每经记者｜刘明涛 每经编辑｜彭水萍 一个准备发力高端啤酒悦己路线的珍酒李渡大涨！一个切入饮料行业二次创业的燕京啤酒大跌！牛市氛围中，市场战略是否"讨喜"或许也正成为资金偏好的 重要考量之一。在这一点上，吴向东似乎"成功"了，而耿超则暂时未得到市场认可！ 8月以来，白酒动销逐步改善，随着茅台中报业绩展现韧性，白酒股市场偏好也有所转暖。截至8月15日收盘，Wind白酒指数本周涨幅达到2.08%，以 58860.75点报收。 从个股表现来看，珍酒李渡凭借"牛市"啤酒，吸引市场资金重点关注，周涨幅高达24.9%，股价表现抢眼，古井贡酒、山西汾酒以及舍得酒业周涨幅则在5% 左右，同样涨势不俗，白酒板块中，仅天佑德酒、*ST椰岛和*ST岩石下跌。 非白酒板块方面，业绩报喜的燕京啤酒本周股价出现大幅下跌，周跌幅达到6.94%，不仅跑输啤酒指数，还大幅跑输A股主要股指。 | | | 本周涨幅靠前的酒类股 | | | --- | --- | --- | --- | | 证券代码 | 证券简称 | 周涨跌幅 (%) | 总市值 | | 6979.HK | 珍酒李渡 | 24.895 | | | 000596.SZ | 古井贡酒 ...

去年以来，精酿啤酒赛道可谓热火朝天。不仅啤酒厂商纷纷布局，就连盒马、胖东来、三只松鼠、好想你 等商超、零食大佬也积极跨界。如今，就连白酒企业似乎也"坐不住"了，开始"下场"试水。 8月15日，五粮液旗下仙林生态酒业的中式五粮精酿啤酒"风火轮"上市。而就在一周前，珍酒李渡集团董 事长吴向东开启个人IP首场直播，发布了"牛市"超级啤酒。 又有白酒企业落子精酿啤酒赛道 图片来源：公司供图8月15日，五粮液旗下仙林生态酒业的中式五粮精酿啤酒"风火轮"上市。该产品是一 款独特添加"五粮"原料、突出谷物风味的"中式五粮精酿啤酒"。据五粮液方面介绍，此次考量了新锐人 群、小镇中年人群和资深白领这三大精酿啤酒消费群体，核心聚焦的消费者年龄段在25~49岁。这些群体 共同的特点是追求品质、个性与文化体验——这正是精酿啤酒的核心价值主张。这些意图，从新品名字和 包装上即可看出端倪。 虽然从名字上来看，"风火轮"（19.5元/罐）与一周前珍酒推出的"牛市"啤酒（88元/瓶，375mL）方向类 似，但价格定位有较大差别。 公开资料显示，推出"风火轮"精酿啤酒的主体公司为宜宾五粮液仙林生态酒业有限公司，由上市公司五粮 液及五粮液集团共 ...

Core Insights - The craft beer market in China is transitioning from a niche segment to a national focus, with a shift from low-cost fast-moving products to high-end innovations [2] - The introduction of high-priced craft beers, such as the 88 yuan beer by Zhenjiu Lidu, is redefining industry boundaries and sparking discussions about pricing strategies and market positioning [2][3] - The current state of craft beer is characterized by a lack of leading brands despite rapid growth, indicating potential for disruption and innovation within the sector [3][4] Pricing Strategy - The 88 yuan pricing for the new craft beer is considered ultra-premium, significantly above the market average where products over 20 yuan account for less than 10% of the market [3][9] - This pricing strategy is seen as a way to create scarcity and maintain high value, targeting affluent consumers rather than the mass market [9] Market Positioning - The craft beer launch is viewed as a complementary product to Zhenjiu Lidu's existing white wine offerings, leveraging seasonal and situational synergies [4][10] - The craft beer emphasizes a "global sourcing" concept, using ingredients from various countries, which is intended to appeal to quality-conscious consumers [5][8] Industry Trends - The craft beer market is expected to grow but will face a period of consolidation, with many brands likely to be eliminated in the next 3-5 years [12][15] - The competition for the white wine industry is increasingly coming from external sources such as tea and coffee, rather than traditional alcoholic beverages [13][15] Consumer Behavior - The craft beer segment is more likely to resonate with younger consumers who prefer personalized and unique drinking experiences, contrasting with the traditional white wine market [14][15] - The reliance on traditional distribution channels for white wine may limit its adaptability compared to the more flexible craft beer market [14]

Core Viewpoint - The entry of major liquor companies into the craft beer market indicates a growing interest and potential in the sector, with significant market growth projected in the coming years [1][4][5] Group 1: Company Developments - Yibin Wuliangye's subsidiary, Xianlin Ecological Wine Industry Co., announced the launch of a craft beer named "Fenghuolun" priced at 19.5 yuan per can, marking its entry into the craft beer market [1][2] - Zhenjiu Liduo recently launched a high-end craft beer called "Niushi," priced at 88 yuan per bottle, which gained significant attention during a live-stream event, leading to a notable increase in its stock price [3] - Guyue Longshan, known as the "first stock of yellow wine," has also entered the craft beer market with a product that achieved over 10 million yuan in orders within its first month [4] Group 2: Market Trends - The craft beer market in China is expected to grow significantly, with projections indicating a market size of 1.3 trillion yuan by 2025 and 1.6 trillion yuan by 2026 [5] - The craft beer sector is currently experiencing a "redemption period," with increasing consumer interest and a shift towards craft beer consumption among younger demographics [5] - The entry of various food processing companies, such as Haoxiangni and Three Squirrels, into the craft beer market reflects a broader trend of diversification and innovation aimed at capturing the younger consumer market [4]

Core Viewpoint - The craft beer market in China, valued at hundreds of billions, is attracting numerous new entrants from various industries, including traditional liquor companies and food processing firms [1][6]. Group 1: Market Dynamics - Yibin Wuliangye Xianlin Ecological Wine Industry Co., Ltd. plans to launch a Chinese-style craft beer named "Fenghuolun" on August 15, priced at 19.5 yuan per 390ml can [2][4]. - Major foreign players like Budweiser and Carlsberg hold significant market shares with established craft beer products, indicating a competitive landscape [1][9]. - The craft beer market has a low entry barrier, but many brands may struggle to differentiate themselves and gain market share [5][9]. Group 2: Industry Trends - Traditional liquor companies, such as Wuliangye and Zhenjiu, are leveraging their distribution networks and brand resources to enter the craft beer segment, although the target consumers differ significantly from traditional liquor drinkers [4][5]. - Food companies like Haoxiangni and Three Squirrels are also entering the craft beer market, with Three Squirrels launching three new brands aimed at young consumers [6][8]. - The rise of younger consumers is driving changes in drinking preferences, with a focus on personalized and emotional consumption experiences [8]. Group 3: Future Projections - The penetration rate of craft beer in China is expected to reach 6.3% by 2025, with the market size projected to grow to 1.3 trillion yuan, and further to 1.6 trillion yuan by 2026 [8]. - The increasing popularity of craft beer is anticipated to convert more consumers into long-term craft beer drinkers as the craft culture spreads [9].

品牌名字很重要，对于快消品来说尤其如此。好的名字记忆和传播的成本很低，更能传递品牌的定位和价值。 初听"牛市"这个名字，没有觉得多不好，也没有觉得有多好，而是一种说不出来的感觉。 首先声明，我所有的商业评论都不是故意褒贬，而是基于自己的认知而发表的看法。 前两天连续写了两篇关于精酿啤酒的短文，对五粮液的"风火轮"啤酒在具体做法上提了一些彻底去五粮液品牌的建议，对珍酒李渡的"牛市"啤酒极高端定 位发表了不乐观的想法。 今天说说"牛市"这个名字。 它有几个优点： 1、 高辨识度与记忆度。牛市是一个广为人知的金融术语，自带认知度，容易被人记住，简短有力，朗朗上口； 2、 强烈的联想。牛市直接关联上涨、财富增长、信心、力量等词汇，是普遍受欢迎的正面情绪和价值，特别是对于从事金融行业和参与炒股的股民来 说，更是一个最佳期待。 3、 差异化。在啤酒市场，使用金融术语作为名字的非常少见，容易在货架或酒单上脱颖而出；同时，也容易围绕名字构建独特的品牌故事和视觉形象， 比如牛角、牛头。现在"牛市"的LOGO就是用"NEW"字母设计成牛角的样子，只是还不够明显，没有设计到位。 4、 部分人群比较精准。比如从事金融、投资、商业的人 ...

对于白酒企业推出啤酒，我依然不看好。如果仅仅是为了增加一些销量，弥补白酒下滑的业绩，当然也 无可厚非，但是真正成长为战略性业务，面临的挑战极其巨大。 珍酒李渡发布战略新品"牛市"啤酒，与五粮液推出"风火轮"啤酒不同，"牛市"是作为战略新品，而"风 火轮"更多的是五粮液寻求新的增长点的尝试。 此前，华润从啤酒切入白酒赛道，以华润的资源和渠道能力，短时间内也未能有所有作为，走得也很坎 坷。 "牛市"精酿啤酒承载着珍酒李渡董事长吴向东的莫大希望，他为此做过充分的准备。 1000元，可以选择更适合做礼品的产品太多了，为什么要送一箱啤酒呢？ 可以预见的是，产品刚上市，会因为消费者的尝鲜心理，会产生一定的消费外，要产生持续的复购可能 比较困难。 另外，从高端商务宴请角度看，以中国人喝啤酒大多是"牛饮"的状态，375ml的小包装，一餐下来，有 多少人可以喝一箱，两箱，甚至更多？那一场宴请下来，喝啤酒的消费甚至可能超过喝茅台的消费。 首先是消费者洞察。总体而言，中国精酿啤酒的市场处于上升期，年轻人喜欢"三低"啤酒，低啤酒花、 低大麦芽、低酒精度。在纠结是做"三高"还是"三中"啤酒之后，最终确定为了5.9度（瓶身标注大于等 于 ...

文：向善财经 近日，珍酒李渡发布业绩预警。 报告显示，2025上半年，该集团营收为24亿至25.5亿元人民币，相比去年，下滑38.3%至41.9%，净利润降23%至24%，非国际标准净利润预计下降39%至 40%。 预警发布的同时，疯狂的市场先生似乎又展现出了自己非理性的一面，在发布大跌的业绩预警之后，珍酒李渡的股价反而大幅上涨。 客观来看，不光是业绩影响，股价的变动包含的因素很多，珍酒李渡上涨，可能主因还在于市场对未来的期待。 投资者的这份期待，可能就要归功于珍酒李渡创始人吴向东了。 近两个月，吴向东一直朝着"网红"的方向努力，在微信视频号上非常活跃，网感十足。 视频内容也是语不惊人死不休，创造了"我要为我们白酒行业代言"、"为吹牛干杯"、"酒是男人的labubu"等等一系列金句，十分吸睛，不少视频点赞过万， 斩获了不少流量，大有白酒界雷军的既视感。 借助短视频，借助自身的IP，把各方的利益绑定在了一起，让不少投资者、经销商对未来充满了信心。 不过，短视频营销毕竟是流量思维，对白酒企业来说，福祸未知。 //增长的本质不是流量问题，而是战略问题 和其他创始人一样，走到前台要流量自然是为了变现。 和各种金句穿插 ...

✦ 关注蓝裕文化，好内容不容错过 ✦ 成功的人士都是善意营销，都善于制造话题，酒圈"白酒教父"之称的吴x东一直是"话题制造机"。 金x福的成功，吴x东请来米卢做广告，让金x福酒风光一时。金x福与中国足球一直挂钩。李嘉诚的每一个地产活动，在北京或上海，都会把半个城市的人招 呼去，要蓄客几个月，牛市也是同样的招数，先蓄客，天天看到微信朋友圈，抖音快手都在说珍酒要做啤酒，吊足了大家胃口，如同李嘉诚卖房，告诉北京 上海的市民，足够便宜，充满期待，实际上几天下来，把未来全都透支了，就回归平静了。 精酿啤酒，尤其是当下中国的精酿啤酒，没有一个过5个亿10个亿的品牌，在中国传统酒类市场中，都是不能上桌的，在白酒市场中，每次中国酒业协会的 T7.T8.T9.T10的酒业峰会上，好像都是200亿以上的企业大佬。精酿在世界上，能做大的企业不多，精酿有非常多的局限性。 8月8日，珍酒李渡新品"牛市"啤酒发布。 "牛市"啤酒规格为375ml铝瓶装，酒精度为5.9%vol，零售价为88元/瓶。精酿因量小，精酿新鲜，还要部分精酿过桶，精酿手工，即使精酿啤酒8.8万一瓶， 也不过是一个话题，一个噱头。88元。不能因为8月8号发布，就是88 ...

天眼查APP显示，宜宾五粮液仙林生态酒业有限公司(简称"仙林生态酒业")注册资本300万元，注册地址四川省宜宾市。宜宾五粮液股份有限公 司和四川省宜宾五粮液集团有限公司分别持有该公司90%和10%股份。 8月8日，五粮液跨界卖啤酒的消息引发市场关注。 啤酒行业分析师方刚向中国商报记者介绍，白酒大佬做啤酒一是由于白酒企业推出啤酒产品具有一定的渠道优势，二是因为当前精酿啤酒赛道 较为火热，未来发展势头向好。实际上，当前不仅白酒巨头下场做啤酒，包括胖东来、奥乐齐等零售门店以及三只松鼠、好想你等零食巨头也 开始涉足啤酒业务。 据公开资料，五粮液主要从事白酒生产和销售，主要产品为"五粮液酒"，具体包括第八代五粮液、39度五粮液、经典五粮液等。 此前8月4日，珍酒李渡集团董事长吴向东在个人视频平台宣布，将于8月8日推出新的一款超级啤酒"牛市"。吴向东透露该款啤酒的研发花了三 年时间，要把新的一种"悦人悦己生活方式带给大家"。 8月8日，中新经纬"V观财报"以投资者身份就跨界啤酒业务致电五粮液。五粮液相关工作人员称，(仙林生态酒业)是公司的子公司，其推出比较 细支的产品，是子公司的战略决策，具体出于何种考量，不太了解。 由 ...