徽酒二哥"压力山大"。 成功跻身"徽酒老二"的 迎驾贡酒 ，却在资本市场"遇冷"。 进入6月份以来，迎驾贡酒的股价一度跌破40元大关，最低报收37.12元/股，创下3年以来的股价新低； 直到6月20日，迎驾贡酒股价才终于迎来久违的大涨。 截至7月8日，迎驾贡酒报收39.58元/股，已连续多日在40元线下徘徊；当前迎驾贡酒的股价今年内累计 跌幅已近23%。这样的股价表现可以说是其上市以来的第二差，仅次于2016年年度下跌34.26%的市场表 现。 图源：百度股市通截图 此前在业绩说明会上，其一季度业绩下滑、股价暴跌等问题遭遇投资者的"拷问"，但公司的回应却被吐 槽"敷衍"。 值得一提的是，曾执着于"百亿目标"的迎驾贡酒，2025年战略转向"行稳致远"，并将净利润增速目标下 调至保守的1%。 2025年是迎驾贡酒上市十周年与建厂七十周年的重要节点，但面对业绩承压、股价低迷的现实困境，这 家区域型酒企将如何破局？ 01.业绩"两连降" 2015年5月，迎驾贡酒登陆上交所主板，成为 白酒 行业第16家上市公司，与 古井贡酒 、 口子窖 和 金 种子酒 并称"徽酒四朵金花"。 近年来，迎驾贡酒走上了高速发展的道路，并超 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

眼下正值白酒市场消费淡季，618的到来让白酒厂商有了促销契机，无论是线上还是线下渠道，都加入降价促销行 列。但价格走低背后，名酒能否成功实现以价换量？ 广州：618大促进行中，线下渠道闻风而动降价明显 近期正值618年中大促，白酒产品线下的市场零售价格也出现波动。 从本期统计数据来看，广州市场参与统计的21款白酒产品样本中，有17款产品的市场零售均价较上期出现下滑， 且不少产品的下滑幅度较大，包括飞天茅台、第八代五粮液、国窖1573、君品习酒、青花郎等一线名酒的价格全 线下滑。 其中，本期飞天茅台的市场零售均价约为2404元，较上期下降超过100元。主要原因是该产品在ole、永旺这些商 超渠道有较大幅度的降价；在朴朴超市，该产品的价格已下探至2300元以下，经销商渠道的价格也比上期有所下 降，从而拉低了总体均价。 在千元价格带产品中，第八代五粮液、国窖1573、青花郎、红西凤、酒鬼酒内参这几款产品均价有小幅下降，幅 度在40元以内。但细看各个渠道的售价，不少渠道在本期均对高端白酒产品的售价进行了调整。 君品习酒是千元价格带产品中均价下滑最明显的产品，本期在广州市场的均价下探至845元左右。在ole这一高端 商 ...

公司报告 | 公司点评 古井贡酒（000596） 证券研究报告 坚持"全国化、次高端"战略，25 年稳健发展可期 2024 年 公 司 营 业 收 入 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 分 别 为 235.78/55.17/54.57 亿元（同比+16.41%/+20.22%/+21.40%）；2025Q1 公司 营业收入/归母净利润/扣非归母净利润分别为 91.46/23.30/23.12 亿元（同 比+10.38%/+12.78%/+12.78%）。 年份原浆引领增长，产品结构稳中有升。24 年年份原浆/古井贡酒/黄鹤楼 及 其 他 营 业 收 入 180.86/22.41/25.38 亿元（同比 +17.31%/+11.17%/+15.08%），其中年份原浆占比提升 0.59pcts 至 79.10%， 年份原浆增长快于整体，奠定公司增长基本盘。量价角度看，24 年公司酒 类销量/吨价分别同比+8.44%/+7.37%，量价齐升驱动公司营收增长，其中， 年份原浆销量/吨价同比+11.99%/+4.75%，年份原浆延续放量势能，同时从 均吨价来看产品结构整体仍保持升级态势。 省内大本 ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 周报、月报 [Table_Title] 白酒短期承压，大众品关注高景气赛道 ——食品饮料行业双周报 [Table_Summary] 报告要点： 食品、饮料与烟草行业 2025 年 06 月 09 日 行情回顾 1）近 2 周（5.26-6.6），A 股食品饮料行业（SW）下跌 2.12%，跑输 上证指数 3.22pct，跑输深证成指 2.62pct，跑输沪深 300 指数 1.90pct。 2）细分行业方面，在 A 股食品饮料各细分行业（SW）中，近 2 周， 软饮料（+9.45%）、零食（+5.48%）、其他酒类（+4.98%）涨幅居前， 乳品（-3.81%）、白酒（-3.64%）、调味发酵品（-1.26%）跌幅居前。 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，近 2 周，均 瑶健康（+72.44%）、海南椰岛（+20.26%）、妙可蓝多（+19.95%） 涨幅居前，五芳斋（-10.35%）、ST 加加（-6.92%）、山西汾酒（-5.41%） 跌幅居前。 食饮行业重点数据跟踪 1）白酒：根据同花顺 Ifind 数据 ...

Core Viewpoint - The article highlights the commitment of Gujing Gongjiu to rural revitalization and the integration of primary, secondary, and tertiary industries through its unique industrial advantages and social responsibility initiatives [1][9]. Group 1: Rural Revitalization Initiatives - Gujing Gongjiu is actively supporting rural revitalization by celebrating the harvest season and showcasing the integration of agricultural production with its liquor production process [1]. - The company has established grain planting bases through order agriculture, which not only enhances the income of local farmers but also ensures a stable supply of high-quality raw materials for its liquor production [3]. Group 2: Technological Advancements - Gujing Gongjiu is leveraging technology to enhance production efficiency and quality, implementing a comprehensive IoT system for monitoring and managing the entire grain cultivation process [3][5]. - The company has achieved a 96% equipment networking rate in its smart brewing facility, allowing for a fully automated production process while adhering to traditional brewing methods [6][8]. Group 3: Social Responsibility - Gujing Gongjiu emphasizes its corporate social responsibility by engaging in poverty alleviation efforts and fostering self-sufficiency in rural communities through education and training [11][12]. - The company has received multiple awards for its social responsibility initiatives, including the "Precision Poverty Alleviation Award" and recognition as one of the "Top 100 Social Responsibility Enterprises" in China's food industry [12]. Group 4: Future Outlook - Gujing Gongjiu aims to continue its focus on quality, technology, and social responsibility, contributing to the high-quality development of the Chinese liquor industry and rural revitalization efforts [12].

Core Viewpoint - The event "Four Seasons Village Song" and the fifth Harvest Season of Gujing Gongjiu serves as a platform for the company to showcase its quality and cultural heritage while celebrating the harvest [1] Group 1: Quality and Production - The Huanghuai Plain is highlighted as a natural cradle for the quality of Gujing Gongjiu, providing favorable climatic and soil conditions for the growth of high-quality soft winter wheat [3] - The production process of "Taohua Chunqu" is complex and requires strict quality control, with only the best soft winter wheat from the Huanghuai Plain meeting the standards [5] - Gujing Gongjiu's birthplace, Bozhou, is recognized as a significant grain production base and a renowned liquor-producing region, ensuring a steady supply of quality raw materials [6] Group 2: Technological Innovation and Management - Gujing Gongjiu has established a three-dimensional monitoring system in its raw grain bases to ensure 100% traceability and quality control of the wheat used for brewing [8] - The company has launched a smart management platform for raw grain cultivation, integrating ecological wisdom and technological innovation [8] - The establishment of the Gujing Gongjiu Grain Research Institute aims to enhance product quality through scientific research and the development of new wheat varieties [10] Group 3: Agricultural Integration and Future Development - Gujing Gongjiu promotes order agriculture by signing contracts with farmers, providing them with seeds, fertilizers, and technical support, ensuring a reliable supply of quality raw materials [12] - The company aims to leverage the unique advantages of the Bozhou region to continuously improve product quality and contribute to the prosperity of the Chinese liquor industry [12]

随着端午假期临近，部分白酒价格却持续走低。 近日，南都湾财社-酒水新消费指数课题组记者进行了第四十六期《湾区酒价》数据统计，从统计结果 来看，广州、深圳和东莞三地，大部分产品价格相比上一期持续走低，具体原因来看，其一是部分产品 渠道出现产品打折出售，其二是有的产品因本身销售渠道少，出现打折之后导致了零售均价有较大波 动。 另外，上期课题组推出的《西南酒价》，所报出的零售均价获得了较大关注。其中四川作为白酒产地， 大湾区作为酒水消费高地，这两个地区的酒水价格具有哪些方面的差异？根据统计对比后，课题组发 现，湾区的零售均价显著高于四川。 广州：端午临近，超三分之二产品价格持续下跌 虽然时间临近端午假期，但是在本期酒价统计中，广州有超过三分之二的产品价格对比上期出现下跌， 跌价幅度从数元到几十元不等。 其中，飞天茅台酒零售均价进一步下探，本期录得价格为2579.73元/瓶，受调研的部分终端该产品零售 价报出了2300元/瓶左右的价格，不过诸如永旺与华润ole，产品摆柜价依然高企，分别为2799元/瓶和 2999元/瓶，这一定程度拉高了飞天茅台的均价表现。 而在高端、次高端产品方面，古井贡酒的古20零售均价持续出现下 ...