12月18日，五粮液第二十九届12·18共识共建共享大会在宜宾召开。现场，五粮液集团（股份）公司党委书记、董事长曾从钦发表演讲。 "这是酒业发展史上极不平凡、极为不易、极其艰辛的一年。"曾从钦表示，这一年，五粮液以"变"求进、以"合"聚力、以"诚"致远、"干"字当头，做到三 个主动——主动应市调整、主动纾压解困、主动识变求变。 他提到，过去一年，五粮液渠道创新有效推进。其中传统渠道方面，"三店一家"新增474家，终端直配覆盖20个核心城市；电商渠道方面，企业与头部电 商合作；新兴渠道方面，也与大型企业建立直销网络。 曾从钦认为，当前既要看当前产业运行之"形"，更要看产业长远发展之"势"。2024年以来，行业进入第五轮深度调整，调整更为复杂、更为深刻，是一 次"周期性""结构性""回归性"的调整。 在此背景下，行业发展仍有重大机遇。他表示，一是宏观经济向好蕴含新机遇。从规模来看，我国经济基础稳、优势多、韧性强、潜能大白酒产业逆周期 跨周期调整具备坚实的经济基础；从结构来看，我国经济结构转型，一批新商务人群、新消费场景正在快速形成白酒消费仍然具备坚实的市场基础。 二是产业政策导向蕴舍新机遇。今年以来，多项产业发展 ...

五粮液集团（股份）公司党委书记、董事长曾从钦在会上表示，五粮液将着力构建主品牌"一核两擎两 驱一新"的产品体系。其中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高 端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚 持以五粮液一见倾心为新锐。五粮液浓香酒方面，要打造五粮春、尖庄、五粮特头曲、五粮醇四个全国 性战略大单品，形成100亿级、50亿级、20亿级、10亿级的梯队产品架构。 您对此有何看法，欢迎下面评论区留言分享。 您对此有何看法，欢迎下面评论区留言分享。 12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届12·18共识共建共享大会在宜宾召开。 12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届12·18共识共建共享大会在宜宾召开。 五粮液集团（股份）公司党委书记、董事长曾从钦在会上表示，五粮液将着力构建主品牌"一核两擎两 驱一新"的产品体系。其中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高 端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品 ...

南方财经12月18日电，五粮液第29届12.18共识共建共享大会在宜宾举行，这是五粮液每年定期举行的年度经销商大会。 21记者在现场了解到，五粮液集团（股份）党委书记、董事长曾从钦透露，五粮液将着力构建主品牌"一核两擎、两驱一新"的产品体系。其 中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造 成为两个百亿级大单品；"一新"是坚持以五粮液一见倾心为新锐。 第八代五粮液是五粮液的核心大单品。近年五粮液主品牌提出"1+3"策略，更强调提升五粮液1618、低度五粮液和经典五粮液的市场份额。 ...

走下神坛，走向大众 封面 I 请回答1988 作者I 李东阳 报道 I 李东阳朋友圈 谁是中国人心中最顶级的奢侈品，最通用的社交货币？ 答案各有千秋，但茅台一定是绕不开的选项。 有言道"万顷明珠一瓮收，君王到此也低头"，千百年来茅台在历史的长河中肆意流淌，其身份标签早已 不再是一款普通的酒，而是人情世故的浓缩，金融产品的内核。 但很长一段时间，"价格下跌"成了悬在茅台头顶的一朵疑云。 图源：Pdd截图 这一幕让经销商流泪，黄牛心碎，茅台囤积爱好者直接崩溃。 号称能理财、能抗通胀、永不下跌的神话市场第一硬通货茅台，价格还是崩盘了。 茅台作为消费品，其价格波动本质上是由供需关系决定。正因如此，茅台渐渐成为了反映经济现象的一 面镜子，其价格变化是消费者信心、居民收入、供给侧等多个因素的真实体现。 有媒体曾分析，茅台的开瓶率约在50%左右，多数购买者实则是看中其升值潜力，等待价格上扬。 确实，茅台以往的表现很少让人失望，年均10%～12%的收益率，让不少理财产品相形见绌。 然而，一旦消费品被赋予金融属性，便难免伴随泡沫，而泡沫终有破裂的一天。 在过去，投资茅台一度被视为稳赚不赔的买卖，很多人抢购不是为了喝，而是当作理 ...

Core Viewpoint - The Chinese liquor industry is facing significant challenges, akin to extreme mountain climbing, with leading companies struggling for growth while distributors experience severe survival pressures [1][3]. Industry Performance - The third-quarter reports indicate a sharp decline in performance for most liquor companies, with some net profits dropping nearly three digits year-on-year [1]. - The growth in the industry is highly concentrated among a few leading companies, resulting in the exit of numerous small and medium-sized enterprises, with over 100 liquor companies expected to exit by mid-2025 [1]. Distributor Challenges - Major liquor distribution companies reported a dramatic drop in both revenue and net profit in the third quarter, highlighting the severe survival challenges faced by distributors [3]. - Many distributors are only able to provide minimal living expenses to employees, leading to salary cuts or layoffs [3]. - By mid-2025, 1,701 distributors exited from the networks of 20 major liquor companies, contrasting sharply with a net increase of nearly 2,000 last year [3]. Market Trends - Traditional sales peaks during the Mid-Autumn and National Day festivals have diminished, with sales dropping by 20% compared to the previous year [3]. - The high-end gift liquor market is declining due to more rational consumer behavior, while the self-consumption market is still present but with reduced purchase volumes and heightened price sensitivity [3]. Strategic Shifts - To survive, distributors are adopting new strategies such as street vending, live streaming, and reducing inventory [5]. - Many distributors are shifting focus to new beverage categories, such as low-alcohol trendy drinks, to navigate the current market challenges [5]. - The new beverage segment is seen as a second climbing route, with higher repurchase rates and a growing customer base, contrasting with traditional liquor sales [5]. Emerging Opportunities - Successful new products, such as the 38-degree Guojiao 1573 and Wuliangye's "Yijian Qingxin," have achieved significant sales milestones, indicating a potential shift in consumer preferences [9]. - Beverage giants are entering the new drink market, with brands like Yuanqi Forest and Mixue Ice City launching new products, reflecting changing consumer trends towards convenience and value [9]. - The new beverage market is rapidly heating up, suggesting that competition will intensify as companies adapt to the evolving landscape [9].

Core Insights - The white liquor industry is experiencing significant challenges, with major companies facing declining growth and many small to medium enterprises exiting the market [1][2] - The third quarter reports indicate a sharp decline in performance for most liquor companies, with some net profits dropping nearly 100% year-on-year [1] - The number of large-scale liquor enterprises decreased by over 100 in the first half of 2025, highlighting the industry's contraction [1] Industry Performance - The third quarter saw a dual drop in revenue and net profit for two major liquor distribution companies, indicating severe pressure on the entire supply chain [1] - Many distributors are struggling to survive, with reports of basic living allowances around 1,000 yuan and potential layoffs or salary cuts for employees [1][2] - In the first half of 2025, 1,701 distributors exited the market, contrasting sharply with the previous year's net increase of nearly 2,000 [1][2] Market Trends - Distributors are adapting by diversifying their product offerings, introducing lower-alcohol trendy drinks to appeal to younger consumers [4] - The traditional high-end liquor market is facing a decline, with sales during key festive periods dropping by 20% compared to the previous year [2] - New beverage categories are gaining traction, with examples of successful products like the 38-degree Guojiao 1573 and Wuliangye's "Yijian Qingxin" achieving significant sales milestones [4] Future Outlook - The new beverage market is rapidly heating up, indicating a shift in competition dynamics as traditional liquor companies seek to adapt [5] - The transition from traditional liquor to new beverage categories requires companies to innovate and embrace new marketing strategies [5][7] - The survival of companies in the current market will depend on their ability to evolve and find opportunities in the changing landscape [7]

Core Viewpoint - The report from Zhongyou Securities indicates that Wuliangye's financial performance for the first three quarters of 2025 has seen significant declines in revenue and profit metrics, prompting the company to take proactive measures to manage inventory and prepare for future market recovery [1] Financial Performance - Wuliangye's total operating revenue, operating income, net profit attributable to shareholders, and net profit excluding non-recurring items decreased by 10.26%, 10.26%, 13.72%, and 13.44% respectively [1] - The decline in net profit margin is primarily attributed to a drop in gross margin and an increase in expense ratio [1] Market Strategy - In response to market pressures, the company has actively reduced inventory levels to alleviate pressure on distributors and end-users, setting the stage for future growth [1] - Despite the weak pricing environment for its flagship product, the actual sales performance of Wuliangye is reported to be better than other products in the same price range, indicating a strong brand competitive advantage [1] Product Innovation - The company launched a new product, "Wuliangye Yijian Qingshin," with a lower alcohol content of 29 degrees, which achieved sales of over 100 million yuan within 60 days of its launch [1] - This product innovation, combined with a youthful marketing approach, has successfully tapped into the younger consumer market and established a new sales system prioritizing online direct sales and e-commerce [1] Future Outlook - Wuliangye is expected to continue to respect market conditions and gradually release pressure in the fourth quarter, with an anticipated improvement in external demand leading to a sequential recovery in performance next year [1]

Investment Rating - The investment rating for the company is "Buy" [6][12] Core Views - The company has proactively adjusted its operations to maintain healthy channel development, with a total revenue of 609.45 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 10.26% [3] - The company is focusing on high-quality development, with a significant drop in net profit for Q3 2025, which was 20.19 billion yuan, down 65.62% year-on-year [4] - The company is implementing a mid-term dividend plan, proposing a cash dividend of 25.78 yuan per 10 shares, totaling 100.07 billion yuan [4] Financial Performance Summary - For the first three quarters of 2025, the company reported a gross margin of 74.93% and a net profit margin of 35.3%, both showing a decline compared to the previous year [3] - The company’s Q3 2025 revenue was 81.74 billion yuan, with a gross margin of 62.64%, indicating a significant year-on-year decrease [4] - The company expects revenue to stabilize in the coming quarters, with projected revenues of 736.90 billion yuan, 738.37 billion yuan, and 766.88 billion yuan for 2025, 2026, and 2027 respectively [7][8] Earnings Forecast and Investment Suggestions - The company is expected to see a gradual recovery in demand, with EPS projected at 6.43 yuan, 6.45 yuan, and 6.78 yuan for 2025, 2026, and 2027 respectively [7][8] - The company maintains a competitive brand advantage, with new product launches aimed at younger consumers contributing positively to sales [5] - The stock is entering a value investment range with a projected dividend yield of 4.33% [7]