白酒行业凛冬已至？四家酒企业绩断崖式下跌，昔日泡沫濒临破裂 曾经风光无限的白酒行业，如今却面临着前所未有的挑战。近日，四家上市白酒企业相继发布的业绩预告，如同四声惊雷，宣告着行业寒冬的到来。利润暴 跌、库存积压、价格倒挂，一系列问题浮出水面，令人不禁发问：白酒行业的泡沫，是否真的要破裂了？ | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | | 2025年1月1日-- 2025年6月30日 | 2024年1月1日-- 2024年6月30 | | 归属于上市公司 | 盈利: 800 万元 - 1200 万元 | 盈利:12101.96万元 | | 股东的净利润 | 比上年同期下降:90.08% - 93. 39% | | | 扣除非经常性损 | 盈利:800万元 - 1200万元 | 盈利:11671.78万元 | | 益后的净利润 | 比上年同期下降:89.72% - 93.15% | | 高端失宠，低端受挫：全线溃败的白酒市场 首当其冲的，是曾经备受瞩目的酒鬼酒。这家以"馥郁香型"著称的酒企，2025年上半年预计净利润仅为800万至1200万元，同比暴跌高达93%，营收也 ...

文 | 财天COVER 张向阳 编辑 | 吴跃 01 百元内光瓶酒"扎堆" 白酒高端三巨头纷纷失守千元价格线，次高端、中端产品普遍价格倒挂，在行业新一轮调整期内，卖酒变成了一件难 事。 于是，没有包装、售价只有几十元的光瓶酒，成了香饽饽，这个市场正在变得越来越热闹。 6月，洋河股份发布了洋河大曲高线光瓶酒，42度500ml售价59元，线上预售48小时破万瓶，还登顶京东白酒热卖榜。 7月上旬，胖东来创始人于东来在其社交媒体上发文称，胖东来自有白酒品牌"自由爱"单品，今年营收可能达10亿元。 在胖东来专营店，胖东来在售的"自由爱"光瓶酒为50度500ml*6瓶装，售价450元，单瓶合75元，截至7月14日，仅抖音 专营店就显示已售146万瓶。 一款在70元价位的单品，年营收可以达到10亿元，这让白酒上市公司们不得不垂涎。 要知道，登陆资本市场超过20年的酒鬼酒、金种子酒，年营收规模仍徘徊在10亿元左右。酒鬼酒2024年营收不过14亿 元，金种子酒去年营收还不足10亿元，而且还在亏损。2025年，不管是白酒巨头还是其他中小酒企，都在为卖酒发愁。 瞅着胖东来，也只能羡慕。 02 消费者越来越理性 光瓶酒市场，已成为白 ...

第34届北京国际燕京啤酒文化节将于7月11日启幕，为丰富市民文旅消费体验，顺义区文化和旅游局整 合区域资源，串联起中粮·祥云小镇、松美术馆、牛栏山二锅头文化苑等20余个优质文旅点位，策划推 出5条啤酒文化节主题文旅线路。 据悉，线路特色鲜明，涵盖国际酒文化、都市夜游、艺术体验、京韵酿造及田园休闲等多元场景。其 中"Global Cheers·燕京世界酒馆线"主打国际酒文化体验；"潮玩嗨啤·都市狂欢夜游线"聚焦都市夜间消 费；"艺术微醺漫游线"融合艺术展览与美酒品鉴；"京韵酿造漫游线"展现传统酿造技艺；"京韵微醺·山 水田园品鉴线"则结合自然生态与红色教育，充分满足不同群体需求，为市民游客提供"啤酒+文旅"的独 特夏日体验。 转自：北京日报客户端 二、潮玩嗨啤·都市狂欢夜游线 罗红摄影艺术馆——首都国际会展中心（第34届北京国际燕京啤酒文化节）——北京京林大厦——苏士 澍（北京）汉字艺术博物馆 三、艺术微醺漫游线 松美术馆——首都国际会展中心（第34届北京国际燕京啤酒文化节）——北京春晖园温泉度假酒店—— 国家对外文化贸易基地 四、京韵酿造漫游线 牛栏山二锅头文化苑——奥林匹克水上公园——首都国际会展中心（第3 ...

Group 1 - The article highlights the rising popularity of Chinese suspense dramas, particularly the success of series like "White Night Pursuit" and "White Night Dawn," indicating a strong audience demand for high-quality content with intricate plots [3] - The emergence of "White Night Theater" as a flagship IP by Youku aims to address the issue of content homogenization in the market by focusing on quality and diverse storytelling, moving beyond mere sensationalism to reflect societal issues [3] - The ongoing series "In the Name of the Law," part of the "White Night Theater" lineup, has garnered significant attention for its compelling narrative centered on judicial investigations, showcasing the platform's commitment to producing high-caliber dramas [6] Group 2 - The collaboration between Youku and Niulanshan, a premium liquor brand, emphasizes a shared dedication to quality, paralleling the meticulous craftsmanship in both the production of fine liquor and high-quality drama [3][8] - The article encourages viewers to engage with the "White Night Theater" series, particularly "In the Name of the Law," as a means to enhance their summer entertainment experience, suggesting a strategic marketing approach to attract audiences [8]

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

Core Viewpoint - The implementation of the strict "ban on alcohol" has led to a dramatic decline in sales for liquor stores, with an 80% drop in sales reported nationwide, indicating a significant shift in the Chinese consumption market and exposing the unsustainable reliance on public funds for the liquor industry [1][3][14] Group 1: Impact on Liquor Stores - Liquor store owners have experienced a drastic change in their business, with some reporting daily losses after the new regulations took effect, leading to a 90% drop in sales for many [3][6] - The reliance on government and corporate orders for high-end liquor has been highlighted, with 60% of high-end liquor sales previously depending on public funds, which has now been severely impacted [6][7] - Some liquor store owners are pivoting to selling lower-priced items like bottled water and beer, as high-end liquor sales have plummeted [3][8] Group 2: Industry Dynamics - The liquor industry has been characterized by a reliance on relationships and public procurement, creating a distorted market where prices were inflated due to artificial demand [7][10] - Major liquor companies are now struggling to maintain sales, with reports of a 70% drop in high-end liquor sales and excess inventory piling up [10][11] - Smaller regional liquor companies are adapting more quickly by eliminating sales targets and allowing flexibility for distributors, indicating a shift in strategy to survive the current market conditions [10][11] Group 3: Adaptation Strategies - Liquor store owners are employing various strategies to survive, including live streaming sales and focusing on community-based retail to cater to individual consumers rather than corporate clients [11][12] - Some owners are innovating by selling gift cards for high-end liquor, allowing customers to purchase discreetly without violating the new regulations [12] - The overall sentiment is that the industry will undergo a significant transformation, with predictions that 50% of liquor stores may close, and those that survive will need to adapt to a consumer-driven market [13][14]

近期白酒市场正在经历深刻变革，价格倒挂、库存压力、渠道变革，每个问题都让经销商寝食难安。 6月18日，搜狐酒业播主毕然连线中国酒业知名营销专家杨承平，开启搜狐酒馆第25期节目，白酒新行情，如何破局，深度探讨新政策下白酒未来的趋势， 直播热度27万+。 本次对话中，杨承平阐述了2025年的白酒市场，挑战与机遇并存。正如行业所言："没有倒闭的行业，只有倒闭的企业。"经销商需以"渠道创新为矛，品类 拓展为盾"，在即时零售浪潮中重构人货场逻辑，在区域市场深耕中挖掘结构性机会，方能在变革中找到新的价值坐标。 以下是直播全文，供行业人士参考。 核心痛点：动销不畅背后的渠道与消费变迁 毕然： 杨老师，当前白酒行业普遍面临渠道库存高、价格倒挂、动销不畅的问题，您认为经销商的核心痛点是什么？ 杨承平： 本质上是 "产品动销不畅"，但这一现象背后有多重因素。从渠道看，碎片化趋势导致消费者"消失"——80 后、90 后成为消费主力，他们的购买行 为集中在手机端，而传统经销商仍依赖线下烟酒店。比如即时零售兴起后，美团、抖音等平台通过"30 分钟达"抢占餐桌场景，若经销商不接入，就会失去 高频消费入口。从消费端看，并非整体消费降级，而 ...

Group 1: Tourism Product Development - The importance of creating multi-dimensional experiences in tourism products is emphasized, moving away from traditional sightseeing to more immersive experiences [2] - The example of "Niulanshan Erguotou" event illustrates the involvement of cultural heritage inheritors and industry experts to ensure accurate cultural output [2] Group 2: Medical Tourism Trends - There is a notable increase in the number of foreign patients seeking medical treatment in China, with a shift from emergency care to elective surgeries [4][5] - The patient demographic is expanding, with a significant rise in visitors from countries along the Belt and Road Initiative, particularly from South America [5] Group 3: Cultural Experience Innovation - The "Like is Mogao" project at Beijing Exhibition Hall will update its experience quarterly to keep the content fresh and engaging for visitors [7] - The strategy aims to transform exhibitions into "mobile cultural containers," enhancing visitor engagement through interactive experiences [7] Group 4: Transportation and Tourism Synergy - High-frequency transportation usage is identified as a new growth point for tourism, leveraging the difference between low-frequency travel and high-frequency public transport [9] - By integrating local short-trip travel options into daily commuting, the platform aims to enhance user habits and increase tourism engagement [9]

Summary of Key Points Core Viewpoint The recent food safety inspection conducted by the Huzhou Nanxun District Market Supervision Administration revealed that out of 248 food samples tested, 243 passed while 5 were found to be non-compliant due to pesticide residue exceeding standards and illegal additives. Group 1: Inspection Results - A total of 248 food samples from 26 categories were tested, including agricultural products, frozen foods, beverages, and dairy products [2][4]. - Out of the 248 samples, 243 were compliant with national food safety standards, while 5 samples failed the inspection [4][6]. Group 2: Non-compliance Details - The non-compliant samples included: - Sweet potatoes from Nanxun Huishun Supermarket, which contained chlorpyrifos and high-efficiency chlorpyrifos exceeding the safety limits [4][5]. - Long peppers from Huzhou Wolinfu Supermarket, which had residues of dichlorvos and phorate above the permissible levels [4][5]. - Red sweet potatoes from Nanxun Vegetable Heart Fresh Supermarket, which were found to have multiple pesticide residues including dichlorvos and chlorpyrifos [4][5]. - Green onions from Huzhou Lian City Zhejiang North Building Supermarket, which contained thiamethoxam exceeding the safety limit [5]. - Thai longan from Nanxun Huicheng Shopping Supermarket, which had illegal sulfur dioxide residues [5]. Group 3: Testing Agencies - The testing was conducted by various accredited laboratories, including Hangzhou Huace Testing Technology Co., Ltd. and Zhejiang Huacai Testing Technology Co., Ltd. [4][5][6].

随着5G移动互联时代的到来，短视频已经成为品牌与消费者沟通的重要桥梁。在白酒行业，传统营销 方式的效果逐渐减弱，而短视频则为白酒品牌提供了新的增长机遇。 作为拥有深厚历史底蕴的白酒品牌，牛栏山的发展历程本身就是一部中国白酒行业的缩影。自1952年成 立以来，牛栏山始终扎根于北京顺义这片土地，秉持"为民酿酒，酿好民酒"的经营理念，历经七十载风 雨洗礼，从一家地方酒厂逐步成长为全国知名的白酒品牌。其产品以亲民的价格、纯正的口感和稳定的 品质，赢得了广大消费者的信赖，成为"民酒"的代名词。 在品牌发展的不同阶段，牛栏山也始终紧跟时代步伐，不断调整战略方向。从早期专注于区域市场深 耕，到后来积极拓展全国市场，再到如今布局国际化战略，牛栏山始终以消费者需求为核心，持续优化 产品矩阵与服务体系。 近年来，面对消费升级和市场竞争加剧的双重挑战，牛栏山更加注重品牌文化的塑造与传播，通过短视 频等新兴媒介，将品牌理念与消费者生活场景深度融合，让"牛栏山"不仅是一个白酒品牌，更成为一种 文化符号，承载着人们对平凡生活的热爱与对烟火人间的深情共鸣。牛栏山推出的《烟火人间》系列短 片，通过讲述平凡而真实的故事，深刻触动了观众的心弦， ...