「一城一酒」“白牛二”从光瓶酒“王者”到销量萎缩，顺鑫农业深陷名酒下沉竞争压力

Core Viewpoint - The competition in the light bottle liquor market is intensifying, with Shunxin Agriculture's flagship product "Bai Niu Er" facing unprecedented challenges, leading to a significant decline in sales and market presence [2][4][5]. Group 1: Sales Performance - "Bai Niu Er" sales volume has decreased from 416,900 kiloliters in 2020 to 239,100 kiloliters in 2024, representing a decline of 42.6% over four years [4]. - In the first half of 2025, "Bai Niu Er" sales volume was 115,400 kiloliters, a year-on-year decrease of 33.05% [4]. - The low-end liquor segment, which includes "Bai Niu Er," generated revenue of 2.578 billion yuan in the first half of 2025, down 25.41% year-on-year, accounting for 71.5% of the total liquor revenue [5]. Group 2: Market Competition - Major liquor companies, including Yanghe and Luzhou Laojiao, are entering the light bottle liquor market, increasing competitive pressure on Shunxin Agriculture [2][3]. - The introduction of new products by competitors is contributing to the decline in "Bai Niu Er" sales, as it is now placed in less prominent positions in retail outlets [3][4]. Group 3: Consumer Trends - The primary consumer base for "Bai Niu Er" consists of low-income individuals, who are currently reducing discretionary spending due to broader economic conditions [5][6]. - The overall consumption environment is weak, exacerbated by policies such as the "ban on alcohol" affecting the restaurant channel, further impacting sales [5][7]. Group 4: Financial Impact - Shunxin Agriculture's liquor business revenue fell from 10.225 billion yuan in 2021 to 6.823 billion yuan in 2023, with a slight recovery to 7.041 billion yuan in 2024, but again faced a significant decline in the first half of 2025, with revenue of 3.606 billion yuan, down 23.25% year-on-year [6][7]. - The company's overall revenue for the same period was 4.593 billion yuan, a decrease of 19.24%, with net profit dropping by 59.09% to 173 million yuan [6].