近日，白酒上市公司相继发布了2025年三季报。数据显示，A股20家白酒上市公司中，绝大部分出现业 绩下滑。中国酒业协会理事长宋书玉此前还曾表示，预计到年底，白酒行业仍将面临全面受挫。 根据业绩报告显示，水井坊（600779.SH）前三季度实现营业收入23.48亿元，净利润3.26亿元。向好的 一面是，水井坊三季度环比扭亏为盈，净利润达2.21亿元；营业收入环比大幅增长，涨幅约为58%；净 利率约为26%，较上半年7.04%明显回暖；资产负债率为39.26%，创2017年一季度以来最低。 如何为"稳"？2025年以来，水井坊着力于稳价值链、稳经销商和稳创新力等三大核心"稳定点"的构建和 维护。 稳价值链：支持多渠道的稳健发展 在白酒行业竞争日益激烈、市场环境复杂多变的当下，水井坊始终将价值链的稳健发展置于重要战略地 位，通过一系列精准且有力的举措，多方位维护价值链的健康生态。 2025年7月，水井坊采取臻酿八号500ml全渠道停货，使社会库存维持在较为合理的水平，帮助维护价 值链上各环节的合理利润空间。 在渠道方面，水井坊展现出坚决的态度与强大的执行力，建立了相关的维护机制和处罚措施。针对电商 渠道这一新兴阵地 ...

Group 1: Industry Trends - This year is expected to see the highest number of new liquor products launched in recent years, with companies intensively releasing new products ahead of the peak season in September [1] - The 14th China (Guizhou) International Wine Expo concluded with a total trade volume of 18.639 billion yuan, a 72.29% increase from the previous year, and attendance reaching 279,800, doubling from last year [2] Group 2: Company Developments - Chongqing Beer has become the official strategic partner of the 2025 Chongqing Super League, marking a significant sponsorship move as the league expands to include 38 districts and counties [3] - The company Zhenjiu Liudu announced a stock incentive plan for its alliance merchants, offering long-term benefits including stock rewards based on purchase volumes, with the first batch of merchants receiving approximately 150,000 yuan in stock rewards [5] - Luzhou Laojiao's major shareholder completed a share buyback of 234,500 shares for approximately 299.99 million yuan, increasing their stake to 26.13% [6] - Chuanjiu Group announced a 3 billion yuan investment in a standardized raw liquor project, aiming to unify quality control and production processes [7] - Luzhou Laojiao launched a new version of its Erqu liquor, targeting mass consumers with a focus on pure grain fermentation and a new 42-degree product [9] - The upgraded Guizhou Moutai (premium) was officially launched at the wine expo, featuring enhanced packaging and a selling price of 3,299 yuan [11] - Langjiu and Penfolds collaborated to release a limited edition gift box, priced at 8,899 yuan, exclusively available at Langjiu's estate [12] - The new "Taiyuan Light Bottle Wine" was introduced, adhering to Moutai's production standards and focusing on a selective distribution strategy [13] - The company Jinzongzi announced the appointment of Guo Jibao as the new financial director following the resignation of the previous director [19]

Core Insights - The Chinese liquor industry is at a crossroads of "value reassessment" and "stock competition," with innovative products like Shui Jing Fang's "Jing 18" being key to breaking through [1][9] - Shui Jing Fang's "Jing 18" aligns with the trend of rational consumption and aims to provide high quality at a reasonable price, responding to consumer demand for emotional value [1][10] Product Development - Shui Jing Fang's "Jing 18" integrates traditional craftsmanship with modern consumer needs, using aged liquor to enhance quality and embody the concept of "good liquor above good liquor" [3][4] - The product features a dual aroma profile and a unique fermentation process, resulting in a rich and layered flavor experience [4][10] Market Positioning - "Jing 18" targets the mid-to-high-end price segment, emphasizing quality over price competition, and aims to meet the evolving preferences of consumers for comfort and celebration [10][11] - The product's launch coincides with major holidays, providing consumers with a new option for festive gatherings [10][11] Channel Strategy - Shui Jing Fang employs innovative sales policies to protect channel partners' profits, ensuring a sustainable and mutually beneficial relationship [11][13] - The company limits annual product supply and partner numbers to maintain product scarcity and value, enhancing channel confidence and profitability [11][13][15] Brand Legacy - The brand's heritage of over 600 years is reflected in "Jing 18," which combines historical significance with contemporary appeal, reinforcing its position as a leader in the liquor industry [1][7][15] - The design of "Jing 18" incorporates elements that celebrate its cultural roots while appealing to modern aesthetics, creating a strong visual identity [5][7]