1月30日，酒鬼酒2025年业绩预告，其预计2025年归属于上市公司股东的净利润为亏损3300万元-4900万 元，同比减少364.1%-492.2%；扣非后净利润为亏损2900万元-4300万元，同比减少860.2%-1227.2%。 酒鬼酒在公告中表示，2025年，白酒行业仍处于深度调整期，存量竞争加剧背景下，中小酒企经营压力 更大，公司受到市场需求减弱带来的各方面挑战，公司高端和次高端价位段产品承压较大，公司预计报 告期实现营业收入11亿元左右，同比减少22%左右。 这是酒鬼酒十年来首次出现亏损，酒鬼酒何时走出业绩低谷？ 01 业绩持续承压 2023年，酒鬼酒首次出现近年来的业绩大降。2023年，酒鬼酒收入28.29亿元，同比减少30.14%；归属 于上市公司股东的净利润5.48亿元，同比减少47.77%。 面对业绩压力，2024年，酒鬼酒进一步细化产品策略，围绕"1+3"的产品策略，形成高中低全价位段产 品体系。在市场方面，全国建立15个样板市场，湖南大本营重点聚焦建设长沙、湘西、岳阳、永州四个 市场，打造以红坛18+紫坛+黄坛12+内品为主的产品组合进行市场布局。资料显示，酒鬼系列包括红 坛、紫坛、 ...

酒鬼酒公告，预计2025年度归属于上市公司股东的净利润亏损3300万元-4900万元，上年同期盈利 1249.33万元。扣除非经常性损益后的净利润亏损2900万元-4300万元，上年同期盈利381.49万元。公司 预计2025年度实现营业收入11亿元左右，较上年同期下降22%左右。2025年，白酒行业仍处于深度调整 期，存量竞争加剧背景下，中小酒企经营压力更大，公司受到市场需求减弱带来的各方面挑战，公司高 端和次高端价位段产品承压较大。 ...

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。 ...

Core Viewpoint - The prices of premium Chinese liquors, such as Moutai and Wuliangye, are continuing to decline due to decreased consumer demand, particularly in the business sector, leading to significant price adjustments and revenue drops for these companies [2][6][10]. Group 1: Price Declines - Moutai's price on Pinduoduo has dropped to 1399 yuan, a significant reduction from over 3000 yuan previously, indicating a price cut of approximately 60% [2] - Wuliangye plans to adjust its price to 900 yuan per bottle, with potential discounts bringing it down to around 800 yuan, reflecting a price reduction of about 20% [6][12] Group 2: Financial Performance - In Q3, Moutai reported a revenue of 39.064 billion yuan, a slight increase of 0.56% year-on-year, and a net profit of 19.224 billion yuan, also up by 0.48% [8][11] - Wuliangye's Q3 revenue was 8.174 billion yuan, showing a dramatic decline of 52.66%, with a net profit of 2.019 billion yuan, down 65.62% [10][11] Group 3: Market Dynamics - The decline in sales is attributed to changing consumer habits and a lack of demand in traditional consumption scenarios, particularly among affluent consumers [8][10] - The liquor industry is experiencing a deep adjustment period, with expectations of slow recovery in demand [12][13]

Core Viewpoint - The Chinese liquor industry, particularly premium brands like Moutai and Wuliangye, is experiencing a significant downturn, with prices and sales volumes declining sharply, indicating a deep adjustment period in the market [2][3][7]. Company Performance - Moutai reported a slight revenue increase of 0.56% year-on-year for Q3, totaling 39.064 billion yuan, with a net profit of 19.224 billion yuan, also up by 0.48% [9][12]. - Wuliangye's performance was drastically worse, with Q3 revenue dropping by 52.66% to 8.174 billion yuan and a net profit decline of 65.62% to 2.019 billion yuan [11][12]. - Other brands like Shanxi Fenjiu and Luzhou Laojiao also faced declines, with Fenjiu's revenue increasing by 4.05% but Laojiao's revenue down by 9.80% [12]. Market Dynamics - The decline in sales is attributed to changing consumer habits, reduced demand in business settings, and a general economic slowdown affecting middle-class consumers [7][9]. - The price of Moutai on platforms like Pinduoduo has dropped to 1,399 yuan, significantly lower than previous prices of over 3,000 yuan, indicating a substantial discount [3][7]. - Wuliangye plans to adjust its pricing strategy, potentially lowering the effective price to around 800 yuan per bottle, reflecting the need to stimulate demand [7][11]. Industry Outlook - The liquor industry is described as being in a "deep adjustment period," with comparisons made to the Mariana Trench, suggesting that recovery may take a long time [2][13]. - The overall sentiment in the market is pessimistic, with expectations that the industry will continue to face challenges in the near future [13][15].

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].