Group 1 - The core viewpoint of the report indicates that the sales of the product are under pressure, with the market focusing on refined operations [1] - The company faces rigid expense investments, leading to pressure on profitability [1] - The company is actively adjusting strategies to overcome challenges and is preparing for long-term development [1]

智通财经APP获悉，东吴证券发布研报称，白酒行业出清仍是主要期待，把握出清主要矛盾以及未来业 绩修复可见性主线，自下而上优先关注更早进入拐点，且增长弹性领先的酒企。参考2013~16年股价表 现，白酒周期从筑底出清到向上修复的过程中，行情并非简单复制白酒上行周期高端→次高端→中高端 的轮动顺序，而是自下而上优选业绩领先标的。该行预计本轮高端、次高端产品动销要达成量价新均 衡，仍需一定的时间过程，可更多关注具备香型份额提升、全国化扩张或新品招商alpha的部分个股。 东吴证券主要观点如下： Q2场景冲击压力加剧，动销考验更见真章 产品结构承压，净利率仍在回落 毛利率方面，25H1高端酒、次高端酒、区域酒企毛利率分别同比-0.5、-0.4、-0.3pct，产品结构与货折 对毛利率均有拖累。费率方面，25H1多数酒企销售费率同比提升，其中老窖、古井、老白干酒的销售 费率同比改善则与费用精细化管控有关;25H1伴随收入兑现趋弱，多数酒企管理费率同比小幅增长。利 润增速方面，25H1高端(5.49%)>次高端(-3.22%)>地产酒(-24.90%)，产品结构回落、动销转化不畅，酒 企毛销差经历下行考验，同时规模负效应 ...

9月4日，金徽酒盘中上涨2.05%，截至10:02，报22.38元/股，成交7409.27万元，换手率0.67%，总市值 113.52亿元。 资金流向方面，主力资金净流入13.28万元，特大单买入0.00元，占比0.00%，卖出119.46万元，占比 1.61%；大单买入1267.86万元，占比17.11%，卖出1135.12万元，占比15.32%。 金徽酒今年以来股价涨17.11%，近5个交易日涨9.22%，近20日涨20.39%，近60日涨19.62%。 资料显示，金徽酒股份有限公司位于甘肃省陇南市徽县伏家镇，成立日期2009年12月23日，上市日期 2016年3月10日，公司主营业务涉及白酒的生产和销售。主营业务收入构成为：100-300元55.10%，300 元以上21.62%，100元以下20.82%，其他(补充)2.47%。 金徽酒所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：高派息、增持回购、白酒、融 资融券、中盘等。 截至6月30日，金徽酒股东户数4.45万，较上期减少7.68%；人均流通股11408股，较上期增加8.32%。 2025年1月-6月，金徽酒实现营业收入17.59亿 ...

Core Viewpoint - Shede Liquor's financial report for the first half of the year shows a decline in both revenue and net profit, but there are signs of recovery in the second quarter, leading to a positive market response [1][2][4]. Financial Performance - In the first half of the year, Shede Liquor achieved revenue of 2.701 billion yuan, a year-on-year decrease of 17.01%, and a net profit of 443.3 million yuan, down 24.98% [1]. - In the second quarter, revenue was 1.125 billion yuan, a decline of only 3.44%, and net profit increased significantly by 139.48% to 97.17 million yuan [1]. - The stock price of Shede Liquor rose significantly, with a 30.1% increase over the past 11 trading days, outperforming the liquor sector and the broader market [1]. Strategic Adjustments - Shede Liquor has been in a downward adjustment cycle for several years, with four consecutive quarters of declining performance until signs of stabilization appeared in the second quarter of this year [2][4]. - The company has shifted its focus from high-end products to ordinary liquor, which has positively impacted its performance [6][8]. - Revenue from ordinary liquor increased by 15.86% year-on-year to 444.9 million yuan, with its share of total revenue rising by 4.73% [5][6]. Market Position and Competition - The liquor industry is characterized by a "pyramid" competition structure, with top brands like Moutai and Wuliangye dominating the high-end market, while Shede operates in a more competitive mid-range market [7]. - The company's sales expenses have decreased, contributing to improved net profit, as the focus on ordinary liquor has reduced marketing costs [8][9]. Challenges Ahead - Despite the recovery in the second quarter, Shede Liquor faces significant challenges, including pressure from distributors and high inventory levels [8][10]. - The number of distributors has decreased, and the company has shifted to direct sales channels, which may not be sustainable in the long term [8][9]. - Inventory levels have risen, with a significant portion of stock not translating into market competitiveness, indicating potential future challenges [10].

9月4日，A股早盘走势分化，沪指失守3800点，截至9:41，沪指跌0.45%，深成指涨0.77%，创业板指涨1.47%。 盘面上，新能源赛道股反弹，储能概念延续强势，固态电池放领涨，通润装备2连板；光伏概念震荡走强，安彩高科涨停；折叠屏概念股拉升，宜安科技涨 超10%。下跌方面，银行、保险等大金融板块继续走低，军工、半导体、白酒等板块跌幅居前。 展望后市，东方证券认为，市场短期进入高位震荡，波动幅度有所扩大，但调整更多体现为结构化控制，高低切换与行业轮动特征明显，预计回落幅度有 限。 热门板块 1、储能概念延续强势 机构观点 1、广发证券：建议继续坚守科技产业主线 广发证券认为，对于已经持有本轮牛市科技主线的投资者，在当前估值分化程度并不算高的位置上，去参与"高低切换"的必要性不强，建议继续坚守科技产 业主线：一方面，海外算力链、创新药仍在牛市产业主线的进程中；另一方面，国产算力、国内AI基建、AI端侧应用的产业预期也在修复当中，前期重点 推荐的科创芯片、虽迟但到。 2、东吴证券：牛市二阶段，聚焦AI应用的赔率交易 东吴证券认为，在目前量能充沛的市场环境下，主线又集中于以AI为核心的科技，若上游硬件端出现筹 ...

智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 贵州茅台重新成为了A股第一高价股。 2025年8月29日，国产芯片企业寒武纪的股价超过了贵州茅台，这一消息引发多方关注，登上热搜。 9月1日，寒武纪股价收跌2.95%，报1448.39元/股，贵州 茅台收跌0.26%，报1476.1元/股。贵州茅台股价再次超过寒武纪，重新成为A股市场第一高价股。 在随后的两天里，贵州茅台在早盘交易中展现出了强劲的势头，突破了1500元/股大关，创下了自今年5月以来的新高。 制图：智通财经 武冰聪 贵州茅台股价被超越，需要结合整个白酒板块的表现来看。 截至8月29日，全部A股上市公司半年报披露完毕。贵州茅台完成了此前制定的业绩增长9%目标。与2024年相比，茅台出现了增速放缓，但仍维持住增长势 头。 然而，智通财经统计了20家A股白酒上市公司及港股珍酒李渡共21家公司的数据，今年上半年有15家企业业绩下滑，仅有6家保持了营收与净利润增长，"双 增长"企业包括贵州茅台、五粮液、山西汾酒，它们也分别是营收规模的前三名，属于全国性名酒。 | | | 2025上半年白酒股营收与净利润增长情况 | | | | --- | --- | - ...

2025年，白酒行业进入新一轮调整周期，行业整体呈现出"量减质升"的发展态势，正加快从"存量竞争"向"价值创造"转型。2025年上半年，泸州老窖实现 营业收入164.54亿元，实现归属于上市公司股东的净利润76.63亿元。 上半年，面对新的市场环境，泸州老窖锚定"低度化、年轻化、场景化、数智化"四个战略方向，在市场拓展、管理创新、技术升级、数智应用和消费场景 打造等方面推动转型创新，以战略定力精准把握消费迭代与产业变革的时代脉搏，以主动转型构筑差异化竞争优势，进一步夯实发展韧性。 低度酒优势继续扩大 近年来，酒类产业进入消费结构转型和分化期、存量竞争的深度调整期。一个显而易见的变化是，年轻人开始成为白酒市场的主要消费群体。 业内人士表示，年轻人不是不饮酒，而是饮酒需求发生了变化。目前85后、90后，以及年轻女性成为最具潜力的酒类消费人群。相比之下，年轻消费群体 更倾向于个性化、低度化、利口化、悦己化的酒类消费，更青睐小型聚会、下班小酌等"轻社交"场景，更喜好"轻便化""高颜值"的产品设计，更推崇轻松 随性的饮酒文化。 泸州老窖在半年报中表示，下半年将持续推动产品创新，面对当前低度化、健康化、利口化、多元化等产 ...

方正证券研报称，白酒板块自Q2起降速，受宏观环境冲击与终端需求疲软，酒企短期业绩承压，基本 面处磨底阶段，品牌间分化加剧。分价格整体表现看，高端白酒＞次高端白酒＞区域酒企（次高端白酒 此前调整时间较长，地产龙头主动维护核心市场及产品基础）。高端白酒持续通过品牌高势能及渠道掌 控手段维持相对韧性。茅台等龙头通过控货挺价、优化渠道等动作，稳固高端市场基本盘，抗风险能力 显著。当前时点展望来看，多重政策催化下底部已形成，当期板块PE-TTM为19.7X，近五年分位数 14.3%，虽有所回暖但仍处历史低位。在整体经济预期好转下，白酒作为优质顺周期资产，估值中枢仍 存在修复空间，后续关注中秋&国庆对终端需求的改善，中长期跟踪政策端改善传导至需求端恢复的节 奏。 ...

山西汾酒全国化战略与产品结构优化的双轮驱动，正成为低迷市场中一道亮丽的风景线。 2025年上半年，中国白酒行业步入"政策调整、消费结构转型、存量竞争"三期叠加的深度调整期。多数 酒企业绩承压，但以山西汾酒为代表的清香型白酒却逆势上扬，展现出强劲的发展韧性。山西汾酒2025 年半年报显示，公司实现营业收入239.64亿元，净利润85.05亿元，两大核心指标均保持稳健增长。在行 业整体面临挑战的背景下，汾酒凭借全国化战略推进和产品结构优化，为投资者带来了难得的信心与曙 光。 01 行业寒冬中的一抹亮色 2025年白酒中报数据呈现出一幅冰火两重天的景象。在已公布业绩的17家酒企中，仅5家实现营收正增 长，12家出现负增长，有的企业营收甚至下滑43%。行业规模以上企业数量同比减少超百家，产业产量 同比下降5.8%。终端销量冷清，中高档酒销售疲软成为常态。 在这场行业寒冬中，山西汾酒却表现稳健。公司2025年上半年总营收同比增长5.4%，归母净利润达85.1 亿元。汾酒的业绩增长背后是其全国化战略的成效显现。上半年，汾酒在山西省外市场收入达151.43亿 元，同比增长6.15%，占比已达到63.2%。 02 清香型白酒 ...

Core Viewpoint - The company reported its 2025 semi-annual results, showing stable revenue growth and improved profitability despite a weak macroeconomic environment [1][4]. Financial Performance - In 25H1, the company achieved revenue of 2.48 billion yuan, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 320 million yuan, up 5.4% year-on-year [1]. - For Q2 2025, revenue was 1.31 billion yuan, down 2.0% year-on-year, while net profit was 170 million yuan, a slight increase of 0.2% year-on-year [1]. Product and Brand Strategy - The company continues to advance its multi-brand strategy, with the white liquor segment generating 2.47 billion yuan in revenue in 25H1, a 0.7% increase year-on-year [2]. - The main brand, Laobai Ganjiu, reported revenue of 1.28 billion yuan, up 2.0% year-on-year, while Wulingjiu saw a 7.0% increase to 530 million yuan [2]. - The company focuses on core products priced between 100-300 yuan, effectively countering the impact of weak high-end product sales [2]. Cost Management and Profitability - The gross margin for 25H1 was 68.0%, an increase of 2.1 percentage points year-on-year, attributed to effective cost control [3]. - The net profit margin improved to 12.9%, up 0.6 percentage points year-on-year, indicating enhanced profitability [3]. - However, cash flow from operations was under pressure, with a net cash flow of -50 million yuan, a decline of 120.5% year-on-year [3]. Internal Reforms and Future Outlook - The company is deepening internal reforms to enhance operational efficiency, including the transfer of equity from subsidiaries to the headquarters [4]. - The company is expected to see net profits of 810 million yuan, 890 million yuan, and 1.01 billion yuan for 2025-2027, with corresponding EPS of 0.88 yuan, 0.98 yuan, and 1.11 yuan [4]. - A target price of 22.88 yuan is set based on a 26x valuation for 2025, maintaining a "buy" rating [4].