Core Insights - The latest A-share semi-annual report indicates that the total revenue of 20 listed liquor companies is 241.5 billion yuan, a year-on-year decrease of 20.86 billion yuan, or approximately 0.86% [1] - The liquor industry may have reached a turning point with both production and sales declining, as production has decreased from 13.58 million kiloliters in 2016 to 4.145 million kiloliters in 2024, a cumulative decline of 69.5% [1] - Despite the decline in production, the sales revenue of A-share listed liquor companies has shown a slow growth trend, indicating a structural adjustment in the industry [1] Industry Performance - In the first half of 2025, the number of large-scale liquor enterprises decreased to 887, a reduction of over 100 companies year-on-year; production was 1.9159 million kiloliters, down 5.8%; sales revenue was 330.42 billion yuan, a slight increase of 0.19%; and profit was 87.687 billion yuan, down 10.93% [4] - The overall performance of the liquor industry shows a significant decline in production, with only a slight increase in sales and a notable drop in profits [6] Company Insights - Six major companies, including Kweichow Moutai and Wuliangye, reported positive revenue growth, contributing 88% of the industry's revenue and 93% of its profits, while 14 listed liquor companies experienced negative revenue growth [3] - Some companies faced drastic revenue declines, such as ST Yanshi with an 85% drop and Jiu Gui Jiu with a 43% decrease; net profit declines were even more severe, with Jinzhongzi Liquor down 750.54% and Jiu Gui Jiu down 92% [3] - The leading companies' revenue and profit growth rates have also slowed, indicating a lack of sustained high growth momentum in the industry [3]
20家上市白酒企业营收总额首次下降，行业进入产量与营收双下滑拐点？
Sou Hu Cai Jing·2025-09-05 07:59