事实上，水井坊所面临的困境，正是整个白酒行业现状的一个缩影。根据中国酒协的数据，当前白酒行 业正承受着前所未有的库存高压，与此同时，消费者的饮酒观念愈发理性，这进一步加剧了市场的分 化。高端白酒市场价格出现松动，中端白酒市场竞争则呈现出白热化态势。在这样的形势下，酒企纷纷 从以往的 "渠道压货" 模式，转向更加注重产品实际销售的 "动销驱动" 模式。臻酿八号作为中端价格带 的主力产品，其市场表现直观地反映出了行业内部的深层矛盾。 然而，水井坊的停售措施能否达到预期效果，目前仍存在诸多不确定性。从短期来看，减少市场投放 量，确实有助于缓解产品价格下行的压力。但需要注意的是，库存只是从渠道转移到了企业，并未真正 被消化。倘若消费端的需求未能同步回暖，那么在停售结束后，水井坊可能将面临更为严峻的去库存压 力。从长期发展的角度来看，白酒行业的复苏，主要取决于消费信心的恢复、厂商利益的重新平衡，以 及产品结构的优化这三大关键变量。在停售期间，水井坊需要加快渠道改革的步伐，通过精细化运营， 提升终端产品的实际销售情况，如此才能将这场价格保卫战，切实转化为推动业绩增长的实际动能。 进入 7 月，上市酒企的停货风潮仍在持续。 ...

Core Viewpoint - Zhifei Biological plans to issue up to 6 billion yuan in corporate bonds to support investments in technological innovation, replace interest-bearing liabilities, and replenish working capital [1] Group 1: Financial Performance - In 2024, Zhifei Biological reported a significant decline in performance, with total revenue of 26.07 billion yuan, a year-on-year decrease of 50.7%, and a net profit attributable to shareholders of 2.02 billion yuan, down 75.0% [1] - The revenue from agency products, which has historically contributed over 70% to the company's performance, saw a drastic reduction, leading to the overall decline in revenue [1][2] - The company's cash flow turned negative in 2024, with an operating cash flow of -4.414 billion yuan, a decline of 149.6% compared to the previous year [3] Group 2: Product Performance - Revenue from Zhifei Biological's self-developed products increased by 14.9% to 1.18 billion yuan, while revenue from agency products fell by 52.5% to 24.67 billion yuan [2] - The core product, the HPV vaccine, experienced a significant drop in sales, with the issuance of four-valent HPV vaccines down by 95.5% and nine-valent HPV vaccines down by 14.8% [2] Group 3: Strategic Initiatives - The company aims to focus on "de-stocking, collecting payments, and reducing liabilities" as its core strategy for 2025 to mitigate operational risks [3] - The issuance of 6 billion yuan in corporate bonds is seen as a crucial step in reducing liabilities and addressing financial risks [3]

撰稿|多客 来源|贝多财经 洋河股份（SZ:002304），重大人事变动频发。 洋河股份于7月1日发布公告称，张联东因工作调整，申请辞去第八届董事会董事、董事长及董事会战略 委员会主任委员、提名委员会委员职务，辞职后不在洋河股份及控股子公司担任其他职务。 需要注意的是，这已是洋河股份发布2024年年报以来的第二位离任高管。就在不到一个月前，洋河股份 第八届董事会董事及战略委员会委员杨卫国申请辞去相关职务，辞职后不在该公司及子公司担任任何职 务，原因同样是"工作调动"。 业内人士纷纷猜测，洋河股份高管离职，很大程度上与该公司近年来面临的业绩困局有关，尤其是2024 年与其他白酒企业形成鲜明反差的营收、利润"跳水"，直接导致其失去了"白酒前三"的宝座，也使得高 管层的运营焦虑愈发显著。 洋河股份在公告中表示，该公司将尽快按照法定程序完成董事补选、新任董事长选举等相关工作。而新 任领导层人选的管理能力和经营策略，也将直接关系到身处低谷期的洋河股份未来的业绩走势与发展走 向。 一、营收利润开倒车，"白酒老三"之位失守 多措并举下，洋河股份业绩重回增长轨道，2020年至2023年的收入分别为211.01亿元、253.5 ...

今年上半年，千亿房企阵营再度收缩。 据中指院数据，2025年1-6月百强房企销售总额为18364.1亿元，同比下降11.8%；权益销 售额为12812.7亿元，权益销售面积为6570.6万平方米。 而曾经被视为规模房企门槛的"千亿销售额"，如今成为不少公司难以逾越的高峰。 2025年上半年，销售额超千亿房企仅剩4家，较去年同期减少2家。具体来看，上半年仅保利 发展、中海地产、华润置地、招商蛇口四家房企销售额突破千亿关口。 其中，保利发展以1452亿元销售额守住第一的位置，绿城中国、中海地产紧随其后，销售额 分别为1221亿元和1201.3亿元，华润置地以1103亿元位列第四。 同时，行业洗牌速度超过市场预期， 曾经的行业龙头万科已滑出前五，以686亿元销售额降 至行业第七 ，而一些央国企凭借融资优势和稳健经营，销售业绩上升明显。 湘财证券数据显示，今年1-6月，中国金茂、越秀地产、建发房产2025年以来销售业绩表现 优异，这三家公司全口径累计销售金额分别同比增加7%、10.8%以及19.6%。 尽管上半年房企整体业绩表现欠佳， 但从单月销售情况来看，房企6月单月的部分销售指标， 较5月略有好转 。 面对行业深 ...

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

Market Overview - The Chinese liquor industry is undergoing a new adjustment cycle, transitioning from "volume competition" to "value creation" [1] - In 2024, the total production of large-scale enterprises was 4.145 million kiloliters, a year-on-year decrease of 1.8%, with a 7.2% decline in Q1 [1] - Despite the production decline, industry revenue and profit grew by 5.3% and 7.8% respectively in 2024, indicating a shift towards "quality improvement" and "brand influence" [1] Industry Trends - The concentration of the industry has increased, with the top six liquor companies accounting for 86% of total industry profits in 2024, up over 30 percentage points from ten years ago [1] - The brand "Guojiao 1573" is now one of the top three high-end liquor brands in China, with a leading national market presence [1][2] Consumer Behavior - Consumer preferences are shifting from "quantity satisfaction" to "quality pursuit," with younger demographics (post-85s and post-90s) favoring personalized and lower-alcohol products [3] - Consumption scenarios are diversifying, with stable growth in traditional events and emerging trends in cultural experiences and technology integration [3][4] Sales and Marketing Strategies - Instant retail transactions for liquor grew over 65% year-on-year in the first half of the year, reflecting a shift towards immediate consumption [4] - The company is enhancing its marketing focus from "channel pressure" to "precise reach" and "user operation" [4] Company Performance - The company achieved a revenue of 31.196 billion RMB in 2024, a 482.73% increase from 2014, with a compound annual growth rate of 19.27% [6] - Net profit reached 13.473 billion RMB in 2024, a 1431.18% increase from 2014, with a compound annual growth rate of 31.37% [6] Strategic Advantages - The company has implemented a comprehensive strategy since the 13th Five-Year Plan, focusing on governance, market share, brand culture, quality, and talent [5] - The company has established a quality traceability system across the entire production chain, enhancing product quality and efficiency [8] Innovation and Development - The company is actively developing lower-alcohol products, with a focus on 38-degree and 28-degree variants, responding to market demand [11] - The company has built an ecological park with an annual production capacity of 100,000 tons of high-quality solid-state liquor [8] Social Responsibility - From 2015 to 2024, the company invested approximately 274 million RMB in public welfare, receiving multiple awards for its contributions [10] - The cumulative cash dividends since the company's listing reached 52.059 billion RMB, with a dividend rate of 61.58%, ranking among the top in A-share companies [10]

在经历了几次支付牌照"换证"后，快钱支付业务类型有所收缩。截至2025年6月30日，快钱支付业务类 型变更为"储值账户运营Ⅰ类、支付交易处理Ⅰ类"。 另外，上海银联电子支付服务有限公司的名称变更为上海安信汇支付有限公司；东方付通信息技术有限 公司名称变更为东方付通支付科技有限公司；江苏鸿兴达邮政商务资讯有限公司变更为江苏鸿兴达支付 科技有限公司。 日前，中国人民银行官网更新了"已获许可机构（支付机构）"信息。涉及多家支付机构的法人代表人 （负责人）、公司名称、住所（营业场所）等变更事宜。 经梳理，截至6月30日，年内已有超过30家支付机构"更新"支付牌照相关信息。 涉及快钱支付等 具体来看，快钱支付清算信息有限公司（以下简称"快钱支付"）法定代表人（负责人）由符之晓变更为 张翼；北京市政交通一卡通支付有限公司法定代表人（负责人）由李岷变更为聂文华；上海都市旅游卡 发展有限公司法定代表人（负责人）由郑尤洁变更为孙瑶；双乾网络支付有限公司变更公司名称为"乐 在支付有限公司"，法定代表人（负责人）由黄荣彬变更为王廷。另外，该支付机构营业场所也发生了 变更。 上述"更新"中，快钱支付变更法定代表人受到业界普遍关注。资 ...

Core Viewpoint - The company experienced significant financial challenges in 2024, with a reported revenue of approximately 75.34 billion and a net loss of 6.12 billion, reflecting a year-on-year decline of about 788.54% [1] Financial Performance - In 2024, the company recorded a contract amount of 68.51 billion, down 55.39% year-on-year, and a signed area of 4.714 million square meters, a decrease of 46.25% [1] - The company successfully navigated its debt peak in the previous year, repaying approximately 20 billion in public market debts without any defaults [3] - As of the end of 2024, the company had a total interest-bearing debt of 73.5 billion, with only about 5.6 billion in public debts remaining to be repaid [3] Market Conditions - The overall market remains in a state of oversupply, and the industry adjustment is not yet complete, presenting ongoing challenges for the company [1] - The company’s sales continued to decline into 2025, with a signed area of 238,000 square meters in May, down 51.92% year-on-year, and a contract amount of 3.12 billion, down 52.07% [4] Strategic Adjustments - The company is focusing on prudent operational adjustments, optimizing resource allocation, and enhancing organizational resilience to survive the current cycle and achieve sustainable development in the recovery phase [1][9] - The management emphasizes the importance of financial safety and a cautious investment strategy, particularly in light of the current market conditions [8] Future Outlook - The management believes that the Chinese real estate market will continue to exist long-term, with a projected annual sales scale of 4 to 5 trillion in 10 to 15 years [9] - The company is committed to adapting to market changes and policy directions to find new opportunities for survival and growth during the structural adjustments in the industry [9]

6月27日，泸州老窖股份有限公司2024年股东大会在四川泸州举行。会上，针对2024年工作成果、2025年及未来市场、产品等战略规划进行详细部署，泸 州老窖方面表示，下一步将继续加大下沉市场开拓，未来五年，泸州老窖的终端要达到百万家规模；此外，28度国窖1573已经研发成功，将适时投放市 场。 四重剧变，酒业进入新周期 回顾2024年，白酒行业进入新一轮调整周期，消费动力不足、意愿不强。根据国家统计局、中国酒业协会发布的数据，2024年全国规模以上白酒企业累计 白酒产量同比下降1.8%；实现销售收入7964亿元，同比增长5.3%；实现利润总额2509亿元，同比增长7.76%。 这表明白酒行业已摆脱过去产能扩张的发展模式，在向增效、品质提升、品牌影响、文化表达和价值创造转变。 与此同时，白酒消费趋势发生了变化：一是消费观念发生改变。从量的满足到质的追求，从单一到多元，从感性到理性；二是消费需求在持续转变。年轻 消费群体更倾向于个性化、低度化、立体化、悦己化的酒类消费；三是消费场景的深刻重构。政务消费场景占比进一步下滑，婚寿宴和自饮场景则较为稳 定并稳步增长；四是消费渠道加速迭代。当前线上线下深度融合，即时零售已 ...

倒计时14天 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/派能科技/创明新能源/多氟多/博力威/睿恩新能源/诺达智 慧能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科动力/中国钠电/比克电池/鹏辉能源/蓝京新能源/亿纬锂能/星恒电源/先导智 能/小安科技/鑫晟达/精锐精密等 2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 据了解，川金诺也是目前是中国最大的磷矿进口商之一，其广西防城港基地每年从海外进口磷矿超 50万吨，其中埃及是该公司的主要原材料 来源地。埃及磷矿储量丰富，已探明储量近30亿吨，排名世界第三。川金诺表示，该公司选址埃及，能够节省原材料进口环节中间成本，优 化该公司成本结构。 目前，磷酸铁锂行业企业整体盈利处于低位。川金诺此次变更项目资金使用用途，悬崖勒马磷酸铁锂项目也是明智之举。值得关注的是，进入 2025年，磷酸铁锂行业整体 ...