在行业深度调整期，古井贡酒写下了"稳存量、拓增量、谋全局"的韧性范本，这种多轨战略无疑也将为古井贡酒的复苏蓄积关键动能。 线下深耕——渠道健康成压舱石 财报显示，古井贡酒继上半年的"稳中求进"后，三季报保持"调整增长"，为后续发展释放了压力。 这种战略定力源自其优秀的数字化管控，其"数字化古井"建设效果卓著，构建起覆盖生产、营销、管理的数字化体系，严控渠道库存与价格体系。并在生 产上搭建"智慧电能综合管理平台"，实现电力系统的智能化、精益化管理，降低生产能耗。同时，也为公司应对市场变化提供了敏捷的响应能力。 其次，公司务实去库出清，报表释放压力，主动为渠道减负纾压，放宽协议资金使用权限，缓解了经销商资金压力，主动优化经销商配额。 白酒行业的秋天虽寒意重重，但在集体降速纾压、整体动销下行之下，古井贡酒以Q3主动放慢节奏、释放经营压力的战略定力，经营底盘依旧稳固。 一方面，其严控渠道库存与价盘稳固基本面，另一方面借电商爆发与年轻化突围打开新增量。前者筑牢了公司经营质量底线，后者则打开了年轻化增量空 间，上个月，古井贡酒还以年份原浆与国潮新品开启了国际化突围，推动中国白酒获得全球价值认同，收效显著。 由此，上半年古 ...

10月30日傍晚，古井贡酒披露三季报。面对行业深度调整期的严峻挑战，古井贡酒埋头深耕经营质 量、兼顾各方声音，前三季度业绩依旧保持在头部酒企队列。 与此同时，古井贡酒系列等大众价位产品充分发挥 "基本盘" 作用，以高性价比覆盖县域 及乡镇消费市场，满足日常多元化需求，形成了 "高端产品树形象、中端产品提销量、大 众产品保规模" 的全价位产品矩阵。 在今年严峻的外部形势下，古井贡酒依旧能保持稳健表现，与其长期致力于渠道建设分不 开。 而随着这份成绩单出炉，古井贡酒应对白酒周期调整的不变战略决心也再次展现。 面对多重周期叠加的行业内外不利因素，酒企的战略定力面临考验。在白酒行业面临深度 调整、消费环境变化，降速发展成为共识的背景下，头部名酒的发展逻辑，正在从过去追 求短期爆发的"速度"，转向长期健康发展的"质量"。 回 顾 前 三 季 度 ， 古 井 贡 酒 坚 持 名 酒 定 力 ， 视 野 超 越 当 前 周 期 ， 继 续 坚 持 " 全 国 化 、 次 高 端"战略，以"三通工程"为指引，在渠道健康化、品牌国际化、产品年轻化等方向积极布 局，在行业调整期潜心积累长期发展势能。 优先渠道健康助力动销 夯实业 ...

Core Viewpoint - The company, Gujing Gongjiu, reported a slight increase in revenue and profit for the first half of 2025, indicating resilience in a challenging market, but underlying issues such as weak growth, structural imbalances, and external expansion challenges are evident [1][6][7] Financial Performance - The company achieved total revenue of 13.88 billion yuan, a year-on-year increase of 0.54%, and a net profit of 3.66 billion yuan, up 2.49% year-on-year [1] - The second quarter saw a significant decline in revenue to 4.73 billion yuan, down 14.23% year-on-year, and net profit dropped to 1.33 billion yuan, down 11.63% [2] - The company's net profit margin improved to 26.38%, up 0.50 percentage points year-on-year, primarily due to reduced sales expenses [3] Product Structure - The company experienced a "volume increase, price decrease" trend, with total sales volume reaching 81,400 tons, up 10.67%, but the average ex-factory price fell by 8.22% to 167,500 yuan per ton [3] - The core product "Nianfen Yuanjiang" generated revenue of 10.96 billion yuan, with a sales volume increase of 10.80%, but the price per ton decreased by 8.31% to 235,200 yuan [3] Regional Performance - The company’s revenue from the Central China region was 12.30 billion yuan, accounting for 88.60% of total revenue, reflecting strong brand presence in its home market [4] - Revenue from the North China region fell by 27.04% to 0.81 billion yuan, and South China revenue decreased by 5.84% to 0.77 billion yuan, indicating challenges in expanding beyond its home market [4] Strategic Initiatives - The company is focusing on online sales, which reached 0.57 billion yuan, a year-on-year increase of 40.19%, while offline sales declined by 0.67% [5] - New product launches aimed at younger consumers, such as the 26° "Light Gu20," reflect the company's efforts to innovate and adapt to market changes [5] Overall Assessment - The company's performance shows a complex situation of apparent stability but underlying concerns regarding sustainable growth, reliance on internal adjustments, and challenges in expanding its market presence [6][7]

Core Viewpoint - In the context of the deep adjustment cycle in the liquor industry characterized by "volume shrinkage, price decline, and high inventory," Gujing Gongjiu (000596.SZ) has reported a rare achievement of revenue and net profit growth in the first half of 2025, showcasing its resilience and proactive strategies in a challenging environment [1][12]. Group 1: Financial Performance - Gujing Gongjiu's revenue for the first half of 2025 reached 13.88 billion yuan, a year-on-year increase of 0.54%, while the net profit attributable to shareholders was 3.66 billion yuan, up 2.49% year-on-year [1][12]. - The company's core product, "Nianfen Yuanjiang," generated revenue of 10.96 billion yuan, accounting for 80.34% of total liquor revenue, and achieved a gross margin of 85.14%, indicating strong brand recognition in the premium liquor market [2][4]. Group 2: Product and Market Strategy - The "Gujing Gongjiu" series saw a revenue decline to 1.18 billion yuan, with a gross margin of 52.04%, reflecting the industry's consumption differentiation and intensified competition in the mid-to-low-end market [4][12]. - In the core market of Central China, centered in Anhui, the company achieved revenue of 12.30 billion yuan, a year-on-year increase of 3.60%, highlighting its strong market presence and brand penetration [4][12]. Group 3: Channel Development - The offline channel, primarily through distributors, generated revenue of 13.31 billion yuan, maintaining a gross margin of 80.16%, while the online channel experienced explosive growth with revenue of 573 million yuan, up 40.19% year-on-year [5][6]. - The company has adapted to changing consumer preferences by launching products suitable for online consumption, such as low-alcohol and small-packaged products, effectively targeting younger demographics [6][12]. Group 4: Strategic Initiatives - Gujing Gongjiu has actively engaged in brand building, marketing, production, and digitalization across seven dimensions to navigate the industry's challenges and pursue long-term goals of national expansion and premiumization [7][12]. - The company has implemented a "Three Communications Project" for real-time inventory monitoring and has expanded its distribution network through "flag planting, well drilling, nurturing households, and increasing volume" strategies [8][12]. Group 5: Production and Digitalization - The company has invested 567 million yuan in intelligent production technology, with a total investment of 7.6 billion yuan, enhancing production efficiency and quality control [9][12]. - Gujing Gongjiu is advancing its digital transformation by establishing a comprehensive digital system that covers production, marketing, and management, improving operational efficiency and market responsiveness [11][12]. Group 6: Long-term Growth Outlook - Despite short-term challenges in the liquor industry, Gujing Gongjiu is well-positioned for long-term growth due to its brand, quality, and channel advantages, which are expected to yield increased market share as industry concentration rises [12][13]. - The company aims to deepen its market penetration in core regions, expand its national presence, and enhance its product matrix to meet evolving consumer demands [13][14].

Company Overview - Gujing Gongjiu reported a closing price of 145.68 yuan on August 13, down 0.60 yuan or 0.41% from the previous trading day [1] - The company is a well-known liquor producer in Anhui, specializing in the production and sale of high-end liquor, with key products including the Year Original Series and Gujing Gongjiu Series [1] Market Performance - The stock opened at 146.28 yuan, with an intraday high of 146.80 yuan and a low of 143.80 yuan, resulting in a price fluctuation of 2.05% [1] - The trading volume was 31,703 hands, with a total transaction amount of 461 million yuan [1] Pricing Trends - Recent market research indicates that instant retail platforms are significantly impacting the pricing structure of high-end liquor [1] - In the Guangdong-Hong Kong-Macao Greater Bay Area, the retail average price of Gujing Gongjiu's main product, Gu20, decreased from 660 yuan to 597 yuan in Guangzhou, with online channels in Shenzhen averaging around 601 yuan and Foshan at 629 yuan [1] - Price fluctuations are primarily driven by instant retail platforms using subsidies to lower prices, with some channels pricing as low as 545 yuan [1] Capital Flow - On August 13, the net outflow of main funds was 14.32 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five trading days, there has been a cumulative net inflow of 71.59 million yuan, representing 0.12% of the circulating market value [1]

Group 1 - The stock price of Gujing Gongjiu on July 31 was 137.79 yuan, down by 3.94 yuan, a decrease of 2.78% from the previous trading day [1] - The opening price on the same day was 141.45 yuan, with a highest point of 141.45 yuan and a lowest point of 137.10 yuan, with a trading volume of 36,916 hands and a transaction amount of 512 million yuan [1] - Gujing Gongjiu operates in the liquor industry, primarily engaged in the production and sales of liquor, with main products including the Year Original Series and Gujing Gongjiu Series, and has a nationwide market presence [1] Group 2 - In the second quarter, institutional investors made significant adjustments to their holdings in the liquor sector, with some fund managers reducing their positions in Gujing Gongjiu and other liquor stocks, while others chose to increase their investments [1] - The number of shares held by actively managed funds in liquor stocks decreased from 521 million shares to 325 million shares, representing a decline of 38% [1] - On July 31, Gujing Gongjiu experienced a net outflow of main funds amounting to 21.47 million yuan, accounting for 0.04% of its circulating market value [1]