证券研究报告 食品饮料 报告日期：2025 年 08 月 26 日 白酒持续出清，关注成长板块估值修复 ——食品饮料行业周报 华龙证券研究所 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 《进入中报披露期，白酒龙头业绩稳健 —食品饮料行业周报》2025.08.18 《六月社零增速环比趋缓，消费需求有 待修复—食品饮料行业周报》2025.07.21 《拥抱新变化，开启新征程—食品饮料 行业 2025 年中期策略报告》2025.07.06 摘要： 请认真阅读文后免责条款 投资评级：推荐（维持） 最近一年走势 市场流动性带来估值提升，上周申万一级食品饮料板块上涨 3.29%，子板块其他酒类（+8.21%）、软饮料（+5.06%）、白酒 （+3.62%）涨幅居前，肉制品（-1.01%）跌幅居前。当前进入中 报密集披露期，白酒中报业绩压力集中释放，大众品部分新消费 标的业绩实现快速增长，建议关注超跌后续将有望持续改善的白 酒板块和成长性较高的新消费个股。我们维持行业"推荐"评级。 白酒：自二季度禁酒令以来， 白酒需求端持续承压，短期来看， 政策的边际影响有望逐渐收窄，中报 ...

文 | 王越梅 在当前的白酒市场中，唯一不变的就是变化本身。2025年随着新"禁酒令"出台，白酒行情加速下滑。为了应对市场变化，实现周期穿越，不少白酒企业在 战略、产品、组织结构等方面开展了一系列的动作。郎酒上半年动作频频，是其中比较有代表性的企业之一。从庄园酱酒价值输出，到组织升级与产品升 级同步驱动；从宴会场景多维培育，到全国市场深耕突破，郎酒在今年展开了一系列兼顾当下发展与未来布局的行动，致力于实现增量市场与存量市场双 轨渗透。 伴随着旅游业的发展，酒旅融合为白酒企业带来了新的发展机遇，白酒酒庄也在行业的转型过程中逐渐兴起。 另一方面，在市场拓展中，加速推进郎酒庄园价值输出。 显然，郎酒在婚宴活动中，借助郎酒庄园价值魅力，创造了差异化竞争点，切中婚宴新人对"仪式感"和"难忘体验"的情感需求。 此外，今年郎酒庄园还推出了首款现场定制产品"华夏百家姓系列酒"。 郎酒庄园是中国白酒的标杆性酒庄，耗资逾百亿，历时十余年方才建成，成就了"除非亲临 无法言说"的独家体验，也让郎酒成为独树一帜的存在。 作为郎酒品牌的核心资产，"郎酒庄园"是企业立足于酒业的超级符号，蕴藏着郎酒极致品质的奥秘也成为中国庄园白酒产业发展的 ...

Core Insights - The article highlights the significance of the Fenjiu industry in Shanxi Province, particularly in Fenyang, where the production of Qingxiang (fragrant) liquor is a key economic driver [1][3][4] - The region has established a robust infrastructure for liquor production, including the largest Qingxiang liquor production base in China, contributing significantly to local GDP and employment [3][4][5] Group 1: Industry Overview - Fenyang has become the largest production base for Qingxiang liquor in China, with the liquor industry contributing 50% of the city's GDP, 60% of tax revenue, and 40% of employment [3][4] - The region's liquor production is supported by a historical legacy, with Fenjiu being recognized as a living fossil of Chinese liquor history, boasting a 1500-year history [2][3] Group 2: Production and Market Dynamics - The production process involves nearly 20,000 earthen jars, which are meticulously maintained to ensure the quality of the liquor [1] - The Qingxiang liquor market is projected to exceed 100 billion yuan in sales revenue by 2024, indicating a steady growth trend rather than a rapid surge [4][5] Group 3: Strategic Developments - The Fenjiu Group is focusing on optimizing its product structure and enhancing brand and channel development to maintain double-digit growth [4][5] - The local government has initiated plans to consolidate smaller liquor enterprises into a larger group to enhance competitiveness and market presence [6][7] Group 4: Future Prospects - The "Xinghua Village Fenjiu" professional town aims to become a world-class gathering area for Qingxiang liquor and a model for high-quality development in the liquor industry by 2025 [8] - The projected total output value of the liquor industry in the region is expected to reach 50 billion yuan by the end of 2025 [8]

Core Viewpoint - The Ningxia wine industry has transformed barren land into a thriving sector, providing significant employment and income opportunities for local farmers, while also focusing on ecological restoration and cultural integration [1][2][4]. Group 1: Industry Development - The Ningxia Helan Mountain region is recognized as a prime area for wine grape cultivation, with over 600,000 acres dedicated to wine grape planting and an annual production of 140 million bottles of wine [2][4]. - The wine industry in Ningxia has created approximately 130,000 jobs and generated a wage income of 1.22 billion yuan for local farmers [1][4]. - The comprehensive output value of the Ningxia wine industry has reached 45 billion yuan, with the establishment of a national comprehensive experimental zone for the grape and wine industry in 2021 [4][5]. Group 2: Economic Impact - The source stone winery has seen its annual visitor numbers exceed 400,000, with wine sales increasing from over 20 million yuan to 50 million yuan in five years, where over 50% of sales are driven by tourism [3][4]. - The export value of Ningxia wine reached 13.75 million yuan in 2024, marking a year-on-year growth of approximately 42% [5]. Group 3: Ecological and Cultural Integration - The Ningxia wine industry is integrating ecological restoration efforts, having transformed over 400,000 acres of barren land into green oases, while also focusing on cultural tourism [4][5]. - The industry emphasizes the importance of wine tourism, allowing consumers to engage with the wine culture and the unique terroir of the region [2][3].

Group 1 - Guizhou's retail sales of tobacco and alcohol increased by 7.4% in the first half of 2025, with a total retail sales growth of 4.0% year-on-year [2][3] - In the first half of 2025, the production of liquor in Lüliang City decreased by 0.8%, while the overall industrial added value grew by 3.9% [2][3] - The city of Renhuai is exploring the establishment of a "express train" for liquor delivery to enhance export trade and market promotion [4][5] Group 2 - Moutai launched a promotional event for its products, offering discounts and prizes, running from July 28 to August 3 [5] - Moutai's distributor association in Henan held a re-election meeting, emphasizing the need for transformation and technology integration to meet consumer demands [5] - Moutai Fund has invested in Leju Robotics, increasing its registered capital by approximately 19.5% [5][6] Group 3 - Qingdao Beer expects its transaction volume on Meituan Flash Purchase to exceed 1.5 billion yuan in 2025, driven by significant growth in key products [7] - Huazhi Youxuan focuses on a new retail model combining products and services, aiming for rapid turnover and customer engagement [7] - Fenggu Liquor is strategizing for the second half of 2025, emphasizing quality and sustainable development in its operations [8] Group 4 - A compliance notice for the production and operation of sauce-flavored liquor was issued, emphasizing the importance of maintaining the reputation of Guizhou liquor [8][9] - The National Standardization Technical Committee for Winemaking announced plans to revise standards for mountain grape wine and ice wine [10] - Shanzhuang Group's new brewing base project, with an investment of 2.34 billion yuan, is set to be operational by the end of the year, significantly increasing production capacity [10] Group 5 - Rémy Cointreau reported a 5.7% organic sales growth in the first quarter of the 2025-26 fiscal year, with a slight decline in the Chinese market [10]

Core Viewpoint - The Chinese liquor industry is currently facing a "triple overlap" period characterized by consumption structure transformation, deep adjustment of stock competition, and policy changes, leading to increased market differentiation [2] Group 1: Industry Overview - The liquor industry is undergoing a significant reshaping, with some resilient companies demonstrating adaptability amidst the challenges [2] - The market is experiencing a decline in profits, with 60% of surveyed liquor companies and distributors reporting reduced operating profits in the first half of 2025 [16] Group 2: Company Profile - Danquan Liquor - Danquan Liquor has established a complete chain from product production to consumer experience, enhancing brand loyalty and transforming from "selling products" to "selling lifestyles" [3][26] - The company has invested over 10 billion yuan in building an ecological liquor production base, producing 15,000 tons of liquor annually, making it the largest quality liquor production base in Guangxi [10] - Danquan Liquor was recognized as a "Chinese Time-honored Brand" by the Ministry of Commerce in 2024, marking its historical significance and ongoing vitality [12] Group 3: Production and Quality - The unique geographical and climatic conditions of Nandan County provide Danquan Liquor with a competitive edge, contributing to the distinctive flavor and quality of its products [6] - The company emphasizes talent development, having trained over 500 employees in 2025 alone, ensuring high-quality production standards [26][28] Group 4: Marketing and Sales Strategy - Danquan Liquor has introduced the "189 model," which involves establishing a distributor in each county and opening flagship stores, enhancing customer experience and binding interests among manufacturers, partners, and store managers [13][17] - The company has invested 2.3 billion yuan in developing four national 4A-level tourist attractions, integrating tourism with liquor production to enhance consumer engagement and brand recognition [19][25] Group 5: Future Goals - Danquan Liquor aims to achieve a revenue target of 10 billion yuan, positioning itself among the top players in the liquor industry [26]

Group 1 - The new chairman of Yanghe Co., Ltd., Gu Yu, has been elected following the departure of the previous chairman, Zhang Liandong, with his term aligning with the eighth board of directors [1][3] - Gu Yu has a strong background in local government and has previously held various positions in Suqian City, which provides him with deep insights into Yanghe's operations [3] - The company is facing significant performance pressures in 2024, with challenges in brand rejuvenation, profit transparency, inventory pressure, and the need for accelerated marketing transformation [4][5] Group 2 - Gu Yu's leadership will focus on reversing the decline in performance, restoring market confidence, and addressing inventory issues while enhancing brand strength [4][5] - Potential strategies may include strengthening government-enterprise collaboration and creating an ecological barrier in the production area, as well as integrating resources from small and medium-sized liquor companies [5]

Core Insights - Yantai has integrated wine production, cultural tourism, and ecological protection, providing a "Yantai solution" for sustainable development in global wine regions [1] - The 2025 Wine Tourism Conference held in Yantai gathered over 300 representatives from more than 20 countries, emphasizing high-quality development in the global wine tourism industry [1] - Yantai was recognized as an "International Responsible Wine Tourism Destination" and Penglai received the "Global Outstanding Coastal Wine Tourism Destination" certification [1] Industry Development - Yantai's wine tourism attracts an annual average of 3 million visitors, showcasing the effectiveness of the "wine and tourism integration" strategy [1] - The city is the birthplace of industrial wine in China, with a wine production that accounts for 40% of the national total and 60% of sales revenue, with a brand value projected to reach 86.231 billion yuan by 2025 [1] - The wine industry in Yantai is undergoing innovation through a chain-based approach, enhancing the first, second, and third industries to promote multi-industry integration and sustainable development [2] Tourism and Cultural Integration - The establishment of the Wine Culture and Tourism Industry Development Alliance in Yantai aims to coordinate resources and promote the integration of wine and tourism industries [3] - Various initiatives have been undertaken, including new media business exchanges and participation in international wine tourism forums to connect global resources [3] - Yantai's cultural tourism vocational college signed a talent training cooperation agreement with the global wine tourism organization to cultivate international and versatile talents for the wine tourism industry [3]

Core Insights - The article highlights the transformation of Guiyang into a vibrant cultural and consumption hub, showcasing the integration of local traditions with modern experiences in the "Colorful Guizhou City" [1][10][19] Group 1: Alcohol Industry - The "Qiyuan Wine House" offers a unique experience by blending traditional Guizhou rice wine with innovative cocktails, reflecting the region's rich cultural heritage [4][6] - The establishment has upgraded its offerings to include trendy special cocktails and renowned brands like Moutai, aiming to attract a younger demographic [8] - "Colorful Guizhou City" has introduced over 10 well-known domestic and international brands, creating a diverse ecosystem centered around Guizhou's unique liquor culture [10] Group 2: Culinary Scene - The "Thousand Mountain and Hundred Flavors Snack Market" features over 50 stalls, showcasing a variety of traditional Guizhou dishes, and has become a popular destination for tourists [11][13] - The culinary offerings have evolved from mere food distribution to a driving force in the local economy, with a significant increase in visitor numbers [15] - The integration of traditional cooking techniques with modern culinary innovations has created a dynamic food culture that resonates with both locals and tourists [15] Group 3: Cultural and Tourism Experience - "Colorful Guizhou City" has developed unique photography spaces that blend ethnic cultural elements with modern aesthetics, enhancing the tourist experience [16][19] - The "Colorful Photography" theme allows visitors to engage with Guizhou's diverse cultural heritage through interactive and personalized experiences [17][19] - The overall strategy aims to create a new consumption ecosystem that connects local culture with global trends, making every visitor a participant in the storytelling of Guizhou [19]

Core Viewpoint - The transformation from "selling liquor" to "selling lifestyle" is being emphasized in Guizhou, with a focus on enhancing consumer experiences through innovative offerings and cultural integration [1][10]. Group 1: Industry Transformation - Guizhou is prioritizing the shift from traditional liquor sales to lifestyle-oriented experiences, creating new consumption scenarios in the cultural and tourism sectors [1][9]. - The establishment of the "Pray Wine House" in Multi-colored Guizhou City represents a strategic move to integrate liquor with local culture and tourism, aiming to create a unique consumption space that reflects Guizhou's ethnic characteristics [3][5]. Group 2: Innovative Offerings - The "Pray Wine House" features a variety of creative cocktails inspired by local flavors, such as "Ginger Good" and "Sour Soup Without Fish," showcasing Guizhou's rich liquor culture [3][5]. - The introduction of an AI customization feature allows customers to personalize their liquor bottles, enhancing the product's sentimental value and branding opportunities for businesses [5][9]. Group 3: Expansion Plans - The company plans to establish 16 high-quality liquor experience stores in Guizhou's scenic areas by 2025, focusing on immersive experiences and cultural displays to attract consumers [7][9]. - The "Beautiful Wine Street" has successfully attracted over 10 well-known domestic and international brands, creating a diverse ecosystem that combines local and international liquor offerings [9][10]. Group 4: Cultural Events and Engagement - Multi-colored Guizhou City has hosted various cultural events, such as the "Colorful Starry Show," to enhance consumer engagement and promote the integration of music, dining, and liquor experiences [9][10]. - The company aims to deepen emotional connections with consumers by designing experiences that resonate with social attributes and cultural themes [10].