Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

绵甜感与饮后舒适度双提升，让这款"年销1亿瓶、年饮3亿人"的国民单品再度封神，短短两月开瓶率实 现近两位数增长，终端自点率同步攀升，渠道动销如活水奔涌，成为大众酒市场当之无愧的"性价比王 者"。 2025年上半年，白酒行业在深度调整中迎来新的发展机遇。面对市场变革，洋河股份以"产品焕新、品 牌升维、技术赋能"三驾马车并驱，在存量竞争中开辟出一条高质量发展的新航道。从第七代海之蓝的 全面焕新到洋河高线光瓶酒的破局上市，从海之蓝龙虾嘉年华的万人空巷到江苏十三市赛场的蓝色风 暴，洋河正以一场"体育+文旅+消费"的生态共振，书写白酒行业破局答卷。 产品焕新：国民基因与品质革命的"双向奔赴" 一直以来，洋河以"双名酒、多品牌、多品类"为核心，重点围绕"绵柔品质"和"年份老酒"定位下足功 夫，系统布局从高端引领到大众消费的立体化产品矩阵。 今年，第七代海之蓝的王者归来，成为洋河上半年最耀眼的明星。3月22日，成都战略产品升级发布会 上，这款承载着"年销1亿瓶，年饮3亿人次"传奇的国民白酒焕新登场，正式拉开洋河产品升级的序幕。 第七代海之蓝不仅是产品迭代，更是品质标准的重构。国家食品质量监督检验中心副主任程劲松通过详 实数 ...

Core Viewpoint - The article highlights the strategic marketing initiatives by Yanghe Co., Ltd. to promote its products and enhance brand visibility through cultural events and sports sponsorships, particularly in the context of the Jiangsu Province City Football League. Group 1: Marketing and Cultural Integration - Yanghe has launched creative activities such as "gift wine + tourism" to engage football fans visiting Suqian, enhancing their experience and promoting local culture [2] - The company has partnered with Jiangsu Broadcasting Corporation to host the seventh-generation Hai Zhi Lan Lobster Carnival, merging food, wine, and football culture [2] - Yanghe's "goal scoring sends wine" campaign during the football matches incentivizes fan engagement by distributing 1,000 bottles of the seventh-generation Hai Zhi Lan for every goal scored [2] Group 2: Product Development and Innovation - The seventh-generation Hai Zhi Lan has gained significant attention, featuring an upgraded product design and quality, with annual sales exceeding 100 million bottles [4] - The new product includes a modernized bottle design and a built-in chip for production traceability, addressing market concerns about counterfeit products [4] - The core improvement in the product's base liquor has been extended from three years to over three years, incorporating aged flavoring spirits to enhance taste [4][5] Group 3: Comprehensive Product Matrix - Yanghe has developed a diverse product matrix that caters to various consumer segments, from high-end vintage wines to affordable light bottle wines, capturing the trend of consumer segmentation [7] - The company has introduced new high-end products at the twelfth sealing ceremony, leveraging its substantial reserve of high-end ceramic jar liquor [7] - Yanghe's commitment to consumer-centric product evolution is emphasized as a key competitive advantage for sustainable growth in the industry [7][8]

酒行业丨市场观察 本周看点： -中 国葡萄酒，没有品牌的巨人； -酒类直播迎来新时代； -"苏超"这么火，酒业要跟上。 概要 ： 中国葡萄酒产业虽产量居全球前列，但品牌认知度低、高端市场占有率少。主要问题 包括产业链碎片化、品牌塑造不足、品质信任危机及外部竞争压力。破局需产区整合、培育龙 头企业，实施品牌战略革命，精准定位市场，融入文化元素，同时加强科研投入与消费者教 育，实现从量到质的转变，推动品牌崛起与文化复兴。 2.酒类直播迎来新时代："直播间品牌"转向线下，中小直播间陆续退场？ 关键词 ： 直播电商,酒类销售,线上渠道,流量转化,头部效应 管理趋严，中小直播间生存压力增大，"旺季更旺、淡季更淡"的现象加剧了腰部以下直播间的 退出趋势。 3."苏超"这么火，酒业要跟上 关键词 ： 足球联赛,地域文化,消费场景,白酒市场,啤酒市场 行业环境 1.吴勇：中国葡萄酒，没有品牌的巨人 关键词 ： 葡萄酒产业,品牌建设,产区整合,文化价值,品质提升 概要 ： 酒类直播电商已进入成熟期，头部主播效应显著，市场格局趋于固化。非头部直播间 因流量转化率低而逐渐退出，而头部达播虽占据主要市场份额，但也面临增长瓶颈。平台扶 ...

【洋河股份参与苏超联赛营销，业绩下滑下发力体育营销求突破】 6月19日，洋河股份在互动平台透 露，已冠名江苏省城市足球联赛家乡球队宿迁队，开展"赠酒+旅游"、"进球抽福袋"等线上互动活动， 还将开展系列活动助力苏超联赛。 自5月起，江苏省城市足球联赛网络热议不断，赛事相关视频总播放 量破1亿次。官方玩梗让赛事出圈，成全民"造梗大赛"。 赛事影响力扩大，赞助商从6家增至20余家， 名额抢手。不过，洋河仅以宿迁队赞助商边缘参与，对手今世缘不仅冠名家乡球队，还成官方战略合作 伙伴。 6月4日，洋河股份公众号发文，宿迁主场赛事（6月14 - 15日）期间，盐城籍游客凭身份证可免 13家景区门票，含洋河酒厂等。 此外，洋河通过电商平台发起进球互动，每进1球派发1000瓶第七代海 之蓝小酒福袋，直播引近万名网友围观购买。 6月21日，宿迁洋河股份队主场迎战盐城队，洋河向盐城 球迷推"旅游+赠酒"礼遇，客队球迷凭球票领100mL装第七代海之蓝。 业内认为，体育营销成白酒企业 营销重点。当下白酒市场需求疲软、库存大、价格低，赛事活动可提升品牌知名度和动销。 年报显 示，洋河股份2024年营收288.76亿元，同比降12.83 ...

编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 □业绩说明会 | | 关系活 | □新闻发布会 □路演活动 | | 动类别 | | | | ☑现场参观 | | | ☑其他（股东大会） | | 活动参 | 洋河股份：张联东、陈军、李笋、尹秋明； | | 与人员 | 投资者：参加股东大会现场交流的股东及投资者 195 人 | | 时间 | 2025 年 6 月 12 日 | | 地点 | 宿迁恒力国际大酒店 | | 形式 | 现场交流 | | | 公司召开了 年度股东大会，现将股东大会现场交流的主要内容整理如下： 2024 | | | 一、对白酒行业形势的研判及未来发展的思考？ | | | 白酒是具有高度文化属性的行业，是生活产品、情感产品和情绪产品，白酒行 | | | 业具有超强的韧性、长周期性，作为消费品的本质没有改变，在国人生活中的位置 | | 交流内 | 不可替代。白酒行业会面临周期调整，但长期价值不会随环境变化而改变。 | | 容及具 | 当下大众消费、商务消费已成为白酒消费的主要来源，消费分层与理性化趋势 | | 体问答 | 显 ...

此外，对于所有奔赴赛场的客队球迷，凭苏超球票即可领取100mL装的第七代海之蓝，抢先品尝体验这 款洋河股份全新升级的经典之作。 助力家乡，为足球喝彩。"每进一球，就送小酒"，抖音带货榜中，洋河股份通过电商平台面向球迷发起 进球互动。洋河官方旗舰店成功登顶全国"苏超上分"榜TOP1，用实实在在的福利助力苏超联赛，为江 苏上分！ "比赛第一，友谊第十四""江苏只有一个南哥"……这个夏天，"苏超"热梗频频出圈，花式助力层出不 穷，各种名场面不断。 每进1球将派发1000瓶第七代海之蓝小酒福袋，直播吸引了近万名网友围观购买，评论区留言如潮，好 运随球而来。"洋河有创意，这下苏超不愁庆功酒了""看苏超，品洋河第七代海之蓝，绵柔苏适""好酒 配好球！下单了，好运助力江苏"弹幕区里，网友们纷纷留言互动。 上周末，"苏超"按下暂停键为高考让路。今天开始，"苏超"重燃"战火"，场内摇旗呐喊，气氛相当热 烈，场外各大品牌也纷纷行动，花式助力层出不穷。 作为江苏本地酒企，洋河股份积极助力苏超联赛，赞助冠名家乡球队，依托自身品牌实力与创新精神， 为苏超联赛提供有力支持，并在赛事推广、品牌联动、球迷互动等多维度展开深度协作。 为比赛打 ...

近期，茅台、五粮液、汾酒、洋河、泸州老窖、古井贡酒等头部上市酒企相继召开了2024年度业绩说明 会。 综合来看，TOP6上市酒企通过业绩说明会，不仅披露了企业自身的经营状况，更勾勒出行业变革图 谱。当头部酒企集体切换至低速发展模式，这一结构性变化将如何影响行业走势?而它们的一系列战略 调整，又将为中小酒企带来哪些发展启示? 毋庸讳言，在外部经济环境冲击、消费市场转型、行业存量调整等多重因素影响下，降速发展已成为整 个白酒行业不争的事实。而这，在TOP6上市酒企的财报中体现得较为明显。 数据显示，今年一季度，TOP6上市酒企业绩增速显著放缓。其中，茅台、古井贡酒营收、净利润虽维 持两位数增长，但同比增速明显回落;五粮液、汾酒、泸州老窖三家酒企营收与净利润增速均降至个位 数区间;洋河业绩下滑最为严重，营收与净利润同比降幅双双超过30%。 而另一组数据也进一步凸显了当前形势的严峻性。根据日前国家统计局统计结果，2025年1-4月，全国 规模以上白酒企业累计白酒产量为130.8万千升，同比减少7.8%。若后续不能有效扭转生产颓势，行业 将迎来连续第八个年度产量下滑。 中国酒业协会日前发布的数据显示，今年一季度，全国规 ...

Industry Dynamics - In the first four months of 2025, the production of liquor in China decreased by 7.8% year-on-year, totaling 1.308 million kiloliters, with April's production at 281,000 kiloliters, down 13.8% year-on-year [3] - The national liquor price index fell by 0.03% in mid-May, with premium liquor prices dropping by 0.06%, indicating market adjustment pressures due to weak high-end consumption and intensified competition [3] - Retail sales of tobacco and liquor in China increased by 5.8% year-on-year in the first four months of 2025, reaching 230.5 billion yuan [4] - Guizhou province announced three liquor investment projects totaling 660 million yuan and a 5 billion yuan project for the production of sauce-flavored liquor [4] Company Dynamics - Guizhou Moutai launched the 2025 Moutai Friends Carnival, attracting nearly 500 participants to experience Moutai's culture and production processes [6] - The first 2025 China Yibin Wuliangye Wedding Festival was held, promoting cultural integration with innovative experiences [6] - Three liquor companies, Yanghe, Shanxi Fenjiu, and Guojingong, held annual performance briefings, focusing on market strategies and product launches [7] - Moutai's shareholders approved a profit distribution plan for 2024, with a cash dividend of 276.24 yuan per 10 shares, totaling 34.671 billion yuan [7] - Shede Liquor is accelerating its production expansion project, which includes 23 sub-projects aimed at enhancing production capacity by 2027 [7] - Anhui Yingjia Gongjiu set a revenue target of 7.6 billion yuan for 2025, expecting a 3.49% year-on-year growth [8]

2025年公司将坚持"聚焦洋河主导品牌、聚焦中端和次高端主价格带、聚焦省内市场和省外高地市场、聚焦白酒主营 业务"，重点做好品牌焕新赋能、产品优化提质、主导产品控量稳价、稳固聚力重点市场、强化消费者培育、深化渠 道拓展等工作。 近日，洋河股份发布投资者关系活动记录表。对于公司转型调整的提问，公告披露，当前，外部发展环境较复杂，叠 加行业存量竞争加剧，地产酒收缩聚焦，对公司发展有所影响，公司在提升品牌势能、渠道利润和渠道库存去化等方 面工作还需要强化。 从渠道库存的情况看，目前正在积极去库存过程中，库存水平有所降低，也是接下来一段时期的重点工作。 被问及主动抒压是否会影响企业未来发展基本盘，公告回应，目前，公司核心基本盘没有变。主导产品的品牌知名度 较高，渠道覆盖有广度和深度，销售组织架构完善，营销队伍健全，公司将做好品牌焕新、营销模式优化、强化消费 者运营、精准费用投放等工作，解决发展中存在的问题。 此外，公告也提出，公司在销售组织、客户布局、渠道建设等层面已经完成全国化构建，深度全国化的策略没有发生 变化。 随着地方酒企的战略收缩，公司在省外市场增速有所放缓，将聚焦重点区域市场，对山东、河南等规模市场聚力做 ...