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 | | ...

近来，感觉被"低度白酒"四个字密集刷屏了。 5~6月，五粮液率先官宣将推出29度五粮液产品之后，水井坊立刻跟进发布即将推出38度以下产品的消 息。泸州老窖更是"祭出大招"：宣布28度国窖1573已经研发成功，将适时投放；甚至还将考虑研发16 度、6度等更低度数产品。 2025年，中国酒业进入新一轮政策调整期、消费结构转型和分化期、存量竞争的深度调整期。特别是随 着存量竞争的加剧，核心命题已从"企业主导"转向"消费者定义价值"。在这一背景下，各大酒企纷纷瞄 准低度白酒市场，试图通过降低酒精度数来迎合年轻消费群体的口味偏好，进一步拓展市场份额。 事实上，低度白酒在业内并非新鲜事物。上世纪70年代~90年代，甚至出现过25度白酒产品。2017年， 中国酒业协会在行业内高调建议低度化。但直到今年，中国酒业协会理事长宋书玉谈及此事时，明确表 示当前白酒品类、品牌、产品均在不同程度上面临老化问题，标志着中国白酒"降度"正在"加速"。 可以预见，未来一大波低度白酒产品即将扎堆上市。一场以年轻消费者为目标的"争夺大战"即将点燃。 这将对白酒市场竞争格局带来怎样的变化？如果越来越多的酒企加入"拼低大战"，又会如何影响整个行 业 ...

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]

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

第四届四川日报乒乓球邀请赛火热开 历经5小时激烈角逐，12支队伍晋级总 决赛。 □密密 文/图盛夏蓉城，世运潮涌。6月28日，以"'乒'燃世运星火、'乓'礴奋进力量"为主题的第四 届四川日报乒乓球邀请赛在国家乒乓球成都体育训练基地火热开赛。比赛现场，球拍破风之声与 观众的热情交织升腾，跃动的乒乓球点燃了蓉城喜迎世运会的澎湃激情。本届赛事由四川日报主 办，四川水井坊股份有限公司（以下简称水井坊）支持，以混合团体赛的形式设置男单、女单、 混双等项目，以团队积分方式进行排名，决出最终比赛名次。本届赛事吸引了中央驻川机构，省 级和成都市相关部门、单位的30支队伍170余名乒乓球爱好者同台竞技。经过激烈角逐，省政府办 公厅、省交通运输厅、四川省税务局、成都海关、成都市公安局等12支队伍成功晋级，将参加7月 下旬举行的总决赛。世运热持续升温酒媒携手敬"乒搏"当天13时许，伴随一声哨响，邀请赛拉开 序幕。本届邀请赛分为小组赛和淘汰赛两个阶段。赛场上，运动员目光如炬，挥拍间尽显拼搏锋 芒；赛场下，"好球！""漂亮！"的喝彩声此起彼伏，与清脆的击球声、急促的脚步声交织，瞬间 点燃了赛场的热烈氛围。历经5小时激烈角逐，12支队伍 ...

6月24日，2025夏季达沃斯论坛在天津启幕，"智能时代的合作"主题下，"重塑增长""重建信任"等议题直指全球经济不确定性。 当金融市场波动加剧、资本避险情绪升温之际，具备稳健增长的能力与清晰战略路径的消费龙头正成为稀缺资产。水井坊凭借扎实的业绩基本面和差异化 的"水井坊+第一坊"品牌战略，在行业调整周期中展现出抗风险韧性，为投资者提供穿越波动的确定性选择。 资本寻求确定性与护城河 全球资本市场正经历多重考验。地缘政治、能源价格波动、供应链重构以及货币政策调整等因素影响市场波动，当短期冲击与长期价值碰撞，投资者将目光 更多投向拥有确定性增长的优质企业。 这一现象背后，是中国消费复苏的结构性机遇。国家统计局数据显示，2025年一季度社会消费品零售总额同比增长4.9%，其中高端消费呈现明显回暖趋 势。而具备品牌力、渠道力和盈利能力的消费龙头企业正在成为市场共识中的"避风港"。水井坊的业绩印证了这一逻辑。2025年一季度，该公司实现营业收 入9.59亿元，同比增长2.74%，实现净利润1.9亿元，同比增长2.15%，延续了2024年营收、净利双增的态势。 白酒行业全面进入存量时代，当下中国消费既有韧性，又显分化，消 ...

公司研究 事项： ❖ 公司于 6 月 18 日召开 2024 年度股东大会，管理层重点总结 2024 年经营成 果、指出 2025 年战略方向，并回应市场关心的经营策略、渠道表现、资本支 出等问题。我们前往参会，核心反馈及分析如下： 评论： 证 券 研 究 报 告 水井坊（600779）2024 年股东大会点评 强推（维持） 修炼内功，注重提效 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,217 | 5,349 | 5,696 | 6,308 | | 同比增速(%) | 5.3% | 2.5% | 6.5% | 10.8% | | 归母净利润(百万) | 1,341 | 1,365 | 1,449 | 1,658 | | 同比增速(%) | 5.7% | 1.8% | 6.1% | 14.5% | | 每股盈利(元) | 2.75 | 2.80 | 2.97 | 3.40 | | 市盈率(倍) | 15 | 15 | 14 | ...

Core Viewpoint - Water Jiufang's annual shareholder meeting highlighted the company's performance and management stability, with new CEO Hu Tingzhou emphasizing growth opportunities and the implementation of a dual-brand strategy to adapt to changing consumer demands in the liquor industry [1][3][4]. Financial Performance - In 2024, Water Jiufang achieved revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% [3]. - In Q1 2024, the company reported revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15%, successfully meeting its operational goals [3][4]. Management Stability - The stability of the core management team has been a concern for investors, especially after the prolonged vacancy of the CEO position prior to Hu Tingzhou's appointment [4]. - Hu emphasized the implementation of an "achievement culture" to enhance management efficiency, which includes performance tracking and incentives for employees [4]. Brand Strategy - The dual-brand strategy involves the "Water Jiufang" brand targeting mid-range consumers (priced between 300-800 yuan) and the "First Fang" brand aimed at high-end consumers (priced above 800 yuan) [6][8]. - This strategy is designed to meet the evolving consumer preferences and to capture new growth opportunities in the market [7][8]. Market Trends - The liquor industry is experiencing a shift in consumer demand, with a decline in formal business settings and an increase in social and family gatherings driving growth [7]. - The company is also focusing on younger consumers, with plans to introduce lower-alcohol products to cater to this demographic [9]. Future Plans - The company aims to launch the "First Fang" product and introduce iterative products from the Water Jiufang series by 2025 [8]. - Ongoing product iterations are expected to differentiate new offerings from existing products, addressing consumer desires for quality and value [8].

Core Viewpoint - The company is navigating a challenging environment in the liquor industry but remains focused on brand enhancement, product upgrades, and team development to create sustainable value for stakeholders [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.217 billion, a year-on-year increase of 5.32%, and a net profit of 1.341 billion, up 5.69% year-on-year [2]. - The growth is attributed to a consumer-centric approach, channel deepening, and improved sales strategies [2][3]. Group 2: Inventory Management - The company maintains a reasonable inventory level despite industry challenges such as supply-demand imbalance and price pressure [2][3]. - Inventory management is a key performance indicator for the company, with a focus on aligning shipments with sales [3]. Group 3: Product Strategy - The company is implementing a dual-brand strategy with "Shuijingfang" and "Diyifang," with new products set to launch in the second half of the year [4]. - There is a commitment to product innovation, including offerings targeted at younger consumers and the introduction of lower-alcohol products [4]. Group 4: Expansion Plans - The company plans to accelerate store coverage in key cities, aiming for double-digit growth in new store openings [4]. - The company is also enhancing its group purchase capabilities, with some cities seeing group sales exceeding double digits as a percentage of total sales [4]. Group 5: Project Development - The company is investing 4.048 billion in the second phase of the Qionglai project, which includes various facilities for production and logistics [5]. - Construction has commenced, with a flexible approach to project pacing based on market conditions [5].