曾经的酒类连锁，主要利润来源是名酒差价。然而随着整个行业深度调整，存量竞争时代的来临，名酒 价格倒挂现象成为常态，"名酒差价时代"也宣告终结。 上个月底发布的《2025中国酒类零售连锁行业发展白皮书》指出，行业面临变革，渠道首当其冲。酒类 流通领域急需适应消费市场变化，主动转型升级，更新传统经销思维，创新营销模式。 7月8日，酒类流通企业1919在成都举办了一场"中国酒业孤勇者联盟大会"，将主题定为"逆天·改命"。 活动现场，1919宣布将"再吃一次螃蟹"，探索新的商业模式转型。具体而言，打造"1919酒饮生活馆"， 用"即时零售+场景体验"来寻找破局路径。同时，在产品端则全面拥抱"战略品牌"，在经销商/合作伙伴 的管理上将采取封闭式采购，通过供应链渠道管控确保品牌形象。 "名酒差价时代"终结了 不放弃名酒，但更要向战略品牌"要"利润 即便如此，稳固的市场根基和品牌价值，却也让传统流通渠道不能舍弃名酒这张底牌。 "靠卖名酒赚差价的年代已经结束了！"1919董事长杨陵江面对现场的合作伙伴和媒体记者，直言不讳地 说。 从2017年开始，在名酒与高端酒引领下，中国酒业重拾增长势头。酒类连锁平台借势扩张，一批规模达 ...

该产品将"金榜题名"这一传统文化符号转化为现代消费场景，在精准满足消费者庆贺与祝福的核心消费 需求的同时，为庆功酒创立了新的标杆，更为五粮液创造市场新增量打开了新空间。 五粮液上新"祝君金榜题名"酒，精准卡位考试庆功场景 古往今来，"金榜题名"便是人生至喜，设宴庆贺、以酒感恩是不可或缺的仪式。 到今天，"考试庆功"已经发展成为极具消费活力的细分领域，其消费场景也愈发多样，如高考升学、考 研登科、职场晋升、考公上岸等。 "金榜题名"是人生中极为重要的时刻，作为这一时刻的庆功酒，其意义不言而喻。在此背景下，五粮液 针对这一消费场景专属打造的高端文化酒——"祝君金榜题名"酒应运而生。 金榜题名，被誉为人生四大喜事之一。 伴随着高考的结束，莘莘学子们也即将迎来"金榜题名"的人生高光时刻。而自古以来，每逢喜事，美酒 便是人们表达喜悦、承载祝福的绝佳载体。 因此，这样一款兼具多重价值的专属场景庆功酒，无论是送人，还是收藏，都是极具纪念意义的珍贵礼 物。 有消费者表示，五粮液"祝君金榜题名"酒可以说是当代的"状元酒"，是家中长辈对子孙后代学业有成、 事业腾飞的寄托之物，在子孙后代生日、升学等人生重要时刻进行封藏，待到18岁 ...

Core Viewpoint - The article emphasizes the importance of the Party's leadership in the development of Baishan Fangda Group, highlighting how the company's growth is intertwined with its commitment to Party values and community service [2][5][7]. Group Structure and Party Leadership - Baishan Fangda Group organizes activities for its Party members, such as re-affirming their Party vows and participating in educational courses, to strengthen their commitment to the Party and its principles [4][7]. - The company has established four Party branches that serve as strongholds for operational services, with 85 Party members acting as role models within their respective positions [8][9]. Business Development and Achievements - The company has undergone significant transformations, including turning losses into profits and achieving brand recognition, all while maintaining a focus on Party building as a central theme [7][9]. - Baishan Fangda Group has been recognized with numerous awards, including the first "Chinese Famous Trademark" in the liquor distribution sector and the title of "Chinese Time-honored Brand" [13]. Community Engagement and Social Responsibility - The company actively participates in community service, providing support to local welfare institutions and schools, and has invested over 600,000 yuan in various charitable activities over the past decade [15][17]. - Baishan Fangda Group has a long-standing commitment to supporting veterans and military personnel, conducting outreach and providing assistance during significant events [17][18]. Future Outlook - The article concludes with a positive outlook for Baishan Fangda Group, suggesting that its strong foundation in Party leadership and community engagement will enable it to navigate future challenges successfully [18].

登录新浪财经APP 搜索【信披】查看更多考评等级 近日，舍得酒业发布关于上海证券交易所《关于公司2024年年度报告的信息披露监管问询函》的回复公告。 当中介绍，报告期内，单位材料成本同比增长39.18%。一方面，公司的区域性定制产品外包装材料以前由经销商自行采购，2024年调整为由公司采购，所 以导致成本较同期有所增长；另一方面，由于同一等级不同年份的基酒作为同一品种半成品核算，并采用加权平均法结转成本，不同年份基酒的成本对平均 单位成本均有影响，因此近年来粮食价格上升导致了单位材料成本逐年增加。 单位人工工资同比增长31.34%。一方面,为促进就业稳定，同时保障劳动力供给与成品酒生产之间的动态平稳，基于销售产品结构适度调整产线结构，当期 单位人工成本降幅较产量下降幅度低。另一方面，过去公司生产人员薪资较同行业和本区域规模以上企业存在较大差距，为稳定团队同时增进人员延揽的竞 争性，自2021年以来，公司逐步缩小同类型岗位的外部薪酬差距，导致成本中的单位人工成本逐年增加。 单位制造费用及动力同比增长47.62%。一方面，增产扩能建设项目陆续转固投产使用，导致制造费用（折旧及摊销费用）总额增加；另一方面，生产量下 ...

▎1-4月白酒产量130.8万千升 2025年1-4月，全国规模以上企业白酒（折65度，商品量）产量130.8万千升，同比下降7.8%；其中4月 产量28.1万千升，同比下降13.8%。（国家统计局） ▎泸州老窖到访中国食品院 5月16日，泸州老窖股份有限公司副总经理、董事会秘书李勇带队到访中国食品院，与中国食品院党委 书记、总经理郭新光和首席专家王德良座谈交流。双方回顾了前期合作交流成果，并就博物馆建设、沉 浸式体验、智能感官如何赋能企业营销等议题展开深度探讨。（国家酒类品质与安全国际研究中心） ▎古井全国化覆盖率已超70% 5月20日，古井贡酒2024年度业绩说明会召开，会上，就年度增长目标问题，古井方面表示，在人口增 长逐渐放缓与行业存量竞争的双重影响之下，降速发展成为白酒行业共识。 全国化方面，古井表示，公司持续坚持"全国化、次高端"战略，目前安徽省内继续保持稳健增长，市场 份额在稳步提升；省外聚焦核心省区，持续推进"三通工程"，稳住存量市场，开拓增量市场。目前全国 化覆盖率已达到70%以上，省内、省外结构占比为6:4；公司将借鉴省内的发展经验，在省外打造一批 规模省区、规模市场、规模客户，进一步提高 ...

Core Insights - The company reported a total revenue of 4.65 billion yuan for Q1 2025, representing a year-on-year growth of 27.5%, exceeding the high end of the revenue guidance [1][2] - The non-GAAP operating profit reached 110 million yuan, with a year-on-year increase of 39.5%, and the non-GAAP operating profit margin improved to 2.4% [2] - The company has strengthened its offline delivery capabilities, with a total of 1,886 stores across 283 cities and over 1,000 personnel in the delivery team [4] Financial Performance - Total revenue for Q1 2025 was 4.65 billion yuan, with 1P (self-operated) product sales contributing 4.26 billion yuan, a growth of 28.8% year-on-year, while 3P (platform) service revenue was 390 million yuan, up 14.2% [1][2] - Non-GAAP net profit was 78.04 million yuan, with a non-GAAP net profit margin increasing from 0.6% in the same period last year to 1.7% [2] - Cash and cash equivalents, restricted funds, short-term investments, and third-party payment platform account balances totaled 2.78 billion yuan as of the end of Q1 2025, ensuring stable operations [2] Business Development - The company has expanded its multi-category recycling services, with a nearly 200% year-on-year growth in transaction volume and revenue from multi-category recycling [4] - The C2B mobile digital recycling revenue grew over 50% year-on-year, driven by national subsidies and user demand from platforms like JD.com [4] - The company’s拍机堂 (Paimitang) platform has registered over 1 million merchants, with a double-digit year-on-year growth in trading merchants [5] Infrastructure and Service Enhancement - The first offline flagship store of拍机堂 was opened in Shenzhen, featuring a "warehouse-sales integration" model that allows for nearly 10,000 units available for immediate supply [5] - The company has improved its self-operated product retail, with toC revenue from self-operated products increasing by 73.5% year-on-year, and the toC share of 1P revenue rising to 33% [5] - The拍卖 (Pai Pai) consignment business saw a 220% year-on-year increase in sales across all categories, enhancing the experience for small and medium-sized merchants [5]

Group 1: Beer Industry Developments - Major beer companies are reducing workforce to control costs amid increasing competition in the industry [1][3] - Budweiser APAC reduced its workforce from approximately 25,000 in 2023 to over 21,000 in 2024, a decrease of about 4,000 employees or 16% [3] - Yanjing Beer and China Resources Beer also reported reductions of over 1,000 employees each, while Qingdao Beer cut more than 800 positions [3] Group 2: Wine Industry Events - The 5th China (Ningxia) International Wine Culture and Tourism Expo will be held from June 9 to 12, showcasing over 200 domestic and international wineries [5] - The expo will feature various activities, including a national wine industry skills competition and a cultural exhibition [5] Group 3: Labor Issues in Wine Sector - Workers at LVMH's champagne house went on strike on May 13, protesting salary and job security issues [7] - The wine and spirits division of LVMH is facing financial pressure, with a reported loss of €1.5 billion in 2024, contrasting with a cash flow of €1 billion in 2019 [7] Group 4: Leadership Changes - Treasury Wine Estates appointed Sam Fischer as the new CEO, with a compensation package including a fixed salary of AUD 1.73 million and a signing bonus of AUD 4 million [10][11] Group 5: Company Responses and Strategies - Luzhou Laojiao addressed concerns about halting orders, stating that it is maintaining normal supply channels and preparing for the upcoming Dragon Boat Festival [12][13] - Luzhou Laojiao plans to launch innovative products targeting younger consumers, including a collaboration with the sci-fi series "The Three-Body Problem" [12] Group 6: Share Buybacks and Financial Confidence - Kweichow Moutai announced a share buyback of 624,600 shares for a total of CNY 10.11 billion, completing two-thirds of its buyback plan [15] - The company plans to spend between CNY 3 billion and CNY 6 billion on share repurchases within the next 12 months [15] Group 7: Ningxia Wine Export Growth - Ningxia's wine exports reached CNY 13.75 million in 2024, supported by the development of 30 well-known wine import and export enterprises [17] - The brand value of Ningxia's Helan Mountain wine exceeded CNY 34 billion, ranking 8th in the regional brand value list [17]

证券代码：000568 证券简称：泸州老窖 泸州老窖股份有限公司投资者关系活动记录表 编号：2025-5-16 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | | | | □媒体采访 ★业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 股东大会交流 | | 参与单位名称及 | 通过互动易参加本次业绩说明会的投资者 | | 人员姓名 | | | 2025 时间 | 年 5 月 16 日 15:00-17:00 | | | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn | | 地点 | "云访谈"栏目 | | 上市公司接待人 | 董事长刘淼，独立董事陈有安、吕先锫、李国旺、李良琛，财 | | 员姓名 | 务总监谢红，副总经理、董事会秘书李勇 | | | 1. 当前白酒行业面对较大挑战，请问行业什么时候能够复苏？ | | | 答：尊敬的投资者，短期来看，行业仍处于调整期，本轮调整主 | | | 要受消费环境影响导致。我国产业体系完整、配套实力雄厚，经济发 | | | 展的韧性足、能力强，国 ...

21世纪经济报道肖夏综合报道 5月中旬，酒业业绩说明会持续推进，投资者与管理层的问答中陆续出现一些新增信息量，不少酒企表 达也相当坦白：泸州老窖表示近期渠道正常发货备战端午销售，张裕对当前葡萄酒市场短期并不乐观， 青岛啤酒表示不排除整合优质资产，燕京啤酒也正面回应了推出汽水品牌背后的考量。 酒业要闻 21世纪经济报道记者注意到，至此贵州茅台已经完成本轮回购计划的2/3，距离此次回购周期结束还有 半年以上。贵州茅台此前公告，计划在股东大会审议通过后的12个月内，出资30亿元（含）至60亿元 （含）回购公司股份。此外，茅台上个月已经公告，已经着手起草新一轮回购方案，控股方茅台集团也 已着手起草增持方案。 茅台、五粮液座谈：携手共克时艰不内卷、不内战、不内耗 公务接待不得供烟酒 新华社5月18日消息，近日中共中央、国务院印发了修订后的《党政机关厉行节约反对浪费条例》并发 出通知，要求各地区各部门认真遵照执行。 其中指出，建立健全国内公务接待集中管理制度。党政机关公务接待管理部门应当加强对国内公务接待 工作的管理、指导和监督。党政机关应当建立国内公务接待审批控制制度，严格执行公函制度，对无公 函的公务活动一律不予接待 ...

Core Viewpoint - Luzhou Laojiao's 2024 performance shows a slowdown in revenue and profit growth, with a focus on adapting to market changes and consumer demands, particularly among younger demographics [3][4]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of about 13.473 billion yuan, up 1.71% [3]. - The fourth quarter revenue was around 6.893 billion yuan, with a net profit of approximately 1.88 billion yuan, showing a decline compared to the same period last year [3]. Market Dynamics - The liquor industry is transitioning from a phase of rapid growth to one of quality and sustainability, with increased competition and market differentiation [4]. - Luzhou Laojiao has set a goal for 2025 to achieve stable revenue growth amidst a challenging market environment characterized by high inventory and price discrepancies [4]. Inventory and Channel Management - The company maintains normal supply channels and has prepared adequately for the upcoming Dragon Boat Festival sales, despite previous media reports suggesting a halt in order acceptance [5]. - Luzhou Laojiao collaborates closely with distributors to adjust sales targets and market policies dynamically, ensuring a reasonable profit margin for clients and promoting healthy market development [4][5]. Digital Transformation - The company is undergoing significant digital reforms, shifting from a channel-driven sales strategy to a consumer-focused approach, enhancing marketing capabilities through digital tools [5]. - Concerns regarding the diminishing marginal effects of digital marketing strategies have been acknowledged, with the company emphasizing the importance of management system innovation [5]. Youth Engagement and Product Innovation - Luzhou Laojiao is actively developing products that cater to younger consumers, including innovative and cross-border collaboration products, with the "Three-Body" science fiction-themed liquor set to launch in June [3][7]. - The company has engaged in various promotional activities across cultural, artistic, and sports domains to resonate with the younger generation [7][9].