茅台秋季大规模市场调研释放积极信号。 据第三方平台"今日酒价"披露的批发参考价，9月22日，25年飞天原箱（53度/500ml）跌至1760元/瓶， 创下新低；而25年飞天散瓶跌至1740元/瓶，同样创新低。而自9月24日以来，25年飞天原箱和散瓶批发 价接连上涨，其中原箱批发价已重回1800元上方。最新数据显示，9月28日，25年飞天原箱和散瓶批发 价分别报1810元/瓶、1785元/瓶。 与此同时，近几日，飞天茅台终端价格普遍上涨。 就茅台价格及终端动销情况，9月28日，记者采访了山东、江苏、安徽、上海等地的多家白酒经销商。 记者了解到，就在近几日，飞天茅台原箱和散瓶的价格均有不同程度的上涨，其中，散瓶涨价幅度在20 元-50元不等。对于后续行情，终端普遍表示，从近几日的波动来看，暂时不好预测。 一位江苏地区的经销商对记者表示，今年节前这几天，飞天茅台"突然就涨价了，而且一天一个 价"。"去年中秋节前，飞天茅台普遍在2300元左右。今年国庆和中秋假期叠加，整体销量还不错。尽管 最近几天涨了几十元，但1900元左右的价格来说，还是非常划算的。"该经销商称。 从终端销量来看，一位山东地区的经销商对记者表示，和 ...

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].

Core Viewpoint - The revenue growth of Laobai Gan liquor has significantly declined, with a 2024 revenue of 5.36 billion yuan, a mere 1.91% increase year-on-year, raising concerns about the sustainability of profit growth despite a net profit increase of 18.19% [2][4][5] Financial Performance - In 2024, Laobai Gan achieved a total revenue of 5.36 billion yuan, up 1.91% from 2023's 5.26 billion yuan, which had a 12.98% growth [3][4] - The net profit attributable to shareholders was 787 million yuan, reflecting an 18.19% increase compared to 666 million yuan in 2023 [3][4] - The net profit after deducting non-recurring gains and losses was 738 million yuan, a 20.12% increase from 614 million yuan in 2023 [3] Revenue Breakdown - The primary sales region for Laobai Gan remains Hebei, generating 3.12 billion yuan in revenue, a 2.61% increase [5] - Other notable revenue contributions include Hunan at 1.10 billion yuan (12.30% growth), Anhui at 550 million yuan (0.53% growth), and Shandong at 210 million yuan (31.39% growth) [5] Product Performance - The core product line, Laobai Gan series, generated 2.59 billion yuan, accounting for 48% of total revenue, with a growth of 9.96% [8] - The Wuling series saw a revenue of 1.10 billion yuan, up 13.30%, while the Kongfu family series grew by 28.12% to 230 million yuan [8] - High-end products priced above 100 yuan generated 2.70 billion yuan, a 5.29% increase, while products priced at or below 100 yuan generated 2.62 billion yuan, a 7.09% increase [8][9] Strategic Challenges - Laobai Gan's struggle to expand its market presence and high-end product sales is attributed to limited geographical reach and insufficient brand recognition [5][7] - The company faces intense competition not only from leading domestic brands but also from local competitors in Hebei [7] - The high pricing strategy for the 1915 series has not translated into significant market traction, highlighting the challenges of positioning as a premium brand [10] Future Outlook - The company's ability to penetrate the high-end market through targeted marketing and the success of its regional strategies will be critical for future growth [12] - Without achieving a revenue scale of 10 billion yuan within the next 3-5 years, Laobai Gan risks falling out of the second-tier market [12]