新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 文 | 酒讯 子煜 编辑 | 方圆 近日，金沙酒业再现人事变动。金沙酒业原湘鄂赣销售大区总经理韩玉国升任金沙酒业副总经理、营销中心总经理，接替上任未满一年的王维龙。 从任职人员的出身来看，韩玉国接替王维龙实则是金沙酒业管理人员从"空降兵"改为内部擢升。而营销体系核心岗位的反复调整，也被不少人解读为这是 金沙酒业应对业绩困局的策略调整。 金沙酒业这场人事变动，再一次勾起业内对这家公司经营改革的期待。 01 易主后频繁换人 金沙酒业过去几年的人事频繁变动，被不少业内人士归结于华润对白酒板块战略定位的不断校准。 事实上，金种子酒和景芝白酒近年来也陆续经历了管理层重构，尤其是大量华润系高管进入管理层。一定程度上，华润通过人事洗牌加速集团白酒板块的 整合，并在今年的半年工作会议上提出"坚定做好三瓶白酒"，一锤定音将金沙酒业与金种子酒、景芝白酒共同列为战略核心。 此次履新的韩玉国是金沙酒业的"老将"。 翻开其履历可以看到，韩玉国2007年加入金沙酒业，从遵义销售部基层岗位一路晋升；2019年，其职责范围拓展至湖北省市场，在三年时间内成功将湖北 打造为金沙酒业在省外 ...

知名企业家宁高宁表示，真正的"更新"，不是被动地接收信息，而是主动地打破认知边界，重构思维模 式。真正的"答案"，也从来不是一本现成的说明书，而是在"认知更新"的驱动下，逼近真相、优化决 策、安顿内心的实践轨迹。 双童吸管创始人、董事长楼仲平结合自身创业实践经历，分享了关于管理学、经济学、哲学、自然科学 等方面的阅读成长经历。他同时提出了几点阅读建议，一是看对书比多看书更重要，二是阅读要注意延 伸与融合，三是思考、总结、提炼、互动，形成自己的知识体系，并融入自己的血液当中。 华大集团CEO尹烨带来《生命密码》，从生命科学角度回应古老的哲学之问。他将"我是谁？从哪来？ 到哪去？"演进为当代科学对宇宙、生命、意识三大起源的探索。华润啤酒（控股）有限公司副总裁、 金沙酒业董事长范世凯表示，从每一本书里汲取灵感，从每一次对话中凝聚共识，从每一瓶每一滴摘要 酒传递的初心，都让答案更丰满，更坚定。 （原标题：一场关于阅读的思考：如何自我"更新"与找到"答案"？） 活动现场，主办方供图 南方财经记者朱治宣 广州报道 当2025年的日历即将翻过最后一页，世界仍在深刻的变局中寻找航向，商业于高速迭代中探索新机，每 一个个体也在 ...

本次活动主体部分以"读书、读人、读世界"为轴，以两种形式展开：一是"总裁读书会年终大课"，把书 页当作沙盘，在阅读中寻找商业的答案；二是"总裁读书会年终演讲"，让思想走上舞台，在更广阔的世 界里完成认知更新。 著名企业家、总裁读书会全国领读者联盟主席宁高宁表示，真正的"更新"，不是被动地接收信息，而是 主动地打破认知边界，重构思维模式。真正的"答案"，也从来不是一本现成的说明书，或者一个可以简 单套用的公式，而是一个动态的过程，是在"认知更新"的驱动下，我们不断逼近真相、优化决策、安顿 内心的实践轨迹。 双童吸管创始人、董事长楼仲平结合自身创业实践经历，分享了关于管理学、经济学、哲学、自然科学 等方面的阅读成长经历。他同时提出了几点阅读建议，一是看对书比多看书更重要，二是阅读要注意延 伸与融合，三是思考、总结、提炼、互动，形成自己的知识体系，并融入自己的血液当中。 本报讯 （记者梁傲男）12月13日至12月14日，由摘要酒独家总冠名的"更新与答案：我的2025书单"总 裁读书会年终演讲系列活动举办。 华润啤酒（控股）有限公司副总裁、金沙酒业董事长范世凯代表独家冠名方"摘要"品牌发表精彩致辞。 他说，今年摘要酒 ...

Core Insights - The "1573 International Poetry Awards" were announced during the "Honor Ceremony Night," showcasing a blend of poetry, music, and various art forms, emphasizing cultural integration and the significance of wine in poetry [1][2] Group 1: Event Overview - The "1573 International Poetry Awards" recognized Russian poet Maxim Amelin for his contributions to contemporary Russian poetry, highlighting his role in fostering dialogue between Russian and Chinese poetry [2][3] - The event featured participation from poets and artists from multiple countries, including China, Russia, Cuba, and Peru, indicating its international appeal and cultural significance [1][2] Group 2: Industry Trends - The white wine industry is evolving, with companies like Luzhou Laojiao transforming wine from a mere consumer product into a cultural medium, enhancing emotional connections and identity recognition among high-net-worth individuals [1][6] - The integration of traditional culture into marketing strategies is becoming crucial for wine companies, as they seek to differentiate themselves in a saturated market where conventional sales tactics are no longer effective [1][6] Group 3: Cultural Impact - The International Poetry and Wine Culture Conference has been held for nine consecutive years, facilitating over 200 cultural exchange activities and gathering more than 500,000 poetry submissions, thus becoming a significant platform for cultural exchange [4][5] - Luzhou Laojiao has expanded its international presence, establishing brand showcases in over 70 countries and promoting a dual strategy of cultural and product development [5][6]

Core Viewpoint - The beverage industry is witnessing a trend of multi-category integration, with companies exploring combinations like "beer + yellow wine" and "white liquor + beer" to seek new growth opportunities. The strategic direction of China Resources Beer, which has been a pioneer in the "beer + white liquor" strategy, is under scrutiny due to recent leadership changes and the challenges faced in executing this strategy [1][5][12]. Group 1: Leadership Changes - The departure of several key figures, including Wei Qiang, who was pivotal in the "beer + white liquor" strategy, has left the leadership of China Resources Beer in a state of uncertainty [2][5]. - Wei Qiang, a veteran of the China Resources Group, was appointed as the general manager of China Resources Liquor but resigned within a year due to underwhelming performance in achieving growth targets [4][5]. - The white liquor segment has seen multiple leadership changes, leading to a lack of direction and strategy execution, with the position of general manager remaining vacant [5][8]. Group 2: Strategic Challenges - The "beer + white liquor" strategy has proven to be difficult, with recent leadership changes indicating deeper structural issues within the strategic framework [3][6]. - Financial performance has not met expectations, with China Resources Beer reporting a revenue of 38.635 billion yuan in 2024, with the white liquor segment contributing only 5% to total revenue [8][12]. - The company is facing challenges in balancing the operational logic of beer and white liquor, which differ significantly, leading to ineffective strategy implementation [12][16]. Group 3: Strategic Adjustments - In response to the challenges faced, China Resources Beer is shifting its focus towards a "beer + yellow wine" strategy, collaborating with Gu Yue Long Shan to develop a joint product [13][14]. - The company is adopting a more cautious approach with lower investment in the "beer + yellow wine" collaboration compared to previous white liquor acquisitions, indicating a shift in strategy [13][14]. - Despite the setbacks, the company is not abandoning the "beer + white liquor" strategy but is seeking more sustainable pathways for its implementation [14][16].

Core Viewpoint - After the acquisition of a 55.19% stake in Jinsha Distillery for 12.3 billion yuan by China Resources Beer, the once-promising liquor company has faced stagnation in growth, chaotic pricing, and a retreat of distributors, leading to a vicious cycle of decline [2][4]. Group 1: Company Performance - Jinsha Distillery, established in 2007, was initially unremarkable until it capitalized on the rising trend of sauce-flavored liquor, achieving significant sales growth from 2018 to 2021, with revenue reaching 6.066 billion yuan in 2021 [5][6]. - However, post-acquisition in October 2022, Jinsha Distillery's performance has sharply declined, with revenue dropping to 781 million yuan in the first half of 2023, a decrease of approximately 33.7% compared to 1.178 billion yuan in the same period the previous year [3][5]. Group 2: Distributor Challenges - Distributors have expressed disappointment and are retreating due to internal price wars and a collapse of the pricing system, with the market price of the core product, "Yanjian," falling to 430-450 yuan, leading to losses of nearly 200 yuan per bottle for distributors [9][10]. - The company's market support has significantly decreased, with promotional activities dropping drastically, resulting in a 70% decline in sales volume and an 80% drop in opening rates for "Yanjian" [10][11]. Group 3: Capital and Market Strategy - The challenges faced by Jinsha Distillery reflect a clash between China Resources Beer’s capital logic and the unique characteristics of the liquor industry, where brand culture and consumer recognition cannot be quickly acquired through capital means [13][14]. - The current market environment is characterized by a brutal clearing process, with a projected 2.8% decline in production for large-scale liquor companies in 2024, while Guizhou liquor production is expected to grow by 6.5%, indicating increasing industry differentiation [14].

Group 1: Leadership Transition - Zhao Chunwu has been appointed as the Chairman of the Board and Chairman of the Finance Committee of China Resources Beer, succeeding Hou Xiaohai, who resigned for personal reasons [2][10]. - Zhao has a rapid career progression, moving from Vice President to President and now to Chairman within a span of three years, demonstrating his extensive experience within the company [3][5]. - The current management team has a strong consensus on continuing the existing strategic direction established under Hou Xiaohai, focusing on stability [2][12]. Group 2: Market Challenges - The Chinese beer market is facing limited growth, with a shift from volume expansion to value competition, as evidenced by a 0.3% year-on-year decline in beer production for the first half of the year [14][17]. - China Resources Beer is exploring new sales channels, including partnerships with instant retail platforms to enhance product sales and reach younger consumers [15][16]. - The company reported a revenue of 23.161 billion yuan in the first half of the year, reflecting a 2.6% year-on-year increase, indicating a slight growth in sales despite market challenges [17][20]. Group 3: White Wine Business - Zhao faces significant challenges in restructuring the white wine business, which has not met expectations since its expansion began in 2021 [18][19]. - The white wine segment reported a revenue of 781 million yuan in the first half of the year, down approximately one-third from the previous year [19]. - The strategy involves focusing on high-end products and leveraging existing beer distribution channels to improve sales in the white wine sector [19][21].

Group 1 - The wholesale reference price for the premium version of the product from Guizhou Jinsha Distillery Co., Ltd. is 372 yuan, while the retail price has dropped to around 400 yuan, indicating a price inversion situation [1] - The online sales data shows that the price for a two-bottle pack of the product has decreased significantly, with historical prices reaching as high as 1839 yuan for the same pack [2] - The financial report from China Resources Beer Holdings Co., Ltd. indicates that the white liquor business revenue was 783 million yuan, a decrease of 400 million yuan year-on-year, with a pre-tax loss of 152 million yuan [4][5] Group 2 - The vice president of China Resources Beer stated that the domestic catering market has faced significant challenges due to policy impacts, affecting white liquor sales [5] - The company plans to continue focusing on high-end products and will not adjust pricing strategies, aiming for a transaction price range of 500 to 600 yuan for the product [5] - Guizhou Jinsha Distillery, established as one of the earliest state-owned liquor producers, has a fixed asset value of 4.5 billion yuan and an annual production capacity of 24,000 tons [5]

Core Viewpoint - The article highlights the contrasting performance of China Resources Beer, with its beer business thriving while the liquor segment, particularly the white liquor business, is struggling significantly [3][5]. Financial Performance - In the first half of 2025, China Resources Beer reported a total revenue of 23.942 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion yuan, marking a substantial growth of 23% and setting a historical record [3]. - The beer segment generated revenue of 23.161 billion yuan, reflecting a 2.6% year-on-year growth, with a gross margin increase of 2.5 percentage points to 48.3% [3]. - Conversely, the white liquor business reported revenue of approximately 0.781 billion yuan, a decline of over 300 million yuan compared to the previous year, representing a drop of more than 30% [3][5]. White Liquor Business Challenges - The white liquor segment faced a significant downturn, with a reported revenue of 0.781 billion yuan in the first half of 2025, down 33% year-on-year [5][10]. - The flagship product "Abstract" contributed nearly 80% of the white liquor revenue but saw its price drop significantly, with some retail prices falling below 500 yuan, a decrease of over 100 yuan from peak levels [7][9]. - The overall white liquor market is experiencing a deep adjustment, with sales declining by 15% during the 2025 Spring Festival and mid-to-high-end products seeing a 20% drop [6]. Market Competition and Strategy - In response to the competitive landscape, the company plans to focus on developing its "Abstract," "Jinsha," and light bottle products, leveraging its established beer distribution network to enhance market penetration [9][11]. - The company has invested over 130 billion yuan in building its white liquor business through acquisitions, including a significant purchase of 55.19% of Guizhou Jinsha Liquor for 12.3 billion yuan [10][11]. - Despite these investments, the white liquor segment has yet to break even, with cumulative revenue of about 5 billion yuan against the 13 billion yuan investment [11][12]. Management Changes - Recent management changes include the departure of Chairman Hou Xiaohai from key positions in the white liquor business, with new leadership taking over [14]. - The company acknowledges that building brand recognition and loyalty in the white liquor market, especially in the high-end segment, will require sustained investment and time [14].

Core Viewpoint - The high-end beer market still has significant growth potential, and the company will continue to prioritize high-end strategies while also exploring personalized and niche products [1][3][14] Financial Performance - In the first half of 2025, the company reported revenue of RMB 239.42 billion, a year-on-year increase of 0.8% [2] - The company's pre-tax profit and net profit attributable to shareholders were RMB 76.91 billion and RMB 57.89 billion, reflecting year-on-year growth of 20.8% and 23.0% respectively [2] - Beer business revenue reached RMB 231.61 billion, with a year-on-year increase of 2.6% [2] Market Position - The company has surpassed Budweiser APAC in revenue, which declined by 5.6% to USD 31.36 billion (approximately RMB 225.63 billion) in the same period [2] - High-end products such as Heineken, Old Snow, and Red Duke saw sales growth exceeding 20%, 70%, and 100% respectively in the first half of the year [3] New Retail Strategy - The company has experienced significant growth in online and instant retail, with overall transaction value increasing by 40% and 50% year-on-year [5] - Collaborations with major platforms like Alibaba, Meituan, JD.com, and Ele.me have been established to enhance consumer engagement and product development [5] Product Innovation - The company is focusing on flexible supply and personalized products, with new offerings such as 1L craft beers and various flavored lagers [6] - The introduction of local brands and products is seen as a way to meet consumer demand for personalization [7] Industry Trends - The beer industry is witnessing a shift towards high-end and personalized products, while the low-end segment faces challenges from both high-end and budget brands [6] - The company acknowledges the competitive landscape and the need for continuous innovation to maintain market relevance [6][14] Consumer Behavior - Changes in consumer purchasing behavior have been noted, with a shift towards online and instant retail channels, particularly among younger demographics [5][8] - The company is adapting to these changes by enhancing its product offerings and marketing strategies to cater to evolving consumer preferences [5][8]