Core Viewpoint - The Chinese liquor industry is currently undergoing a period of adjustment, influenced by changes in consumer behavior and economic conditions, leading to a focus on inventory reduction and product innovation among major liquor companies [2][3]. Group 1: Industry Overview - The liquor industry is in a "three-period overlap" phase, experiencing deep adjustments due to macroeconomic cycles, industry cycles, and individual company/product cycles [2]. - Major liquor companies are facing slowed or declining performance growth, with Wuliangye's 2024 revenue reaching 89.175 billion yuan, a year-on-year increase of 7.09%, and net profit of 31.853 billion yuan, up 5.44% [2]. - Luzhou Laojiao's 2024 revenue and net profit grew by 3.19% and 1.71% respectively, while other companies like Shede Liquor reported significant declines in performance [2]. Group 2: Inventory Management - Major liquor companies have improved inventory levels after implementing strict supply control measures, with Wuliangye reporting low social inventory levels for its eighth-generation product [1][4]. - Wuliangye's sales performance has remained stable, with online sales increasing by 30% year-on-year, and overall market prices continuing to rise [4]. - Yanghe Co. emphasized the importance of inventory reduction as a key focus moving forward, while Luzhou Laojiao reported that its channel inventory is currently manageable [5]. Group 3: Strategic Goals - Guizhou Moutai has set a revenue growth target of 9% for 2025, reflecting a more cautious approach compared to previous years [3]. - Wuliangye aims to align its revenue growth with macroeconomic indicators for 2025, moving away from previous aggressive growth targets [3]. - Luzhou Laojiao's 2025 operational plan focuses on steady progress rather than aggressive growth, indicating a shift in strategy [3]. Group 4: Consumer Trends - The industry is witnessing a shift towards younger consumers and lower-alcohol products, with Luzhou Laojiao noting that nearly 50% of its revenue now comes from lower-alcohol products [6]. - Luzhou Laojiao plans to enhance the quality of its lower-alcohol products and target the "Z generation" through innovative marketing strategies [6]. - Wuliangye is also focusing on the younger consumer market, planning to accelerate the development and promotion of its lower-alcohol products [7].

Core Viewpoint - The company is focusing on high-quality development amidst increasing market competition and is preparing for a significant transformation in the industry [1] Group 1: Business Strategy and Goals - The company aims for steady revenue growth in 2025, emphasizing a theme of "gathering strength to tackle challenges and refining efforts for stable growth" [1] - The management highlighted the ongoing transition in the industry from extensive to refined operations, and from quantity to quality, indicating an impending phase of intense competition and accelerated differentiation among companies [1] Group 2: Product and Market Adaptation - The company has fully revamped its five major products starting in 2023 and is selling some premium aged products through online platforms [1] - Due to the trend of lower alcohol consumption in the market, the revenue share of the lower-alcohol version of Guojiao 1573 has been increasing, currently approaching 50% [1] Group 3: Distribution and Partnerships - The management reiterated the commitment to the "customer is the team" philosophy, focusing on creating value and wealth alongside customers [2] - The company plans to continue expanding its national distribution network and will selectively add high-quality customers to its sales system to support high-quality development [2]

尽管白酒行业尚未脱离深度调整，但泸州老窖（000568）通过一系列战略调整，交出了一份韧性增长的 成绩单，2024年实现营收311.96亿元、同比增长3.19%，实现净利润134.73亿元、同比增长1.71%；2025 年一季报，泸州老窖实现营业收入93.52亿元，同比增长1.78%；实现净利润45.93亿元，同比增长 0.41%，均实现了收入与净利润双增。 在业绩持续增长的同时，泸州老窖的现金流表现充沛，2024年经营活动产生的现金流量净额为191.8亿 元，同比增长80.14%，这也体现了泸州老窖业务运营的健康度。 从具体产品结构看，泸州老窖高端化进程持续提速，全年中高档酒类收入275.9亿元，同比增长2.77%， 毛利率也保持稳定。 2024年，国窖1573成功跻身200亿超级大单品阵营，夯实了中国高端白酒三强的市场地位，泸州老窖品 牌体量也突破100亿元。 近年来，泸州老窖的稳健表现，与管理团队成功构建清晰聚焦的"双品牌、三品系、大单品"品牌体系有 关，国窖1573品牌提升和泸州老窖品牌复兴工程成果显著。其中，国窖1573以活窖池、活技艺"活态双 国宝"的核心资源优势，稳居中国三大超高端白酒品牌之一； ...

文 | 酒业内参 张奥 近日，第二十二届中国国际酒业博览会在泸州开幕。每年酒博会最受关注莫过于各家带来的 产品和展馆的火热程度。 今年，酒业内参在逛完整个展览后，发现了两个现象： 第一，白酒降度已是不争的事实，这既是行业调整期酒企们"降度平价"的诉求，同时也是 消费者饮酒的趋势变化。很多酒企都推出了中低度白酒，进一步贴合客群的饮酒需求。同 时，低度白酒正逐步渗入包括商务宴请、日常小聚等高频次场景，对高度酒形成了一定的替 代趋势。 第二，黄酒的关注度仍然低迷，尽管包括会稽山、古越龙山等在内的头部企业推陈出新，不 断提及年轻化，但年轻消费者对黄酒的认知仍不足，气泡黄酒或许是未来的趋势。 白酒降度成为共识 产业每一轮调整周期，都是白酒降度发展的黄金时刻， 2025 年同样不例外。 展会现场，泸州老窖展馆内人头攒动。低度国窖 1573 前有大量观众观看，并时不时点评道"这个 好喝""还是得低度"。 泸州老窖展区实拍 同样的情况，在洋河和汾酒的展区也有所体现，像海之蓝、梦 M6+ 、青花汾 20 、玻汾及老白汾 等大单品的低度版本，均受到消费者的广泛关注。 黄酒与啤酒、葡萄酒并称世界三大古酒，历史最早可以追溯到 250 ...