在短短半年之内，茅台身价一跌再跌。 曾几何时，茅台还被视为白酒界的"神话"，一瓶飞天茅台不仅是身份的象征，更是保值增值的"硬通货"。 但在短短半年之内，茅台的批发价就从2000元以上的高位跌至1500元以下，甚至一度触及历史低点。这场价格崩塌不仅撕开了茅台"只涨不跌"的面具，更折 射出我国消费环境的深刻变化。 随着白酒行业的存量时代到来，茅台从神坛跌落，似乎是注定的。 今年以来，茅台价格的暴跌堪称行业地震。公开数据显示，飞天茅台的散瓶批发价从年初的2220元一路下跌，6月首次跌破2000元，随后以每月百元的速度 下行，11月更是击穿1600元心理关口，在某电商平台，甚至能够以低于1500元的价格买到手。 茅台的这一跌幅堪比自由落体，半年之内价格腰斩，也令市场瞠目结舌。 曾被誉为"白酒之王"的茅台，其价格为什么会一路下跌？ 茅台价格崩塌的背后，其实是供需关系的彻底反转。曾经，茅台是"一瓶难求"的稀缺品，经销商需要提前数月预订，黄牛也要加价抢购，消费者甚至为了抢 一瓶茅台挤破头。 但到了今天，曾经价格坚挺的茅台，也不得不陷入到行业的价格战之中，价格一跌再跌，不少经销商二手黄牛更是高呼亏本。 价格下跌之下，茅台的金 ...

【中国白酒网】新疆白酒龙头伊力特，在行业深度调整与自身业绩承压的关键节点，迎来了领导层 的更迭。 作为区域型酒企，尽管伊力特早已提出"走出新疆"的口号，但疆内市场至今仍是其绝对的"命脉"。 2025年第三季度，伊力特疆内市场收入占酒类产品总收入约84%，但其收入同比也下降了12.66%。这表 明，即便是传统优势市场，也出现了增长乏力和消费疲软的迹象。与此同时，被视为增长希望的疆外市 场，本季度销售金额同比暴跌49.88%，由去年同期的4.08亿元锐减至2.04亿元。 面对困境，伊力特也尝试转型。公司近年来在战略调整上频频出手：重新确定西安、兰州等为重点 市场，深化四川销售公司改革，推出"直营+合伙人+推荐官"的新营销模式。这些举措在上半年也取得 了一定成效，带动直销收入同比增长超六成。西南证券的分析指出，尽管传统经销渠道因社会库存高、 动销慢而压力巨大，但公司的改革方向是明确的。然而，从三季度数据看，这些改革的成效尚未能抵消 宏观环境与行业周期带来的巨大冲击。 12月15日，伊力特公告称，因临近法定退休年龄，陈智辞去公司董事长、董事等全部职务。同日， 董事会选举原党委副书记、总经理李强为新任董事长。这次看似常 ...

2025年的白酒行业，仍处于深度调整期，并全面进入"存量竞争"时代，酒企普遍面临渠道库存高企、产品价格倒挂、指标增速放缓等现实问题。 而在资本市场，曾经的"明星"板块更是疲态尽显——年内A股白酒指数累计跌幅已逾15%，在火热的市场行情中逆势领跌，成为拖累大盘的关键因素。 立足当下，白酒行业现在的情况究竟如何？长期前景是否值得期待？ 业绩普遍降速，行业龙头也暴雷 从业绩层面来看，2025年前三季度，白酒股普遍遭遇业绩降速，其中归母净利润录得增长的仅有贵州茅台（600519.SH）、山西汾酒（600809.SH）两家， 其余酒企的归母净利润均出现下滑，其中还有顺鑫农业（000860.SZ）、酒鬼酒（000799.SZ）这样遭遇"断崖式"下滑的酒企。 | 证券代码 | 证券简称 | 前三季度营业总收 | 前三季度营业总收入 | | 前三季度归母净利 前三季度归母净利润 | | --- | --- | --- | --- | --- | --- | | | | 入（亿元人民币） | 同比增长率(%) | 润（亿元人民币） | 比增长率(%) | | 600519.SH | 贵州茅台 | 1,309.04 | 6.32 ...

12月3日晚间，泸州老窖（000568）公告称，公司董事应汉杰因个人原因辞去公司第十一届董事会董事及薪酬与考核委员会委员职务。应汉杰原 定任期至公司第十一届董事会届满时止，辞职后不在公司及控股子公司担任任何职务。 泸州老窖同日公告，公司董事会同意提名益智和陈国祥为公司第十一届董事会独立董事候选人，提交公司股东会选举。 就在6个月前，泸州老窖另一名董事也因个人原因辞职。 泸州老窖5月29日公告，钱旭因个人原因申请辞去公司第十一届董事会董事及审计委员会委员职务。钱旭原定任期至公司第十一届董事会届满时 止，辞职后不在公司及控股子公司担任任何职务。 作为知名白酒企业，泸州老窖近年来业绩明显承压，虽然营收、净利年年增长，但增长幅度逐年放缓。2021年至2024年，公司营业收入同比变动 幅度分别为23.96%、21.71%、20.34%、3.19%，归母净利润同比变动幅度分别为32.47%、30.29%、27.79%、1.71%。 来到2025年，公司业绩终于出现下滑，前三季度实现营业收入231.27亿元，同比下降4.84%；归母净利润107.62亿元，同比下降7.17%；扣非归母 净利润107.42亿元，同比下降7.1 ...

茅台双规格涨价 先给结论：短期算是"站稳脚跟不跌了"，但想回到之前的高光时刻，还得等库存这波"堰塞湖"慢慢消 化，就像游戏里清完野怪才能推高地，急不来！ 为啥说短期稳了？核心就一个：年底要"冲业绩"了！过年过节谁不整点硬货？宴席、家庭聚会、商务送 礼，茅台还是"排面担当"，12月到2月这波消费潮，经销商不得赶紧备货？ 在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 文 |小戎 哈喽，大家好，小戎这篇文章主要分析：茅台从电商杀价快跌破1499元出厂价，到抖音出手控价，11月 29日25年飞天原箱、散瓶各涨15元，终于"回血"，要从"跳水冠军"变稳健选手了。 茅台这波操作简直是"白酒圈顶流自救记"，从之前电商杀价杀到快跌破1499元出厂价，到抖音直接"锁 价保价"，现在终于有点"回血"迹象了。 | 茅台飞天 | | 2025年11月29日 (公众号:今日酒价) | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | 53度/500ml | 1580 | 1595 I | | 2 ...

Core Viewpoint - Guizhou Moutai is facing significant price declines for its flagship product, Feitian Moutai, which has dropped nearly 29% from around 2200 yuan to 1565 yuan per bottle, raising concerns about market dynamics and product authenticity [1][2] Company Insights - The new chairman, Chen Hua, emphasized the company's commitment to combating counterfeit products and improving consumer trust by collaborating with e-commerce platforms and regulatory authorities [2] - Chen noted that the overall white liquor industry is in a deep adjustment phase, characterized by high channel inventory, price inversions, and slowing growth rates, affecting all companies, including Moutai [2] - Despite these challenges, Chen expressed confidence in Moutai's future, believing that opportunities outweigh challenges, and highlighted three sources of confidence: the large domestic market, the deep-rooted nature of the liquor industry, and Moutai's resilience in adapting to market changes [3] Financial Performance - Moutai's actual performance this year fell short of its 9% annual growth target, with total revenue for the first three quarters at 130.9 billion yuan, a year-on-year increase of 6.32%, and net profit attributable to shareholders at 64.63 billion yuan, up 6.25%, marking the lowest growth rates in nearly 11 years [3]

Core Insights - The company, Jinhuijiu, experienced a slight decline in revenue and net profit in the first three quarters of the year due to intensified competition in the liquor industry and policy adjustments [1] - The third quarter saw a significant drop in net profit, exceeding 30% year-on-year, which was worse than many brokerage firms had anticipated [1][3] Financial Performance - For the first three quarters, Jinhuijiu reported revenue of 2.306 billion yuan, a decrease of 0.97% year-on-year, and a net profit of 324 million yuan, down 2.78% year-on-year [1] - In Q3 alone, revenue was 546 million yuan, a decline of 4.89% year-on-year, with net profit falling to 25 million yuan, a drop of 33.02% year-on-year [1] - The net cash flow from operating activities was 283 million yuan, down 18.89% year-on-year [1] Product and Market Strategy - Jinhuijiu is optimizing its product structure by reducing low-end products and focusing on high-value products, with products priced above 300 yuan/500ml generating 537 million yuan in revenue, a growth of 13.75% [2] - Revenue from products priced between 100-300 yuan/500ml saw a slight increase of 2.36%, while products below 100 yuan/500ml experienced a significant decline of 23.6% [2] - The main revenue source remains Gansu province, contributing 1.689 billion yuan, a decrease of 2% year-on-year [2] Sales Channels - The primary sales channel, the distributor channel, generated 2.093 billion yuan, down 2.74% year-on-year, while online sales increased by 25.22% to 73 million yuan [2] - Direct sales, including group purchases, generated 57 million yuan, a decline of 6% [2] Future Outlook - Jinhuijiu aims to achieve a revenue target of 3.280 billion yuan in 2025, representing an 8.57% growth, and a net profit target of 408 million yuan, a 7.37% increase [2] - To meet this year's revenue and profit goals, the company would need to achieve a growth rate of at least 40% in Q4 revenue and 82.7% in net profit, which is challenging given the current market conditions [3]

Core Viewpoint - The company, Yili Te, is facing significant challenges in achieving its annual performance targets due to a substantial decline in revenue and net profit in the first half of 2025, exacerbated by intensified competition in the liquor industry and policy adjustments [1][2]. Financial Performance - In the first half of 2025, Yili Te reported revenue of 1.07 billion yuan, a year-on-year decrease of 19.51%, and a net profit attributable to shareholders of 163 million yuan, down 17.82% [2]. - In Q2 2025, the company experienced a dramatic drop in revenue to 275 million yuan, a decline of 44.86%, and a net profit of 18 million yuan, down 52.75% [2]. - The company has set ambitious revenue and profit targets for 2025, aiming for 2.3 billion yuan in revenue and 405 million yuan in profit, but faces significant challenges in meeting these goals [2][3]. Historical Performance and Cash Flow - Yili Te has consistently failed to meet its performance targets over the past three years, with actual revenues falling short of targets by 727 million yuan, 269 million yuan, and 597 million yuan from 2022 to 2024 [3]. - The company's cash flow situation is concerning, with a net cash outflow from operating activities of 212 million yuan in the first half of 2025, worsening from a net outflow of 14.53 million yuan in the same period last year [3]. Revenue Breakdown - All product lines, including high, medium, and low-end liquor, saw revenue declines in the first half of 2025, with high-end liquor revenue at 800 million yuan (down 7.99%), medium-end at 197 million yuan (down 42.33%), and low-end at 65 million yuan (down 36.01%) [4]. - The company's core market remains in Xinjiang, with sales in the region totaling 898 million yuan (down 10.05%), while sales outside Xinjiang dropped significantly by 47.88% to 164 million yuan [4]. Asset and Liability Changes - As of June 30, 2025, Yili Te's accounts receivable surged to 370 million yuan, a dramatic increase of 1468.57% from the previous year [5]. - The company's current liabilities rose sharply to 1.602 billion yuan, an increase of 90.49%, indicating a trend towards short-term debt [6]. Strategic Adjustments - In response to declining performance, Yili Te is actively adjusting its strategy, focusing on key markets such as Xi'an and Lanzhou, and implementing a new sales model to boost direct sales revenue [7][8]. - The company aims to enhance market penetration and optimize inventory structure while improving product quality and internal management efficiency [8][9]. Industry Context - The liquor industry is undergoing significant adjustments, with a shift towards intensified competition and a focus on market consolidation [9]. - Yili Te's ability to improve operational efficiency, expand its market presence, and optimize inventory will be crucial for its sustainable development in the current competitive landscape [9].

Core Viewpoint - Yanghe, a leading player in the Chinese liquor industry, is facing unprecedented challenges, including declining revenue and profit, as well as increased competition in a slowing market [4][10][19]. Company Performance - In 2024, Yanghe reported its worst performance since going public, with revenue of 28.876 billion yuan, a year-on-year decline of 12.83%, and net profit of 6.673 billion yuan, down 33.37%, returning to levels seen seven years ago [4][10]. - The company has been using the term "active deceleration" to explain its declining performance, which has become a common phrase in recent years [4][5]. Market Position - Yanghe was once a top player in the liquor industry, ranking among the top three alongside Moutai and Wuliangye since 2010, but has now fallen to fifth place after being surpassed by Shanxi Fenjiu and Luzhou Laojiao [5][8]. - The company’s mid-to-high-end products, including the "Dream Blue" series, have been particularly affected, with revenue from these products declining by 14.79% in 2024, contributing significantly to the overall revenue drop [13][14]. Inventory and Operational Challenges - Yanghe's inventory turnover days have reached nearly 900 days, indicating severe inventory issues, which have doubled compared to the previous year [11]. - The high inventory levels have led to increased costs for distributors and forced the company to reduce production capacity, further impacting profitability [11][19]. Competitive Landscape - Yanghe is facing significant competition from local rival Jinshiyuan, which has been gaining market share in Jiangsu, Yanghe's home province. Jinshiyuan's revenue grew by 13.32% in 2024, while Yanghe's provincial revenue declined by 11.43% [17][18]. - The overall liquor market is experiencing intensified competition, particularly in the light bottle liquor segment, where numerous brands are vying for consumer attention [22]. Strategic Response - In response to its challenges, Yanghe has launched new products aimed at the mass market, including the seventh generation of "Sea Blue" and a cost-effective "Mingjiu" line [20][21]. - The company aims to balance its brand renewal, high-end market breakthroughs, and mass market positioning to regain its competitive edge and reverse its declining trend [24].

Core Viewpoint - Yanghe Co., Ltd. has officially entered the "Gu Yu Era" with the election of Gu Yu as the new chairman of the board, marking a significant leadership change amid declining performance in the competitive liquor industry [1][3]. Company Leadership Change - Gu Yu has been elected as the chairman of Yanghe Co., Ltd. and will also serve as the head of the strategic committee and a member of the nomination committee, with a term aligned with the current board [1][3]. - Gu Yu, born in May 1978, has a rich career background primarily in local government roles, which may provide new management insights for the company despite his lack of direct experience in the liquor or consumer industry [3][7]. - The leadership transition was unexpected, as the previous chairman, Zhang Liandong, had recently participated in public events promoting the company before submitting his resignation due to work adjustments [3][4]. Company Performance - Yanghe Co., Ltd. is projected to be the only major listed liquor company to experience negative growth in 2024, with revenue figures showing a decline from 331.26 billion yuan in 2023 to 288.76 billion yuan in 2024, representing a year-on-year decrease of 12.83% [5][6]. - Net profit also saw a significant drop, from 100.16 billion yuan in 2023 to 66.73 billion yuan in 2024, marking a decline of 33.37% [5][6]. - In the first quarter of 2025, the company reported further declines, with revenue of 110.66 billion yuan, down 31.92%, and net profit of 36.37 billion yuan, down 39.93% [6]. Industry Context - The liquor industry is currently facing a phase of adjustment, with intensified competition and changing consumer preferences impacting sales [7]. - Yanghe Co., Ltd.'s market position has weakened, dropping from third to fifth in revenue rankings among major liquor companies, overtaken by Luzhou Laojiao and Shanxi Fenjiu [7]. - The previous chairman had outlined a future strategy focused on high-quality products and expanding into various consumer markets, which will be critical for the new chairman to address [7].