原创：深眸财经（chutou0325） 2026年元旦，大多数人还在享受假期时，一场无声的抢购战已在"i茅台"APP上激烈上演。 上午9点整，53度500ml飞天贵州茅台酒正式上架，售价1499元，不少消费者点进购买界面，却发现显示访问人数太多，请稍后再试，随即显示库存不 足，而后每隔5分钟的补货也瞬间被抢购一空，不到半小时，当日所有库存就宣告售罄。 作者：胡静婕 （图源：i茅台） 与线上火爆形成鲜明对比的，是那些曾经一次性进很多货，就算在库房里压上三四个月，心里也一点都不慌的茅台经销商们，他们的心态已经发生了变 化。 用某位北京经销商的话说，就是"现在收多少就想着赶紧卖多少，一刻都不敢多留"，因为价格每天都在波动，多存一天就多一分亏损的风险。 "线上抢破头""线下不敢囤"。茅台，这瓶被称为"液体黄金"的国酒，如今究竟怎么了？ 1499元能买正品飞天茅台，这事要是放在几年前，那简直想都不敢想。 曾几何时，"卖茅台的地方买不到茅台"是市场常态，消费者要是想购买，基本上都得通过二三级渠道，才能够买到已经加了几轮价的茅台。 然而，"茅台神话"在2025年彻底破灭，飞天茅台的价格防线经历了全线溃败。 行情好的时候，这 ...

水井坊最新公告。 12月25日晚间，水井坊（600779）发布澄清公告称，公司关注到当天有媒体报道称"某酒企拟收购水井 坊"，为避免相关市场传闻对社会各界和投资者造成误导，现予以澄清说明：经公司核查，上述报道不属 实。 行情数据显示，12月25日午后，水井坊股价盘中直线拉升，最终封住涨停。 | | | 本报告期比 上年同期增 | | 年初至报告期 未比上年同期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | 年初至报告期末 | | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 850.267.169.06 | -28.91 | 2.348.068.703.21 | -38.01 | | 利润总额 | 293.865.023.76 | -75.05 | 433.747.398.52 | -71.22 | | 归属于上市公司股东的净 | 220.604.315.25 | -75.01 | 326.012.597.80 | -71.02 | | 利润 | | | | | | 归属于上市公司股东的扣 | ...

A股又见小作文兴风作浪，午后一则"剑南春要收购水井坊"传闻让水井坊直线涨停，A股20家白酒上市 公司全部飘红！ 12月25日午后开盘不久，原本走势平稳的水井坊突然直线拉升，13点27分便封住涨停，报39.8元/股， 大涨10%，不到半个小时水井坊市值增加超17亿元。在水井坊刺激下，午后白酒股全线走高，皇台酒业 一度大涨超过7%，酒鬼酒涨超5%，金徽酒涨超4%，贵州茅台、五粮液等头部酒企也全线拉升，截至收 盘，水井坊上涨10%，皇台酒业上涨4.37%，整个白酒板块全部上涨。 对此，水井坊与剑南春相关人士回应每经称未收到相关收购信息，身为上市公司的水井坊目前也暂无公 告回应。 值得注意的是，这并不是第一次传出水井坊股权被收购的消息。 2024年9月19日，针对有投资者在互动平台提问习酒收购部分水井坊股权的传闻，水井坊董秘回应称不 属实。此外，水井坊董秘还回应了"大股东帝亚吉欧有无私有化计划"的提问，称"目前未知大股东是否 有私有化计划"。 帝亚吉欧持有水井坊63.27%的股权 水井坊的前身为全兴股份，旗下拥有中国"老八大名酒"之一全兴大曲，1998年，全兴酒厂对酿酒车间进 行修整改造时，意外发现地下有一处距今60 ...

"即将过去的2025年是中国酒业发展史上极不平凡、极不容易、极其艰辛的一年，整个产业正在经历一场涉及产品结构、市场结构、消费结构的全方位、 颠覆性深刻变革。" 12月18日，五粮液（000858）第二十九届12.18共识共建共享大会在宜宾举行。对于"十四五"的收官之年，五粮液集团(股份)公司党委书记、董事长曾从钦 用三个"极"予以总结。 2025年，白酒行业进一步迈入深度调整期，引起资本市场和大众舆论的高度关注，也考验着各家酒企的经营定力和趋势判断。 面对白酒行业全面承压，五粮液过去一年在渠道、产品、营销等各方面充分展现出名酒的战略定力。 "五粮液主动应市调整，积极帮助渠道消化库存，修复市场生态；主动纾困解压，减缓发货节奏，协调一切可以协调的资源赋能市场动销；主动识变求 变，创新营销机制体制，持续稳存量、拓增量、求变量，全力以赴应对行业深度调整。"曾从钦回顾。 巩固头部名酒优势后，五粮液对"十五五"依然保持高度信心。 2026年是"十五五"开局之年，五粮液已确定为"营销守正创新年"，在年度目标方面明确提出，要着力推动高质量的市场动销、全力实现市场份额的有效提 升。 "本轮调整是整个白酒行业竞争格局结构的重构、 ...

"即将过去的2025年是中国酒业发展史上极不平凡、极不容易、极其艰辛的一年，整个产业正在 经历一场涉及产品结构、市场结构、消费结构的全方位、颠覆性深刻变革。" 1 2月1 8日，五粮液第二十九届12·18共识共建共享大会在宜宾举行。对于"十四五"的收 官之年，五粮液集团（股份）公司党委书记、董事长曾从钦用三个"极"予以总结。 巩固头部名酒优势后，五粮液对"十五五"依然保持高度信心。 2 0 26年是"十五五"开局之年，五粮液已确定为"营销守正创新年"，在年度目标方面明确 提出，要着力推动高质量的市场动销、全力实现市场份额的有效提升。 "本轮调整是整个白酒行业竞争格局结构的重构、价值导向的重构、市场逻辑的重构、利 益相关方关系的重构，也是五粮液顺势而为、逆势而上的战略机遇期。"曾从钦说。 凝聚共识 危中寻机 从1 997年至今，五粮液每年都固定于1 2月18日举行经销商大会。多年来，12·18大会已 经成为整个白酒行业关注的焦点。 今年，五粮液时隔多年首次将大会名称中的"共商共建共享"调整为"共识共建共享"。一 字之差，背后五粮液对当前白酒行情和厂商关系的深入思考。 2 0 25年，白酒行业进一步迈入深度调整期 ...

茅台或将推出控量措施！ 据中国酒业评论人肖竹青消息，贵州茅台于近期推出控量政策，涵盖短期减负、中长期结构性改革两大维度。短期措施方面，2025年12月内，贵州茅台将 停止向经销商发放所有茅台产品（预付款已完成），直至2026年1月1日，在适当时候恢复。 肖竹青认为，此举旨在年底经销商资金紧张时期，直接为经销商减负，防止经销商因偿还贷款或支付新货款而出现恐慌性抛售行为。中长期结构性改革方 面，2026年，贵州茅台计划大幅消减非标产品配额，从源头减少使经销渠道利润缩减的产品供应。但截至目前，对于上述情况，贵州茅台官方并未公布相 关内容。 值得注意的是，在上月底举行的股东大会上，茅台就曾提出将根据行业当前所处的调整期特点，科学把握产品投放节奏，以市场承载能力为依据，维护渠 道韧性与市场稳定。 会上提到，从茅台自身来看，公司的产能投放节奏主要取决于不同时期的市场承载量。供给侧来看，2021至2024年公司基酒产量CAGR为-0.1%，按照基 酒到成品酒的出酒时间判断，未来五年茅台酒在供给端或将不会有明显增加。需求侧来看，受客观因素制约（如传统消费场景受限、消费人群迭代等）， 白酒消费量短期仍有承压。在此背景下，茅台积 ...

Core Viewpoint - The market is speculating that Kweichow Moutai will implement a new policy to control product supply by suspending all product distributions to distributors from December 2025 until January 1, 2026, which may lead to adjustments in sales policies for the following year [1][2]. Group 1: Supply Control Measures - Kweichow Moutai plans to stop supplying all products to distributors in December 2025, which is intended to alleviate financial pressure on distributors during a tight cash flow period [2]. - This supply suspension is seen as a direct method to stabilize market prices and prevent panic selling among distributors [2]. Group 2: Price Impact - Following the news of the supply suspension, the market price of Feitian Moutai has seen an increase, with prices rising by 15-30 yuan per bottle compared to December 12 [1]. - On a third-party pricing platform, the highest reported price for Feitian Moutai reached 1540 yuan per bottle, indicating a significant price rebound [1]. Group 3: Future Sales Policy Adjustments - There are indications that Kweichow Moutai may reduce sales quotas for non-standard products in 2026, which could help improve the profitability of distributors [3][4]. - The planned reduction will focus on specific products such as Moutai 15-year, 1-liter Feitian Moutai, and Zodiac Moutai, potentially ceasing the supply of certain items altogether [4]. Group 4: Structural Reforms - Industry experts view the reduction of non-standard product quotas as a structural reform aimed at enhancing the profitability of distribution channels [5]. - The adjustments in distribution plans are expected to alleviate the financial losses faced by distributors, which have been exacerbated by the previous reliance on non-standard products [5].

Industry Insights - Low-alcohol beverages are currently a trend but are not seen as the future of Chinese liquor. The high pricing of these products indicates a lack of genuine intent to cater to young consumers [5][6][9] - Young consumers are less inclined to purchase traditional Chinese liquor due to its high price point, preferring more affordable options like fruit wine and beer. As they gain more experience and income, they may develop a taste for high-quality liquor [6][9] - The storage value of low-alcohol liquor is minimal, as evidenced by the lack of price appreciation over the past decade, contrasting with the significant price increase of high-alcohol liquor [6][9] - The current market dynamics indicate a significant price competition among liquor producers, driven by overproduction and a mismatch between supply and demand. This situation is expected to persist for the next 3 to 5 years [9][14] - The liquor distribution channels are facing challenges, but this adjustment period presents an opportunity for channel development and profitability in the long run [9][10] Company Developments - The company has been expanding its offline retail presence, aiming to open 10,000 stores in the next three years, leveraging the removal of upstream production constraints [19][20] - The company emphasizes a competitive pricing strategy, proposing that premium liquor should only have a minimal markup to attract price-sensitive consumers [20][22] - The company is focusing on enhancing its brand image and market presence through innovative marketing strategies, including the development of personal brands by entrepreneurs [15][23] - The company has reported a 20% year-over-year revenue growth in the third quarter, indicating a strong operational performance [19]

Core Viewpoint - The chairman of JiuXian Group, Hao Hongfeng, asserts that while low-alcohol beverages are currently a trend, they do not represent the future of Chinese liquor, particularly due to their high pricing which lacks sincerity towards younger consumers [3][4][5]. Industry Insights - The trend towards low-alcohol and youth-oriented products is seen as a temporary hotspot rather than a sustainable future direction for Chinese liquor [4]. - Young consumers are currently less inclined to purchase traditional Chinese liquor due to its high price, which is often beyond their budget [4][5]. - The pricing strategy for low-alcohol products is criticized, as prices above 100 yuan are considered too high for young consumers entering the workforce [4][5]. - The storage value of low-alcohol beverages is questioned, with historical data showing that prices have not appreciated over the past decade, unlike high-alcohol products [7]. - The current adjustment period in the liquor industry is viewed as an opportunity for channel development, despite short-term challenges faced by distributors and retail outlets [7][8]. - The phenomenon of price inversion in the liquor market is highlighted, with excess production leading to price competition and a need for rationalization over the next 3 to 5 years [11]. Company Developments - JiuXian Group has been expanding its offline retail presence, aiming to open 10,000 stores in the next three years, leveraging the removal of upstream production constraints [15][16]. - The company has experienced significant revenue growth, with a 20% year-on-year increase in the third quarter, indicating a strong operational performance [15]. - The strategy of focusing on high-quality, cost-effective products is emphasized, with the company aiming to cater to consumers seeking value without compromising on quality [21]. - The chairman notes that the relationship between manufacturers and distributors needs to evolve towards a model that prioritizes consumer sales over inventory pressure on distributors [10].

Company Overview - Zhenjiu Lidu (06979) experienced a decline of over 6%, currently trading at HKD 8.87, with a transaction volume of HKD 36.53 million [1] Business Strategy - The company announced a phased suspension of recruitment for distributors in certain cities across five provinces: Henan, Guizhou, Hunan, Shandong, and Yunnan, to "ensure healthy market operations" [1] - The decision was made due to a saturation of the distributor network in some cities, aiming to prevent increased competition among local distributors and protect their interests [1] Industry Context - The Chinese liquor industry is currently undergoing an adjustment period, facing challenges such as high inventory levels and price inversions, leading to weak overall performance in wholesale prices during the first half of the year [1] - Reports indicate that during this year's "Double Eleven" shopping festival, the price of Feitian Moutai frequently appeared at CNY 1499, although investigations revealed that the actual market price remains around CNY 2000 per bottle [1]