在成都玉林路的潮咖酒吧，山西汾酒打造的"日咖夜酒"快闪店人气爆棚。白天售卖桂花汾酒特调拿铁， 入夜切换为"汾Fashioned"鸡尾酒，精准捕捉年轻人"早C晚A"的生活节奏。洋河则联手连锁小酒馆，将 微分子酒纳入调酒师基酒体系，与水果碰撞出低酒精特饮。即时零售平台成为新战场：美团闪购夜间白 酒订单占三成，"30分钟达"服务覆盖露营、独酌等碎片场景。 区域分化暗藏挑战 尽管苏南地区低度酒占比突破65%，但北方市场仍以高度酒为主导。五粮液调研显示，20-35岁人群中 仅19%偏好白酒，远低于啤酒的52%。 齐鲁晚报·齐鲁壹点 孟广鑫 五粮液宣布将于9月推出29度"一见倾心"新品，复刻上世纪经典配方却融入现代口感优化；泸州老窖紧 随其后，38度国窖1573已占其产品线半壁江山，更低度的28度产品进入研发冲刺阶段；洋河股份则计划 在第三季度集中上市果味露酒与33.8度微分子系列，瞄准"轻社交"场景。这场集体"降度"浪潮背后，是 年轻消费力量的崛起——美团闪购数据显示，今年618期间低度酒成交额同比激增10倍，18-35岁群体贡 献超六成销量。 "低而不淡"的技术攻坚战 "低度化绝非简单兑水，而是一场风味保卫战。"某名 ...

Group 1 - Guizhou Moutai adjusted the maximum repurchase price for shares to no more than 1744.30 yuan per share from the previous 1771.90 yuan per share, reflecting compliance and a commitment to shareholder interests [1] - The company announced a cash dividend of 276.24 yuan for every 10 shares, indicating a strong profit distribution strategy [1] Group 2 - Sichuan Yibin Wuliangye Supply and Marketing Company underwent several changes in its business registration, including a new legal representative and board chairman, which may raise investor concerns regarding Wuliangye's supply chain and sales system [2] - The changes in management are linked to broader executive shifts within Wuliangye, suggesting potential impacts on company operations [2] Group 3 - Luzhou Laojiao is set to launch a 28-degree version of its popular Guojiao 1573 product, responding to market trends for lower alcohol content and healthier options [3] - The company reported strong growth for its 38-degree Guojiao 1573, showcasing its successful product innovation strategy [3] Group 4 - The fifth high-quality development conference for liquor retail chains emphasized the importance of understanding consumer needs and adapting to market changes [4] - Key recommendations included embracing instant retail, enhancing digital transformation, and strengthening supply chain and brand development to ensure sustainable growth in the liquor industry [4]

Investment Rating - The investment rating for Luzhou Laojiao is "Buy" (maintained) [1] Core Views - The report emphasizes that Luzhou Laojiao is rationally responding to the pains of transformation while actively seizing opportunities. The company is expected to navigate the current industry cycle effectively, with a focus on digital marketing and terminal penetration strategies [7][8] - The report predicts a decline in revenue and net profit for 2025, with adjusted forecasts for net profit at 12.35 billion, 12.88 billion, and 14.11 billion for 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 8% for 2025 [1][7] Summary by Sections Financial Forecasts and Valuation - Total revenue is projected to be 29.26 billion in 2025, down 6.20% year-on-year, with net profit expected to be 12.35 billion, a decrease of 8.34% [1] - The latest diluted EPS is forecasted at 8.39 for 2025, with a P/E ratio of 13.45 [1] - The company maintains a strong dividend yield, which supports the "Buy" rating despite the anticipated decline in profits [7] Market and Strategic Insights - The report discusses the changing dynamics in the liquor industry, highlighting a shift from public to private consumption, which may lead to transitional pains for the company [7] - Luzhou Laojiao aims to leverage six key advantages to capture market opportunities, including strategic, quality, cultural, innovation, layout, and responsibility advantages [7] - The company plans to expand its market presence significantly, increasing the number of terminals from 500,000 to 4 million over the next five years [7] Financial Health Indicators - The report provides a detailed financial outlook, including projected operating cash flow of 12.24 billion for 2025 and a projected total asset value of 70.15 billion [8] - The asset-liability ratio is expected to decrease from 30.48% in 2024 to 26.17% in 2027, indicating improved financial stability [8]

Investment Rating - The report maintains a "Strong Buy" rating for Luzhou Laojiao [1][3]. Core Views - The company is actively embracing new consumption trends in the industry, with a focus on product innovation and channel transformation [1][6]. - The management has a clear understanding of the industry landscape and is strategically planning to adapt to changes, particularly in consumer preferences towards lower-alcohol products [1][6]. - The company aims to improve inventory control and maintain pricing stability for its Guojiao series products, leveraging digital marketing for channel expansion [1][6]. Financial Data and Valuation - The projected EPS for 2025-2027 is 9.47, 10.00, and 10.83, respectively, with a corresponding PE of 12X for 2025 [1][3]. - Total revenue is expected to grow from 30,233 million in 2023 to 35,708 million in 2027, reflecting a compound annual growth rate [2][12]. - The company’s net profit is projected to increase from 13,246 million in 2023 to 15,935 million in 2027, indicating a steady growth trajectory [7][12]. Market Strategy - The company is focusing on penetrating lower-tier markets, aiming to reach four million terminals in the next five years [1][6]. - Digital marketing initiatives are being implemented to enhance direct channel capabilities and meet emerging consumer demands [1][6]. - The company is committed to developing low-alcohol products, with successful innovations like the 28-degree Guojiao 1573 and ongoing research for other low-alcohol variants [1][6]. Financial Ratios - The return on equity (ROE) is projected to be 26.9% for the trailing twelve months, indicating strong profitability [3][13]. - The asset-liability ratio is expected to decrease from 34.4% in 2023 to 22.6% in 2027, reflecting improved financial stability [13]. - The company maintains a high gross margin of approximately 87.4% to 88.3% over the forecast period, showcasing its pricing power [13].

6月27日，泸州老窖股份有限公司2024年股东大会在四川泸州举行。会上，针对2024年工作成果、2025年及未来市场、产品等战略规划进行详细部署，泸 州老窖方面表示，下一步将继续加大下沉市场开拓，未来五年，泸州老窖的终端要达到百万家规模；此外，28度国窖1573已经研发成功，将适时投放市 场。 四重剧变，酒业进入新周期 回顾2024年，白酒行业进入新一轮调整周期，消费动力不足、意愿不强。根据国家统计局、中国酒业协会发布的数据，2024年全国规模以上白酒企业累计 白酒产量同比下降1.8%；实现销售收入7964亿元，同比增长5.3%；实现利润总额2509亿元，同比增长7.76%。 这表明白酒行业已摆脱过去产能扩张的发展模式，在向增效、品质提升、品牌影响、文化表达和价值创造转变。 与此同时，白酒消费趋势发生了变化：一是消费观念发生改变。从量的满足到质的追求，从单一到多元，从感性到理性；二是消费需求在持续转变。年轻 消费群体更倾向于个性化、低度化、立体化、悦己化的酒类消费；三是消费场景的深刻重构。政务消费场景占比进一步下滑，婚寿宴和自饮场景则较为稳 定并稳步增长；四是消费渠道加速迭代。当前线上线下深度融合，即时零售已 ...

优化产品矩阵，调整产品定位吸引消费者。公司坚定保持渠道良性和价盘稳定，以高质量发展为导向， 持续推进双品牌、三品系、大单品策略，国窖品牌稳居200 亿阵营，泸州老窖品牌突破百亿体量，市场 覆盖面和渗透率进一步扩大。国窖1573 站稳"三大高端白酒"位置，泸州老窖系列巩固价位带优势。随 着消费需求和消费场景的重构，公司将持续推动产品创新，研发28 度等低度产品、布局年份酒及光瓶 酒赛道，实现全价格带及多元场景覆盖。 蓄势攻坚精耕细作，实现销售策略从渠道驱动向消费者驱动的转变。公司全力推进数字泸州老窖建设， 构建数字化发展架构，上线五码产品，重塑消费通路体系，推动销售向以消费者开瓶扫码为拉力的"右 侧策略"转变，解决了行业内长期存在的压货、低价、串货等难题。提出"扩面、开瓶、拓点"三大重 心，通过深耕市场、五码关联、数值赋能、渠道拓展及加大产品覆盖面等工作，确保销售大盘稳定，实 现良性增长。 事件：今日，我们参加了泸州老窖2024 年股东大会，核心反馈如下： 盈利预测及投资建议：2025 年是公司"十四五"收官之年，公司将围绕"蓄势攻坚，精耕细作稳增长；顺 势而为，改革创新谋发展"的年度主题，推动公司高质量发展， ...

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry, highlighting long-term investment value in leading traditional consumer companies after adjustments [2]. Core Insights - Traditional consumer companies have adjusted and now possess long-term investment value from a dividend and yield perspective. The report emphasizes the importance of identifying companies with long-term competitiveness and improvement potential [6]. - The white liquor sector faces significant pressure due to slow macro demand recovery and limited consumption scenarios, with key recommendations including Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao [6]. - In the mass consumer goods sector, cost advantages are expected to support profitability, with growth opportunities in emerging categories driven by new retail formats and consumer trends towards health and convenience [6]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector experienced a decline of 0.88% last week, with the liquor segment down 1.66%, underperforming the Shanghai Composite Index by 2.80 percentage points [5]. 2. Market Performance of Food and Beverage Sectors - The food and beverage industry underperformed the Shenwan A index by 4.34 percentage points from June 23 to June 27, with various sub-sectors also lagging behind [37]. 3. Industry Matters - The report highlights the need for patience in observing market conditions and potential changes in the industry fundamentals, particularly in the white liquor sector [7][8]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 18.16x, with a premium rate of 32%, while the liquor sector's dynamic PE is at 16.62x, with a premium rate of 21% [20].

这次股东大会吸引了众多股东参加，签到处早早地排起长龙。主会场和2个分会场座无虚席。不同于以 往，在投票环节后，公司董事长刘淼、总经理林锋等高管与投资者交流了约两个小时，对年轻化、电商 销售等投资者关心的话题进行详细回应。 针对目前电商"低价引流"对传统渠道带来的冲击，公司表示，行业更应倡导基于渠道成本进行不同的定 价，这事应该由厂家来做，应该正确对待不同的渠道，给到不同的政策制度。 低度化产品创新 每经记者｜熊嘉楠 每经编辑｜赵云 白酒怎么才能打动年轻人？低度化已成趋势。 6月27日下午，泸州老窖2024年度股东大会在泸州老窖指挥中心举行。会上传出消息，38度国窖1573销 量占比已近50%，将适时投放28度国窖1573，并考虑更低度数产品。而就在一周前，五粮液也宣布下半 年将上市29度五粮液。 公司管理层也在现场坦言，今年将继续推进低度化，已研发成功的28度国窖1573将适时投放市场。公司 还透露，正考虑更低度数的产品，例如研发16度、6度等更低度数产品。 38度国窖1573规模已近百亿 将适时推出28度产品 2024年实现营收311.96亿元，同比增长3.19%，实现净利润134.73亿元，同比增长1.7 ...

"从公司方面来看，泸州老窖在上一轮行业调整周期的品牌力、创新力以及发展规模体量等都与现在不 可同日而语，在当前机遇和挑战并存的情况下，公司有底气、有能力在未来的发展过程中走得更稳、更 实。"他说道。 "白酒行业正处于新一轮调整周期，量减质升的趋势进一步凸显。在当前市场形势下，大家不用太悲 观，白酒行业已经历过多次调整，行业'螺旋式'上升的趋势并没有改变，白酒作为传统文化代表的文化 自信没有变，消费者对白酒的情感需求也没有变。我们坚信中国白酒的未来将更加良性、健康，泸州老 窖（000568）的未来也会更加美好。"在6月27日举行的泸州老窖股份有限公司(以下简称"泸州老 窖")2024年度股东大会上，公司董事长刘淼表达了对于行业和公司未来前景的坚定信心，他的发言得到 了现场的热烈掌声。 作为白酒行业龙头企业之一，泸州老窖在2024年实现营业收入311.96亿元、归属于上市公司股东的净利 润134.73亿元，同比分别增长3.19%和1.71%，公司在2025年第一季度延续了上述指标同比双增长的较好 态势。另一方面，伴随着白酒行业在调整周期中整体承压，包括泸州老窖在内的白酒企业业绩增速已有 所放缓，公司如何看待白酒周 ...

"大家也看到了，今年五粮液将推出29度，汾酒也推出了低度酒，我们已研发出了28度国窖1573，将适 时投放市场。"在泸州老窖（000568.SZ）6月27日下午召开的年度股东大会上，上市公司董事长刘淼如 是宣布。 南都湾财社记者注意到，今年以来，白酒酒企"扎堆"宣布低度白酒产品推出计划，此前五粮液股东大会 上，公司高管就表示将适时推出29度五粮液，以"抓住年轻群体"。在此次泸州老窖股东会上，公司管理 层表示已经在研发6度等更低度数的白酒产品。 白酒低度化之外，股东会现场，泸州老窖管理层围绕产品价格、库存、白酒年轻化、行业周期、市场渠 道等与投资者展开交流。刘淼现场表示，白酒量价齐升是伪命题，要"价"就要舍弃"量"，要"量"就要牺 牲"价"；渠道来看，即时零售增势强劲。 股东会现场，南都湾财社记者摄 谈产品：将适时推出28度国窖1573，在研6度产品 股东会现场，刘淼表示：持续推动产品创新，面对当前低度化、健康化、利口化、多元化的产品需求， 公司主动创新求变，目前38度国窖1573呈现出良性且快速增长的态势。 "大家也看到，今年五粮液将推出29度，汾酒也推出了低度酒，我们已研发出了28度国窖1573，将适时 投 ...