主要系报告期内白酒行业市场分化与渠道变革加剧，叠加需求下行及政策变化影响，核心利润来源高端 窖产品销量大幅下滑，导致营业收入减少,同时为保证公司运营及市场持续投入，管理费用、销售费用 下降幅度均小于营业收入下降幅度致利润总额下降幅度较大。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 格隆汇1月7日丨口子窖(603589.SH)公布，经财务部门初步测算，预计2025年年度实现归属于上市公司 股东的净利润为66,210.00万元到82,760.00万元，同比减少50%到60%。归属于上市公司股东的扣除非经 常性损益的净利润为64,527.00万元至81,077.00万元，同比减少49.65%至59.93%。 ...

以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 更令人不安的是康师傅经销商数量的变动情况：2025年上半年，其经销商为63806家，较2024年末的67215家减少3409家——回溯至2023年底，经销商数量更是高 达76875家。 所以魏宏丞目前最迫切的任务是： 康师傅这个承载着国民记忆的品牌，如何重拾增长？ 陈应让退休，带走了那个黄金时代 "说真的，我也好久没吃泡面了。"北京国贸写字楼里的陈宇（化名），端起办公桌上已经有点凉的外卖奶茶，轻轻吸了一口。 十多年前他在宿舍赶论文时，康师傅红烧牛肉面是他的深夜战友。撕开调料包时指尖沾到的油渍、开水注入后升腾的香气和热气，还有等待三分钟时的急迫感， 似乎已经与青春的记忆一起，慢慢变得模糊。 图源：网络 如今，外卖大战依然硝烟四起，国民茶饮品牌更是层出不穷。在骑手的敲门声与奶茶店叫号声的交织中，年逾六旬、执掌康师傅多年的CEO陈应让，正式官宣退 休。 康师傅控股公告称：公司与陈应让之间的"服务合约"将于2025年12月31日届满，不再续期；董事会无缝敲定了继任人选——生于1982年的魏宏丞，后者的任职安排 自2026年1月 ...

1月3日上午9时，i茅台APP准时开售2026年53%vol 500ml飞天茅台。平台采用每5分钟补货一次的机制，至9时25 分页面已显示库存不足。这已是该平台自1月1日飞天茅台常态化上线以来，连续第三日售罄，直观印证了市场对 官方购酒渠道的高度认可，也彰显了茅台渠道变革的显著成效。 线上购买的热潮直接带动了线下场景的活跃。在北京西城区贵州茅台自营店，上午11时已有不少消费者前来提 货，刚提完货的黄先生说，"这两天一直准点登录i茅台购买，昨天（1月2日）在第三轮补货时成功下单，还是蛮 开心的，提前为春节准备着。" 在上海、广州、成都等地的茅台自营店中，前来提货的消费者中，涌现了不少年轻面孔，让消费群体呈现出多元 化特征。28岁的赵先生首次购买飞天茅台，专为父亲准备春节礼物，此前因担心买到假货或被加价一直未敢尝 试，i茅台的官方属性让他格外放心。"线上曝光带动了我们线下门店的客流"，一位上海经销商表示，"看得见、 摸得着"的线下提货体验，彻底打消了消费者"怕买假、怕加价"的顾虑，更凸显了渠道协同的灵活性与核心优势。 此前，知名投资人段永平曾强调：茅台应主要依靠直销并统一价格。在其看来，凭借今日发达的物流体系与茅 ...

据第三方平台跟踪，飞天茅台批发价从年初2200元/瓶左右持续下行，8月开始失守1800元；"双11"电商 平台补贴后，一度跌破1499元官方指导价。直至12月传出茅台即将推行控量政策后，批发价才企稳回升 至1560元/瓶左右。 明年茅台价格还会再跌吗？是否会减少市场投放控价企稳？ 会上，贵州茅台董事长陈华、董事王莉等管理层透露了公司2026年在产品投放、渠道等方面的调整信 息。 会议召开后的第一个工作日（12月29日），酒价平台数据显示，飞天茅台散瓶批发价有轻微上调， 报 1560元/瓶；相对高端的十五年茅台和蛇年生肖酒价格均下滑20元。 除了飞天系列，贵州茅台另一大产品板块是酱香系列酒，去年营收超246亿元。 12月29日召开的酱香系列酒经销商大会上，公司表示明年将聚焦茅台1935和茅台王子酒两大单品科学规 划投放量——前者投放量不会增加、后者将深耕大众市场，力争早日实现百亿规模。 12月28日，贵州茅台（600519）全国经销商联谊会召开。这场大会一向被视作新一年企业经营的"风向 标"，恰逢飞天茅台价格剧烈波动，因此备受市场关注。 防止价格炒作 两周之前，市场传出贵州茅台将推出一系列控价策略。 具体来看， ...

野村：2026 年食品饮料策略 - 继续找寻细分高成长赛道 和渠道 20151223 摘要 C 端消费信心逐步恢复，细分赛道中贴近消费者的渠道增长强劲，如便 利店和会员店领跑线下销售，同比增长 4.9%，新零售模式下的即时零 售赛道也值得关注。 食品饮料板块估值处于历史低位，性价比凸显，成本端基本稳定，预计 明年原材料成本持平或下降，为企业盈利提供支撑。 酒水饮料需求承压，白酒行业面临出清和禁酒令影响，但非白酒业务中， 啤酒品类稳健，黄酒竞争格局变化显著，葡萄酒及预调酒受可选消费属 性影响承压。 饮料和乳制品差异大，头部企业如农夫山泉、东鹏饮料等功能性及健康 化产业增速快，但并非所有公司都能享受子行业高增长红利。 零食板块快速增长，但烘焙和熟食经营承压，万辰、卫龙等品牌对渠道 变化反应灵敏，带来持续增长。预加工食品如安井业绩触底反弹，餐饮 供应链公司全渠道发展。 明年（2026 年）在继续降级的周期中，如何捕捉细分渠道和品类的正增长？ 尽管整体行业承压，但依然存在许多新增的增长亮点，可能会出现非常高的个 股上涨潜力。我们认为应重个股、轻行业。具体来看，有几大趋势值得关注： 尽管社零整体承压，但仍在预期范围内。 ...

Core Viewpoint - The retail sector is under pressure, with social retail sales growth slowing down and valuations in the food and beverage sector at a low point [2][3][10]. Group 1: Social Retail Sales and Consumer Price Index - Social retail sales growth has declined, with total retail sales in October 2025 increasing by 2.9% year-on-year, while the growth rates for dining and commodity retail sales were 1.1% and 4.0% respectively [3][6]. - The Consumer Price Index (CPI) turned positive in October 2025, following a decline in food prices, with food CPI down 2.9% year-on-year [3][10]. Group 2: Food and Beverage Sector Performance - The food and beverage sector is experiencing significant pressure, with the overall profit of the liquor sector down 23.9% year-on-year in Q3 2025, largely due to strict regulations impacting the industry [12]. - The beverage segment shows strong growth from leading companies, with soft drink revenue reaching 106.2 billion yuan, up 14.4% year-on-year, while the dairy sector faced challenges with a slight decline in revenue [13][14]. Group 3: Market Trends and Consumer Confidence - The online retail channel is growing faster than offline, with a 6.3% year-on-year increase in online sales as of October 2025, driven by food categories [16]. - Consumer confidence is gradually improving, with the consumer confidence index rising from 87.5 in January to 89.4 in October 2025, contributing significantly to GDP growth [18][21]. Group 4: Valuation and Investment Opportunities - The food and beverage sector is currently at a low valuation level, with a price-to-earnings ratio of approximately 21.4 times, placing it in the 10.9% percentile of the last decade [10][11]. - The sector's dividend rate has slightly decreased but still has room for improvement, with the overall dividend rate fluctuating between 60% and 73% from 2019 to 2023 [23].

Core Insights - Moutai's product launch strategy is shifting from scale expansion to value cultivation, focusing on "demand-driven, channel resilience protection" to activate market dynamics [1] - The adjustment in product supply, particularly the reduction of non-standard products by 30%-50% and the complete halt of 彩釉珍品 supply, reflects a dynamic supply-demand regulation based on year-end consumption scenarios [1][4] - The rise in real consumer demand and structural changes in consumption scenarios are fundamental supports for Moutai's sales performance [2] Product Strategy - The core product, 500ml Flying Moutai, maintains normal shipments to meet year-end consumption needs, stabilizing the market [1] - Non-standard products like aged Moutai and zodiac Moutai face reduced quotas, while 彩釉珍品 is completely suspended, optimizing product structure and alleviating inventory pressure for distributors [1][4] Consumer Behavior - There is a notable increase in the opening rate of bottles, with consumers purchasing Flying Moutai for specific drinking scenarios such as festive gatherings and business receptions, indicating a shift towards more balanced consumption patterns [2][4] - The transition from concentrated purchasing around holidays to a more even consumption cycle enhances the resilience of consumer demand [4] Sales Performance - Moutai's product matrix is driving collaborative growth across its entire product line, with significant sales increases reported for various products during promotional events [5][7] - The sales of Moutai 1935 surged by 840% year-on-year, while other products like 金王子 and 贵州大曲70年代 also experienced growth exceeding 400% [5][7] Channel Strategy - Moutai's channel ecosystem is improving efficiency, with a shift from multi-layer distribution to a "precise direct reach" model, significantly reducing inventory and operational costs [8][9] - The implementation of a digital platform alongside offline networks allows for real-time data support for product launches and inventory management, creating a closed-loop optimization mechanism [9] Market Positioning - Moutai's successful strategy reflects a return to brand value and alignment with market dynamics, emphasizing the importance of understanding consumer essence and maintaining quality [9]

"白酒第二"不稳，业绩被汾酒反超，五粮液不得不变革了 【中国白酒网】12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届"12•18"共识共建 共享大会在四川宜宾召开。 在白酒行业深度调整的当下，五粮液（000858.SZ）"白酒第二"宝座受到冲击，三季度业绩罕见遭 山西汾酒（600809.SH）反超。与此同时，公司还面临核心产品价格倒挂、终端动销不畅等一系列问 题。 面对这一局面，五粮液亟待开展新一轮变革，此次"12•18"经销商大会也颇受外界关注。自1997年 起，五粮液开始举办"12•18"大会，至今年已举办二十九届，该大会也成为白酒行业最受关注的大会之 一。 值得注意的是，今年"12•18"大会的名称略有改变。在举办之初，该大会以"厂商共建共赢"为名， 2017年后升级为"共商共建共享"。今年的会议名称则变为"共识共建共享"，"共商"变更为"共识"。 此次大会上，五粮液董事长曾从钦表示，五粮液将2026年定位为"营销守正创新年"，营销方针 是"一核心三强化双目标"，即以持续提升五粮液品牌价值为核心，强化营销变革、强化应市策略、强化 执行能力，全力推动高质量的市场动销、全力实现市场份额的有 ...

詹鲲杰和柏瑞凯均于1996年加入可口可乐公司，并曾在全球范围内担任可口可乐的领导职务。 现年60岁的詹鲲杰于2017年出任CEO，助力可口可乐转型为"全品类饮料公司"，并带领公司渡过了疫情 带来的挑战，更有媒体统计显示，自詹鲲杰接任首席执行官以来，可口可乐股价已攀升近63%。 "詹鲲杰是一位具有变革性的领导者，"可口可乐首席独立董事大卫·温伯格在一份声明中表示。"我们相 信柏瑞凯将利用公司现有优势，开启更多增长机会，提升可口可乐系统的强大力量。" 12月11日，可口可乐宣布，首席运营官柏瑞凯（Henrique Braun）将于2026年3月31日起接替詹鲲杰 （James Quincey）出任首席执行官。詹鲲杰将转为担任董事会执行主席。 现年57岁的柏瑞凯自今年1月起担任可口可乐COO一职。彼时，此前就有媒体猜测，柏瑞凯会是下一任 CEO，不仅是当时可口可乐全球所有的区域负责人都要向其汇报，还有两任掌门都是从COO的位置被 提拔起来的。 可口可乐公司表示，在新职位上，柏瑞凯将优先考虑全球增长机遇，更贴近消费者需求，并扩大技术应 用以提升业务表现。 "在为公司服务30年后，我将辞去首席执行官一职。能为这家伟大而 ...

Core Viewpoint - The introduction of the "official subsidy" policy by Wuliangye aims to stabilize the market by reducing the invoice price for distributors while maintaining the factory price, thereby alleviating the financial pressure on distributors and enhancing their profit margins [1][3][10]. Summary by Sections Policy Implementation - The official factory price of the eighth generation Wuliangye remains unchanged at 1019 yuan per bottle, allowing the invoice price to drop to 900 yuan through subsidies, effectively reducing the purchase cost for distributors by 119 yuan per bottle [1][3][17]. - Additional incentives such as terminal scanning rebates and sales completion rewards are provided to distributors to stimulate end-consumer demand and improve sales performance [3][4][17]. Market Context - The policy is seen as a "de facto price reduction" for the first time in ten years, addressing the issue of price inversion in the market where the circulation price had fallen to around 850 yuan, significantly below the factory price [5][18][20]. - The average inventory cycle for distributors has increased to a warning level of 2-3 months, indicating a pressing need for intervention [20]. Strategic Implications - This initiative is not merely a price war but a strategic response to the challenges faced in the industry, providing a model for channel transformation that can be emulated across the white liquor sector [19][28]. - The subsidy policy is designed to activate channel dynamics and restructure the pricing system, reinforcing Wuliangye's market position and channel authority amidst declining revenues and profits [11][28][30]. Industry Insights - Wuliangye's approach offers three key lessons for the industry: replacing direct price cuts with policy subsidies to maintain brand value, utilizing digital tools for transparent channel management, and adopting a direct distribution model to strengthen connections between manufacturers and end-users [31][32]. - The company's comprehensive strategy, including the suspension of traditional supply channels and the cleaning of non-compliant e-commerce stores, aims to rebuild its channel ecosystem and restore distributor confidence [14][32].