找明星代言，气泡黄酒大卖，今年股价翻倍…..最近会稽山发的半年报，为什么股民会不买 单？ 会稽山（8月）21号披露了半年报，上半年营收超过8个亿、归母净利润9300多万元，分别同 比增长了11%和3.4%。 但22号开盘后，会稽山股价一路下跌，到收盘跌了将近六个点。 这样一份半年报，为什么市场不买单？ 会稽山今年股价基本上翻了一倍，是今年所有酒类股的涨幅第一。 市场这么追捧，原因是正是气泡黄酒。会稽山去年推出的创新黄酒"一日一熏"，今年618期间 又找来了吴彦祖"带货"，整个618期间的销售额同比增长了400%。 半年报也佐证了这个成绩。上半年会稽山的"其他酒"收入同比大涨60%，实现销售收入7000 多万元。 但是投资者们发现，今年上半年，会稽山的传统黄酒产品营收涨幅只有个位数，而且这当中 的中高端黄酒，二季度的增速也是放缓的。 会稽山超过九成的收入都是来自传统黄酒。气泡黄酒虽然这两年很出圈、增长也很快，但是 还扛不了业绩。 而且细心的投资者发现，今年二季度会稽山的净利润只有十几万元，其中扣非净利润甚至是 负数。 难道说会稽山618光赚了热度，没赚到钱？ 看上去表现并不差。因为今年上半年酒类消费其实很不乐观 ...

据证券之星公开数据整理，近期ST通葡(600365)发布2025年中报。截至本报告期末，公司营业总收入 3.84亿元，同比下降5.73%，归母净利润-2330.34万元，同比上升13.97%。按单季度数据看，第二季度营 业总收入1.88亿元，同比上升15.48%，第二季度归母净利润-2224.19万元，同比上升24.74%。本报告期 ST通葡盈利能力上升，毛利率同比增幅1.22%，净利率同比增幅8.29%。 本次财报公布的各项数据指标表现一般。其中，毛利率15.11%，同比增1.22%，净利率-6.09%，同比增 8.29%，销售费用、管理费用、财务费用总计6560.69万元，三费占营收比17.07%，同比增16.29%，每股 净资产0.63元，同比减7.15%，每股经营性现金流-0.44元，同比增21.47%，每股收益-0.05元，同比增 16.67% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.08亿 | 3.84亿 | -5.73% | | 归母净利润（元） | -2708.89万 | -2330. ...

Investment Rating - Industry Rating: Outperform the market (first rating) [5] Core Viewpoints - The yellow wine industry, as one of the three ancient wines in the world, is expected to revive due to the leadership of major brands and the transformation towards "high-end, national, and youth-oriented" strategies [1][3][19] - Historical constraints such as low pricing, regional limitations, weak social scenarios, and a lack of younger consumer engagement have hindered the development of yellow wine [2][10] - Recent breakthroughs include supportive policies, a shift towards high-end branding, national expansion, and targeting younger demographics, which are expected to drive the industry's revival [3][19] Summary by Sections Historical Constraints - Pricing limitations have led to a low-end product structure, with 60% of national sales coming from products priced below 40 yuan [11] - The primary market for yellow wine remains concentrated in the Yangtze River Delta, accounting for 79% of the overall market size [14] - Consumption scenarios are predominantly home-based, with social attributes being weak, as only 21% of consumption occurs in social settings [16] - The core consumer group is primarily males aged 40 and above, with younger consumers showing limited engagement [17] Breakthrough Changes - Policy support has emerged, with local governments establishing dedicated teams to promote the yellow wine industry [20] - Major brands are focusing on high-end product development, with successful launches like Gu Yue Long Shan's "Guo Niang 1959" and Kuaijishan's "Lanting" [21] - National expansion efforts have shown results, with Gu Yue Long Shan's sales outside Jiangsu, Zhejiang, and Shanghai increasing from 27% to 43% from 2018 to 2024 [22] - Innovations targeting younger consumers include new flavor profiles and lower alcohol content products, such as sparkling yellow wine and herbal-infused options [26] Investment Recommendations - The report suggests focusing on two leading brands, Kuaijishan and Gu Yue Long Shan, which have made significant progress in high-end, national, and youth-oriented strategies [28]

黄酒：改革蓄力，升级振兴 20250809 摘要 黄酒行业面临消费群体集中于中老年群体和江浙沪地区，以及商务宴请 和礼赠场景中社交属性较弱等挑战，导致人均消费量低于白酒和啤酒。 主流价格带集中在 10~30 元，存在较大的提升空间。 头部企业通过优化口味和包装（如气泡黄酒、果味黄酒）、拓展新的消 费场景（如会稽山一日一鲜）以及跨界联名等方式吸引年轻消费者，并 推出高端产品（如古越龙山国酿 1,959）以提升品牌力，同时进行缓步 提价。 为解决消费区域集中的问题，头部企业通过全国化培育活动（如古越龙 山"御行天下"）和发力线上渠道扩大市场覆盖范围，接触更多全国消 费者，从而推动全国化扩展。 2023 年黄酒行业规模约为 210 亿元，实现微增，但规模以上企业收入 整体下降。头部企业表现优于行业，22 年至 24 年复合增速达到 9%， 其中量价分别为 3%和 6%，板块盈利持续改善。 抖音等新渠道不仅带来收入增长，还能作为流量平台宣传企业，推动全 国化扩展。头部企业通过渠道端和产品端改革，促进行业发展。 Q&A 黄酒行业的历史及其发展趋势是什么？ 黄酒是世界三大发酵酒之一，也是中国特有的酒类，具有悠久的历史。黄 ...

Group 1 - Huang Wensheng resigned as the General Manager of Zhujiang Beer, with Zhang Yong appointed as the new General Manager [1] - Zhujiang Beer has a significant revenue concentration in South China, with non-South China market revenue accounting for only 4.19% last year [1] - The ability of the new General Manager to drive performance growth will be a focal point for the market [1] Group 2 - Kuaijishan's market value has decreased by nearly 4 billion yuan in two months, with a total market value dropping from 12.7 billion yuan to 9.1 billion yuan [2] - The stock price has experienced a cumulative decline of 24.5% since June, reflecting investor concerns over the sustainability of its marketing-driven growth model [2] - The rapid decline in the popularity of its "sparkling yellow wine" product has led to a significant drop in sales and investor confidence [2] Group 3 - Liu Zhitai resigned from the position of Deputy General Manager of *ST Yanshi due to personal reasons, and will no longer hold any position in the company [3] - The resignation of executives at *ST Yanshi raises concerns about the company's internal governance and future operational stability [3] - This change may impact investor assessments of the company's operational capabilities [3]

Summary of Conference Call Notes Industry Overview - The report focuses on the food and beverage industry, analyzing new consumer demands, products, and channels [1][2][3]. Key Points and Arguments New Consumer Demands - The emerging consumer base primarily consists of Generation Z (post-1995), characterized by a heightened self-awareness and faster development compared to previous generations [1]. - Government policies aimed at boosting consumption have been introduced, including the "Special Action Plan to Boost Consumption" and "Consumer Service System Benefit Action 2025" [2]. - Consumer behavior is diversifying, with Generation Z and affluent groups showing more optimistic consumption attitudes, while middle-class and rural older consumers exhibit weaker consumption willingness [3]. Changes in Consumption Patterns - There is a notable shift towards value-for-money products, with consumers increasingly prioritizing cost-effectiveness [4]. - The market has identified four potential growth categories: education, food and beverages, health products, and travel, while three risk categories include home appliances, tobacco, and certain consumables [3]. - The health consciousness among consumers is rising, leading to increased demand for health-related products, with the health food market projected to reach 836.2 billion by 2027, reflecting a 42% growth from 2022 [5]. Innovations in Products and Channels - Companies are innovating to meet health demands, introducing products like konjac, seaweed, and quail eggs [6]. - The focus on cost-effectiveness has led to supply chain optimization, reducing intermediaries to lower prices for consumers [7]. - The beverage market is witnessing significant growth in sugar-free teas and plant-based drinks, with growth rates of 19% and 32% respectively [8]. New Sales Channels - The rise of temporary retail channels has transformed the market, with the temporary retail industry expected to grow from 211 billion in 2019 to 1.5 trillion by 2027 [12]. - Membership warehouse stores are gaining traction, with the market size increasing from 20 billion in 2012 to 36.4 billion in 2023 [14]. - Online sales are rapidly growing, with a 56% year-on-year increase in online sales across nine categories, surpassing 120 billion in 2023 [18]. Recommendations and Risks - The report suggests focusing on new products, channels, and consumer demands as key investment themes, maintaining a strong rating for the food and beverage industry [20]. - Specific recommendations include companies like Three Squirrels, Yili, and Qingdao Beer, while highlighting the potential for profitability recovery in dairy and seasoning sectors [21][22]. - Risks include raw material price fluctuations and intensified industry competition [23]. Additional Important Insights - The emotional value of consumption is increasing, with service-related spending rising from 43% in 2020 to 46% in 2024 [5]. - The shift in consumer purchasing habits is leading to a more significant online presence for traditional products, including liquor, which is becoming a focus for major brands [17].

Group 1 - The company Jin Feng Jiu Ye is actively exploring product innovation in the alcoholic beverage market, focusing on younger, fashionable, and differentiated products, including the development of sparkling yellow wine [1] - Jin Feng Jiu Ye's commitment to multi-category innovation in rice wine is expected to enhance its competitiveness in the industry and attract more young consumers, thereby expanding market share [1] Group 2 - Jin Hui Jiu has opened a new experience center in Xinjiang, indicating a strategic focus on this key market as part of its integrated market development strategy across Xinjiang, Qinghai, and Gansu [2] - The company plans to increase resource investment in Xinjiang to improve its sales network, which is anticipated to broaden its sales footprint and enhance brand influence and market share [2] Group 3 - Guojiao 1573 has launched the "Inspiration Fermentation Bureau" in Beijing's 798 Art District, combining art exhibitions with product offerings and dining experiences to engage younger consumers [3] - This initiative aims to break the stereotype of traditional liquor among young people, potentially expanding the consumer base and enhancing brand vitality and market competitiveness [3]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.04%, while the ChiNext Index opened down by 0.08% [1] - The Shanghai Composite Index is at 3,498.72 points, with a slight increase of 0.04% and a trading volume of 52.45 billion [2] - The Shenzhen Component Index is at 10,592.51 points, also up by 0.04%, with a trading volume of 81.21 billion [2] - The ChiNext Index is at 2,179.32 points, down by 0.08%, with a trading volume of 35.64 billion [2] External Market - The US stock market showed mixed results, with the Dow Jones down by 0.37% at 44,240.76 points, the S&P 500 down by 0.07% at 6,225.52 points, and the Nasdaq up by 0.03% at 20,418.46 points [3] - Chinese concept stocks performed well, with the Nasdaq China Golden Dragon Index up by 0.71%, outperforming the US indices [3] Industry Insights - CITIC Securities reports a positive long-term trend in the medical device industry, driven by innovation, mergers, and internationalization, with expectations of high growth in Q3 due to new product launches [4] - CICC anticipates continued high growth in new consumption sectors, particularly in health drinks and snacks, with a stable improvement in the food and beverage sector [5] - China Galaxy Securities highlights that leading companies in the steel industry are expected to benefit from improved supply-demand dynamics due to upcoming supply-side reforms [6] - CITIC Securities notes that the overseas energy storage and industrial storage sectors are at a turning point, with expectations of significant performance improvements for leading companies by Q2 2025 [7]

Group 1 - The food and beverage sector is expected to show marginal stabilization and improvement in demand [1] - The fundamentals of the mass food segment have been improving since March, with expectations for steady improvement in the second half of the year [1] - New consumption trends such as spicy snacks, healthy beverages, and sparkling yellow wine are anticipated to maintain their growth momentum, driving up sector valuations [1] Group 2 - The leisure snacks and soft drinks sub-sectors are expected to perform well in the second half of the year [1] - The liquor sector has experienced a valuation correction due to macroeconomic and policy impacts, with fundamentals currently at a bottoming stage [1] - Although the liquor sector may still face pressure in the second half, valuations have largely reflected pessimistic expectations, indicating emerging investment value [1]

Core Viewpoint - The article discusses the rise of abstract advertising in brand marketing, exemplified by the influencer Tian Yiming, who has transitioned from a "greasy" persona to a successful brand collaborator, engaging in numerous abstract-themed advertisements that resonate with younger audiences [1][13]. Group 1: Tian Yiming's Marketing Strategy - Tian Yiming has shifted from a non-commercial persona to actively engaging in brand collaborations, partnering with nearly twenty brands between May and June, including KFC shampoo and Guazi used cars [1][10]. - His advertising style is characterized by exaggerated and abstract presentations, which have garnered significant engagement on platforms like Douyin, with one video receiving 115 million likes and 485 million shares [8][12]. - The low cost of collaboration with Tian Yiming, estimated at around 60,000 yuan per video, makes him an attractive option for brands seeking high engagement at a lower price point [12]. Group 2: Trends in Abstract Advertising - The trend of abstract marketing has gained traction among brands, as it effectively captures the attention of younger consumers, with platforms like Xiaohongshu and Douyin reporting billions of views on abstract-related content [17]. - Brands are increasingly using abstract marketing to create unique emotional connections with young audiences, as seen in campaigns by McDonald's and RIO, which have successfully engaged users through quirky and humorous content [14][17]. - The effectiveness of abstract advertising lies in its ability to stimulate secondary creation and long-tail dissemination, allowing brands to maintain relevance in a fragmented information landscape [18]. Group 3: Risks and Considerations - While abstract marketing can be beneficial, brands must carefully navigate the balance between attention-grabbing content and maintaining trust, as missteps can lead to public backlash [21].