上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 8月12日晚，贵州茅台发布2025年半年报，上半年公司实现营业总收入910.94亿元，同比增长9.16%；实 现归母净利润454.03亿元，同比增长8.89%。国际化取得显著进展，海外营收28.93亿元，同比增长 31.29%。 业界分析认为，平稳的增长源于贵州茅台核心产品体系的持续健康发展以及市场策略的有效执行。 2025年以来，贵州茅台持续做好客群转型、场景转型和服务转型。以2025年5月20日举行的"茅友嘉年 华"活动为例，茅台选择"音乐+文化"的跨界模式，将大型音乐节与非遗文化互动融合在一起，不仅被各 界认为是白酒吸引年轻消费者的有益探索，更是将品牌融入多元生活场景的有益尝试。 作为贵州茅台的核心产品，53度飞天茅台酒终端零售价格整体保持平稳。据湖北、贵州等多个省份的经 销商反馈，近几个月茅台酒的市场成交价格一直比较稳定，经销商的动销情况良好，茅台酒依然是各地 高端市场的首选品牌。 平稳增长的同时，贵州茅台仍保持着充沛的现金流，显示出企业面对激烈的市场变化仍保持了强劲的营 运能力。半年报显示，截至202 ...

封面新闻记者 喻奇树 关于市场策略，茅台曾在2024年年底举行的经销商联谊会上，对2025年的市场攻坚提出明确方向。核心是坚持以消费者为中心，持续做好"三个转型"，即 客群转型、场景转型和服务转型。 其中，客群聚焦于新商务人群；场景面向符合不同行业特点的宴饮新场景，同时鼓励经销商创新餐饮消费场景；服务则从满足消费者的多元化需求出发， 倡导"从卖酒向卖生活方式转变"，进一步优化消费体验。 8月12日晚间，贵州茅台发布2025年半年报，营收和利润均符合市场预期。 其报告显示，上半年公司实现营业总收入910.94亿元，同比增长9.16%；实现归母净利润454.03亿元，同比增长8.89%。 白酒行业今年进入深度期，业界普遍调低对白酒上市公司业绩表现市场预期。 贵州茅台作为行业龙头，年初给自己定了9%的业绩增长目标。从实际表现看，其表现基本符合市场预期。 业界分析认为，贵州茅台平稳的增长源于其核心产品体系的持续健康发展以及市场策略的有效执行。 国际化方面，实现营收28.93亿元，同比增长31.29%。 上半年，公司茅台酒基酒产量约4.37万吨，系列酒基酒产量约2.96万吨。 平稳增长的同时，贵州茅台仍保持着充沛的现金 ...

在白酒行业集体承压背景下，贵州茅台（600519.SH）于8月12日发布的2025年半年度业绩报告展现出 龙头企业的稳健底色。数据显示，其于上半年实现营业总收入910.94亿元，同比增长9.16%；实现归母 净利润454.03亿元，同比增长8.89%。 这份看似"温和"的成绩单背后，茅台以消费者为中心的转型正持续升温。眼下白酒行业正经历深度调 整，茅台从"渠道为王"向"消费者为王"转变，不仅给同样想走出"浪浪山"舒适区的同行带来重要启示， 对自身而言也是突破瓶颈的关键所在，要实现这一点，既要拿出打破传统路径依赖的勇气，更要下功夫 培育与新时代消费者深度对话的能力。 茅台变"温和" 从半年报数据看，今年上半年，贵州茅台营业总收入、利润总额、归属于上市公司股东的净利润等三大 核心财务指标均达9%左右。与过去几年的高速增长相比，今年上半年的增速已趋于平稳。这一变化背 后，是白酒行业整体调整的大环境，以及茅台自身发展阶段的转变。 半年新增11家海外经销商 当一家企业的年营收基数突破1700亿元、主力产品线突破千亿级，传统增长逻辑必然面临重构。在5月 12日举行的业绩解读会上，贵州茅台高层就曾表示，茅台已进入由高速增长 ...

精酿啤酒作为近年来酒类市场涌现出的新赛道，正在引起行业的广泛重视，其凭借独特的风味魅力和文 化属性，已成为市场增长的新引擎,消费需求多元化、个性化、分层化的趋势已经清晰反映在精酿啤酒 市场上。 ——秦书尧 中国酒类流通协会会长 近日，秦书尧调研湖北省酒类市场发展情况，他表示，湖北酒业具有产业结构和消费需求等方面的优 势，此次行业调整影响相对较小，为未来行业复苏保持良好的基础。精酿啤酒作为近年来酒类市场涌现 出的新赛道，正在引起行业的广泛重视，其凭借独特的风味魅力和文化属性，已成为市场增长的新引 擎,消费需求多元化、个性化、分层化的趋势已经清晰反映在精酿啤酒市场上。 7月31日，郎酒股份发布消息称，2025版郎牌郎8月11日起接受销售订单，8月25日起按照订单先后顺序 发货。新品瓶身保留"三段式"构成，延续白底大"郎"字，并传承经典"酒花"图案，致力于还原记忆中的 郎牌郎。此外，新品还在外包装及防伪方面进行多重升级。主体基酒贮存3年以上且比例不低于80%。 知酒君：新版郎牌郎传承了经典"酒花"图案，提供了良好的情怀体验感，同时进行外包装和防伪升级， 既满足了当前消费者的更高追求，也保障了消费者的权益，有利于构建 ...

Core Insights - The Chinese liquor industry is experiencing a paradoxical trend where a significant amount of liquor is being imported back into the domestic market, creating a "export to domestic sales" cycle, highlighting deep challenges in the internationalization process of Chinese liquor [1] Group 1: Export and Import Data - In the first five months of 2025, China's liquor exports reached $400 million, a year-on-year increase of 8.4%, with an export volume of 6.84 million liters, up 5.7% [2] - During the same period, imports of spirits from "Chinese origin" surged to $168 million, a staggering increase of 47.3%, surpassing imports from traditional liquor-exporting countries like the UK [2] - The average import price of these returned liquors was $176.3 per liter, nearly three times the average export price of $58.8 per liter [2] Group 2: Profitability and Industry Challenges - Despite the taxes associated with both exporting and importing, the return of liquor remains profitable due to policy differences and operational flexibility in the import-export process [3] - Exporters benefit from nearly 30% tax rebates, allowing them to offer discounts to distributors, making it feasible to profit even after incurring around 40% in import taxes [3] - Many exports do not reach overseas end markets; instead, they are often halted in bonded zones, leading to a phenomenon termed "exports that never leave the country" [3] Group 3: Internationalization Issues - The phenomenon of liquor return indicates a "quantity increase without quality improvement" in the internationalization of Chinese liquor, with 35% of export value concentrated in Hong Kong and Macau [4] - The export landscape is heavily dominated by a few major players, with Moutai accounting for over 96% of Guizhou's liquor exports, indicating a lack of internationalization among smaller enterprises [4] - The ongoing numerical competition between exports and returns suggests a need for the industry to redefine success in internationalization, focusing on genuine consumer acceptance rather than just export volume growth [4]

Core Insights - The Chinese liquor industry is navigating a complex market environment in the first half of 2025, with three significant trends emerging: low-alcohol products, consumer-centric strategies, and internationalization [1][3][5]. Group 1: Low-Alcohol Trend - The low-alcohol trend is becoming a new highlight in the industry, with leading companies like Wuliangye and Luzhou Laojiao launching low-alcohol products such as Wuliangye's "29-degree Wuliangye" and Luzhou Laojiao's "28-degree Guojiao 1573" [1]. - The low-alcohol market is experiencing rapid growth, with a compound annual growth rate of around 30%, and is expected to exceed 74 billion yuan by 2025 [1]. - This trend allows companies to explore new avenues in a saturated high-alcohol market and effectively reach younger consumers, although it requires higher standards in brewing technology and careful strategic planning [1]. Group 2: Consumer-Centric Strategies - Companies are accelerating their focus on consumer markets through initiatives like Luzhou Laojiao's "Jiao Zhu Festival" and interactive tasting events, which aim to enhance user value and build emotional connections with consumers [3]. - The consumer-centric approach helps to overcome growth bottlenecks and reshape development dynamics while fostering a new generation of consumers [3]. - However, this strategy requires long-term investment and careful management to avoid ineffective competition [3]. Group 3: Internationalization - The industry is making strides in internationalization, with major brands like Moutai and Wuliangye showcasing Chinese liquor at the 2025 Osaka World Expo, attracting international attention [5]. - Wuliangye is actively participating in various activities as a senior partner of the China Pavilion, while Moutai is launching a series of new products that explore cultural integration and localization [5]. - In 2024, the export volume of Chinese liquor increased by 6.3%, with total export value rising by 20.4%, and a significant 30% increase in export value in the first quarter of this year [5]. - Despite these gains, the global market share of Chinese liquor remains small, facing challenges such as tariff barriers and cultural differences [5][10]. Group 4: Standardization Efforts - The national liquor standardization technical committee has made significant progress by releasing a draft national standard for liquor quality, aimed at establishing standardized language for international markets [7]. - The introduction of the "liquor flavor wheel" replaces traditional terminology with familiar taste vocabulary for international consumers, facilitating the internationalization of Chinese liquor [8]. - These initiatives are designed to bridge cognitive gaps and provide strong support for the global expansion of Chinese liquor [8][10].

Core Insights - The Chinese liquor industry is undergoing significant adjustments in the first half of 2025, driven by economic fluctuations, changes in consumer dynamics, and intensified competition among existing players [1] - Three major trends are emerging in the industry: low-alcohol products, consumer-centric strategies, and internationalization [1] Trend 1: Low-Alcohol Products - The trend of low-alcohol beverages is gaining momentum, with major companies like Wuliangye and Luzhou Laojiao planning to launch new low-alcohol products to cater to younger consumers [3][4] - The low-alcohol market is experiencing a compound annual growth rate of around 30%, with expectations for the market size to exceed 74 billion yuan by 2025 [3][4] - Low-alcohol products are seen as a strategic avenue for companies to navigate the saturated high-alcohol market and create a more resilient product ecosystem [4][5] - The shift towards low-alcohol beverages is also aligned with changing consumer preferences, particularly among younger demographics, where 60% prefer low-alcohol options [7] Trend 2: Consumer-Centric Strategies - The industry is increasingly focusing on direct consumer engagement, moving away from traditional B2B models to enhance brand loyalty and consumer experience [9][12] - Companies are implementing immersive marketing strategies, such as tasting events and interactive experiences, to connect with younger consumers and adapt to their preferences [12][13] - The C-end strategy aims to break through growth bottlenecks and reshape development dynamics by activating real consumer engagement [13][15] - Building brand loyalty through deep consumer interaction is becoming essential in a market characterized by information overload and brand homogenization [15] Trend 3: Internationalization - The internationalization of Chinese liquor is accelerating, with companies participating in global events like the 2025 Osaka Expo to showcase their products [16][18] - In 2024, liquor exports reached 16,400 kiloliters, a 6.3% increase year-on-year, with total export value rising by 20.4% to $970 million [18][19] - Despite positive growth, Chinese liquor still holds a small share of the global spirits market, accounting for only 2.4% of total exports [19] - Challenges such as high tariffs, lack of international standards, and cultural barriers remain significant hurdles for broader acceptance in global markets [19][20] - Recent initiatives include the development of international standards for Chinese liquor to facilitate its global integration [22]

Core Viewpoint - Wuliangye is actively expanding its international presence through the "He Mei Global Tour," which aims to promote Chinese liquor culture and enhance its brand recognition globally [1][6][11]. Group 1: International Expansion - Wuliangye has launched its "He Mei Global Tour" in Germany and Seychelles, marking its first entry into Africa and deepening its European market presence [1][5]. - The company participated in the China (Sichuan) - Bavaria Economic and Trade Cooperation Exchange Conference to strengthen cultural and commercial ties with Europe [2][4]. - The tour has reached 15 countries and regions, covering six continents, showcasing Wuliangye's commitment to global outreach [9]. Group 2: Cultural Promotion - Wuliangye emphasizes the importance of cultural exchange, aiming to achieve mutual recognition through trade and cultural understanding [2][9]. - The company showcased its products at various events, highlighting the rich cultural heritage and quality of Sichuan liquor [5][9]. Group 3: Innovative Marketing Strategies - Wuliangye has introduced a new marketing model by collaborating with Chinese visa application service centers to create brand experience spaces in 50 cities worldwide [11][12]. - The company hosted creative cocktail events in Frankfurt to engage younger consumers and adapt to local drinking habits, promoting a modern image of Chinese liquor [12][13]. - Future plans include further development of the "He Mei Global Tour" IP to enhance internationalization efforts and foster global cultural exchange [13].

Core Viewpoint - Wuliangye is strategically targeting the younger demographic both domestically and internationally, utilizing innovative marketing and product offerings to enhance brand appeal and cultural exchange [1][2][3] Group 1: Brand Strategy and Market Positioning - Wuliangye emphasizes the importance of capturing the young consumer market as a core strategy for future growth, highlighting that understanding this demographic is crucial for the future of the liquor market [2] - The company has introduced new products such as the 39-degree Wuliangye "Purple Qi Dong Lai" and the upcoming 29-degree "Yi Jian Qing Xin," along with trendy experience stores to engage with younger consumers [2][4] - Wuliangye's "He Mei Global Tour" aims to penetrate international markets, particularly targeting young consumers through creative cocktails and immersive experiences in popular venues like the Frankfurt K4 bar [3][4] Group 2: Cultural Exchange and Global Outreach - The brand's strategy includes lowering the alcohol content and incorporating fruit flavors to make traditional liquor more accessible to non-Chinese markets, especially among younger consumers [4] - Wuliangye's cultural promotion efforts include hosting events in Germany to deepen brand penetration and enhance consumer recognition, showcasing traditional brewing techniques and offering immersive tasting experiences [5][6] - The collaboration with the China Visa Application Service Center aims to create a unique "China Visa + Liquor Culture" model, enhancing brand visibility and attracting overseas distributors [8] Group 3: Innovation and Future Prospects - Wuliangye is redefining the narrative of Chinese liquor on the global stage by blending traditional and modern elements, thus creating new opportunities for international expansion [9] - The company is committed to continuous innovation in product offerings and marketing strategies to adapt to the evolving global market landscape [9]

Core Viewpoint - The ongoing slowdown in domestic market sales and intensified competition have prompted Chinese liquor companies to focus on international expansion, with a notable trend of liquor returning to the domestic market as well [1][2]. Group 1: International Expansion of Chinese Liquor - Since 2024, major Chinese liquor companies have increased their investments in international markets, with brands like Moutai, Wuliangye, Yanghe, and Luzhou Laojiao actively participating in international events and marketing activities in regions such as Southeast Asia, the Middle East, and South America [3]. - As of the first half of 2025, 63.9% of liquor companies have either established or are expanding their overseas markets, with the Asia-Pacific region being the primary destination [3]. - In the first five months of 2025, China's liquor export volume and value both increased, with an export value of $400 million, up 8.4% year-on-year, and an export volume of 6.84 million liters, up 5.7% year-on-year [4]. Group 2: Liquor Reflow to Domestic Market - A significant amount of liquor is returning to China, with the country being the largest source of imported spirits, accounting for $160 million in imports, a 56.6% increase year-on-year, and 893,000 liters, a 64.4% increase year-on-year [5]. - The average import price of these returning liquors is $174 per liter, significantly higher than the $12 per liter for British spirits [7]. - The reflow of liquor is attributed to various factors, including the lack of effective overseas market penetration by Chinese companies and the potential for profit despite the multiple layers of taxes incurred during the import process [11][14]. Group 3: Challenges in Internationalization - The primary challenges faced by liquor companies in international markets include cultural differences (82.9%), brand influence (68.6%), and tariffs and trade barriers (60.0%) [17]. - Although some companies have achieved success through localized operations, significant time and effort are still required for market penetration and brand recognition [18]. - The unique characteristics of Chinese liquor, including its consumption habits and cultural significance, pose additional challenges in appealing to foreign consumers [19][20].