文 | 王越梅 在当前的白酒市场中，唯一不变的就是变化本身。2025年随着新"禁酒令"出台，白酒行情加速下滑。为了应对市场变化，实现周期穿越，不少白酒企业在 战略、产品、组织结构等方面开展了一系列的动作。郎酒上半年动作频频，是其中比较有代表性的企业之一。从庄园酱酒价值输出，到组织升级与产品升 级同步驱动；从宴会场景多维培育，到全国市场深耕突破，郎酒在今年展开了一系列兼顾当下发展与未来布局的行动，致力于实现增量市场与存量市场双 轨渗透。 伴随着旅游业的发展，酒旅融合为白酒企业带来了新的发展机遇，白酒酒庄也在行业的转型过程中逐渐兴起。 另一方面，在市场拓展中，加速推进郎酒庄园价值输出。 显然，郎酒在婚宴活动中，借助郎酒庄园价值魅力，创造了差异化竞争点，切中婚宴新人对"仪式感"和"难忘体验"的情感需求。 此外，今年郎酒庄园还推出了首款现场定制产品"华夏百家姓系列酒"。 郎酒庄园是中国白酒的标杆性酒庄，耗资逾百亿，历时十余年方才建成，成就了"除非亲临 无法言说"的独家体验，也让郎酒成为独树一帜的存在。 作为郎酒品牌的核心资产，"郎酒庄园"是企业立足于酒业的超级符号，蕴藏着郎酒极致品质的奥秘也成为中国庄园白酒产业发展的 ...

Core Insights - The article discusses the strategic focus of Langjiu on the sinking market, highlighting its efforts to engage with consumers in lower-tier cities through events and localized marketing strategies [3][12][22] - Langjiu is leveraging cultural events, such as concerts and local festivals, to enhance brand visibility and emotional connection with consumers in these markets [4][6][8] - The company is implementing a comprehensive approach that includes product diversification, community engagement, and innovative marketing to capture market share in the sinking market [13][15][19] Group 1: Market Strategy - Langjiu is actively targeting the sinking market, where per capita disposable income growth has outpaced urban areas for five consecutive years [3] - The company is organizing high-profile events, such as concerts featuring popular artists, to create excitement and brand awareness in key regions like Sichuan [4][6] - Langjiu's approach emphasizes understanding local culture and consumer preferences, ensuring that marketing efforts resonate with the target audience [8][12] Group 2: Product and Organizational Alignment - Langjiu has developed a diverse product portfolio that caters to various consumer needs, including business banquets and family gatherings, achieving full coverage across different price ranges [13][15] - The company is restructuring its organizational model to enhance collaboration between departments and improve efficiency in responding to market demands [15][16] - Langjiu's commitment to building a "community of shared destiny" with its distributors is evident in its initiatives to stabilize profits and support partners during challenging market conditions [18][19] Group 3: Innovation and Brand Value - The company is focused on expanding its market presence by tapping into previously overlooked consumer segments and needs [22] - Langjiu has invested in its production capabilities, achieving a significant increase in its annual output and storage capacity for high-quality liquor [23][27] - The brand aims to redefine the value of Chinese liquor by enhancing consumer experiences and establishing a strong cultural narrative around its products [25][28][29]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [5][8]. Core Views - The report highlights a shift from short-term explosive growth in instant retail to a more normalized layout, indicating a stabilization in the market dynamics [5][7]. - The white liquor sector is experiencing inventory adjustments, with companies taking measures to stabilize prices amid increasing industry pressures [5][6]. - The new consumption sector is expected to see a reduction in aggressive subsidy wars, but competition will remain a constant factor [7][8]. Summary by Sections Industry News - In June, the manufacturing value added of the liquor and tea industry grew by 3.4% year-on-year [17]. - The production of white liquor from January to June reached 1.916 million kiloliters [17]. - The China Chain Store and Franchise Association issued a statement against "involution" competition in instant retail [17]. Company News - Water井坊 reported a 13% decrease in total revenue for H1 2025, with a net profit drop of 57% [5]. - 酒鬼酒 expects a net profit of 0.08-0.12 billion yuan for H1 2025, down 90%-93% year-on-year [5]. - Guizhou Moutai launched its first live broadcast on Douyin for Moutai sauce-flavored liquor [17]. Investment Insights - The white liquor sector is seeing low valuations, with many companies engaging in stock buybacks and increasing dividends, indicating potential for future capital inflows [5]. - The mass consumer goods sector is facing profit pressure due to cost fluctuations, with companies like洽洽食品 and 甘源食品 reporting significant declines in net profits [6]. - The beverage sector is approaching peak season, with a focus on new consumption opportunities, particularly in tea and chain dining [8]. Key Company Focus and Earnings Forecast - The report emphasizes companies such as 泸州老窖, 古井贡酒, and 贵州茅台, all rated as "Buy" with projected earnings per share (EPS) growth [10][12]. - The beverage market is expected to benefit from changes in retail channels, with companies like 沪上阿姨 and 茶百道 highlighted for their growth strategies [8][10].

Group 1: Moutai 1935 Upgrade - Moutai 1935 will undergo its third body upgrade on July 18, 2023, following its initial launch on January 18, 2022 [1] - The previous upgrades included a packaging upgrade in September 2023 and the first body upgrade scheduled for June 2024 [1] - Continuous upgrades are expected to strengthen Moutai 1935's market position and brand image, catering to consumer demand for quality [1] Group 2: Hongyun Lang Sales Growth - Hongyun Lang reported over 10% year-on-year sales growth in the first half of 2025, maintaining an annual release of 300 tons [2] - The remaining release plan for 2025 is less than 50 tons, indicating a controlled supply strategy [2] - This growth reflects strong demand in the high-end sauce-flavored liquor market, enhancing the brand's premium positioning and market confidence [2] Group 3: Wine Industry Performance - Three out of four listed wine companies reported losses for the first half of 2025, with only CITIC Niya expected to turn a profit [3] - CITIC Niya anticipates a net profit of 400,000 to 600,000 yuan, while Weilang, ST Tongpu, and Mogao are projected to incur significant losses [3] - The overall performance indicates potential challenges in the wine industry, including weak demand, increased competition, and rising costs [3]

Core Insights - The article highlights the continuous growth of the brand value of Sichuan Langjiu Co., Ltd., which reached 162.065 billion RMB, ranking 56th in the "World Brand Conference and China’s 500 Most Valuable Brands" [1][3] - Langjiu's brand value has increased significantly from 4.1 billion RMB to over 162 billion RMB over 20 years, showcasing its strong market support and strategic product development [3][6] Group 1: Brand Value Assessment - The World Brand Laboratory (WBL) has recognized Langjiu's brand value as a result of its comprehensive strength and market enthusiasm, supported by its "Seven Strategic Products" [3][4] - The brand value assessment methodology incorporates financial data, brand strength, and consumer behavior analysis, establishing WBL as a leading authority in brand valuation [4][6] Group 2: Strategic Product Development - Langjiu's brand value is underpinned by its seven strategic products: Hongyun Lang, Qinghua Lang, Honghua Lang, Langpai Heimate, Langpai Tequ T8, Shunpin Lang, and Xiaolangjiu, which cater to various market segments [9][11] - The products range from ultra-high-end to mass-market offerings, ensuring comprehensive market coverage and consumer resonance [13] Group 3: Production and Research Capabilities - Langjiu has established a world-class distillery covering 10 square kilometers in the core production area, enhancing its production capacity and quality [6][8] - The company has invested in advanced research facilities and a technical team of over 200 members to innovate and improve its production processes [8][9] Group 4: Cultural and Market Engagement - Langjiu is actively expanding its cultural expression and global presence, enhancing brand value through emotional resonance and storytelling [8][13] - The company employs a multi-faceted marketing strategy that includes tasting events and collaborations with local culinary experts to deepen consumer engagement [11][13]

Core Viewpoint - The launch of the first county-level conference by Langjiu in Kuqa marks a strategic move to penetrate the county market in South Xinjiang, aiming to establish Kuqa as a model market for the northwest region [1][4][20] Group 1: Strategic Importance of Kuqa - Kuqa is chosen as the first county-level conference location due to its role as a transportation hub, connecting to major consumer areas like Aksu and Kashgar, with 70% of its population residing in towns, aligning with Langjiu's strategy of delivering high-quality products directly to county markets [5][10] - The local business community, represented by figures like Wang Daqi, expresses strong commitment to Langjiu, highlighting successful collaborations and the establishment of loyal customer bases [5][13] Group 2: Market Growth and Consumer Engagement - Langjiu's initiatives, such as the "Drink Shunpin Lang, Scan to Win Luxury Watches" campaign, have generated significant local enthusiasm, indicating a strong connection with consumer desires for quality products [7][19] - The company emphasizes its commitment to providing high-quality products to local consumers, aiming to enhance their quality of life [9][19] Group 3: Manufacturer-Distributor Relationship - Langjiu is focused on restructuring its relationships with distributors, fostering a sense of community and mutual success, as evidenced by positive testimonials from local business owners [13][15] - The company showcases a diverse product matrix, including seven strategic products, to cater to various market segments, reinforcing its competitive edge [15][17] Group 4: Production Capacity and Market Strategy - Langjiu has achieved a storage capacity of 265,000 tons of sauce-flavored base liquor and a production capacity of 72,000 tons, ensuring product quality and authenticity [17] - The company aims to create a "community of fate" among manufacturers, distributors, and consumers, with a focus on serving county-level markets [17][19] Group 5: Market Potential and Future Plans - The county-level market for liquor is valued at over 600 billion, with national brands having a penetration rate of less than 30%, indicating significant growth opportunities for Langjiu [19] - Langjiu's strategic focus on county markets is a response to the need for deeper market penetration and brand presence, as demonstrated by the successful launch in Kuqa [19][20]

Core Viewpoint - The annual Duanwu Festival ceremony at Langjiu marks the beginning of the summer harvest and emphasizes the company's commitment to traditional craftsmanship and quality in the production of sauce-flavored liquor [1][5][13]. Group 1: Event Highlights - The 2025 version of Langjiu and the Huaxia Hundred Surnames series were officially launched, enhancing the competitiveness of Langjiu's product matrix [1][16]. - Over 380 special guests, including outstanding employees and their families, were invited to the ceremony, showcasing Langjiu's appreciation for its workforce [2][11]. - The event aimed to strengthen emotional connections between the brand and consumers, emphasizing the importance of human relationships in the liquor industry [3][12]. Group 2: Craftsmanship and Quality - Langjiu adheres to the traditional "12987" craftsmanship process, which includes multiple steps such as grain selection, fermentation, and distillation, reflecting a deep respect for time and tradition [5][8]. - The company focuses on the entire value chain from grain to brewing, ensuring high-quality raw materials and precise control over the fermentation process [8][10]. - Langjiu's production capacity has reached 72,000 tons annually, with a storage capacity of 265,000 tons, adhering to the principle of "storing ten and selling one" to ensure product quality [15]. Group 3: Market Strategy - The upgrade of the Langjiu brand is part of a broader strategy to penetrate the mass market, targeting a price range of 200-300 yuan, which positions it as a high-cost performance product [18][19]. - The launch of the Huaxia Hundred Surnames series aims to simplify the custom liquor market and extend its reach to end consumers, reflecting a trend towards personalized consumer experiences [21][22]. - Langjiu has established a comprehensive product matrix that covers various market segments, from mass market to ultra-high-end products, responding to the evolving consumer demands for diversity and personalization [20].

水皮杂谈 一家之言 兼听则明 偏听则暗 四月春暖，白酒行业也驶入复苏快车道：近日，中信证券研报指出，当前正处于宏观周期调整和白酒自身行业周期调整的过程中，需要企业能 积极寻求新场景、新消费和新模式，相信随着更多龙头企业投入到消费者培育和消费场景营造中，白酒行业有望迎来筑底复苏。 诚如所言，在行业，随着春糖、三品节等系列盛会接连举办，酒业已最先感知到行业的"春江水暖"： 3月25日，2025第五届郎酒庄园三品节颁奖盛典在赤水河左岸郎酒庄园举办，一众"郎酒三品"建设的突出贡献者走至领奖台前，向世界讲述 郎酒的"极致三品"征程。据悉，本次郎酒庄园三品节共设置品质奖、品牌奖、品味奖三大奖项，共有763个团队或个人获奖，他们全部来自在 2024年为郎酒品质、品牌、品味做出突出贡献的社会各界朋友以及郎酒员工。 在山河同春、共同感受酒业复苏暖意之时，三品节连续五年举办，也以持之以恒、多年如一日的顶级战略定力引发行业深度讨论： 2021年，郎酒庄园开创了"郎酒庄园三品节"，旨在鼓励大家为郎酒的三品提升而努力，将品质基因注入郎酒人的血液，如今，已经走到了第 五年。五年实践，印证了郎酒"百年根基"战略的本质：品质的滴水穿石、生态 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies, which are expected to lower the cost of childbirth and increase birth rates, thus driving demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% over the same period [2]. Investment Views - In the liquor sector, companies such as Shui Jing Fang, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Jiu are recommended based on their valuation advantages. Long-term recommendations include Wuliangye, Luzhou Laojiao, and others [4]. - The dairy sector has seen a significant rise, with companies like Ximai Food, Youyou Food, and others being highlighted for their growth potential [5]. Key Company Feedback - Luzhou Laojiao's stock price is at 143.61, with an EPS forecast of 9.00 for 2023 and a PE ratio of 15.96, rated as "Buy" [10]. - Gujing Gongjiu is also rated as "Buy," with a stock price of 193.54 and an EPS forecast of 8.68 for 2023 [10]. Industry Data Trends - The liquor industry reported a total revenue of 756.3 billion in 2023, reflecting a year-on-year growth of 9.7% [54]. - The cumulative production of liquor in 2024 reached 4.145 million tons, showing a decrease of 7.72% year-on-year [53]. - The seasoning industry has seen its market size grow from 259.5 billion in 2014 to 592.3 billion in 2023, with a CAGR of 9.6% [56].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies aimed at reducing costs and increasing birth rates, which will drive demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% [2]. Recent Research - Recent reports highlight the government's focus on expanding domestic demand and improving the consumption environment [3]. Investment Views - Liquor Sector: The sector has seen substantial growth due to the announcement of fertility policies and consumption-boosting measures. Key recommendations include Water Well Square, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Liquor, with a broader recommendation for Wuliangye, Luzhou Laojiao, and others [4]. - Consumer Goods Sector: The dairy segment has surged due to policy catalysts, with recommendations for Ximai Foods, Youyou Foods, and others. Long-term opportunities are noted for Yuran Livestock, Modern Farming, and major dairy companies [5]. Key Company Feedback - The report includes specific company performance metrics, with Luzhou Laojiao and Gujing Gongjiu among those recommended for investment based on their earnings forecasts and market positions [10].