Group 1 - The perception of Moutai's price floor is high among consumers, leading them to believe that prices will not drop below certain levels, such as 1500 yuan or 1000 yuan [1][4] - Many consumers purchase Moutai not for consumption but as a status symbol or investment, indicating its luxury brand status [3][5] - The demand for high-end liquor has significantly decreased due to changing consumption scenarios, particularly in business contexts, which has affected the overall market for premium liquor [5][12] Group 2 - The current market environment shows a lack of confidence in the future of high-end liquor, with excess production capacity and reduced consumer demand [6][12] - Liquor manufacturers face two potential strategies: controlling supply to stabilize prices or increasing market supply while lowering prices and quality [8][9] - Historical examples illustrate that many once-premium liquor brands have transitioned to lower-tier products, raising concerns about the long-term value of current high-end offerings [11][12] Group 3 - The recommendation for consumers is to assess their actual need for liquor rather than purchasing for speculative purposes, especially given the current market dynamics [12][13] - If Moutai's price were to drop significantly, it could lead to a shift in its perception as a premium product, impacting its use in high-end business settings [12][13]

Core Viewpoint - The recent shareholders' meeting of JiuGuiJiu indicates a strategic shift, but declining attendance and changes in institutional holdings suggest that investors are losing patience with the company's short-term performance [1][15]. Financial Performance - JiuGuiJiu's revenue has plummeted from 34.14 billion in 2021 to 14.23 billion in 2024, with a growth rate dropping from 86.97% to -49.70% [2]. - The net profit attributable to shareholders has decreased from 8.94 billion to 0.13 billion, representing a 97.72% decline year-on-year in 2024 [2]. - In Q1 2025, revenue and net profit continued to decline by 30.34% and 56.78% respectively [2]. Product Strategy - The company is shifting its focus to a new product strategy centered around "two lows and one small" (low-end liquor, low-alcohol liquor, and small bottles) to address market demands [1][8]. - The core product series, Neican, saw its revenue contribution drop to 16.55% in 2024, while the JiuGui series contributed 58.66% but is under pricing pressure [3][4]. Market Competition - The low-end market is highly competitive, with established brands like Niulanshan and Hongxing dominating, alongside emerging brands like Jiangxiaobai and Fenjiu [8]. - The revenue contribution of the Xiangquan series, which targets the low-end market, is only 5.34%, indicating a lack of competitive advantage [8]. Cash Flow and Dividends - The company approved a dividend of 6 yuan per 10 shares for 2024, distributing a total of 1.95 billion, despite a net profit of only 0.13 billion [10][11]. - This marks the second consecutive year of excessive dividends, which may strain cash flow, as the net cash flow from operating activities was -3.61 billion in 2024 [11]. Institutional Holdings - Institutional holdings have significantly decreased, with the number of institutional investors dropping from 115 at the end of 2023 to just 10 by Q1 2025, and the total holding percentage falling from 42.76% to 38.38% [13].

当下，白酒行业正经历调整期，酒企"稳业绩"的方向是什么？ 6月24日，以"铸牢向心力 厂商一家亲"为主题的酒业领军50人大会（G50）第四届读书会在湘西吉首举 行。作为中国酒类流通协会主办的高端商业组织，G50自2016年成立以来，始终聚焦厂商关系重构与产 区价值挖掘。本次选在酒鬼酒文化生态园，既是对其"湘酒领军"地位的认可，亦凸显行业对差异化突围 路径的迫切需求。 G50会上，中粮酒业党委书记、董事长兼酒鬼酒公司董事长高峰提出"五个自信"，让馥郁芬芳的缕缕酒 香持久弥香。 季克良盛赞：酒中之鬼，馥郁天成 G50是一场汇聚白酒行业顶尖智慧的思想盛宴，专家学者们在交流碰撞间肆意迸发，照亮了行业前行的 漫漫征途。 现场，中国酒业泰斗季克良、高景炎，第五届全国评酒会评委吴晓萍，第四、五届全国评酒会评委张国 强，湘西自治州委副书记、州长陈华，湘西州州委常委、州委秘书长向邦伟，中国酒类流通协会会长秦 书尧，中国酒类流通协会主席团主席王新国，酒鬼酒公司首任董事长王锡炳，中粮酒业党委书记、董事 长兼酒鬼酒公司董事长高峰等共同出席了这场思想盛会。 据了解，6月24日的活动，是季克良老先生第二次莅临酒鬼酒。交流张，季克良回忆了 ...

6月25日下午，酒鬼酒在公司总部湖南省吉首市召开2024年度股东大会，公司董事长高峰、总经理程军、董事会秘书汤振羽等公司高管出席会议，并回答了 投资者关注的问题。 这是程军去年底回归酒鬼酒之后，首度亮相公司年度股东大会。在谈到2025年工作时，程军提到了要提升公司产品吸引力。"以差异化产品满足多元化市场 需求。目前我们已经在分步启动'二低一小'的产品战略，即低端酒战略、低度酒战略、小酒战略。低端产品上，聚焦大众价位段，重点凸显性价比。" 每经记者于垚峰摄 直面经营业绩"脱缰" 程军从两个角度诠释"我们的信心" 作为公司自2016年1月以来的第三位总经理，程军在中粮长城葡萄酒有过多年任职经验，2020年就曾出任过酒鬼酒副总经理（主持工作）。此次回归酒鬼酒 之前，他担任中粮长城酒业有限公司董事、党委书记、总经理。 2020年的那一次出任，恰逢酒鬼酒业绩经历高增长的时期；而这一次，他面对的却是业绩几乎"腰斩"的巨大压力。 在股东大会交流环节，程军首先就直面了2024年的经营业绩。他表示，2024年公司经营业绩出现下滑，营收同比下降49.7%，净利润同比下滑97.7%。"单从 数据上看，经营业绩好像有些'脱缰'，在此 ...

Core Viewpoint - The company is facing a significant decline in performance, with a 49.7% drop in revenue and a 97.72% decrease in net profit for 2024, primarily due to the poor performance of its high-end product line, "Neican Series" [1][5] Group 1: Financial Performance - In 2024, the company's revenue fell to 1.423 billion yuan, and net profit dropped to 12.49 million yuan, marking the lowest levels since 2015 [1] - The "Neican Series" revenue plummeted from 1.157 billion yuan in 2022 to 235 million yuan in 2024, a decline of 67.06%, with gross margin decreasing from 91.63% to 87.71% [1] Group 2: Inventory Issues - Despite claims of over 100% distribution and sales rates, investors are skeptical about the actual inventory reduction, which is reported to be less than 5% [2] - The company maintains high finished goods inventory levels to ensure "reasonable stocking" for sales, reflecting a lack of confidence in the distribution channels [2] Group 3: Distributor Reduction - The number of distributors decreased from 1,774 to 1,336 in 2024, as the company aims to improve distributor quality by eliminating inefficient clients [3] - This strategy has caused short-term channel disruptions but is intended to optimize the distribution structure and focus on core markets [3] Group 4: Strategic Focus - The company is shifting from aggressive national expansion to a "focus strategy," pausing production capacity expansion and reducing SKU by 50% to streamline operations [4] - The focus will be on the Hunan market and select external markets, abandoning low-return areas like Beijing and Shanghai [4] Group 5: Industry Context - The company's challenges reflect broader issues faced by regional liquor companies during a period of industry adjustment, including high-end market difficulties and channel instability [5] - The management's focus strategy aims to establish a stronghold in the Hunan market, where the current market share is approximately 15% [5]

"业绩持续下滑，企业有何应对举措？"在日前举行的酒鬼酒股份有限公司（简称"酒鬼酒"）2024年度报 告网上业绩说明会上，有投资者发出这样的疑问。从2022年的10.49亿元净利润，到2024年的1249.33万 元，短短两年间，酒鬼酒业绩俯冲式下跌引发关注。 这也是中粮酒业董事长高峰2024年2月执掌酒鬼酒之后的首份年度业绩。而2025年一季度，其业绩继续 恶化，营收、净利润分别同比下跌30.34%、56.78%。 自2016年成为中粮集团成员以来，酒鬼酒营收从6.55亿元上涨至2022年的40.50亿元，然而2023年之后， 酒鬼酒业绩"跌跌不休"，不禁给其未来画上问号。面对当下高端产品"内参"系列销量大幅下滑、经销商 因获利难度增加而大幅退出等困境，酒鬼酒采取了砍掉五成SKU（最小存货单位）、布局小酒等业务寻 出路。 业绩连续大跌 2024年2月，高峰被选举为酒鬼酒董事长。他接手之时，酒鬼酒正经历业绩大滑坡。然而，高峰接手后 的首份年度成绩单并不亮丽。 2024年，酒鬼酒实现营收14.23亿元，同比下降49.70%；净利润1249.33万元，同比下降97.72%；扣非净 利润670.36万元，同比下降98 ...

来自湖南省酒业协会的2024年数据显示，全省拥有酒类生产许可证的企业170余家，其中，白酒企业110 家（啤酒企业16家、葡萄酒企业10家、黄酒企业18家、果露酒等其他企业21家），形成了湘西州、邵 阳、常德三个白酒主产区。全年白酒产量约5-6万千升，处在全国第13-15位之间，占比1%左右。 湘西州的酒鬼酒，由吉首酒厂发展而来，是当地第一家作坊酒厂，创建于上世纪50年代中期，迄今已有 60多年历史。首创馥郁香型，打造出"湘泉""酒鬼""内参"三大品牌。值得一提的是，独特的麻袋型酒 瓶、"酒鬼"的品牌名、"内参"的包装，都是由画坛"鬼才"、著名书画家黄永玉设计的。 湖南是白酒消费大省，人均消费白酒量接近全国人均水平的2倍。目前有近300亿元白酒年销售规模。其 中，省外白酒品牌销售200多亿元，茅台、五粮液、泸州老窖三家企业就瓜分了70亿份额。湘酒在湖南 本地市场的份额不足三成，只有70亿元左右，与消费大省的地位极不相称。 事实上，湘酒曾在中国白酒市场上占有重要地位。由于地处北纬30°"黄金酿酒带"上，湖南具有悠久的 酿酒历史，诞生出许多知名品牌。上世纪五六十年代，"五朵金花"（邵阳酒厂、湘泉酒厂、长沙酒厂、 ...

| 场，酒鬼酒在这方面有无布局？ | | --- | | 答:您好，酒鬼酒正在布局小酒产品，满足各消费 | | 人群的需求。 | | 12.2025 年 5 月修订的《党政机关厉行节约反对浪 | | 费条例》明确禁止公务接待用酒，请问酒鬼酒当前政务 | | 消费渠道占比是多少？新规是否会导致经销商信心进 | | 一步受挫？公司在 2025 年规划中，对于当前酒鬼酒营 | | 收下降的问题，特别是对于高端的内参销售，有何破局 | | 之道？ | | 答:您好，公司目前产品销售场景中政务消费的占 | | 比极小，此类政策对公司影响较小。2025 年，公司以 | | "一切为了高质量销售"为核心，提升品牌力、产品力、 | | 渠道力、系统力四方面能力，实现销售质量的提升。品 | | 牌力方面，以"文化+产区"为双核，构筑差异化壁垒， | | 提升品牌张力，强化差异化优势，突出酒鬼酒的产区优 | | 势、香型优势和文化优势。产品力方面，梳理产品价值 | | 链，升级产品矩阵，构建"2+2+2"战略单品体系，即 2 | | 个战略单品（内参、红坛）、2 个重点单品（妙品、透 | | 明装）、2 个馥郁香基础单品（内品、 ...

程军向投资者详解了公司的具体举措。在品牌方面，酒鬼酒以"文化+产区"为双核，构筑差异化壁垒， 提升品牌张力，强化差异化优势，突出酒鬼酒的产区、香型和文化特点。在产品方面，酒鬼酒梳理产品 价值链，升级产品矩阵，构建"2+2+2"战略单品体系，即内参和红坛作为战略单品，妙品和透明装作为 重点单品，内品和湘泉作为馥郁香基础单品。在渠道方面，酒鬼酒对客户实行分类分级管理，建设有效 核心终端24000家。在系统方面，酒鬼酒以"组织协同+数据智能+效率迭代"的底层基建，提升系统支撑 力。 高质量的销售离不开高质量的产品。与会投资者最为关心的是酒鬼酒的先进产能建设情况。对此，酒鬼 酒董事会秘书汤振羽表示："公司正在建设生产三区二期工程，将会根据市场变化调整产能建设进度。 目前，公司已有产能15000吨，生产三区二期工程项目投产后将新增7800吨产能。截至2024年底，公司 基酒库存为46769吨。公司严把产品质量，不同系列的产品采用不同年份的基酒进行制造，为消费者提 供高质价比的产品。" 高质量的销售同样离不开高效率的渠道。与会投资者对公司渠道建设工作也颇为关心。对此，酒鬼酒供 销有限责任公司总经理王恒俊表示："2024年 ...

Core Viewpoint - In 2024, the company experienced a significant decline in performance, with a nearly halved revenue and a 67% drop in sales of its high-end brand, Neican [1][2] Group 1: Revenue and Sales Performance - The company's revenue for 2024 was 1.423 billion, a year-on-year decrease of nearly 50% [2] - The Neican brand, positioned as high-end, saw the largest decline in revenue, amounting to 235 million, which is a 67.06% decrease year-on-year [2] Group 2: Market Conditions and Strategic Response - The decline in sales is attributed to a weak industry cycle, leading to a noticeable drop in overall demand for high-end liquor and increased competition from leading companies [1][2] - The company plans to maintain stable pricing for the Neican brand and does not aim for a significant increase in volume in the short term [2] Group 3: Future Strategies - In 2025, the company aims to enhance sales quality through improvements in brand strength, product strength, channel strength, and system strength [3] - The product strategy includes a "2+2+2" framework, focusing on two strategic products, two key products, and two basic products [3] Group 4: Marketing and Distribution Adjustments - The company has reduced its SKU by 50% to streamline product structure and eliminate low-efficiency products [4] - The company is implementing a BC linkage marketing model to improve market activity, with a focus on cost reform and enhancing the quality of distributors [4][5] - The number of distributors decreased by approximately 24.7% from 1,774 in 2023 to 1,336 in 2024, indicating a focus on improving distributor quality [4][5]