Core Viewpoint - The recent wave of executive changes in the liquor industry reflects a broader trend of management turnover amid deep adjustments within the sector, with over 10 major liquor companies experiencing core management changes in the past year [2][11]. Group 1: Executive Changes - He Xiuxia, the general manager of Jinzhongzi Liquor, resigned in early July, returning to China Resources Beer headquarters, following the departure of Hou Xiaohai from the chairman position at China Resources Beer [2][3]. - The resignation of He Xiuxia is indicative of a larger trend, as her tenure saw Jinzhongzi Liquor continue to struggle, with a reported revenue of 925 million yuan in 2024, a 37.04% decline year-on-year, and a loss of 258 million yuan, which is over ten times the loss from 2023 [2][11]. - The internal adjustments within China Resources have led to significant personnel changes across its liquor subsidiaries, with recent shifts at Shanxi Fenjiu and Jinsha Liquor, among others [7][10]. Group 2: Strategic Implications - The turnover of executives is not merely a personnel issue but is closely tied to strategic shifts within companies, as the liquor market faces structural changes and declining demand [11][14]. - Jinzhongzi Liquor's management attempted various reforms under He Xiuxia, including eliminating low-end products and focusing on mid-to-high-end offerings, but these efforts did not yield the desired results [11][13]. - The ongoing changes in leadership are seen as a response to performance pressures and the need for strategic realignment, with new leaders often bringing fresh perspectives and approaches to the market [14][17]. Group 3: Industry Trends - The liquor industry is experiencing a shift towards professional management, with an increasing number of experienced professionals and younger executives being appointed to leadership roles [15][17]. - The trend of internal promotions and the appointment of individuals with market experience is becoming more prevalent, as companies seek to enhance their operational effectiveness [16][17]. - The current environment necessitates a more scientific approach to management, as the industry grapples with challenges such as market contraction and changing consumer preferences [15][17].

最近北京一家茅台回收店的老板劝顾客别着急卖酒，说现在行情太差。 飞天茅台从2500跌到1800，连官方指导价1499都快守不住了。 以前抢到酒能赚几千，现在黄牛都不收，囤货的人看着手里酒发愁。 1L装茅台官方价3799，回收才3150，差了600多。有回收商直接说"要了血亏"。以前抢生肖茅台得靠运气，现在i茅台敞开卖，很多人中奖后发现提货就 亏，直接放弃。 i茅台去年卖龙年生肖酒，800万人抢，现在蛇年生肖酒随便买，专卖店门口连黄牛都没了。有人中奖去提货，发现店里直接卖整箱，当场傻眼。以前黄牛 蹲在店门口抢货，现在连人影都没。 茅台1935也跌了，价格比官方还低。整个茅台体系都在往下掉，连最硬的飞天都撑不住。 回收店王老板说现在飞天回收价1750，零售才1900，根本赚不了钱。 很多年前高价买的酒现在卖亏，只能劝人等等看。 以前抢茅台能发财，现在群里没人说话了，连生肖酒都没人要。 有酒友说白酒时代结束了，群里没人讨论抢购技巧了。 以前抢到酒能转手赚一千，现在连成本都回不来。回收价太低，很多人宁愿不提货。 茅台最近在i茅台放开1L装购买，结果卖不出去。以前靠稀缺性炒起来的价格，现在随便买，市场彻底乱了。连专卖店 ...

2025年1月-6月白酒市场环境变化 01 政策调控深化,冲击市场情绪 2025年5月修订的《党政机关厉行节约反对浪费条例》将禁酒范围从高档酒水扩展至所有含酒精饮料，标志着政策调控进入新阶段。尽管政务消费占比已 大幅下降，但政策对市场情绪的冲击仍不容忽视。政策发布次日，白酒板块整体回调2%~3%，与2012年"八项规定"后的剧烈波动形成鲜明对比，而此次 调整幅度相对温和，反映出行业对政策冲击的适应能力增强。受政策影响消费场景的结构性迁移正在加速。当前婚庆寿宴和家庭独酌已成为最主要的消费 场景，而商务宴请占比受到经济环境影响加速下滑。这种转变倒逼企业调整产品策略，茅台1935等次高端产品批发价降至700元左右，销量逆势有所提 升，显示价格带下移已成趋势。 02 市场周期导致上半年白酒批价整体表现较弱 根据对"2025年1-5月中国白酒批发价格总指数"的观察，2025年上半年，中国白酒市场整体呈现小幅震荡的态势。当前白酒行业正处于调整期，在白酒库 存高企，价格倒挂等多重压力下，今年上半年批价整体表现较弱。这种市场表现与宏观经济环境密切相关，经济发展的不确定性导致消费者信心不足，消 费行为更加谨慎，进而影响了白酒终 ...

中美达成贸易相关协议，A股市场受提振上涨 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 今年贵州茅台股价跑输大盘，核心产品飞天茅台市场价跌破2000元/瓶。此前茅台实行去经销商化渠道 改革，直销业务占比升高。但飞天茅台大跌使"配货"业务受冲击，精品茅台、茅台1935市场价走弱，经 销商拿货亏损。目前贵州茅台估值达10年中枢下沿。详情>> 7月3日A股震荡反弹，创业板指领涨，沪指涨0.18%，深成指涨1.17%，创业板指涨1.9%。算力硬件、创 新药、固态电池等板块表现活跃。同日中美关系迎利好，特朗普政府取消针对在华销售芯片设计软件的 出口许可要求，美三大半导体设计软件供应商恢复对中国客户销售和支持。消息后，相关企业股价夜盘 大涨，市场对中美经贸关系发展预期改善。详情>> 美国就业数据爆冷，美联储降息预期升温 当地时间7月2日，美国"小非农"ADP就业数据为2023年3月以来首次负增长，6月私营部门就业人数减少 3. ...

来源：环球网 【环球网消费综合报道】近期，飞天茅台市场价跌破2000元大关，成为白酒行业最引人关注的话题之 一。此现象正引发市场对贵州茅台(600519)业绩的担忧。贵州茅台股价今年以来已下跌6.24%，至1400 元/股附近，跑输大盘。 价格双轨制下的渠道变革 飞天茅台价格波动对贵州茅台业绩的影响，首先需要厘清"价格双轨制"这一行业现象。所谓价格双轨 制，指的是飞天茅台的指导价与市场实际成交价之间存在巨大差异。数据显示，在2018年至2023年11月 期间，飞天茅台的出厂价长期维持在969元/瓶，但市场价一度飙升至3000元/瓶以上，整箱茅台单品价 格甚至达到4000元/瓶，中间超过2000元/瓶的利润主要被经销商和黄牛赚取。 这种价格双轨制曾让经销商赚得盆满钵满，但对贵州茅台的业绩影响有限。长期跟踪飞天茅台价格的许 飞表示："市场如此之高的利差，主要是被渠道商、黄牛赚取，对贵州茅台业绩影响有限。一级经销商 通常选择按市场价出货，其获取的利润甚至已经远超贵州茅台酒厂本身。" 贵州茅台自2020年起推行渠道改革，加速"去经销商化"。2020年公司一次性减少经销商346家，其中酱 香系列酒经销商301家，茅台酒 ...

将投中网设为"星标⭐"，第一时间收获最新推送 "高端酒卖不动了，普通酒也不那么吃香。" 以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618，白酒的价格那叫一个"跌跌不休"。在各大电商平台的补贴"大招"下，茅台、五粮液 等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到手价最 低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日带 来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被冷 落，300-600元的产品却成了消费者首选。 作者丨 唐纳德 来源丨 快刀财经 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲，现象背后，透露出的是中国白酒产业的集体阵痛，作为资本市场和食品消费领域的一块核 心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 然而，近年来白酒行业 ...

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

Core Viewpoint - The newly revised regulations on frugality and waste reduction in government agencies have led to significant changes in the high-end liquor market, particularly affecting the consumption patterns and pricing strategies of various liquor brands [2][3][6]. Group 1: Impact of Regulations - The "ban on alcohol" policy has been extended to all alcoholic beverages, marking a new phase in policy regulation, despite the fact that government consumption has already decreased significantly [3][6]. - The market sentiment has been heavily influenced by the policy, leading to price fluctuations in high-end liquor products such as Moutai and Wuliangye, with some promotional prices dropping below 2000 yuan [6][10]. - The structural shift in consumption scenarios is accelerating, with wedding banquets and family gatherings becoming the primary consumption occasions, while business banquets are declining due to economic pressures [6][12]. Group 2: Market Dynamics - The mid-range liquor segment, particularly products priced between 500-800 yuan, is facing significant challenges as high-end brands lower their prices, leading to a "dimensionality reduction" effect on these products [7][10]. - The best-selling price ranges in the liquor market are now between 100-300 yuan and 300-500 yuan, indicating a downward shift in consumer preferences [7][10]. - The market for light bottle liquor is growing, with brands like Guojiao and Wuliangye entering the low-alcohol segment, reflecting a shift towards healthier and more personalized drinking experiences [14][16]. Group 3: Future Opportunities - Companies are adapting by targeting the banquet market, which is replacing business scenarios as the main consumption venue for mid-range liquor [12][13]. - The light bottle liquor market is projected to continue its growth, with significant sales contributions from younger consumers, particularly the post-90s demographic [14][16]. - The overall liquor market is evolving towards a "civilian liquor era," characterized by healthier and more individualized consumption patterns [16].

Core Viewpoint - The price of Moutai liquor, particularly the 1L 53-degree Flying Moutai, has significantly decreased in the market, leading to a situation where the retail price on the iMoutai app is higher than the market price, causing consumer confusion and dissatisfaction [1][8][21]. Pricing Discrepancies - The official retail price for the 1L Flying Moutai is set at 3799 yuan, while the lowest price on e-commerce platforms is 3180 yuan, indicating a price inversion [1][5]. - Other Moutai products also show price inversions, with the purchase price on iMoutai being higher than the market wholesale price for various products [8][21]. - The market price for Flying Moutai has dropped below 2000 yuan, with reports of prices as low as 1950 yuan per bottle in Jinan [16][18]. Market Trends - The price of Moutai has been declining, with the wholesale price for Flying Moutai dropping by 18% since the beginning of the year [16][21]. - The price of the Snake Year Moutai has also decreased from a factory price of 2499 yuan to around 2300 yuan, with wholesale prices as low as 2180 yuan [18][21]. - The overall market is experiencing a downturn, attributed to seasonal factors and regulatory impacts on government consumption, which accounts for 15% of Moutai's sales [21][24]. Consumer Behavior - Consumers are increasingly opting to purchase Moutai from retail stores rather than through the iMoutai app, as many products are available without the need for a lottery system [11][15]. - Some consumers have expressed dissatisfaction with the iMoutai app, leading to a decline in its user base as individuals uninstall the app after winning lotteries for products they no longer wish to buy [15][24]. Company Response - Moutai is implementing strategies to stabilize prices, including high-level visits to distributors and potential adjustments to supply policies [23][24]. - The company has introduced a "stop supply test" strategy to manage inventory and stabilize prices, although some initiatives have been quickly retracted [24][25].

飞天茅台批发价要反攻了？ 6月28日，据酒类行情监测平台"今日酒价"公众号披露的批发参考价， 25年飞天茅台（53度/500ml，下同）原箱 报1920元/瓶，较上一日涨50元；散瓶价1840元/瓶，较上一日涨40元；24年飞天茅台原箱报1920元/瓶，较上一日 涨10元；散瓶价1860元/瓶，较上一日涨10元；23年飞天茅台原箱报2010元/瓶，较上一日涨10元；散瓶价1910元/ 瓶，较上一日涨10元。 | 茅台飞天 | | 2025年6月28日 (公众号: 今日酒价) | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | 53度/500ml | 1870 | 1920 4 | | 2 25年飞天(散) | 53度/500ml | 1800 | 1840 1 | | 24年飞天(原) | 53度/500ml | 1910 | 1920 1 | | 24年飞天(散) | 53度/500ml | 1850 | 1860 ↑ | | 23年飞天(原) | 53度/500ml | 2000 | 2010 1 | | 23年飞天 ...