来源：@21世纪商业评论微博 作者：谢之迎 编辑：谭璐 图源：怡园酒业 酒业连锁大佬，抄底葡萄酒庄。 12月15日晚，港股上市公司怡园酒业披露，1919集团创始人、董事长杨陵江以73.63%持股，成为其实 控人和大股东。 这是自两年半前，1919从新三板终止挂牌后，杨陵江在资本市场的新动作。 有观点认为，怡园酒业有望成为1919的新上市平台，注入酒水流通等业务，此说遭到1919官方否认。 "杨董控股怡园酒业是其个人投资，与1919没有关系，要注入业务（的猜想）不属实。"相关负责人回应 《21CBR》记者称。 怡园酒业是国内最早的家族式精品酒庄，1997年由香港商人陈进强和法国人詹威尔在山西晋中创办，后 由陈进强女儿陈芳接手。 | | | 二零三五年 | | | --- | --- | --- | --- | | | | (未經審核) | | | | 附註 | 人民幣千元 | | | 持續經營業務 | | | | | 收益 | 5 | 18,775 | 13.175 | | 销售成本 | | (6,152) | (1,921) | | 毛利 | | 12,623 | 11.254 | | 其他收入及收益淨額 | ...

值得注意的是，杨陵江也是一位充满争议的人物，被业界称为"杨大炮"，除了他敢怒敢言，直接轰击各 大酒厂外，还敢于夸下海口。比如，要把1919门店开到全国，门店数要突破1000家，公司市值要做到 1000亿等等。根据杨陵江最近接受媒体采访的内容，过去吹了那么多牛，目前只有千亿市值尚未实现， 这是他接下来5-10年的重要目标。 经过一段持续的酒行业低迷期，目前部分酒业资产已经显示出价值，怡园酒业当前净资产已经高于上市 公司市值。杨陵江是酒业资本运作的高手，1919经历数轮投融资，总额近40亿元，此前阿里巴巴以20亿 战略投资成为其二股东。 12月15日，根据港交所披露易公开信息，1919创始人杨陵江已获得怡园酒业(08146.HK)73.63%股份，成 为怡园酒业最新的大股东和实际控制人。 资料显示，怡园酒业是中国著名的葡萄酒生产企业，主打中高端葡萄酒市场，是中国最早一批精品酒庄 之一。2018年，怡园酒业在香港上市，成为国内首家精品酒庄上市公司。目前，怡园酒业年产能近3000 吨，旗下顶级产品线"怡园庄主珍藏"、旗舰"怡园深蓝"、宁夏酒庄的"怡园留白"系列在国内都享有较高 的知名度。据悉，怡园酒业德熙珍藏系列入选 ...

12月9日，阿里司法拍卖平台显示，共青城创东方华科股权投资合伙企业(有限合伙)(下称"华科基金")以 合计6839.96万元的总价，成功竞得河南酒便利商业股份有限公司(下称"酒便利")51%的控股权。股权穿 透后，这场收购的实际操盘手则是具有深圳国资背景的国内3C分销龙头天音控股(000829.SZ)。 天音控股跨界操盘 布局酒类赛道 此次收购的核心操盘方华科基金，与天音控股有着深度绑定。公开信息显示，华科基金成立于2022年12 月，由天音控股全资子公司天音通信联合创东方资本发起，目标规模13亿元，专注于产业互联网领域投 资。天音通信累计出资4.2亿元，持有基金32.3077%份额，为第一大出资人，且在基金投资决策委员会 中拥有关键席位，可对核心投资事务形成实质影响。 这并非天音控股首次涉足酒类赛道。2023年，华科基金便以6600万元认缴出资拿下酒仙网旗下"酒快 到"60%股权，后者已在全国20多个省份200余座城市布局超500家连锁门店，主打酒类即时零售，与酒 便利的业务模式形成天然互补。此外，华科基金还持有酒仙网络科技4.66%股权，已构建起覆盖线上平 台、连锁门店、即时配送的多元酒类生态。 6840 ...

12月9日，阿里司法拍卖平台显示，共青城创东方华科股权投资合伙企业（有限合伙）（下称"华科基 金"）以合计6839.96万元的总价，成功竞得河南酒便利商业股份有限公司（下称"酒便利"）51%的控股 权。股权穿透后，这场收购的实际操盘手则是具有深圳国资背景的国内3C分销龙头天音控股 （000829.SZ）。 6840万拿下控股权，酒便利告别动荡期 此次酒便利控股权拍卖分三笔标的进行，对应总股本的3%、18%和30%，起拍价合计6712万元，仅为 9590万元评估总价的七成。竞拍过程中，仅3%股权标的引发9轮竞价，最终溢价30%成交，其余两笔均 由华科基金底价拿下，整体成交价较起拍价仅小幅溢价1.9%，最终锁定6840万元的总对价。 根据拍卖公告，买受人需在2026年1月18日前完成余款支付并签署法律文件。交易完成后，原控股股东 河南侨华的持股比例将从51%骤降至1.98%，华科基金将正式成为酒便利新的控股股东，而其背后的天 音控股将实现对酒便利的间接掌控。 即便身陷困境，酒便利的核心资产仍具备稀缺价值。作为国内"酒类前置仓模式鼻祖"，酒便利2010年成 立于河南，其打造的"20分钟送达"网络已在河南、北京、陕西 ...

Core Viewpoint - The annual "Double 11" shopping festival highlights the contrasting experiences of retailers in the liquor industry, with some embracing instant retail while others, like a store owner named Li Mu, have opted to withdraw due to low profitability despite high sales volumes [1][2][3]. Group 1: Instant Retail Growth - Instant retail in the liquor sector is recognized as a new consumption trend, with significant sales growth reported during promotional events, such as a 612% increase in transaction volume for Moutai during "Double 11" [1][2]. - Major platforms like Meituan and JD.com are experiencing explosive growth in liquor sales, with predictions indicating that the market size for liquor instant retail could exceed 100 billion yuan by 2027 [11][12]. Group 2: Challenges Faced by Retailers - Many liquor retailers are cautious about instant retail, with over 40% reporting cash flow pressures and difficulties due to high inventory and price discrepancies [3][4]. - Retailers like Li Mu have found that despite some sales, the costs associated with instant retail, including platform commissions and customer service issues, have led to minimal profits [4][7]. Group 3: Pricing and Competition - The pricing strategies of instant retail platforms often disrupt traditional pricing structures, leading to conflicts with distributors and retailers who struggle to maintain profitability [15][16]. - Price comparisons show that many premium liquors are sold at lower prices on instant retail platforms compared to official brand stores, creating a challenging environment for traditional retailers [5][6]. Group 4: Consumer Behavior and Market Dynamics - The convenience of instant retail is appealing to younger consumers, with many preferring the quick delivery of liquor for social occasions [9][10]. - The industry is witnessing a shift towards digitalization and the need for brands to adapt to changing consumer preferences, emphasizing the importance of maintaining brand integrity while exploring new sales channels [17][18].

一年一度的"双11"购物狂欢之际，西南地区一家烟酒终端店老板李牧，却在这个时候主动下线即时零售平台。 几个月前，面对行业疲软和即时零售爆火，他陆续上线了两个平台。"卖了半个多月，虽说有些订单，却没赚到什么利润，还得和顾客扯皮售后问题……"谈 及这段经历，李牧满是失落。 反观今年的平台战报，却是火爆异常。"双11"促销期间，美团闪购茅台、五粮液、剑南春交易额年增长分别为612%、487%、556%；"双11"开门红首日白酒 交易额更是同比增长562%。天猫酒水行业，壹玖壹玖旗舰店闪购订单环比涨了20倍。 一组组惊人数据不断刷新公众对即时零售的期待，而行业内外也为袭来的风口摩拳擦掌。 近期，《每日经济新闻·将进酒》记者对多家酒类终端店进行走访调查，发现酒类即时零售成新消费风口已是行业共识，但商家却更多持谨慎和观望态度。 而像李牧这样尝试之后选择放弃的，也并非个例。 正如硬币的两面：一边是即时零售千亿级赛道的爆发式增长，一边是经销商终端店"只赚吆喝不赚钱"的尴尬，酒类即时零售似乎正陷入"平台热、渠道冷"的 新博弈。 风口之上，平台、酒企、经销商该何去何从？《每日经济新闻·将进酒》试图通过走访以及对话多位行业人士，还 ...

Group 1 - The Chinese liquor industry is undergoing profound changes by 2025, with shifts in consumer habits, channel restructuring, and capital market hesitance leading to both challenges and new opportunities [3][4][6] - The competition among regional liquor companies is becoming crucial due to increasing market concentration, consumption stratification, and channel inventory pressure, with four strategies proposed for success: market research, comprehensive assessment, terminal competition, and digital empowerment [5] - The rise of the post-90s generation in the liquor market is reshaping industry dynamics, with new players leveraging innovative channels like live streaming and instant delivery to drive growth [6][7] Group 2 - The upcoming Mid-Autumn Festival sees major liquor companies signaling price stabilization and increased channel investment to counter market pressures, with strategies including sales expense increases and inventory optimization [8][9] - Over 70% of consumers prefer classic products, indicating a return to value-driven purchasing during the holiday season, with brands focusing on quality and cultural elements to attract buyers [9][10] - Meituan's collaboration with top liquor brands to establish a comprehensive authenticity assurance system marks a significant leap in the instant retail sector, enhancing consumer trust and promoting a healthy market environment [10][11] Group 3 - The liquor industry is experiencing a shift towards rational consumption, with light bottle liquor gaining popularity as consumers prioritize cost-effectiveness and brand loyalty [12] - Major brands are engaging in cultural and experiential marketing to deepen connections with consumers, as seen in Qingdao Beer’s fan events and Wuliangye’s international cultural exchanges [13][15] - The launch of new products and strategic initiatives by companies like Langjiu and Niulanshan reflects a focus on quality and cultural resonance, aiming to capture market share in a competitive landscape [20][18] Group 4 - The establishment of quality control systems and agricultural partnerships by Fenjiu demonstrates a commitment to high-quality growth and sustainability in the liquor industry [25][26] - The introduction of low-alcohol products by companies like Fenyang Wang reflects a trend towards healthier drinking options, catering to evolving consumer preferences [27] - The integration of liquor with culinary experiences, as seen in Fenjiu's collaboration with Huaiyang cuisine, highlights the industry's efforts to innovate and enhance consumer engagement [28]

Core Viewpoint - Huazhi Wine is a significant client of JD's instant delivery platform, which is a crucial channel for the company's expansion into the instant retail business for alcoholic beverages [1] Group 1 - The company plans to continue actively collaborating with JD's instant delivery service to align with its development pace [1] - The company aims to steadily increase the number of stores participating in operations [1] - The company is committed to continuously enriching the variety of products available for sale [1] - The goal is to provide consumers with a more convenient, efficient, and authentic wine service experience [1]

Core Insights - The development history of Jiu Xiao Er reflects the evolution of instant retail in the liquor industry, transitioning from concept to maturity [2][17] - The future of liquor instant retail is expected to expand from "15-minute delivery" to "full-scenario liquor service" [17] Company Overview - Jiu Xiao Er's headquarters is located in Nanning, Guangxi, and it has expanded its liquor delivery services to 18 provinces, with a projected GMV exceeding 4 billion in 2024, over 2,000 front warehouses, and more than 12,000 delivery personnel [2][5] - The company was founded by Li Yongxin, who began experimenting with instant retail as early as 2000, using a fixed phone to take orders and deliver beer [3][5] Market Positioning - Jiu Xiao Er has carved out a unique niche in the instant retail market, focusing specifically on liquor, amidst competition from giants like Meituan, JD, and Taobao [7] - The company has achieved a compound annual growth rate of approximately 60% over the past decade [8] Operational Strategy - Jiu Xiao Er's operational model includes over 2,000 front warehouses and more than 12,000 delivery personnel, allowing for a coverage radius of 1.5 kilometers [9] - The company has established strategic alliances with over 600 brand partners, ensuring a comprehensive supply chain and product traceability [10][9] Competitive Advantage - Jiu Xiao Er's business model emphasizes collaboration with brand partners rather than undercutting their pricing, which has fostered long-term relationships and stability [11][10] - The company utilizes a data-driven approach to analyze consumer preferences and optimize inventory management, contributing to a high repurchase rate among its 30 million+ user profiles [12][9] Future Outlook - Jiu Xiao Er aims to create a closed-loop operation combining online and offline channels, effectively avoiding the pitfalls of traditional retail and platform models [14] - The company is positioned to expand its national presence and enhance its service offerings, as indicated by support from brand partners like Guizhou Xijiu [15]

Core Insights - The article discusses the transformation of the liquor industry through the rise of e-commerce and instant retail, highlighting the shift from traditional sales methods to digital platforms and consumer-driven demand [2][6][10] Industry Trends - Instant retail in the liquor sector is experiencing explosive growth, with the market size expected to reach approximately 1 trillion yuan by 2027, up from around 200 billion yuan in 2023 [8][10] - The penetration rate of instant retail in the liquor market is projected to increase from 1% in 2023 to 6% by 2027, indicating a significant shift in consumer purchasing behavior [8] Consumer Behavior - Consumers are increasingly favoring instant retail for its convenience, particularly for low-cost, high-frequency products like beer, which constitutes a significant portion of sales in this segment [12][13] - The demand for customized and scenario-based purchasing experiences is rising, as consumers seek quality assurance from official channels [8][10] Company Strategies - Major liquor companies are rapidly adapting to the instant retail model, with brands like Moutai and Luzhou Laojiao launching initiatives to integrate with platforms like Meituan and Douyin [4][9] - Companies are encouraged to refine their supply chain and product offerings to meet the demands of both online and offline channels, ensuring a balanced pricing strategy [21][22] Market Dynamics - The competition in instant retail is intensifying, with concerns about profitability due to price wars and the influx of low-cost products [16][18] - Traditional liquor retailers are facing pressure to transition from wholesale to service-oriented retail models, as consumer preferences shift towards online purchasing [10][11] Operational Challenges - The need for diverse product offerings and effective operational strategies is critical for success in the instant retail space, as companies must avoid price wars and focus on sustainable profit models [17][22] - The integration of high-margin products alongside popular low-cost items is essential for maintaining profitability in the instant retail environment [18][22]