2024年底，酒业重回"茅五汾"时代，龙头效应带动清香品类"狂飙"。至2025年上半年，山西汾酒实现营 业收入239.64亿元，同比增长5.35%；净利润85.05亿元，同比增长1.13%，增速均远超行业平均水平， 带动整个清香品类保持"增速领跑、价值重塑"的发展节奏，成为整个白酒行业令人瞩目的亮点。但一场 行业"三期叠加"的逆风，却让这场高增长叙事背后同样充满了结构性挑战。 在消费习惯深刻变迁、渠道结构剧烈重构、资本市场谨慎观望、政策环境更为复杂的背景下，清香品类 的发展暗流涌动——同质化竞争、价格内卷与全国化乏力正成为品类扩张的隐忧。站在2025年的十字路 口，清香白酒的竞争逻辑已从规模扩张转向价值深耕，一场以理性觉醒、结构升级与渠道重构为核心的 行业重塑，正在重新定义品类的未来。 从"汾酒速度"到"稳健压倒一切"，龙头引领清香高端化、全国化韧性发展 据了解，针对今年中秋国庆双节，汾酒还对五码合一产品（包含青花30青花26、青花20、老白汾10）加 大开瓶奖励，每新开瓶扫码一次即可获得产品基础红包一个，此外100%额外获得一个"加油红包"。把 费用投放在C端，可以切实解决动销拉动问题，也避免B端费用投入大 ...

Core Insights - Shanxi Fenjiu reported a revenue of 31.358 billion and a net profit of 11.350 billion for Q3 2024, marking a year-on-year increase of 17.25% and 20.34% respectively [1] Group 1: Financial Performance - The company achieved a revenue of 31.358 billion, reflecting a 17.25% increase year-on-year [1] - The net profit attributable to shareholders reached 11.350 billion, showing a growth of 20.34% compared to the previous year [1] Group 2: Market Expansion - Significant growth was observed in key markets outside the province, driven by a steady market strategy and cultivation of clients and terminals in well-performing regions [1] - The company intensified efforts to expand into blank markets south of the Yangtze River, enhancing brand awareness and influence through targeted marketing strategies [1] - The marketing campaign themed "Drunk Mid-Autumn with Flowers and Wine" during the Mid-Autumn Festival was successful, yielding positive results [1] Group 3: Product Development - The product structure has been optimized, with notable advantages in the product matrix, including the successful launch of new products such as Qinghua 20 and Laobai Fen 10 [1] - The company is promoting high-quality development of mid-range and lower-tier products through technological empowerment [1] - A cultural product matrix has been established, integrating "liquor + culture" and "liquor + tourism," with the release of commemorative products like "Fenjiu 1924" and collaborations with Peking Opera [1] Group 4: Brand Building - The company is enhancing brand influence through content marketing that emphasizes its history and culture, utilizing big data for precise marketing [2] - Various brand activities, including product launches, have increased brand exposure and interaction [2] - The 2024 Fenjiu Supplier Conference was held to foster communication and collaboration with suppliers, promoting innovation and quality improvement in the supply chain [2]