白酒指数下挫2.64%，迎驾贡酒遭遇业绩、股价“双杀”|酒市周报

Group 1 - The traditional liquor industry is under pressure, affecting market optimism for the recovery of the liquor sector, with the Wind liquor index declining by 2.64% this week [1] - Only Kuozi Jiao had a slight rebound of 0.32% this week, while other liquor stocks, including Yingjia Gongjiu and Gujing Gongjiu, saw declines exceeding 5% [1] - The liquor industry is currently in a phase of bottoming out, with expectations for gradual improvement in the fundamentals by 2026 [1] Group 2 - The beer, wine, and yellow wine sectors also experienced poor performance this week, with only a few companies like Yanjing Beer and Chongqing Beer showing gains [2] - Yingjia Gongjiu has faced a significant decline in both performance and stock price, with a year-to-date drop of 17.86% as of September 19 [2] - Yingjia Gongjiu's revenue for the first half of 2025 was 3.16 billion yuan, a year-on-year decrease of 16.89%, and net profit fell by 18.19% [2][3] Group 3 - The mid-to-high-end products of Yingjia Gongjiu saw a revenue decline of approximately 14%, while ordinary liquor revenue plummeted by 32.47% [3] - The company is facing challenges due to the underperformance of mid-to-low-end products, weak expansion outside Anhui province, and inventory pressure [3] - There is potential for recovery in the second half of the year if sales improve during the peak season, alongside industry recovery expectations [3]