Group 1 - The opening ceremony of the second phase of the Datang National Liquor Ecological Park by Jian Nan Chun Group marks a significant milestone in the company's development and showcases the innovation in China's famous liquor industry [2] - The total investment for the second phase project is planned at 1.67 billion, which is expected to add an annual production capacity of 30,000 to 50,000 tons of liquor, resulting in an increase of over 10 billion in annual industrial output value, over 1.5 billion in annual profit, and over 2 billion in annual tax revenue, along with approximately 3,000 new jobs [2] - The ceremony featured a symbolic ignition of the new brewing workshop with the participation of notable guests, highlighting the integration of cultural elements into the liquor production process [2] Group 2 - Jian Nan Chun's marketing case titled "Bringing Cultural Relics to Life" was selected as one of the top ten innovative marketing examples for Sichuan liquor brands for the 2024-2025 period [3]

Core Viewpoint - The recent "new ban on alcohol" and multiple local initiatives to resist graduation banquets have severely impacted the already struggling Chinese liquor market, particularly affecting small and large liquor companies alike [2][4][10]. Policy Impact - The revised "Regulations on Strict Economy and Opposition to Waste" issued in May explicitly prohibits the provision of alcohol in government meals, marking it as the strictest ban on alcohol to date [4][5]. - Various regions, including Hainan, Sichuan, and Guizhou, have issued bans on hosting graduation banquets, expanding the scope of the regulations beyond just government consumption [5][9]. Market Dynamics - The graduation banquet market, traditionally a significant revenue source for liquor companies during the summer months, is facing a drastic reduction in orders due to the new regulations [10][12]. - The overall demand for banquet and gift-giving has sharply decreased, with many liquor companies reporting a significant drop in sales and profits [10][12]. Industry Response - Some liquor companies, such as Water Well Square and Tianyoude Wine, have downplayed the impact of the new regulations, while others have reduced their marketing efforts related to graduation banquets [11][12]. - A few regional companies have attempted to promote graduation banquet-related offers, but the overall sentiment in the industry remains cautious [11][12]. Long-term Implications - The new regulations are expected to push the liquor industry towards a transformation in consumption scenarios, moving away from reliance on government and social consumption towards more standardized and transparent consumption [14][15]. - The industry is likely to see a shift in focus towards rational consumption, emphasizing product value and diversification, as well as targeting new consumer demographics [14][15].

6月18日，在2025四川国际美酒博览会期间，中国酒业协会副秘书长刘振国发布《2025中国白酒市场中 期研究报告》(以下简称《报告》)。《报告》指出，白酒行业正处于"政策调整、消费结构转型、存量 竞争"三期叠加的深度调整期，头部企业优势持续扩大，消费场景与价格体系面临重构。 国家统计局数据显示，2025年第一季度，白酒产量103.2万千升，同比下降7.3%。从20家A股上市公司 角度来看，《报告》显示，一季度上述公司合计实现营收1534.2亿元，同比增长1.7%；合计实现净利润 649.1亿元，同比增长2.3%，抗压力优于行业整体。 同时，《报告》提到，上半年政策调控深化，在资本市场中，白酒板块对政策冲击的适应能力增强；宴 请及送礼需求急剧减少，节假日消费量同比逐年下滑，婚庆寿宴和家庭独酌成为目前稳定消费场景。 国泰海通发布的研报显示，行业目前产业景气度仍在寻底，价格端压力大于量的压力，白酒产业或完全 进入到库存周期后半段，在此维度下，大部分企业短期业绩依赖于核心市场的市占率提升，且愈发依赖 于腰部及以下单品驱动。白酒商品属性正在加速重塑，能够提前适应快消品运作逻辑的企业竞争优势会 愈发凸显。 中国酒业协会认 ...

封面新闻记者 伍勇 会上为白酒领域专家颁发智库聘书（主办方供图） 6月19日，2025四川国际美酒博览会德阳绵竹产区白酒产业高质量发展大会举行。封面新闻记者从会上获悉，2024年，绵竹全市18家规上白酒企业实现产 值305.1亿元，同比增长15.8%；剑南春实现产值同比增长15.1%；其他规上企业实现产值增长52.9%，营收同比增长44.9%。 白酒产业的升级蝶变，离不开深厚的智力资源与文化底蕴的双轮驱动。在本次会议上，绵竹市隆重为四川轻化工大学党委常委、副校长罗惠波等5位白酒 领域专家颁发了智库聘书。未来，他们将以其深厚的学识与实践经验为产区发展注入智慧动能，全力助推绵竹白酒产区实现跨越式发展。 2025四川国际美酒博览会德阳绵竹产区白酒产业高质量发展大会举行（主办方供图） 据悉，该报告邀请中国轻工业联合会组织编制，以"汇聚优势文化资源，擦亮美酒名城品牌"为核心任务，以努力打造"美酒名城文化IP"承载地为战略目 标，全方位勾勒德阳市白酒产业升级发展路径。 报告明确，到2030年把德阳绵竹发展成为国内领先、世界知名的白酒产业集群，并提出打造"五个高地"，即世界白酒生产智造高地、白酒科技创新高地、 世界白酒产业 ...

21世纪经济报道特约记者 庞华玮 广州报道 白酒已不复当年。当新消费"向10倍股神话"奔跑时，传统的白酒板块却已连续4年下跌，最近甚至来到 近5年低点。众多重仓白酒的投资者感到阵阵寒意。 不过，自5月中旬以来的这一个月，在跌跌不休中，资金抄底白酒的意愿转强，越跌越买，白酒基金 LOF增加3亿份，鹏华中证酒ETF增加45亿份。 只是据21世纪经济报道记者了解，目前机构对白酒行业的投资仍存在分歧，部分基金对白酒板块进行了 加仓，而另一些基金则对白酒板块减仓。 对此，有接受采访的机构投资者表示，目前白酒股估值降至历史低位，白酒板块在未来的半年或一年之 内可能迎来拐点，业绩和估值将双双上升，这个周期有望持续三至五年，而当下已进入较好的加仓时 间。 事实上，从一季度起，一批明星基金经理已转向加仓白酒股，包括赵枫、萧楠、劳杰男、曲扬、李晓 星、何帅、周文波等。 低迷 5月以来，白酒板块快速下跌，截至6月18日，万德白酒指数年内已下跌15.21%。 年内19只A股上市白酒股全部录得下跌，跌幅在-2%至-28%之间。其中，8只白酒股跌幅超过20%，跌幅 最大的是迎驾贡酒，跌幅达27.81%；而山西汾酒的跌幅最小，为2.31% ...

Core Viewpoint - Yanghe Co., Ltd. has reported its worst performance since going public, with all major revenue indicators declining, leading to a significant drop in stock price and market confidence [2][3][8] Financial Performance - In 2024, Yanghe's net profit attributable to shareholders decreased by 33.37% to 6.673 billion yuan, marking the largest drop since its IPO and returning to 2017 levels [3] - Revenue for 2024 was 28.876 billion yuan, a significant decline from previous years, resulting in a drop from the third to the fifth position in the industry rankings [3] - The company experienced a comprehensive collapse in revenue across various segments, including mid-to-high-end products, regional sales, and online channels, with declines of 14.79%, 11.43%, and 9.7% respectively [4][5] Market Impact - Following the issuance of the strict "ban on alcohol" policy on May 18, 2025, Yanghe's market capitalization fell below 100 billion yuan, with a total market value loss exceeding 300 billion yuan since its peak in 2021 [3][6] - The stock price has dropped nearly 20% in 2025, reflecting a broader trend of declining stock prices in the liquor sector [5][6] Management Response - At the recent shareholders' meeting, Chairman Zhang Liandong apologized multiple times, attributing the company's issues to management shortcomings and acknowledging outdated brand strategies and rigid marketing models [3][5] - The company plans to focus on developing core products like "Hai Zhi Lan" as part of its strategic initiatives moving forward [5] Regulatory Environment - The new "ban on alcohol" has significantly impacted the liquor industry, particularly affecting high-end brands that relied on government consumption [6][7] - The policy has prompted many liquor companies to pivot towards market-driven strategies rather than relying on government contracts [6][7] Future Outlook - The effectiveness of initiatives to promote "intangible cultural heritage" in enhancing brand value and restoring market confidence remains uncertain for Yanghe [2][8]

今年的6.18，茅台的表现有些令人意外。 茅台价格的波动被视为白酒行业的"风向标"。近期，飞天茅台价格持续走低引发市场关注，2025 年飞 天茅台的批发参考价已然跌破 2000 元/瓶。这一变动也为白酒市场增添了新的不确定性。 来源：同花顺 在2024年年报中，贵州茅台将2025年的业绩目标设定为营业总收入较上一年度增长约9%，这也是自 2017年以来首次将增速目标设定为个位数。 为何茅台会按下"降速键"，茅台价格跌破2000元又会产生哪些影响？ 01 2000元关键关口失守 文|海山 来源|博望财经 曾经在高端白酒市场稳坐"神话"宝座的飞天茅台，近期价出现格持续下探引发市场关注。2025 年飞天 茅台批发参考价已跌破 2000元/瓶。这一价格变动，也为白酒市场带来了新的变数。 | 影台飞天 | | | (公众号: 今日篇价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 6 25年飞天(原) | 53度/500ml | 2020 | 2000 I | | 2 25年飞天(散) | 53度/500ml | 1970 | 1950 I | | 2 ...

公司研究 事项： ❖ 公司于 6 月 18 日召开 2024 年度股东大会，管理层重点总结 2024 年经营成 果、指出 2025 年战略方向，并回应市场关心的经营策略、渠道表现、资本支 出等问题。我们前往参会，核心反馈及分析如下： 评论： 证 券 研 究 报 告 水井坊（600779）2024 年股东大会点评 强推（维持） 修炼内功，注重提效 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,217 | 5,349 | 5,696 | 6,308 | | 同比增速(%) | 5.3% | 2.5% | 6.5% | 10.8% | | 归母净利润(百万) | 1,341 | 1,365 | 1,449 | 1,658 | | 同比增速(%) | 5.7% | 1.8% | 6.1% | 14.5% | | 每股盈利(元) | 2.75 | 2.80 | 2.97 | 3.40 | | 市盈率(倍) | 15 | 15 | 14 | ...

Core Viewpoint - The white liquor market is experiencing a significant price war during the 2025 "618" e-commerce promotion, with major brands like Moutai and Wuliangye seeing their high-end product prices drop below wholesale levels, raising market concerns [1][2]. Group 1: Price Changes - During the "618" promotion, Moutai's price dropped to as low as 1840 yuan per bottle from a previous range of 2300 to 2500 yuan [1]. - Wuliangye and Guojiao 1573 saw their prices fall below 861 yuan and 779 yuan per bottle, respectively, which is lower than their wholesale prices [1]. - Mid-range products like Jian Nan Chun also experienced price reductions, with a selling price of 344 yuan per bottle, below the recent wholesale price of 405 yuan [1]. Group 2: Market Dynamics - The price reductions are attributed to inventory pressure and a seasonal downturn in the white liquor industry, coinciding with the "618" e-commerce sales [2]. - The shift towards e-commerce sales has led to an increase in counterfeit products, prompting companies like Wuliangye to issue warnings and take action against fake goods [4]. - The overall market downturn has affected the capital market, with all 20 A-share white liquor stocks declining, resulting in a market value loss of 340 billion yuan this year [4]. Group 3: Industry Challenges - The industry is facing dual pressures from social consumption and cyclical adjustments, transitioning from an incremental market to a stock competition phase [5]. - Companies need to focus on inventory optimization, channel stabilization, and boosting consumer confidence during this challenging period [5].

每经记者｜刘明涛 每经编辑｜肖芮冬 丨2025年6月19日星期三丨 NO.1 《2025中国白酒市场中期研究报告》发布 NO.3 水井坊：针对年轻消费者创新，将尝试推出38度以下产品 6月18日，水井坊召开2024年年度股东大会。针对白酒年轻化趋势，水井坊首席市场与数字商务官周苑 忻表示，公司观察到一些25岁~30岁的年轻群体消费者，在新零售OTO平台上的消费提升，所以我们很 看好这条赛道。在这些人群、渠道方面，水井坊会有持续的投入。同时，水井坊也可能会在一些产品上 进行创新，包括在一些特定区域，将尝试推出更多38度以下产品。 点评：水井坊对年轻化趋势的响应值得肯定，但其战略落地仍需跨越两大挑战。一是"认知转化"，如何 从"年轻群体在OTO平台消费提升"的表象，深入挖掘其真实需求，比如社交属性、情感共鸣等。二 是"长期投入"，年轻化非一日之功，需持续的资源投入与耐心培育。因此，年轻化不是简单的包装升级 或营销噱头，而是需要从渠道、产品到品牌调性的系统性适配。 NO.2 贵州茅台酱香酒营销有限公司发布招聘公告 6月18日，贵州茅台酱香酒营销有限公司发布2025年社会招聘公告，为满足公司发展需求，决定面向社 会公 ...