作 者丨肖夏 编 辑丨骆一帆 截至4月2 9日晚，白酒股2 0 2 4年年报、2 0 2 5年一季报全部披露。 2 1世纪经济报道记者梳理注意到，几乎所有白酒上市公司去年业绩增长都出现放缓，其中有 六家酒企去年营收同比倒退，覆盖不同体量的酒企，能实现两位数增长的白酒已经屈指可数。 同时披露的2 0 2 5年一季报更为惨淡， 各家白酒股业绩增速进一步下滑，其中近一半业绩出现 倒退，多家出现2 0%、3 0%的大幅下滑。 一位资深白酒投资者评价，"当前白酒迎来了极寒天气。" 行业深度调整反馈到报表端之际，白酒企业的竞争格局也发生了重要变化。 2 1 世 纪 经 济 报 道 记 者 梳 理 注 意 到 ， 头 部 白 酒 中 ， 山西 汾酒正式跃升至第三 ， 三 大 香 型龙头实现聚首；白酒股前十中，对比五年前有两家是新面孔， 一些名酒被挤到二三 梯队 ；中小白酒业绩普遍低迷， 新增两家酒企披星戴帽，离退市再近一步 。 综合接受2 1世纪经济报道记者采访的券商分析师、行业专家观点来看，观察人士普遍认为当 前白酒处于探底阶段，今年二季度淡季预计继续低迷，但整个探底阶段会持续多久，难以判 断。 汾酒正式跻身前三，前十位 ...

Core Viewpoint - The performance of Kweichow Moutai in the first quarter of 2025 demonstrates its strong market leadership and resilience in a challenging environment, with significant revenue and profit growth despite industry pressures [1][2]. Financial Performance - Kweichow Moutai reported total revenue of 51.443 billion yuan, a year-on-year increase of 10.67% [1]. - The net profit attributable to shareholders reached 26.847 billion yuan, reflecting a year-on-year growth of 11.56% [1]. - The company achieved a significant milestone by crossing the 50 billion yuan revenue mark for the first time in a quarter [2]. Growth Drivers - The series of products and overseas markets are emerging as new growth drivers for Kweichow Moutai [2]. - Revenue from series products reached 7.022 billion yuan, up 18.30% year-on-year [2]. - Overseas revenue amounted to 1.119 billion yuan, marking a 37.53% increase compared to the previous year [2]. Market Strategy - Kweichow Moutai has increased its domestic distributors to 2,174, with a net increase of 50, focusing on series product distributors [5]. - The company is actively conducting market research and engaging with distributors to adapt to market changes and consumer trends [6][7]. - The management emphasizes the importance of emotional connection and lifestyle branding in future market expansion [7]. Industry Context - The overall white liquor industry is undergoing a deep adjustment phase, with a reported 7.3% year-on-year decline in production for the first quarter [7]. - Despite the challenges, leading companies like Kweichow Moutai are maintaining growth, indicating a potential stabilization in the market [7][8].

Core Viewpoint - The growth trajectory of Gujing Gongjiu is accelerating, positioning it closer to competing with other top liquor brands in China, despite still being behind in market size [1][2]. Group 1: Company Performance - Gujing Gongjiu reported a revenue of 23.578 billion yuan for 2024, marking a year-on-year increase of 16.41%, and a net profit of 5.514 billion yuan, up 20.15% year-on-year [1]. - The company has maintained double-digit growth in both revenue and profit for four consecutive years, with net profit doubling compared to five years ago [1]. - In 2023, Gujing Gongjiu's revenue surpassed 20 billion yuan for the first time, achieving this milestone in five years [1]. Group 2: Market Position and Competition - Gujing Gongjiu ranks sixth among liquor stocks, while the top five brands have a revenue threshold of 30 billion yuan [1]. - The company is poised to capitalize on the slowdown of competitors, as many have reported declining revenue, potentially lowering the entry barrier for the top five [2]. - The gap in market size between Gujing Gongjiu and the leading brands is narrowing, with a potential catch-up period of two to three years [2]. Group 3: Product Strategy - The high-end series, particularly the aged raw liquor, has been a significant driver of growth, with a 23% year-on-year increase in revenue for this segment in the first half of 2024 [2]. - The gross margin for the aged raw liquor increased by 1.16 percentage points to 86.3% in the first half of last year [2]. - Gujing Gongjiu has been a long-term exclusive partner for the CCTV Spring Festival Gala, promoting its high-end products, which indicates a strategic focus on brand elevation [2]. Group 4: Future Outlook - The company's growth pace and its ability to join the top five will depend on its strategic decisions in response to industry challenges [3]. - Gujing Gongjiu plans to disclose its formal annual report at the end of April, which may include its growth targets for the year [3]. - Following the performance announcement, the stock price rose by 4.86%, closing at 172.08 yuan, with a market capitalization exceeding 90 billion yuan [4].