作 者丨肖夏 编 辑丨骆一帆 截至4月2 9日晚，白酒股2 0 2 4年年报、2 0 2 5年一季报全部披露。 2 1世纪经济报道记者梳理注意到，几乎所有白酒上市公司去年业绩增长都出现放缓，其中有 六家酒企去年营收同比倒退，覆盖不同体量的酒企，能实现两位数增长的白酒已经屈指可数。 同时披露的2 0 2 5年一季报更为惨淡， 各家白酒股业绩增速进一步下滑，其中近一半业绩出现 倒退，多家出现2 0%、3 0%的大幅下滑。 一位资深白酒投资者评价，"当前白酒迎来了极寒天气。" 行业深度调整反馈到报表端之际，白酒企业的竞争格局也发生了重要变化。 2 1 世 纪 经 济 报 道 记 者 梳 理 注 意 到 ， 头 部 白 酒 中 ， 山西 汾酒正式跃升至第三 ， 三 大 香 型龙头实现聚首；白酒股前十中，对比五年前有两家是新面孔， 一些名酒被挤到二三 梯队 ；中小白酒业绩普遍低迷， 新增两家酒企披星戴帽，离退市再近一步 。 综合接受2 1世纪经济报道记者采访的券商分析师、行业专家观点来看，观察人士普遍认为当 前白酒处于探底阶段，今年二季度淡季预计继续低迷，但整个探底阶段会持续多久，难以判 断。 汾酒正式跻身前三，前十位 ...

Core Viewpoint - Guizhou Moutai reported a revenue of approximately 50.6 billion yuan and a net profit of 26.847 billion yuan for Q1, achieving year-on-year growth of 10.54% and 11.56% respectively, surpassing its annual growth target of around 9% [2][5]. Financial Performance - The revenue from Moutai liquor reached approximately 43.557 billion yuan in Q1, with a year-on-year increase of 9.7% [3]. - The revenue from the sauce-flavor liquor series was 7.022 billion yuan, showing a year-on-year growth of 18.3%, maintaining a consistent growth rate of 18% over the past two years [3][4]. - Direct sales channels generated 23.22 billion yuan in revenue, up 20.19% year-on-year, while wholesale channels saw a slight increase of 3.94% to 27.36 billion yuan [4]. Market Strategy - Guizhou Moutai is focusing on a brand development strategy termed "one body, two wings," aiming to create a product cluster centered around Moutai 1935, with Moutai Prince and Hanjiang as supporting products [3][4]. - The company plans to enhance the product structure of Moutai 1935 and has introduced new product specifications, including a 1.935L version [4]. Industry Context - The overall growth of the liquor industry is under pressure, with many companies adjusting their growth targets. Guizhou Moutai's 9% target is seen as a benchmark for the industry, reflecting a broader trend of rational consumption among consumers [5][6]. - Other major liquor companies have set their growth targets to align with macroeconomic indicators, indicating a cautious approach in the current market environment [6].

2.蒋佳率队调研阿联酋市场 3.西凤部署江苏市场 4.云门酒业日本联络处及大阪品鉴中心成立 5.古贝春科研新成果发布 6.赤水召开白酒产业发展调度会 7.山西汾酒2024营收360.11亿 8.洋河股份2024营收288.76亿 9.迎驾贡酒2024净利同比增长13.45% 10.口子窖一季度营收18.10亿 11.伊力特2024营收22.03亿 12.酒鬼酒2024净利同比下降97.72% 13.金种子酒2024营收同比下降37.04% 14.会稽山一季度营收同比增长10.10% 15.青岛啤酒一季度营收104.46亿 16.新西兰葡萄酒业可持续发展成果显著 《米香型白酒》国标发布 近日，国家市场监督管理总局、国家标准化管理委员会发布关于批准《家用和类似用途插头插座第31部分：装有USB电源的插座的特殊要求》等295项推荐性国家标准和2项推荐性国家标准修改 蒋佳率队调研阿联酋市场 据五粮液集团微信公众号消息，近日，宜宾五粮液股份有限公司副总经理蒋佳率队赴阿联酋，走访迪拜、沙迦、阿布扎比等地，深入了解渠道建设、产品动销、终端陈列、消费者服务等情况，与 蒋佳表示，阿联酋作为"一带一路"倡议的重要枢纽，一直是五粮 ...

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][12][18]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for 2024, with six companies experiencing a year-on-year revenue decline [1][4]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][12]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [4][7]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of market power among top players [2][8]. - Over the past five years, the rankings of the top ten white liquor companies have changed significantly, with new entrants and established brands experiencing shifts in their market positions [10][11]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][17]. - The core issue facing the industry is weak consumer demand, with a need for companies to connect with younger consumers and explore new market segments [18].

单位：元 币种: 人民币 | | 主营业务分产品情况 | | | | --- | --- | --- | --- | | 分产品 | | 营业收入 | | | | 2025 年第一季度 2024 | 年第一季度 | 同比增减 | | 特A+类 | 3,168,848,024.47 | 2,972,624,549.83 | 6.60% | | 特A 类 | 1,649,515,392.73 | 1,405,437,512.71 | 17.37% | | A 类 | 184,233,136.39 | 178,387,297.56 | 3.28% | | B 类 | 56,854,797.36 | 59,127,121.25 | -3.84% | | C 类、D 类 | 18,985,831.40 | 30,753,891.25 | -38.27% | | 其他 | 1,477,444.50 | 1,717,151.19 | -13.96% | | | 主营业务分地区情况 | | | | 分地区 | | 营业收入 | | | | 2025 年第一季度 2024 | 年第一季度 | 同比增减 | | 省内 | 4,6 ...

Core Viewpoint - The performance of JiuGui Jiu continues to decline, with significant drops in both revenue and net profit for the fiscal year and the first quarter of 2025 [2][3][10] Financial Performance - For the fiscal year, JiuGui Jiu reported revenue of 1.423 billion yuan, a year-on-year decline of 49.70%, and a net profit of 12 million yuan, down 97.72% [2] - In Q1 2025, the company achieved revenue of 344 million yuan, a decrease of 30.34% year-on-year, with a net profit of 32 million yuan, down 56.78% [11][10] Product Performance - Core products, including the Inner Reference and JiuGui series, saw a decline, while the Xiangquan series experienced growth, albeit with limited revenue contribution [6][2] - The Inner Reference series revenue fell by 67.06% to 235 million yuan, while the JiuGui series contributed nearly 60% of total revenue but declined by 49.32% to 835 million yuan [6] Distribution and Inventory - The number of distributors decreased from 1,774 to 1,336, a net loss of 438 distributors, indicating a pessimistic outlook among channel partners [3][8] - As of the end of 2024, finished product inventory was reduced by 4.48% to 5,417 tons, with JiuGui series inventory decreasing from 3,394 tons to 3,063 tons [7] Pricing and Market Strategy - The pricing structure has been disrupted, with wholesale prices for Inner Reference dropping from 850 yuan to 750 yuan, significantly below the official guide price of 1,499 yuan [7] - The company plans to restructure its product matrix with a "2+2+2" strategy, reducing SKUs by 50% to eliminate low-performing products and enhance product differentiation [13] Management Changes - A new board candidate, Cheng Jun, has been nominated, with expectations that he will lead the company towards recovery and growth [12]

证券简称：贵州茅台 证券代码：600519 编号：临 2025－016 贵州茅台酒股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贵州茅台酒股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号——行业信息披露》之《第十二号——酒制造》 的相关规定，现将公司 2025 年第一季度主要经营数据（未经审计）公告如 下： 单位：万元 币种：人民币 项目 按产品档次 按销售渠道 按地区分部 茅台酒 系列酒 直销 批发 国内 国外 年初至报告期末的 主营业务收入 4,355,747.74 702,247.98 2,322,045.62 2,735,950.10 4,946,141.69 111,854.03 一、2025 年第一季度经营情况 注：年初至报告期末，公司通过"i 茅台"数字营销平台实现酒类不含 税收入 587,019.12 万元。 二、2025 年第一季度经销商变动情况 单位：个 | 区域名称 | 报告期末经销商数量 | 年初至报告期末增加数量 ...

洋河股份（002304）公告，2024年营业收入为288.76亿元，同比下降12.83%。归属于上市公司股东的净 利润为66.73亿元，同比下降33.37%。基本每股收益为4.43元/股，同比下降33.37%。公司拟向全体股东 每10股派发现金红利23.17元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

Group 1 - The core point of the article is that Kweichow Moutai (600519) has announced a strategic partnership with the Asian Tour, becoming the official partner and the only designated high-end Chinese liquor for the tour [1] - This partnership will see Kweichow Moutai as a core partner for three flagship events in the 2025 season of the Asian Tour, enhancing its marketing efforts in high-profile sports events [1] - The collaboration aims to advance the brand's internationalization strategy, indicating a significant move towards global market penetration [1]