文|酒讯 方圆 5月18日，新修订后的《党政机关厉行节约反对浪费条例》（下称《条例》）正式印发，其中明确工作 餐不得提供高档菜肴，不得提供香烟，不上酒。 这份"禁酒令"再一次引发市场热烈反响。资本市场，白酒股股价在5月19日集体走低，被一部分人解读 为受"禁酒令"影响而造成的波动。 公务用酒禁令从2012年中央八项规定以来，通过地方细化、行业延伸、执行强化，已经形成了多层次、 常态化的制度体系，如今新《条例》只是在原有规定基础上进一步明确细则和重申原则。 公务用酒在一条条禁令的削减下不断收缩市场占比，可以预见，这个曾经占据白酒消费市场半壁江山的 用酒场景，或将逐步退出历史舞台。 01、公务用酒的"一生" 公务用酒在中国酒业发展史上一直有着特殊的意义。在古代，它甚至长期具备着重要的政治属性。 "温酒斩华雄""青梅煮酒论英雄""李白斗酒诗百篇"在历史长河中如同古人"晒朋友圈"一般稀松平常，但 实际上酒文化很长一段时间内都是政治的一部分。 自商周时期起，酒就作为祭祀礼仪的核心载体，而后随着粮食酿酒的出现，酒水被纳入国家管理体系， 历朝历代都有专司酒水买卖的官职设置，如周有酒正、汉有酒丞、齐有酒吏、梁有酒库丞、隋唐宋 ...

蓝鲨导读：底蕴不够，靠广告来"凑"？ 作者 | 张二河 编辑 | 卢旭成 据新华社5月18日消息称，中共中央、国务院印发修订后的《党政机关厉行节约反对浪费条例》中明确规定，党政机关工作餐不得提供高档菜肴、香烟， 不上酒。 "公务接待不供酒新规"被认为是新一轮的"禁酒令"，而规定一出，15只白酒股在5月19日开始下跌：贵州茅台收盘价达1575.95元/股，下跌2.37%；五粮液 收盘价达129.11元/股，下跌1.50%；泸州老窖收盘价122.73元/股，下跌2.82%；洋河股份收盘价达67.69元/股，下跌0.91%；山西汾酒收盘价达200.91元/ 股，下跌2.00%。 值得关注的是，在头部酒企中，虽然洋河股份股价下跌幅度最小，但原因可能是由于之前"跌够了"。自2024年11月7日洋河股份股价短暂位于91.75元/股的 阶段性高点后，之后股价一路下跌。截至目前，洋河股份股价维持在68元/股左右，市值（1026.34亿元）较2021年巅峰时期（3973.93亿元）跌了近75%。 "世界上最宽广的是海，比海更高远的是天空，比天空更博大的是男人的情怀"，这句火遍大江南北的广告词，让人们记住了洋河蓝色经典，也奠定了 ...

每经记者｜温梦华 每经编辑｜彭水萍 在刚刚举行的茅台股东大会上，A股"股王"茅台将2025年的营收KPI定为增长9%。这一数字，既在意料之中，又在意料之外。当前整个行业面临诸多困局和 挑战，但茅台还是在2024年交出了一份营收、净利润增速均超15%的"韧性答卷"。 一直以来，大多数白酒股都会在年报中披露下一年的经营"小目标"。而在过去几年，两位数增长基本成为年报"标配"。如今，变化正在悄然发生。 《每日经济新闻·将进酒》记者梳理发现，6家头部上市白酒企业中，只有茅台明确提出了2025年营收增长目标，其余5家企业在谈及新一年经营计划的时候 不约而同地"不提目标"，而使用"与宏观经济指标保持一致""继续保持稳健增长态势"等表述。 不仅头部酒企如此，绝大多数的其他白酒企业也在这个问题上选择"失声"。 产业没有永远的上行！整个白酒行业增速明显放缓之下，一众酒企纷纷主动选择了降速求稳的稳健策略。不再执着于业绩增长KPI目标，是否意味着中国白 酒行业追求两位数增长的"高速时代"正式迈入稳中求进的"稳健时代"？ 2024年白酒营收净利增速放缓 多家头部酒企均未完成经营KPI 身处白酒产业深度调整期，2024年白酒酒企业绩增 ...

Core Insights - The white liquor industry is focusing on digital consumption trends, emphasizing youth engagement, premiumization, and anti-counterfeiting technology as key strategies to penetrate the online market [1] - Companies like Yanghe are leveraging IP collaborations and customized gift boxes to enhance user loyalty while also creating cost-effective products to attract a broader consumer base [1] - The rise of social e-commerce is identified as a potential new growth engine for the industry, necessitating continuous optimization of product structure and trust systems to capture online market opportunities [1] Group 1: Online Channel Significance - Online channels serve as a strategic supplement to traditional sales for white liquor companies, enabling nationwide and global reach while expanding the consumer base [3] - The use of big data allows for precise targeting of potential customers, enhancing marketing effectiveness through tailored product recommendations [3] - Online platforms cater to modern consumers' need for convenience, allowing purchases anytime and anywhere, and showcasing a full range of products for easy comparison [3] Group 2: Consumer Profile Changes - The average education level of consumers is rising while their average age is decreasing, prompting companies to adapt their product design and marketing strategies accordingly [4] - Yanghe has focused on young consumer engagement through product design adjustments and targeted promotions, resulting in increased brand loyalty and healthy online sales growth [4] Group 3: Balancing Product Layout - Companies must conduct market research to understand consumer demands for both premium and cost-effective products, utilizing online data to analyze purchasing motivations and consumption scenarios [5] - High-end products should emphasize quality and cultural heritage, while cost-effective brands need to maintain a friendly image to enhance perceived value [5] Group 4: Building Trust and Counterfeit Challenges - To build consumer trust, companies should enhance brand development, provide detailed product information, and improve after-sales service [6] - Companies are adopting advanced anti-counterfeiting technologies and collaborating with e-commerce platforms to monitor and combat counterfeit products effectively [6] Group 5: Live Streaming and Sales Strategy - Companies should ensure reasonable product pricing in live streaming sales while reinforcing brand value and maintaining alignment with offline channels [7] - Developing exclusive online products can differentiate from offline offerings and meet diverse consumer needs [7] Group 6: Future Growth Points - The next growth point for online white liquor consumption is expected to be in social e-commerce, leveraging platforms like WeChat, Douyin, Kuaishou, and Xiaohongshu for rapid brand awareness and sales growth through social sharing and live streaming [8]

随着消费习惯转变，线上市场规模正在不断扩大。打开购物App、付款、下单、收货，线上消费成为消费者主要购物渠道。在此背景下，白酒品牌纷纷加码 布局，通过直播带货、社交营销、私域流量运营等方式拓展年轻消费群体。然而，假货泛滥、价格混乱、售后无保障等问题也让不少消费者对线上购酒心存 疑虑。如何让消费者在享受便利购物的同时规避风险；酒企该如何优化线上渠道，提升消费者信任度成为线上消费的关键。 渠道之变："公域引流+私域沉淀" 北京商报记者注意到，贵州茅台、五粮液、洋河股份、泸州老窖、山西汾酒等头部白酒企业，近年来不断深耕线上渠道。从年报来看，2024年，贵州茅台线 上销售平台实现销售收入221.19亿元，其中"i茅台"数字营销平台实现销售收入200.24亿元，其他线上渠道实现销售收入20.96亿元。五粮液、洋河股份、泸州 老窖、山西汾酒线上销售平台实现销售收入分别为44.04亿元、3.94亿元、14.79亿元、21.05亿元。 中国酒业协会发布的《2024中国白酒市场中期研究报告》显示，2024年上半年，酒企和经销商拓展新渠道包括主播带货、线上商城、社交媒体、即时零售。 其中直播带货占比达38%，首次超过线上商城的3 ...

出品 | 妙投APP 但另一方面，山西汾酒2024年营收破360亿挤进前三，且营收净利两位数增速；古井贡酒净利增速也高 达20.22%，在一众下滑数据中非常显眼。 在茅台降维打击态势越发明显时，为何这些酒企能斜冲出来？未来白酒业的格局会如何改变？或许可以 从2024年和2025年Q1各家酒企的财报中看出些端倪来。 茅台会一家独大吗？ 作者 | 段明珠 头图 | 视觉中国 白酒业仍处于寒冬中，动销疲软、价格倒挂、库存高企，好像成了三大顽疾；加上周末刚出台的新禁酒 令，5月19日白酒板块跳空低开，全天未能翻红。 身处其中的酒企则冷暖自知。从财报来看，上市20家酒企2024年营收合计为4390亿元，同比增长 7.27%；归母净利合计1666.31亿元，同比增长7.40%。但这主要由头部酒企带动的，行业CR3（茅台、 五粮液、汾酒）市占率突破65.4%，利润集中度达73.92%。尤其是贵州茅台，其2024年营收和利润双增 长均超过15%，即便是今年也仅是将目标下调为营收同比增9%，仍是很多酒企难以企及的增长速度。 相比之下，即便是万年第二的五粮液2024年营收和利润增速均降至个位数，创下了自2017年来的最低水 平； ...

Group 1 - The core index, the China Securities Hong Kong-Shenzhen Connect Leisure Index, has shown a recent increase of 1.28% over the past month, but a decline of 2.96% over the last three months, and a year-to-date increase of 0.93% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities Hong Kong-Shenzhen 500 Index, reflecting the overall performance of securities listed in the Hong Kong, Shenzhen, and Shanghai markets [1] - The top ten holdings in the index include Tencent Holdings (13.02%), Kweichow Moutai (11.14%), Meituan-W (8.38%), and Wuliangye (7.38%) [1] Group 2 - The index's holdings are primarily concentrated in the media sector (41.59%), followed by food, beverage, and tobacco (35.38%), and consumer services (21.05%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, such as when a sample company is delisted or undergoes mergers or acquisitions [2]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The white liquor industry is currently in a bottom adjustment phase, with leading companies demonstrating stable operations. In the second half of 2024, the performance of the white liquor industry continued to decline, and companies proactively adjusted their operational pace. In the first quarter of 2025, companies maintained the operational rhythm from the second half of 2024, with a slowdown in performance growth but a recovery compared to the fourth quarter of 2024. There is an increasing divergence among different companies [1][12][27]. Summary by Sections Industry Overview - The white liquor industry experienced a significant performance decline in the second half of 2024, with the first quarter of 2025 showing slight improvement. The overall revenue and net profit growth rates for the white liquor sector in 2024 were +7.3% and +7.4%, respectively, outperforming the overall food and beverage sector [12][15]. Revenue Performance - In the first quarter of 2025, the revenue and net profit growth rates for listed liquor companies were 1.6% and 2.3%, respectively. High-end liquor and regional leading companies maintained steady growth, while other types of liquor companies faced negative growth [27][28]. Profitability Analysis - The sales expense ratio slightly increased, and the net profit margin faced temporary pressure. The gross profit margins for the white liquor sector in 2024 and the first quarter of 2025 were 81.8% and 81.5%, respectively, showing a year-on-year increase [1][12][27]. Investment Recommendations - The report highlights the current valuation advantage in the white liquor industry, suggesting that leading companies possess medium to long-term investment value. It recommends stable performers such as Shanxi Fenjiu and Guizhou Moutai, while also suggesting attention to companies like Luzhou Laojiao and Wuliangye, which have shown thorough clearing of their financial statements [1][12][28].

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Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is experiencing pressure on its performance, with projected revenue and net profit for 2024 expected to decline by 12.83% and 33.37% respectively. The revenue for Q4 2024 is projected to drop significantly by 52.17% year-on-year [1]. - The company is adjusting its operational pace in response to market conditions, focusing on strengthening channels such as banquets and emphasizing inventory management [4]. - The company is currently in an adjustment phase, with revenue and profit under short-term pressure due to economic conditions and consumer demand [4]. Financial Performance Summary - For 2024, the company expects revenue of 288.76 billion yuan and a net profit of 66.73 billion yuan, reflecting a year-on-year decline [1]. - The revenue from liquor is projected to be 282.48 billion yuan in 2024, down 13.05% from the previous year, with a sales volume decrease of 16.30% to 139,100 tons [1]. - The average revenue per dealer has decreased by 13.77% to 3.178 million yuan per dealer, despite an increase in the number of dealers by 77 to 8,866 [2]. Financial Data and Valuation - The company's revenue is projected to decline from 33,126.28 million yuan in 2023 to 28,876.30 million yuan in 2024, with a further decline expected in 2025 [5]. - The net profit is expected to decrease from 10,015.93 million yuan in 2023 to 6,673.39 million yuan in 2024, with a continued decline in 2025 [5]. - The projected P/E ratios for 2025, 2026, and 2027 are 18X, 17X, and 16X respectively [4].