白酒股半年报冷思考：珍酒李渡的"失速"与蓄势。 文 | 卖酒狼团队 编 | 南风 8月22日，港股"白酒第一股"珍酒李渡交出了一份看似"失速"的半年报，实现营业收入24.97亿元，经调整净利润6.13亿元。 表面看，这是白酒行业面临挑战的一个缩影，但若细读财报、观察战略动向，却不难发现，这家企业在行业深度调整期中仍展现出较强的韧性与战略定 力，其"基本盘筑牢+创新突围"的双轨策略颇具样本价值。 2025年以来，白酒行业确实深陷价格倒挂与销售疲软的双重困境之中，整体市场氛围持续承压。规模以上白酒企业产量同比下滑，价格倒挂已经不是某个 白酒品牌所面临的问题，而是整个白酒市场中最为普遍的情况。 这背后是消费场景的结构性变迁：政务和商务宴请占比显著下滑，婚宴、家庭消费等虽成为主力，但客单价普遍下降，难以支撑次高端及以上产品的销 量。 同时，头部品牌如茅台、五粮液渠道下沉，加剧了市场竞争，加之年轻消费群体偏好低度、利口化酒饮，传统白酒需求受到进一步冲击。 尽管多家酒企通过推出低度产品、渠道改革等方式积极应对，但短期阵痛恐难消除，行业整体仍处于深度调整期。 在此背景下，珍酒李渡并没有成为例外，同样受到了市场大环境的"冲击 ...

Core Insights - The entry of various companies into the craft beer market reflects a trend towards youth-oriented product offerings and innovation in the beverage sector [2][5][6] Group 1: Market Dynamics - The craft beer market in China is projected to reach a scale of 130 billion yuan by 2025, with a penetration rate of 6.3% [6] - By 2026, the market size is expected to grow further to 160 billion yuan, driven by changing consumer preferences and the rise of the urban middle class [6] - Major foreign players like Budweiser and Carlsberg currently hold significant market shares with established craft beer products [2][6] Group 2: Company Strategies - Yibin Wuliangye's subsidiary, Yibin Wuliangye Xianlin Ecological Wine Co., plans to launch a new craft beer named "Fenghuolun" priced at 19.5 yuan per can [3][4] - Other companies, such as Good Idea and Three Squirrels, are also entering the craft beer space, with Three Squirrels launching three new brands targeting young consumers [4][5] - The entry of traditional liquor companies into the craft beer market is seen as leveraging their existing resources, although the target demographics differ significantly from their traditional consumer base [3][5] Group 3: Consumer Trends - The rise of younger consumers is shifting the demand for alcoholic beverages towards more personalized and emotionally resonant products [5] - Craft beer's diverse ingredients and flavors cater to the evolving tastes of younger consumers, who are more open to trying new products [5] - The craft beer market is characterized by a fragmented competitive landscape, with many brands vying for consumer attention, making it challenging for new entrants to establish a foothold [3][6]