上半年8家上市白酒企直销营收超640亿元

Core Insights - The direct sales channel is emerging as a new battleground for the liquor industry, with eight listed liquor companies reporting direct sales revenue exceeding 64.68 billion yuan in the first half of the year [1][2] - Moutai and Wuliangye are leading the direct sales segment, with both companies achieving over 40% of their revenue from direct sales [1][2] Group 1: Direct Sales Performance - In the first half of the year, Moutai's direct sales revenue reached 40.01 billion yuan, a year-on-year increase of 18.6%, while Wuliangye's direct sales revenue was 21.20 billion yuan, up 8.6% [2] - Other companies like Luzhou Laojiao and Gujing Gongji have shown significant growth in direct sales, with Gujing Gongji's direct sales revenue increasing by 40.19% to 0.0573 billion yuan [2][4] - However, companies such as Shanxi Fenjiu and Yanghe have experienced declines in direct sales revenue, with Shanxi Fenjiu's direct sales down 17.63% to 1.36 billion yuan [2][3] Group 2: Trends in Direct Sales - The overall trend for leading liquor companies shows a rising proportion of direct sales revenue, with Moutai's direct sales share increasing from 39.79% in 2022 to 43.79% in 2024 [4] - Wuliangye's direct sales share also grew from 36.6% to 38.56% during the same period [4] - Regional companies like Yingjia Gongji and Jianshiyuan have also seen their direct sales proportions increase, indicating a broader industry trend [4] Group 3: Future of Direct Sales - The rise of e-commerce and instant retail is reshaping the liquor sales landscape, with online sales in the liquor sector projected to reach 200 billion yuan by 2024 [6] - Moutai and Wuliangye are actively expanding their direct sales channels through e-commerce platforms and instant retail, positioning themselves for future growth [6][7] - The direct sales model is expected to enhance profit margins, with Moutai's direct sales gross margin at 95.33%, significantly higher than traditional wholesale margins [7]