白酒行业上半年业绩报告揭晓，市场呈现分化态势。据统计，21家已发布半年报的白酒上市公司中，过半数企业面临营收与利润的双重挑战，而部分头部企 业则展现出较强的抗风险能力。 具体来看，业绩下滑的酒企多达14家，其中不乏双位数乃至三位数的降幅。金种子酒的净利润更是大幅下滑750.54%，成为下滑幅度最大的企业之一。珍酒 李渡、酒鬼酒等知名企业也未能幸免，营收与利润均出现显著下滑。珍酒李渡财报显示，其旗下全线产品收入均出现下滑，主力珍酒产品收入接近腰斩，售 价也普遍下降。 白酒行业的库存问题也日益凸显。数据显示，行业平均存货周转天数同比增长10%，超半数经销商和终端零售商表示库存增加，实际销售价格倒挂加剧。不 少企业面临现金流压力，去库存与价值回归成为行业发展的核心命题。 泸州老窖旗下国窖1573等高端白酒品牌虽然也面临业绩下滑的压力，但相比其他品牌仍具有一定的市场竞争力。业内人士认为，随着白酒消费群体的变迁和 即时零售渠道的兴起，酒企需要不断创新和适应新的消费方式和渠道，才能在激烈的市场竞争中立于不败之地。 在超市的白酒售卖区，消费者正在仔细挑选心仪的产品。面对琳琅满目的白酒品牌，消费者的选择也愈发多样化。行业分析 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period, with major liquor companies exploring new growth opportunities. Shede Liquor has launched the industry's first low-alcohol, drinkable aged liquor, "Shede Zizai," which has received a positive market response with significant pre-sale numbers [1][3][10]. Group 1: Product Launch and Market Response - "Shede Zizai" was officially launched on August 30, with pre-sales starting on JD.com, resulting in 20,000 add-to-cart actions within 24 hours and over 12,000 orders within 36 hours [1][10]. - The stock price of Shede Liquor increased by 29.43% from August 15 to September 1, reflecting market confidence in the company's innovative capabilities and growth potential [3][11][13]. Group 2: Industry Trends and Innovations - The trend in the liquor market is shifting towards lower alcohol content and diverse consumption scenarios, prompting several major liquor companies to accelerate their entry into the low-alcohol segment since June [3][11]. - "Shede Zizai" addresses the market's need for a balanced product that offers high flavor with lower alcohol content, overcoming technical challenges associated with low-alcohol liquor [3][7]. Group 3: Product Features and Competitive Edge - The product is based on a solid foundation of aged liquor, utilizing advanced techniques to maintain high flavor while reducing alcohol content, achieving a rich and layered taste [7][10]. - Priced at 329 yuan for 500ml, "Shede Zizai" offers a competitive price point of 0.66 yuan per milliliter, positioning itself as a high-quality option in the low-alcohol market [7][8]. - The packaging design emphasizes a lightweight and modern aesthetic, appealing to consumers' preferences and lowering psychological barriers to consumption [8][10]. Group 4: Strategic Insights and Future Outlook - The launch of "Shede Zizai" is seen as a strategic move to tap into new consumer demographics and consumption scenarios, potentially expanding the market share for Shede Liquor [10][11][16]. - Industry experts and analysts express optimism about the product's potential to contribute to growth in the second half of the year, aligning with the trend towards lower alcohol consumption [11][13].

珍酒李渡不再是中国第四大酱酒品牌了。 作者：李淼淼 编辑：贾 明 8月22日晚，珍酒李渡（06979.HK）发布的2025年上半年财报，营收同比下滑39.6%、经调整净利润同比下滑39.8%的双位数跌幅，曾借弗 若斯特沙利文数据宣称"中国第四大酱香型白酒品牌"的企业，正式告别规模扩张的黄金时代。 营收同比下滑39.6％、归母净利润同比下滑23.5％、经调整净利润同比下滑39.8。这三组核心数据创下珍酒李渡上市以来最差半年成绩单。 | 下表載列截至2025年6月30日止六個月我們的觸鍵財務數據,連同2024年同期 | | | | | --- | --- | --- | --- | | 的比較數字及變動(以百分比表示)。 | | | | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | 家 | | | (未經審計) | (未經審計) | (96) | | | (人民幣千元)(人民幣千元) | | | | 收入 | 2.497.106 | 4.133.191 | -39.6 | | 毛利 | 1.474.284 | 2.428.682 | -39 3 | | 期內本公司權益股東應佔 ...

自酒中 2025 年 09 月 01 日 食品饮料/ 白酒 2025 年中报总结 25Q2 基本面加速下行，报表端开始释压 相关研究 《白酒持仓降至低位 食品持仓基本稳定- 一食品饮料 2025 年二季度基金持仓分 析》 2025/07/21 《白酒压力显现 食品分化加剧 -- 食品 饮料 2025 年中报业绩前瞻 》 2025/07/18 《 需求承压, 增速放缓, 分化加剧 - 白酒板块 2024 年报&25Q1 季报总结 》 2025/05/06 证券分析师 周缘 A0230519090004 zhouyuan@swsresearch.com 目昌 A0230516010001 lvchang@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 (8621)23297818× wanqza@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 投资分析意见：我们认为板块近期上涨主要受益市场轮动，我们判断行业基本面仍要耐 心等待，白酒要经历筑底和磨底的过程，因此在缺乏基本面引领的背景下，板块的绝对 收益更多取 ...

Core Viewpoint - The launch of "Shede Zizai" by Shede Liquor Industry marks a significant innovation in the low-alcohol liquor segment, aiming to provide a high-quality drinking experience with a lower alcohol content of 29 degrees, catering to the evolving consumer preferences in the liquor market [1][2]. Group 1: Product Features - "Shede Zizai" is based on a 6-year-old aged liquor, complemented by 20-year and 30-year aged liquors, ensuring a rich flavor profile while maintaining a low alcohol content [1]. - The average price per milliliter of "Shede Zizai" is 0.66 yuan, reflecting a high quality-to-price ratio that aligns with the current rational consumption trends [2]. - The product addresses the technical challenges of achieving high flavor with low alcohol content through three key technologies, ensuring a pleasant drinking experience without significant bodily burden [2]. Group 2: Market Trends - The trend towards lower alcohol content and diversified drinking scenarios in the liquor market is becoming increasingly evident, with multiple companies accelerating their entry into the low-alcohol segment since June [1]. - "Shede Zizai" is positioned to fill a market gap for balanced products that offer both low alcohol and rich flavor, responding to consumer demand for "high flavor, low burden" options [1]. Group 3: Strategic Partnerships - A signing ceremony between Shede Liquor Industry and JD.com was held, indicating a strategic partnership aimed at leveraging JD's resources for marketing, logistics, and user engagement to support the new product [3]. - JD.com plans to utilize its full range of resources, including AI technology, to enhance the consumer experience and promote "Shede Zizai" effectively [3].

Group 1 - The core holdings of active funds in the mid-2025 report are Tencent Holdings, Alibaba, and Xiaomi Group, with Tencent Holdings having the highest total market value of 64.031 billion, held by 1499 active funds [1] - The top three holdings of passive funds in the mid-2025 report are Kweichow Moutai, CATL, and Ping An of China [1] - The top three Hong Kong stock holdings for active funds are also Tencent Holdings, Alibaba, and Xiaomi Group [1] Group 2 - The top three Hong Kong stock holdings for passive funds are Xiaomi Group, Tencent Holdings, and Alibaba [2]

引子： 近来，白酒面临复杂局面，行业整体处于深度调整阶段。受政策调控、消费场景结构性迁移、代际消费 差异等多方面因素影响，行业增速放缓，多家企业上半年业绩出现同比下滑。如分众传媒董事长江南春 在春糖会期间所指出：白酒品牌面临存量博弈、需求瓶颈和动销承压三大挑战。 在此背景下，珍酒李渡（06979.HK）于8月22日晚发布2025年半年报，实现营业收入24.97亿元，经调整 净利润6.13亿元。 文化节启幕：传承与创新交织 8月30日早晨，第二届国宝李渡申遗文化节在国宝李渡酒庄盛大启幕。作为去年同期首届申遗文化节的 延续，本届活动在规模、内容与体验形式上全面升级，以"陶酒共生 头排开窖 福渡万家"为主题，为参 与者们献上一场兼具文化深度、生活美学与公益责任的盛宴。 文化节以国宝李渡酒庄传统盛典——"头排开窖"仪式拉开帷幕。百口窖池历经120天封藏发酵后齐齐开 启，醇香弥漫，气势如虹，不但彰显出酿酒文化的深厚传承，也体现了"道法自然"的理念，处处可见李 渡对千年酒文化精髓的坚守与敬意。 逢此良辰，国宝李渡酒庄在活动现场重磅发售了限量纪念酒——"福渡万家"。该作品诞生于120天超长 发酵的沉淀，以千年陶酒共生之力淬 ...

Investment Rating - The food and beverage industry is rated as "stronger than the market" [1] Core Views - The food and beverage industry index increased by 2.13% in the week of August 25-29, outperforming the Shanghai Composite Index, which rose by 0.84% [9] - The industry is currently at a historical low valuation, with a PE-TTM of 22.51x, corresponding to the 17th percentile over the past 15 years [16] - The liquor sector is expected to see a weak recovery in demand as policy pressures ease, with leading companies like Kweichow Moutai and Wuliangye showing strong dividend potential [6] Summary by Sections Weekly Performance - The food and beverage industry outperformed the market with a 2.13% increase, ranking 7th among 31 sub-industries [9] - The snack sector saw the highest increase at 10.20%, followed by dairy products at 2.67% and liquor at 2.14% [12] Liquor Sector - Wuliangye launched a new 29° product aimed at attracting younger consumers, reflecting a trend towards modernizing the liquor market [26] - The price of Feitian Moutai has decreased, with current prices at 1820 RMB for original and 1795 RMB for scattered [25] Tea Beverage Sector - Mixue Group reported a revenue of 14.88 billion RMB in the first half of 2025, a 39.3% year-on-year increase, with a net profit of 2.72 billion RMB, up 44.1% [32] - The number of Mixue stores reached 53,014, a 22.7% increase year-on-year, with a significant expansion in mainland China [33] New Consumption - Pop Mart's new mini LABUBU product saw over 1 million units sold within minutes of its launch, indicating strong consumer demand and improved production capacity [38] - The company has significantly increased its production capacity to 30 million units in August, ten times that of the previous year [38] Cost Indicators - Prices for sugar and glass have slightly decreased, which may positively impact the cost structure of the food and beverage industry [39]

【知著周二七祖午评：科技题材重挫 有色银行护盘】 昨天晚上欧洲股市小幅上涨，美国股市劳动节休市。今天亚太市场倒是涨多跌少，日本涨了0.2%，韩国涨了0.5%，澳洲跌了0.3%。恒生指数低开高走， 随后回落0.5%，恒生科技指数跌了1.5%。昨天阿里大涨19%，今天高开低走，但还是处于微跌1%的状态。考虑到它距离3月份高点不远，有可能会突破前 高，今天虽然是调整，但是量能萎缩，而昨天是放量大涨。 现在上海暴雨如注，天空阴沉沉，电闪雷鸣，宛如当前的股市。今天a股出现了大幅调整，平开低走，单边下行，临近中午略有一些拉升护盘。大小盘出 现了明显的分化，小票领跌。上海市场黄线跌幅都有1.8%，深圳市场黄线跌幅有2.3%。目前微盘股一度跌了2.7%，一阴吞双线，同时跌破了5天线和30天 线，这里技术线是看至少回撤20%的，从现在的3000点跌到2600点左右，所以调整的风险还是比较大的。 前两天我也提到了，哪怕这两天市场有护盘，那也是权重指数发威，小票是不会有复盘的。当前市场最大的支撑其实就是这两天有一些重大活动，按照以 往的惯例呢，盘面确实会好看一些。但是也可能只是上证指数漂亮一点，但是个股未必，所以今天我们看到了两市 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to decreased market demand and sales performance [1] Financial Performance - For 25H1, revenue was 1.07 billion yuan, down 19.5% year-on-year; net profit attributable to shareholders was 160 million yuan, down 17.8% year-on-year [1] - In 25Q2, revenue was 270 million yuan, down 44.9% year-on-year; net profit attributable to shareholders was 20 million yuan, down 52.8% year-on-year [1] - The gross profit margin for 25H1 was 49.3%, a decrease of 1.2 percentage points year-on-year, mainly due to reduced scale effects from declining revenue [3] - The net profit margin for 25H1 was 15.2%, an increase of 0.1 percentage points year-on-year, attributed to significant reductions in sales expenses [3] Product and Market Strategy - The company is undergoing product structure adjustments, with revenue from high-end, mid-range, and low-end products in 25H1 being 800 million, 200 million, and 70 million yuan respectively, showing declines of 8.0%, 42.3%, and 36.0% year-on-year [2] - The company is focusing on the "stabilize domestic, expand outside" strategy, with key markets identified as Xi'an and Lanzhou, and new product "Yili Jinbiao" achieving sales of 5 million yuan [2] - The direct sales channel saw a revenue increase of 59.8% year-on-year in 25H1, while traditional distribution channels faced pressure, leading to a 34.7% decline in revenue [2] Cost Control and Cash Flow - The sales expense ratio for 25H1 was 7.2%, down 3.7 percentage points year-on-year, due to reduced advertising and promotional expenses [3] - Cash flow from operating activities in 25Q2 was -150 million yuan, slightly improved from -170 million yuan in the same period last year [3] - As of the end of 25Q2, the company's contract liabilities and other current liabilities were 40 million yuan, showing a decrease both year-on-year and quarter-on-quarter [3] Future Outlook - The company is expected to see improvements in the second half of 2025 as it consolidates its core products and optimizes its marketing system [4] - Profit forecasts for 2025-2027 project net profits of 230 million, 250 million, and 280 million yuan respectively, with EPS of 0.49, 0.53, and 0.59 yuan [4] - The company is in a deep reform phase with a clear strategic direction, benefiting from channel structure optimization and national market expansion [4]