720亿市值徽酒老大，临近年关接连出手。 12月28日，古井贡酒·年份原浆古20官宣，延续与央视春晚的10年合作；其独家冠名的《中国诗词大会 （第十季）》，在当晚开播。 两天前，其刚在总部安徽亳州，召开全球经销商大会。 董事长梁金辉定调，2026年是古井的"奋进穿越年"，将从战略、品质、市场和管理四大维度，实现系统 性突破。 推新求变 酒业遭遇寒冬，徽酒老大也承压。 1-9月，古井贡酒营收164.25亿元，净利39.6亿元，均现双位数下滑。 "一年来，大家始终冷静分析、科学应对，保持足够的信心和勇气，没有迷茫。"梁金辉在经销商大会上 表示。 梁金辉团队对产品矩阵的动态优化，成为其穿越周期的关键抓手。 年份原浆系列作为核心支柱，持续坚挺，同步新推轻度古20、新版老瓷贡、第八代古井贡等系列新品， 开辟了新的增长空间。 以"年份原浆轻度古20"为例，降度至26度，主打轻社交和轻氛围，匹配年轻人"健康饮酒、轻松社交"的 需求。 管理层还创建"古井轻养社"，且将保健品纳入战略范畴，计划推出"古井神力酒"，让保健品和大健康产 业成为品牌矩阵中增长最强的一极。 据称，古井内部已制定目标，在今年实际完成基础上，计划来年回款端 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant "value return," shifting focus from "speed and scale" to "quality and health" due to changes in the macro environment and consumer structure [1] Group 1: Company Performance - Gujinggong Liquor reported a revenue of 16.425 billion yuan and a net profit of approximately 3.96 billion yuan for the first three quarters of 2025, demonstrating resilient growth despite market challenges [1] - The company is recognized as one of the most stable brands in the industry, actively adjusting its strategy to focus on "driving sales, reducing inventory, expanding channels, and stabilizing prices" [3] Group 2: Market Environment - The liquor industry is still in a deep adjustment phase, with domestic liquor sales declining by 15% to 20% during the recent holiday season, indicating a slow recovery in the consumption market [3] - The current adjustment is primarily driven by demand-side factors, necessitating a slowdown to adapt to the new market environment influenced by uncertainties and changing consumer preferences [5] Group 3: Strategic Initiatives - Gujinggong Liquor has implemented the "Three Connections Project" (road connection, store connection, and person connection) to enhance market control and respond to real market demands, effectively addressing competition in a saturated market [5] - The company is leveraging digital empowerment to gain precise insights into market dynamics, allowing for "demand-based production and precise delivery," which helps control inventory and pricing risks [5] Group 4: Brand and Marketing Strategies - Gujinggong Liquor is embracing new retail and e-commerce channels, achieving a 160% year-on-year growth in GMV during a promotional event on JD.com, indicating successful brand penetration into new consumer segments [7] - The company is focusing on enhancing product competitiveness and channel efficiency through refined terminal collaboration, while also engaging in "hard marketing" to boost channel confidence during challenging times [8] Group 5: Product Innovation - The company has introduced a "light" concept in response to the trend towards lower alcohol content, successfully integrating modern lifestyle elements into traditional liquor offerings [10] - Gujinggong Liquor is reviving classic products to evoke nostalgia, strengthening emotional connections with both existing and younger consumers, thereby achieving intergenerational resonance [10] Group 6: Industry Outlook - The deep adjustment in the liquor industry presents opportunities for reshaping the market landscape, with Gujinggong Liquor demonstrating strategic resilience and a commitment to steady growth [10]

Core Viewpoint - The company has shifted from high-speed growth to structural growth in the white liquor industry, acknowledging challenges such as oversupply, inventory issues, and intense competition [2][3] Financial Performance - In 2024, the company achieved total revenue of 23.578 billion yuan, a year-on-year increase of 16.41% - The net profit attributable to shareholders was 5.517 billion yuan, reflecting a year-on-year growth of 20.22% [2] Growth Strategy - The company has not set a performance target for 2025, which is seen as a response to the current economic cycle and industry challenges [2] - The company continues to adhere to a "nationalization and mid-to-high-end" strategy, focusing on market construction and core provinces [2][3] Market Expansion - The company has achieved over 70% national coverage, with a provincial to external market ratio of 6:4 [3] - The company aims to enhance its market share in both provincial and external markets by leveraging its development experience [3] Competitive Landscape - The company faces competition from leading brands like Moutai and Wuliangye in its home province of Anhui [3] - The company is committed to maintaining steady growth in Anhui while expanding into core external markets [3] Stock Performance - The company's stock price has declined from approximately 169 yuan at the beginning of 2025 to around 157 yuan currently, down from 210 yuan at the start of 2024 [4] - The company is implementing a market value management system to enhance investor returns and maintain investor interests [4]