本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：何菲，题图来自：AI生成 明显感觉到，我生活的时代，我生活的城市和这座城市的人，到处都在转型。 大约在千禧初年到2017、2018年左右，我们友人之间小酌多数是喝红酒，不管真懂还是假懂，总得 在饮上一口后，用风雅感性的词汇评价一番。为此我还浮光掠影地研究过几年红酒，写过不少相关文 章。 后来，红酒热潮渐渐退去，进入平台期，身边友人们小酌的风格偏好渐渐往白酒方向转化。 前几年某次友人小聚，我坐在中医药大学少壮派教授身边，他执意鼓励我喝点白酒，说是补气、抗病 毒。从此我小酌时的主流佐餐酒换成了白酒。记得那天还有友人往白酒壶里加了半壶蒜瓣，说是能杀 灭病毒。坊间也有"加了蒜片的光瓶玻汾，能喝出青花汾的味道来"的传说。 杯里乾坤大，壶中日月长。 世界六大蒸馏酒的诞生地都分布在北纬25～40度之间，中国的两大名酒带——川贵名酒带和江淮名 酒带，都处于这个地理位置。 有很多年，白酒一直延续高端化的宏大叙事，有"向天再借五百年"的气势，代言人都是影视剧里常常 出现的帝王将相，再低调也是千里江山、雄厚激荡的调性，白酒似乎是传统文化的集大成者。 那些年，飞 ...

今年以来，白酒价格持续波动，降价成市场趋势，国家统计局最新数据为酒类市场释放更清晰信号。 根据国家统计局近日公布的数据，2025年6月份，全国居民消费价格同比上涨0.1%。但酒类价格同比下降1.7%， 环比下降0.3%；而纵观1-6月整体表现，酒类价格更是录得2.0%的同比降幅。持续走低的价格曲线背后，是消费市 场深层逻辑的悄然转变。 | | | 环比涨跌幅 | 同比涨跌幅 | 1-6月 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 同比涨跌幅 (%) | | 居民消费价格 | | -0.1 | 0.1 | -0.1 | | 其中:城市 | | -0.1 | 0.1 | 0.0 | | 农村 | | 0.0 | -0.2 | -0.3 | | 其中:食品 | | -0.4 | -0.3 | -0.9 | | 非食品 | | 0.0 | 0.1 | 0.1 | | 其中:消费品 | | -0.1 | -0.2 | -0.4 | | 服务 | | 0.0 | 0.5 | 0.4 | | 其中:不包括食品和能源 | | 0.0 | 0.7 | 0.4 | | ...

一碗阳春面，让大使改观 在扬州瘦西湖的烟柳画桥间，新华网与梦之蓝手工班联合打造的《中国宴》首期节目，开启了一场特别的文化交流。波斯尼亚和黑塞 哥维那（波黑）驻华大使贝尔扬，在这里体验了地道的扬州味道，还被一瓶白酒圈了粉。 节目开场，淮扬菜大厨陶晓东端上一碗阳春面。清汤、白面、几点葱花，看起来平平无奇。贝尔扬大使忍不住发问："肉呢？配菜呢？" 可 尝过一口后，他立马被惊艳到：汤太鲜了！ 原来这碗面暗藏玄机，汤底是用老母鸡和猪骨熬了 4 小时的高汤，还加入了鲜味虾籽。扬州"三烫"绝活——碗烫、面烫、汤烫，更是锁住 了这份鲜美。 非遗刀工，惊艳大使 如果说阳春面是开胃菜，那接下来的非遗刀工展示，直接让大使惊叹不已。在趣园茶社，"90 后"淮扬菜厨师叶明骏现场展示绝活。 一块嫩豆腐，在他的刀下，变成了细如发丝、能穿针引线的"万缕菊丝"。 大使凑近仔细观察，还亲自尝试切豆腐。当品尝到用文思豆腐做成的羹汤时，他赞叹："口感太不可思议了，像艺术品一样，既舍不得 吃，又停不下来。" 真手工年份老酒，收获大使称赞 以为惊喜到此结束？重头戏来了！陶晓东大厨拿出一瓶美酒，这正是真手工年份老酒梦之蓝手工班！ 打开瓶盖，浓郁的酒香瞬间 ...

Core Viewpoint - Yanghe Co., Ltd. is undergoing significant leadership changes, with Zhang Liandong resigning as chairman, raising questions about the company's future performance amid declining financial results and increased competition in the liquor industry [2][4][39]. Group 1: Leadership Changes - On July 1, 2024, Zhang Liandong announced his resignation from the position of chairman and other roles at Yanghe Co., Ltd. [2] - Zhang Liandong, who took over from the company's previous leader Wang Yao in February 2021, had a term set to end in April 2027 [3][4]. - Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd. on the same day [6]. Group 2: Financial Performance - Yanghe's financial performance has seen a downturn, with 2024 revenues and net profits both declining significantly; revenues fell to approximately 289 billion yuan, a 13% year-on-year decrease, while net profits dropped to around 67 billion yuan, down 33% [9][10][12]. - The company's revenue growth has slowed over the past few years, with 2021-2023 revenues of 254 billion, 301 billion, and 331 billion yuan, reflecting growth rates of 20%, 19%, and 10% respectively [9][12]. - In 2024, Yanghe's revenue ranking in the liquor industry fell from third to fifth, losing its position as a top player for the first time in 14 years [16]. Group 3: Market Challenges - The liquor industry is experiencing intensified competition, particularly in the mid-range and premium segments where Yanghe's main products are concentrated [13]. - The company's mid-to-high-end liquor revenue declined by 15% in 2024, marking a significant drop compared to previous years [13]. - Yanghe's domestic market revenue fell by over 11%, while the external market saw a decline of more than 14% [14]. Group 4: Sales and Marketing Efforts - Yanghe has increased its number of distributors to 8,866, with a notable presence in both domestic and external markets [16]. - The company has invested heavily in sales expenses, amounting to 5.5 billion yuan in 2024, which is significantly higher than competitors like Shanxi Fenjiu and Luzhou Laojiao [19][21]. - Despite high sales expenses, the effectiveness of these investments has been questioned, as the company has not seen corresponding growth in performance [21]. Group 5: Innovation and Product Development - Yanghe's product innovation has been lacking, with R&D expenditures decreasing over the past four years, contrasting with competitors who have increased their R&D investments [27]. - The company's main products, such as "Dream Blue" and "Sky Blue," have been in the market for over 20 years, leading to market saturation [27]. - The need for innovative products is critical as the market for liquor is becoming increasingly competitive, especially with the introduction of lower-alcohol products by competitors [28]. Group 6: Stock Performance and Investor Sentiment - Yanghe's stock price has significantly declined, dropping 74% from its peak of 249.55 yuan per share in January 2021 to 64.80 yuan as of July 7, 2024 [30]. - The number of institutional investors holding Yanghe shares has decreased dramatically from 866 to 48 since 2022, indicating a loss of confidence among investors [33]. - The recent leadership change has sparked interest in whether the new management can reverse the company's fortunes and restore investor confidence [35][39].

Group 1 - The Jiangsu Province Urban Football League ("Su Super") has gained significant attention this summer, promoting tourism, dining, leisure, and sports consumption in various regions of Jiangsu, showcasing a successful integration of culture and tourism [2] - Yanghe Co., as a national brand rooted in Jiangsu, has fully sponsored the "Su Super" Suqian team, exploring innovative practices to empower regional cultural dissemination and support high-quality cultural tourism development [2][3] Group 2 - During a key match between Suqian and Yancheng, Yanghe Co. organized a fan group to enhance the atmosphere and showcase hospitality, while also creating industrial tourism routes for visiting fans to experience local culture [3] - Yanghe Co. has launched exclusive benefits for visiting fans, including free tours of two national 4A-level tourist attractions, enhancing the interaction between the event, brand, and fans [4] - The company has consistently invested in community sports, promoting sports culture and integrating it with liquor culture, thereby creating new consumption scenarios and supporting the development of cultural tourism [6]

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]

2010年起，洋河股份的营收一直保持行业第3的位置，第1名 是 贵 州 茅 台 ， 第 2 名 是 五 粮 液 。 十 多 年 " 茅 五 洋 " 的 格 局 在 2024年被改变。 作者：郑淯心 封图：东方IC 7月1日晚，洋河股份（002304.SZ）发布公告称，董事长张联东辞去公司第八届董事会董事、董事 长及董事会战略委员会主任委员、提名委员会委员职务。辞职后，张联东不在公司担任任何职务。 同日，洋河股份官网发布信息显示，顾宇任江苏洋河酒厂股份有限公司（苏酒集团）党委书记。 事实上，张联东任期尚未结束，离2027年4月任期结束还有近两年时间。6月22日，张联东还与京 东集团创始人刘强东、中国酒业协会理事长宋书玉等人在内蒙古沙漠营地，一同品鉴洋河为京东特 别定制的光瓶酒。 公告中称，张联东离职的原因是"工作调整"。 排位变化 张联东自2021年2月起担任洋河股份董事长。洋河股份2019年、2020年的营收均呈下滑态势。但在 张联东接手的前三年，洋河股份实现了高增长，2022年营收突破300亿元，2023年更是达到营收最 高点331.26亿元。 2010年起，洋河股份的营收一直保持行业第3的位置，第1名是贵 ...

7月1日晚，洋河股份（002304.SZ）发布公告称，董事长张联东辞去公司第八届董事会董事、董事长及董事会战略委员会主任委员、提名委员会委员职务。 辞职后，张联东不在公司担任任何职务。同日，洋河股份官网发布信息显示，顾宇任江苏洋河酒厂股份有限公司（苏酒集团）党委书记。 事实上，张联东任期尚未结束，离2027年4月任期结束还有近两年时间。6月22日，张联东还与京东集团创始人刘强东、中国酒业协会理事长宋书玉等人在内 蒙古沙漠营地，一同品鉴洋河为京东特别定制的光瓶酒。 公告中称，张联东离职的原因是"工作调整"。 排位变化 张联东自2021年2月起担任洋河股份董事长。洋河股份2019年、2020年的营收均呈下滑态势。但在张联东接手的前三年，洋河股份实现了高增长，2022年营 收突破300亿元，2023年更是达到营收最高点331.26亿元。 2010年起，洋河股份的营收一直保持行业第3的位置，第1名是贵州茅台，第2名是五粮液。十多年"茅五洋"的格局在2024年被改变。 2024年，洋河股份成为A股白酒上市公司前5强中唯一一家营收利润双降的企业，净利润跌至66.66亿元，甚至低于2021年的75.13亿元。这一年，以营收 ...

2025年7月1日，洋河股份发公告，董事长张联东因工作调整辞去公司董事长职务，董事会选举顾宇为新任董事长，同时顾宇已担任洋河集团党委书记。 此次人事变动引发市场广泛关注，投资者最关心的问题是：在白酒行业竞争加剧、洋河增长放缓的背景下，新掌门人能否带领洋河重回巅峰？ 张联东的功与过：三年改革，洋河"稳"但未"爆" 张联东于2021年2月接任洋河股份董事长，此前曾任宿迁市政府副秘书长，属于"政商跨界"型管理者。张联东任内有三大贡献： 稳定渠道，修复厂商关系。洋河在2019-2020年曾因压货问题引发经销商不满，张联东上任后调整销售政策，减少压货，优化渠道利润，使经销商信心逐步 恢复。 推动高端化，梦之蓝占比提升。他提出"高端引领、品质升级"战略，梦之蓝M6+成为核心增长点，高端产品占比从30%提升至40%+。 多元化布局。通过收购贵州贵酒进军酱香市场，推出"微分子酒"等健康白酒概念，探索新增长点。 张联东任内：业绩稳中有增，但增速落后同行。2021-2023年，洋河营收从253亿增至约320亿，年增速约8%-10%，低于茅台（15%+）、汾酒（20%+）。股 价表现平平，2021年以来涨幅远不及茅台、五粮液，甚至 ...

撰稿|多客 来源|贝多财经 洋河股份（SZ:002304），重大人事变动频发。 洋河股份于7月1日发布公告称，张联东因工作调整，申请辞去第八届董事会董事、董事长及董事会战略 委员会主任委员、提名委员会委员职务，辞职后不在洋河股份及控股子公司担任其他职务。 需要注意的是，这已是洋河股份发布2024年年报以来的第二位离任高管。就在不到一个月前，洋河股份 第八届董事会董事及战略委员会委员杨卫国申请辞去相关职务，辞职后不在该公司及子公司担任任何职 务，原因同样是"工作调动"。 业内人士纷纷猜测，洋河股份高管离职，很大程度上与该公司近年来面临的业绩困局有关，尤其是2024 年与其他白酒企业形成鲜明反差的营收、利润"跳水"，直接导致其失去了"白酒前三"的宝座，也使得高 管层的运营焦虑愈发显著。 洋河股份在公告中表示，该公司将尽快按照法定程序完成董事补选、新任董事长选举等相关工作。而新 任领导层人选的管理能力和经营策略，也将直接关系到身处低谷期的洋河股份未来的业绩走势与发展走 向。 一、营收利润开倒车，"白酒老三"之位失守 多措并举下，洋河股份业绩重回增长轨道，2020年至2023年的收入分别为211.01亿元、253.5 ...