一是消费习惯改变，消费者愈发追求便捷，且临时需求激发后希望快速得到满足。二是契合性价比需 求，压缩流通环节的同时节省运营成本，叠加部分平台投入费用补贴，价格优势明显。三是供给侧驱 动，渠道方有意通过新兴渠道获取增量，品牌方为增加触达和收入愿意配合渠道进行推新、宣发等动 作。 即时零售是白酒变革期的一种尝试，预计将持续扩容 对白酒行业而言该行认为即时零售利弊兼具，利在于高效履约可创造一部分增量，且有助于品牌触达年 轻群体;弊在于线上渠道难以提供社交、鉴真服务及情绪价值，对产品价格体系有所影响，可能冲击品 牌形象。回顾历史，白酒周期更替通常伴随渠道变革，当前行业深度调整，较弱的价格和动销、较高的 库存冲击线下传统渠道利润和现金流，而线上渠道仍较为景气，拥抱即时零售不失为一种应变方式。中 外对比来看，海外国家亦有此类尝试，证明了酒水即时零售的可行性，考虑海外商品消费线上化率整体 低于国内、尤其欧美国家配送效率及成本优势一般，该行认为国内酒水即时零售还有较大发展空间。据 美团闪购测算2027年我国酒类即时零售市场规模有望达1000亿元、复合增速有望接近中双位数，白酒、 啤酒等核心品类有望受益。 风险提示：渠道转型及扩 ...

上海百润投资控股集团股份有限公司（以下简称"公司"）与中国银行股份有限公司上海市浦东开发区支 行（以下简称"中行浦东开发区支行"）签订了《最高额保证合同》【编号：B012024PK(ZGK)31】，为 公司之全资子公司上海锐澳酒业营销有限公司（以下简称"锐澳营销"）承担最高限额为1.5亿元的连带 责任保证。详见2024年9月14日登载于《证券时报》《上海证券报》《证券日报》《中国证券报》及巨 潮资讯网（http://www.cninfo.com.cn）的《百润股份：关于为全资子公司提供担保额度的进展公告》 （公告编号：2024-063）。 （一）担保情况概述 公司于2025年3月收到中行浦东开发区支行通知，因中国银行股份有限公司内部机构调整，原中行浦东 开发区支行在授信额度协议项下的全部权利义务均由中国银行股份有限公司上海自贸试验区分行（以下 简称"中行自贸试验区分行"）承继。公司与中行浦东开发区支行签订的《最高额保证合同》【编号： B012024PK(ZGK)31】仍然有效，债权人变更为中行自贸试验区分行。详见2025年3月28日登载于《证 券时报》《上海证券报》《证券日报》《中国证券报》及巨潮资讯网（ht ...

Core Viewpoint - Xinhua Jin (600735.SH) is facing significant financial challenges, including a non-operational fund occupation of 406 million yuan by its controlling shareholder, Xinhua Jin Group, which has not been repaid as of the announcement date [1][3][4]. Group 1: Financial Situation - As of the latest report, Xinhua Jin's non-operational fund occupation stands at 406 million yuan [1][3]. - In 2024, Xinhua Jin reported a revenue of 1.637 billion yuan, a decrease of 30.97% year-on-year, and a net loss of 134 million yuan, a decline of 354.59% [10]. - For the first half of 2025, the company achieved a revenue of 669 million yuan, down 24.92% year-on-year, with a net profit of 12.87 million yuan, a decrease of 39.45% [10]. Group 2: Regulatory Actions - The regulatory authority has mandated Xinhua Jin to rectify the fund occupation issue within six months, failing which the company's stock may face suspension and potential delisting [2][4]. - The company has been instructed to actively recover the occupied funds to protect the interests of the listed company and minority shareholders [3][4]. Group 3: Shareholder Actions and Agreements - Xinhua Jin Group is in the process of transferring 100% equity of Jimo Yellow Wine to Qingdao Beer for a total consideration of 665 million yuan, but no progress has been reported in the last four months [5][8]. - The Jimo Yellow Wine company, under Xinhua Jin Group, reported a revenue of 166 million yuan in 2024, with a year-on-year growth of 13.5% [6].

人民财讯9月24日电，9月24日，郎酒股份官微发布消息，在2025郎酒秋酿开窖大典上，龙马郎系列产品 正式发布。其中，龙马郎白马定价259元/瓶，龙马郎黑马定价359元/瓶，龙马郎金马定价559元/瓶。郎 酒股份总经理汪博炜表示，龙马郎系列产品的定位如同酱香郎酒的青花郎、红花郞，是郎酒兼香的超长 期大单品。 ...

Core Viewpoint - The launch of the "Shu Li An Yi" consumption voucher program aims to promote Sichuan's local products, specifically Sichuan liquor and tea, through a collaboration between Yunshanfu APP and Vipshop, enhancing consumer access to these products while providing significant discounts [1][3]. Group 1: Consumption Voucher Details - The consumption vouchers will be available for online registration starting September 25, with a lottery system for selection [3][5]. - The vouchers offer discounts based on purchase amounts: 30 yuan off for purchases over 300 yuan, 100 yuan off for over 800 yuan, and 180 yuan off for over 1200 yuan [6][7]. - The vouchers can be used on various Sichuan liquor and tea brands available on Vipshop, including well-known names like Wuliangye and Langjiu [3][4]. Group 2: Collaboration and Sales Performance - Vipshop collaborates closely with major Sichuan brands to enhance product visibility and streamline supply chains, contributing to the "Sichuan goods going out" initiative [3][4]. - Since its partnership with Vipshop began in 2017, Wuliangye has seen significant sales growth, with sales figures reaching new highs this year [3]. - Langjiu has also benefited from the partnership, with over 70% of its purchasing users on Vipshop being super VIP members, indicating strong customer loyalty [4]. Group 3: Event Timeline and Participation - The event will run from September 25 to October 3, with specific timelines for registration, lottery results, and voucher usage [5][10]. - Participants must authorize their personal information for verification during the registration process [7][10]. - The vouchers will be credited to users' accounts by September 29 and will be valid for five days [8][10].

9月16日,京东品酒会在北京成功举办,此次品酒会上一口气让众多京东老用户品尝了七款重磅好酒,从 2025新茅台,到2013年的精品茅台,再到2010年和1992年的贵州茅台酒,还有陈年茅台酒15、陈年茅台酒30 和陈年茅台酒50。 现场,还展示了京东超市酒类业务独家销售的高端茅台酒,也是被誉为茅台"四大美人"的茅台中信金陵 酒。 在品酒会上,茅台集团总经理王莉表示:"京东作为茅台重要的战略合作伙伴,通过数字化手段让更多消费 者体验到茅台酒的独特魅力。目前,茅台全系产品在京东超市销售增长保持超40%,2025年销售规模将超 百亿。" "真"方面,京东自营所有茅台产品通过酒厂直供或入仓鉴真,能够保证 100%正品,切实解决消费者购买茅 台酒担心假货的痛点。在"全"方面,京东超市覆盖茅台全系列产品,包括所有年份茅台、文化纪念酒等满 足不同消费需求。 在"省"方面,京东超市不仅持续以稳定价格供应往年正品老酒,保证库存充足的同时,销售价格透明,并通 过"京东酒价"推动老酒价格标准化,全部茅台老酒做到"一物一鉴"让消费者买得放心。 | | | | 表中价格为障品 | | --- | --- | --- | --- | | ...

Core Viewpoint - The company emphasizes the importance of family reunions during the Mid-Autumn Festival, promoting its products as a means to enhance these gatherings and convey warmth and affection [1][15]. Product Promotion - The company has upgraded its product line, introducing the seventh generation of "Hai Zhi Lan" and the high-end "Meng Zhi Lan," which serve as excellent gifts to express sentiments during the festival [3]. - A new gift box, "Meng Zhi Lan·Happiness and Fulfillment," combines traditional elements with modern themes, symbolizing reunion and future exploration [7][8]. Consumer Engagement - Positive consumer feedback highlights the appeal of the company's products, with customers praising the upgraded "Hai Zhi Lan" for its exquisite packaging and rich flavor [5][12]. - The company is actively engaging consumers through tasting events and interactive promotions in 118 stores, enhancing the festive experience [10]. Brand Messaging - The company’s marketing campaign features the theme "Small Family Reunion, Big National Dream," integrating the spirit of family and national unity into its branding efforts [13].

Economic Pressure - The Trump administration has raised tariffs on Indian goods exported to the U.S. to 50%, significantly impacting key industries such as textiles, chemicals, jewelry, and pharmaceuticals [3] - India's annual exports to the U.S. amount to $87 billion, with over 60% of these goods now facing high tariffs, potentially leading to a near 50% reduction in overall export value [3] - The Indian rupee has fallen to a historic low, and economists predict that the tariff impact could reduce India's GDP growth rate by 0.5 to 0.8 percentage points [3] Energy and Geopolitical Challenges - The U.S. has revoked sanctions waivers for India's development of the Chabahar port in Iran, a strategic project aimed at connecting India to Afghanistan and Central Asia, which is now under threat of U.S. sanctions [5] - The U.S. is strengthening its geopolitical alliance with Pakistan, signing oil development agreements and enhancing military cooperation, which could increase pressure on India in the event of conflict [5] - India is highly dependent on Middle Eastern oil, with 73% of its energy needs met from this region, making it vulnerable to supply disruptions [5] Strategic Responses - In response to U.S. pressures, the Indian government is seeking to diversify its partnerships, including reducing import taxes on edible oils and enhancing trade relations with Germany and Singapore [8] - India is also attempting to improve relations with China and Russia, with Prime Minister Modi attending the Shanghai Cooperation Organization summit and promoting direct currency transactions to reduce reliance on the U.S. dollar [10] Domestic Sentiment and Political Impact - The U.S. actions have sparked significant public discontent in India, with protests against the U.S. and a decline in support for Modi's government [11] - Balancing national interests with domestic pressures presents a significant challenge for the Modi administration, as the interconnected nature of U.S. tariffs, energy sanctions, and geopolitical strategies aims to compel India to align with U.S. interests [11]

Core Viewpoint - The article discusses the evolving drinking culture among younger generations in China, contrasting it with traditional drinking customs that emphasize peer pressure and hierarchy [18][21][27]. Industry Insights - The production of baijiu (Chinese liquor) has been declining for eight consecutive years, with industry profits shrinking by 10% year-on-year [18]. - The younger demographic is increasingly rejecting the coercive drinking culture associated with traditional baijiu consumption, opting instead for a more relaxed and egalitarian social atmosphere [20][21][26]. Consumer Behavior - Young consumers are choosing to drink for personal enjoyment rather than for social obligation, leading to a shift in drinking venues from formal banquets to casual gatherings [22][26]. - Female beer consumption has surged, with a growth rate of 39.8%, influencing product development towards lower alcohol content, fruity flavors, and visually appealing designs [25].

Group 1: Alcohol Price Trends - Alcohol prices in China have been declining for several months due to weak consumer demand and a selling spree, with August prices down 0.2% month-on-month and 1.9% year-on-year [4] - The price drop affects both imported wines and domestic brands, including the renowned Chinese liquor, Moutai, which has seen prices fall to 1,700 RMB on online platforms [4] - The overall decline in alcohol prices indicates a widespread issue across the industry, impacting various segments [4] Group 2: Diageo's Board Appointment - Diageo has appointed John Rishton as a non-executive director, effective November 1, 2025, bringing over 40 years of industry experience [6] - Rishton has held significant positions, including CEO of Rolls-Royce and president of Royal Ahold, enhancing Diageo's leadership with his extensive background [6] - The addition of Rishton is expected to inject new vitality into Diageo [6] Group 3: ASC Fine Wines Expansion - ASC Fine Wines has announced a major team expansion plan, recruiting over 12 positions across various business areas in mainland China and Hong Kong [8] - The investment in talent aims to enhance the company's ability to support customers and suppliers, preparing for the next phase of wine culture development in China [8] - The new sales managers have expressed confidence in meeting the growing demand for quality wines in the region [8] Group 4: Pernod Ricard's Strategic Shift - Pernod Ricard USA has announced a significant market strategy shift, focusing on ready-to-drink (RTD) beverages and high-potential brands [10] - The company has established two new departments to drive growth, despite a recent 6% decline in sales in the U.S. market [10] - Pernod Ricard aims to achieve an organic growth target of 3%-6% from 2027 to 2029 while planning to save 1 billion euros in costs over four years [10] Group 5: French Wine Production Forecast - France's wine production is projected to reach 3.74 billion hectoliters in 2025, a 3% increase from 2024, but below the five-year average of 13% [12] - Regional production shows significant variation, with Burgundy expected to grow by 45% and Jura recovering with a 200% increase [12] - However, regions like Alsace and Languedoc-Roussillon are facing declines, indicating ongoing challenges in the industry [12]