner is Jin Hui Hong Hu (Shenzhen) Enterprise Management Co., Ltd., and the company is currently in a state of existence [2][4] - The partnership is classified under the national standard industry of investment and asset management (L7212) [2] - The registered office is located in Nanshan District, Shenzhen, Guangdong Province [2]

Core Insights - The core viewpoint of the article highlights a significant decline in the retail prices of major Chinese liquor brands, indicating ongoing inventory adjustments within the industry [1][7]. Price Trends - The average retail price of the top ten liquor products in China fell to 8,895 yuan on January 16, a decrease of 46 yuan from the previous day, marking the lowest price level in nearly two months [1][7]. - Among the ten products, seven experienced price drops while three saw increases, with key products collectively contributing to the decline in average prices [1][7]. Specific Product Price Changes - Leading the price declines were Qinghua Lang and Xijiu Junpin, which fell by 12 yuan and 11 yuan per bottle, respectively [1][7]. - Wuliangye Pu Wu Eight Generation decreased by 8 yuan, while Feitian Moutai dropped by 7 yuan, influenced by the iMoutai platform's pricing strategies and inventory adjustments [1][7]. - Other notable declines included Yanghe Dream Blue M6+ and Guojiao 1573, which fell by 6 yuan and 5 yuan, respectively [1][7]. - In contrast, Qinghua Fen 20 saw an increase of 5 yuan, while Gujing Gonggu 20 and Shuijing Jian Nan Chun rose by 1 yuan each [1][7]. Market Dynamics - The decline in prices is attributed to differentiated consumer demand and price adjustments by leading brands, reflecting the ongoing inventory reduction process in the liquor industry [1][7]. - The iMoutai platform's recent sales of Moutai products at competitive prices have had a magnetic effect on the market, contributing to the observed price changes [2][8]. Sales and Marketing Strategies - Moutai has been leveraging digital marketing through the iMoutai platform, which has seen significant engagement, including the rapid sell-out of new product releases [3][9]. - The platform's popularity surged, reaching the top of the Apple App Store's shopping category, with over 2.7 million new users added within nine days of launching a new product [3][9]. - Moutai's board has approved a market-oriented operational strategy, enhancing its sales model to include a dynamic pricing adjustment mechanism based on market conditions [3][9].

Core Viewpoint - The Chinese liquor market, particularly for the top ten baijiu products, has experienced a general price adjustment, with a moderate decline in retail prices as of January 14, indicating cautious market sentiment [1]. Price Trends - The total retail price for a package of the top ten baijiu products is 8925 yuan, down 44 yuan from the previous day [1]. - Eight out of the ten products have seen price declines, reflecting a bearish market trend [1]. - The leading product, Feitian Moutai, has decreased by 9 yuan per bottle, while other notable declines include Gujing Gonggu and Qinghua Lang, both down 8 yuan per bottle [1][2]. Individual Product Pricing - Feitian Moutai (53 degrees, 500ml) is priced at 1692 yuan, down 7 yuan [2]. - The premium Moutai variant is significantly down by 470 yuan, now at 2311 yuan [2]. - Wuliangye (Pu Wu 8th generation, 52 degrees, 500ml) is priced at 792 yuan, down 8 yuan [2]. - Other products like Guojiao 1573 and Yanghe Dream Blue M6+ have also seen minor declines of 5 yuan and 6 yuan respectively [2][3]. Market Dynamics - The market is characterized by a general decline in prices, with only Wuliangye showing a slight increase of 1 yuan, while Qinghua Fen remains stable [1]. - The overall market sentiment appears cautious, with a narrowing of trading volumes and a clear differentiation in product performance [1].