证券日报网讯9月3日晚间，山西汾酒（600809）发布公告称，公司将于2025年9月19日召开2025年第二 次临时股东大会。本次股东大会将审议《关于修订公司 <章程> 及其附件的议案》等多项议案。 ...

证券日报网讯9月3日晚间，伊力特（600197）发布公告称，公司计划于2025年9月10日(周三)上午11： 00—12：00举行2025年半年度业绩说明会。 ...

投资者关系活动主要内容白酒行业发展前景与公司举措：当下中国白酒行业处于新一轮调整周期，呈 现"量减质升"态势，发展模式从"产能扩张"向"品质、品牌、文化、价值"转变。消费观念、需求、场景 及渠道均发生变化。对此，泸州老窖在市场营销上，一是加强市场精耕深耕，制定中长期策略，培育县 级以下市场消费者；二是推动产品创新，迎合低度化等趋势；三是优化产品结构，巩固大众市场，布局 光瓶酒赛道；四是推动渠道转型，深化数智营销体系建设，构建全渠道营销网络。国窖1573量价策略： 国窖1573坚守"浓香国酒"定位，维护价盘稳定，巩固中国高端白酒地位。未来费用投放思路：泸州老窖 持续深化数智营销体系建设，提高营销费用精准性与费效比，未来会保持品牌塑造和消费者建设投入， 维持费用率在合理水平。全年经营目标看法：公司2025年度经营目标为"稳中求进"，其实现受消费环境 等因素影响，公司将顺应市场优化策略，追求长期产业价值与可持续发展。中秋、国庆旺季展望：尽管 白酒行业面临挑战，但中秋、国庆作为传统节庆，白酒消费基本面未变。公司将以消费者为中心，借助 数字化手段拉动动销。低度化产品竞争看法：随着消费群体变化，中低度酒成趋势，公司欢迎竞 ...

8月28日，山西汾酒（600809.SH）发布2025年半年报显示。公司实现营业收入239.64亿元，同比增长 5.35%；归母净利润85.05亿元，同比增长1.13%。 从盈 一、在行业降速中锚定高质量发展坐标 面对复杂的市场环境中面临诸多挑战，公司基本盘保持稳固，在营收和净利润仍然做到了"稳健增长"， 展现出强劲的韧性与高质量发展态势，为全年"扎根中国酒业第一方阵、保持营收稳健增长"的战略目标 筑牢根基。 ...

华润啤酒迎来新一任"掌门人"。 8月19日，华润啤酒发布半年报。报告显示，2025年上半年，华润啤酒实现营收239.42亿元，同比增长0.8%，净利润 57.89亿元，同比增长23%；毛利率同比上升2个百分点至48.9%。其中，啤酒业务营收231.61亿元，同比增长2.6%；白酒 业务营收7.81亿元，"摘要"贡献白酒业务营业额接近八成。 此前，赵春武在业绩说明会上表示，面对消费行业复杂多变的环境，华润啤酒坚持长期主义和高端化发展战略，深 化"啤酒+白酒"双赋能商业模式，积极应对机遇与挑战。 9月3日，华润啤酒发布公告称，董事会宣布自2025年9月3日起，执行董事赵春武已由总裁获调任为主席及获委任为公司 财务委员会主席。 公告显示，赵春武，五十四岁，于2022年8月起获委任为公司副总裁，并于2023年8月起获委任为执行董事并由公司副总 裁调任为总裁。其为公司执行委员会、提名委员会、财务委员会及购股权普通委员会各自之成员。 此次赵春武出任董事会主席，距离前任董事会主席侯孝海卸任已过去两个多月。6月27日，华润啤酒发布公告，掌舵多 年的董事会主席侯孝海因有意投入更多时间于个人安排而决定辞任，执行董事及总裁赵春武将 ...

Group 1: Industry Outlook - The Chinese liquor industry is undergoing a new adjustment cycle, shifting from "capacity expansion" to "quality improvement, brand influence, cultural expression, and value creation" [2] - Consumer preferences are changing from "quantity satisfaction" to "quality pursuit," with a focus on product value and brand connotation [2] - The younger consumer demographic prefers personalized, lower-alcohol, and self-indulgent liquor options [2] - The consumption scenario is evolving, with a decline in government consumption and a stable growth in self-drinking scenarios [2] Group 2: Company Strategies - The company is focusing on market cultivation, particularly in lower-tier markets, to transform opportunities into sustainable growth [3] - Continuous product innovation is a priority, with plans to promote lower-alcohol products and introduce new offerings like the 28° Guojiao 1573 [3] - The company is reinforcing its core product lines, shifting resources towards popular products to maintain its market position [3] - A channel transformation strategy is in place, enhancing digital marketing and building a comprehensive online and offline sales network [3] Group 3: Financial and Operational Goals - The company aims for a "steady progress" operational goal for 2025, influenced by market conditions and competition [3] - Marketing expenses will be optimized for brand building and consumer engagement, maintaining a reasonable expense ratio [3] Group 4: Market Performance - Key markets such as Sichuan, North China, and East China are performing steadily, with East China showing better results [3] - The company will continue to implement its "2358+100" regional strategy to strengthen its market presence [3]

在8月31日正式开幕的2025企业合作发展年会上，珍酒李渡集团董事长吴向东与京东集团创始人、董事局主席刘强东，360集团创始人、董事长周鸿祎等24位 企业家，一起荣获"可持续发展——年度最具企业家精神的商界领袖"奖项。 据悉，该奖项旨在表彰领导力卓越，在产业升级、科技研发等领域敢为人先、敢于担当的企业家，为行业树立典范。 吴向东深耕白酒行业近30年，从创立"金六福"品牌，到带领华致酒行成为中国首家酒类流通A股上市企业，再到推动珍酒李渡成功登陆港股，成为"港股白 酒第一股"，其凭借敏锐洞察力和卓越领导力带领企业数次穿越行业周期，实现高质量发展，成为白酒行业领军人物。 面对行业新周期，吴向东积极创新、勇于破局。今年以来，在其主导下，珍酒李渡推出战略级新品大珍·珍酒，成为行业现象级产品；打造超级组织万商联 盟，重塑行业生态；发布旗下首款高端精酿啤酒品牌牛市啤酒，正式开启"白+啤"产品战略。此外，吴向东成功打造个人IP，两个月内视频播放量超5000 万，两次大型直播观看总人数超750万，影响力不断破圈。 行业观察人士认为，在酒业"寒冬"，吴向东以超级新品、超级模式、超级传播，开辟出一个充满活力的增长通道，为行业成功探 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing slight revenue and profit growth year-on-year, but a significant decline in Q2 performance, indicating challenges in the market and product structure [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 13.88 billion yuan, a year-on-year increase of 0.54%, and a net profit attributable to shareholders of 3.66 billion yuan, up 2.49% year-on-year [1]. - For Q2 2025, revenue was 4.73 billion yuan, down 14.23% year-on-year, with a net profit of 1.33 billion yuan, a decrease of 11.63% year-on-year [1]. Product and Market Analysis - The product structure is under pressure, with an increase in volume but a decrease in price. The domestic market remains stable while adjustments are evident in the external market [2]. - In 2025 H1, revenue from different business segments was 13.64 billion yuan for liquor, 46 million yuan for hotels, and 194 million yuan for other businesses, with year-on-year changes of +1.57%, +10.44%, and -42.10% respectively [2]. - Sales volume for key liquor brands showed positive growth, but average prices declined, indicating a challenging pricing environment [2]. Regional Performance - Revenue by region in 2025 H1 was 12.30 billion yuan for Central China, 809 million yuan for North China, 768 million yuan for South China, and 500,000 yuan for international markets, with significant variances in growth rates [2]. - The core markets demonstrated stronger resilience against risks, while expansion efforts in external markets faced short-term obstacles [2]. Channel and Distributor Insights - In 2025 H1, offline and online revenues were 13.31 billion yuan and 573 million yuan, reflecting a year-on-year change of -0.7% and +40.2% respectively, indicating a strong growth in online channels [2]. - The number of distributors in various regions showed a net decrease, suggesting an optimization of the distributor network [2]. Cost Management and Profitability - The gross margin for 2025 H1 was 79.87%, slightly down from the previous year, primarily due to product structure changes [3]. - The company managed to reduce sales and management expense ratios, leading to a slight increase in net profit margin for H1 and Q2 [3]. Investment Outlook - Based on the 2025 H1 performance and recent sales trends, the company adjusted its profit forecasts, expecting revenue growth rates of -4%, 3%, and 4% for 2025-2027, and net profit growth rates of -6%, 5%, and 5% respectively [3]. - The estimated EPS for the next three years is projected at 9.85, 10.30, and 10.84 yuan, with a target price of 185.40 yuan based on a PE ratio of 18x for 2026, suggesting a "buy" rating [3].

国外 1. 经纪商Philip Nova：金价在未来几个月有望触及3600-3900美元的区间 Philip Nova的分析师Priyanka Sachdeva在一份报告中称，如果现货黄金价格持续突破3500美元，未来几 个月金价可能触及每盎司3600 - 3900美元的区间。她说，美国激进的关税立场增加了地缘政治风险，助 长了避险投资。她表示，降息预期、政治动荡和ETF需求旺盛等因素的推动，已使黄金从一种战术对冲 变成了许多投资者的战略必备资产。Sachdeva认为，3800美元/盎司的目标可能是金价突破当前高点的 第一个明确的心理关口。 2. 荷兰合作：美元近期跌势可能有限，未来数月内存在反弹的空间 6. 荷兰国际：油价风险在于欧佩克+决定重新实施减产 荷兰国际集团大宗商品专家Ewa Manthey和Warren Patterson指出，洲际交易所（ICE）布伦特原油价格 昨日走高，突破68美元/桶，当日收盘价涨幅接近1%。不过，由于美国正值劳动节假期，市场交投清 淡，这一上涨背后的成交量较为稀薄。市场的注意力正日益聚焦于本周末的欧佩克+会议。与市场普遍 预期一致，我们认为该组织将维持10月产量不变。鉴于 ...

半年净利暴跌59%，谁"偷"走了牛栏山的利润？ 有行业人士分析，牛栏山长期依赖的餐饮渠道正在经历结构性下滑，而以汾酒、泸州老窖为代表的名酒企业正强势下沉，抢占牛 栏山的大众价格带市场。 渠道失守 有餐饮老板称，今年所拿货的牛栏山，相较于以往，走量慢了很多，同比去年，今年牛栏山的开瓶率变低了，不过中小型餐饮终 端正在减少白酒进货量。 餐饮消费中，啤酒等低度酒饮占据主导，而选择白酒的消费者，越来越多地倾向于自带通过零售渠道购买的高端产品。这使得主 打大众价格带的牛栏山在餐桌上逐渐"失位"。 餐饮渠道萎缩、名酒下沉挤压、年轻消费偏好变迁，曾凭借"白牛二"行走天下的牛栏山，面临前所未有的生存难题。 | 主要产品 | 生产量 | 销售量 | 库存宜 | | 生产量同比 销售量同比 库存量同比 | | | --- | --- | --- | --- | --- | --- | --- | | | (千升) | (千升) | (千升) | 变动(%) | 变动(%) | 变动(%) | | 42 度 500ml 牛栏山陈酿酒 | 65, 203. 23 | 115.405.25 | 4.093.94 | -58.63% | ...