Core Viewpoint - The overall market experienced a decline, with the Shanghai Composite Index dropping to 4000.14 points, down 0.07%, and the liquor sector also saw a slight decrease, indicating ongoing challenges in the industry [1]. Industry Summary - The liquor sector closed at 2358.04 points, with a minor decline of 0.04%, and 17 liquor stocks reported losses [1]. - In Q3, the industry is expected to see a year-on-year decline in sales volume of 20%-30%, driven by a low base in Q2 2024, as the market seeks to balance volume and price [1]. - Looking ahead, the industry may face double-digit sales volume decline pressure in Q1 2026, with continued pressure on financial reports, but stabilization is anticipated in Q2 2026, and a potential turning point in fundamentals could occur in Q3 2026 [1]. Company Summary - Kweichow Moutai's stock closed at 1465.15 CNY per share, up 0.42%, while Wuliangye's stock closed at 120.38 CNY per share, down 0.33% [1]. - Shanxi Fenjiu's stock closed at 198.52 CNY per share, down 0.52%, and Luzhou Laojiao's stock closed at 141.87 CNY per share, up 0.16% [1]. - Yanghe's stock closed at 70.30 CNY per share, down 0.71% [1].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600696 | *ST岩石 | 5.80 | -1.36% | 3.99万 | 2334.96万 | | 616809 | 全徽酒 | 20.87 | -1.32% | 6.07万 | + 1.27亿 | | 000799 | 飘思飘 | 65.62 | -1.31% | 14.78万 | 9.73亿 | | 661009 | 金种子酒 | 10.61 | -0.93% | 12.64万 | 1.35亿 | | 603198 | 迎驾贡酒 | 43.14 | -0.83% | 6.85万 | 2.986Z | | 002304 | 洋河股份 | 70.30 | -0.71% | 3.66万 | 2.58亿 | | 600197 | 伊力特 | 14.95 | -0.53% | 3.89万 | 5846.68万 | | 600809 | 山西汾酒 | 198.52 | -0.52% | 4.83万 | 9.66亿 | | 600559 | 老白干酒 ...

泸州老窖集团商业投资有限公司、泸州老窖资本控股有限责任公司近期接连发生工商变更 值得一提的是，近期，泸州老窖资本控股有限责任公司也发生工商变更，注册资本由约15.3亿人民币增至约20.3亿人民币，增幅约33%。 | 大同 | | 都在用的商业查询工员 | 查公司 查考板 查关系 查风险 | | | | --- | --- | --- | --- | --- | --- | | | | 国家中小企业发展了其金属下机构 | 泸州老窖集团商业投资有限公司 இ | 天眼一下 | 器 应用 · 商务合作 企业级产品、 2 4 | | 基本信息 21 | | 法律诉讼 | 经营风险 经营信息 99 | | 公司发展 25 知识产权 56 | | 变更记录 4 0 ● | | | | | 变更项目 · 变更时间 · 0 | | 序号 | 变更日期 | 变更项目 | 变更前 | | 变更后 | | 1 | 2025-11-10 | 注册资本变更 | 10000万人民币元 | | 50000.00000万人民币元(+400%) | | 2 | 2025-11-10 | 地址变更 | 四川省泸州市江阳区上平远路国窖花园七幢3楼3 ...

Group 1 - Dongbai Group has achieved four consecutive trading limits within six days, indicating strong market performance [1] - Zhongrui Co. and Zhejiang Dongri have also recorded three consecutive trading limits, reflecting positive investor sentiment [1] - Companies such as China Duty Free Group, Gujing Gongjiu, and Luzhou Laojiao have seen significant upward movement in their stock prices, suggesting a broader trend of growth in the market [1]

天眼查工商信息显示，11月10日，泸州老窖集团商业投资有限公司发生工商变更，注册资本由1亿人民 币增至5亿人民币，增幅400%。该公司成立于2025年4月，法定代表人为朱勇，经营范围为房地产开发 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、商务代理代办服务等。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。 ...

| | 都在用的商业查询工具 | 白六角 查老板 童关系 | 音风险 | | | | --- | --- | --- | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 泸州老窖集团商业投资有限公司 | × | 天眼一下 | | | 基本信息 21 | 法律诉讼 | 经营风险 | 经营信息 99 | | 公 | | 变更记录 4 0 ● | | | | | | | 序号 | 变更日期 变更项目 | | 变更前 | | | | 1 | 2025-11-10 注册资本变更 | 10000万人民币元 | | | | | 2 | 地址变更 2025-11-10 | 四川省泸州市江阳区上平远路国窖花园七幢3楼3A | | | | | 3 | 2025-11-10 投资人(股权)变更 | 泸州老窖集团有限责任公司 出资 10000万人民币元 | | | | | 4 | 2025-11-10 宣程备案 | 无 | | | | | | 意公司 都在用的 商业 查 询 工 具 | 查老板 音关系 直风险 | | | | | | 国家中小企业发展子基金旗下机构 | 泸州老窖集团商业投资有限公司 | ...

风浪中显定力！今年，泸州老窖顶住压力、稳健前行，以高质量发展的确定性应对外部环境的不确定 性，经营底盘持续巩固，发展韧性不断增强。前三季度，泸州老窖实现营业收入231.27亿元，归属于上 市公司股东的净利润为107.62亿元；第三季度实现营业收入66.74亿元，归属于上市公司股东的净利润为 30.99亿元。 当前，泸州老窖正在培育穿越风雨的韧性和能力，以高端化战略为指引，持续夯实核心基本盘，纵向精 细化运营，构建全渠道营销网络，向下沉市场要增量；横向做产品创新，研发适销对路产品，打开新的 蓝海市场。 看态势：企业发展稳中有进 在复杂的外部环境下，泸州老窖的"稳中求进"目标彰显了企业着眼长远的战略眼光。 今年以来，泸州老窖坚持长期主义，始终聚焦"双品牌、三品系、大单品"战略，确保量价平衡及渠道生 态健康，前三季度营收和净利双双位居白酒企业头部阵营。 今年，白酒行业继续深度调整，从竞争格局来看，已由"规模竞争"转向了"品质提升、品牌影响、文化 表达、价值创造"四个维度的体系化博弈。 泸州老窖的高端品牌战略是其强大的竞争壁垒。国窖1573坚持"浓香国酒"品牌定位，坚定维护价盘稳 定，体现品牌价值，牢牢站位中国高端白 ...

Summary of the Sichuan Baijiu Industry Conference Call Industry Overview - The baijiu consumption peak season is approaching, with demand recovering to normal levels. Daily drinking demand accounts for 66%, while business consumption remains low and government consumption has virtually stagnated [1][3] - Major baijiu brands are experiencing a general price decline, with Moutai at approximately 1,680 RMB, Wuliangye at about 800 RMB, Guojiao 1573 at around 834 RMB, and Qinghualang at about 600 RMB. The rapid downward trend observed earlier in the year has slowed, and prices are stabilizing [1][4] Key Insights - Moutai, Wuliangye, and Guojiao 1573 have reached a phase of low wholesale prices, with limited room for further decline. Manufacturers are preparing for the year-end sales push, which may provide some upward price potential as they gear up for the 2026 Spring Festival sales [1][5] - Wuliangye's Q3 performance saw a decline of over 50%, primarily due to excessive dealer repayments in the first half of the year and rapid price declines, leading to reduced dealer enthusiasm and low inventory levels across brands [1][6] - Inventory levels for major brands are as follows: Moutai's non-standard products have about 1.5 months of inventory, Wuliangye's eighth generation has less than one month, and Guojiao 1573 has around two months of inventory, reflecting the actual market operations [1][7] Future Planning and Market Dynamics - Dealers have begun discussions with manufacturers regarding the 2026 sales plan, awaiting product planning and the results of the 1,218 awards. Stability in demand is a key consideration for planning, making the process cautious [1][8] - The demand structure in the Sichuan baijiu market is categorized into three types: banquet wine, self-drinking, and business wine. The price range for banquet wine has decreased from around 1,000 RMB to about 800 RMB, while self-drinking wine is primarily below 300 RMB [1][9] Consumer Behavior and Price Impact - Following Moutai's price drop to 1,640 RMB, consumer response has been positive, indicating an increase in consumption willingness. However, there has been no new trend of stockpiling [2][14] - The overall decline in baijiu prices has influenced consumer purchasing behavior, with consumers now buying more bottles at lower prices, although total spending has not significantly increased [15] - Non-standard Moutai, previously used for investment and collection, has seen increased demand in gifting scenarios, particularly during festive periods [16] Challenges and Competitive Landscape - Wuliangye faces price pressure due to its own release strategy and dealer control over sales volume. The market is currently experiencing low transaction prices due to various promotional activities [11] - Moutai's recent price drop is attributed to several factors, including management changes, accelerated payment processes, and ongoing declines in non-standard product prices [12][17] - In the Chengdu market, Guojiao 1573 and Wuliangye are priced similarly, with slight shifts in sales proportions, indicating competitive dynamics [18] Market Outlook - Current baijiu demand has shown some recovery, but the extent is limited. Future price trends suggest that prices have likely bottomed out, with a higher probability of increases leading up to the Spring Festival [22]

天眼查工商信息显示，近日，泸州老窖集团商业投资有限公司发生工商变更，注册资本由1亿人民币增 至5亿人民币，增幅400%。该公司成立于2025年4月，法定代表人为朱勇，经营范围为房地产开发经 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、商务代理代办服务等。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。值得一提的 是，近期，泸州老窖资本控股有限责任公司也发生工商变更，注册资本由约15.3亿人民币增至约20.3亿 人民币，增幅约33%。 ...

（文章来源：每日经济新闻） 每经AI快讯，11月12日，零售、白酒等大消费板块盘初冲高，东百集团6天4板，浙江东日涨停，中国 中免、古井贡酒、泸州老窖纷纷上扬。 ...