在业绩承压的同时，五粮液也在市场策略和产品规划等方面积极寻求破局之道，致力于满足不同层次消费者的多样化需求。五粮液认为，公司行业首创的低度白酒，在培育年轻消费群体、海外主 有研究表明，消费代际断裂是白酒行业市场需求不足的重要原因之一。中国酒业协会今年6月发布的《2025中国白酒市场中期研究报告》指出，中年商务与管理人群仍是白酒消费的主力，探索品 鉴于此，为迎合年轻人的新消费倾向，寻求新的增长点，五粮液较早开始了高端低度酒的研发和生产。今年8月底，五粮液推出"29度五粮液·一见倾心"高端低度酒，专为年轻人打造，以29度低 业内人士认为，虽然五粮液高端低度化产品销售收入与企业整体体量相比微不足道，但这一探索的意义值得肯定，这也表明五粮液正在切实呼应当代消费者的实际需求，积极探索适合年轻消费群 五粮液董事长曾从钦在2024年股东大会上表示，总体来看，当前白酒消费深刻变革，消费年轻化、场景日常化、品质悦己化、渠道数字化、价值情感化等趋势变量交织共振。对于企业而言，关 总体来看，白酒行业目前的发展环境仍然不容乐观。在行业调整的关键期，五粮液能否早日企稳核心产品价格、激发经销渠道活力并进一步有效发力新兴赛道，将成为其平稳 ...

Group 1 - The company emphasizes the importance of protecting investors' legal rights and has been increasing dividends to reward shareholders in recent years [1] - The company is actively researching and predicting the implementation of share repurchase matters, considering factors such as market conditions and its own situation [1]

（编辑 袁冠琳） 证券日报网讯 五粮液11月20日在互动平台回答投资者提问时表示，公司近年来持续加大分红，并发布 未来三年股东回报规划。2024年，公司披露《2024-2026年股东回报规划》，提出2024-2026年度分红率 不低于70%且分红金额不低于200亿元。2024年度现金分红率70%，同比增长10个百分点。2025年100亿 中期分红方案已公告，将于近期实施。未来随着公司的稳健发展，将持续提升股东回报。对于回购事 项，公司会结合实际情况积极研究考虑。 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 投资者提问： 请问董秘五粮液股价表现如此之差，对于回购注销你们一直说考虑研究，为啥其他公司说回购立马进行，五粮液一推再推，可见对未来没有信心吗？还是效率太低了？ 董秘回答(五 粮 液SZ000858)： 尊敬的投资者，对于回购事项，公司一直以来在结合资本市场及自身实际情况，例如实施规模、实施效果等方面因素持续关注并预判。同时，公司通过持续加大分红等方式，积极回馈股东，提升 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。 ...

长江证券研报指出，五粮液2025Q1-Q3归母净利润215.11 亿元（-13.72%），2025Q3归母净利润20.19 亿 元（-65.62%）。公司单三季度收入开启调整，打破目标刚性，彰显龙头担当。公司打破目标刚性约 束，开启调整周期，经销商压力有望逐步减负，库存有望逐步去化出清，批价下行压力有望逐步缓解。 考虑到公司强大的品牌优势，后续伴随着行业需求修复，公司有望迎来业绩稳步回升。预计2025/2026 年公司EPS 分别为6.8/6.97 元，对应当前股价的PE 分别为17/17 倍，维持"买入"评级。 ...

Core Insights - Sichuan's industrial sector has shown significant growth during the "14th Five-Year Plan" period, with the annual average growth rate of industrial added value at 6.6%, increasing from 13.4 trillion yuan to 17.9 trillion yuan [7] - The province's industrial enterprises have increased R&D investment and intensity by 50% and 41% respectively, indicating a solid path of simultaneous quantity and quality improvement [7] Group 1: Transformation to Intelligent Manufacturing - The Baijiu industry, represented by Wuliangye, is integrating smart technologies, having established innovation platforms with six academicians and developed 13 national high-tech enterprises [8] - The Oriental Turbine Company has implemented a digital assembly system that has reduced assembly time by 40%, showcasing the impact of digital transformation on traditional manufacturing [9] - Sichuan's industrial enterprises are accelerating digital transformation, with over 20% increase in coverage in the last two years, aiming for full coverage by the end of 2027 [10] Group 2: Green Energy and New Industries - The automotive sector, particularly in new energy vehicles, is rapidly growing, with a reported 170% increase in production of electric vehicles and 55% in lithium-ion batteries from January to September [11] - Sichuan is positioning itself as a hub for the battery industry, with plans for a 6400-acre production base that aims for a capacity of 400 GWh by 2025, generating over 500 billion yuan in output value [12] - The province is also advancing in hydrogen energy and low-altitude economy, with significant developments in hydrogen fuel cell vehicles and the launch of the first large passenger eVTOL aircraft [14][15] Group 3: Supportive Ecosystem for Enterprises - The "Enterprise Home" initiative in Sichuan provides a platform for policy consultation and support, facilitating over 2700 activities to assist more than 110,000 enterprises in the first nine months of the year [16][17] - The favorable business environment has attracted significant investments, such as the 20 GW high-efficiency silicon battery project by Yingfa Ruili, which became the second-largest global supplier of N-type TOPCon cells in the first half of the year [17]

Group 1 - The core point of the article highlights the stagnation of Guizhou Moutai's growth, with a significant slowdown in revenue and profit growth in the third quarter of 2025, indicating a broader economic issue in China [1][2][12][24] - Guizhou Moutai reported a revenue of 128.4 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.36%, and a net profit of 64.6 billion yuan, up 6.28% [2] - In the third quarter alone, Moutai's revenue was 39 billion yuan, with a mere 0.56% year-on-year growth, and net profit was 19.2 billion yuan, growing only 0.48% [2][12] Group 2 - The report indicates a drastic decline in the contract liabilities of Moutai, which fell to 7.7 billion yuan, a 23% decrease from the previous year, suggesting that distributors are hesitant to stock up on Moutai products [5][6] - Moutai's accounts receivable, indicating "selling on credit," have surged, with a near doubling in the third quarter compared to the previous quarter and a nearly fourfold increase year-on-year [7][8] Group 3 - The performance of Wuliangye is even more alarming, with a reported revenue of 60.9 billion yuan for the first three quarters of 2025, a 10% decline, and a net profit of 21.5 billion yuan, down 13% [12][15] - In the third quarter, Wuliangye's revenue plummeted to 8 billion yuan, a staggering 52% year-on-year drop, and net profit fell by 65% to 2 billion yuan [15][12] Group 4 - Smaller liquor companies are facing severe challenges, with Kuozi Jiao reporting a net cash outflow of 390 million yuan in the third quarter, marking the first negative cash flow in a decade [17] - The inventory pressure is rising across the industry, with many companies unable to sell their products, leading to increased stock levels similar to the real estate market [17] Group 5 - The article suggests that the decline in high-end liquor sales is not solely due to government restrictions but is more reflective of a broader economic downturn, with reduced consumer spending and social gatherings [19][18] - The overall sentiment indicates that the slowdown in liquor sales, particularly for Moutai and Wuliangye, serves as a barometer for the Chinese economy, reflecting a lack of liquidity and consumer confidence [24][22]

Core Viewpoint - The article discusses the launch of a new feature by Sina Finance that provides real-time market prices for well-known liquor brands, particularly focusing on the baijiu market, which is significant for investors and stakeholders in the industry [1] Group 1: Company Insights - The company Wuliangye (五粮液) has faced criticism regarding its stock performance and the delay in share buyback initiatives, raising concerns about its future confidence and operational efficiency [1] Group 2: Industry Context - The introduction of the "Liquor Price Reference" by Sina Finance aims to enhance transparency in the baijiu market, allowing investors to better understand market dynamics and pricing trends [1]

Core Viewpoint - Wuliangye is enhancing its brand through support for youth initiatives, including robotics competitions, film projects by young directors, and programs for underprivileged students, aiming to cultivate future industry elites and promote a high-end image of innovation and success [1] Group 1 - Wuliangye is investing in emerging industries by sponsoring top-tier events that showcase young talent [1] - The initiatives are designed to align the brand with innovation and youthfulness, potentially attracting a new customer base [1] - The company acknowledges investor suggestions and is actively engaging in community and youth development [1]

Core Viewpoint - The company is experiencing a prolonged decline in stock price, prompting suggestions for a share buyback to stabilize the situation [1] Group 1 - Investors have expressed concerns regarding the company's continuously low stock price [1] - The company acknowledges the suggestion for a share buyback as a potential strategy to address the stock price issue [1]