Core Viewpoint - The high-end liquor market, represented by Moutai and Wuliangye, is experiencing a significant price decline, leading to concerns about market confidence and a potential restructuring of the industry [1][2][11]. Group 1: Market Dynamics - The overall white liquor sector has seen a decline of approximately 7% since December, with Moutai's price dropping to around 1500 yuan and Wuliangye's to about 780 yuan, reflecting intensified supply-demand conflicts [1][11]. - Moutai and Wuliangye have initiated measures to stabilize prices, including Moutai's decision to halt the release of unfulfilled quotas and reduce the supply of high-value products [1][2][22]. - Wuliangye has adjusted its payment policy for the first time since 2014, offering a discount of 119 yuan per bottle to ease financial pressure on distributors [2][31]. Group 2: Strategic Adjustments - Moutai's recent actions include holding meetings with distributors to communicate its commitment to controlling supply and stabilizing prices, which has led to a rebound in Moutai's price to around 1600 yuan [1][22][29]. - Wuliangye has implemented various incentives, including market expansion rewards and bottle scanning subsidies, to enhance channel vitality and stabilize its pricing system [2][31]. - The report indicates a shift in the industry from "volume-driven by price" to "price-driven by volume," emphasizing the importance of sales performance [2][3]. Group 3: Future Outlook - The adjustments made by leading companies are expected to gradually alleviate overall inventory pressure in the industry, although other brands still face significant pricing and inventory challenges [2][3]. - The industry is undergoing a structural transition from rapid growth to rational management, with a focus on maintaining channel health and price stability for future high-quality development [3][14]. - The performance of sales and collections before and after the Spring Festival will be critical in determining the industry's trajectory [2][36].

Core Insights - The Chinese liquor industry is entering a deep adjustment period in 2025, characterized by declining volume and price, with a significant contraction in consumption scenarios, leading to a challenging market environment [1][2][4] - Looking ahead to 2026, the industry is expected to face intensified competition due to weak demand, but leading companies are shifting their strategies to focus on consumer-centric approaches, targeting younger consumers and low-alcohol products [1][5] Industry Overview 2025 - The year 2025 is described as exceptionally challenging for the Chinese liquor industry, with companies, distributors, and investors facing severe tests [2] - The mid-to-high-end liquor market is projected to have lost 30-40% of its value, with significant sales declines reported during the summer months [4] Industry Outlook 2026 - The liquor industry is anticipated to remain in a weak demand environment, with ongoing adjustments and increased competitive pressure [5][6] - Companies are focusing on consumer-centric strategies to solidify their market positions, with a clear trend towards product differentiation [5] Competitive Landscape - Companies like Wuliangye aim to dominate the 800-1000 yuan price segment and are working to establish their flagship product, Wuliangye 1618, as a billion-yuan product [6][7] - Luzhou Laojiao is pursuing a differentiated competition strategy by promoting low-alcohol products, which have gained popularity among younger consumers [7] - Shanxi Fenjiu is also focusing on younger consumers and expanding its national presence [7] Long-term Opportunities - Despite short-term challenges, the liquor industry holds structural growth opportunities driven by the expansion of the middle class and new consumer scenarios [8] - The Chinese economy is expected to maintain a GDP growth rate of around 5% during the 14th Five-Year Plan, providing a solid foundation for the liquor industry to navigate through the adjustment period [8] - Upcoming supportive policies from the government are anticipated to benefit the liquor industry, with specific measures expected from regions like Sichuan [8][9]

2025年，白酒行业全面进入深度调整期，市场环境复杂多变，酒企、渠道商与投资者都面临严峻考验。"2025年是中国白酒行业发展史上极不 平凡、极为不易、极其艰辛的一年。"五粮液（000858.SZ）董事长曾从钦在公司经销商大会上直言。 即使是中国白酒龙头，贵州茅台（600519.SH）也感到了十足的寒意。在近日举行的经销商大会上，公司董事长陈华用"行业形势严峻"、"行业 深度调整期"来定调2025年。"2025年，白酒行业上市企业不同程度地存在量价齐跌、消费场景迁移等问题，前三季度主要指标均出现增速放缓 甚至负增长的情况。"陈华表示。 "2025年的白酒市场，中秋节表现特别明显，白酒行业中高端市场估计有30-40%蒸发掉了。"泸州老窖（000568.SZ）管理层在12月24日举行的 股东会上坦言，今年6-8月整个白酒市场停摆，5-7月经销商销售平均下降73%，9-10月好一点，11-12月销售不算乐观，很多产品销量腰斩。 白酒市场遭遇"寒冬"，也反应在白酒价格上。以贵州茅台为例，其核心产品——53度、500ml飞天茅台批价从年初的约2300元/瓶，跌至目前的 约1580元/瓶。更惨的是其他中小品牌，被华润啤酒（ ...

Core Insights - The Chinese liquor industry is showing signs of recovery as the promotional seasons like "Double Eleven" and "Double Twelve" have passed, with upcoming peak seasons for New Year and Spring Festival [1] - Prices of premium liquors such as Feitian Moutai and Wuliangye have increased compared to mid-December, indicating a positive market trend [1][2] Price Recovery - As of December 30, the market average price for Feitian Moutai (500ml/53 degrees) in Southwest China rose to 1967.4 RMB per bottle, an increase of 42 RMB from December 12 [2] - The price of Feitian Moutai has reportedly increased by 80 RMB per bottle since the "Double Twelve" event, driven by changes in supply policies [2] Policy Changes - Guizhou Moutai has implemented a control policy to alleviate financial pressure on distributors during the year-end, which includes halting product distribution until January 1, 2026 [3] - The company aims to stabilize the market by balancing supply and demand, and will not use a distribution model in 2026 [3] Market Dynamics - Wuliangye's market average price also showed an upward trend, reaching 895.92 RMB per bottle, an increase of over 32.5 RMB from December 12 [4] - The company is focusing on optimizing its market strategy and enhancing service quality to maintain its position in the premium segment [4][5] Industry Outlook - Major liquor brands are actively addressing challenges posed by e-commerce platforms and price competition, with Wuliangye emphasizing the need for a systematic approach to manage market order and combat counterfeit products [5] - The overall sentiment in the liquor industry remains optimistic, with leading companies reinforcing their competitive strategies and anticipating a gradual return to healthy growth as consumer demand stabilizes [6][7]

随着"双十一""双十二"等白酒促销季成为过去式，叠加行业元旦、春节旺季即将来临，近日白酒行业有回暖迹象，有酒商告诉南都湾财社记者，相较于双十 二时的价格，飞天茅台、五粮液等名酒价格回暖趋势显现。 《西南酒价》第二十一期数据显示，飞天茅台（500ml/53度）、第八代五粮液（500ml/52度）、青花郎（500ml/53度）、国窖1573（500ml/52度）等名酒价 格12月30日在西南地区的市场均价皆有所回升，其中飞天茅台、第八代五粮液相较于12月12日的市场均价分别涨超40元/瓶、30元/瓶。 飞天茅台价格回升，公司明确要让市场更"稳" 《西南酒价》数据显示，飞天茅台（500ml/53度）12月30日在西南地区的市场均价为1967.4元/瓶，相较于12月12日的西南地区的市场均价上涨了42元/瓶。 一位成都的酒商对南都湾财社记者表示，"双十二"到现在，其门店的飞天茅台（500ml/53度）价格回升了80元/瓶，"双十二"之后，茅台供给政策变动的消息 在市场上发酵，终端价格也应声上涨。 据了解，在12月13日—14日，飞天茅台批价连续回升，综合多个酒价数据平台显示，2025年飞天茅台（散）的14日报价集中在 ...

投资快报记者 茅宁 | 壬自鼠(原) | 53度/500ml | 2410 | 2410 | | --- | --- | --- | --- | | 生肖猪(原) | 53度/500ml | 2720 | 2720 | | 生肖狗(原) | 53度/500ml | 2440 | 2440 | | 生肖鸡(原) | 53度/500ml | 2430 | 2400 | 茅台酒批发参考价又大面积下跌。12月28日，第三方平台"今日酒价"数据显示，2025年飞天茅台（53 度/500ml，下同）原箱批发参考价报1560元/瓶，较上一日下跌10元；散瓶报1550元/瓶，较上一日跌10 元，双双均已连续4天下跌。 | 茅台飞天 | | | 2025年12月28日 | | --- | --- | --- | --- | | MOUTAL | | | (公众号:今日酒价) | | 品名 | 规格 | 昨日行情 | 今日行情 | | 225年飞天(原) | 53度/500ml | 1570 | 1560 F | | 225年76天(散) | 53度/500ml | 1560 | 1550 | | 24年飞天(原) | 53度/ ...

Group 1 - Water Well Company (水井坊) issued a clarification announcement denying media reports about a potential acquisition by another liquor company, specifically Jian Nan Chun, stating that the reports are untrue [1] - Following the acquisition rumors, Water Well's stock price surged to a closing price of 39.8 yuan, with a total market capitalization of 19.4 billion yuan, but subsequently fell to 38.95 yuan the next day after the clarification [1][2] - The company has been facing performance pressure, with a reported revenue of 2.348 billion yuan for the first three quarters of the year, a year-on-year decline of 38.01%, and a net profit of 326 million yuan, down 71.02% [2] Group 2 - The white liquor industry is currently undergoing adjustments, with the number of large-scale enterprises decreasing by over 100 to 887, and production volume down by 5.8% to 1.9159 million kiloliters [3] - Sales revenue for the industry showed a slight increase of 0.19% to 330.42 billion yuan, while profits decreased by 10.93% to 87.687 billion yuan [3] - Analysts suggest that consumer behavior is shifting towards more rational spending, impacting the mid-to-high-end market, which is experiencing inventory issues and price inversions due to previous overproduction [3]

公告编号:2025-038 四川水井坊股份有限公司 关于市场传闻的澄清公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 证券代码:600779 证券简称:水井坊 市场传闻概述 今日,四川水井坊股份有限公司(以下简称"公司")关注到有媒体报道称 "某酒企拟收购水井坊",为避免相关市场传闻对社会各界和投资者造成误导, 现予以澄清说明。 二、 澄清声明 经公司核查,上述报道不属实。 请广大投资者理性投资,注意风险。 特此公告 四川水井坊股份有限公司 董事会 二〇二五年十二月二十六日 行情数据显示，12月25日午后，水井坊股价盘中直线拉升，最终封住涨停。 水井坊㊣ 600779 融 沪股通 L1 ▼ 39.80 39.80 最低 36.04 今开 36.15 最高 4.29亿 11.11万 金额 3.62 换手号 2.28% 总手 10.01% = 总值 194.0亿 流值 44.64 百多 194.0亿 市盈动网 4) Al异动解读:自酒 X 开日 图 K HK EK 分时 在水井坊刺激下，25日午后白酒股全线走高，皇台酒业一度 ...

水井坊最新公告。 12月25日晚间， 水井坊（ 600779 ）发布澄清公告称， 公司关注到当天有媒体报道称"某酒企 拟收购水井坊"，为避免相关市场传闻对社会各界和投资者造成误导，现予以澄清说明： 经公司 核查，上述报道不属实。 行情数据显示，12月25日午后，水井坊股价盘中直线拉升，最终封住涨停。 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 未比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 850.267.169.06 | -58.91 | 2.348.068.703.21 | -38.01 | | 利润息额 | 293.865.023.76 | -75.05 | 433.747.398.52 | -71.22 | | 归属于上市公司股东的净 | 220.604.315.25 | -75.01 | 326,012,597.80 | -71.02 | | 利润 | | | | | | 归属于上市公司股东的扣 | 216.559 ...

Core Insights - The Chinese liquor industry is still in a deep adjustment phase as of the end of 2025, shifting from volume growth to a focus on market share redistribution due to declining demand pressures [2][3] - The high-end market is losing its appeal, leading to a downward adjustment in mainstream price ranges, with distributors adopting a cautious outlook for the upcoming Spring Festival sales [2][3] - Key issues facing the industry include overcapacity, high inventory levels, price inversions, and a lack of consumption scenarios, as highlighted by industry leaders [2][3] Market Dynamics - The price of Moutai liquor has become a significant indicator of industry adjustments, with its wholesale price dropping to 1500 yuan per bottle in December 2025, reflecting broader market challenges [3][4] - Among 20 A-share listed liquor companies, only Guizhou Moutai and Shanxi Fenjiu reported positive growth in the first three quarters of the year, while the remaining 18 experienced negative growth [3][4] - The new regulations on government consumption and changing preferences among younger consumers are contributing to the industry's downturn [3][4] Industry Adjustments - The current adjustment is characterized by a proactive approach from leading companies, focusing on quality improvement and channel optimization rather than aggressive price cuts [4][5] - There is a significant market differentiation occurring, with top brands managing to maintain their positions while smaller and less established brands face existential threats [4][5] - The industry is expected to enter a "U-shaped" recovery phase in 2026, driven by structural differentiation and improvements in actual sales and inventory levels [5][6] Strategic Shifts - The industry is undergoing a transformation in response to new consumer behaviors, with a consensus on the need for lower-alcohol products to cater to younger demographics [6][7] - Companies are increasingly embracing e-commerce and new retail models to adapt to changing market dynamics [6][7] - Internationalization is becoming a necessary strategy, with companies like Luzhou Laojiao expanding into over 70 countries, although challenges such as trade barriers and cultural differences remain [7][8] Future Outlook - The industry is expected to realign its value propositions to connect more closely with consumers' daily lives, marking a significant shift in survival logic [8]