哈喽，大家好，小玖今天要和大家聊聊白酒圈的大新闻：五粮液2025年第三季度的财报简直是"平地惊雷"，营收和净利润直接断崖式下跌，连多年的"茅五 领跑"格局都被打破了。 10月30日晚间，五粮液（000858.SZ）披露的三季度报告显示，单季度营收仅81.74亿元，同比下滑52.66%；归母净利润20.19亿元，同比骤降65.62%。 更让人意外的是，山西汾酒同期营收和净利润双双反超五粮液，结束了白酒行业长期由茅台、五粮液主导的双雄格局。 这组数据不仅让投资者哗然，更暴露了高端白酒行业深层的渠道危机。 价格倒挂成"元凶"，线上低价倒逼经销商承压 小玖梳理数据时发现，五粮液业绩暴跌的核心症结的是持续发酵的价格倒挂问题。 以核心大单品八代普五为例，目前线下经销商批价维持在850-900元/瓶，但电商平台的"百亿补贴"频道直接把价格压到640元左右，价差最高可达260元。 这种悬殊的价格差，让消费者宁愿冒着买到假酒的风险，也要选择线上渠道。更严峻的是，电商低价背后还暗藏假货隐患。 五粮液近期鉴定数据显示，线上平台购买的148瓶产品中，假冒产品占比达12%，其中77%的假货来自电商"百亿补贴"专区。 | | 本报告期 ...

Core Viewpoint - The white liquor industry is experiencing a phase of bottoming out, which aligns with market expectations and is seen as a foundation for future recovery [1] Industry Summary - The Shanghai Composite Index closed at 3972.03 points, down 0.46% on November 17, while the white liquor sector closed at 2351.84 points, up 0.21% [1] - The performance of individual white liquor stocks varied, with Kweichow Moutai closing at 1471.00 CNY per share, up 0.99%, and Wuliangye closing at 120.15 CNY per share, down 0.05% [1] - Shanxi Fenjiu closed at 198.99 CNY per share, up 1.23%, while Luzhou Laojiao closed at 140.00 CNY per share, up 0.27% [1] - Yanghe Brewery closed at 68.46 CNY per share, down 2.03% [1] Company Summary - Dongwu Securities released a report indicating that the white liquor industry is accelerating its bottoming process, which is expected by the market [1] - The current stage of the white liquor market is beneficial for alleviating previous overly pessimistic sentiments, laying the groundwork for future recovery [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

| | | 原公司 直志版 荒关系 营网总 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 都在用的商业直向工具 家中小企业发展不具全盘下机构 | 四川省直英环球集团有限公司 | 8 | 天殿一下 | 器应用 · | 商务合作 企业级产品> ★开通会员, ▲ 费米· | | | 基本信息 111 | 法律诉讼 11 | 经营风险2 | 经营信息 999+ | | 公司发展 29 | 知识产权 79 历史信息 101 ◎ | | | 变更记录 59 @ | | | | | 变更项目。 | 2天眼查 变更时间, ■ 营品 | | | 序号 变更日期 | 李曹项目 | | 变更前 | | | 变更后 | K | | 1 2025-11-14 | 投资人(股权)变更 | 四川省宜宾五粮液集团有限公司 出资 55000万人民币元 | | | | 四川省宣宾五粮液集团有限公司出资 83740万人民币元(+28740 | | | 2 2025-11-14 | 章程备案 | 无 | | | 2025-10-20新章程 | | | | 3 20 ...

Core Points - Sichuan Yibin Global Group Co., Ltd. has increased its registered capital from 550 million RMB to approximately 837.4 million RMB, representing a growth of about 52% [2][3][4] - The company was established in July 2004 and is wholly owned by Sichuan Yibin Wuliangye Group Co., Ltd. [2][4] - The business scope of Sichuan Yibin Global Group includes enterprise management, import and export of goods, glass manufacturing, and production of ordinary glass containers [2][4] Company Information - The legal representative of Sichuan Yibin Global Group is Liu Xing [2][4] - The company is registered as a limited liability company (wholly owned by legal persons) and operates in the business services industry [4] - As of the latest update, the company has fewer than 50 employees and is recognized as a general taxpayer for value-added tax [4] Changes and Updates - The capital increase was officially recorded on November 14, 2025, along with changes in the company's articles of association and management personnel [3][4] - The new registered capital is now 837.4 million RMB, up from the previous 550 million RMB [3][4]

南方财经11月19日电，天眼查App显示，近日，四川省宜宾环球集团有限公司发生工商变更，注册资本由5.5亿人民币增至约8.37亿人民币，增幅约52%。四 川省宜宾环球集团有限公司成立于2004年7月，法定代表人为刘兴，经营范围包含企业管理、货物进出口、玻璃制造、普通玻璃容器制造等。股东信息显 示，该公司由四川省宜宾五粮液集团有限公司全资持股。 | 2天眼查 都在用的商业查询工具 | | 查公司 查老板 查关系 查风险 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TianYanCha.com | 国家中小企业发展子基金旗下机构 | 四川省直宾环球集团有限公司 | | (×) 天眼一下 | | 船 应用 ▼ | 商务合作 | | | 基本信息 111 法律诉讼 11 | | 经营风险 2 | 经营信息 999+ | | 公司发展 29 | | | 知识 | 变更记录 59 2 ▲ 变更项目, | 序号 变更目期 | | 变更项目 | | 变更前 | | | | --- | --- | --- | --- | --- ...

天眼查App显示，近日，四川省宜宾环球集团有限公司发生工商变更，注册资本由5.5亿人民币增至约 8.37亿人民币，增幅约52%。四川省宜宾环球集团有限公司成立于2004年7月，法定代表人为刘兴，经 营范围包含企业管理、货物进出口、玻璃制造、普通玻璃容器制造等。股东信息显示，该公司由四川省 宜宾五粮液集团有限公司全资持股。 ...

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1] Group 1: Stock Performance - The top stock, Siwei Liekong (603508.SH), experienced a daily increase of 3.48% and a year-to-date increase of 26.20%, with a dividend yield of 13.53% [1] - Dai Mei Co., Ltd. (603730.SH) saw a daily rise of 3.43% and an 18.38% increase year-to-date, with a dividend yield of 3.56% [1] - Yiyi Co., Ltd. (001206.SZ) had a remarkable year-to-date increase of 99.13%, despite a daily rise of only 2.30% and a dividend yield of 2.67% [1] Group 2: Dividend Yields - Jiangsu Jinxiang (600901.SH) reported a dividend yield of 4.27% with a year-to-date increase of 27.31% [1] - China Bank (601988.SH) has a dividend yield of 3.84% and a year-to-date increase of 9.58% [1] - China Petroleum (601857.SH) maintains a dividend yield of 4.76% with a year-to-date increase of 16.54% [1]

Core Insights - The white liquor industry is experiencing a significant downturn, with major companies reporting substantial declines in revenue and profit, marking the worst performance in a decade [3][5][24] - The decline is attributed to various factors, including changes in consumer behavior, economic pressures, and a shift in demand dynamics, leading to an inventory crisis across the industry [19][21][23] Industry Performance - In Q3 2025, 20 listed liquor companies in A-shares saw a total revenue decline of 18.42% year-on-year, with net profits dropping by 22.03% [3][24] - Major brands like Wuliangye and Moutai reported drastic revenue drops, with Wuliangye's revenue halving and profits plummeting by 65% [5][28] - Moutai's wholesale price fell below 1700 yuan, a historic low, representing a decline of over 50% from its peak in 2022 [2][3] Inventory Crisis - The average inventory turnover days in the industry reached 900 days, indicating a severe backlog where new products may take over two years to reach consumers [19] - Nearly 60% of distributors reported increasing inventory levels, leading to a cash flow crisis and forcing many to resort to drastic price cuts to survive [19][20] Market Dynamics - The industry is facing a fundamental shift in supply and demand, exacerbated by policies like the "ban on alcohol" which have reduced business-related consumption [21][22] - The once lucrative mid-range price segment (800-1500 yuan) has become a "death zone" for many brands, with 60% of companies experiencing price declines [13][19] Strategic Responses - Companies are urged to restructure their relationships with distributors, focusing on mutual survival rather than aggressive sales targets [29] - A shift towards optimizing product lines and focusing on core products is necessary for regaining market strength [30] - Long-term strategies must include rebranding efforts to appeal to younger consumers, moving away from outdated narratives [32][34]