又出现一场以"茅台专卖店放开加盟"为幌子的骗局。 "50万开茅台直营店，每月保底几十到上百箱飞天茅台配额。" 近期，"茅台要落地800多家直营门店"的信息在市场流传，相关文章还附有申请开设茅台门店的"链接"和"二维码"，引导用户填写个人信息。 11月24日，贵州茅台方面对外回应，公司从未授权或委托任何主体发布此类信息，"拟建850家直营店" 等为不实消息。另有知情人士表示，茅台对此高度 重视，将通过相关部门和渠道给予严厉打击。 左宇/摄 谣言频出 事实上，今年围绕贵州茅台的谣言频繁发生，多集中在开放门店加盟、低价直采飞天茅台等方面。 9月，有不法分子开始以茅台集团及下属子公司的名义，发布"茅台集采峰会""战略合作峰会""F2C企业直供战略合作峰会" 等招商活动，声称茅台专卖店 全国招募加盟将开放、开展茅台经销开店申请等。 当时茅台通过官方微信号发布声明否认，从未授权任何主体组织此类活动，且将保留追究法律责任的权利，该消息时至今日仍在茅台集团公众号的置顶 位。 不过，后续相关谣言仍反复出现，并伴随着"低价直采飞天茅台"之类的消息。 部分文章以"茅台面向中小企业开放1499元直采飞天茅台""开放企业专属申购通道" ...

Core Viewpoint - The article discusses the significant decline in the price of Moutai liquor, transitioning from an investment asset to a consumer product, with many consumers reassessing its intrinsic value [3][10]. Price Decline and Market Reaction - Newly launched cultural series products and the 53-degree Flying Moutai have experienced drastic price drops, with the "Yellow Small Stream Dinner" series falling 30%-40% from its launch price of 2499 yuan to below 1700 yuan [4][5]. - The 375ml version of the "Walk into Five Countries" series has seen its price drop from 1619 yuan to 1050 yuan, while the 700ml version has decreased from 3599 yuan to around 2200 yuan, marking a nearly 40% decline [4][5]. - The price of the 53-degree Flying Moutai has fallen from approximately 2000 yuan at the beginning of the year to around 1600 yuan, a drop of over 50% from its peak of 3500 yuan at the end of 2022 [5][8]. Shift in Consumer Behavior - Consumers are now more cautious and rational in their purchasing decisions, with many no longer hoarding Moutai as an investment, reflecting a shift towards its consumption value [7][10]. - The trend of bulk purchasing for investment purposes has diminished, with consumers typically buying only one or two bottles for personal use [7][8]. Industry Dynamics - The white liquor industry is undergoing a cyclical adjustment, entering a phase of stock competition, with Moutai's strategy focusing on long-term stability and adapting to changing consumer habits [9]. - The decline in Moutai prices has not significantly affected its stock price, indicating a potential disconnect between market sentiment and the company's long-term value [9]. Future Outlook - Analysts suggest that Moutai may continue to experience price fluctuations in the short term, but there is potential for stabilization at current price levels due to the brand's inherent value and demand in gift and banquet markets [9][10].

限量款也不再稳当，年初那批9999瓶的"散花飞天"一度被炒到12000元，一两个月后就跌回3000元以下，很多跟风者血本无归； 市场寒冬下的价值重估茅台价格跌回十年前，经销商含泪清仓，这事儿说白了就是热钱退潮、存货暴露，然后大家都被迫学会认清那瓶酒的真实面目，让人 好奇的是这场回落到底怎么来、谁先慌、谁最后被套； 接下去的细节有点扎心，也有点带刺，请往下看； 今年年初到现在，市场先是被几款"文化系列"新品热炒推高，然后狂热的人群一起涌进去买单，限量和故事被反复放大，价格被推上高峰； 到2025年上半年，热度突然散了，散到连最稳的53度飞天也从2022年3500元的批发高点一路回落到不到1700元，很多拿着配额的经销商开始觉得不妙； 仓库里，从前年年底堆满箱子的景象变成了如今空荡荡，仅剩零星几箱，是那种能听见回音的空旷感； 经销商曾一伟告诉记者，他做茅台十五年，从来没见过这种冷清，往年年底都是补货备战，现在连拿货都要掂量——这掂量不是算账，是算命； 几款新品在今年像被扔进冰水里一样上市即破发，譬如9月的"黄小溪吃晚饭"发售价2499元，现在跌到1700元左右，跌幅在30%到40%之间； 6月的"走进五国"系列3 ...

Core Insights - The market for Moutai is experiencing a significant downturn, with prices dropping to levels not seen in a decade, reflecting a shift from investment-driven demand to consumer-focused value [6][12][14] - The consensus that Moutai is a guaranteed investment has collapsed, leading to a cautious market sentiment among both consumers and distributors [4][9][12] Price Trends - The wholesale price of 53-degree Flying Moutai has plummeted from approximately 3,500 yuan at the end of 2022 to below 1,700 yuan, marking a decline of over 50% [3][8] - New product launches have also faced severe price drops, with some products seeing reductions of 30-40% shortly after release [7][12] Market Dynamics - Distributors are now facing a "cold winter" in the Moutai market, with many reporting empty warehouses and a drastic reduction in stock levels compared to previous years [2][6][9] - The previous trend of speculative buying has diminished, with many investors retreating from the market as the "only rise" myth surrounding Moutai has been debunked [9][12] Consumer Behavior - Consumers are shifting towards more rational purchasing habits, with many opting to buy only a few bottles for personal use rather than stockpiling [12][16] - The decline in Moutai's perceived value as an investment has led to a reevaluation of its worth as a consumable product [4][13] Industry Outlook - The white liquor industry is undergoing a cyclical adjustment, with increased pressure on channel inventories and a slowdown in growth rates [16][17] - Moutai's management has indicated a focus on long-term strategies to stabilize its market position amid these changes [16][17]

对于投资者提问， "第三季度业绩同比没什么增长，第四季度可能还会下降，跟咱们计划年度目标有较大差别，公司计划怎么采取措施？" 据澎湃新闻，贵州茅台召开业绩说明会，回应三季度业绩表现等多个热点问题。 "当前，白酒行业正经历深度调整，叠加消费习惯变化、商业模式不适配等问题，白酒企业普遍承压。"11月6日，贵州茅台酒股份有限公司（贵州茅 台，600519.SH）召开2025年第三季度业绩说明会，公司董事王莉（代行总经理职责）在回应投资者提问时作出上述表述。 王莉回应称，当前，白酒行业正经历周期性调整，渠道库存普遍承压，增长速度大幅放缓，集中度加剧提升，行业已进入存量竞争时代。面对消费 场景缺失、消费习惯变化、商业模式不适配等问题，整个行业正处于转型的重要时期。公司董事会和经营班子一定会全力以赴、实事求是、科学谋 划，在充分尊重市场规律的前提下，以市场需求为驱动，维护渠道韧性与市场稳定。公司也将持续秉持坦诚务实的态度，与各方一道，共克时艰、 共谋发展。 另有投资者提问， "公司预收账款较年初大幅减少20亿的原因是什么？是否经销商打款意愿降低？" 贵州茅台副总经理、财务总监、董事会秘书蒋焰回应称，茅台长期以来高度重视渠 ...

Core Viewpoint - Wuliangye's Q3 2025 performance reflects the broader challenges faced by the liquor industry, with revenue and net profit showing fluctuations due to market adjustments, yet the company is actively optimizing its strategies to maintain long-term growth resilience [1][2][5]. Financial Performance - For the first three quarters of 2025, Wuliangye reported total revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1]. - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares (tax included) [1]. Industry Context - The liquor industry is undergoing a significant adjustment, with a reported 15% year-on-year decline in white liquor production in September 2025 [2]. - The overall production from January to September 2025 reached 2.655 million kiloliters, also reflecting a year-on-year decrease [2]. Strategic Response - Wuliangye is focusing on optimizing channel inventory, stabilizing product prices, and enhancing marketing reforms to navigate the current industry challenges [1][2]. - The company is launching new products aimed at younger consumers and expanding its market presence through both traditional and emerging channels [4][5]. Market Expansion - Wuliangye is actively expanding its domestic market while also increasing its international presence through initiatives like "He Mei Global Tour," targeting markets in Japan, Germany, Seychelles, Spain, and South Korea [5]. - The company has added over 10,000 new terminals and is enhancing its direct sales channels through platforms like Tmall and JD [5]. Long-term Outlook - Despite short-term performance pressures, Wuliangye's brand value and comprehensive strength remain strong, positioning it well for future growth [6]. - The company's dividend policy is stable, with plans to distribute at least 70% of net profit as dividends from 2024 to 2026, ensuring continued cash flow for investors [6].

Core Viewpoint - The company, Wuliangye, reported its Q3 2025 earnings, showing resilience amid industry challenges, with a total revenue of 60.945 billion yuan and a net profit of 21.511 billion yuan for the first three quarters [1][2]. Financial Performance - For the first three quarters of 2025, Wuliangye achieved total revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1]. - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares, totaling 10.007 billion yuan, reflecting a commitment to return value to shareholders [1]. Industry Context - The white liquor industry is experiencing a significant adjustment, with a reported 15% decline in production in September and a 9.9% decrease in production from January to September 2025 [2]. - Wuliangye's performance is influenced by these industry-wide challenges, but its brand strength and proactive channel reforms position it better than smaller competitors [2][9]. Strategic Initiatives - Wuliangye is focusing on optimizing channel inventory, stabilizing product prices, and innovating its product matrix to maintain market share and brand value [1][2]. - The company is launching new products targeting various consumer scenarios, including low-alcohol options and products aimed at younger consumers [5][6]. Market Expansion - Wuliangye is expanding its market presence by increasing the number of retail outlets and enhancing its online sales channels, with a reported 8% growth in online sales revenue from January to September 2025 [6]. - The company is also pursuing international expansion through initiatives like "He Mei Global Tour," enhancing its brand recognition in various countries [6]. Long-term Outlook - Despite short-term performance fluctuations, analysts believe Wuliangye's long-term investment value remains strong, supported by a relatively low valuation compared to peers and a stable dividend policy [8]. - The company's brand value is recognized as one of the highest in the industry, with a reported value of 487.657 billion yuan, reflecting an 8.4% increase year-on-year [9]. Conclusion - Wuliangye is expected to leverage its strategic initiatives and strong brand equity to navigate the current industry challenges and emerge with improved performance as the market stabilizes [10].

Group 1 - The core point of the news is that China Resources' subsidiary, Huachuang Xinrui, plans to reduce its stake in Shanxi Fenjiu due to the expiration of related funds, which is considered a routine operation in fund management [2] - As of now, Huachuang Xinrui holds 128 million shares of Shanxi Fenjiu, accounting for 10.50% of the company's total share capital, making it a significant shareholder [2] - Shanxi Fenjiu emphasizes that this reduction will not affect China Resources' confidence in the company's future development and long-term value [2] Group 2 - The Chinese liquor industry is undergoing a significant cyclical adjustment, with overall production, sales, and profits under pressure [3] - Shanxi Fenjiu reported a stable performance in its semi-annual report for 2025, achieving revenue of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit of 8.505 billion yuan, up 1.13% [3] - The core product, Fenjiu series, generated revenue of 23.391 billion yuan, accounting for approximately 98% of total revenue, indicating a highly concentrated product structure [3] Group 3 - Shanxi Fenjiu's revenue from outside Shanxi province increased to 63.2% in 2024, reflecting the effectiveness of its national expansion strategy [4] - The company is actively implementing its Nationalization 2.0 strategy, focusing on market development in key regions such as the Yangtze River Delta and Pearl River Delta, which are showing rapid growth [4]

Core Insights - The Chinese liquor industry is undergoing a systematic restructuring driven by generational consumption changes, diversified scenarios, and accelerated demand stratification [1][2] - The focus of competition is shifting from pursuing high growth to building resilience, with companies' core competencies and adaptability becoming crucial for long-term development [1][2] Company Performance - Luzhou Laojiao achieved a revenue of 16.454 billion yuan and a net profit of 7.663 billion yuan in the first half of 2025, demonstrating strong resilience and high-quality growth potential [2][3] - The gross profit margin for liquor products reached 87.18%, reflecting effective inventory management and pricing strategies [2] - Contract liabilities at the end of Q2 amounted to 3.53 billion yuan, an increase of 1.19 billion yuan year-on-year, indicating strong market confidence in the brand [2] Strategic Initiatives - Luzhou Laojiao is focusing on mid-to-high-end liquor segments, with its flagship product, Guojiao 1573, solidifying its position in the high-end market [3] - The company is also targeting the fast-growing light bottle liquor market, planning to launch new products to attract younger consumers and expand its market base [3][6] - Luzhou Laojiao has developed a product matrix based on a "dual brand, three product lines, and major single product" strategy, enhancing its competitive edge across various price segments [2][3] Market Trends - The low-alcohol liquor market is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, significantly outpacing the overall liquor industry [6] - Luzhou Laojiao has been proactive in developing lower-alcohol products, including a 28-degree version, to align with consumer trends towards lower alcohol content [6][7] Innovation and Marketing - The company is leveraging innovative marketing strategies to engage younger consumers, including events that combine liquor with lifestyle experiences [8] - Luzhou Laojiao is also exploring cross-industry collaborations to expand its brand reach and appeal to the Z generation [8]

Core Viewpoint - Guizhou Moutai (600519.SH) reported a revenue of 91.094 billion yuan for the first half of 2025, marking a year-on-year growth of 9.16%, while net profit reached 45.403 billion yuan, up 8.89%, despite the overall downturn in the liquor industry [1][2]. Financial Performance - Total revenue for the first half of 2025 was 91.094 billion yuan, compared to 83.45 billion yuan in the same period of 2024, reflecting a growth rate of 9.16% [2]. - Net profit attributable to shareholders was 45.403 billion yuan, an increase from 41.7 billion yuan in the previous year, representing an 8.89% growth [2]. - Daily earnings averaged 250 million yuan over the 181 days of the reporting period, with both revenue and profit reaching historical highs, although the growth rate was the lowest in a decade [1][2]. Industry Context - The liquor industry is experiencing a cyclical adjustment, with many companies forecasting significant declines in performance for the first half of the year [4]. - Guizhou Moutai's management indicated a shift from high-speed growth to high-quality development, setting a growth target of 9% for the year, down from previous targets of 15% [4]. - The wholesale price of Feitian Moutai has been fluctuating, with reports indicating a drop below 1800 yuan per bottle earlier this year, impacting dealer confidence and leading to a consensus of "not stocking up" among distributors [4][5]. Revenue Structure - The Feitian Moutai segment accounted for approximately 85% of total revenue, generating 75.59 billion yuan in the first half of 2025, a year-on-year increase of 10.24% [4][8]. - The revenue from the sauce-flavored liquor segment, which includes products like Moutai 1935, was 13.763 billion yuan, growing only 4.69%, significantly lower than previous years where growth rates exceeded 25% [8][9]. Prepayment and Market Sentiment - Prepayments decreased by over 42%, from 9.592 billion yuan at the beginning of the year to 5.507 billion yuan at the end of the reporting period, indicating reduced willingness among distributors to stock products [5][6]. - The overall sentiment in the market reflects caution, with the industry facing pressures from macroeconomic cycles and policy adjustments [6][14]. Product Development - Guizhou Moutai has been focusing on developing new flagship products outside of Feitian Moutai, with Moutai 1935 being a key product that achieved over 50 billion yuan in sales in its first year and around 120 billion yuan last year [10][11]. - Despite its potential, Moutai 1935 has faced pricing challenges, with its market price often falling below the suggested retail price, raising concerns among investors [11][12]. Direct Sales Growth - Direct sales revenue reached 40.009 billion yuan, growing over 18% year-on-year, with its share of total revenue increasing to nearly 44% [15]. - The iMoutai app contributed 10.76 billion yuan in revenue, showcasing the company's efforts to enhance its digital sales channels [15].