今天分享的是：荣续ESG智库：2025年白酒行业ESG白皮书 报告共计：35页 《2025年白酒行业ESG白皮书》核心内容总结 《2025年白酒行业ESG白皮书》由上海现代服务业联合会、红星ESG研究院与荣续ESG智库联合发布，聚焦白酒行业发展与ESG实践，为从业者和研究者呈 现行业全景与未来方向。 白皮书先对白酒行业进行概览。白酒作为中国传统文化与经济生活的独特符号，历经千年传承，从作坊式酿造发展到工业化生产，从区域消费拓展至全国 化、全球化布局，在国民经济与社会文化中地位特殊。书中还展示了粮食生产相关数据，全年粮食播种面积119319.1千公顷、总产量70649.9万吨、单位面积 产量5921.1公斤/公顷，且分季节、分品种呈现具体数据，为理解白酒行业原材料供应基础提供参考，同时分析了行业价值链、市场格局及发展趋势。 在白酒行业ESG发展部分，白皮书指出，在双碳目标推进、ESG理念深入人心的当下，ESG理念为白酒产业发展注入新维度。书中深入探讨ESG信息披露的 实践意义，拆解核心议题解决路径，研究白酒企业如何在生态环境保护、社会责任履行、公司治理完善的要求下，平衡经济效益与社会价值，通过ESG实践 提升长 ...

Core Viewpoint - The article discusses the increasing focus of liquor companies, particularly sauce-flavored liquor brands, on the banquet market as a new battleground for growth, with the launch of "Taiyuan Red" by Moutai Health Wine Industry as a significant move in this direction [1][5]. Group 1: Product Launch and Strategy - "Taiyuan Red" has been revamped with a new packaging design that emphasizes traditional cultural symbols and festive themes, using a dominant "Chinese red" color to enhance its appeal for banquet occasions [1][2]. - The product offers two alcohol content options, 53° and 43°, to cater to different consumer preferences and various banquet scenarios [2]. - The pricing strategy remains within the hundred yuan range, targeting the mass banquet market, which is seen as a key area for growth [4][5]. Group 2: Industry Trends and Competition - Other liquor companies, including Guotai, Xijiu, and Jinsanjiao, are also intensifying their efforts in the banquet market, indicating a broader industry trend [7]. - The shift in focus to banquet sales is a response to the decline of corporate group purchases due to new regulations, prompting brands to seek new growth opportunities [9]. - The banquet market is projected to be a significant growth area, with an estimated capacity of 2300 to 2500 billion yuan, representing about 40% of the overall liquor market [13]. Group 3: Consumer Behavior and Market Dynamics - Despite the industry's enthusiasm for the banquet market, consumer behavior is becoming more rational, leading to a trend of consumption downgrade [14][16]. - The emergence of smaller-scale banquets is changing the dynamics of liquor consumption, with companies adjusting their promotional strategies to accommodate this trend [16]. - The younger generation, particularly those born in the 90s and 95s, is becoming a key consumer group, emphasizing practicality and cost-effectiveness over traditional notions of prestige [14][17].

Core Insights - The white liquor market is experiencing a price decline across various brands, with significant adjustments in retail pricing due to the introduction of new sales channels and promotional strategies [5][15][17] - Instant retail platforms are contributing to lower average prices, with many high-end products being sold at prices significantly below traditional retail channels [6][9][10] Price Trends - The average price of Feitian Moutai has dropped to approximately 2134.43 yuan, down from 2367 yuan in the previous period, with online prices as low as 1890 yuan on certain platforms [6][7] - The average price of Wuliangye's eighth generation has decreased to 953.1 yuan, down from 1054 yuan, reflecting a decline of 9.57% [16] - The average price of Guojiao 1573 has also seen a reduction, with current prices around 982.61 yuan, indicating a downward trend in the high-end liquor segment [10][12] Market Adjustments - The introduction of new retail channels, particularly instant retail platforms, has led to a more accurate reflection of market prices, with many products seeing a significant drop in their average prices [5][17] - The inclusion of Foshan in the pricing statistics has highlighted its status as a key market for liquor consumption, with average prices for high-end products like Feitian Moutai reaching around 2320.94 yuan [12][13] Product-Specific Changes - The average price of Dream Blue M6+ is reported at 708.46 yuan, with online prices being lower than offline prices, indicating a shift in consumer purchasing behavior [10][11] - The average price of the ancient well liquor, Gu 20, has decreased to 597 yuan, down from 660 yuan, showing a notable price adjustment in the mid-range segment [7][16] Consumer Behavior - The shift towards instant retail platforms is changing consumer purchasing patterns, with many consumers opting for lower-priced options available online [6][17] - The overall market dynamics are being influenced by promotional activities and discounts offered by instant retail platforms, leading to a more competitive pricing environment [5][15]

Core Insights - The white liquor sales are in a seasonal downturn, yet major brands are actively launching new products and adjusting pricing strategies to adapt to market conditions [1][19] - The introduction of instant retail platforms has significantly influenced the pricing dynamics of white liquor, leading to lower average prices across various products [2][19] Pricing Adjustments - The latest adjustments show a decline in average prices for most products compared to the previous period, with instant retail platforms offering prices significantly lower than traditional channels [2][19] - For example, the average price of Feitian Moutai online is 2110.02 yuan, while offline it is 2199.5 yuan, resulting in an overall average of 2134.43 yuan, down from 2367 yuan [3][7] Product-Specific Price Changes - Feitian Moutai's price has dropped to below 2000 yuan on some instant retail platforms, with prices as low as 1890 yuan on Meituan [3][4] - Other high-end products like Wuliangye and Guojiao 1573 have also seen significant price reductions, with Wuliangye priced at 917.12 yuan online and 998.48 yuan offline [7][11] Market Dynamics in Different Regions - The inclusion of Foshan in the pricing index reflects its status as a major consumption hub, with Feitian Moutai's average price in Foshan reaching approximately 2320 yuan [12][15] - In Shenzhen, the average price of Feitian Moutai is reported at 2137.95 yuan, closely aligning with market performance after the removal of high-priced channels [8][9] Overall Market Trends - The overall market for white liquor is experiencing a transformation due to the entry of instant retail channels, which have become significant contributors to sales during promotional periods [19] - The adjustments in pricing and the introduction of new sales channels indicate a shift towards more competitive pricing strategies among brands [19]

Core Insights - The white liquor market has experienced a collective price decline since 2025, affecting both high-end and mid-range products due to a cooling consumption environment and high inventory pressures [1][15][16] - The South China region, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, has shown significant price differentiation and a notable decline in retail prices for various white liquor products [1][2][3] Market Performance - More than half of the monitored products have seen a price drop since the beginning of the year, with high-end products being the most affected [2][15] - Among 21 monitored products, 15 experienced a decline in average retail prices, with only 4 showing slight increases and 2 remaining stable [2][3] - The most significant price drop was observed in Feitian Moutai, which fell from approximately 2624 CNY to 2368 CNY, a decrease of 256 CNY [2][3] Price Trends by Product - Feitian Moutai's market price has dropped significantly, with current prices ranging from 2100 to 2400 CNY per bottle, marking a decline of over 15% from its peak [3][15] - Other products in the thousand CNY price range, such as the eighth generation Wuliangye and Guojiao 1573, also saw price reductions, with the eighth generation Wuliangye dropping by 110 CNY [10][15] - Mid-range products like Yanghe Dream Blue M6+ and Guotai Guobiao also experienced price declines, although to a lesser extent compared to high-end products [4][10] Regional Price Dynamics - In Guangzhou, 17 out of 21 products saw price declines, with Feitian Moutai dropping from 2648 CNY to 2305 CNY [7][8] - Shenzhen's market showed a downward trend in retail prices, although some products had inflated prices due to high-end retail channels [9][10] - Dongguan's market exhibited significant price fluctuations influenced by seasonal demand and promotional activities, with Feitian Moutai's price dropping to 2299 CNY during peak sales periods [12][13] Inventory and Market Conditions - The white liquor industry is currently in a deep adjustment phase, with high inventory levels leading to price pressures across all product categories [15][16] - Approximately 60% of companies are facing price inversion, particularly in the 800 to 1500 CNY price range, which is experiencing the most significant downward pressure [15][16] - The average inventory turnover days have increased to 900 days, indicating a challenging market environment for producers [15][16] Future Outlook - The market is expected to continue facing challenges as companies balance between maintaining prices and expanding market share [17][18] - The introduction of new statistical methods and the inclusion of additional cities like Foshan in price monitoring may provide a clearer picture of market dynamics moving forward [20][21]

Core Insights - The collaboration between Kweichow Moutai and JD.com represents a strategic shift in the liquor industry towards new consumption patterns, emphasizing the importance of integrating products into consumers' lifestyles rather than merely selling them as standalone items [5][11][22] - The partnership aims to enhance consumer experiences through customized offerings and digital transformation, reflecting a broader trend in the industry towards personalization and emotional resonance with consumers [10][20][22] Group 1: Industry Trends - The liquor industry is witnessing a transformation from traditional product-focused sales to a focus on lifestyle and consumption scenarios, driven by changing consumer behaviors and preferences [13][15] - New consumption patterns are emerging, particularly among younger generations, who prioritize value for money and quality, leading to a shift towards personalized and experiential consumption [11][13] - The rise of e-commerce and digital platforms is reshaping the sales landscape, providing new opportunities for liquor brands to engage with consumers and innovate their sales strategies [6][20] Group 2: Company Collaboration - JD.com and Kweichow Moutai have established a deep partnership over 13 years, focusing on mutual empowerment through understanding user needs and enhancing consumer experiences [3][8] - The collaboration has evolved from basic cooperation to a strategic alliance, with plans for customized products and deeper engagement in the digital space [8][10] - The partnership is set to explore new consumption scenarios, leveraging JD.com's digital capabilities to enhance the reach and appeal of Moutai's products [20][22]

Core Viewpoint - The white liquor market is experiencing a downward price trend, driven by changes in consumer demand and market dynamics, as indicated by recent data from the National Bureau of Statistics [1][5]. Price Trends - National data shows that liquor prices have decreased by 1.7% year-on-year and 0.3% month-on-month as of June 2025, with an overall decline of 2.0% in the first half of the year [1][2]. - The price of premium liquor brands, such as Feitian Moutai, has dropped from over 3000 yuan to below 2000 yuan, indicating a significant reduction in market premium [4]. Consumer Behavior - There is a noticeable shift in consumer preferences, with younger consumers moving away from traditional high-alcohol liquor towards lower-alcohol options and craft beers, leading to a contraction in the white liquor market [5][6]. - The demand for high-priced liquor for business banquets and gifts has decreased, particularly among small and medium-sized enterprises facing financial pressures [5][6]. Supply and Inventory Issues - The white liquor industry is facing overproduction and high inventory levels, with a reported production decline of 7.2% year-on-year in the first quarter of 2025 [5][6]. - Companies are resorting to price reductions as a means to clear excess inventory, with distributors eager to recover funds through lower pricing strategies [6]. Market Dynamics - The rise of e-commerce and live-streaming sales has intensified price competition and increased price transparency, reducing the ability of traditional channels to maintain high prices [6]. - The shift from "face consumption" to a more rational consumer mindset emphasizes value for money and quality, challenging the high-end liquor market's previous status as a social currency [6].

Group 1: Management Changes in the Alcohol Industry - The alcohol industry has seen a series of high-level management changes since last year, with companies like Yanghe, China Resources Beer, and Jinzhongzi Wine experiencing shifts in leadership, indicating a strong intent from shareholders and investors to boost performance [1] - Jinzhongzi Wine's General Manager He Xiuxia has resigned, and the company is facing significant market share pressure, with 2024 revenue projected to drop to 925 million yuan, a stark contrast to over 2 billion yuan in previous cycles [5] - Yanghe has appointed Gu Yu as the new Party Secretary, replacing Zhang Liandong, who has stepped down amid a challenging period for the white liquor industry [6][7] Group 2: Trade and Regulatory Developments - The Ministry of Commerce has concluded an anti-dumping investigation into EU brandy, determining that dumping margins range from 27.7% to 34.9%, leading to the imposition of anti-dumping duties starting July 5, 2025 [2][3] - A total of 34 EU brandy exporters, including well-known brands like Martell and Hennessy, can avoid these duties by adhering to price commitments approved by Chinese authorities [3] Group 3: Market Trends and Promotions - Taobao Flash Sale has initiated a new subsidy program, investing 50 billion yuan, resulting in a significant increase in orders, particularly in the alcohol sector, with some brands seeing order volumes double [4] - Kuaizi Jiao reported that its high-end "Jian" series products have not performed as expected, with sales and consumer feedback being less favorable compared to older products [10] - Xijiu has launched a promotional campaign offering buy-three-get-one-free deals on various products, indicating a strategy to boost sales through consumer incentives [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The liquor industry is currently experiencing a bottoming phase, with a focus on the growth opportunities in the konjac segment. The food and beverage index increased by 0.6% from June 30 to July 4, ranking 19th among 28 sub-industries, underperforming the CSI 300 by approximately 0.9 percentage points. The meat products, liquor, and baked goods sub-industries showed relatively strong performance with increases of 1.2%, 1.2%, and 0.9% respectively [3][12][14] - The recent decline in liquor prices is attributed to the impact of e-commerce subsidies and restrictions on consumption due to the "ban on alcohol," which has compressed industry demand. However, liquor manufacturers are controlling market supply, leading to a temporary stabilization of liquor prices. Although there has been a slight accumulation of channel inventory, the overall inventory remains manageable due to a slowdown in shipments from manufacturers. The ongoing effects of the "ban on alcohol" are expected to continue, with increased pressure on liquor industry performance anticipated in the second quarter. The ban may accelerate industry consolidation and bottoming trends [3][12][14] - In the long term, the liquor industry is undergoing a transformation in consumer demand, with companies adapting by launching lower-alcohol products to cater to younger consumers and promoting family gatherings and casual drinking scenarios. Leading liquor companies maintain strong brand and channel competitiveness, which is expected to facilitate their transition during this industry transformation. Current low valuations and high dividend rates of leading liquor companies suggest they possess long-term investment value [3][12][14] Summary by Sections Market Performance - The food and beverage index increased by 0.6%, ranking 19th out of 28 sectors, underperforming the CSI 300 by approximately 0.9 percentage points. The leading sub-industries included meat products (+1.2%), liquor (+1.2%), and baked goods (+0.9%) [12][14] Upstream Data - As of July 1, the GDT auction price for whole milk powder was $3,859 per ton, down 5.5% month-on-month but up 19.9% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, unchanged month-on-month but down 7.0% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [19][24] - On July 5, the price of pork was 20.4 yuan per kilogram, down 16.2% year-on-year, while the price of live pigs was 15.2 yuan per kilogram, down 16.5% year-on-year. The number of breeding sows was 40.42 million, up 1.2% year-on-year [27][28] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. Guizhou Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is expected to improve profitability due to favorable raw material costs. Wancheng Group continues to expand its store count and target young consumers, and Bairun Co. is seeing improvements in its pre-mixed liquor segment [5][48]

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]