怡园酒业(08146)发布公告，本公司的股份已于2025年12月10日(星期三)上午九时正起短暂停牌，以待刊 发有关本公司内幕消息及根据香港公司收购及合并守则而作出的公告。 ...

智通财经APP讯，怡园酒业(08146)发布公告，本公司的股份已于2025年12月10日(星期三)上午九时正起 短暂停牌，以待刊发有关本公司内幕消息及根据香港公司收购及合并守则而作出的公告。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 怡园酒业（08146）发布公告，该公司的股份将于2025年12月10日上午九时正起短暂停止买卖。 责任编辑：卢昱君 怡园酒业（08146）发布公告，该公司的股份将于2025年12月10日上午九时正起短暂停止买卖。 ...

Market Trends - The domestic market indices showed a slight decline, with the Shanghai Composite Index closing at 3,909.52, down 0.37%, and the Shenzhen Component Index at 13,277.36, down 0.39% [4]. Industry Commentary - The communication industry is witnessing significant developments, particularly with Marvell's proposed acquisition of Celestial AI for approximately $3.25 billion, which is expected to accelerate the arrival of the Optical Interconnect (OIO) era within two years. The acquisition includes a cash component of $1 billion and approximately 27.2 million common shares, with additional performance-based payments potentially bringing the total to $5.5 billion [6]. - Celestial AI's technology aims to enhance the efficiency of AI clusters, achieving over twice the energy efficiency of copper interconnects and significantly reducing latency and power consumption. The technology is expected to contribute substantial revenue starting in the second half of the 2028 fiscal year [6]. - The successful launch of the Zhuque-3 rocket marks a significant milestone in commercial aerospace, with expectations for a substantial increase in launch capacity by 2026. This success is anticipated to alleviate the current bottleneck in national rocket launch capabilities [10]. Derivative Research - The investment value of the BaiRun convertible bond is highlighted, with a remaining term of 1.82 years and a bond balance of 1.127 billion yuan. The bond's market price is 121.84 yuan, with a conversion premium of 154.25% [11]. Key Recommendations - The report suggests focusing on several key areas within the communication and aerospace sectors, including: 1. CPO/OIO technologies: Companies such as Tianfu Communication, Zhongji Xuchuang, and others are recommended for investment [10]. 2. Domestic computing power: Companies like ZTE, Unisoc, and Inspur Information are highlighted as potential investment opportunities [10]. 3. Commercial aerospace: Companies such as Chaojie Co., Yinbang Co., and others are noted for their growth potential in the commercial aerospace sector [10]. Overall Market Performance - The overall market showed an upward trend during the week of December 1-5, 2025, with the Shenwan Communication Index rising by 3.69% and the ChiNext Index increasing by 1.86%. The satellite communication sector led the gains with an 11.60% increase [10].

怡园酒业(08146)发布公告，该公司的股份将于2025年12月10日上午九时正起短暂停止买卖。 ...

智通财经APP讯，怡园酒业(08146)发布公告，该公司的股份将于2025年12月10日上午九时正起短暂停止 买卖。 ...

Core Viewpoint - The wholesale price of Feitian Moutai has significantly decreased, reaching 1520 RMB per bottle, approaching the official guidance price of 1499 RMB, raising speculation about whether the manufacturer is controlling supply to maintain prices [2][18]. Price Trends - The wholesale price of Feitian Moutai was as high as 2678 RMB per bottle in December 2021, but has dropped approximately 43% to around 1520 RMB per bottle by December 9, 2023 [2][5]. - The average retail price for consumers on e-commerce platforms ranges from 1600 RMB to 1850 RMB per bottle [2]. Dealer Insights - Dealers have completed their sales targets for 2025, which is the primary reason for the current halt in supply from the manufacturer, rather than a strategy to control prices [2][3]. - The perception of a "lying win" era for dealers has ended, as they now face a market where the price difference between wholesale and retail has diminished [2][11]. Cost Structure - The factory price of Feitian Moutai was raised to 1169 RMB per bottle as of November 1, 2023, a 20% increase from the previous price of 969 RMB [6]. - The official guidance price of 1499 RMB per bottle serves as a significant benchmark for consumers [7]. - Dealers' comprehensive cost line, which includes the costs of other products they are required to sell, is approximately 1700 RMB per bottle, leading to losses when selling Feitian Moutai at around 1650 RMB [8][9]. Market Dynamics - The market is currently questioning whether the price of Feitian Moutai will fall below the official guidance price of 1499 RMB, with predictions suggesting it may stabilize around 1600 RMB before the Spring Festival [18]. - The ongoing price decline is testing the psychological limits of dealers, investors, and consumers [18]. Future Outlook - The industry is transitioning from a focus on selling liquor to providing a lifestyle experience, with dealers needing to adapt to this new role [13][22]. - Embracing e-commerce and integrating online and offline sales strategies are becoming essential for dealers to survive in the changing market [15][22]. - Despite current challenges, there is long-term optimism regarding the demand for Moutai, as the consumer base is expected to grow with lower prices [20][22].

中经记者 刘旺 北京报道 第三，价值共生重铸渠道新生态：线下渠道深度承压，"盈利水平"成为影响烟酒店终端最核心要素。在 此情况下，厂商端一体化、用户资产运营、通过线上扩展增量、打通消费"最后一公里"可成为破局方 向。 第四，线上线下融合营销新范式：线上终端逆势领跑，线上、线下融合成为营销新关键，比如短视频内 容营销引爆、比如线上电商转化+线下渠道共振。 《中国经营报》记者注意到，中国酒类流通协会会长秦书尧在《中国酒类流通协会2025年理事会工作报 告》中，以"新一轮调整期"定义当前酒业所处的发展阶段。 秦书尧指出，本轮酒业调整不仅是行业内部调整和市场局部调整，也是在国际国内经济环境复杂变化、 消费群体与消费文化迭代、互联网与数字化深刻改变人们生活方式等宏观影响下，酒业所必须经历的历 史性变革。 他认为，未来酒业既有的生产方式、营销方式和思维方式，都将发生颠覆性的改变，这固然是前所未有 的艰巨挑战，也是实现发展新局面的关键契机。 近日，中国酒类流通协会第八届二次理事会暨30周年主题活动在北京国际会议中心正式启幕。会上，中 国酒类流通协会副会长、盛初咨询董事长柴俊代表中国酒类流通协会发布2025年1—9月份中国酒 ...

Report Overview - **Investment Rating**: Not provided - **Core View**: Although the conversion premium ratio of Bairun Convertible Bond is high, its market price is low and the remaining term is less than 2 years. The company's whiskey business is expected to gradually enter the harvest period, and the convertible bond is expected to have elasticity in the future [5] Company and Bond Information - **Bond Information**: Bairun Convertible Bond (127046.SZ) is AA - rated, with a bond balance of 1.127 billion yuan, accounting for 99.95% of the total issuance. The remaining term is 1.82 years, and the redemption price at maturity is 110 yuan. The closing price on December 5th was 121.84 yuan, with a conversion premium ratio of 154.25% [1] - **Company Information**: Bairun is a consumer - oriented liquor group with pre - mixed cocktails as the core, flavors and fragrances as the foundation, and spirits as the strategic extension. From Q1 to Q3 in 2025, its revenue was 2.27 billion yuan, a year - on - year decrease of 4.89%; the net profit attributable to the parent company was 549 million yuan, a year - on - year decrease of 4.35%. The latest total market value is 23.5 billion yuan, and the PE TTM is 33.79x [3] Key Highlights of Bairun Convertible Bond - **Profitability**: The company's business is diversified, covering flavors, pre - mixed drinks, and whiskey. In H1 2025, the gross profit margins of the flavor business and the pre - mixed drink business reached 70.75% and 70.48% respectively, significantly higher than the average level of about 45% in the non - liquor industry. It focuses on niche markets and has a leading position in the segment, with outstanding profitability [4] - **Whiskey Business**: The company's Laizhou Distillery is the largest whiskey production base in China. As of November 2025, it has filled over 500,000 whiskey aging barrels. In 2025, it launched series of products such as "Bailide" blended whiskey and "Laizhou" single - malt whiskey, covering high - end, mid - end, and low - end markets. With the help of the mature pre - mixed drink channel network, the number of distributors is increasing, laying a solid foundation for future revenue growth [4] - **Pre - mixed Drink Business**: The core brand "RIO" has ranked first in the domestic pre - mixed drink market for many consecutive years, with a market share of 30.97% in 2024. The three - product matrix of "Wei Xun", "Qiang Shuang", and "Qing Shuang" meets the different needs of young consumers. From Q1 to Q3 in 2025, the revenue increased quarter - on - quarter for three consecutive quarters. The jelly wine launched in June and the 12° light - enjoyment series launched in August contributed incremental revenue, supporting the restoration of market share [5] Valuation - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged and no forced redemption or downward adjustment is considered, the reasonable valuation of Bairun Convertible Bond is between 123 and 128 yuan [6]

引言：坐标系的诞生 中国酒业的价值地图正在被重新绘制。长期以来，这片版图以茅台为绝对中心，形成了一个垂直高度上的单点极值——所有酒类产品都以其与茅台的"距 离"来衡量自身价值。然而，当张仲景集团出品的谦夫子养生露酒以文化养生之名问鼎品类冠军，一场深刻的坐标革命悄然发生：茅台不再是唯一的参照 点，而是构成了**横轴（X轴）的基准线**，代表着传统白酒的价值尺度；谦夫子则崛起为**纵轴（Y轴）的新标杆**，定义了养生酒的全新维度。这个由 茅台（白酒）与谦夫子（养生酒）共同确立的"酒业新坐标"，标志着中国酒业从一维线性评价体系向二维立体价值系统的历史性跃迁。 一、横轴的奠定：茅台如何定义白酒的价值尺度 地理垄断：X轴的零刻度确立 酒业新坐标：横轴茅台（白酒），纵轴谦夫子（养生酒） 茅台对白酒产业坐标系的奠基性贡献，首先在于确立了**地理要素作为价值原点**的行业共识。在茅台之前，中国白酒的价值评判更多依赖于口感、香型等 主观感知维度，缺乏客观、统一的坐标参照。茅台通过"离开茅台镇酿不出茅台酒"的绝对化叙事，将赤水河畔15.03平方公里的特殊风土塑造为白酒价值的 不动零点。 这个"地理零刻度"的确立，完成了白酒产业价 ...