为啥会这样呢？有分析师指出，现在的消费者都越来越理性了，过节也不像往年那样大量囤货，普遍持观望态度，并且对价格特别敏 感。 有证券机构分析道，今年节前，经销商备货普遍比往年要晚，大家进货也都挺谨慎的。现在卖酒主要就靠结婚、喜宴这些"硬需求"在撑 着。相比之下，商务送礼、高端聚会这些场合的消费需求恢复得比较慢，再加上一些地方"禁酒令"的余波还在，结果就是，大家喝酒的场 合变少了，酒的档次也往下走了。 市场遇冷时，消费降级反而把机会给到了大众酒。招商证券分析指出，大众酒动销情况要显著优于高端与次高端，主打宴席消费的大众 产品，动销速度更快。 出品丨搜狐财经 作者丨柴鑫洋 编辑丨李文贤 每逢假期，白酒可是家宴聚餐必不可少的座上宾，但大家可能想不到，今年白酒的整体行情，是真有点"冷"！ 根据多家证券机构的研判，今年双节期间，白酒的动销大盘子，预计要比去年下滑约20%，而且因为价格上不去，销售额跌得·比销量还 厉害！ 京东搞的中秋美酒节促销活动，五粮液普五八代直接冲上热卖榜榜首，短短半个月就卖了超过10万件。第二、三名的黄盖玻汾、水晶剑 南春半个月卖出超过5万件。 不过啊，这里头也有例外，像飞天茅台这样的超高端品牌，靠 ...

Core Viewpoint - Sichuan Jian Nan Chun Group has undergone a significant change in its shareholding structure, with the Mianzhu State-owned Assets Administration Center acquiring approximately 14.51% of the shares, becoming the second-largest shareholder, marking the return of state capital after over 20 years [1][2][4] Shareholding Structure Changes - The registered capital of Jian Nan Chun Group increased from approximately 808 million to about 946 million, reflecting a growth of around 17% [2] - The largest shareholder, Sichuan Tongsheng Investment Co., Ltd., saw its shareholding drop from 74.1439% to 63.0619% [2][3] - Other shareholders also experienced changes in their holdings, with Sichuan Blue Sword Investment Management Co., Ltd. decreasing from 9.948% to 8.4611%, and Sichuan Fusi Information Consulting Co., Ltd. from 6.2175% to 5.2882% [2][3] Historical Context - Jian Nan Chun was originally a state-owned enterprise before its privatization in 2003, when it transitioned to a private company under the leadership of Qiao Tianming and other executives [4] - The company once thrived during the early 2000s but has since lost its competitive edge in the high-end liquor market, failing to capitalize on the premiumization trend [7][10] Financial Performance - Jian Nan Chun's revenue surpassed 10 billion in 2018 and reached 12 billion in 2019, with 2020 revenues reported at 10.226 billion and 11.180 billion in 2021 [7] - Despite entering the 10 billion revenue club, the company has struggled to maintain its market position against competitors like Moutai and Wuliangye [10] Future Outlook - The introduction of state capital is expected to enhance liquidity and provide backing for the company's development [11] - The company aims to achieve a sales target of 30 billion by the end of 2025, but this goal appears challenging given the current competitive landscape and internal management uncertainties following the shareholding changes [10][11]

在下大雨前，总会有些征兆。 剑南春正是如此。 天眼查最新显示，9月12日，四川剑南春（集团）有限责任公司发生工商变更，新增绵竹市国有资产事务中心为股东，同时，注册资本由约8.08亿人民币 增至约9.46亿人民币。 股权变动显示，绵竹市国有资产事务中心通过认缴1.37亿元出资额的方式，获得剑南春集团14.51%股权，成为公司第二大股东。 按照剑南春的品牌和营业收入来看，1.37亿元出资额肯定不止1.37亿元。在胡润榜上，剑南春的价值是400亿。 穿透君注意到，其他股东并没有同时增资，还出现同比例下降的情况。 从股权认缴明细来看，穿透君获悉绵竹市国有资产事务中心的出资方式为—— 债权。 并且，这个债权还引发了官司的。 这个事情就很有趣了。 穿透君获悉，四川德阳市中级人民法院在2024年11月5日、2024年11月6日、2024年12月12日，曾发布开庭公告，审理绵竹市国有资产事务中心状告，四川 绵竹剑南春酒厂有限公司、四川省绵竹剑南春大酒店有限公司、四川省文君酒厂有限责任公司、四川剑南春股份有限公司、四川剑南春集团有限责任公 司，案号为（2023）川06民初46号。 四川同盛投资有限公司持股比例由74.1439% ...

Core Viewpoint - The 500 yuan price range, once a lucrative segment in the liquor market, has become the most challenging price range for survival due to the recent "ban on alcohol" policy, significantly impacting sales and market dynamics [1][5][6]. Industry Dynamics - The 500 yuan price range was previously considered a key battleground for regional liquor companies and provincial leaders to establish competitive strength, with several billion-level products emerging from this segment [1][3]. - Major brands like Gu20 have successfully occupied the 500 yuan price range, achieving rapid sales growth and contributing to brand expansion [3][4]. Market Changes - The introduction of the "ban on alcohol" has severely affected consumption scenarios, leading to a significant decline in sales, particularly in the 500 yuan price range, which is now facing the most difficulties [5][6][9]. - The market has seen a shift in consumer behavior, with a notable decrease in business dining and an increase in family gatherings, which typically do not favor high-priced liquor [9][10]. Financial Impact - Liquor companies focusing on the mid-range segment have reported substantial declines in revenue and net profit, reflecting the adverse effects of the new regulations [6][10]. - For instance, Water Weaving's revenue is expected to drop by 12.84% year-on-year, while other companies like Jiu Gui Jiu and Zhen Jiu Li Du are also experiencing significant declines in both revenue and profit margins [6]. Future Outlook - Despite the current challenges, the 500 yuan price range is still viewed as a potential mainstream segment for the future, with expectations of renewed consumer activity once the effects of the "ban on alcohol" diminish [10].

Core Insights - The white liquor market has experienced a collective price decline since 2025, affecting both high-end and mid-range products due to a cooling consumption environment and high inventory pressures [1][15][16] - The South China region, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, has shown significant price differentiation and a notable decline in retail prices for various white liquor products [1][2][3] Market Performance - More than half of the monitored products have seen a price drop since the beginning of the year, with high-end products being the most affected [2][15] - Among 21 monitored products, 15 experienced a decline in average retail prices, with only 4 showing slight increases and 2 remaining stable [2][3] - The most significant price drop was observed in Feitian Moutai, which fell from approximately 2624 CNY to 2368 CNY, a decrease of 256 CNY [2][3] Price Trends by Product - Feitian Moutai's market price has dropped significantly, with current prices ranging from 2100 to 2400 CNY per bottle, marking a decline of over 15% from its peak [3][15] - Other products in the thousand CNY price range, such as the eighth generation Wuliangye and Guojiao 1573, also saw price reductions, with the eighth generation Wuliangye dropping by 110 CNY [10][15] - Mid-range products like Yanghe Dream Blue M6+ and Guotai Guobiao also experienced price declines, although to a lesser extent compared to high-end products [4][10] Regional Price Dynamics - In Guangzhou, 17 out of 21 products saw price declines, with Feitian Moutai dropping from 2648 CNY to 2305 CNY [7][8] - Shenzhen's market showed a downward trend in retail prices, although some products had inflated prices due to high-end retail channels [9][10] - Dongguan's market exhibited significant price fluctuations influenced by seasonal demand and promotional activities, with Feitian Moutai's price dropping to 2299 CNY during peak sales periods [12][13] Inventory and Market Conditions - The white liquor industry is currently in a deep adjustment phase, with high inventory levels leading to price pressures across all product categories [15][16] - Approximately 60% of companies are facing price inversion, particularly in the 800 to 1500 CNY price range, which is experiencing the most significant downward pressure [15][16] - The average inventory turnover days have increased to 900 days, indicating a challenging market environment for producers [15][16] Future Outlook - The market is expected to continue facing challenges as companies balance between maintaining prices and expanding market share [17][18] - The introduction of new statistical methods and the inclusion of additional cities like Foshan in price monitoring may provide a clearer picture of market dynamics moving forward [20][21]

Core Viewpoint - The recent announcements from various liquor companies, including Sichuan Water Well, indicate a strategic shift towards controlling inventory and stabilizing pricing in response to market fluctuations and channel disruptions [1][3][11] Group 1: Company Actions - Sichuan Water Well announced a halt on the sale of its "Zhen Niang No. 8" 500ml product across all channels and implemented measures to stabilize the value chain and manage promotions during the 618 sales period [1] - The company emphasized the importance of maintaining a stable pricing system to boost market confidence and support the steady development of its core products [1] - Other liquor companies, such as Luzhou Laojiao and Wuliangye, have also issued stop-sale notices and are focusing on inventory reduction and ensuring distributor profitability [3][5] Group 2: Industry Trends - The liquor industry is experiencing a trend of inventory control and price stabilization as companies respond to market adjustments and unstable terminal prices [5][6] - Industry leaders are advocating for measures to ensure distributor profitability, which is seen as essential for maintaining active sales efforts and preventing price erosion [6][11] - Recent data indicates significant profit declines for liquor distributors, highlighting the need for companies to support their partners to avoid excess inventory and price drops [5][6] Group 3: E-commerce and Market Regulation - Sichuan Water Well has taken strict actions against violations of company policies during the 618 promotion, including penalties and termination of partnerships [1][7] - Other companies, such as Wuliangye and Jian Nan Chun, have also raised concerns about counterfeit products being sold through e-commerce platforms, urging consumers to purchase through official channels [8][10] - The industry is increasingly focused on transparency and traceability to combat counterfeit products and ensure consumer trust [11]

Core Viewpoint - The article highlights the significant developments and cultural initiatives of Jian Nan Chun, a leading company in the Chinese liquor industry, particularly during the 2025 Sichuan International Wine Expo and the "Hua Xia Aesthetics" conference, showcasing its commitment to innovation and tradition in liquor production [2][11]. Group 1: Company Developments - Jian Nan Chun's new phase of the Da Tang National Liquor Ecological Park has been inaugurated, which will add 30,000 to 50,000 tons of high-quality liquor production capacity, marking a key step in the company's high-quality development [2][6]. - The total investment for the Da Tang National Liquor Ecological Park phase II project is 1.667 billion yuan, expected to boost annual industrial output value by over 10 billion yuan [6]. - The company has established a full lifecycle traceability platform covering quality control, production management, logistics, and marketing, enhancing product quality and production efficiency through data integration [10]. Group 2: Cultural and Historical Significance - Jian Nan Chun's history dates back 1,500 years, with its origins as the imperial liquor of the Tang Dynasty, which adds a prestigious quality to its brand [13]. - The company has developed a complete product matrix to meet diverse consumer needs, including collaborations with cultural institutions to enhance brand value through cultural products [13][14]. - The establishment of the Tian Yi Lao Hao Museum in Jian Nan Old Street showcases the rich history of Chinese liquor, integrating cultural heritage with modern branding efforts [17][18]. Group 3: Industry Context - The Deyang region, where Jian Nan Chun is located, has been recognized as a "Chinese Famous Wine City" and is experiencing significant growth, with a projected output value of over 30 billion yuan for the local liquor industry by 2024 [19][20]. - The region's favorable natural conditions, including its location in the golden liquor-making belt, contribute to its reputation and production capabilities, with a 31.2% year-on-year increase in liquor production [19][20]. - Experts suggest that Deyang should leverage its brand advantages to enhance regional development and expand into international markets [20].

Core Viewpoint - The 618 shopping festival has turned into a price war for the liquor market, exacerbated by the recent strict alcohol ban, leading to significant price drops for premium liquor brands [2][4]. Group 1: Price Dynamics - Major liquor brands have seen their prices plummet, with Feitian Moutai dropping below 2000 yuan, and other brands like Wuliangye and Guojiao 1573 also experiencing substantial price reductions [2][4]. - The competition among e-commerce platforms has intensified, with various promotional strategies being employed, including multi-layered discounts and subsidies [3][6]. Group 2: E-commerce Strategies - Platforms like JD.com and Taobao have introduced innovative promotional activities, such as "super live days" and "official discounts," to attract consumers [3][6]. - Meituan has entered the fray, offering rapid delivery services and significant discounts, which has shifted the focus from traditional e-commerce to instant retail [6][7]. Group 3: Market Impact - The alcohol ban has further eroded industry confidence, prompting more distributors and retailers to participate in online promotions to boost sales through price reductions [4][8]. - Instant retail has provided a new channel for inventory clearance, with some retailers reporting a 60% increase in sales compared to previous years [7][8]. Group 4: Long-term Concerns - The current price instability poses a risk to the long-term health of the liquor market, as a stable pricing structure is crucial for the survival of liquor companies [7][8]. - The proliferation of counterfeit products during the promotional period has raised concerns about market integrity and brand reputation [9].

Group 1 - The core message of the company is to alert consumers about counterfeit products being sold on various e-commerce platforms, highlighting that 16.65% of the products verified were found to be fake [2] - The company has issued multiple consumer notices since November 2023, advising consumers to purchase products only through authorized channels and to request invoices as proof of purchase [3][4] - The company has identified that a significant portion of counterfeit products originates from large e-commerce platforms, particularly those promoting "hundred billion subsidies" [3] Group 2 - The company has actively collaborated with e-commerce platforms to identify and eliminate unauthorized sellers, resulting in the closure of 261 counterfeit shops and the removal of 6,431 infringing links [4] - The company has established multiple free product authentication service stations nationwide to assist consumers in verifying the authenticity of their purchases [6] - Another brand, Jian Nan Chun, has also reported issues with counterfeit products and unauthorized sales, indicating a broader industry concern regarding product authenticity in the e-commerce space [5][6]