21世纪经济报道记者注意到，对比五年前同期，顺鑫农业的白酒收入已经萎缩了四成。 更便宜的产品并不一定更好卖。 8月28日晚间，顺鑫农业（000860）披露半年报：2025年上半年实现收入45.9亿元，同比下滑19%，实 现归母净利润1.7亿元，同比下滑59%。 由于此前预告了业绩下滑，外界对半年报整体业绩已有预期。单看二季度，顺鑫农业实现营收13.34亿 元，同比下降18%；归母净利润-1.09亿元，亏损同比扩大3倍。 牛栏山为代表的上一代光瓶酒，还在继续萎缩。半年报披露，上半年顺鑫农业的白酒业务实现收入36亿 元，同比下滑23%。 顺鑫农业白酒业务包括牛栏山、宁城老窖，绝大部分收入来自牛栏山，尤其是后者大众价位的产品， 如"白牛二"。 2025年上半年，42度的"白牛二"销量同比下滑33%，产量下滑近六成，库存则是暴涨652%；应对白酒 新国标推出金标陈酿也未见起色。上半年金标陈酿销量同比下滑5%、产量同比下滑三成。 顺鑫农业也是今年白酒板块表现倒数的酒企之一，尽管近期A股全面大涨，年初至今顺鑫农业股价依然 下跌14%左右。 SFC 对于业绩下滑，半年报解释，核心原因在于白酒业务受行业挤压式增长及光瓶酒竞争 ...

记者丨 肖夏 顺鑫农业白酒业务包括牛栏山、宁城老窖，绝大部分收入来自牛栏山，尤其是后者大众价位的 产品，如"白牛二"。 2025年上半年，42度的"白牛二"销量同比下滑33%，产量下滑近六成，库存则是暴涨652%； 应对白酒新国标推出金标陈酿也未见起色。上半年金标陈酿销量同比下滑5%、产量同比下滑 三成。 21世纪经济报道记者注意到，对比五年前同期，顺鑫农业的白酒收入已经萎缩了四成。 对于业绩下滑，半年报解释，核心原因在于白酒业务受行业挤压式增长及光瓶酒竞争加剧影响 所致，尤其是在光瓶酒领域，众多酒企开展布局，竞争更加激烈。 此外其猪肉业务也处于低迷，上半年收入8.89亿元，仅有五年前同期的六成。截至今年6月 末，顺鑫农业的合同负债为3.85亿元，同比下降33.5%。 编辑丨朱益民 更便宜的产品并不一定更好卖。 8月28日晚间，顺鑫农业披露半年报：2025年上半年实现收入45.9亿元，同比下滑19%，实现 归母净利润1.7亿元，同比下滑59%。 由于此前预告了业绩下滑，外界对半年报整体业绩已有预期。单看二季度，顺鑫农业实现营收 13.34亿元，同比下降18%；归母净利润-1.09亿元，亏损同比扩大3倍。 牛栏 ...

✦ 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 ...

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is facing unprecedented challenges, including plummeting profits, inventory buildup, and price inversion, raising concerns about the potential bursting of the industry's bubble [1] Group 1: Financial Performance - Four listed baijiu companies have issued profit warnings, indicating a significant decline in earnings, with net profits expected to drop by 90.08% to 93.39% compared to the previous year [1] - The company Jiu Gui Jiu is projected to report a net profit of only 8 million to 12 million yuan for the first half of 2025, a staggering 93% decrease year-on-year, with revenue down 43% to 560 million yuan [1] - Water Well Square, despite a 14.54% increase in sales volume, saw revenue decline by 12.84% to 150 million yuan, and net profit halved by 57% to 10 million yuan [2] Group 2: Inventory and Distribution Challenges - Jiu Gui Jiu's dealer network expanded from 528 to 1,774 from 2019 to 2023, leading to severe inventory issues, with a backlog of 1.67 billion yuan and an average turnover period of 1,300 days, significantly higher than the industry average of 800 days [2] - The overall baijiu industry is facing a massive inventory buildup of 150 billion yuan, with 60% of companies experiencing price inversion [5] Group 3: Market Dynamics and Consumer Behavior - The baijiu market is witnessing a structural shift in consumption, with a sharp decline in demand for high-end products and a growing preference for lower-priced options, particularly in the 300-500 yuan range [5] - Young consumers are increasingly abandoning baijiu, with only 19% of those born in the 1990s and 2000s expressing a preference for it, compared to 52% for beer [5] - The traditional sales channels are struggling, with e-commerce now accounting for 18% of sales, and live streaming driving price transparency [8] Group 4: Strategic Responses - Companies are attempting to adapt to the downturn; for instance, Jiu Gui Jiu launched a new product in collaboration with a popular retailer, but concerns remain about the effectiveness of such strategies [7] - Water Well Square is focusing on banquet promotions and cashback offers, yet continues to face significant losses [7] - Major brands like Wuliangye and Moutai are introducing new products aimed at younger consumers, but the effectiveness of these initiatives is still uncertain [7]

Group 1 - The core viewpoint of the article highlights the growing popularity of low-priced "light bottle" liquor in the Chinese market, as high-end liquor brands struggle with price declines and sales challenges [1][14][16] - Major liquor companies are launching new products in the light bottle segment, with notable examples including Yanghe's "Yanghe Daqu High Line Light Bottle Liquor" priced at 59 yuan, which sold over 10,000 bottles in 48 hours [1][4] - The light bottle liquor market has reached a scale of approximately 1.5 trillion yuan in 2024, with continued growth expected in 2025, making it one of the most dynamic segments in the liquor industry [3][10] Group 2 - Consumer behavior is shifting towards more rational choices, with a significant portion of consumers prioritizing cost-effectiveness and practicality in their liquor purchases [10][11] - The traditional light bottle liquor market, represented by brands like Niulanshan and Baijiu, has established a strong presence, while new entrants are emerging to capture market share amid changing consumer preferences [7][9] - The competitive landscape is intensifying as more companies enter the light bottle segment, leading to concerns about market saturation and the ability to maintain quality and differentiation [17][18] Group 3 - The high-end liquor market, particularly brands priced above 1,000 yuan, is experiencing significant price declines, with major brands like Moutai and Wuliangye seeing their market prices drop below their official guidance prices [16][17] - The shift towards light bottle liquor reflects a broader trend in the industry where companies are adapting to consumer demands and seeking new growth opportunities in a challenging market environment [15][17] - The light bottle segment is increasingly viewed as a mainstream choice, moving away from its previous perception as a low-end product, and is now seen as a potential growth engine for liquor companies [17][18]

对于业绩下滑，顺鑫农业称主要因"白酒板块承压"，白酒产品销售量同比减少，影响了整体营收和利润 水平。 《每日经济新闻·将进酒》记者注意到，自2023年底顺鑫农业剥离房地产业务后，公司营收的重担就落 在了白酒和养猪两大业务上。在过去的2024年，白酒板块扛起了顺鑫农业的营收大旗，为公司贡献了近 八成营收。其中，公司白酒产品主要以"牛栏山"和"宁诚"为代表。 数据显示，2024年顺鑫农业白酒业务实现营收70.41亿元，同比增长3.19%；2024年实现销量36.94万千 升，产量37.88万千升，均实现同比增长。 不过，随着白酒行业竞争不断加剧，近几年来顺鑫农业的白酒营收并不尽如人意。公司白酒营收已从 2021年的约102.25亿元下滑至2024年的约70.41亿元。 当下，虽然光瓶酒市场迎来快速增长，正成为白酒行业的新战场，但随着新玩家的不断涌入，坐拥"牛 栏山"等老牌光瓶酒品牌的顺鑫农业，似乎并未能"乘势而上"。未来，公司能否在激烈竞争中成功突 7月14日晚间，顺鑫农业交出了今年上半年的"预答卷"。 业绩预告显示，2025年上半年公司预计归属于上市公司股东的净利润为1.55亿元至1.95亿元，相比上年 同期下 ...