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 | | ...

Group 1 - The Jiangsu Province Urban Football League ("Su Super") has gained significant attention this summer, promoting tourism, dining, leisure, and sports consumption in various regions of Jiangsu, showcasing a successful integration of culture and tourism [2] - Yanghe Co., as a national brand rooted in Jiangsu, has fully sponsored the "Su Super" Suqian team, exploring innovative practices to empower regional cultural dissemination and support high-quality cultural tourism development [2][3] Group 2 - During a key match between Suqian and Yancheng, Yanghe Co. organized a fan group to enhance the atmosphere and showcase hospitality, while also creating industrial tourism routes for visiting fans to experience local culture [3] - Yanghe Co. has launched exclusive benefits for visiting fans, including free tours of two national 4A-level tourist attractions, enhancing the interaction between the event, brand, and fans [4] - The company has consistently invested in community sports, promoting sports culture and integrating it with liquor culture, thereby creating new consumption scenarios and supporting the development of cultural tourism [6]

一纸"禁酒令"叠加近期大促导致的产品跌价，高端白酒近期过得有点难。 近期，南都湾财社-酒水新消费指数课题组记者注意到，在政策和消费环境的变化下，高端白酒消费受 到较大影响。其中，此前颁布的《党政机关厉行节约反对浪费条例》被称为最严"禁酒令"，新规发布后 白酒行业瞬间被推上舆论风口，虽然政务消费占比已"忽略不计"，但部分商务接待场合却受到一定影 响。 与此同时，"超长待机"的618大促以及即时零售的杀入，高端白酒在持续跌价的基础上"雪上加霜"，飞 天茅台补贴后零售价2000元左右、第八代五粮液900元出头，国窖1573到手900元，青花郎及君品习酒在 700元上下……高端白酒价格带进一步下移。 不过，正如十多年前白酒从政务消费为主转型至商务消费一样，政策环境和价格变化正在促使高端白酒 进入另外一个新的转型期，从商务场景"出走"之后，高端白酒正瞄准个人小酌、聚会及家庭宴席等新的 大众消费场景。 部分商务场景受限叠加价格下跌，高端酒不再"高端"？ 基于公务接待用酒量已"忽略不计"的大背景下，因此在本次"禁酒令"颁布之时，业界认为，理论上商务 接待不受"禁酒令"影响，前景"尚算乐观"，但是在间接上，该场景的饮酒人群或 ...

Group 1: 2024 Market Characteristics - The liquor industry is undergoing a deep adjustment period in 2024, showing a "declining volume but increasing profit" trend, with production down 1.8% to 4.145 million kiloliters, while sales revenue increased by 5.3% to 796.38 billion yuan [1][21][22] - The profit total reached 250.87 billion yuan, a year-on-year increase of 7.8%, with A-share listed liquor companies reporting a total revenue of 442.23 billion yuan, up 7.3% [1][22] - The CR6 companies (Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanghe, and Gujinggong) accounted for 86% of the industry's total profit, indicating a significant increase in industry concentration [1][22][27] Group 2: 2025 Market Conditions - In Q1 2025, liquor production fell by 7.2% to 1.032 million kiloliters, continuing the trend of declining production [2][40] - Listed companies showed resilience with a revenue of 153.42 billion yuan, up 1.7%, and a net profit of 64.91 billion yuan, up 2.3% [2][40] - The industry faces challenges with "declining volume and price, and rising costs," as 59.7% of companies reported reduced operating profits [2][49] Group 3: Market Environment Changes and Competitive Landscape - The revised regulations in May 2025 expanded the ban on alcohol consumption, impacting market sentiment and causing a 2-3% overall decline in the liquor sector [3] - The CR6 brands accounted for 87.6% of the revenue of the 20 A-share liquor brands in Q1 2025, indicating further concentration in the market [4] - The younger consumer demographic is emerging, with those born between 1985 and 1994 becoming a key market segment, although business and management personnel still represent 85.1% of the consumer base [4] Group 4: Market Outlook and Development Suggestions - Companies are adopting pragmatic strategies, with 64.9% focusing on core products and 40.4% targeting the mass market [5] - Recommendations for industry health include optimizing capacity and focusing on high-quality development, with a shift from quantity-driven growth to quality-driven strategies [6] - Emphasis on digital marketing and technological innovation is crucial, with 34.9% of companies prioritizing instant retail channel expansion [7] Group 5: Online Sales and Consumer Behavior - Online sales in the first five months of 2025 exceeded 60 million bottles, generating over 30 billion yuan, although national brands are struggling with growth [2][53] - The average online sales revenue for A-share listed companies was 5.0% of total revenue, reflecting a slight increase from the previous year [53] - Consumer behavior is shifting, with a notable decline in traditional consumption scenarios, leading to a decrease in demand during holiday periods [63][70]

行业研究 证 券 研 究 报 告 食品饮料行业 2024 年报&2025 年一季报总结 推荐（维持） 白酒渐筑底，大众迎右侧 食品饮料 2025 年 05 月 06 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严晓思 邮箱：yanxiaosi@hcyjs.com 执业编号：S0360524070015 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 1 ...

五一白酒动销跟踪 20250505 摘要 • 茅台通过调整产品结构和加强渠道管理来平衡收入与市场价格，飞天茅台 保持稳定，公鸡茅台增加配额外供应，并放宽经销商报备限制，开发新场 景和客户，同时适当增加经销商库存，加快商务节奏。 • 2025 年茅台经销渠道进度加快，1-4 月已完成飞天总量约 50%，合同计 划达 48%，公司通过调整发货节奏有效应对市场需求和压力，保持价格稳 定，并积极转型，发展新客户群体，应对行业整体偏弱的态势。 • 白酒行业整体趋势下降，但茅台表现亮眼，飞天系列库存保持合理水平， 通过性价比引导需求释放，调整营销渠道和策略，实现相对稳定发展，高 端白酒品牌也展现一定韧性，但总体面临压力。 • 五粮液一批价稳定在 915-920 元，但市场需求不足导致动销缓慢，库存压 力较大，公司承诺不让经销商赔钱，但实际情况不乐观，市场信任度降低， 烟酒店对涨价持悲观态度，影响动销。 • 国窖 1,573 高度酒一批价 860 元，低度酒 610 元，山东市场以低度酒为 主，动销较好，通过与烟酒店签订包量协议，加强管控，但经销商仍面临 赔钱风险，库存压力较高。 Q&A 茅台在 2025 年的价格走势如何 ...