白酒直销成"新战场"？上半年8家上市白酒企直销营收超640亿元，这两家酒企"断崖式"领先 【中国白酒网】身处产业深度调整期，白酒渠道加速洗牌，直销渠道或许正成为渠道"新战场"。 洋河股份的直销营收占比在8家头部酒企中最低，占比仅为1.52%，上半年直销营收同比下滑 6.91%；迎驾贡酒上半年直销营收虽同比下滑1.17%，但其直销营收占比为8.5%。 近日，白酒上市公司半年报披露完毕。记者在梳理A股白酒上市公司（不含顺鑫农业）上半年业绩 表现时发现，营业收入排名前8位的上市酒企直销营收总额达到646.81亿元。将时间线拉长看，2022 年-2024年，多数酒企的直销营收均保持了双位数增长。 不过，直销营收占比方面则呈现分化态势——上半年茅台、五粮液直销营收占比均超过40%，而山 西汾酒、泸州老窖等6家酒企直销占比均不足10%。 随着电商、即时零售等线上直销模式的迅速崛起，酒企直销渠道的占比呈攀升趋势。未来直销模式 会改写白酒多年形成的渠道格局，成为酒企新支撑吗？ 茅台、五粮液上半年直销占比均超40% 今年上半年，8家白酒头部上市酒企直销营收总计达到646.81亿元，其中5家酒企的直销营收实现同 比增长。具体来看 ...

Core Viewpoint - The direct sales channel is emerging as a new battleground for the liquor industry amidst deep adjustments in the sector, with significant growth in direct sales revenue among leading companies [1][12]. Group 1: Direct Sales Revenue Performance - The total direct sales revenue of the top eight liquor companies reached 646.81 billion yuan in the first half of the year, with five companies experiencing year-on-year growth [1][5]. - Moutai and Wuliangye lead the direct sales revenue, with Moutai achieving 400.09 billion yuan (up 18.6%) and Wuliangye 211.95 billion yuan (up 8.6%) [5][11]. - Other companies like Luzhou Laojiao and Gujing Gongji have shown significant growth in direct sales revenue, with Gujing Gongji increasing by 40.19% to 5.73 billion yuan [5][11]. Group 2: Trends in Direct Sales Channel - The direct sales revenue share of leading liquor companies has been on the rise over the past three years, with Moutai's share increasing from 39.79% in 2022 to 45.52% in 2023 [7][8]. - Wuliangye's direct sales revenue share has remained stable around 36.6% to 36.58% during the same period [7][8]. - Regional companies like Yingjia Gongji and Jianshiyuan are also seeing increases in their direct sales revenue shares, indicating a broader trend across the industry [8][9]. Group 3: Future Outlook and Market Dynamics - The online sales of liquor are projected to reach 200 billion yuan in 2024, with a compound annual growth rate of 59% for the Douyin e-commerce liquor market from 2022 to 2024 [12][13]. - Companies are actively expanding their direct sales channels through e-commerce, group buying, and instant retail to capture market share [12][13]. - The direct sales model is expected to enhance profit margins, with Moutai's direct sales gross margin at 95.33%, significantly higher than traditional wholesale margins [13].