查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确性，内容仅供参考。 投资者提问： 您好，尊敬的董秘。建议与近期人气爆棚的开封万岁山、清明上河园等河南知名景点合作开设低度微醺、啤酒产品卖铺，第一能够让众多游客知道泸州老窖第一时间发布的新品，又能够让游客品 董秘回答(泸州老窖SZ000568)： 尊敬的投资者，谢谢您的建议！ ...

Core Viewpoint - The article highlights a significant case of illegal food additive use involving "Jianhao Qing Jiu," which contains the prescription drug Tadalafil, posing serious health risks to consumers [1][2][3]. Group 1: Case Details - The case was initiated in January 2025 when the market regulatory authority received complaints about "Jianhao Qing Jiu" sold by Yichun Jiayuan Department Store, suspected of containing illegal drug additives [2][4]. - Investigations revealed that the individual involved, Shu Mouqing, illegally added Tadalafil from "Goji Berry Tablets" into the base liquor during production, with a detected concentration of 151 mg/kg, significantly exceeding safe limits for food additives [2][3]. - The total production and sales of the illegal liquor reached 450 units, valued at approximately 1.9386 million yuan, with additional sales through Taobao amounting to 39,500 yuan [3][4]. Group 2: Health Risks and Regulatory Actions - The addition of Tadalafil could lead to severe health issues for consumers, including allergic reactions and cardiovascular diseases [3][4]. - The market regulatory authority has taken strict actions against such illegal practices to protect public health and deter potential offenders [4].

找明星代言，气泡黄酒大卖，今年股价翻倍…..最近会稽山发的半年报，为什么股民会不买 单？ 会稽山（8月）21号披露了半年报，上半年营收超过8个亿、归母净利润9300多万元，分别同 比增长了11%和3.4%。 但22号开盘后，会稽山股价一路下跌，到收盘跌了将近六个点。 这样一份半年报，为什么市场不买单？ 会稽山今年股价基本上翻了一倍，是今年所有酒类股的涨幅第一。 市场这么追捧，原因是正是气泡黄酒。会稽山去年推出的创新黄酒"一日一熏"，今年618期间 又找来了吴彦祖"带货"，整个618期间的销售额同比增长了400%。 半年报也佐证了这个成绩。上半年会稽山的"其他酒"收入同比大涨60%，实现销售收入7000 多万元。 但是投资者们发现，今年上半年，会稽山的传统黄酒产品营收涨幅只有个位数，而且这当中 的中高端黄酒，二季度的增速也是放缓的。 会稽山超过九成的收入都是来自传统黄酒。气泡黄酒虽然这两年很出圈、增长也很快，但是 还扛不了业绩。 而且细心的投资者发现，今年二季度会稽山的净利润只有十几万元，其中扣非净利润甚至是 负数。 难道说会稽山618光赚了热度，没赚到钱？ 看上去表现并不差。因为今年上半年酒类消费其实很不乐观 ...

找明星代言，气泡黄酒大卖，今年股价翻倍…..最近会稽山发的半年报，为什么股民会不买单？ 21世纪经济报道记者肖夏 大家好，欢迎关注消费参考。 会稽山(8月)21号披露了半年报，上半年营收超过8个亿、归母净利润9300多万元，分别同比增长了11% 和3.4%。 看上去表现并不差。因为今年上半年酒类消费其实很不乐观，大家能看到的白酒、啤酒、葡萄酒，基本 上都在倒退。一家酒企还能实现两位数增长，已经是凤毛麟角了。 但22号开盘后，会稽山股价一路下跌，到收盘跌了将近六个点。 这样一份半年报，为什么市场不买单？ 会稽山今年股价基本上翻了一倍，是今年所有酒类股的涨幅第一。 市场这么追捧，原因是正是气泡黄酒。会稽山去年推出的创新黄酒"一日一熏"，今年618期间又找来了 吴彦祖"带货"，整个618期间的销售额同比增长了400%。 半年报也佐证了这个成绩。上半年会稽山的"其他酒"收入同比大涨60%，实现销售收入7000多万元。 但是投资者们发现，今年上半年，会稽山的传统黄酒产品营收涨幅只有个位数，而且这当中的中高端黄 酒，二季度的增速也是放缓的。 会稽山超过九成的收入都是来自传统黄酒。气泡黄酒虽然这两年很出圈、增长也很快，但是 ...

八月以来的港股市场，珍酒李渡(6979.HK)股价走势成为一道独特风景线。 富途行情显示，珍酒李渡股价从8月1日收盘的6.46港元一路攀升，轻松突破10港元关口，截至21日收 盘，公司股价10.07港元/股，月内累计上涨超50%，市值涨超100亿元，引发广泛关注。 资本市场不会无缘无故地狂热，每一分钱的投入都是经过精密算计的审慎选择。这不禁让人发问：在整 个白酒行业仍处深度调整期，消费复苏态势不明的宏观背景下，是什么让珍酒李渡获得投资者真金白银 的"投票"？ 珍酒李渡毛利率持续增长并非偶然，背后是公司规模效应持续释放、产品结构持续优化、人效比持续提 升的直接成果。它证明了企业内在经营质量的提升，即便在逆风之中，也保有更强的盈利韧性和防御能 力，这为投资者提供了最基础的安全边际。 这一"降中有升"的微妙对比，也成为敏锐投资者捕捉到的第一个积极信号。 △珍酒李渡近期股价走势图 主动进化：产品+商业模式创新 在笔者看来，答案或许就藏在公司刚刚披露的2025年上半年业绩之中。 逆势显韧性：毛利率提升背后的经营底气 财报显示，珍酒李渡上半年实现收入24.97亿元，同比下降39.6%；经调整净利润为6.13亿元，同比下降 ...

当地时间8月21日，美国与欧盟发表联合声明称，双方已就贸易协定框架达成一致，美国在声明中重申 了对欧盟大部分商品征收15%的关税上限，涵盖汽车、药品、半导体芯片和木材等。美欧向着正式确立 贸易协定又迈出一步，此前一段时间美国对欧盟实施的高关税对欧洲出口商们已经造成了不小的打击。 欧盟统计局近期发布数据显示，今年6月欧元区出口整体下滑，对美出口更是同比骤降超10%。专家提 醒，高关税叠加汇率波动和全球需求疲软，可能在接下来几个季度持续拖累欧洲出口，令欧洲经济蒙上 阴影。 欧盟统计局数据显示，今年6月欧元区出口环比下降2.4%，而进口环比增长超过3%。这一增一减，使得 经季节性调整后的贸易顺差从5月的156亿欧元大幅下降至28亿欧元。其中，对美国市场的出口同比下降 超过10%，直接反映出美国加征关税举措的剧烈冲击。 事实上，这一下滑在经济学家看来并不意外。今年上半年，不少企业在关税正式生效前抢出口，把货物 提前运往美国。新税率一经执行，出口量随即下跌。荷兰国际集团宏观研究主管布热斯基指出，关税叠 加欧元走强和全球贸易不确定性，正让欧洲出口商面临多重压力。 自年初以来，美方逐步提高针对欧洲商品的税率：6月，欧元区多 ...

直播间里，随着珍酒李渡董事长吴向东举起一瓶375毫升铝瓶装啤酒，定价88元的"牛市"精酿就此亮 相。北京商报记者近日在淘宝App查询发现，牛市啤酒精酿5.5度375毫升整箱装已售超300笔。珍酒李渡 跨界精酿仅是近年来酒企入局精酿的缩影之一。除珍酒李渡外，五粮液旗下五粮液仙林生态酒业有限公 司（以下简称"仙林生态酒业"）也入局精酿赛道，推出"风火轮"中式五粮精酿啤酒。 白酒企业闯入精酿啤酒赛道，不仅在于其超300亿元的市场规模，更是为缓解白酒市场疲软作出的新选 择。当白酒企业精酿版图逐步拼凑起来时，白酒渠道能否承载精酿啤酒产品？跨界精酿啤酒是陷阱还是 自救？对于白酒企业而言都还是未知数。 拓精酿版图 在吴向东的个人直播首秀中，高端精酿啤酒产品"牛市News"正式推出，零售标价88元/瓶。事实上，吴 向东切入精酿赛道早有预兆。公开资料显示，2018年，作为东北最大酒商之一的东北往事商贸董事长王 笑卓推出自有啤酒品牌——辛巴赫精酿，吴向东旗下的金东投资集团有限公司正是该公司的股东之一。 北京商报记者通过淘宝App查询发现，在牛市啤酒旗舰店中，5.5度375毫升的牛市精酿啤酒整箱装（12 瓶）售价为720元/箱，截 ...

据证券之星公开数据整理，近期ST通葡(600365)发布2025年中报。截至本报告期末，公司营业总收入 3.84亿元，同比下降5.73%，归母净利润-2330.34万元，同比上升13.97%。按单季度数据看，第二季度营 业总收入1.88亿元，同比上升15.48%，第二季度归母净利润-2224.19万元，同比上升24.74%。本报告期 ST通葡盈利能力上升，毛利率同比增幅1.22%，净利率同比增幅8.29%。 本次财报公布的各项数据指标表现一般。其中，毛利率15.11%，同比增1.22%，净利率-6.09%，同比增 8.29%，销售费用、管理费用、财务费用总计6560.69万元，三费占营收比17.07%，同比增16.29%，每股 净资产0.63元，同比减7.15%，每股经营性现金流-0.44元，同比增21.47%，每股收益-0.05元，同比增 16.67% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.08亿 | 3.84亿 | -5.73% | | 归母净利润（元） | -2708.89万 | -2330. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first half of 2025, the company reported operating revenue of 14.796 billion yuan, a year-on-year decline of 35.32% - The net profit attributable to shareholders was 4.344 billion yuan, down 45.34% year-on-year [2][4]. - In Q2 2025, the company achieved operating revenue of 3.729 billion yuan, a decrease of 43.67% year-on-year, with net profit of 707 million yuan, down 62.66% year-on-year [2][4]. Financial Performance - The company's revenue from outside the province was 7.392 billion yuan, a decline of 43% year-on-year, while revenue from within the province was 7.121 billion yuan, down 26% year-on-year [8]. - Revenue from mid-to-high-end liquor was 12.672 billion yuan, a decrease of 37% year-on-year, primarily due to the company's strategy of controlling volume and stabilizing prices for key products [8]. - The net profit margin for the first half of 2025 decreased by 5.38 percentage points to 29.36%, with a gross margin decline of 0.33 percentage points to 75.02% [8]. Cost and Expenses - The company's expense ratio increased, with the selling expense ratio rising by 3.1 percentage points and the management expense ratio increasing by 1.73 percentage points [8]. - Advertising and promotional expenses amounted to 1.45 billion yuan, a decrease of 21.03% year-on-year, mainly due to reduced advertising costs and rebates [8]. Future Outlook - The company is actively controlling inventory, which has shown initial results, and the prices of core products remain stable [8]. - The company is expected to see marginal improvements in performance as inventory is gradually reduced, alongside a strong dividend capability [8]. - The estimated EPS for 2025 and 2026 is projected to be 3.19 yuan and 3.41 yuan, respectively, corresponding to a valuation of 23 and 22 times [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company [6] Core Views - The company reported a significant decline in revenue and net profit for H1 2025, with revenue at 2.5 billion yuan, net profit at 570 million yuan, and adjusted net profit at 610 million yuan, representing year-on-year decreases of 39.6%, 23.5%, and 39.8% respectively [1][5] - The company is focusing on maintaining channel health by controlling sales pace, while leveraging consumption scenarios such as weddings and graduations to counteract market downturns [1][5] - The introduction of new products under the "Da Zhen" brand and the alliance model is expected to contribute significantly to revenue in H2 2025, with a focus on price management capabilities [1][5] - The adjusted net profit forecasts for 2025-2027 have been lowered to 1.41 billion yuan, 1.54 billion yuan, and 1.88 billion yuan, respectively, corresponding to a PE ratio of 21.8 for 2025 [1][5] Financial Performance - For H1 2025, the company achieved a gross margin of 59.0%, a slight increase of 0.2 percentage points year-on-year, despite a decline in high-end product revenue [1][5] - The revenue breakdown by brand for H1 2025 shows that "Zhen Jiu" generated 1.49 billion yuan, "Li Du" 610 million yuan, "Xiang Jiao" 280 million yuan, and "Kai Kou Xiao" 80 million yuan, with respective year-on-year changes of -44.8%, -9.4%, -38.7%, and -63.9% [1][5] - The company’s total market capitalization is 3.34 billion yuan, with a current share price of 9.86 HKD [2] Future Outlook - The "Da Zhen" project has signed over 2,100 clients, with expectations for significant revenue contributions in H2 2025 [1][5] - The report emphasizes the importance of the company's ability to manage pricing and channels effectively to enhance brand image and market position [1][5]