在西凤酒厂酿造车间，酒香扑鼻、蒸汽氤氲，自动传感系统实时监测发酵状态；智能包装车间里， 凤香型白酒源源不断灌装下线，并贴上全程可溯的"出生证明"。 近年来，宝鸡市主动适应白酒产业发展趋势，推动白酒产业链延伸与升级。目前，西凤酒城的建设 已见雏形，凤香型白酒产业集群跻身省级中小企业特色产业集群。2024年，宝鸡白酒产业实现销售收入 106.47亿元。 做优源头 从一粒粮到全产业链 5月30日，记者走进宝鸡市凤翔区柳林镇高粱种植基地，这里不久前完成了高粱播种作业。"我们种 植的高粱颗粒饱满，淀粉含量达到64%，不但产量高、品质好，而且出酒率高、酒质佳。公司目前种植 高粱5000亩，主要给酒厂供货。"陕西秦粮万仓农业发展有限公司负责人王伟军说。 为种出好原料，凤翔区推行"高粱+其他农作物"的轮作倒茬高效栽培模式，并探索"企业+村级集体 经济组织+基地+农户"的订单化生产模式，鼓励龙头企业、种粮大户参与其中。 作为凤香型白酒的核心产区，宝鸡以西凤酒城建设为核心，逐步构建从原粮种植、酿造生产到包装 物流的全产业链体系。白酒产业链被纳入宝鸡市重点发展的13条产业链，也成为陕西省重点支持的34条 产业链之一。 随着产业集聚 ...

Core Viewpoint - The white liquor industry is experiencing a chaotic "price defense war" as e-commerce platforms reintroduce aggressive low-price strategies ahead of the "618" shopping festival, significantly impacting market prices and the traditional distribution model [1][2][3]. Group 1: Price Dynamics - E-commerce platforms like Meituan, JD.com, and Ele.me are extending their "hundred billion subsidies" and "30-minute delivery" models to offline sales, leading to a dramatic increase in liquor sales, with overall liquor transaction volume up over 18 times year-on-year and white liquor sales up over 70 times [1]. - The market price of high-end liquors such as Moutai and Wuliangye is under pressure, with Moutai's market price nearing 2100 yuan and Wuliangye's online price dropping to as low as 900 yuan due to aggressive e-commerce pricing strategies [1][3]. Group 2: Channel Transformation - The ongoing price war is prompting discussions about deeper changes in distribution models within the white liquor industry, as traditional distributors face challenges such as inventory reduction and price inversion [2][3]. - The number of distributors for 21 listed liquor companies has decreased from 58,437 in 2023 to 56,747 in 2024, indicating a significant contraction in the traditional distribution model [6]. Group 3: Strategic Adjustments by Companies - Major liquor companies like Moutai and Wuliangye are implementing strategies to stabilize prices and ensure distributor profitability, with Moutai adopting a "4+6" channel layout to optimize its distribution ecosystem [7][8]. - Wuliangye is focusing on enhancing distributor profitability as a key market strategy for 2025, while also restructuring its sales system to improve efficiency [8]. - Luzhou Laojiao is actively promoting new channels alongside traditional ones, launching initiatives like "hourly delivery" on platforms such as Douyin to enhance consumer access [8].

Core Viewpoint - Guizhou Moutai has launched five new products in its "Going Series" after a six-year hiatus, marking a significant step in its internationalization strategy and blending Chinese culture with local cultural symbols from the respective countries [1][5][11]. Product Launch Details - The new products include "Going to Greece," "Going to Italy," "Going to the UK," "Going to France," and "Going to Japan," available in various bottle sizes: 350ml and 700ml for the first four, and 375ml and 750ml for Japan [3][4]. - The pricing for the new products is set at ¥1619 per bottle for the first four and ¥1719 for the Japanese variant [3][4]. Sales Strategy - The launch employs an online and offline sales strategy, with products available for purchase on the i Moutai App [3][4]. - The new products incorporate local cultural symbols while retaining classic Moutai branding elements, aiming to attract collectors and serve as gifts for international relations [4][5]. Internationalization Efforts - Guizhou Moutai's internationalization strategy has evolved from product export to brand globalization, with a focus on cultural integration [5][11]. - The company has engaged in various promotional activities, including cultural experience stores and international exhibitions, to enhance brand visibility [9][10]. Future Market Expansion - Moutai plans to implement a four-tier market strategy focusing on core, key, attention, and general markets, with an emphasis on the East Asian and South Asian markets in 2025 [10][12]. - The company aims to transition from niche products to mainstream brands, addressing the challenges of expanding its consumer base beyond the Chinese diaspora [11][12].

白酒传统线下销售的旧生态正面临电商的挑战。 "618"大促活动正陆续展开，虽然今年白酒大促力度不及上年同期，但整体白酒市场售价再遭打压，而 且连续两年的名酒低价促销也让酒商的心思有了新变化。 第一财经记者在走访中发现，部分酒商无力对抗平台，选择"打不过就加入"，这也让白酒传统的线下分 销模式面临更大的挑战。 酒商选择"打不过就加入" "今年很多线下门店都参加了大促，这在往年并没有过。"山东济南酒水批发商老盛告诉第一财经记者， 今年线上的白酒促销价格再次低于线下，他作为批发商也感受到了很大的压力。 今年超长的"618"大促从5月份就已经启动，相比去年同期，由于淘宝和京东没有加入，所以原本电商名 酒促销整体力度低于往年。但近期美团等即时零售平台突然开启白酒大促，让市场发展再次走向去 年"618"的剧本。 老盛告诉第一财经记者，某国内名酒在电商平台才卖850元/瓶左右，自己拿货都要超过900元/瓶，特别 是即时零售平台加入今年大促后，客户比价更为方便，导致市场酒价、门店销售都在下滑。 记者注意到，2024年末，国内主要酒企都采取了一轮挺价措施，酒水批发价格也随之回升，但到今日飞 天茅台、五粮液普五、泸州老窖1573 ...

以下文章来源于朱酒 ，作者朱酒 朱酒 . 职业投资人，央视《投资者说》嘉宾，雪球网年度十大影响力用户，《看透地产股》和《个人投资者的股市生存之 道》作者。 背后的导火线 ， 和去年如出一辙 ， 又是618 ， 电商们继续抛出百亿补贴 ， 酒厂们殚精竭虑挺住的价格 ， 瞬间被釜底抽薪了 。 从一季度的白酒公司季报中就可以看出 ， 除了贵州茅台的业绩增速略降以外 ， 其它公司同比去年一季度都 是增速大跌 ， 有些公司甚至还出现了归母净利润的大幅下降 。 现在和去年一样 ， 对白酒板块的悲观情绪迅速弥漫开 ， 又看到满屏在谈白酒周期的文章 。 可无论是正方 还是反方 ， 绝大部分人都没有理解到 ， 现在和10年前最大的区别是 —— 当年是白酒周期 ， 现在是经济 周期 。 前几年白酒市场好的时候 ， 确实在渠道里囤积了大量货品 ， 这是不争的事实 。 但时至今日 ， 再去纠结 渠道里压了多少库存 ， 意义并不大 。 经过几年的消化 ， 如果后面消费环境转好 ， 这点库存根本不算什 么 ； 可要是消费环境继续低迷下去 ， 即便酒厂不压货 ， 库存也会与日俱增 。 白酒企业现在要做的事情 很多 ， 但能迅速改变自身处境 ...

Core Viewpoint - The recent price drop of Feitian Moutai reflects a shift in supply and demand dynamics, as well as changes in the company's marketing strategy, leading to a more accessible pricing structure for consumers [1][3]. Group 1: Supply and Demand Dynamics - The wholesale price of Feitian Moutai has fallen below 2000 yuan, with retail prices around 2100 to 2200 yuan, indicating a significant change in market conditions [3]. - The demand for Moutai has decreased due to fewer business banquets and a reduction in speculative buying, resulting in excess inventory at retailers [3]. - The supply side has remained stable, with the company continuing to supply products despite the price drop, contrasting with previous practices of limiting supply to maintain prices [3]. Group 2: Company Strategy Changes - Moutai has shifted from a "hunger marketing" strategy to a "volume expansion" approach, increasing direct sales from 20% to over 30% through platforms like iMoutai [3]. - The introduction of the "Xunfeng Digital World" initiative allows consumers to purchase directly from the factory, reducing the role of middlemen and leading to price reductions [3]. - Plans for increased production of base liquor are expected to further enhance supply, putting additional pressure on prices [3]. Group 3: Financial Performance and Future Outlook - Despite short-term price pressures, Moutai's brand strength, craftsmanship, and scarcity remain intact, with a reported net profit of over 80 billion yuan and a gross margin exceeding 90% [4]. - The company is focusing on channel reforms and increasing the proportion of direct sales, which could lead to more transparent pricing and improved profit retention [4]. - Moutai is also expanding its product range with high-end offerings like 1935 and zodiac wines, which may help mitigate the impact of price declines on Feitian Moutai [4]. Group 4: Investment Considerations - Investors are advised to monitor the sustainability of the increase in direct sales and the growth of high-end products, as these factors will influence future valuation [4][5]. - The current price fluctuations are seen as a normal part of market behavior, and a long-term perspective is encouraged for assessing Moutai's position in the industry [5].

Core Viewpoint - The company is facing significant pressure on its stock price, which has dropped 24.66% since the beginning of 2025, marking its second-worst performance since its listing [1][6]. Group 1: Stock Performance and Investor Concerns - Investors are concerned about how the company plans to stabilize its stock price amid a significant decline [3][5]. - The company's management has responded to investor inquiries with a calm demeanor, reiterating their commitment to improving operational performance and increasing dividends to enhance shareholder returns [2][5]. - Despite the stock price decline, several brokerage firms maintain a "buy" rating on the company's stock, indicating optimism about its future performance [6][11]. Group 2: Financial Performance and Market Challenges - The company reported a decline in revenue and net profit for the first quarter, attributed to a slowdown in economic growth and weak consumer demand [9][10]. - The company's revenue from outside its primary market has been growing, but its proportion of total revenue has decreased, reaching a five-year low in 2024 [10][11]. - The company has set ambitious targets for 2025, aiming for revenue of 7.6 billion and net profit of 2.62 billion, reflecting modest growth expectations [13]. Group 3: Strategic Initiatives and Future Outlook - The company plans to stabilize its core market in the short term while focusing on differentiated competition and regional strategies for market expansion [13]. - There are concerns that the company's mid-to-high-end strategy may have reached its peak, and it will need to enhance its brand competitiveness to regain growth momentum [13].

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is facing significant challenges due to weak consumer demand and increased competition, with Shanxi Fenjiu emerging as the third-largest player in 2024, but struggling to maintain its position against stronger competitors like Kweichow Moutai and Wuliangye [2][3][5]. Group 1: Industry Overview - The baijiu industry is experiencing a downturn, with a notable decline in production and a competitive landscape that poses risks even for leading companies [2][5]. - In 2024, the total revenue of the baijiu industry reached 796.38 billion yuan, with a year-on-year growth of 5.3%, while production fell to 4.145 million kiloliters, down 1.8% from the previous year [5][6]. Group 2: Shanxi Fenjiu's Performance - Shanxi Fenjiu reported a revenue of 36.011 billion yuan in 2024, marking a 12.79% increase year-on-year, and a net profit of 12.243 billion yuan, up 17.29% [3][4]. - In Q1 2025, Shanxi Fenjiu continued its growth trajectory with a revenue of 16.522 billion yuan, a 7.72% increase, and a net profit of 6.648 billion yuan, up 6.15% [4]. Group 3: Competitive Positioning - Despite its revenue growth, Shanxi Fenjiu's profitability is under pressure, as it lags behind competitors like Luzhou Laojiao in net profit, with Shanxi Fenjiu's profit at 12.243 billion yuan compared to Luzhou Laojiao's 13.473 billion yuan [6][8]. - Shanxi Fenjiu's strategy appears to focus on volume over price, leading to lower average selling prices compared to competitors, which may hinder its ability to compete in the high-end market [8][9]. Group 4: Management and Governance Issues - Shanxi Fenjiu currently lacks a complete executive team, with the position of General Manager remaining vacant since June 2023, raising concerns about governance stability [10][12][15]. - The absence of a General Manager and recent high-level management changes may impact the company's strategic direction and operational effectiveness [15][16]. Group 5: Market Challenges - The company faces challenges from counterfeit products and market saturation, which could undermine its brand and consumer trust [18][19]. - Shanxi Fenjiu's market position is threatened by increasing competition from both established players and emerging brands, making it difficult to maintain its third-place ranking in the industry [2][19].

【国金食饮】白酒端午反馈&观点更新-250602 【国金食饮】白酒端午反馈&观点更新-250602 #整体端午动销符合此前预期、延续淡季小幅下滑趋势，5月至今白酒动销预计下滑近10%，下滑幅度未有扩大主 要系低基数+常规聚饮等刚需相对平稳+宴席多地有恢复性增长，但泛商务招待&礼赠需求仍承压。 #端午前后头部单品如飞天茅台、普五批价仍有波动，与近期线上平台酒水补贴加码亦有关。 其中，渠道反馈茅台6月配额已回款尚未到 #整体端午动销符合此前预期、延续淡季小幅下滑趋势，5月至今白酒动销预计下滑近10%，下滑幅度未有扩大主 要系低基数+常规聚饮等刚需相对平稳+宴席多地有恢复性增长，但泛商务招待&礼赠需求仍承压。 #端午前后头部单品如飞天茅台、普五批价仍有波动，与近期线上平台酒水补贴加码亦有关。 其中，渠道反馈茅台6月配额已回款尚未到货、目前原箱批价约2120元/散瓶2060元；普五节前回款不多、此前回 款未发货部分陆续到货，美团等线上渠道补贴放量对散瓶普五流通价盘形成冲击、近期传导至原箱批价约910元小 幅回落，渠道库存不大但市场上也不缺货。 其余控盘分利单品批价相对平稳，如国窖约860元、缩费用控价，青花20老货批 ...

5月31日，德州天衢新区万人广场变身青春与激情的海洋。金辰地产・2025德州天衢新区新青年音乐节现 场，古贝春成为文化对话的鲜活媒介，为现场注入独特的文化韵味。 在音乐节现场，古贝春的展位前排起了长队。年轻人不仅被古贝春高端产品"金牌百年老窖"和"古贝元 1983"的精致外观吸引，更对其承载的文化内涵产生浓厚兴趣。 "当窖池里沉淀的岁月醇香，遇上舞台上迸发的青春呐喊。虽有不同，但两种匠心精神都是在追求极 致。"一位现场工作人员道出了这场跨界融合的真谛。 在白酒行业集体探索年轻化路径的当下，古贝春的这一步大胆而精准。其背后的底层逻辑，是一场基于品 牌文化基因与消费群体精神内核的深度 "基因共振"。 古贝春酒的酿造工艺，是对传统技艺的传承与发扬。每一滴酒液都凝聚着酿酒师们的心血与汗水，从选 料、制曲、发酵到蒸馏、陈酿，每一个环节都严格把关，确保酒品的卓越品质。这种对工艺的精益求精， 体现了古贝春人对品质的极致追求，也彰显了中国传统酿酒文化的深厚底蕴。 在文化传承方面，古贝春酒积极推广中国酒文化，通过举办各类文化活动、品鉴会等形式，让更多的人了 解和认识中国白酒的魅力。古贝春酒还注重与现代文化的融合，不断创新和拓展 ...