【气泡黄酒降温，傅祖康仍要带领会稽山冲击2亿元目标】 ...

在2025年销售出圈后，会稽山对气泡黄酒这一产品有了新的规划。 1月7日，2026第二届中国新酒饮发展大会在重庆江津举行。会稽山股份有限公司党委书记、副董事长傅 祖康介绍，2025年，会稽山气泡黄酒已突破江浙沪区域，拓展至山东、广东、四川等全国重点市场。 南都湾财社记者留意到，会稽山"一日一熏"气泡黄酒目前已在盒马鲜生等平台上架，广州地区同样支持 线上配送，290ml规格的产品售价9.9元。 值得关注的是，会稽山之后，另一黄酒巨头古越龙山也推出了气泡黄酒产品——冰彫气泡黄酒，酒精度 同样为8度；该公司同时布局的还有糯米威士忌、咖啡黄酒、青柠黄酒等多元化产品，同样意在年轻化 转型和全国化突围。 黄酒长期困于江浙沪地区，全国化进程缓慢。包括气泡黄酒在内的年轻化产品，被视为黄酒走出江浙沪 的载体。那么2026年，会稽山气泡黄酒的销售目标能否达成、能否真正走出江浙沪？南都湾财社记者将 持续关注。 采写：南都·湾财社记者 王静娟 2025年，会稽山凭借"气泡黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超 越古越龙山，引发行业广泛关注。据企业披露，截至5月30日，气泡黄酒在抖音渠道GMV突破200 ...

编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 气泡黄酒的案例，是黄酒年轻化的一次大胆实验，也是一面镜子：它验证了年轻消费者对低度、利口、 时尚化酒饮的需求，但也暴露了品牌渠道深耕不足与消费场景构建的短板。当"泡沫"散去，留下的思考 是：什么样的产品能够"长红"，且撑起黄酒年轻化的未来？ 2025年，在中国酒水行业深度调整的背景下，黄酒这一古老品类意外迎来高光时刻。会稽山凭借"气泡 黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超越古越龙山，引发行业广 泛关注。古越龙山也加速推出更多年轻化产品，同时与华润啤酒达成合作，推出首款联名 ...

编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 2025年，在中国酒水行业深度调整的背景下，黄酒这一古老品类意外迎来高光时刻。会稽山凭借"气泡 黄酒"在抖音直播中创下12小时销售额破千万的纪录，股价一度涨停，市值超越古越龙山，引发行业广 泛关注。古越龙山也加速推出更多年轻化产品，同时与华润啤酒达成合作，推出首款联名产品"越小 啤"。 然而，"气泡黄酒"的爆火仅如昙花一现，热度已经回落；"越小啤"刚推出不久前景未明。这一系列革 新，实则折射出黄酒行业在年轻化转型中的渴望与困惑。当流量褪去，传统黄酒企业究竟该如何打破地 域与年龄的壁垒，真正走进年轻消费者的 ...

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 转自：北京日报客户端 一杯杯白酒，正沿着"一带一路"的轨迹，在全球范围内编织中国品牌的营销网络。随着国内白酒市场进 入存量竞争阶段，出海已成为众多酒企的战略选择。12月25日，北京商报记者统计发现，目前包括贵州 茅台、五粮液、泸州老窖等白酒企业均已布局海外市场。此外，包括古越龙山、会稽山等黄酒企业也在 用"传统文化+产品"组合拳方式征战海外市场。 世界的"新面孔" 产品先行似乎成为酒企国际化第一步。尽管看似都是将旗下产品在海外销售，但细化来看实则不尽相 同。 中国酒业协会发布的《2025中国白酒市场中期研究报告》显示，2025年已有63.9%的白酒企业布局或正 在拓展海外市场。这串数字不仅意味着出海企业数量庞大，同时也代表着白酒产业寻求新增长极的集体 转向。如今，当产品出海逐渐向文化出海转变时，未来酒企国际化也将开启新征程。 据北京商报记者不完全统计，2025年包括五粮液、山西汾酒、洋河股份、古越龙山等企业以一系列高规 格、体系化文化活动，向世界讲述中国酒故事。 面对广阔的海外蓝海市场，酒企采取两种截然不同却又相互补充的战略，试探国外市场深浅，一种是从 ...

Core Viewpoint - The Chinese liquor industry is increasingly focusing on international markets as domestic competition intensifies, with a significant number of companies expanding overseas to seek new growth opportunities [1][8]. Group 1: Market Expansion - As of December 25, 2023, 63.9% of Chinese liquor companies are either expanding or have already established a presence in overseas markets, indicating a collective shift towards internationalization [1]. - Major brands like Moutai, Wuliangye, and Luzhou Laojiao are actively entering global markets, while Huangjiu brands such as Guyue Longshan and Kuaijishan are also leveraging traditional culture alongside their products [1][3]. Group 2: Product Strategy - Companies are adopting two distinct strategies for internationalization: "cultural integration" with tailored products for foreign markets, and "value output" by exporting established domestic products [3]. - Moutai has launched a series of products specifically designed for international markets, while other brands like Luzhou Laojiao and Wuliangye are exporting their star products that have already gained traction in China [3][4]. Group 3: Cultural Integration - The cultural aspect of product export is becoming increasingly important, with companies recognizing that successful internationalization involves not just product sales but also cultural storytelling [6]. - Initiatives such as Wuliangye's "He Mei Global Tour" and various cultural exchange activities by other brands aim to promote Chinese liquor culture globally [6][7]. Group 4: Market Challenges - Despite the enthusiasm for international expansion, challenges remain, including the need for localization and the predominance of Chinese consumers in overseas markets [8][9]. - The Southeast Asian market is currently the primary focus for many companies, supported by a significant Chinese diaspora, but broader acceptance among local consumers is still a hurdle [8][9]. Group 5: Future Directions - To penetrate mainstream overseas markets, companies must innovate and adapt their products to local tastes, particularly through the integration of liquor with Chinese cuisine [9].

多部门发布关于提振消费的利好。 引子： 今天好几条热点消息都跟消费有关： 周末茅台报价多次跳涨。 麦当劳多款产品价格上涨。 受此影响，A股股市大消费板块出现了久违的逆势上涨行情，红旗连锁，百大集团，东百集团，广百集团联袂涨停。 连消费之王——贵州茅台也是高开低走，最终怒涨了——0.38%（没眼看表情包O(∩_∩)O）。 那么，晚上我们就来谈谈近几年出现的一些比较不太一样的消费观吧。 曾几何时，请客吃饭，朋友聚餐一定是要到外面去吃的。 既要吃里子，也要吃面子。 不仅菜要点的好，点的多，还要点的贵！ 吃到最后，还坚决不能吃不完兜着走。 原因是，吃完还打包会被朋友看不起，说你——小气！ 然鹅， 经历了三年YQ的洗礼之后， 大家神奇地发现， 现在，大家吃饭聚餐已经不那么爱下馆子了。 哪一天突然想起某个朋友了， 去菜市场逛上一圈， 挑上几捆青菜，买上几条鲜鱼，切上一根大猪蹄子。 回到家，小火一开，热锅一炒， 一阵忙碌之后—— 不好意思，菜和肉全部烧糊了。 气得连菜带锅一起扔掉了(●'◡'●)。 一阵忙碌之后—— 几道色香味俱全的大菜就做好了，干净又卫生。 而此时，早已电话预约好的朋友也刚刚到门口了。 几双筷子一放， 一 ...

Core Insights - The report emphasizes a shift in valuation as a key strategy for investment in the food and beverage industry, with a relatively optimistic outlook for 2026 despite ongoing uncertainties [5][31][40] - The report identifies five key areas for stock selection to capture investment opportunities in 2026, focusing on health products, leading snack brands, quality retail chains, beverage leaders, and the recovery of the liquor and dairy sectors [5][40] Industry Trends - Consumer spending has been under pressure for an extended period, with CPI and retail sales growth remaining low, indicating a challenging environment for the food and beverage sector [5][16][23] - The overall revenue growth for the food and beverage sector has declined significantly from +14.5% in 2019 to +0.2% in the first three quarters of 2025, with net profit growth turning negative at -4.6% [23][26] - The report notes that the liquor sector is experiencing a significant downturn, with revenue and profit declines observed for the first time since 2017, highlighting the need for a recovery phase [23][26] Investment Strategy - The report advocates for a focus on certainty in investment, utilizing valuation shifts as a primary strategy, with an emphasis on continuous growth and the reversal of challenging conditions as key drivers for valuation recovery [5][31][32] - The report outlines that the recovery in consumer sentiment and spending is expected to be gradual, with specific attention to the liquor sector's potential for recovery in 2026 [5][22][39] Stock Selection - Five key areas for stock selection are identified: 1. Health products and wellness as a core growth area 2. Leading snack brands benefiting from supply chain improvements 3. Quality retail chains with expansion potential 4. Beverage leaders with long product life cycles 5. Liquor and dairy sectors poised for recovery [5][40] - The report highlights specific companies within these categories, such as Eastroc Beverage and Yili Group, which are expected to perform well in the upcoming period [5][40]

Core Insights - The report analyzes the current state, market environment, consumer characteristics, and future direction of the Huangjiu industry in China, highlighting its transition period between tradition and innovation, facing both challenges and opportunities from policies and market dynamics [1][2]. Industry Overview - Huangjiu production is widespread across China, with a concentration in the Jiangsu, Zhejiang, and Shanghai regions, particularly in Shaoxing, which is recognized as the "Hometown of Huangjiu" [15]. - Leading companies such as Guyue Longshan and Kuaijishan are driving industry development, with a focus on high-end and innovative products to attract younger consumers [15][2]. Market Performance (2024-2025) - The Huangjiu industry is expected to see a rise in both volume and price, with total revenue projected to reach 20 billion yuan in 2024, reflecting a 5.26% increase year-on-year [21]. - The three A-share Huangjiu listed companies reported a combined revenue of 4.146 billion yuan in 2024, marking a 10% increase from the previous year [22]. - Online sales for the top three companies surged by 42.3% year-on-year, indicating a strong shift towards e-commerce channels [26]. Market Environment - Continuous policy support has been observed, with Huangjiu being recognized as a classic industry, leading to various local governments implementing supportive measures [2]. - Major companies have collectively raised prices, enhancing the revenue share of mid-to-high-end products [2]. Consumer Insights - Male consumers dominate the market, accounting for 68.7%, with the primary age group being over 25 years old [2]. - Consumption scenarios primarily include social gatherings and family meals, with health and wellness being key motivators for purchasing decisions [2]. Future Development Suggestions - The report suggests several strategies for the Huangjiu industry, including leveraging traditional techniques for product innovation, enhancing brand culture, and promoting national and international expansion [2]. - The industry faces challenges in internationalization, particularly in cultural differences and channel development, necessitating a collaborative effort across the sector [2].

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of 32 CNY [5][6]. Core Views - The company is positioned as a leader in the revival of the yellow wine industry, leveraging its flexible mechanisms and strategic advantages to drive growth [5][6]. - The company has a clear strategy focusing on high-end, youth-oriented, and nationwide expansion, which is expected to enhance its market position and profitability [5][6]. - The report anticipates a compound annual growth rate (CAGR) of over 15% for revenue from 2025 to 2027, with a projected revenue scale exceeding 40 billion CNY in the medium to long term [5][6]. Financial Summary - Total revenue projections (in million CNY) for the company are as follows: - 2024A: 1,631 - 2025E: 1,903 - 2026E: 2,211 - 2027E: 2,602 - Year-on-year growth rates for total revenue are projected at: - 2024A: 15.6% - 2025E: 16.7% - 2026E: 16.2% - 2027E: 17.7% [5][6]. - Net profit attributable to shareholders (in million CNY) is projected as follows: - 2024A: 196 - 2025E: 227 - 2026E: 309 - 2027E: 421 - Year-on-year growth rates for net profit are projected at: - 2024A: 17.7% - 2025E: 15.7% - 2026E: 36.3% - 2027E: 36.0% [5][6]. Strategic Focus - The company is focusing on three main strategies: high-end product development, youth engagement, and national market expansion [5][6]. - The high-end product line, particularly the 1743 and Lanting series, is expected to drive significant revenue growth and enhance brand value [5][6]. - The company aims to increase its market penetration in the Yangtze River Delta and expand its presence in other regions, with a strong emphasis on e-commerce [5][6]. Market Position - The company has achieved the leading position in the yellow wine industry, with a revenue growth rate of over 15% in the first three quarters of 2025 [5][6]. - The company’s market strategy includes enhancing product structure and increasing the proportion of mid-to-high-end products, which has positively impacted its gross margin [5][6].