证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 黄酒行业深度：供需共振，高端化与年轻化 突围 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 行业走势 -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 2024/7/8 2024/11/5 2025/3/5 2025/7/3 食品饮料 沪深300 相关研究 《啤酒行业深度：攻守兼备，优质龙 头已进入击球区》 2025-05-22 《大众品 2024 年报及 2025 年一季报 总结：需求筑底，细分突围》 2025-05-07 ◼ 风险提示：宏观经济不及预期；食品安全问题；市场竞争加剧。 2025 年 07 月 07 日 东吴证券研究所 1 / 26 请务必阅读正文之后的免责声明部分 ◼ 黄酒行业经历深度调整，当下发生积极变化。1）黄酒行业利润率迎来 边际拐点，龙头量价齐升。2023 年规模以上企业收入 85 ...

行业研究 证 券 研 究 报 告 黄酒行业深度研究报告 推荐（首次） 中国黄酒，复兴在望 其他酒 2025 年 06 月 19 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 10 | 0.00 | | 总市值(亿元) | 787.20 | 0.08 | | 流通市值(亿元) | 698.06 | 0.09 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | ...

黄酒长期萎靡不振，主要是两方面原因。 一是无法起量。黄酒的受众范围和影响力一直局限于江浙沪，没有像白酒和啤酒那样实现大规模的全国性扩张。数据显示，2024年古越龙山、会稽山、金枫酒业等三家酒企总收入中江浙沪的占 二是无法提价。黄酒行业格局分散，由此导致产品售价低且长期恶性内卷，到目前黄酒主流价格带也只有20-50元。 01 迟来的补涨 在中国酒类市场，黄酒一直是个弃儿。 根据华泰证券的数据，2023年黄酒行业收入约210亿，其中全国规上黄酒生产企业完成销售收入仅剩85亿元。2017-2023年，规上企业的营收和利润总额CAGR分别为-13%和-9%。作为对比， 以白酒为例，2017年-2023年规上企业总收入从5654亿元增长至7563亿元，增幅34%，利润总额则从1028亿元增长至2328亿元，增幅126%，与此同时白酒的吨价也实现了翻倍提升。所有这些 ▲图源 超乎所有人的想象，黄酒燃爆了整个资本市场。 不到十个交易日的时间，古越龙山的股价从大约9块钱最高涨到近12块钱，涨幅超30%；会稽山更夸张，十天内有六天摸到涨停，股价从15直线拉到25以上，涨幅高达70%。 在整个酒类市场继续加压的当下，黄酒为什么能 ...

近年来，黄酒产业整体呈现出颓势，全行业规模持续收缩。根据中国酒业协会统计数据，2017年至2023 年，国内规上黄酒企业由121家降至81家；年营收额由195.85亿元降至85.47亿元。有分析指出，造成这 一市场趋势的主要原因是黄酒的消费场景固化、对江浙沪市场依赖度高以及年轻消费群体的缺失。 2024年以来，国内头部黄酒企业已经开始从产品高端化、年轻化入手，积极进行互联网宣传，以培育年 轻消费者和打造新消费场景。 高端化方面，会稽山以"1743年创始"历史传承深耕文化营销，旗下会稽山、兰亭等核心品牌，会稽山纯 正五年、会稽山1743等战略单品，均属于中高档黄酒；古越龙山则凭借"国宴用酒"的官方背书发力高端 化，开拓"国酿1959、青花醉"高端系列市场，夯实高端产品战略优势和市场地位。 中国黄酒持续破圈。东吴证券认为，黄酒以其低度数，健康属性迎合了消费者的日常饮用需求，创新产 品有望借助直播和新兴渠道走得更远。 5月以来，万得黄酒指数累计涨幅超40%，远超同期大盘表现。成份股中，会稽山（601579）5月26日、 27日、28日连续涨停，5月以来累计上涨超73%；古越龙山（600059）、金枫酒业（60061 ...

Core Viewpoint - The yellow wine sector is experiencing significant growth, particularly among younger consumers, leading to strong stock performance for key companies in the industry [1]. Company Performance - Kweichow Moutai's stock price reached a new high of 25.81 yuan per share, with a total market capitalization of 12.34 billion yuan, marking a cumulative increase of over 146% since April 1 [1]. - Other major yellow wine companies, such as Guyue Longshan and Jinfeng Liquor, also saw substantial stock price increases, with Jinfeng Liquor rising over 36% and Guyue Longshan increasing over 33% since April 9 [1]. Market Trends - The yellow wine industry is benefiting from a "new consumption" trend, with increased recognition of its unique taste and nutritional value among consumers, particularly the younger demographic [1]. - The industry is witnessing a shift towards high-end and youth-oriented products, with companies like Guyue Longshan launching premium offerings such as "Guo Niang 1959" and Kweichow Moutai promoting its high-end Lanting series [1]. Pricing Strategies - In response to the high-end trend, Kweichow Moutai and Guyue Longshan have implemented price increases for their products, with Guyue Longshan's price hikes ranging from 2% to 12% for select items [1]. - Both companies believe that these price adjustments will enhance market value recognition [1]. Industry Outlook - With improving fundamentals, brokerage firms are increasing their focus on the yellow wine sector. Huatai Securities anticipates a reconstruction of the volume-price logic in the industry, predicting stabilization and potential growth in the market size [1]. - Huatai Securities has given buy ratings for Kweichow Moutai and Guyue Longshan, with target prices set at 20.8 yuan and 10.87 yuan, respectively [1].

Core Viewpoint - Leading liquor companies are actively reforming and innovating their product offerings to capture market share amidst challenges in the yellow wine industry [1][2][3] Industry Overview - The yellow wine industry is facing overall demand pressure, with sales revenue in 2023 increasing by 2.1% year-on-year to 21 billion yuan, while revenue from large-scale enterprises decreased by 15.9% to 8.5 billion yuan [1] - The main consumption regions for yellow wine are Zhejiang, Shanghai, and Jiangsu, with market sizes of 3.7 billion, 3.1 billion, and 1.3 billion yuan respectively in 2022 [1] - The industry has seen a continuous increase in policy support since 2021, with the Zhejiang provincial government planning further actions in 2024 to enhance industry promotion [1] Company Strategies - Leading liquor companies are focusing on high-end product structure, targeting younger consumer groups, and expanding new promotional channels [2][3] - High-end products are being introduced, such as Gu Yue Long Shan's "Guo Niang 1959" and "Qing Hua Zui" series, and Kuaiji Mountain's "Lan Ting" series, aimed at premium dining scenarios [2] - Companies are optimizing product offerings to include sparkling, fruit-flavored, and sugar-free yellow wines, enhancing their product matrix [2] Market Performance - The market share of the top three companies in the yellow wine sector is 42.8%, with Gu Yue Long Shan, Kuaiji Mountain, and Jin Feng Jiu Ye holding 20.2%, 16.1%, and 6.6% respectively [1] - The revenue compound annual growth rate (CAGR) for the yellow wine sector from 2022 to 2024 is projected to be 9.0%, with Gu Yue Long Shan and Kuaiji Mountain expected to grow at 10.5% and 14.6% respectively [1] Future Outlook - In 2024, the revenue and net profit of listed yellow wine companies are expected to increase by 10.0% and 27.7% year-on-year respectively, driven by product upgrades and price increases [3] - Gu Yue Long Shan plans to launch new products targeting younger consumers, including coffee-flavored yellow wine and fruit-flavored series in 2025 [3] - Kuaiji Mountain continues to implement a strategy focused on high-end, youthful, and national expansion, with strong sales performance expected [3]

证券研究报告 必选消费 黄酒行业：格局优化，剑指高端 华泰研究 2025 年 5 月 19 日│中国内地 深度研究 黄酒行业：底蕴深厚，趋势见底，亟待反转 黄酒是世界三大酿造酒之一，承载丰富的文化历史，细分种类风格各异，其 中绍兴酒最具特色。长期以来黄酒品类小众、市场边缘且模式传统，23 年 黄酒行业收入约 210 亿（同比+2%），但全国规上黄酒生产企业完成销售收 入 85 亿元（同比-16%），规上企业 17-23 年营收/利润总额 CAGR 分别为 -13%/-9%，近 8 年呈现量减价滞的特点，规上数量 17-23 年自 121 家降至 81 家。行业困局下，市场挤压出清趋势延续，头部企业针对消费区域、消 费人群和消费场景积极改革求变，23 年规上企业平均利润率同比+5pct 至 17.5%；行业整体趋势见底，有望迎来反转。 变化积极：竞争格局优化，供给驱动向上，龙头引领高端化起航 近年来行业发生许多积极变化，行业竞争格局愈发明朗（17-23 年规上企业 CR2 由 15%升至 37%；CR5 约 60%），会稽山、古越龙山份额显著提升， 为行业发展创造良好条件。同时，行业在品牌端（会稽山、古越龙山、 ...