2018年，华创鑫睿以51.6亿元受让山西汾酒11.45%股权，成为第二大股东。随后，华润集团成为山西汾酒多轮国企改革红利的分享者。 21世纪经济报道特约记者 文静 重庆报道 9月21日，山西汾酒（600809.SH）发布公告称，其大股东华创鑫睿（香港）有限公司（下称华创鑫睿）拟通过大宗交易方式减持所持有该公司股份，不超过 16,200,599 股(含本数)，自减 山西汾酒发布公告称，这是因华润创业有限公司（下称华润创业）旗下的基金面临到期退出安排，需要减持其间接持有的全部公司股份。目前，华润创业将通过华创鑫睿继续持有山西汾酒，并不 9月21日，山西汾酒有关负责人在接受21世纪经济报道记者采访时说，自华润创业通过控股子公司入驻该公司以来，双方强强联合、优势互补，此次减持不会影响双方深度协同的长期合作关系。 华创鑫睿减持 华润集团和汾酒集团的合作是通过华创鑫睿来实现的。 公告显示，华润集团旗下的华润创业有限公司持有华创鑫睿 87.36% 股份，华润创业联和基金一期(有限合伙)(下称"联和基金")持有华创鑫睿12.64%股份。 2017年，在经历了一轮白酒行业深度调整之后，汾酒集团和山西省国资委签订了目标责任书， ...

9月21日，山西汾酒（600809.SH）发布公告称，其大股东华创鑫睿（香港）有限公司（下称华创鑫 睿）拟通过大宗交易方式减持所持有该公司股份，不超过 16,200,599 股(含本数)，自减持计划公开披露 之日起15个交易日后的 3 个月内(含 3 个月期满当日)实施。 山西汾酒发布公告称，这是因华润创业有限公司（下称华润创业）旗下的基金面临到期退出安排，需要 减持其间接持有的全部公司股份。目前，华润创业将通过华创鑫睿继续持有山西汾酒，并不改变其二股 东地位。 业内人士分析，根据私募基金行业惯例，基金产品设有明确的存续期限，到期后必须进行清算退出，这 是基金产品生命周期管理的必然要求，与所投企业的经营状况和投资价值无必然联系。 半年报显示，今年上半年，山西汾酒实现营业收入239.4亿元，同比增长5%，实现净利润85亿元，同比 增长1%，是继贵州茅台（600519.SH）、五粮液（000858.SZ）之后，为数不多的营收和净利润均同比 正增长的白酒上市公司。 9月21日，山西汾酒有关负责人在接受21世纪经济报道记者采访时说，自华润创业通过控股子公司入驻 该公司以来，双方强强联合、优势互补，此次减持不会影响双方 ...

Core Viewpoint - The Chinese liquor market is experiencing a downturn, with increased competition and a shift towards stock competition, leading to challenges for small and medium enterprises [1][4][7]. Industry Overview - The 112th National Sugar and Wine Trade Fair in Chengdu showed a decline in attendance, with a reported drop of over 20% compared to the previous two years [3][4]. - Major liquor companies like Kweichow Moutai and Wuliangye have reduced their promotional activities during the fair, indicating a shift in focus from expansion to brand display [3][4]. - The fair attracted over 6,600 exhibitors, with a total exhibition area of 325,000 square meters, marking a record high despite the overall market cooling [3]. Market Dynamics - The liquor industry is facing multiple challenges, including a decline in high-end liquor demand, price inversions, and inventory buildup [4][7]. - The overall production of large-scale liquor enterprises in China decreased by 1.8% year-on-year, while sales revenue increased by 5.3% to 796.4 billion yuan, and total profit rose by 7.76% to 250.9 billion yuan [7]. - Many small and medium-sized liquor companies are struggling, with several listed companies reporting declines in revenue and net profit [9]. Consumer Behavior - There is a noticeable trend of consumption downgrade, with consumers opting for lower-priced alternatives [4][5][10]. - The industry is shifting towards a focus on quality and consumer-defined value, moving away from mere volume expansion [11][12]. Strategic Responses - Major liquor companies are launching affordable, high-quality products to capture market share and respond to consumer demand for value [5][6]. - The industry is encouraged to innovate and diversify consumption scenarios, focusing on personalized and experiential marketing [10][11]. - Companies like Luzhou Laojiao are leveraging digital marketing strategies to enhance consumer engagement and drive sales [13].