Core Viewpoint - The recent wave of high-level executive departures in the Chinese liquor industry reflects deep-seated challenges and transformation pains faced by the sector, driven by high inventory levels and price inversions impacting growth [2][11]. Group 1: Executive Changes - Recent resignations include the chairman and board members of Yanghe Co. and the general manager of Jinzhongzi Liquor, indicating a trend of leadership instability across major liquor companies [3][4]. - Guizhou Moutai has also seen personnel changes, with new appointments aimed at addressing internal management dynamics [4]. - The performance pressures, such as Jinzhongzi Liquor's revenue drop of 37.04% to 925 million yuan and a net loss of 258 million yuan, are significant catalysts for these executive changes [4][10]. Group 2: Industry Challenges - The liquor industry is grappling with high inventory levels, with total inventory among 20 listed liquor companies reaching 168.39 billion yuan, an increase of 19.29 billion yuan year-on-year [5][8]. - The prolonged inventory cycle and frequent price inversions are eroding profits and confidence among distributors, leading to increased pressure on sales targets for management [8][9]. - The younger generation's declining interest in traditional liquor, with less than 30% of Gen Z purchasing liquor, poses a significant challenge for the industry [9]. Group 3: Market Dynamics - The liquor market is undergoing a structural adjustment, with a shift from high-growth expectations to a focus on stable dividends, as evidenced by the stock price declines of 19 out of 20 listed liquor companies in 2024 [10][12]. - The industry is witnessing a shift towards consumer-oriented strategies, moving from reliance on government and business consumption to targeting the mass market [13][16]. - New management is increasingly emphasizing innovation and digital marketing to adapt to changing consumer preferences and market conditions [16].

此前不久的6月27日，港股上市啤酒企业华润啤酒发布公告称，侯孝海因有意投入更多时间于个人安排 而决定辞任执行董事及董事会主席。据了解，2016年3月，侯孝海通过"公开竞聘"任职公司总经理，执 掌公司9年，任内主导"白酒+啤酒"双轮战略。2018年，华润以51.6亿元的价格拿下山西汾酒11.45%的股 权，成为汾酒第二大股东。2022年2月，华润成为金种子酒第二大股东。2023年1月，华润啤酒以123亿 元的价格拿下金沙酒业控制权。不过，2024年，金沙酒业营收为21.49亿元，增速仅4%，远远低于年初 制定的40%业绩增长目标。 7月1日晚间，"白酒巨头"洋河股份在公告中表示，董事长张联东离任，原因为"工作调整"，其辞职后不 在公司及控股子公司担任其他职务。 2010年起，洋河股份的营收一直保持白酒行业第3的位置，排在贵州茅台、五粮液之后，被称作"千年老 三"。但"茅五洋"的格局在2024年被改变，这一年洋河股份成为A股白酒上市公司前5强中唯一一家营收 利润双降的企业，从"千年老三"变成"行业老五"。 近日，白酒与啤酒行业高管变动频现，短短几日内三家上市酒企掌门人接连离任，叠加头部企业高管频 繁调整，引发市场 ...

Core Viewpoint - The resignation of He Xiuxia as the general manager of Jinzhongzi Wine marks a significant leadership change amid ongoing financial struggles, with the company facing intensified competition and declining performance in the liquor industry [1][3][7]. Company Performance - Jinzhongzi Wine has experienced a substantial decline in revenue, with 2022 revenue dropping to 9.25 billion yuan, marking a five-year low and a year-on-year decrease of 37.04% [8][10]. - The company's net profit has been in continuous decline, with losses recorded for four consecutive years, culminating in a net loss of 2.58 billion yuan in the latest fiscal year [14][15]. - The company's sales expenses have remained high, reaching 2.95 billion yuan last year, a 25.58% increase year-on-year, contributing significantly to the overall losses [18][19]. Leadership Changes - He Xiuxia, who had been in the role for nearly three years, has stepped down due to work adjustments, and her departure raises questions about future leadership direction, particularly regarding the potential continuation of "China Resources" executives in key positions [1][3][7]. - Liu Fubi, the vice president, has been appointed to act as the general manager until a new appointment is made, and he also has a background with "China Resources" [7]. Market Challenges - The liquor industry is facing severe challenges, including deep adjustments, consumer downgrade, and intensified market competition, which have all contributed to Jinzhongzi's declining sales and profitability [10][11][13]. - The company's product lines, particularly in the white liquor segment, have seen widespread revenue declines across all categories, with high-end liquor sales dropping by 4.87% and low-end liquor sales decreasing by 29.08% [11][12]. Strategic Focus - Jinzhongzi Wine is attempting to refocus its strategy by potentially divesting its pharmaceutical business, which has seen significant revenue declines, with a 62.13% drop in the last two years [12][13]. - The company aims to strengthen its brand strategy around the "Fuhuo Xiang" series, which is intended to enhance its market presence despite the ongoing challenges [19][20]. Financial Health - The company's cash flow has been decreasing, with cash reserves dropping from 12.73 billion yuan to 3.67 billion yuan over the past few years, indicating a critical need for financial restructuring [14][24]. - Inventory levels have been rising, with total inventory reaching 15.39 billion yuan, which poses a risk of potential write-downs if market conditions do not improve [20][22].

将投中网设为"星标⭐"，第一时间收获最新推送 "高端酒卖不动了，普通酒也不那么吃香。" 以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618，白酒的价格那叫一个"跌跌不休"。在各大电商平台的补贴"大招"下，茅台、五粮液 等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到手价最 低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日带 来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被冷 落，300-600元的产品却成了消费者首选。 作者丨 唐纳德 来源丨 快刀财经 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲，现象背后，透露出的是中国白酒产业的集体阵痛，作为资本市场和食品消费领域的一块核 心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 然而，近年来白酒行业 ...

中国酒业协会日前发布的《2025中国白酒市场中期研究报告》显示，当前白酒市场800元-1500元价格带倒挂最为严重，白酒产业迈入深度调整 期。面对市场困局，一线白酒高价神话是否已经破灭？仍需持续观察。 经销商直言飞天茅台已逼近盈亏线，千元系列酒"卖一瓶亏一瓶" "停止对全渠道供货53度500ml飞天茅台。"6月21日晚有网友爆料称，河南省茅台经销商已暂停了茅台指令性产品分销渠道的报价及发货，包括 不限于批发部、烟酒行、电商、餐饮、流通渠道(团购终端客户除外)，并要求员工严禁以张冠李戴、弄虚作假方式开单将货物流经分销渠道。 此外，若经销商以低于2000元/瓶的价格恐慌抛货给黄牛或者电商等，一经发现，将终止合同，并停止经销商配额。 "我们这边也接到了类似的通知，但是该出货还是得出货。"6月23日，位于济南市经三路的一家茅台专营店负责人表示，最近茅台批发价一直 在"往下掉"，终端销售压力很大，目前散瓶售价为1950元，原箱售价为每瓶2050元，普遍较上周下跌了三四十元左右。 炎炎夏日，国内一线白酒企业却感受到了阵阵寒意。近日，不断有媒体曝出飞天茅台散瓶报价跌破2000元大关的消息，甚至传出了为遏制低价 内卷，某省区 ...

Core Viewpoint - The liquor industry, particularly the baijiu sector, is undergoing a deep adjustment period, with Kweichow Moutai's market dynamics significantly impacting the entire supply chain [1] Price Trends - In June, the wholesale prices of Kweichow Moutai showed a downward trend, with the price for the 25-year 53-degree 500ml original and bulk Moutai dropping to 1935 RMB and 1870 RMB respectively on June 23, down from 2020 RMB and 1970 RMB on June 17 [1][3][4] Sales Performance - From January to May, Kweichow Moutai's products experienced stable growth on major e-commerce platforms like JD.com and Tmall, with significant sales increases during the "6.18" shopping festival [5] - Feedback from distributors indicates that the overall market for Kweichow Moutai has shown strong resilience, maintaining stability despite price fluctuations [5] Stock Market Impact - The decline in Moutai's prices has led to a corresponding adjustment in its stock price, which is approaching the 1400 RMB mark, with a reported price of 1422.83 RMB per share on June 23, down 0.41% [6][7] Market Challenges - Analysts highlight that offline distributors are facing challenges due to price inversions and high inventory levels, which may lead to aggressive selling behaviors that could further depress product prices [8] - The overall baijiu market is experiencing a "volume and price decline" scenario, with a need for recovery anticipated around the upcoming consumption peaks during the Mid-Autumn Festival and National Day [8] Industry Dynamics - The Chinese liquor market is seeing increased concentration, with leading companies demonstrating strong resilience, while overall operational metrics are declining [9] - The industry is in a phase of "stock competition + structural upgrade," requiring companies to enhance quality and efficiency from the supply side while accurately reaching demand from the consumer side to reshape growth logic [9]

6月20日，五粮液（000858）2024年度股东大会在四川宜宾召开，五粮液集团（股份）公司党委书记、 董事长曾从钦，五粮液股份公司党委副书记、副董事长、总经理华涛等高管出席，同时吸引了数十家机 构及数百名投资者参与现场会议，知名私募投资人林园也现身会场。 "当前白酒消费深刻变革，消费年轻化、场景日常化、品质悦已化、渠道数字化、价值情感化等趋势变 量交织共振。"曾从钦表示，要以自身发展的确定性应对外部环境的不确定性。 重构白酒消费"人、货、场"规律 当前，中国白酒行业整体增速放缓，面临多重挑战。同时，白酒企业分化加剧，"马太效应"进一步显 现，区域集中度持续提升。 曾从钦表示，当前，白酒行业已经真正进入全面深度调整的"深水区"。从行业发展规律来看，白酒行业 历经了10年黄金期（2003—2012年）、深度调整期（2013—2015年）、结构性繁荣期（2016—2023年） 和当前的再次深度调整期（2024年至今），呈现出波浪式前进和螺旋式上升的行业发展规律。 无论产业如何演变和调整，都要清晰地看到白酒产业的文化载体特性、情感表达属性、精神寄托属性始 终没有改变。因此，人民对美好生活的向往就是白酒产业最大的机遇 ...

"贵州省有关方面非常重视提拔茅台本土派干部担任高管，避免'空降'党政干部到企业任职， 以免漫长适应调整期对企业正常市场经营的影响。这也让更多年轻茅台员工能看到职业发展的 希望。"中国酒业分析师肖竹青对财联社记者表示。 与张贵超和向平有接触的人士告诉财联社记者，其个人认为张贵超、向平二人作风比较务实， 且在销售体系摸爬滚打多年，具有较为丰富一线市场操作经验和营销管理经验。 " 张贵超是80后，比较能够接受新的事物。近期他就主导招募了饿了么、抖音和美团等新零售 运营商。 "上述知情人士表示，其目的是为7000家"茅台酱香 万家共享"主题终端店实施线上 线下引流，帮助线下终端向及时零售转型。 昨晚，贵州茅台官微发布消息，当日茅台集团召开干部领导大会和党委扩大会议，并宣布了贵 州省委有关任职决定。会议内容显示， 贵州茅台（600519.SH）党委委员、副总经理向平， 茅台酱香酒营销公司党委书记、董事长张贵超二人已正式出任茅台集团党委委员。 茅台集团官网显示，此前最年轻的领导层是集团党委委员、副总经理涂华彬，他出生于1975 年6月。如今， 80后的张贵超成为茅台集团最年轻的党委委员 。 据财联社记者了解，张贵超出生于 ...

业绩"急刹" ，泸州老窖迎10年最冷财报 王琳 在营收和净利连续多年保持高增长之后 ， 2024 年 ， 泸州老窖的业绩突然踩了急刹车 。 日前 ， 泸州老窖发布 2024 年度报告显示 ， 2024 年，公司实现营业收入 311.96 亿元，同比增长 3.19% ， 实现归属于上市公司股东的净利润 134.73 亿元，同比增长 1.71% 。 泸州老窖 未完成董事会于年初提出的 "实现营业收入同比增长不低于 15% "的目标，这也是 近几 年首次未完成营收目标。 不仅如此 ， 2024 年 ， 泸州老窖的收入和净利 双双创下 2015 年以来最 低增速 。 进入 2025 年 ， 泸州老窖依然保持低增速 。 数据显示 ， 今年一季度，公司实现营收 93.52 亿 元，同比增长 1.78% ， 实现归属于上市公司股东的净利润 45.9 3 亿元，同比增长 0. 41 % 。 业绩增速创 10 年新低 根据公开资料 ， 自 1991 年有数据统计以来，泸州老窖营业收入一直位列上市白酒企业的 " 前三 甲 " ，但 到了 2010 年，泸州老窖被洋河股份反超，跌出前三。 2015 年 6 月刘淼上任泸州老窖董事长 ...

2024 年白酒行业年报披露季落下帷幕， *ST 岩石因全年营收 2.85 亿元、净亏损 2.17 亿元，触发新 "国 九条" 财务退市指标，自 4 月 23 日起被实施退市风险警示。与此同时，海南椰岛、ST 春天等多家酒企 亦因业绩不达标相继 "戴帽"，行业洗牌加速的背后，是白酒行业深度调整期的阵痛与挑战。 *ST 岩石的跨界困境：从 "转型奇迹" 到退市边缘 当前白酒行业已进入 "挤泡沫" 阶段，中小酒企的退市风险既是压力也是机遇。*ST 岩石等企业的困境 警示：跨界转型需敬畏行业规律，资本热潮退去后，唯有专注品质、深耕市场的企业才能生存。 （注：本文系AI工具辅助创作完成，不构成投资建议。） *ST 岩石的困境并非孤例。2024 年成为白酒行业 "退市新规" 首个适用年度，海南椰岛、ST 春天、兰州 黄河等多家企业因营收低于 3 亿元且净利润为负被实施退市风险警示。其中，海南椰岛全年营收 1.75 亿元、净亏损 1.36 亿元，其多次保壳未果的背后，是多元化战略失败与历史债务拖累；兰州黄河则因 啤酒业务萎缩、股东内斗，营收同比下滑 12.73%，亏损规模扩大 113.76%。 更深层的危机来自行业结构性 ...