据悉，茅台近期推出控量政策，年内暂停向经销商发放所有茅台产品，飞天批价应声大涨，连续两日涨近100元。 12月14日，25年飞天茅台批价继续大幅回升，已逼近1600元关口。此前的12月12日，25年飞天茅台批价跌破官方指导价1499元，但在12月13日已涨回1500元 关口， | | 茅台飞天 | | 2025年12 (公众号: 今 | | --- | --- | --- | --- | | 品名 | | 规格 | 昨日行情 | | ② 25年飞天(原) | | 53度/500ml | 1520 | | ② 25年飞天(散) | | 53度/500ml | 1500 | | 24年飞天(原) | | 53度/500ml | 1580 | | 24年飞天(散) | | 53度/500ml | 1550 | | 23年飞天(原) | | 53度/500ml | 1800 | | 23年飞天(散) | | 53度/500ml | 1700 | | 公斤茅台(原) | | 53度/1L | 2900 | 25年飞天批价两日大涨近100元。据第三方平台"今日酒价"披露的各大名酒批发参考价显示，12月13日，25年飞天散 ...

贵州茅台发布公告称，公司2025年中期利润分配方案已获股东大会通过，将以总股本12.52亿股为基数，每股派发23.957元现金红利（含税），共计派发 300.01亿元（含税）。股权登记日为2025年12月18日，除权（息）日和现金红利发放日均为2025年12月19日。部分股东的红利将由公司自行发放。扣税说明 根据不同股东类型，分别按10%或20%税率代扣代缴所得税。 同日，五粮液发布公告称，公司于2025年6月20日召开2024年度股东大会，审议通过《关于提请股东大会授权董事会制定2025年中期分红方案的议案》，同 意授权董事会论证、制定并实施2025年中期分红方案。公司召开第七届董事会2025年第6次会议，审议通过《2025年中期利润分配方案》，同意以公司现有 总股本38.82亿股为基数，向全体股东每10股派现金25.78元（含税），合计分配100.07亿元（含税），不送红股，不以公积金转增股本。股权登记日为2025 年12月17日，除权除息日为2025年12月18日。 智通财经12月10日讯，今日，两大白酒龙头企业贵州茅台、五粮液相继公布2025年中期权益分派实施方案，合计400亿的"红包雨"即将派发。 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 作者：今纶 茅台五粮液都顶不住了，价格继续下滑。 12月2日，拼多多平台百亿补贴中，飞天茅台售价降至1399元，页面标注一周内已有超万人完成拼单。这是什么概念？兄弟我以前喝的茅台是3000多一 瓶，茅台如今这价格起码是打了个三折或者四折。 还有五粮液，也是继续下滑。12月5日，有市场消息称，五粮液将从明年起调整第八代五粮液价格，在1019元/瓶打款价不变的基础上，给予打款折扣119 元/瓶，即开票价为900元/瓶。据中国新闻周刊报道，有业内人士称如果算上厂家补贴可以降至800多元/瓶。这至少也是打了个八折。 茅台五粮液怎么了？其实就一句话：卖不动了。 毕竟像段永平这样的经常喝茅台的富豪太少，毕竟商务需求在急剧下滑，中产们在重看电影《芳华》，焦虑自己的阶层滑落，至于酒，真的没钱没心情 喝。 第三季度单季，茅台实现营业收入390.64亿元，同比微增0.56%；归母净利润192.24亿元，同比微增0.48%。 然后茅台董事、代行总经理职责的王莉说，公司正由高速增长向高质量发展转型。我都不知道王领导是不是对高质量发展有什么误解？什么时候一降速就 变成高质量发展 ...

还有五粮液，也是继续下滑。12月5日，有市场消息称，五粮液将从明年起调整第八代五粮液价格，在1019元/瓶打款价不变的基础上，给予打款折扣119 元/瓶，即开票价为900元/瓶。据中国新闻周刊报道，有业内人士称如果算上厂家补贴可以降至800多元/瓶。这至少也是打了个八折。 说句实话，白酒投资者别不爱听，这个深度调整期真的很深，和马里亚纳海沟一样深，老同志未必能等到下次回暖。 作者：今纶 茅台五粮液都顶不住了，价格继续下滑。 12月2日，拼多多平台百亿补贴中，飞天茅台售价降至1399元，页面标注一周内已有超万人完成拼单。这是什么概念？兄弟我以前喝的茅台是3000多一 瓶，茅台如今这价格起码是打了个三折或者四折。 茅台五粮液怎么了？其实就一句话：卖不动了。 毕竟像段永平这样的经常喝茅台的富豪太少，毕竟商务需求在急剧下滑，中产们在重看电影《芳华》，焦虑自己的阶层滑落，至于酒，真的没钱没心情 喝。 第三季度单季，茅台实现营业收入390.64亿元，同比微增0.56%；归母净利润192.24亿元，同比微增0.48%。 然后茅台董事、代行总经理职责的王莉说，公司正由高速增长向高质量发展转型。我都不知道王领导是不是对高质量发 ...

Core Viewpoint - The liquor industry is undergoing a deep adjustment period focused on "destocking, stabilizing prices, and promoting sales," significantly impacting overall performance since the second quarter [2]. Industry Summary - In the first three quarters of this year, the average revenue of liquor listed companies decreased by 20.04%, while net profit fell by 39.2% [3]. - The third quarter saw a 26.78% year-on-year decline in revenue for the company, amounting to 1.931 billion yuan, with a corresponding net profit of 320 million yuan, down 48.69% year-on-year [3]. Company Performance - All product categories of the company experienced a decline in sales during the third quarter. The A+ category products (factory guide price of 300 yuan) generated revenue of 1.124 billion yuan, down 38% year-on-year, marking the steepest decline [4]. - A category products (priced between 50-100 yuan) saw revenue drop by 36.7% to 69 million yuan, while B category products (20-50 yuan) fell by 26.83%. C and D category products (below 20 yuan) experienced an 11.76% decline [4]. - The only category to achieve year-on-year growth was the A category products (100-300 yuan), which generated 639 million yuan, down only 1.08% [4]. - For the first three quarters, A category products saw a slight revenue increase of 0.32% to 2.871 billion yuan, while A+ category products fell by 15.97% to 5.435 billion yuan [4]. Regional Performance - From January to September, the company's revenue from the Jiangsu province was 7.955 billion yuan, down 12.4% year-on-year, while revenue from outside the province slightly increased by 0.06% to 804 million yuan [5]. - In the third quarter alone, the demand in the Suzhong region showed strong growth, reversing previous downward trends with a year-on-year increase of 1.13% [5]. Future Outlook - The company anticipates a gradual recovery in the liquor market next year, although it acknowledges that the pressure will remain high due to a relatively high base in the first half of the year [5]. - The management expressed a cautious optimism regarding market recovery and emphasized the importance of enhancing management systems and market share [5]. - The company is working on replicating the advantages of its Jiangsu team in other provinces, but the pace will be cautious, considering talent reserves and regional configurations [5]. Strategic Direction - The company is focusing on a firm strategic direction and increasing flexibility in its assessment mechanisms to avoid unrealistic targets that could distort actions during the industry's downturn [6].

Core Viewpoint - Guizhou Moutai faces challenges in a deep adjustment period within the liquor industry, reporting modest growth in Q3 2023 despite a decline in sales momentum [1] Financial Performance - In Q3 2023, Guizhou Moutai achieved revenue of 39.064 billion yuan, a year-on-year increase of 0.56% [1] - The net profit attributable to shareholders for Q3 2023 was 19.224 billion yuan, reflecting a year-on-year growth of 0.48% [1] - For the first three quarters of 2023, total revenue reached 130.904 billion yuan, up 6.32% year-on-year, while net profit attributable to shareholders was 64.626 billion yuan, increasing by 6.25% year-on-year [1] Product Revenue Breakdown - From January to September 2023, revenue from Moutai liquor was 110.514 billion yuan, an increase from 101.126 billion yuan in the same period of 2022 [1] - Revenue from series liquor was 17.884 billion yuan, down from 19.393 billion yuan in the same period of 2022 [1] Strategic Challenges - The newly appointed chairman of Guizhou Moutai, Chen Hua, faces the challenge of stabilizing performance and achieving annual growth targets amid the industry's downturn [1]

Core Insights - The core message of the article highlights the challenges faced by Wuliangye as it navigates a turbulent market environment characterized by price declines, channel disarray, and performance pressures, prompting the company to take a strong stance against unauthorized sales channels [1][3]. Group 1: Market Dynamics - Wuliangye's announcement of a list of 46 unauthorized stores across major platforms like Douyin and JD.com reflects a proactive approach to protect consumer rights amid a backdrop of price erosion [1]. - The price of Wuliangye's core product, the eighth generation of Pu Wu, has seen significant discrepancies, with the factory price set at 1019 yuan and the official retail price at 1499 yuan, while unauthorized sellers are offering it for as low as 750 yuan per bottle [1]. - The company is facing a critical situation with its wholesale price dropping to approximately 820 yuan, which is significantly below the factory price, indicating a serious pricing conflict [1]. Group 2: Sales Channels and Challenges - The traditional distribution model for Wuliangye is showing signs of fatigue, with revenue growth from this channel only at 1.2% in the first half of 2025, alongside a decline in gross margin [2]. - The rise of e-commerce channels has exacerbated market confusion, with platforms offering substantial subsidies that complicate supply chain transparency and increase the risk of counterfeit products [2]. - Data from Wuliangye indicates that 16.65% of products sold through e-commerce channels were counterfeit, a rise from 12% during the previous year's Double 11 shopping festival, highlighting the risks associated with low-priced offerings [2]. Group 3: Financial Performance and Strategic Responses - Wuliangye's revenue for the first half of 2025 reached 52.77 billion yuan, reflecting a modest year-on-year growth of 4.19%, indicating mounting performance pressures [3]. - In response to these challenges, Wuliangye has implemented measures to stabilize prices, including controlling shipment volumes and increasing scrutiny on low-price sales practices among distributors [3]. - The broader context of the liquor industry reveals that 60% of companies are facing price inversions, with inventory turnover days reaching 900, underscoring the significant challenges within the market [3].

Core Viewpoint - The company is facing significant challenges amid a structural adjustment in the liquor industry, with marketing efforts not fully offsetting the pressures from declining sales and profits [2][4]. Group 1: Performance Decline - In the first half of 2025, the company's revenue was 6.95 billion yuan, a year-on-year decrease of 4.84%, and net profit was 2.229 billion yuan, down 9.46% [4][5]. - The company reported a significant drop in second-quarter revenue and net profit, with declines of 29.69% and 37.06% respectively, marking the first time since 2021 that both metrics fell in a half-year report [2][3]. - The company’s revenue growth rate has sharply decreased, with projections indicating that 2025 may be the first year in a decade to see an overall decline in performance [4][6]. Group 2: Market and Product Structure - The company heavily relies on the Jiangsu market, which contributed 90.95% of its revenue in the first half of 2025, indicating a severe imbalance in market distribution [6][7]. - The high-end product segment, particularly the A+ category (priced above 300 yuan), saw a revenue decline of 7.37% in the first half of 2025, with significant pricing issues affecting the ultra-high-end product, Guoyuan V9 [6][7]. - The overall market trend shows a shift in consumer preference towards the 300-500 yuan price range, with sales of products priced above 800 yuan dropping by 28% year-on-year [7]. Group 3: Channel Challenges - The company is experiencing high inventory levels and declining confidence among distributors, with contract liabilities dropping from 1.593 billion yuan at the end of 2024 to 600 million yuan, a decrease of 62.35% [8][9]. - As of mid-2025, the company’s inventory was 5.723 billion yuan, reflecting a buildup of stock and slow sales turnover, with inventory turnover days increasing to 549.8 days from 451.1 days year-on-year [9][10]. - The company’s operating cash flow decreased by 13.75% year-on-year to 1.075 billion yuan, indicating challenges in cash recovery due to sluggish sales [10].

Core Insights - The article highlights a significant increase in the sales of Moutai liquor in the East China, Southwest, and Northeast markets, with terminal sales showing a month-on-month growth of approximately 15% to 35% since late August, as reported by Moutai's official WeChat account [1][7][11]. Market Dynamics - Moutai's recent market research, conducted from August 24 to September 7, indicates a positive trend in sales, attributed to effective communication with over 200 distributors [1]. - The white liquor industry is undergoing a "three-phase overlap" situation, with a notable shift in consumer preferences towards cost-effectiveness and rational consumption, marking a new adjustment period for the industry [4][20]. Strategic Initiatives - Moutai has implemented a series of measures, including "three transformations," "four focus strategies," and "five quantitative relationships," to effectively adapt and expand its customer base [5][20]. - The average growth of effective customers in 18 provinces, including the Beijing-Tianjin-Hebei region, reached 98%, indicating a strong potential for high-net-worth consumers [6]. Sales Performance - The sales volume of Moutai liquor has rebounded to levels comparable to the same period last year, with some distributors reporting sales exceeding last year's figures [7]. - The company has successfully maintained stable prices while significantly increasing shipment volumes, contributing to the overall market recovery [7][11]. Consumer Engagement - Moutai's focus on product innovation and cultural experiences has been pivotal in driving sales, with new products like the "70th Anniversary Commemorative Wine" and creative series gaining market traction [17][24]. - The establishment of Moutai cultural experience centers aims to enhance consumer engagement and facilitate the conversion of cultural experiences into sales [26]. Future Outlook - Moutai plans to balance market stability and dynamism by deepening its "three transformations" and promoting "three terminal changes," focusing on consumer trust and emotional value [20][24]. - The company emphasizes the importance of a robust channel ecosystem and precise product positioning to enhance operational efficiency and market responsiveness [18][24].

Group 1 - The core point of the news is that Yibin Kaiyi Automobile Co., Ltd., a subsidiary of Wuliangye Group, is offering car buyers a 25% discount on various Wuliangye liquor products upon purchasing a vehicle [1][3] - The new model of the Shiyue Mate series was launched in June 2023, with prices ranging from 59,900 yuan to 69,900 yuan [1] - The anniversary edition of the Shiyue Mate was released on August 28, 2023, featuring a range of benefits including discounts on Wuliangye liquor starting at 55% [1][3] Group 2 - Wuliangye Group holds a 1.33% stake in Kaiyi Automobile through its wholly-owned subsidiary Sichuan Yibin Push Group Co., Ltd. [3] - Wuliangye's latest semi-annual report for 2025 shows a revenue of 52.771 billion yuan, a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 19.492 billion yuan, up 2.28% [3][4] - The company acknowledges that the white liquor industry is currently undergoing a deep adjustment period, and it aims for steady and high-quality development despite external uncertainties [4] Group 3 - Kaiyi Automobile aims to achieve a production and sales volume of over 60,000 units by the first half of 2025, with exports expected to grow over 300% year-on-year and a cumulative user base exceeding 300,000 [3] - The company has received strategic investments from Yibin City Industrial Development Investment Co., Ltd. and Wuliangye's Push Group, providing solid financial support and diversified perspectives for brand development [3] - Wuliangye has launched a new low-alcohol product, 29° Wuliangye, priced at 399 yuan per 500ml bottle, with pre-sales available on multiple online platforms [4]