Core Viewpoint - The recent announcements from various liquor companies, including Sichuan Water Well, indicate a strategic shift towards controlling inventory and stabilizing pricing in response to market fluctuations and channel disruptions [1][3][11] Group 1: Company Actions - Sichuan Water Well announced a halt on the sale of its "Zhen Niang No. 8" 500ml product across all channels and implemented measures to stabilize the value chain and manage promotions during the 618 sales period [1] - The company emphasized the importance of maintaining a stable pricing system to boost market confidence and support the steady development of its core products [1] - Other liquor companies, such as Luzhou Laojiao and Wuliangye, have also issued stop-sale notices and are focusing on inventory reduction and ensuring distributor profitability [3][5] Group 2: Industry Trends - The liquor industry is experiencing a trend of inventory control and price stabilization as companies respond to market adjustments and unstable terminal prices [5][6] - Industry leaders are advocating for measures to ensure distributor profitability, which is seen as essential for maintaining active sales efforts and preventing price erosion [6][11] - Recent data indicates significant profit declines for liquor distributors, highlighting the need for companies to support their partners to avoid excess inventory and price drops [5][6] Group 3: E-commerce and Market Regulation - Sichuan Water Well has taken strict actions against violations of company policies during the 618 promotion, including penalties and termination of partnerships [1][7] - Other companies, such as Wuliangye and Jian Nan Chun, have also raised concerns about counterfeit products being sold through e-commerce platforms, urging consumers to purchase through official channels [8][10] - The industry is increasingly focused on transparency and traceability to combat counterfeit products and ensure consumer trust [11]

智通财经记者 | 武冰聪 2025年 的"618电商节"在5月13日正式启动，持续至6月18日，总时长达37天，创下该活动有史以来的最长纪录。在史上最长"双11"之后，618也在通过拉长战 线刺激民众的消费意愿。 2023年以来，渠道库存高企，高端名酒价格倒挂，加之"年轻人不喝白酒"的讨论，烈酒消费市场预期显得有些悲观。然而2025年618期间，从电商平台公布 的数据来看，酒类产品动销势头良好。 据企业方公布的数据，5月13日到5月26日，天猫618第一阶段，淘系酒类核心品牌同比去年618第一阶段增长达到72%，其中，国产白酒、葡萄酒、黄酒均实 现了双位数增长。 美团闪购方面，5月28日至6月1日，白酒、精酿啤酒、手机、运动鞋服、电脑整机、智能设备、电子教育、小家电、厨卫大家电、眼部护理用品、男士彩妆 等50余类商品成交额相比去年同期增长超过1倍，其中白酒成交额增长近19倍。 此外，直播拉动了电商平台的酒类消费。天猫618售卖第一阶段，酒水直播同比去年增长20%，其中葡萄酒直播增长高达108%，国产白酒直播在去年高位的 基础之上，仍实现19.6%的增长。 除了传统电商，即时零售平台的酒类也在618期间取得了销 ...

Group 1 - The core viewpoint of the article is that Kweichow Moutai's Q1 2025 performance shows a slowdown in growth, with revenue of CNY 51.44 billion, a year-on-year increase of 10.7%, slightly exceeding market expectations [3][15] - The net profit for Q1 2025 reached CNY 26.85 billion, reflecting a year-on-year growth of 11.6%, indicating a stronger profit growth compared to revenue [3][15] - The company has increased the launch of non-standard products, which has contributed to the revenue growth despite the overall slowdown in the traditional Moutai product line [3][15] Group 2 - Moutai liquor achieved revenue of CNY 43.56 billion in Q1 2025, a year-on-year increase of 9.7%, with growth primarily driven by the increased launch of non-standard products [3][18] - The series liquor segment saw a revenue of CNY 7.02 billion, growing by 18.3%, indicating a recovery after two consecutive quarters of decline [4][20] - The company has focused on clearing inventory and restructuring its distribution system for series liquor, leading to improved sales performance during the 2025 Spring Festival [4][20] Group 3 - The direct sales channel's share increased slightly to 45.9% in Q1 2025, reflecting a strategy to alleviate inventory pressure on traditional Moutai products [4][24] - The company is expected to continue increasing the proportion of direct sales to stabilize pricing and enhance profitability in the long term [4][24] - The contract liabilities decreased by 8% year-on-year, indicating a significant reduction in the company's inventory management efforts [4][26] Group 4 - The gross profit margin slightly declined from 92.7% to 91.8% due to increased sales of series liquor, while the net profit margin reached 52.2% [5][29] - The management expense ratio decreased to 3.7%, the lowest level in three years, showcasing improved operational efficiency [5][29] - The company has increased its marketing expenses for series liquor significantly, indicating a strategic push into the mid-range and mass market segments [4][21]

4月18日，古越龙山官方公众号发布了《致经销商告知函》。该公司表示，为了维护古越龙山青花醉系 列产品价格稳定，增强经销商和消费者的信心，经过公司研究决定：500ml×6木盒十年花雕酒（5A级库 藏）、500ml×6青花醉十二年（壶酒兴邦）、500ml×6新品木盒二十年（5A级库藏）、500ml×5盒三十 年陈花雕酒（千福），这四款产品自通知之日起禁止任何经销商线上销售。 古越龙山还称，目前线上店铺在销售的经销商及其分销商须在5月底前做好上述产品下架工作。该公司 将加强这四款产品线上监管，一经发现查实，将对经销商从严从重处理，取消产品所有政策支持。 智通财经记者 | 武冰聪 智通财经编辑 | 牙韩翔 黄酒"一哥"古越龙山感受到市场压力，主动叫停了高端系列产品的线上销售。 在表达了发展高端化的决心之后，却主动叫停高端产品的线上销售，原因与产品在电商平台的价格倒挂 有关。 据了解，上述几款产品目前售价在每瓶100元到600元之间。以木盒十年产品为例，古越龙山在电商平台 官方旗舰店的价格约为128元/瓶，但在百亿补贴活动后的价格分别为78元/瓶、86.38元/瓶，线上不同渠 道存在较大的价格差异。 上述负责人表示，从 ...

Investment Rating - The industry investment rating is "Recommended" [3][27]. Core Viewpoints - The liquor sector is currently experiencing a stable performance, with no significant fundamental catalysts. Major liquor companies are implementing inventory control and price stabilization measures, particularly during the traditional off-season post-Spring Festival. Companies like Wuliangye, Jinshiyuan, Fenjiu, and Luzhou Laojiao are taking actions to maintain prices. Market feedback remains rational and stable, with Jinshiyuan and Fenjiu showing upward momentum and incremental growth [4][6]. - The overall valuation of the liquor sector is at a bottom range, with a general dividend yield exceeding 3%. Compared to other leading sectors, the liquor sector's leading stocks may have a rebound potential. Recommended companies include Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and others [4][6]. - The consumer goods sector is showing a slight recovery in sales post-Spring Festival, although it remains relatively weak overall. The decline in raw material prices, such as milk and sugar, is beneficial for profit margins. The report suggests a long-term positive outlook for consumer goods, recommending companies like Yili, Tianwei, Anjixin, and others [6]. Summary by Sections Liquor Sector - The liquor sector is entering a traditional off-season, with many manufacturers starting to control inventory and stabilize prices. Recent tracking shows stable prices for Moutai and Wuliangye, with some products from Shanxi Fenjiu and Luzhou Laojiao also being temporarily halted. The overall liquor market is expected to remain weak in the short term, but macroeconomic policies may provide a catalyst for recovery [6][11]. - The absolute valuation of liquor stocks is at a bottom range, with a dividend yield above 3%. The leading liquor stocks are expected to have rebound potential, with recommendations for Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao [4][6]. Consumer Goods Sector - The consumer goods sector is experiencing a slight recovery in sales, although it remains under pressure. The report highlights that the sales performance of Zhongju Gaoxin is improving on a month-on-month basis, despite facing year-on-year pressure due to base effects. The decline in raw material prices is favorable for profit margins, and the report maintains a long-term positive outlook for the sector [6][16]. - Recommended companies in the consumer goods sector include Yili, Tianwei, Anjixin, Qianwei Central Kitchen, and Haitian Flavoring [6].