本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：何菲，题图来自：AI生成 明显感觉到，我生活的时代，我生活的城市和这座城市的人，到处都在转型。 大约在千禧初年到2017、2018年左右，我们友人之间小酌多数是喝红酒，不管真懂还是假懂，总得 在饮上一口后，用风雅感性的词汇评价一番。为此我还浮光掠影地研究过几年红酒，写过不少相关文 章。 后来，红酒热潮渐渐退去，进入平台期，身边友人们小酌的风格偏好渐渐往白酒方向转化。 前几年某次友人小聚，我坐在中医药大学少壮派教授身边，他执意鼓励我喝点白酒，说是补气、抗病 毒。从此我小酌时的主流佐餐酒换成了白酒。记得那天还有友人往白酒壶里加了半壶蒜瓣，说是能杀 灭病毒。坊间也有"加了蒜片的光瓶玻汾，能喝出青花汾的味道来"的传说。 杯里乾坤大，壶中日月长。 世界六大蒸馏酒的诞生地都分布在北纬25～40度之间，中国的两大名酒带——川贵名酒带和江淮名 酒带，都处于这个地理位置。 有很多年，白酒一直延续高端化的宏大叙事，有"向天再借五百年"的气势，代言人都是影视剧里常常 出现的帝王将相，再低调也是千里江山、雄厚激荡的调性，白酒似乎是传统文化的集大成者。 那些年，飞 ...

Group 1 - Shanxi Fenjiu reported a revenue of 16.522 billion yuan for Q1 2025, a year-on-year increase of 7.72%, and a net profit of 6.648 billion yuan, up 6.15% [1] - The company is focusing on the marketing strategies for its key products, including the Bamboo Leaf Green liquor and the Xinghua Village liquor, as part of its national and international expansion plans [2][6] - The Bamboo Leaf Green liquor is being positioned to capture the silver-haired market, emphasizing its health benefits and cultural significance [2][4] Group 2 - The health industry is rapidly growing, with projections indicating that China's health industry will reach 29.1 trillion yuan by 2030, making it a key area for market share acquisition [2][6] - The Bamboo Leaf Green liquor has been recognized as a national liquor and aims to become the leading brand in the emerging category of "露酒" (Liu Jiu) [9] - The Liu Jiu category has seen significant growth, with revenues surpassing those of Huangjiu and wine, and is projected to reach a market size of 200 billion yuan by 2030 [4][6]

Group 1: 2024 Market Characteristics - The liquor industry is undergoing a deep adjustment period in 2024, showing a "declining volume but increasing profit" trend, with production down 1.8% to 4.145 million kiloliters, while sales revenue increased by 5.3% to 796.38 billion yuan [1][21][22] - The profit total reached 250.87 billion yuan, a year-on-year increase of 7.8%, with A-share listed liquor companies reporting a total revenue of 442.23 billion yuan, up 7.3% [1][22] - The CR6 companies (Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanghe, and Gujinggong) accounted for 86% of the industry's total profit, indicating a significant increase in industry concentration [1][22][27] Group 2: 2025 Market Conditions - In Q1 2025, liquor production fell by 7.2% to 1.032 million kiloliters, continuing the trend of declining production [2][40] - Listed companies showed resilience with a revenue of 153.42 billion yuan, up 1.7%, and a net profit of 64.91 billion yuan, up 2.3% [2][40] - The industry faces challenges with "declining volume and price, and rising costs," as 59.7% of companies reported reduced operating profits [2][49] Group 3: Market Environment Changes and Competitive Landscape - The revised regulations in May 2025 expanded the ban on alcohol consumption, impacting market sentiment and causing a 2-3% overall decline in the liquor sector [3] - The CR6 brands accounted for 87.6% of the revenue of the 20 A-share liquor brands in Q1 2025, indicating further concentration in the market [4] - The younger consumer demographic is emerging, with those born between 1985 and 1994 becoming a key market segment, although business and management personnel still represent 85.1% of the consumer base [4] Group 4: Market Outlook and Development Suggestions - Companies are adopting pragmatic strategies, with 64.9% focusing on core products and 40.4% targeting the mass market [5] - Recommendations for industry health include optimizing capacity and focusing on high-quality development, with a shift from quantity-driven growth to quality-driven strategies [6] - Emphasis on digital marketing and technological innovation is crucial, with 34.9% of companies prioritizing instant retail channel expansion [7] Group 5: Online Sales and Consumer Behavior - Online sales in the first five months of 2025 exceeded 60 million bottles, generating over 30 billion yuan, although national brands are struggling with growth [2][53] - The average online sales revenue for A-share listed companies was 5.0% of total revenue, reflecting a slight increase from the previous year [53] - Consumer behavior is shifting, with a notable decline in traditional consumption scenarios, leading to a decrease in demand during holiday periods [63][70]

山西汾酒 20250617 摘要 2024 年汾酒营收显著增长，期末总资产达 95 亿元，同比增长 21.32%，所有者权益增至 352.04 亿元，同比增长 24.51%。基本每 股收益为 10.04 元，同比增长 17.2%，加权平均净资产收益率高达 39.68%，显示出强劲的盈利能力。 汾酒持续优化市场布局，省外经销商增至 3,718 家，营收达 223.74 亿 元；省内经销商增至 835 家，营收 135 亿元。通过汾享礼遇渠道新模 式和招商育商富商工程，实现渠道精细化管理和样板市场打造，中高价 酒类营收同比增长 14%。 汾酒积极推进国际化战略，响应"一带一路"倡议，在国际市场组织 700 多场推广活动，成功进入 11 个新市场，酒类创汇同比增长超过五 成。同时，在亚洲多国开设汾酒海外体验中心和杏花村酒家，为国际化 奠定基础。 汾酒坚持科技创新和文化建设，成立省级科研平台，荣获中国质量协会 QC 成果一等奖。牵头成立中国酒业活态文化研究院，通过青花汾酒与 传统文化融合，推动文化建设，并获得山西赏杏花最佳地点荣誉。 Q&A 2024 年公司经营业绩及分红情况如何？ 2024 年，公司实现营业收入 3 ...

2025年6月15日，汾酒官方旗舰店迎来十周年特别时刻。一场名为"拾光共酝·汾酒时酿"的沉浸式直播活 动在浙江台州仙居拉开帷幕。这场由淘宝直播打造的跨界盛宴，以"千年酿造文化"为脉络，融合仙居生 态杨梅与非遗技艺，吸引了超150万人次在线观看，成为老字号品牌年轻化表达的一次成功实践。 整场直播不仅是一次品牌传播的创新尝试，更展现了汾酒在产品表达与用户沟通上的深度思考。淘天集 团酒行业总经理语盈表示，这次"杨梅+白酒+文旅"的跨界联动，是平台与品牌共创内容的典范，体现 了汾酒在传承中求变的品牌精神。 汾酒营销中心副主任、销售公司高级总监王利平表示："淘天集团作为本次合作的重要伙伴，为我们搭 建了一座'云端雅集'的桥梁，让更多年轻人从'不识白酒'到'爱上汾酒'。" 此次活动通过淘宝直播的镜 头，向全网展现了"梅好相汾"的魅力。 活动选址"中国杨梅之乡"仙居，以神仙居景区为起点，主持人马萱通过"夏日水果"话题迅速拉近与观众 距离，并预告"888元购物红包"，点燃直播间热情。随后，她与讲解员一同探秘南天顶、观音峰、佛影 莲韵等自然奇观，在讲述山水故事的同时，巧妙引出汾酒"一清到底"的酿造理念，为后续内容埋下文化 伏笔 ...

来源：汾酒国际 编辑：马秋芳 校对：曹丽芳 图片版权归原作者所有 实现营收313亿 净利113亿 10月30日晚，山西汾酒（600809.SH）披露2024年三季度报告：报告期内，公司实现营业收入313.58亿元，同比增长17.25%，归属于上市公司股东的净 利润113.50亿元，同比增长20.34%。 市场拓展成效显著，省外重点市场取得较快增长。前三季度，公司采取稳健市场策略，在公司客户、终端培育较好的地区实现较快增长，持续加大对长 江以南空白市场的拓展力度。因地制宜推进"汾享礼遇"，结合品牌宣传及推广策略，提高了品牌在省外的知名度和影响力。中秋期间，"与花与酒醉中 秋"为主题的营销活动开展顺利，取得了良好效果。 产品结构愈加优化，矩阵优势更加明显。今年上市发布的青花20和老白汾10新品精准发力，实现了稳健销售，通过科技赋能，推动次高端与腰部产品的 高质量发展。构建文创产品矩阵，系统化推动"酒+文化"、"酒+文旅"的融合发展战略，成功发布了"高粱穗"注册商标纪念酒"汾酒1924"、青花汾酒×京剧 艺术联名文创产品等。完善核心产品体系化建设，研发多规格、多容量非标产品，以满足消费者在不同场景下的多样化需求。 ...

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is facing significant challenges due to weak consumer demand and increased competition, with Shanxi Fenjiu emerging as the third-largest player in 2024, but struggling to maintain its position against stronger competitors like Kweichow Moutai and Wuliangye [2][3][5]. Group 1: Industry Overview - The baijiu industry is experiencing a downturn, with a notable decline in production and a competitive landscape that poses risks even for leading companies [2][5]. - In 2024, the total revenue of the baijiu industry reached 796.38 billion yuan, with a year-on-year growth of 5.3%, while production fell to 4.145 million kiloliters, down 1.8% from the previous year [5][6]. Group 2: Shanxi Fenjiu's Performance - Shanxi Fenjiu reported a revenue of 36.011 billion yuan in 2024, marking a 12.79% increase year-on-year, and a net profit of 12.243 billion yuan, up 17.29% [3][4]. - In Q1 2025, Shanxi Fenjiu continued its growth trajectory with a revenue of 16.522 billion yuan, a 7.72% increase, and a net profit of 6.648 billion yuan, up 6.15% [4]. Group 3: Competitive Positioning - Despite its revenue growth, Shanxi Fenjiu's profitability is under pressure, as it lags behind competitors like Luzhou Laojiao in net profit, with Shanxi Fenjiu's profit at 12.243 billion yuan compared to Luzhou Laojiao's 13.473 billion yuan [6][8]. - Shanxi Fenjiu's strategy appears to focus on volume over price, leading to lower average selling prices compared to competitors, which may hinder its ability to compete in the high-end market [8][9]. Group 4: Management and Governance Issues - Shanxi Fenjiu currently lacks a complete executive team, with the position of General Manager remaining vacant since June 2023, raising concerns about governance stability [10][12][15]. - The absence of a General Manager and recent high-level management changes may impact the company's strategic direction and operational effectiveness [15][16]. Group 5: Market Challenges - The company faces challenges from counterfeit products and market saturation, which could undermine its brand and consumer trust [18][19]. - Shanxi Fenjiu's market position is threatened by increasing competition from both established players and emerging brands, making it difficult to maintain its third-place ranking in the industry [2][19].

智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 茅台、五粮液、汾酒、泸州老窖……，中国内地白酒公司的产品正越来越多出现在香港零售终端的货架 上。 虽然地缘上与内地贴近，但长期以来，香港已经形成以葡萄酒、威士忌为主流的消费习惯。随意走进香 港闹市区的一家酒行，轩尼诗XO、麦卡伦威士忌等进口洋酒通常摆在推荐位。产自澳大利亚的奔富葡 萄酒，日本威士忌山崎、響，以及部分清酒也占据着主流渠道。 现在，市场上出现了新的变化，中国内地白酒在香港的货架上变得更加引人注目了。贵州茅台在香港开 设专卖店，山西汾酒进驻兰桂坊，五粮液和国窖1573的广告牌也出现在了维多利亚港。 晚上11点，兰桂坊霓虹灯闪烁，斜坡街道上攒动的人流缓慢涌入一间间酒吧。 来自内地的主理人、韩国和欧洲的表演者、香港本地的调酒师，以及酒单上中国白酒的名字，凑成了喧 闹的周末夜晚。 减税意味着中高档烈酒的终端价格下调，销售机遇到来。中国白酒军团对香港市场展现出了浓厚的兴 趣。 一位在香港经营连锁麻辣香锅店的老板在兰桂坊开设的一间酒吧里，酒单上列有多款中国白酒产品。调 酒师更乐意以白酒为基底做成鸡尾酒，以此展示自己的能力与创意——给茅台系列酒里加几滴贵州酸 ...

在白酒行业处于相对低增速的市场背景下，山西汾酒对今年业绩增幅提出"保持稳健"的态度。 近日在山西证监局、山西省上市公司协会等联合举办"山西辖区上市公司2025年投资者网上集体接待日 暨年报业绩说明会"上，山西汾酒向投资者披露了今年营收目标、产品机构以及国际化等问题。其中对 于投资者关于白酒国际化方面的问题，山西汾酒管理层回应表示，今年营收增长将保持稳健，另外国际 化方面，去年山西汾酒酒类创汇同比增长超五成，国际市场将成为白酒行业未来重要的突破方向。 根据山西汾酒2024年报数据显示，该公司去年营收达到360.1亿元，归母净利润为122.4亿元，创下了历 史新高同时，营收规模也达到白酒行业第三；而在今年一季度，山西汾酒营收和净利润分别录得165.2 亿元和66.48亿元，同比分别增加7.72%和6.15%。 南都湾财社-酒水新消费指数课题组记者留意到，随着白酒行业调整期深入，包括龙头企业在内"暂 别"了高增长，作为过去5年处于高速增长状态的山西汾酒，今年将保持怎样的增速成为投资者关注的部 分。 针对投资者对于今年公司增长预期的问题，山西汾酒副总经理、总会计师王怀表示，2025年公司营业收 入将继续保持稳健增长态 ...

5月20日下午，山西汾酒（以下简称：汾酒）召开2024年度业绩说明会，副总经理、总会计师王怀，副 总经理、汾酒销售公司执行董事、总经理张永踊，以及董事会秘书许志峰等其他高管与投资者在线上互 动交流。现名酒观察将主要交流内容整合如下： 01 业绩、成本等情况 问：公司研发费用同比增长较大，具体的投放情况？ 董事会秘书许志峰答：投资者您好，2024年公司产生研发费用1.48亿元，同比增长67.60%，主要是增加 了研发支出。研发费用的投放主要包括"汾酒科技战略"相关项目，重点布局投向酿造生态解析、智能酿 造等项目，为品质升级储备技术势能。同时，在原粮基础研究、装备研发应用等多个领域取得新进展。 感谢您的关注。 问：2024 年公司毛利率同比提升 0.9 个百分点至 76.2%，但销售费用同比增长 15.84%，请问在费用管 控方面采取了哪些具体措施？如何平衡品牌推广与成本优化需求？ 董事会秘书许志峰答：投资者您好，公司创新市场营销费用管理架构，协同做好营销费用深耕精管与统 筹整合监管。一方面，根据费用投入产品、渠道对营销费用政策管理职权进行管理，另一方面，由公司 费控对营销费用使用监管职权进行一体化统筹管理。感谢 ...