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透过双节酒市窥见行业的“三重变革”时代:价格带分化、区域重构与渠
Sou Hu Cai Jing· 2025-10-12 00:42
01 多维因素驱动下,各个价格带持续分化 在当前消费市场整体承压的宏观背景下,酒水行业的结构性分化趋势愈发凸显,各价格带在双节期间呈 现出截然不同的市场表现,折射出行业深层次的调整与重构。 作为礼赠市场与高端商务宴请的刚需品类,头部高端白酒在双节期间的动销稳中有升。与此同时,此前 头部酒企积极通过控量稳价策略,有效维护了核心产品的价格体系,部分高端大单品的批价也在节庆期 间逐步企稳回升。这一趋势深刻揭示出在行业周期性调整与市场竞争加剧的复杂环境下,那些拥有强大 品牌壁垒、深厚渠道掌控力与清晰战略视野的头部酒企,不仅具备穿越周期的能力,更展现出强大的定 价权与抗周期属性。 次高端及中端白酒则在双节期间面临着严峻的考验。批价普遍承压下行,部分产品价格从400元区间回 落至200-300元价格带,价格倒挂现象频现。除汾酒青花20、剑南春水晶剑等具备强势宴席场景的产品 表现相对稳健外,多数品牌动销下滑幅度超过30%,市场竞争日趋激烈。 来源:食品评论日刊 2025年的国庆与中秋双节相遇,本该是消费市场的"黄金周",可白酒行业期盼的销售高峰却并未如期而 至。宏观数据显示,假期前四天全国重点零售和餐饮销售额同比仅增长3. ...
白酒“上车”即时零售,千亿风口下的狂欢与隐忧
Tai Mei Ti A P P· 2025-10-11 02:12
【中国白酒网】今年中秋、国庆再次揭露白酒线上线下"冰火两重天"现状:线下动销持续"冷淡", 线上却格外热闹,美团闪购平台1499元的飞天茅台秒空,节前销量8倍增长。 这截然不同的市场表现背后,是即时零售正从电商平台的"独角戏",演变为全行业参与的 "重头 戏"。从茅台与淘宝闪购达成合作、i茅台上线"即时配送"服务,到十余家白酒企业联合美团闪购推出即 时零售行业首个全链路保真体系,酒企正加速"上车"。 数据显示,酒类即时零售渗透率虽从2023年的1%起步,但业内预计2027年将飙升至6%,规模有望 冲击千亿级别。然而,这场渠道革命在拓宽竞争赛道的同时,也埋下了价格失控、经销商利润不断蒸发 的隐患,一场关于效率、利益与生态的博弈已然拉开序幕。毕竟在这场冒险实验背后也有不少人担心经 销商沦为平台的"送货工具人"。 01、现状:平台主导,多元模式共舞 即时零售以"小时达""分钟达"的极致履约效率,重构了零售逻辑。在白酒领域,这股浪潮已从早期 的垂类探索,发展为平台型、垂类型、仓店一体型等多模式并存的竞争格局,其中综合电商平台凭借资 源优势占据主导地位。 2014年酒仙网率先试水,推出"酒快到"平台,当年便喊出了"19 ...
白酒“上车”即时零售,千亿风口下的狂欢与隐忧|行业风向标
Sou Hu Cai Jing· 2025-10-10 15:47
(图片系AI生成) 今年中秋、国庆再次揭露白酒线上线下"冰火两重天"现状:线下动销持续"冷淡",线上却格外热闹,美团闪购平台1499元的飞天茅台秒空,节前销量8倍增 长。 这截然不同的市场表现背后,是即时零售正从电商平台的"独角戏",演变为全行业参与的 "重头戏"。从茅台与淘宝闪购达成合作、i茅台上线"即时配送"服 务,到十余家白酒企业联合美团闪购推出即时零售行业首个全链路保真体系,酒企正加速"上车"。 白酒企业加速登场 数据显示,酒类即时零售渗透率虽从2023年的1%起步,但业内预计2027年将飙升至6%,规模有望冲击千亿级别。然而,这场渠道革命在拓宽竞争赛道的同 时,也埋下了价格失控、经销商利润不断蒸发的隐患,一场关于效率、利益与生态的博弈已然拉开序幕。毕竟在这场冒险实验背后也有不少人担心经销商沦 为平台的"送货工具人"。 现状:平台主导,多元模式共舞 即时零售以"小时达""分钟达"的极致履约效率,重构了零售逻辑。在白酒领域,这股浪潮已从早期的垂类探索,发展为平台型、垂类型、仓店一体型等多模 式并存的竞争格局,其中综合电商平台凭借资源优势占据主导地位。 2014年酒仙网率先试水,推出"酒快到"平台,当年便 ...
25年中秋国庆食品饮料跟踪专题报告:白酒符合预期,餐饮链环比改善
CMS· 2025-10-09 06:03
证券研究报告 | 行业深度报告 2025 年 10 月 09 日 白酒符合预期,餐饮链环比改善 25 年中秋国庆食品饮料跟踪专题报告 消费品/食品饮料 双节整体数据看,消费、出行相对平稳,假期前四天全国重点零售和餐饮企业 销售额同比增长 3.3%,整个假期间日均人员流动量 3.04 亿人次,同比增长 6.2% 略好于此前预期。根据公司与渠道反馈,双节期间板块表现分化,整体景气度 来看,零食>饮料>餐饮链(调味品、啤酒、速冻)>乳制品>白酒,其中调味品 受益于餐饮改善,双节动销略好于预期,白酒高端酒与宴席场景表现较好于此 前预期。建议继续关注高景气赛道,同时考虑到餐饮旺季逐步到来,以及外卖 大战、禁酒令等影响消化,关注白酒报表出清&餐饮链板块公司业绩改善。 推荐(维持) 行业规模 相关报告 1、《25 年中秋国庆白酒渠道跟踪专 题报告—需求缺口依然存在,马太效 应加剧》2025-09-28 2、《食品饮料行业周报(9.21)— 白酒关注双节动销,乳制品把握结构 性机会》2025-09-22 3、《食品饮料行业周报(9.14)— 首推零食&港股细分龙头,关注白酒 双节动销》2025-09-14 | 陈书慧 S10 ...
蜜雪并购鲜啤福鹿家;习酒推出中端新品|观酒周报
2 1 Shi Ji Jing Ji Bao Dao· 2025-10-09 04:09
国庆中秋,酒业旺季。各家酒企国庆前后继续推出新品,在央视秋晚、大湾区音乐会、各地音乐节、足 球联赛现场也能看到知名酒企的身影。 蜜雪冰城并购啤酒连锁"鲜啤福鹿家" 股价先涨后跌 蜜雪集团国庆节当天公布,以2.856亿元(约4000万美元)收购福鹿家(郑州)企业管理有限公司51% 股权,此外另以1120万元收购独立第三方赵杰持有的2%股权,收购后合计持股53%。 (原标题:蜜雪并购鲜啤福鹿家;习酒推出中端新品|观酒周报) 21世纪经济报道肖夏 综合报道 鲜啤福鹿家在全国经营约1200家门店,其啤酒饮品售价约为每斤(500ml)6元~10元,是近年迅速扩 张的鲜啤连锁。公告称,鲜啤福鹿家近12个月的收入(截至2025年8月)约1.49亿元,首次实现经营盈 利,当年未经审核的税后利润为107万元。 由于管理团队脱胎蜜雪冰城、门店装潢和定价策略与蜜雪冰城高度相似并共享供应链冷链,外界多将鲜 啤福鹿家视为蜜雪冰城的另一旗下品牌。不过鲜啤福鹿家、蜜雪冰城方面此前均表示,双方为互相独立 的经营主体。 (重庆一家鲜啤福鹿家门店,21记者摄) 根据此次公告,鲜啤福鹿家的实际控制人为田海霞,而田海霞是蜜雪冰城CEO张红甫的配偶, ...
白酒板块双节渠道反馈总结
2025-10-09 02:00
白酒板块双节渠道反馈总结 20251008 摘要 双节期间白酒市场的整体表现如何? 双节期间白酒市场的整体表现符合节前预期。传统经销商的动销下滑了 20%至 25%,价盘保持相对平稳,飞天茅台价格在 1,800 元左右波动,五粮液价格在 810 至 820 元之间波动。总体来看,白酒市场没有出现显著的惊喜或惊吓,基 本沿着节前反馈趋势发展。 从不同场景来看,各类白酒消费情况如何? 宴席场景的反馈相对较好,用酒量预计小幅下滑。居民端反馈分化,不同区域 表现不一,总体与大盘下滑幅度类似,大约为 20%。泛商务招待场景表现较差, 消化幅度预计超过 30%。礼赠场景则偏刚性,没有统一的大幅下降反馈。 各品牌和 SKU 层面的表现如何? 今年各品牌没有特别出彩的,但部分 SKU 释放出较好的态势。宴席型产品,如 地产酒 100~300 元价格带内单品(如古 8、古 16、梦 3 等)受益于宴席红利, 全国化单品如红花郎 10、1,618 也因酱酒政策力度大而表现良好。此外,以价 格打出性价比的单品,如茅台 1,935,在双节期间动销反馈不错。 高端白酒内部不同产品的顺位和价格变化情况如何? 宴席场景白酒消费表现相对较好 ...
销量显著承压,消费理性重塑格局|双节调研·河南
Sou Hu Cai Jing· 2025-10-05 06:55
Core Insights - The overall sentiment in the liquor market during the recent dual festival (Mid-Autumn and National Day) is one of disappointment, with many distributors reporting a significant decline in sales compared to previous years [3][5][6] - Despite the overall market pressure, certain segments, particularly high-value and cost-effective products, have shown resilience and even growth [4][10] Market Trends - Many distributors experienced a 20%-30% drop in white liquor sales during the dual festival, indicating a broader trend of declining consumer demand [4][5] - The market is characterized by a shift towards more affordable products, with the price range of 600 to 1000 yuan becoming a key sales driver [10] Consumer Behavior - Consumer confidence appears to be low, leading to a more cautious purchasing approach, particularly in the high-end segment where demand for premium gifts has decreased by approximately 20% [6][8] - The trend of rational consumption is evident, with consumers prioritizing value for money, which has pressured prices downward [9][10] Competitive Landscape - Intense competition among distributors has led to aggressive pricing strategies, with some opting to sell at lower prices to ensure quick returns [9][10] - Innovative marketing strategies, such as music festivals, have been employed by some companies to enhance consumer engagement and boost sales during the festival period [6][10] Regional Insights - The Henan market remains a strategic high ground for the liquor industry, with an annual consumption scale exceeding 600 billion yuan, showcasing its resilience and diverse product offerings [10][11] - Despite the challenges, some companies have managed to maintain or slightly increase their sales, indicating pockets of opportunity within the broader market downturn [6][10]
敬时代·共此时:茅台1935携“湾区升明月”以酒载情 四大篇章演绎文化喜宴
凤凰网财经· 2025-10-01 10:24
Core Viewpoint - The "Bay Area Rising Moon" 2025 Greater Bay Area Film and Music Gala served as a significant cultural event, connecting global Chinese communities and celebrating the Mid-Autumn Festival through music and shared experiences [2][4]. Summary by Sections Event Overview - The gala was broadcasted across multiple platforms, including major television channels and social media, achieving extensive reach and engagement among global audiences [4]. - The event featured a variety of performances that highlighted emotional connections and cultural themes, emphasizing the importance of reunion and nostalgia [5][19]. Performances and Highlights - The opening performance by Liu Tao and subsequent acts by Zhou Shen and Yu Shi set a heartfelt tone, focusing on themes of longing and reunion [5][7]. - The gala included a segment titled "Colorful Sea," showcasing diverse musical talents and cultural exchanges, with performances that resonated deeply with the audience [20]. - The finale featured a duet by Jackie Chan and Joey Yung, symbolizing the enduring connection across generations and cultures [19]. Social Media Impact - The event generated significant online buzz, with the main topic "BayAreaRisingMoon" dominating social media trends and achieving over 10 billion views within 24 hours [22]. - Various humorous and engaging moments from the gala, such as Yan Ni's performance, contributed to its viral nature, showcasing the blend of entertainment and cultural significance [24][39]. Cultural Significance - The gala was preceded by a welcome dinner that set a warm tone for the event, emphasizing themes of cultural exchange and unity [42][44]. - Performances highlighted traditional values and modern interpretations, showcasing the importance of cultural heritage and its relevance in contemporary society [48][52]. - The event concluded with a message of unity and shared joy, reinforcing the idea that cultural celebrations can bridge distances and foster connections among people [54].
中国必选消费品9月价格报告:白酒批价多数下跌,大众品价格多数稳定
Haitong Securities International· 2025-09-30 11:25
Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, and others, indicating a positive outlook for these stocks [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, with notable decreases in prices for Guizhou Moutai and Wuliangye, while prices for most consumer goods remain stable [4][10]. - The report highlights a significant drop in the discount rates for liquid milk products, indicating a shift in consumer purchasing behavior [6][18]. - Overall, the report suggests that the impact of funds is greater, advising attention to low-position stocks and heavyweight stocks in the consumer staples sector [8]. Summary by Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) are 1790 and 1770 yuan, respectively, reflecting a decrease of 55 and 70 yuan from the previous month [4][37]. - Wuliangye's eighth-generation price is 895 yuan, down 25 yuan from last month [4][37]. - Luzhou Laojiao's Guojiao 1573 price increased by 10 yuan to 850 yuan [4][37]. Consumer Goods Pricing - The average discount rate for liquid milk products decreased from 74.8% to 69.4% since the end of August [6][21]. - Discount rates for soft drinks, condiments, instant foods, and beer remained stable, with slight variations in average and median values [19][35]. - The report notes that the discount rate for infant formula products also showed a minor decrease from 89.5% to 88.7% [21][35]. Investment Strategy - The report emphasizes the importance of monitoring low-position stocks and heavyweight stocks due to the greater impact of funds on the market [8].
从“双节”营销,看见中国酒业之变
Sou Hu Cai Jing· 2025-09-30 06:25
Core Insights - The Chinese liquor industry is experiencing a recovery during the "Golden September and Silver October" season, with major companies like Kweichow Moutai and Wuliangye reporting significant sales growth [2][3] - Despite the expected sales boom during the Mid-Autumn Festival and National Day, the market is characterized by a "calm, indifferent, and rational" consumer behavior, shifting marketing strategies towards sales activation and online channels [2][10] Group 1: Marketing Strategies - Major liquor companies are adopting a sales-driven approach, focusing on direct promotions and product accessibility rather than traditional brand exposure [5][6] - New product launches, such as "Da Zhen·Zhen Jiu" and the first metaverse concept liquor by Guotai, have seen immediate success, indicating a shift towards innovative offerings [3][4] - Companies like Moutai and Fenjiu are implementing promotional activities that cater to diverse consumer needs, emphasizing practical sales over ceremonial marketing [5][6] Group 2: Channel Transformation - The marketing strategies during the double festival have shifted towards localized and online-focused approaches, enhancing consumer engagement and market growth [7][9] - Collaborations with local cultural events and online platforms have been utilized to create immersive consumer experiences, such as the "Jiu Gui Jiu" campaign in Hunan [8][9] - The rise of instant retail partnerships, like that of Tuopai and Meituan, exemplifies the industry's adaptation to new consumer behaviors and preferences [9] Group 3: Consumer Behavior Changes - There is a notable shift towards rational consumption, with consumers preferring to buy based on immediate needs rather than bulk purchasing [10][11] - The popularity of lower-priced and lower-alcohol products reflects changing consumer preferences towards health and personal enjoyment [11] - The industry is undergoing a fundamental transformation from "scale expansion" to "quality enhancement," indicating a long-term shift in the value system and business models within the liquor market [10][12]