欢迎国资入股。 《投资者网》张伟 川酒"六朵金花"之一的剑南春，近期动作不断，令人浮想联翩。 9月12日，据工商信息显示，绵竹国资认缴出资1.37亿元成为剑南春的控股股东——剑南春集团的第二大股东。绵竹国资将持有剑南春集团14.51%的股份。 9月25日，华西证券（002926.SZ）发布公告，称其第四大股东剑南春集团将减持2625万股，占华西证券总股本的1%。若以华西证券9月24日的收盘价（9.71 元/股）计，剑南春集团套现约2.55亿元。 多年以来，剑南春都有上市计划，但受多种因素影响导致没有下文。绵竹国资的入股，也被市场解读为剑南春已与当地政府和解，为未来上市扫清了障碍。 另据相关文件披露，2027年将是《四川酒业发展纲要》提出培育一家新上市酒企的最后一年。剑南春的一些列动作，也被认为是其可能为上市做准备。 商标纠纷或已达成和解 "唐时宫廷酒，今日剑南春"。这则广告语，让剑南春蜚声中外。剑南春的历史，更是源远流长。 据地方县志记载，剑南春所在的四川省绵竹市（县级市）气候宜人、物产丰富，被称为"七十二洞天福地"之一，自古便是酿酒宝地。剑南春的历史可追溯至 1500年前，其前身剑南烧春作为唐代宫廷御酒，被 ...

Core Viewpoint - Guizhou Xijiu Investment Holding Group has experienced a slowdown in growth after its independence from Moutai, with first-quarter revenue of 7.18 billion yuan, a 10.7% year-on-year increase, falling below the industry average growth rate of 15% for 2024 [1][4]. Group 1: Company Performance - Xijiu's revenue surged from 1.6 billion yuan before acquisition to over 20 billion yuan at independence, capturing 12.3% of the sauce-flavored liquor market [3]. - In 2023, Xijiu reported revenue of 19.9 billion yuan and a profit of 9 billion yuan, with sales reaching 22.447 billion yuan, indicating a more subdued performance compared to previous years [4]. - The company aims to exceed 24 billion yuan in sales in 2024, reflecting a 30% year-on-year growth, which, while above the industry average, shows a decline from its earlier rapid growth [4]. Group 2: Market Position and Challenges - After separating from Moutai, Xijiu faces significant challenges in establishing its brand identity, with 67% of consumers still associating it with Moutai [10]. - Competitors such as Langjiu, Guotai, and Jinsanjiao pose strong competition, with Langjiu having a higher brand recognition among consumers at 58% compared to Xijiu's 35% [9]. - Xijiu's flagship products, Junpin Xijiu and Jiao Cang 1988, are experiencing severe price declines, with Junpin Xijiu's market price dropping to around 665 yuan, significantly below its suggested retail price of 1498 yuan [11][13]. Group 3: Strategic Initiatives - To address the challenges, Xijiu is investing 8.4 billion yuan to build a production capacity of 100,000 tons, aiming for a base liquor reserve of 250,000 tons by 2025 [7]. - The company is also attempting to penetrate the high-end market with products like the "Junpin・Master Collection," which utilizes 30-year-old base liquor to enhance quality and brand image [5]. - Xijiu is targeting younger consumers through collaborations with popular games and esports events, although the effectiveness of this strategy remains to be seen [8]. Group 4: Pricing and Market Dynamics - Xijiu is currently facing a significant pricing issue, with its two main products priced below their production costs, leading to a price inversion problem [10][14]. - The company has adjusted its marketing strategy by eliminating reverse red envelopes to stabilize pricing, but the effectiveness of this measure is still uncertain [16].