Group 1: Baijiu Industry Overview - In the first four months of 2025, the production of baijiu decreased by 7.8% year-on-year, totaling 1.308 million kiloliters, with April production down 13.8% year-on-year at 281,000 kiloliters [1] - Despite the decline in production, the wholesale price index for baijiu increased by 8.80% year-on-year in mid-May, indicating a price stabilization strategy among high-end brands [1][2] - The price index for famous baijiu brands rose by 10.86%, reflecting their ability to maintain premium pricing through controlled supply and improved product structure [2] Group 2: Jinzhongzi Wine Company - Jinzhongzi Wine attributed its revenue decline to market consumption environment changes and strategic adjustments, including price increases and reduced promotions [3] - The company is undergoing comprehensive reforms to enhance management and operational efficiency, focusing on strengthening its core products and expanding its brand strategy [3] - Despite efforts to upscale its product line, over 50% of Jinzhongzi's sales come from low-end products, which have a significantly lower gross margin compared to industry averages [3] Group 3: Urumqi Beer Company - Urumqi Beer launched its first low-sugar energy drink named "Dianchi," marking its entry into the energy drink market [4] - The new product features a low-sugar formula and incorporates Tianshan snow lotus extract, with packaging designed to evoke a "charging" sensation [4] - This product launch represents Urumqi's strategy to diversify its offerings and strengthen its market position in Xinjiang while preparing for potential national expansion [4]

出品 | 妙投APP 作者 | 段明珠 头图 | 视觉中国 上周末"禁酒令"再出，周一开盘头部白酒股普遍跌幅在2%左右，其中贵州茅台跌破2万亿大关。之 后两日白酒板块连红，终于让茅台市值"收复失地"。这好像验证了市场普遍认为的，在经历了多 次"禁酒令"后，此次对白酒业的杀伤力有限。 其次，在2025年最新修订的《党政机关厉行节约反对浪费条例》中，关键一句是"工作餐不得提供香 烟，不上酒，且不得安排鱼翅、燕窝等高档菜肴。"还有补充的一句"国有企业、国有金融企业、不 参照公务员法管理的事业单位，参照本条例执行。" 新规虽表面是仅针对"工作餐"场景，但部分省份如贵州、江苏已提前实施"工作日禁酒"；同时将早 期政策中对"高档酒水"的局部限制升级为全面禁酒，明确禁止所有含酒精饮料，包括白酒、红酒、 啤酒等；同时将国企等也划到新规范围内。之前酒企可以通过"价格规避"（ 推出政府餐标之内价格 的酒 ）、"渠道变通"等操作寻得一定机动空间，但如今无法绕过规定，就会形成刚性约束。 而市场普遍认为影响不会很大，关键的原因在于， 如今白酒企业的政务消费比例已经从2011年的 40%降至5%左右 ，给营收带来的直接影响会大幅缩小。另 ...

Core Viewpoint - The Renhuai liquor industry has shown robust growth in the first quarter of this year, driven by capacity enhancement, quality control, and market expansion [1]. Group 1: Production Capacity and Quality Management - Guobao Liquor has invested 3,770 tons of raw materials and utilized 240 fermentation pits, aiming for an annual production target of 2,000 tons of Daqu sauce-flavored liquor [5]. - The company has established a refined quality management system, implementing standardized management across various production stages, resulting in a high-quality output where first-class liquor accounts for 98.5% [5]. - The production process is currently operating in three shifts, with a stable output of 80-85 kg per batch [3]. Group 2: Packaging and New Product Launch - Xiangkang Liquor's packaging department operates two production lines simultaneously, achieving a daily output of approximately 5,000 cases [6]. - The newly launched Xiangkang Life series has gained significant attention, with nearly 50,000 units sold within a few months of its release [8]. - In the first quarter, Xiangkang Liquor's production capacity reached 80,000 units, with ongoing orders leading to nearly 20,000 units produced by mid-May [8]. Group 3: Market Dynamics and Brand Strategy - The Renhuai liquor companies are focusing on quality improvement and brand building, tapping into consumer demand through cultural empowerment and creative design [10]. - The multi-brand strategy has proven effective, stimulating market vitality and resulting in continuous orders and active production [10]. - The industry is moving towards high-end and diversified development, showcasing strong resilience and potential for future growth [11].

蓝鲨导读：底蕴不够，靠广告来"凑"？ 作者 | 张二河 编辑 | 卢旭成 据新华社5月18日消息称，中共中央、国务院印发修订后的《党政机关厉行节约反对浪费条例》中明确规定，党政机关工作餐不得提供高档菜肴、香烟， 不上酒。 "公务接待不供酒新规"被认为是新一轮的"禁酒令"，而规定一出，15只白酒股在5月19日开始下跌：贵州茅台收盘价达1575.95元/股，下跌2.37%；五粮液 收盘价达129.11元/股，下跌1.50%；泸州老窖收盘价122.73元/股，下跌2.82%；洋河股份收盘价达67.69元/股，下跌0.91%；山西汾酒收盘价达200.91元/ 股，下跌2.00%。 值得关注的是，在头部酒企中，虽然洋河股份股价下跌幅度最小，但原因可能是由于之前"跌够了"。自2024年11月7日洋河股份股价短暂位于91.75元/股的 阶段性高点后，之后股价一路下跌。截至目前，洋河股份股价维持在68元/股左右，市值（1026.34亿元）较2021年巅峰时期（3973.93亿元）跌了近75%。 "世界上最宽广的是海，比海更高远的是天空，比天空更博大的是男人的情怀"，这句火遍大江南北的广告词，让人们记住了洋河蓝色经典，也奠定了 ...

每经记者｜温梦华 每经编辑｜彭水萍 在刚刚举行的茅台股东大会上，A股"股王"茅台将2025年的营收KPI定为增长9%。这一数字，既在意料之中，又在意料之外。当前整个行业面临诸多困局和 挑战，但茅台还是在2024年交出了一份营收、净利润增速均超15%的"韧性答卷"。 一直以来，大多数白酒股都会在年报中披露下一年的经营"小目标"。而在过去几年，两位数增长基本成为年报"标配"。如今，变化正在悄然发生。 《每日经济新闻·将进酒》记者梳理发现，6家头部上市白酒企业中，只有茅台明确提出了2025年营收增长目标，其余5家企业在谈及新一年经营计划的时候 不约而同地"不提目标"，而使用"与宏观经济指标保持一致""继续保持稳健增长态势"等表述。 不仅头部酒企如此，绝大多数的其他白酒企业也在这个问题上选择"失声"。 产业没有永远的上行！整个白酒行业增速明显放缓之下，一众酒企纷纷主动选择了降速求稳的稳健策略。不再执着于业绩增长KPI目标，是否意味着中国白 酒行业追求两位数增长的"高速时代"正式迈入稳中求进的"稳健时代"？ 2024年白酒营收净利增速放缓 多家头部酒企均未完成经营KPI 身处白酒产业深度调整期，2024年白酒酒企业绩增 ...

导 语： 在托举茅台 1935 两年走上百亿神坛后，经销商压货承受力达到了极限，但根本还在于终端动销不畅。某大区茅台经销商透露，在他 的片区，终端真实动销率在 20%-30% 的水平。 中国白酒行业图谱中，茅台 1935 是一个颇具研究价值的样本。 作为贵州茅台酒厂 ( 集团 ) 有限责任公司（下称茅台集团）的战略补位产品，茅台 1935 应"十四五"重任而生，目标直指 200 亿。短短两年内，茅台 1935 便创造了从零到百亿销售额的"飞升"神话，却在第三年陷入价格倒挂的困局。 无论是注入品牌势能，还是渠道捆绑销售，以及对于时下宴席热点追踪，茅台集团始终将茅台 1935 放在系列酒的核心位置。 但由于定价失焦造成的错位，茅台 1935 的渠道库存与终端动销之间出现了显著断层。渠道驱动型增长模式的先天缺陷，也由此显露。 通过茅台 1935 浮沉史样本更能看到，脱离终端消费而催生品牌"神话"，已是旧时代的故事。 在高端白酒市场，"认知护城河 > 产品定价 > 渠道推力 " 仍是颠补不破的真理。即便 贴着茅台金字招牌，也不得不让位于消费规律与常识的铁律。 原地起飞 茅台 1935 的由来，要从 茅台集团 "十四五 ...

Core Viewpoint - The recent revision of the "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" has significantly impacted the white liquor industry, particularly in reducing government-related consumption, which now accounts for less than 5% of the market [2][3]. Industry Impact - The initial market reaction to the new policy saw a short-term decline in liquor stocks, but the actual impact on sales is limited due to the high marketization of the industry and a stable brand landscape [3][4]. - The white liquor market is primarily driven by business and civilian consumption, with the industry facing challenges such as overcapacity and inventory issues rather than direct policy impacts [3][4]. Strategic Adjustments - Companies are advised to focus on civilian consumption scenarios, targeting markets such as weddings and other celebrations, while also enhancing their e-commerce strategies to reach consumers effectively [5][6]. - The shift towards e-commerce should involve breaking traditional distribution models and viewing e-commerce as a core channel rather than a supplementary one [6][7]. Consumer Trends - The industry is experiencing a trend towards younger consumers who are gravitating towards lower-alcohol beverages and new drink options, necessitating a cultural approach to engage this demographic [6][11]. - Companies should innovate in product offerings, emphasizing taste and health attributes, and consider developing smaller, more accessible products to attract younger audiences [11][12]. Internationalization Challenges - The internationalization of white liquor remains primarily within the Chinese community abroad, with future growth requiring a dual approach: leveraging national influence and adapting products to local tastes [12]. - The industry must learn from successful international beverage models, such as Japanese sake, to effectively penetrate non-Chinese markets [12]. Future Outlook - The white liquor industry is at a crossroads, with expectations for a recovery in the premium liquor segment by the end of 2025, driven by brand resilience and evolving consumer preferences [10]. - A focus on quality and innovation will be essential for the industry to navigate the current adjustment phase and achieve sustainable growth [12].

初夏的莫干山，翠竹摇曳，清风送爽。5月9日，2025世界品牌莫干山大会"草坪故事会"在浙江德清隆重举行。 在这场聚焦"故事见匠心，品牌恒久远"的高端品牌对话中，达古拉内蒙古酒业有限公司董事长吴海辉作为特邀嘉宾，与国内外众多知名 品牌共同探讨中国品牌的文化传承与创新发展之路。这不仅是对达古拉品牌实力的认可，更是对内蒙古白酒文化的肯定。 与茅台共话品牌匠心，草原美酒绽放异彩 在茅台1935"东方有礼·共酿华章"迎宾品鉴会上，源自赤水河畔的茅台1935与来自内蒙古大草原的蒙鹅窖藏交相辉映，共同演绎中国白酒 的多元魅力。"中国白酒的文化底蕴是品牌最宝贵的财富。"达古拉酒业董事长吴海辉表示，"达古拉始终坚守草原传统酿酒技艺，将游牧 民族的智慧与现代工艺完美融合。" 蒙鹅窖藏：草原匠心的时代诠释 品鉴会上，达古拉酒业重点推介的新品"蒙鹅窖藏"酱香型白酒成为焦点。这款采用红金色礼盒包装的高端产品，不仅在外观设计上致敬 茅台经典，更在酿造工艺上融入了草原特色。 品鉴会现场，达古拉酒业董事长吴海辉表示："达古拉酒业不仅致力于酿造高品质的美酒，更希望通过酒这一载体，传递草原文化的深厚 底蕴与开放包容的精神。"这一理念，正是达古拉 ...

Core Viewpoint - Shanxi Fenjiu aims to maintain steady growth in revenue amidst a low-growth environment in the liquor industry, with a focus on internationalization as a key future direction [2][5]. Group 1: Financial Performance - In 2023, Shanxi Fenjiu reported a revenue of 36.01 billion yuan and a net profit of 12.24 billion yuan, marking a historical high and ranking third in the liquor industry [2]. - For Q1 2024, the company achieved revenues of 16.52 billion yuan and a net profit of 6.648 billion yuan, reflecting year-on-year increases of 7.72% and 6.15%, respectively [2]. Group 2: Growth Strategy - The company plans to continue its steady growth trajectory, emphasizing the importance of high-end product sales as a key driver [3]. - In 2023, revenue from mid-to-high-priced liquor reached 26.532 billion yuan, a year-on-year increase of 14.35%, primarily due to the increased share of the Qinghua Fenjiu series [3]. Group 3: Product Development - Shanxi Fenjiu's product strategy for 2024 focuses on four key product lines: Qinghua 30 and its combinations, Qinghua 20, Bolifen, and Laobai Fen, with a strategy of controlled volume for Bolifen and increased sales for Laobai Fen [3][4]. - The company introduced a new product, Qinghua Fenjiu 26·Revival, to fill the price gap between 600 and 800 yuan, enhancing its product matrix [4]. Group 4: Internationalization Efforts - The management highlighted that international markets will be a significant breakthrough for the liquor industry, with a focus on high-quality overseas expansion [5]. - The company has successfully filled market gaps in 11 countries, with liquor export revenue increasing by over 50% year-on-year, and organized over 700 promotional events internationally [5].

Group 1 - The domestic beer industry is experiencing a downturn in 2024, with major companies like Budweiser APAC, China Resources Beer, and Yanjing Beer reducing their workforce by over a thousand employees each, with Budweiser APAC seeing the largest reduction from 21,181 to 18,401 employees [1] - In contrast, the white liquor industry is expanding, with only 7 out of 22 listed companies reducing their workforce, and major players like Kweichow Moutai and Yanghe Brewery increasing their employee count by over a thousand [1] - The overall number of employees in the 44 listed liquor companies has decreased by over 3,800, bringing the total below 300,000 [1] Group 2 - Despite the lack of widespread layoffs in the white liquor sector, executive compensation has tightened, with 11 A-share white liquor companies reporting a decrease in total remuneration for their directors and supervisors [3] - Specific examples include the chairman and general manager of Kuozi Jiao, Xu Jin, whose pre-tax salary dropped from 3.644 million to 2.644 million, and Shede Liquor's chairman, Pu Jizhou, whose salary decreased from over 3.5 million to 2.7 million [3] - In contrast to executives, the average salary for regular employees in liquor companies remained relatively stable, with Kweichow Moutai increasing its workforce by over 1,400 and maintaining a leading position in average employee compensation [3] Group 3 - Industry analysts suggest that the white liquor sector is approaching a turning point, indicated by three signals: a reshuffling of distribution channels, companies controlling inventory to stabilize prices, and the absence of long-term price stagnation for Moutai [3] - Currently, inventory control and price stabilization have become normalized practices among liquor companies, while channel reshuffling is ongoing, and signals of price stagnation have yet to emerge [3]