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 智通财经记者 | 宋佳楠 但现在，侯孝海"跨界"选择了离啤酒颇远的农牧产品行业。他加盟的正大集团，是泰籍华人谢易初兄弟 于1921年创办的跨国巨头，业务覆盖农牧食品、批发零售等多个领域。 这一变动距离侯孝海卸任华润啤酒核心职务已过去半年多。 2025年6月，华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排而决定辞任执行董事及董事 会主席，且不再担任董事会辖下财务委员会主席、执行委员会以及购股权总务委员会各自之成员，自6 月27日召开之董事会会议结束时起生效。 华润啤酒强调，侯孝海已确认其与董事会之间并无意见分歧。公司董事会及其成员衷心感谢侯孝海于任 内对集团的付出和卓越贡献。 公开资料显示，1968年出生的侯孝海毕业于中国人民大学统计学院，早年任职首钢、盖洛普咨询及四川 百事可乐，2001年底加入华润啤酒后，从销售发展总监逐步晋升，2016年出任CEO，2023年调任董事会 主席。 任职期间，他主导公司"3+3+3"九年战略变革，推动华润啤酒从规模扩张向高质量发展转型，构 建"4+4"品牌矩阵，完成收购喜力中国的并购等。 数据显示，9年间华润啤酒 ...

1月9日，据21世纪经济报道援引知情人士消息，华润啤酒原董事会主席侯孝海已正式入职正大集团，出任中国区首席运营官（COO），将主要负责正大集 团中国区消费品的市场与营销整合工作，包括正大集团的鸡蛋、猪肉、鸡肉、食品、饲料等业务。 另据每日经济新闻报道，侯孝海本人对此仅表示"谢谢，感谢关注"，而未进一步透露相关细节。 智通财经注意到，在去年11月的上海进博会期间，侯孝海曾以正大集团中国区资深专家顾问身份出席。而在12月中旬正大集团中国区的一场分享活动上，侯 孝海也有出席，并发表演讲。 这一变动距离侯孝海卸任华润啤酒核心职务已过去半年多。 2025年6月，华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排而决定辞任执行董事及董事会主席，且不再担任董事会辖下财务委员会主席、执 行委员会以及购股权总务委员会各自之成员，自6月27日召开之董事会会议结束时起生效。 华润啤酒强调，侯孝海已确认其与董事会之间并无意见分歧。公司董事会及其成员衷心感谢侯孝海于任内对集团的付出和卓越贡献。 公开资料显示，1968年出生的侯孝海毕业于中国人民大学统计学院，早年任职首钢、盖洛普咨询及四川百事可乐，2001年底加入华润啤酒后，从销售 ...

临近双节，高端白酒消费市场需求保持平稳，给行业带来利好。茅台作为标杆品牌，在核心区域的市场节奏稳中有序，销售和价格体现出理性与稳健。 近日，封面新闻记者从北京、上海、广东、四川等多地经销商处了解到，无论是商务宴请、家庭团聚还是个人礼赠，茅台仍保持了相对较高的市场热度。 这一稳健表现背后，既得益于消费旺季的需求增加，也得益于茅台的精准施策。 双节临近 多地市场呈现稳态需求 双节临近，高端白酒市场消费较前期消费热度开始集中显现。作为高端消费与商务交流核心区域，北京、上海两地茅台市场表现尤为突出。 北京经销商李先生介绍，春节前一两个月历来是白酒销售旺季，当前茅台销量较前期相比总体稳定，价格同样处于平稳区间。 四川作为茅台重要消费及辐射地，近期市场表现同样稳健。当地经销商冯女士透露，年底前消费者抄底备货与春节送礼需求叠加，推动市场出货量持续走 高，其中核心品类飞天茅台的销量保持从容，依然受到消费者欢迎。 12月28日，2026年贵州茅台酒全国经销商联谊会在贵阳召开，全面总结2025年茅台酒营销工作成效，系统安排部署2026年工作，会上释放的一系列积极信 号，也给了市场充分信心。 茅台集团党委书记、董事长，茅台酒股份公 ...

这是一套适用于社交电商、会员制分销、线下门店自提核销的综合性新零售系统。核心是通过"会员—网点—工厂店"三级身份体系与分润机制，实现客户裂 变、渠道扩张、门店联动与业绩倍增。适用于美妆、健康、食品等高频复购行业，帮助品牌快速搭建线下线上融合的分销网络。 假设用户A是核销网点： 1. 身份分级与权益 会员：消费满100元即可成为，享受复购奖励22.5%（可小号购买，推荐人获22.5元）。 核销网点：可自提，分润35%（25%推广+10%核销）。 加固店：团队业绩达10万/300万/更高，分润提升至40%/42%/44%（推广比例递增，核销固定10%）。 工厂店：自提分润40%（30%推广+10%核销），团队业绩达标后比例同步提升。 2. 分润规则（数据化可计算） 会员推荐会员：22.5%直播奖励。 会员推荐网点/工厂店：5%直播奖励。 网点推荐工厂店：35%直播奖励。 工厂店推荐会员/工厂店：40%直播奖励。 团队业绩奖励：按团队总业绩阶梯提点（如300万业绩对应42%分润，其中32%推广+10%核销）。 区域业绩奖励： 总店提取区域内总业绩的2%。 分店提取自身团队业绩的1%。 进货与积分： 门店进货使用积分 ...

Core Viewpoint - The article discusses the detrimental effects of continuous low pricing strategies on brands and the market, highlighting the potential for chaotic competition, the proliferation of counterfeit goods, and the disruption of market supply and demand balance [1][3]. Group 1: Impact of Continuous Low Pricing on Brands - Induces disorderly competition, leading brands into a relentless price war that undermines product innovation and service quality, ultimately weakening core competitiveness and hindering industry development [3]. - Breeds counterfeit and inferior products as some businesses resort to producing substandard goods to maintain minimal profit margins, damaging consumer trust and brand reputation [3]. - Disrupts market supply and demand balance; while low prices may temporarily boost consumer demand, they distort market signals and lead to resource misallocation, with quality production underperforming and inferior production overexpanding [3]. Group 2: Strategies to Avoid Low Pricing Phenomenon - Strengthen brand value construction by enhancing product quality, innovative design, and service experience to create a unique brand image that reduces consumer price sensitivity [4]. - Implement differentiated competition strategies by developing diverse product lines tailored to different consumer groups, avoiding homogenized competition and breaking free from low-price constraints [4]. Group 3: Actions for Brands Facing Low Pricing - Enhance market monitoring and early warning systems to detect unfair competition practices like low-price dumping, and take legal action to protect brand interests while collaborating with industry associations and regulatory bodies [5]. - Optimize channel management by carefully selecting partners to ensure compliance and stability, preventing low-price diversion and maintaining a stable pricing system [5].

Core Viewpoint - The "Double 11" sales event for liquor this year has revealed significant price drops and a concentrated reconciliation of channel systems, exceeding industry expectations [2][3]. Group 1: Market Dynamics - This year's "Double 11" saw a deeper discounting trend compared to previous years, indicating a release of pent-up emotions within the market [4]. - The core product of Jian Nan Chun, the Crystal Sword, experienced a notable decline in price despite maintaining high sales volume on platforms like Tmall and Meituan [5][6]. - The price of the Crystal Sword fell to around 350 RMB, significantly below its factory price of 410 RMB, due to aggressive subsidies and promotions from various platforms [5][10]. Group 2: Channel and Inventory Issues - The traditional speculative logic in channel management, where products were considered "safe bricks" for investment, has failed during this year's "Double 11" [7]. - Many orders for the Crystal Sword on platforms like Douyin remained unfulfilled post "Double 11," leading to financial losses for resellers who had anticipated selling at a profit [8][9]. - The market in Ningbo, a key area for the Crystal Sword, has seen rapid price changes due to its transparent channel network and high liquidity [12][13]. Group 3: Financial Performance and Challenges - Jian Nan Chun's revenue for 2024 is projected at 16.94 billion RMB, with a growth rate of only 3.74%, a significant decline from the previous year's 13.55% [28]. - Achieving the ambitious revenue target of 30 billion RMB by 2025 would require a staggering 77.1% year-on-year growth, which is challenging given the current market conditions [28]. - The brand's growth remains heavily reliant on the Crystal Sword, while its high-end product lines have not yet established a stable consumer base [28][29]. Group 4: Strategic Outlook - The liquor industry is shifting from growth to structural adjustment, with increasing pressure on mid-range price segments and tighter price linkages between e-commerce and offline channels [31]. - Jian Nan Chun faces critical questions regarding restoring channel confidence, re-establishing price order, and ensuring that distributors do not experience repeated concentrated sell-offs [31]. - The ability of Jian Nan Chun to leverage the sales momentum from "Double 11" to enhance brand competitiveness remains to be seen [31].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported total revenue of 2.348 billion yuan for Q1-Q3 2025, a year-on-year decrease of 38.01%. The net profit attributable to shareholders was 326 million yuan, down 71.02% year-on-year, while the net profit excluding non-recurring items was 265 million yuan, a decline of 76.11% year-on-year [2][4]. - In Q3 2025, the company achieved total revenue of 850 million yuan, a year-on-year decrease of 58.91%. The net profit attributable to shareholders was 221 million yuan, down 75.01% year-on-year, and the net profit excluding non-recurring items was 217 million yuan, a decline of 75.43% year-on-year [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company’s total revenue was 2.348 billion yuan, with a net profit of 326 million yuan and a net profit excluding non-recurring items of 265 million yuan [2][4]. - In Q3 2025, the company’s total revenue was 850 million yuan, with a net profit of 221 million yuan and a net profit excluding non-recurring items of 217 million yuan [2][4]. Market Strategy - The company has accelerated adjustments in its operations to manage channels effectively, which has led to a significant reduction in shipment volumes in Q3 2025. This strategy aims to maintain a healthy channel environment and stabilize the value chain [10]. Future Outlook - The company is expected to recover its performance relatively early due to proactive adjustments in response to industry demand pressures. EPS forecasts for 2025 and 2026 are 0.92 yuan and 0.96 yuan, respectively, corresponding to current P/E ratios of 47 and 45 times [10].

Core Viewpoint - The article emphasizes the importance of intellectual property complaints as a targeted means for brand owners to manage pricing violations on e-commerce platforms, advocating for a structured approach that balances efficiency and flexible governance [1]. Group 1: Intellectual Property Complaint Management - The management of intellectual property complaints should be phased, focusing on both efficiency and flexible governance [1]. - A "communication first, complaint as a fallback" tiered handling system is essential for brands to address e-commerce violations effectively [3]. Group 2: Phased Approach to Enforcement - **Phase One: Communication Guidance** Brands should initially engage in "soft communication" with unauthorized sellers to reduce governance costs and demonstrate compliance intent. This involves sending a "Price and Authorization Compliance Rectification Notice" to inform sellers of their violations and provide a reasonable rectification period of 3-5 working days [4][5]. - **Phase Two: Compliance Evidence for Complaints** If communication fails, brands must prepare complete and compliant evidence to support their claims. This includes proving the legitimacy of their rights and the authenticity of the seller's infringement [5]. Group 3: Evidence Requirements - **Core Evidence One: Proof of Legitimate Rights** Brands must provide clear and valid documentation to demonstrate their intellectual property rights, including trademark registration certificates, patent certificates, and copyright registration [6]. - **Core Evidence Two: Seller Infringement Evidence** Brands need to gather basic evidence of violations, such as screenshots of the seller's store and product listings, as well as any relevant purchase and inspection reports if counterfeit goods are suspected [6].

Core Viewpoint - The market performance of Feitian Moutai has become a focal point in the industry as it shows smooth sales and stable pricing, reflecting the brand's strength in the high-end liquor market during the Double 11 shopping festival and year-end consumption peak [1]. Pricing and Market Performance - As of November 7, the prices of Feitian Moutai remained stable across various regions: Jiangsu prices for loose bottles and full boxes were 1870 RMB and 1825 RMB respectively, while the original box price for 2024 reached 1935 RMB; in Hubei, the prices were 1875 RMB for full boxes and 1830 RMB for loose bottles, both showing an increase from the previous day; in Jiangxi, prices were stable at 1870 RMB for full boxes and 1820 RMB for loose bottles [1]. - The market consensus is strong, with a store manager in Wuhan noting that loose bottle prices are around 1900 RMB, and there is a reluctance to undercut prices [3]. Market Dynamics and Channel Management - The recent stability in prices is characterized as "pointed warming, overall stabilization," indicating a solid and healthy pricing system for Feitian Moutai, attributed to precise distribution and channel management [4]. - The efficiency of market circulation has improved, with channel inventories remaining at reasonable levels, allowing genuine consumers to purchase Moutai more conveniently through official channels [4]. - The company is actively addressing issues related to low-priced Moutai products on e-commerce platforms, emphasizing the importance of official sales channels and working with regulatory bodies to maintain market order [4]. Industry Trends - Analysts from Guojin Securities and招商证券 indicate that leading liquor companies are becoming more aware of channel conditions and are adjusting their pricing strategies to maintain channel health and pricing stability [5]. - During the adjustment period in the liquor industry, Guizhou Moutai has achieved a balance between pricing and sales through refined control and empowerment at the terminal level, which is expected to inject certainty into the high-end liquor market [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance for the first three quarters of 2025 met expectations, with total revenue of 23.1 billion yuan, a year-on-year decline of 4.84%, and a net profit attributable to the parent company of 10.76 billion yuan, down 7.17% year-on-year [7] - The report anticipates that the company will maintain its profit forecasts for 2025-2027, with expected net profits of 11.79 billion yuan, 12.89 billion yuan, and 14.54 billion yuan, reflecting year-on-year changes of -12.5%, 9.4%, and 12.7% respectively [7] - The company has demonstrated strong price management capabilities, maintaining stable prices despite external demand pressures, indicating robust channel management and competitive advantages across various dimensions [7] Financial Data and Profit Forecast - Total revenue projections for 2025E are 28.01 billion yuan, with a year-on-year growth rate of -10.2% [5] - The expected earnings per share for 2025E is 8.01 yuan, with a projected gross margin of 86.2% [5] - The return on equity (ROE) for 2025E is estimated at 23.4% [5] - The company's cash flow from operating activities for Q3 2025 was 3.76 billion yuan, a year-on-year decline of 11.4% [7]