徽酒二哥"压力山大"。 成功跻身"徽酒老二"的 迎驾贡酒 ，却在资本市场"遇冷"。 进入6月份以来，迎驾贡酒的股价一度跌破40元大关，最低报收37.12元/股，创下3年以来的股价新低； 直到6月20日，迎驾贡酒股价才终于迎来久违的大涨。 截至7月8日，迎驾贡酒报收39.58元/股，已连续多日在40元线下徘徊；当前迎驾贡酒的股价今年内累计 跌幅已近23%。这样的股价表现可以说是其上市以来的第二差，仅次于2016年年度下跌34.26%的市场表 现。 图源：百度股市通截图 此前在业绩说明会上，其一季度业绩下滑、股价暴跌等问题遭遇投资者的"拷问"，但公司的回应却被吐 槽"敷衍"。 值得一提的是，曾执着于"百亿目标"的迎驾贡酒，2025年战略转向"行稳致远"，并将净利润增速目标下 调至保守的1%。 2025年是迎驾贡酒上市十周年与建厂七十周年的重要节点，但面对业绩承压、股价低迷的现实困境，这 家区域型酒企将如何破局？ 01.业绩"两连降" 2015年5月，迎驾贡酒登陆上交所主板，成为 白酒 行业第16家上市公司，与 古井贡酒 、 口子窖 和 金 种子酒 并称"徽酒四朵金花"。 近年来，迎驾贡酒走上了高速发展的道路，并超 ...

Core Insights - The white liquor industry is experiencing intensified structural differentiation and competition, with a focus on self-transformation and finding new opportunities amidst deep adjustments [1] - In 2024, the production volume of white liquor from 989 large-scale enterprises in China is projected to be 4.145 million kiloliters, a year-on-year decrease of 1.8%, while sales revenue is expected to reach 796.384 billion yuan, a year-on-year increase of 5.3% [1] - The industry is characterized by strong concentration, with leading brands and regions playing a crucial role in market dynamics [1] Industry Overview - The white liquor market is undergoing a reshuffle, with a clear trend of strong concentration and differentiation, leading to fierce competition among top brands [1][15] - Major brands are innovating their marketing strategies and product offerings to adapt to changing consumer demands and market conditions [15][23] Market Dynamics - In key markets like Henan, Jiangsu, and Shandong, leading brands dominate the sales landscape, with significant market shares held by top players such as Moutai and Wuliangye [4][5][6] - The competitive landscape varies by region, with local brands often struggling against national brands in markets like Henan and Guangdong [4][8][9] Brand Strategies - Wuliangye is focusing on expanding its market presence through innovative product launches and targeted marketing strategies aimed at various consumption scenarios [16] - Moutai is enhancing its brand image through cultural marketing and customer engagement initiatives, aiming to adapt to the evolving consumer landscape [17] - Luzhou Laojiao is implementing a dual-brand strategy to enhance market penetration and consumer experience [18] - Shanxi Fenjiu is emphasizing quality and cultural heritage in its marketing approach to strengthen brand loyalty [19][20] - Yanghe is leveraging cultural events and sponsorships to enhance brand visibility and market share [21] Future Outlook - The white liquor industry is expected to continue evolving, with leading companies focusing on innovation, market expansion, and adapting to consumer preferences [23] - The emphasis on quality, cultural relevance, and consumer engagement will be critical for brands to maintain competitiveness in a rapidly changing market [23]