近日，市场监管总局、国家网信办联合印发的《直播电商监督管理办法》（以下简称《办法》），受到 业内外高度关注。 在1月7日召开的专题新闻发布会上，市场监管总局网监司司长朱剑桥指出，直播电商作为平台经济的重 要组成部分，在推动创新、促进消费、扩大就业等方面发挥了重要作用，但同时也出现了假冒伪劣、虚 假营销等突出问题，社会各界对此反映强烈。为进一步明确各参与主体的法律责任，加强直播电商常态 化监管，切实维护广大消费者和经营者的合法权益，市场监管总局会同国家网信办制定出台了该《办 法》。 《华夏酒报》记者注意到，《办法》将于今年2月1日正式施行。新规直击直播电商行业痛点，明确了直 播电商平台经营者、直播间运营者、直播营销人员以及直播营销人员服务机构（MCN机构）这四类主 体的责任边界。对于全行业"All in"的酒类直播市场而言，这套涵盖人工智能使用规范、选品审核强 化、商业广告认定与信息真实要求的新规，或将深刻重塑行业生态。 规则细化，多维度重塑酒业直播责任链 据悉，《办法》针对直播电商的特性，系统性地制定了一系列具体、可操作的规范，精准指向酒类直播 长期存在的监管盲区。 比如，人工智能使用被套上"紧箍咒"，新规要 ...

西宁市市场监管执法人员开展节前酒类市场专项检查。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 本报讯（西海新闻记者 马小玮 摄影报道）1月8日，记者从西宁市市场监督管理局获悉，为规范市场经 营秩序，保障消费者合法权益，西宁市市场监督管理局启动春节前酒类市场专项检查。此次行动抽调骨 干执法人员，并邀请3家酒类生产厂家组成联合检查组，聚焦酒类专卖店等重点场所，开展精准突击检 查。 检查组以"源头可溯、质量合格、价格合规、经营合法"为核心，重点查验店铺营业执照、食品经营许可 证等资质，督促落实进货查验制度，核对供应商资质、索证索票及品牌授权证明，确保酒类产品来源清 晰、渠道合法，杜绝无证无照、超范围经营行为；联合厂家专业人员现场检查酒类外观是否完好，有无 渗漏、浑浊等异常，重点对五粮液、泸州老窖等品牌产品进行真伪鉴别，严查假冒伪劣、商标侵权等行 为；严格规范市场价格，严查哄抬物价、虚构原价等违规操作，督促经营者全面落实明码标价制度，杜 绝价格欺诈问题；在检查过程中同步开展普法宣传，向经营者宣讲《中华人民共和国食品安全法》《中 华人民共和国价格法》等相关规定，指导其建立健全进货查验和台账管理制度，督促经 ...

| STZ 星座品牌 | | | | --- | --- | --- | | 1 40 100 1 100 7 UPF | | 收盘价 01/07 15:59 美东 | | 143.750 + 3.260 +2.32% | | 盘前价 01/08 04:30 美东 | | = 71 4 5 2 7 1 4 1 5 1 2 1 | | ● 快捷交易 | | 最高价 143.210 | 开盘价 143.110 | 成交量 388.07万 | | 最低价 140.490 | 昨收价 143.650 | 成交额 5.49亿 | | 平均价 141.550 | 市盈率TIM 22.05 | 总市值 244.55亿 (…) | | 振 幅 1.89% | 市盈率(静) 亏损 | 总股本 1.74亿 | | 换手率 2.69% | 市净率 3.171 | 流通值 202.79亿 | | 52周最高 194.243 | 委 比 -21.95% | 流通股 1.44亿 | | 52周最低 126.450 | 量 比 1.35 | 色 手 1股 | | 历史最高 264.756 | 股息TTM 4.070 | | | 历史最低 ...

资料显示，上海九百股份有限公司位于上海市北京西路669号东展商业大厦14楼，成立日期1993年12月 21日，上市日期1994年2月24日，公司主营业务涉及涉及酒类产品批发与销售、商业物业租赁管理、股 权投资以及洗染服务及洗涤化工产品生产与销售等多种业态的综合性企业。主营业务收入构成为：商业 100.00%。 12月31日，上海九百盘中下跌2.48%，截至09:35，报11.03元/股，成交1.15亿元，换手率2.52%，总市值 44.22亿元。 资金流向方面，主力资金净流入328.30万元，特大单买入809.52万元，占比7.02%，卖出524.25万元，占 比4.55%；大单买入1903.82万元，占比16.51%，卖出1860.79万元，占比16.14%。 上海九百今年以来股价涨13.73%，近5个交易日跌3.25%，近20日涨19.76%，近60日涨30.69%。 今年以来上海九百已经4次登上龙虎榜，最近一次登上龙虎榜为12月30日，当日龙虎榜净买入5091.15万 元；买入总计1.23亿元 ，占总成交额比11.50%；卖出总计7165.34万元 ，占总成交额比6.72%。 责任编辑：小浪快报 上海九 ...

数据显示，南方基金旗下1只基金位居上海九百十大流通股东。南方中证房地产ETF发起联接A （004642）三季度减持3.17万股，持有股数354.89万股，占流通股的比例为0.89%。根据测算，今日浮 亏损失约205.84万元。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模2.02亿。今年以来收益 1.13%，同类排名4037/4197；近一年亏损2.51%，同类排名4073/4170；成立以来亏损43.64%。 12月25日，上海九百跌5.09%，截至发稿，报10.82元/股，成交8.27亿元，换手率18.36%，总市值43.38 亿元。 资料显示，上海九百股份有限公司位于上海市北京西路669号东展商业大厦14楼，成立日期1993年12月 21日，上市日期1994年2月24日，公司主营业务涉及涉及酒类产品批发与销售、商业物业租赁管理、股 权投资以及洗染服务及洗涤化工产品生产与销售等多种业态的综合性企业。主营业务收入构成为：商业 100.00%。 从上海九百十大流通股东角度 截至发稿，罗文杰累计任职时间12年251天，现任基金资产总规模1702.51亿元，任职期间最佳基金 ...

Summary of Hainan Duty-Free Industry Conference Call Industry Overview - The duty-free industry in Hainan is experiencing significant benefits from the duty-free policy, particularly for island residents who can purchase 15 categories of goods without limits within a year, stimulating demand from both residents and buyers [2][4][15] - In November, the overall sales growth in Hainan's duty-free market reached approximately 25% year-on-year, with island residents contributing about 15% to the sales [2][15] Key Insights and Arguments - **Sales Performance**: In November, Hainan's duty-free sales are expected to reach 2.6 billion yuan, showing over 30% growth compared to the previous year [4] - **Product Categories**: - Gold jewelry saw the highest growth rate of over 20% in November, while 3C electronic products grew by about 15% [5] - The sales distribution for January to October 2025 was as follows: cosmetics 12.377 billion yuan, luxury goods 5.6324 billion yuan, 3C electronics 903 million yuan, and liquor 1.915 billion yuan [9] - **Gross Margin**: The overall gross margin for the duty-free products is maintained at around 35%, with variations across different categories [9][8] - **Supply Chain Management**: Monthly ordering is based on a 90-day sales cycle, with safety stock for new products set at 120 days. The purchasing scale for peak seasons is expected to increase by 20%-30% year-on-year [17][19] Regulatory Environment - Customs regulations on purchasing have tightened, including the implementation of traceability systems and increased monitoring at ports, which could impact the market as approximately 70% of sales come from buyers [13][14] - The future of the gold category's operational model, which involves exporting and then importing, presents growth opportunities but is subject to potential regulatory tightening [11] Consumer Behavior - After the relaxation of policies for island residents, their shopping amounts and frequency increased by about 5%, but their overall contribution remains smaller compared to the total market growth [15] - The proportion of large purchase groups (buyers) in the market is between 50% to 70%, influenced by customs regulations and product structure changes [16] Future Outlook - The duty-free industry is expected to see continued growth driven by returning Japanese customers, although this effect may not be sustainable long-term [23] - Emerging categories like gold and domestic electronic products are anticipated to become significant growth points [23] - Potential policy changes, such as increasing the current spending limit from 100,000 yuan to 120,000 yuan, could further stimulate the market [24] Additional Insights - The cost of goods in Hainan is approximately 10% lower than in the domestic market, with specific categories like cosmetics and luxury goods having significant price advantages [3][21] - The upcoming Spring Festival is expected to boost island residents' consumption as they aim to utilize their annual quotas before they reset [29] - The new Haikou Duty-Free City project aims to enhance shopping convenience and attract more customers, despite currently operating at a loss [30][31] This summary encapsulates the key points discussed in the conference call regarding the Hainan duty-free industry, highlighting sales performance, regulatory impacts, consumer behavior, and future growth prospects.

Core Points - Shanghai Jiubai's stock price increased by 2.04% on November 10, reaching 9.01 CNY per share, with a total market capitalization of 3.612 billion CNY [1] - The company has experienced a year-to-date stock price decline of 7.09%, but has seen a 2.04% increase over the last five trading days and a 7.39% increase over the last 20 days [1] - The company operates in various sectors including wholesale and retail of alcoholic beverages, commercial property leasing, equity investment, and laundry services [1] Financial Performance - For the period from January to September 2025, Shanghai Jiubai reported operating revenue of 63.5745 million CNY, a year-on-year decrease of 3.81%, while net profit attributable to shareholders increased by 2.91% to 28.4247 million CNY [2] - The company has distributed a total of 379 million CNY in dividends since its A-share listing, with 47.705 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 14.86% to 33,300, while the average number of tradable shares per shareholder increased by 17.46% to 12,045 shares [2] - Notable institutional shareholders include Southern CSI Real Estate ETF and CSI Shanghai State-owned Enterprise ETF, with both reducing their holdings compared to the previous period [3]

Core Insights - The company reported a revenue of 1.63 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 140 million yuan, up 18% year-on-year [1] - In Q3 2025, the company achieved a revenue of 500 million yuan, a decrease of 4.6% year-on-year, with a net profit of 30 million yuan, an increase of 17.7% year-on-year [1] Revenue Breakdown - For the first three quarters, revenue from vinegar, wine, and sauce products was 1.05 billion, 240 million, and 140 million yuan, respectively, with year-on-year changes of +7.8%, -9.7%, and +2.3% [1] - In Q3 2025, the growth rates for vinegar, wine, and sauce products were +7.3%, -16.3%, and +11.3%, indicating stable growth in the seasoning product sector [1] Channel Performance - In Q3 2025, offline and online channels generated revenues of 420 million and 80 million yuan, respectively, with year-on-year changes of -7.1% and +17.4% [1] Regional Performance - Revenue growth rates for various regions in the first three quarters were +21.6% for the North, -12.7% for the East, +15.6% for Northern Jiangsu, +16.8% for Southern Jiangsu, +5.7% for Southwest, and +14% for Central regions, indicating positive growth in most areas except the East [1] Profitability and Cost Control - The company's gross margin for the first three quarters was 37.3%, up 1 percentage point year-on-year, while Q3 gross margin was 34.7%, down 0.9 percentage points year-on-year [2] - Q3 2025 saw a decrease in the sales expense ratio by 1.6 percentage points to 17.2%, attributed to effective cost control measures [2] - The net profit margin for Q3 2025 increased by 1.4 percentage points to 6.1% [2] Future Outlook - The company plans to implement state-owned enterprise reform actions, optimize organizational structure, and enhance marketing incentives [2] - Focus will remain on the "big single product" strategy to promote simultaneous development of vinegar, wine, and sauce categories [2] - There will be an increased effort in channel expansion, particularly in catering and e-commerce [2] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.16 yuan, 0.18 yuan, and 0.20 yuan, with corresponding dynamic PE ratios of 52x, 45x, and 41x, maintaining a "hold" rating [2]

Core Points - The company, Hainan Yedao (Group) Co., Ltd., has released its third-quarter operational data for 2025, ensuring the accuracy and completeness of the information provided [7][8] - The financial statements for the third quarter are unaudited, and the company has confirmed that there are no significant omissions or misleading statements in the report [3][6] Financial Data - The report includes key financial data and indicators, although specific figures are not detailed in the provided text [3] - The company has not identified any non-recurring gains or losses for the reporting period [4] Shareholder Information - The report mentions the total number of ordinary shareholders and the status of major shareholders, but specific details are not provided [5] Sales Performance - The company has disclosed its sales performance for alcoholic beverages, including sales figures, sales channels, sales regions, and the number of distributors, although specific numerical data is not included in the text [7]

Core Viewpoint - Luzhou Laojiao Co., Ltd. reported strong financial performance for the first three quarters of 2025, indicating resilience in a challenging market environment [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan [1] - In the third quarter alone, the company generated revenue of 6.674 billion yuan and a net profit of 3.099 billion yuan [1] Industry Context - The liquor industry is currently undergoing a transformation in consumption structure and a deep adjustment period of stock competition [1] - The company is focusing on "precise reach" and "user operation" in its marketing strategy to adapt to the changing market dynamics [1] - The development theme emphasizes "building momentum for breakthroughs and steady growth through meticulous efforts" and "innovating for development in response to trends" [1]