不过，正如民间所说，人在倒霉的时候，可能喝凉水都会塞牙，比如贵州茅台的张德芹和洋河股份的张联东。 触了霉头的白酒"掌门人" 每个人都有时运不济的时候，但从内心来说，又谁也不想触碰运气差的霉头——无论是达官显贵还是平民百姓，咱都想求个顺风顺水。 自去年以来，白酒行业运气比较差的"掌门人"，恐怕非茅台集团董事长张德芹和洋河股份董事长张联东莫属。 张德芹 张德芹的运气差就差在，他好不容易坐上茅台集团董事长的宝座，从"副厅"扶正为"正厅"，本应志得意满之际，但在他上任不久，茅台酒的价格就突然遭 遇暴跌——卿本无意，奈何遇贼。从此以后，有关贵州茅台的非议就未曾断过。 张联东2021年初荣任洋河股份"掌门人"，至今已经四年有余。洋河2021和2022年的营收增速分别为20.14%和18.76%，犹如美女初妆，表现还算亮眼。 但在2023年第四季度，洋河股份的归母净利润出现了1.87亿元亏损，为近年所罕见。不过，在创下2023年331.26亿元全年营收的基础上，洋河股份仍保持 着10.04%的正向增长。#洋河股份 比较惨的是2024年，洋河股份的营收同比下滑12.83%，净利润同比暴跌33.37%，形势大幅逆转。在这一年， ...

【邀请诺贝尔奖、图灵奖得主、两院院士、各行业专家，请联系五洲名家智库】 宋书玉，教授级高级工程师，享受国务院特贴专家，中国酿酒大师，江南大学特聘教授、博士生导师。他现任中国酒业协会理事长，兼市场专业委员会理事 长、白酒酒庄联盟主席、白酒技术创新联盟副主席兼秘书长等多项重要职务。 人物介绍 促进白酒文化传播：宋书玉注重白酒文化的传承与推广。他通过组织各种白酒文化活动，如白酒品鉴会、酒庄参观等，向消费者普及白酒知识，提升消费者 对白酒的认知和 appreciation。 培养行业人才：作为江南大学的特聘教授和博士生导师，宋书玉为白酒行业培养了大量专业人才。他注重学生的实践能力和创新思维的培养，为行业输送了 众多优秀的科研人员和管理人才。 近期活动 组织行业峰会：近期，宋书玉组织了多场白酒行业峰会，邀请国内外专家共同探讨行业发展趋势和挑战。这些峰会为行业内外的交流与合作提供了重要平 台。 推动白酒国际化：宋书玉积极参与国际酒类展览和会议，推动中国白酒的国际化进程。他在国际舞台上积极宣传中国白酒文化，提升中国白酒的国际知名 度。 发布行业报告：宋书玉主导发布了多份白酒行业研究报告，为行业的发展提供了数据支持和趋势分析 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The beer and beverage sector is entering a peak season, with a focus on channel changes and growth opportunities. The report highlights three main investment lines for the liquor segment: leading brands, high-certainty regional brands, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The white liquor industry is gradually bottoming out, with leading companies like Kweichow Moutai and Wuliangye showing low valuations and dividend value. The report emphasizes the importance of adapting to younger consumer preferences and enhancing brand quality [2]. - The beverage segment is characterized by high growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report also notes the introduction of new products by Xiangpiaopiao and the competitive landscape in the beverage market [3][6]. Summary by Sections White Liquor - Demand-side strategies focus on solidifying sales foundations, with companies actively managing supply and pricing to maintain strong sales [2]. - Supply-side initiatives include marketing transformations and product innovations aimed at younger consumers, such as low-alcohol and flavored products [2]. - The report indicates that the valuation of white liquor stocks has reached low levels, with current PE ratios around 17.7x, which is approximately 10% lower than the A-share market [2]. Beer and Beverage - The report notes the resignation of the chairman of China Resources Beer, which may present a buying opportunity post-adjustment [3][6]. - The beverage sector is experiencing intense competition, with new product launches and a focus on high-growth potential companies [6][7]. - The report highlights the ongoing transformation in retail, with companies like Sam's Club and Walmart leading in sales growth, indicating a shift in consumer purchasing behavior [7].

飞天茅台批发价要反攻了？ 6月28日，据酒类行情监测平台"今日酒价"公众号披露的批发参考价， 25年飞天茅台（53度/500ml，下同）原箱 报1920元/瓶，较上一日涨50元；散瓶价1840元/瓶，较上一日涨40元；24年飞天茅台原箱报1920元/瓶，较上一日 涨10元；散瓶价1860元/瓶，较上一日涨10元；23年飞天茅台原箱报2010元/瓶，较上一日涨10元；散瓶价1910元/ 瓶，较上一日涨10元。 | 茅台飞天 | | 2025年6月28日 (公众号: 今日酒价) | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | 53度/500ml | 1870 | 1920 4 | | 2 25年飞天(散) | 53度/500ml | 1800 | 1840 1 | | 24年飞天(原) | 53度/500ml | 1910 | 1920 1 | | 24年飞天(散) | 53度/500ml | 1850 | 1860 ↑ | | 23年飞天(原) | 53度/500ml | 2000 | 2010 1 | | 23年飞天 ...

Core Viewpoint - The liquor industry is entering a new adjustment cycle, with changing consumer trends and a focus on quality over quantity, as highlighted by the performance of major companies like Luzhou Laojiao [4][5]. Group 1: Company Strategy and Goals - Luzhou Laojiao plans to expand its market presence significantly, aiming to reach 1 million terminals in the next five years, up from the current 50,000 [2][10]. - The company has successfully developed a 28-degree version of its flagship product, Guojiao 1573, which will be launched in the market at an appropriate time [2][7]. - Luzhou Laojiao emphasizes the importance of brand building and consumer experience, particularly in the context of e-commerce and instant retail [9][10]. Group 2: Industry Trends and Performance - The white liquor industry has seen a 1.8% year-on-year decline in production among large-scale enterprises, while sales revenue increased by 5.3% to 796.4 billion yuan, and total profit rose by 7.76% to 250.9 billion yuan in 2024 [4]. - Consumer preferences are shifting towards quality and personalized experiences, with younger demographics favoring lower-alcohol and diverse products [5][6]. - The market is witnessing a decline in government consumption, while personal consumption scenarios like weddings and self-drinking are growing steadily [5][6]. Group 3: Market Confidence and Adaptation - Luzhou Laojiao's chairman, Liu Miao, expressed confidence in the company's ability to navigate the current industry adjustments, citing improved market inventory and stable pricing as key factors [7][8]. - The company is focusing on product innovation, with successful sales of its 38-degree Guojiao 1573 and plans for further development of lower-alcohol products [7][8]. - Luzhou Laojiao is enhancing its digital marketing strategies, leading to a more efficient allocation of sales expenses and a stronger online-offline integration [7][8].

Core Viewpoint - The trend of low-alcohol products is emerging in the Chinese liquor market, with companies like Luzhou Laojiao and Wuliangye responding by introducing lower alcohol content products to attract younger consumers [1][2][3] Group 1: Company Performance and Strategy - Luzhou Laojiao's 38-degree Guojiao 1573 has achieved a sales volume close to 100 billion yuan, with its sales proportion reaching nearly 50% [2][3] - The company reported a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [2] - The company plans to launch a 28-degree Guojiao 1573 and is considering even lower alcohol products, such as 16-degree and 6-degree variants [3] Group 2: Market Trends and Consumer Behavior - The white liquor industry is experiencing a slowdown in overall performance, leading to a focus on capturing new consumer segments, particularly younger demographics [2][5] - The China Alcoholic Drinks Association's report indicates a shift in young consumers' preferences from quantity to quality, driving the demand for low-alcohol and flavored products [2] Group 3: Channel Strategy and Pricing - The company is advocating for differentiated pricing strategies based on channel costs, emphasizing the need for manufacturers to manage pricing across various sales channels [6] - Luzhou Laojiao is developing a "Win-Win Strategy for Distributors and End-Users" to enhance collaboration with distributors and optimize pricing [4][6] - The company aims to expand its market presence by increasing its distribution network from 500,000 to 4 million terminals over the next five years, focusing on lower-tier markets [7]

"从公司方面来看，泸州老窖在上一轮行业调整周期的品牌力、创新力以及发展规模体量等都与现在不 可同日而语，在当前机遇和挑战并存的情况下，公司有底气、有能力在未来的发展过程中走得更稳、更 实。"他说道。 "白酒行业正处于新一轮调整周期，量减质升的趋势进一步凸显。在当前市场形势下，大家不用太悲 观，白酒行业已经历过多次调整，行业'螺旋式'上升的趋势并没有改变，白酒作为传统文化代表的文化 自信没有变，消费者对白酒的情感需求也没有变。我们坚信中国白酒的未来将更加良性、健康，泸州老 窖（000568）的未来也会更加美好。"在6月27日举行的泸州老窖股份有限公司(以下简称"泸州老 窖")2024年度股东大会上，公司董事长刘淼表达了对于行业和公司未来前景的坚定信心，他的发言得到 了现场的热烈掌声。 作为白酒行业龙头企业之一，泸州老窖在2024年实现营业收入311.96亿元、归属于上市公司股东的净利 润134.73亿元，同比分别增长3.19%和1.71%，公司在2025年第一季度延续了上述指标同比双增长的较好 态势。另一方面，伴随着白酒行业在调整周期中整体承压，包括泸州老窖在内的白酒企业业绩增速已有 所放缓，公司如何看待白酒周 ...

"大家也看到了，今年五粮液将推出29度，汾酒也推出了低度酒，我们已研发出了28度国窖1573，将适 时投放市场。"在泸州老窖（000568.SZ）6月27日下午召开的年度股东大会上，上市公司董事长刘淼如 是宣布。 南都湾财社记者注意到，今年以来，白酒酒企"扎堆"宣布低度白酒产品推出计划，此前五粮液股东大会 上，公司高管就表示将适时推出29度五粮液，以"抓住年轻群体"。在此次泸州老窖股东会上，公司管理 层表示已经在研发6度等更低度数的白酒产品。 白酒低度化之外，股东会现场，泸州老窖管理层围绕产品价格、库存、白酒年轻化、行业周期、市场渠 道等与投资者展开交流。刘淼现场表示，白酒量价齐升是伪命题，要"价"就要舍弃"量"，要"量"就要牺 牲"价"；渠道来看，即时零售增势强劲。 股东会现场，南都湾财社记者摄 谈产品：将适时推出28度国窖1573，在研6度产品 股东会现场，刘淼表示：持续推动产品创新，面对当前低度化、健康化、利口化、多元化的产品需求， 公司主动创新求变，目前38度国窖1573呈现出良性且快速增长的态势。 "大家也看到，今年五粮液将推出29度，汾酒也推出了低度酒，我们已研发出了28度国窖1573，将适时 投 ...

泸州老窖：将适时推出28度国窖1573 更低度数考虑中 智通财经6月27日电，泸州老窖党委书记、董事长刘淼透露，泸州老窖今年将继续推进低度化，28度国 窖1573已经研发成功，将适时投放市场，并在考虑更低度数的产品。这将是头部酒企今年又一款重磅低 度化白酒单品。五粮液上周股东大会上透露，29度五粮液·一见倾心预计下半年会投放市场。 (21财经) ...

对此，酒类分析师蔡学飞表示，业内普遍将1800元视为经销商综合成本线，失守后或将触发茅台紧急干预。 实际上，贵州茅台（600519）已经行动在控货稳价的路上。据智通财经报道，近日茅台部分省区经销商联谊会就茅台酒"稳市稳价"事项进行沟通，并达成一 致意见，主要内容包括：限制向电商、批发市场、省外等部分渠道供货；经销商联谊会将加大市场巡查，对于违反相关规定的，将视情况给予包括停货、上 报乃至取消合同的处理。此外，据中国酒业独立评论人肖竹青介绍，贵州茅台管理层已经通知全国42家贵州茅台直营店暂停500ml茅台酒的单独销售。 白酒行业的结构性调整，加速走向深水区。近日，叠加"史上最严禁酒令"、夏天行业淡季、618电商大促冲击等多方面因素，作为高端白酒行情风向标的飞 天茅台，批发价格正持续动荡。 6月27日，根据酒类行情监测平台"今日酒价"最新数据显示，53度2025年飞天茅台的原箱批发参考价为1870元/瓶，散瓶批发参考价为1800元/瓶，较前一日均 有所回暖。 | | 茅台飞天 | | 2025年 (公众号: | | --- | --- | --- | --- | | 品名 | | 规格 | 昨日行情 | | ② ...