【五粮液：2025年中期分红100.07亿元 股权登记日为12月17日】智通财经12月10日电，五粮液 (000858.SZ)公告称，公司于2025年6月20日召开2024年度股东大会，审议通过《关于提请股东大会授权 董事会制定2025年中期分红方案的议案》，同意授权董事会论证、制定并实施2025年中期分红方案。公 司召开第七届董事会2025年第6次会议，审议通过《2025年中期利润分配方案》，同意以公司现有总股 本38.82亿股为基数，向全体股东每10股派现金25.78元（含税），合计分配100.07亿元（含税），不送 红股，不以公积金转增股本。股权登记日为2025年12月17日，除权除息日为2025年12月18日。 转自：智通财经 ...

Group 1: Market Performance - On December 10, A-shares rebounded with slight gains in the consumer sector, as the Consumer ETF (159928) rose by 0.25% with a total trading volume of 399 million yuan [1] - The Consumer ETF (159928) saw a net inflow of over 170 million yuan in the past 10 days, and as of December 9, its latest scale exceeded 20.5 billion yuan, leading its peers significantly [1] Group 2: Economic Indicators - The National Bureau of Statistics reported that consumer spending continues to recover, with the Consumer Price Index (CPI) slightly decreasing by 0.1% month-on-month and increasing by 0.7% year-on-year. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year [3] Group 3: Real Estate and Alcohol Industry - Real estate stocks showed unusual upward movement in the afternoon, with a leading real estate company nearing a trading limit, influenced by recent mortgage-related news [6] - In the alcohol sector, the price of 25-year Flying Moutai bottles dropped to 1,500 yuan, a decrease of 15 yuan from the previous day. The wholesale reference price for the original box remained unchanged at 1,520 yuan [6] Group 4: Valuation and Investment Opportunities - The valuation of the Consumer ETF (159928) remains attractive, with a TTM price-to-earnings ratio of 19.32, which is at the 2.84% percentile over the past decade, indicating it is cheaper than 97% of the historical time [8] - The white liquor sector is facing price pressure, with high inventory and weak demand challenges. However, the current adjustment in stock prices has reflected pessimistic expectations, suggesting long-term investment value [10] Group 5: Consumer Trends - There is a growing emphasis on expanding service consumption, which is expected to accelerate as China's GDP per capita exceeds 13,000 USD. This shift indicates significant growth potential in sectors like culture, leisure, and health [11] - Recent data shows positive trends in consumer spending, with notable increases in luxury goods sales and hotel industry performance, indicating a recovery in consumer sentiment [12]

本次权益分派股权登记日为：2025年12月17日，除权除息日为：2025年12月18日。 格隆汇12月10日丨五粮液(000858.SZ)公布2025年半年度权益分派实施公告，公司2025年中期利润分配 方案为：以公司现有总股本38.82亿股为基数，向全体股东每10股派25.78元人民币现金。 ...

本次权益分派股权登记日为：2025年12月17日，除权除息日为：2025年12月18日。 格隆汇12月10日丨五粮液(000858.SZ)公布2025年半年度权益分派实施公告，公司2025年中期利润分配 方案为：以公司现有总股本38.82亿股为基数，向全体股东每10股派25.78元人民币现金。 ...

证券代码：000858 证券简称：五粮液 公告编号：2025/ 第 034 号 宜宾五粮液股份有限公司 2025 年中期分红派息实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 公司为其代扣代缴所得税的 QFII、RQFII，若需办理完税证明或 税收减免优惠，请将相关材料原件于 2025 年 12 月 18 日前寄送至公 司董事会办公室，逾期将不再办理。 一、股东大会授权及董事会审议通过利润分配方案情况 1.宜宾五粮液股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日召开 2024 年度股东大会，审议通过《关于提请股东大会授权董 事会制定 2025 年中期分红方案的议案》，同意授权董事会论证、制定 并实施 2025 年中期分红方案。根据 2024 年度股东大会授权，公司召 开第七届董事会 2025 年第 6 次会议，审议通过《2025 年中期利润分 配方案》，同意以公司现有总股本 3,881,608,005 股为基数，向全体 股东每 10 股派现金 25.78 元（含税），合计分配 10,006,785,436.89 元（含 ...

Group 1 - The global macroeconomic environment has gradually improved since 2025, leading to a steady upward trend in the A-share market, with major indices like the CSI 300 and ChiNext Index rising over 20% [2] - The technology, consumer, and new energy sectors have been the main drivers of this market rally, with daily trading volume increasing by approximately 15% compared to the same period last year [2] - Equity funds have benefited from asset value growth and optimized investment strategies, with average returns for equity mixed funds exceeding 25% this year, and some thematic funds, such as those focused on artificial intelligence and high-end manufacturing, seeing gains over 40% [2] Group 2 - The Dachen Yuexiang Life Mixed A fund, managed by Qi Weizhong, has underperformed despite the bullish market, with a return of -12.18% since its inception on December 10, 2021 [5] - The fund's heavy allocation to traditional consumer sectors like liquor and duty-free has not performed well, as these sectors face demand ceilings, while emerging consumption areas have not been adequately represented in the portfolio [5] - The fund's performance has been negatively impacted by the weakening competitive edge of some leading companies in its holdings, while new consumer brands have rapidly gained market share [5] Group 3 - The Dachen Consumption Selected Stock A fund has also struggled, with a return of -18.82% since its inception on May 24, 2021, and a year-to-date return of 16.55% [18] - The fund has seen a consistent decline in its asset size, with net assets decreasing to 2.69 billion yuan by September 30, 2025, due to ongoing redemptions [30] - The fund's investment strategy has been criticized for not adapting to the significant changes in the consumer industry, necessitating a reassessment of its thematic focus and investment approach [5][30]

Core Insights - The article highlights the ongoing adjustment in the liquor industry, emphasizing the need for companies to accurately grasp market trends to remain competitive [1] - The data from the Double 11 shopping festival indicates a significant recovery in liquor consumption, with notable year-on-year growth in sales for major brands [2][6] - There is a shift towards value-for-money products as consumers become more rational in their purchasing behavior, impacting the sales dynamics of premium liquor [2][8] Summary by Category Sales Performance - Major liquor brands such as Wuliangye, Moutai, and Jian Nan Chun saw year-on-year transaction growth of 487%, 612%, and 556% respectively during the Double 11 event [2] - JD Supermarket reported an 18% year-on-year increase in liquor sales, with self-operated sales up by 32% [2] - Kuaishou's liquor sales exceeded a 206% increase during the same period, indicating a robust recovery in liquor consumption [2] Pricing Trends - The price of Moutai has dropped to around 1499 yuan after subsidies, with some platforms offering it as low as 1399 yuan, indicating a significant price pressure on the market [4] - The average price of Moutai is currently about 1550 yuan, which is close to the terminal market price, leading to further compression of channel profits [4] - A general decline in prices for various liquor brands has been observed, with some brands experiencing a drop in terminal market prices [5][6] Consumer Behavior - There is a noticeable increase in the sales of high-priced liquor (above 800 yuan) during the Double 11 period, with the segment accounting for 20.01% of total sales, up by 7.57 percentage points from the previous month [6][7] - Conversely, the lower price segments (100-300 yuan and below) have seen a decrease in market share, indicating a shift in consumer preference towards higher-value products [6][7] - The sales of domestic wines have surged in the 100-300 yuan price range, reflecting a growing preference for quality domestic products among consumers [14][16] Market Dynamics - The article suggests that the liquor industry is facing deeper structural issues, including insufficient consumer spending and changing demographics, leading to a phase of "volume contraction" [16][17] - The competitive landscape is characterized by a battle for market share among brands, with rational consumer behavior influencing purchasing decisions [16][17] - The article concludes that liquor companies must adapt to these market dynamics by adjusting production and pricing strategies to regain control over their pricing power [17]

据了解，近几年，包括飞天茅台、第八代五粮液在内的大多数白酒产品价格持续下挫。飞天茅台的批发 价格已从最高点的3100元/瓶左右，下跌到如今的1500元/瓶左右；第八代五粮液最新的批发价格为810 元/瓶左右。12月9日，据"今日酒价"微信公众号，2025年飞天茅台(53度500ml)原箱较前一日下跌10元， 报1520元/瓶。散瓶(53度500ml)较前一日下跌15元，报1515元/瓶。 格隆汇12月10日｜据中国商报，日前，有关"第八代五粮液十年来首降"的话题引发行业关注。从接近五 粮液的人士处了解到，此番降价是公司主动为商家减负之举。消息显示，五粮液将从明年起调整第八代 五粮液产品的价格，在1019元/瓶打款价不变的基础上，给予打款折扣119元/瓶，即开票价为900元/瓶。 有接近五粮液的相关人士表示，此举是公司为了应对白酒行业周期，主动为商家减负，而采取的多种营 销激励政策之一。 ...

据中国商报，日前，有关"第八代五粮液十年来首降"的话题引发行业关注。从接近五粮液的人士处了解 到，此番降价是公司主动为商家减负之举。消息显示，五粮液将从明年起调整第八代五粮液产品的价 格，在1019元/瓶打款价不变的基础上，给予打款折扣119元/瓶，即开票价为900元/瓶。有接近五粮液的 相关人士表示，此举是公司为了应对白酒行业周期，主动为商家减负，而采取的多种营销激励政策之 一。 ...

Core Viewpoint - The recent price adjustment of the eighth generation Wuliangye marks the first price drop in a decade, aimed at alleviating the burden on distributors amid a declining trend in the liquor industry [1] Group 1: Company Actions - Wuliangye will adjust the price of its eighth generation product starting next year, maintaining the payment price at 1019 yuan per bottle while offering a discount of 119 yuan, resulting in an invoice price of 900 yuan per bottle [1] - This price reduction is part of a broader strategy to implement various marketing incentives to support distributors during the cyclical downturn in the liquor industry [1] Group 2: Industry Trends - The liquor industry, including major products like Moutai and Wuliangye, has experienced a continuous decline in prices over recent years [1] - Moutai's wholesale price has decreased from approximately 3100 yuan per bottle at its peak to around 1500 yuan per bottle currently, while the latest wholesale price for the eighth generation Wuliangye is about 810 yuan per bottle [1] - As of December 9, the price of Moutai has further declined, with the original box price dropping by 10 yuan to 1520 yuan per bottle, and the price for individual bottles decreasing by 15 yuan to 1515 yuan per bottle [1]