10月9日，老白干酒(600559）召开2025年上半年业绩说明会，上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增 长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 10月9日，老白干酒(600559）召开2025年上半年业绩说明会。 上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 对于刚刚过去的中秋国庆双节，赵旭东表示，9月以来市场明显回暖，中秋与国庆重叠形成较长消费窗口，期间市场动销良好。 至于即将到来的"双十一"大促，赵旭东表示，公司正全面布局京东、天猫、抖音、拼多多等平台，将根据不同的平台和平台消费者的特点匹配相应的产品 和运营策略。此外，公司加大对京东、天猫、拼多多等传统电商的宣传投放，最大程度拉新引流，并结合平台促销机制转化为销量。 老白干酒今年的营收目标是54.7亿元（同比增长2.1%）；同时将营业成本控制在18.26亿元以内，费用不超过16.58亿元，营业总成本控制在43.59亿元以 内。 从区域来看，老白干酒上半年在其核心市场河北 ...

来源：市场资讯 10月9日，老白干酒（600559）召开2025年上半年业绩说明会。 上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年 相比，其营收、净利润增速显著放缓。 针对这一现象，老白干酒董事、总经理赵旭东在业绩会上回应称，从行业层面看，白酒行业整体增速放缓，企业 分化加剧，"马太效应"进一步显现，区域集中度持续提升。从消费形势看，白酒市场竞争非常激烈，消费需求较 弱，消费场景及消费频次减少。从今年上半年20家A股白酒上市公司经营情况看，老白干酒营业收入增速排名第5 位，净利润增速排名为第二位。 从区域来看，老白干酒上半年在其核心市场河北实现营收14.82亿元，同比增长3.74%；湖南地区则凭借武陵酒的 扩张，成为公司增速最快的市场，营收同比增长11.34%至5.24亿元。 业绩会上，赵旭东谈及公司目前的全国化布局："武陵酒在聚焦湖南区域市场发展的同时，有序扩展省外市场，目 前已在国内十余省市设立销售网点。" 不过，记者注意到，公司今年在安徽、山东及其他省份营收均出现双位数下滑，全国化进展并非一帆风顺。 对于刚刚过去的中秋国庆双节，赵 ...

上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 10月9日，老白干酒（600559）召开2025年上半年业绩说明会。 针对这一现象，老白干酒董事、总经理赵旭东在业绩会上回应称，从行业层面看，白酒行业整体增速放缓，企业分化加剧，"马太效应"进一步显现，区域 集中度持续提升。从消费形势看，白酒市场竞争非常激烈，消费需求较弱，消费场景及消费频次减少。从今年上半年20家A股白酒上市公司经营情况看， 老白干酒营业收入增速排名第5位，净利润增速排名为第二位。 对于刚刚过去的中秋国庆双节，赵旭东表示，9月以来市场明显回暖，中秋与国庆重叠形成较长消费窗口，期间市场动销良好。 从区域来看，老白干酒上半年在其核心市场河北实现营收14.82亿元，同比增长3.74%；湖南地区则凭借武陵酒的扩张，成为公司增速最快的市场，营收同 比增长11.34%至5.24亿元。 至于即将到来的"双十一"大促，赵旭东表示，公司正全面布局京东、天猫、抖音、拼多多等平台，将根据不同的平台和平台消费者的特点匹配相应的产品 和运营策略。此外，公司加大对京东 ...

谈及中秋国庆期间动销，管理层表示，9月以来市场明显回暖，中秋与国庆重叠，形成较长消费窗口， 双节动销良好。 对于双十一公司会有哪些动作，管理层提到，一是全面布局京东、天猫、抖音、拼多多等平台，今年双 十一，公司根据不同的平台和平台消费者的特点匹配相应的产品和运营策略。 10月9日，老白干酒举办2025半年度业绩说明会。会上管理层提到，从行业层面看，白酒行业整体增速 放缓，企业分化加剧，"马太效应"进一步显现，区域集中度持续提升。 近年来，公司下属子公司武陵酒不断的创新营销模式，采用直达终端的短链销售模式，没有中间经销商 进行分销，公司直接面向终端代理商、大客户、电商等进行销售。 在聚焦湖南本地区域市场发展的同时，有序的扩展省外市场，目前已在国内十余省市设立销售网点。公 司将加强与经销商的合作，通过密切协作，不断扩大市场占有率。近年来，武陵酒实现了持续、稳定、 高质量的发展，营业收入、净利润稳步提升，为公司的业绩提升发挥了重要作用。 二是加大对京东、天猫、拼多多等传统电商的广宣投放，最大程度拉新引流，并结合平台促销机制转化 为销量。目前，抖音平台持续开展店铺直播活动，通过多样化促销活动拉动成交，同时积极接洽头部 ...

Core Viewpoint - The liquor industry is undergoing a deep adjustment period due to policy changes, consumption structure transformation, and intense competition, with only a few companies, including Laobai Gan Liquor, managing to achieve growth in a challenging environment [2][4]. Company Performance - Laobai Gan Liquor reported a revenue of 2.481 billion yuan, a year-on-year increase of 0.48%, and a net profit of 321 million yuan, up 5.42% year-on-year [2]. - The company's cash flow from operating activities was negative 45.8 million yuan, a decrease of 120% year-on-year, attributed to reduced cash returns as the company promotes healthy channel development [2]. - Contract liabilities decreased by 8.78% to 1.275 billion yuan, indicating a reduced willingness of downstream distributors to stock products [3]. Financial Goals - The revenue target for Laobai Gan Liquor for the year is set at 5.47 billion yuan, reflecting a 2.1% year-on-year growth, with strict cost controls in place [4]. - The company aims to achieve a revenue of 2.989 billion yuan in the second half of the year, representing a 3.46% year-on-year increase [4]. Marketing and Sales Strategy - Despite the industry trend of reducing sales expenses, Laobai Gan Liquor increased its sales expenses by 3.14% to 684 million yuan, with a sales expense ratio of nearly 27.6%, indicating a focus on marketing efficiency and brand value [5]. - The company has a diversified brand portfolio, including five major brands, and aims to strengthen its market presence in key regions such as Hebei, Hunan, and Anhui [5][6]. Regional Market Performance - The Hebei market, the company's largest revenue source, generated 1.482 billion yuan, a year-on-year increase of 3.74%, while the Hunan market saw an 11.34% increase to 524 million yuan [6]. - However, revenue in Anhui, Shandong, and other provinces experienced double-digit declines, highlighting challenges in national expansion [6]. Product Structure - Revenue from products priced above 100 yuan reached 1.317 billion yuan, up 5.1% year-on-year, while revenue from products below 100 yuan decreased by 3.81% to 1.153 billion yuan, indicating a shift in product structure [7]. - In the second quarter, revenue from products above 100 yuan declined by 9.69% year-on-year, suggesting a slowdown in growth for higher-priced products [8].

Core Viewpoint - The company anticipates improved market demand during the upcoming Mid-Autumn Festival and National Day holidays, driven by significant opportunities in family gatherings and banquet consumption [1] Group 1: Financial Performance - In the first half of the year, the company reported revenue of 2.481 billion yuan, a year-on-year increase of 0.48%, making it one of the few regional liquor companies to maintain positive growth [1] - The company's operating cash flow was negative in the first half of the year, showing a significant decline year-on-year, indicating reduced enthusiasm for channel purchases and payments [3] - The company's cost of sales decreased by 3% year-on-year, while sales expenses increased by 3.14%, and management expenses saw a slight decline of 0.83% [3] Group 2: Market Strategy - The company plans to enhance sales in Anhui by focusing on three areas: developing banquet and business meal markets, strengthening core market construction in cities like Hefei and Fuyang, and improving digital marketing through private traffic pools [2] - The company will continue to strengthen marketing efforts to enhance brand advantages in core regional markets [4] Group 3: Regional Performance - The company achieved double-digit growth in the Hunan market during the first half of the year, primarily driven by Wuling liquor, which maintained a growth rate above the industry average [5] - Wuling liquor employs a direct-to-end-user sales model, avoiding intermediaries, which stabilizes prices and ensures channel enthusiasm [5] Group 4: Shareholder Relations - The company is considering various factors for enhancing dividend rates and share buybacks, aiming to balance short-term interests with long-term sustainable development [5]

Core Viewpoint - The company, Laobai Ganjiu, reported a slight increase in revenue and net profit for the first half of the year, but faces challenges in maintaining growth amid market fluctuations and increased sales expenses [2][3]. Financial Performance - Laobai Ganjiu's revenue for the first half of the year was 2.481 billion, a year-on-year increase of 0.48%, while net profit attributable to shareholders was 321 million, up 5.42% [2][5]. - In the second quarter, revenue declined to 1.314 billion, a decrease of 1.95% year-on-year, with net profit at 168 million, showing a minimal increase of 0.16% [2]. - The company’s revenue growth was primarily driven by its core markets in Hebei and Hunan, which grew by 3.74% and 11.34% respectively [2]. Market Challenges - The company struggled in the Anhui market, where revenue fell by nearly 20% to 240 million [3]. - Despite the slight revenue growth, Laobai Ganjiu is not on track to meet its annual revenue target of 5.47 billion, requiring only a 2% year-on-year growth to achieve this [3]. Cash Flow and Liabilities - The company’s contract liabilities decreased significantly to 1.275 billion, returning to levels seen in 2021, compared to 1.862 billion, 1.872 billion, and 1.705 billion in the previous three years [4]. - Operating cash flow turned negative for the first time in years, at -45.8 million, a decline of 120% year-on-year [4][5]. Cost Management - Laobai Ganjiu managed to reduce its operating costs by 3% and management expenses by nearly 1% during the first half of the year [7]. - The gross profit margin improved to nearly 68%, indicating successful cost-cutting measures [7].

Core Viewpoint - The performance of Laobai Ganjiu in the first half of the year shows slight revenue growth, but challenges are increasing, particularly in the second quarter, raising concerns about its ability to meet future targets [1][2]. Financial Performance - Laobai Ganjiu reported a revenue of 2.481 billion yuan in the first half of the year, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 321 million yuan, up 5.42% [1][4]. - The second quarter revenue was 1.314 billion yuan, reflecting a decline of 1.95% year-on-year, while net profit for the same period was 168 million yuan, a slight increase of 0.16% [1]. - The company’s revenue growth was primarily driven by its core markets in Hebei and Hunan, which saw increases of 3.74% and 11.34%, respectively [1]. Market Challenges - The Anhui market experienced the most significant decline, with Wenwang Gongjiu's revenue dropping nearly 20% to 240 million yuan [2]. - Despite the slight revenue growth, Laobai Ganjiu is not on track to meet its annual revenue target of 5.47 billion yuan, requiring only a 2% year-on-year growth to achieve this [2]. Cash Flow and Liabilities - The company’s contract liabilities decreased significantly to approximately 1.275 billion yuan, returning to levels seen in 2021, compared to 1.862 billion yuan, 1.872 billion yuan, and 1.705 billion yuan in the previous three years [3]. - Operating cash flow turned negative for the first time in years, with a net cash flow of -45.8 million yuan, a substantial decline of 120% year-on-year [3][4]. Cost Management - Laobai Ganjiu managed to reduce its operating costs by 3% and management expenses by nearly 1% in the first half of the year, contributing to an increase in gross profit margin to nearly 68% [5].

Core Viewpoint - The financial performance of Laobai Ganjiu (老白干酒) shows slight revenue growth in the first half of the year, but challenges are increasing, particularly in the second quarter, raising concerns about meeting annual targets [1][2]. Group 1: Financial Performance - Laobai Ganjiu reported a revenue of 2.48 billion yuan in the first half of the year, a year-on-year increase of 0.48% [3]. - The net profit attributable to shareholders was 321 million yuan, reflecting a year-on-year growth of 5.42% [1]. - In the second quarter, revenue declined by 1.95% to 1.31 billion yuan, while net profit increased slightly by 0.16% to 168 million yuan [1]. Group 2: Market Dynamics - The growth in revenue was primarily driven by the Hebei and Hunan markets, which saw increases of 3.74% and 11.34%, respectively [1]. - The Anhui market experienced the most significant decline, with revenue dropping nearly 20% to 240 million yuan [1]. Group 3: Operational Insights - The company’s contract liabilities decreased to approximately 1.275 billion yuan, returning to levels seen in 2021, indicating a reduction in future revenue obligations [2]. - Operating cash flow turned negative at -45.8 million yuan, a significant decline of 120% compared to previous years [2]. - Cost management efforts led to a 3% reduction in operating costs and a nearly 1% decrease in management expenses, contributing to an increase in gross profit margin to nearly 68% [4].

长沙晚报掌上长沙8月20日讯（长沙晚报全媒体记者 曹开阳 实习生 彭傲）近日，长沙雨花区武陵酒文 化馆历经一年筹备建设开门迎客，成为集产品展示、文化交流、名酒品鉴、深度体验于一体的传承和发 扬传统酒文化、非遗文化的平台。 今年以来，湖南白酒市场总体表现平淡，部分酒商采取闭店策略以应对酒市"寒冬"。因此，对于武陵酒 这一逆市"加码"的举动，当日行业协会、企业、消费者等多方代表在此举行"超级对话"，探讨湘酒品牌 的品质坚守与逆势投资的信心来源。 身处行业深度调整期，当众多品牌选择收缩投放、降价促销、向渠道压货以求自保时，武陵酒凭什么逆 势而上，投入巨资兴建文化馆，并提出稳价挺市，为终端减负？湖南武陵酒有限公司总经理张毅超的答 案是3个"坚守"：一是坚定地把品质做好，从原料甄选到酿造工艺，每一步都严格遵循传统与标准，坚 信品质是酒企穿越周期的核心力量；二是坚定地把武陵酒的价格体系维护好，严格管控渠道，坚决杜绝 低价倾销和跨区域窜货；三是坚持 "长期主义"理念，坚守为合作伙伴以及消费者创造更多的价值的理 念。 作为长沙雨花区武陵酒文化馆"馆主"，在白酒行业的存量竞争时代，湖南酒仓网总经理段明辉逆势投资 建设武陵酒文化 ...