【新华企业资讯11月24日】近日，由汾酒联合多伦多知名高尔夫会所Golf It Up举办的高球品酒会活动，在多伦多华人圈里引起广泛关注。在此次活动上， 汾酒携青花系列产品以及丝绸之路系列核心产品，以中国经典传统白酒酿造底蕴赋能高端运动社交，与近百位高尔夫爱好者、本地华人精英及流量达人博主 共同见证这场融合竞技激情、东方美学与品质品味的圈层盛会。 本次活动特别推出"汾韵三调"鸡尾酒系列： 汾光玫影（Rose Glow） 以玫瑰汾酒融合汤力水与红石榴，将花香与酒韵揉成温柔的甜调； 汾香茶语（Tea Harmony） 选用丝绸之路汾酒搭配中式茶，酒液裹着茶的清润，让传统味觉有了新层次； 荔露汾清（Lychee Breeze） 则以荔枝、薄荷衬出汾酒的爽利，酸甜凉感适配夏夜微醺。 三款特调既保留了汾酒的醇厚，又以创新搭配打破传统烈酒的饮用场景，将千年清香与现代调酒艺术创新融合，成为现场宾客的"打卡必选"。而青花汾酒30 领衔的纯饮区则尽显经典底蕴，其醇厚的口感，让嘉宾在轻酌慢品中感受传统工艺的匠心，领略东方白酒的纯粹质感。 9.1946 Neder K 0 La : 11928817 D % (Tags) f 0 r ...

哈喽，大家好，小玖今天要和大家聊聊白酒圈的大新闻：五粮液2025年第三季度的财报简直是"平地惊雷"，营收和净利润直接断崖式下跌，连多年的"茅五 领跑"格局都被打破了。 10月30日晚间，五粮液（000858.SZ）披露的三季度报告显示，单季度营收仅81.74亿元，同比下滑52.66%；归母净利润20.19亿元，同比骤降65.62%。 更让人意外的是，山西汾酒同期营收和净利润双双反超五粮液，结束了白酒行业长期由茅台、五粮液主导的双雄格局。 这组数据不仅让投资者哗然，更暴露了高端白酒行业深层的渠道危机。 价格倒挂成"元凶"，线上低价倒逼经销商承压 小玖梳理数据时发现，五粮液业绩暴跌的核心症结的是持续发酵的价格倒挂问题。 以核心大单品八代普五为例，目前线下经销商批价维持在850-900元/瓶，但电商平台的"百亿补贴"频道直接把价格压到640元左右，价差最高可达260元。 这种悬殊的价格差，让消费者宁愿冒着买到假酒的风险，也要选择线上渠道。更严峻的是，电商低价背后还暗藏假货隐患。 五粮液近期鉴定数据显示，线上平台购买的148瓶产品中，假冒产品占比达12%，其中77%的假货来自电商"百亿补贴"专区。 | | 本报告期 ...

(中国人民大学商学院教授、博士生导师姚建明发言) 姚建明首先立足宏观政策与市场环境，明确了当前酒类行业发展的核心背景。他指出，当前提振消费、 建设全国统一大市场、推动企业出海以及发展新质生产力，这四大方向构成了行业发展的重要政策支撑 与市场机遇。同时，市场与政策层面的变化也对酒类企业的战略选择提出了新要求，企业需精准研判形 势，避免战略偏差。 在市场定位这一核心问题上，姚建明提出了极具针对性的观点。他不建议将战略重心放在争夺年轻消费 群体上，认为"90后等年轻群体饮酒意愿低，强行推动不现实"。在他看来，酒类企业更应聚焦于现有饮 酒人群，通过精准策略挖掘这一群体的市场潜力。结合汾酒的发展实践，姚建明对汾酒价格定位提出了 优化建议，相对于在同品类同价格带内过度细分产品，他建议汾酒应集中资源强化核心产品的市场地 位。 11月14日，由山西汾酒联合新华社品牌工作办公室、半月谈杂志社共同举办的"汾酒第二阶段高质量发 展战略研讨会"在山西太原成功举办。本次研讨会以"行稳致远，质领未来"为主题，汇聚政企学研多方 智慧，为更好实现"全要素、高质量、又好又快扎根中国酒业第一方阵"的阶段目标建言献策。 在研讨会中，中国人民大学商 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has demonstrated stable operations with a focus on increasing consumer-end investments during peak seasons, resulting in reasonable prepayments [3] - The growth in revenue is primarily driven by the strong performance of the Qinghua series and the essential demand for the Glass Fen liquor, which is expected to contribute significantly to revenue growth [4] - The company has optimized its distribution channels, maintaining a stable dealer network while adapting to the rapid development of e-commerce and direct sales [5] - The gross margin has slightly increased, while the net profit margin has been impacted by rising tax rates, indicating a need for refined management practices [6] - The company has adjusted its revenue forecasts slightly downward for the years 2025 to 2027, while maintaining a "Buy" rating based on its competitive advantages and market position [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 32.924 billion yuan, a year-on-year increase of 5.00%, and a net profit of 11.405 billion yuan, a year-on-year increase of 0.48% [2] - In Q3 2025, the company reported a revenue of 8.960 billion yuan, a year-on-year increase of 4.05%, and a net profit of 2.899 billion yuan, a year-on-year decrease of 1.38% [2] - The gross margin for Q3 2025 was 74.63%, reflecting a slight increase of 0.33 percentage points year-on-year [6] - The company’s revenue projections for 2025-2027 have been adjusted to 37.091 billion, 37.925 billion, and 38.986 billion yuan, respectively, with net profit estimates revised to 12.009 billion, 12.380 billion, and 12.816 billion yuan [8]

Core Viewpoint - The 2025 Q3 report for the liquor industry indicates it is the worst quarter in the past decade, with most companies experiencing significant declines in performance, while only a few, like Guizhou Moutai and Shanxi Fenjiu, managed to maintain positive growth [1][4]. Group 1: Performance Comparison - Among the 21 A-share liquor companies, only 15 have fully experienced the previous adjustment period, showing improved resilience against downturns [2]. - In 2025 Q3, the revenue and net profit of these 15 companies fell by 4.5% and 5.5%, respectively, compared to more severe declines in 2013 and 2014 [4]. - The number of leading liquor companies maintaining positive growth has increased, with Guizhou Moutai and Shanxi Fenjiu being the only ones to achieve this in 2025 Q3 [5]. Group 2: Profitability and Financial Resilience - The total net profit of the 15 liquor companies in 2025 Q3 exceeded 110 billion, significantly higher than the less than 28 billion in 2013 [10]. - The accumulated undistributed profits of these companies reached 468.8 billion, five times that of 2013, indicating a stronger financial cushion [10][12]. - The profitability of leading companies has improved, with Moutai maintaining a gross margin above 90% and Wuliangye's gross margin rising to over 80% [13][14]. Group 3: Sales and Marketing Strategies - Unlike the previous cycle, companies have been more restrained in their sales expenditures, with many reducing their sales expense ratios compared to 2013 and 2014 [17][19]. - Guizhou Moutai's sales expense ratio remains low at around 3-4%, reflecting strong brand recognition and market confidence [20]. Group 4: Channel Confidence and Cash Flow - The confidence of distributors has improved, with contract liabilities for the 15 companies increasing by 3.6% in 2025 Q3, contrasting sharply with the declines seen in the previous cycle [22][24]. - However, some non-leading companies have reported negative cash flow from operating activities, indicating potential financial strain [28].

Core Viewpoint - The 2025 Q3 report for the liquor industry indicates a significant downturn, marking the worst quarter in the past decade, with most companies experiencing substantial profit declines, while only a few, like Kweichow Moutai and Shanxi Fenjiu, managed to maintain positive growth [1] Group 1: Performance Comparison - Among the 21 A-share liquor companies, only 15 have fully experienced the previous downturn, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye [2] - The overall resilience of these 15 companies has improved, with revenue and net profit declines of 4.5% and 5.5% respectively in 2025, compared to larger declines in the previous cycle [3] Group 2: Company-Specific Insights - In 2025, Kweichow Moutai and Shanxi Fenjiu are the only companies showing both revenue and profit growth, contrasting with the previous cycle where only one company managed to do so [6] - Wuliangye's net profit decline is limited to under 14%, while Shanxi Fenjiu has returned to positive growth [7] - Luzhou Laojiao has significantly improved its performance, with revenue and profit declines controlled to single digits in 2025, compared to much larger declines in the previous cycle [7][8] Group 3: Profitability and Financial Health - The total net profit of the 15 companies exceeded 1100 billion in 2025, significantly higher than the previous cycle's total of under 280 billion [10] - The accumulated undistributed profits of these companies reached 4688 billion, five times that of 2013, providing a strong financial cushion [13][15] - Kweichow Moutai's undistributed profits are seven times higher than in 2013, indicating robust financial health [15] Group 4: Cost Management - Many companies have reduced their sales expense ratios compared to the previous cycle, indicating a more restrained approach to spending [29] - Kweichow Moutai maintains a very low sales expense ratio, consistently around 3-4%, reflecting strong brand recognition and market confidence [33] Group 5: Channel Confidence and Cash Flow - The confidence of distributors in head companies has improved, with many reporting increases in contract liabilities, indicating better cash flow management [38] - However, some non-head companies are experiencing negative cash flow, with five companies reporting negative net cash flow from operating activities for two consecutive years [42]

Core Viewpoint - The 2025 Q3 report for the liquor industry is the worst in the past decade, with most companies experiencing significant declines in performance, while only a few, like Kweichow Moutai and Shanxi Fenjiu, managed to maintain positive growth [1] Group 1: Performance Comparison - Among the 21 A-share liquor companies, only 15 have fully experienced the previous adjustment period, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye [2][3] - The overall decline in revenue and net profit for these 15 companies in 2025 Q3 was 4.5% and 5.5%, respectively, compared to larger declines during the previous cycle [4] - The number of leading liquor companies showing positive growth has increased, with Kweichow Moutai and Shanxi Fenjiu both achieving revenue and profit growth in 2025 Q3 [7] Group 2: Profitability and Financial Resilience - The total net profit for the 15 companies exceeded 110 billion yuan in 2025 Q3, significantly higher than the previous cycle's figures [12] - The accumulated undistributed profits for these companies reached 468.8 billion yuan, five times that of 2013, indicating a stronger financial cushion [13][15] - Kweichow Moutai's undistributed profits are seven times higher than in 2013, showcasing its robust financial health [15] Group 3: Cost Management and Sales Strategy - Liquor companies have learned from past experiences and are controlling sales expenses more effectively, with many reducing their sales expense ratios compared to the previous cycle [26][28] - Kweichow Moutai maintains a low sales expense ratio of around 3-4%, reflecting strong brand recognition and market confidence [31] Group 4: Channel Confidence and Cash Flow - The confidence of distributors has improved, with contract liabilities for the 15 companies increasing by 3.6% in 2025 Q3, contrasting sharply with the previous cycle's declines [33] - However, some non-leading companies are experiencing negative cash flow, with five companies reporting negative net cash flow from operating activities for two consecutive years [39]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Core Insights - Shanxi Fenjiu has demonstrated resilience in the face of industry challenges, achieving both revenue and net profit growth amid a broader downturn in the liquor sector [4][5] - The company's revenue reached 32.924 billion yuan, a year-on-year increase of 5.00%, while net profit attributable to shareholders was 11.405 billion yuan, up 0.48% [4] - The implementation of the nationalization strategy has significantly contributed to the company's performance, with sales from outside Shanxi province growing by 12.72% to 21.813 billion yuan, accounting for 66% of total revenue [4] Revenue and Profit Growth - In Q3 2025, the company reported a revenue of 8.960 billion yuan, reflecting a 4.05% year-on-year increase [4] - The third-quarter net profit was 2.899 billion yuan, showing a slight decline but maintaining a strong performance [4] Nationalization Strategy - The nationalization 2.0 strategy has been pivotal, with significant growth in high-potential economic regions such as the Yangtze River Delta and Pearl River Delta [4] - The strategy has not only expanded market reach but also enhanced brand penetration and channel development [4] Product Matrix and Channel Strategy - The core Fenjiu product line generated 32.171 billion yuan in sales, marking a 5.54% increase, serving as a stabilizing force for the company's growth [4] - The company has adopted a clear product strategy focusing on high-end, mid-range, and low-end products, ensuring a comprehensive price range [4] - Initiatives like the "Fen Enjoy Benefits" program have strengthened channel profitability and inventory health, preventing issues like excessive stock and price discrepancies [4] Youth Engagement and Market Position - Shanxi Fenjiu has been proactive in engaging younger consumers through innovative marketing strategies and interactive experiences [4] - The company has shifted its strategic focus from rapid growth to stable growth, emphasizing quality over speed, which is seen as a critical capability during industry adjustments [5] - The brand's historical and cultural significance, combined with the global potential of its aromatic profile, positions it well for future international expansion [5]

Core Insights - The article highlights the resilience and strategic positioning of Shanxi Fenjiu in the face of industry challenges, showcasing its ability to maintain growth amidst a downturn in the liquor market [1][10][15] Financial Performance - In the first three quarters of 2025, Shanxi Fenjiu achieved a revenue of 32.924 billion yuan, representing a year-on-year growth of 5.00%, with a net profit attributable to shareholders of 11.405 billion yuan, up 0.48% [1] - The third quarter alone saw a revenue of 8.960 billion yuan, reflecting a growth of 4.05% compared to the previous year [1] Strategic Positioning - The company has built a robust "moat" through continuous interaction with core terminals and consumers, allowing it to grow even in a sluggish market [4][9] - Fenjiu's product architecture is stable, covering high, medium, and low price ranges, which enhances its ability to respond to market fluctuations [6] - The core product line, the Fenjiu series, generated a sales revenue of 32.171 billion yuan in the first nine months of 2025, marking a 5.54% increase, serving as a stabilizing force for overall performance [6] Market Expansion - Fenjiu is actively pursuing a national expansion strategy, particularly in high-potential economic regions like the Yangtze River Delta and the Pearl River Delta, with successful marketing campaigns targeting younger consumers [8][13] - The company has launched innovative marketing initiatives, such as city tours, to engage with younger demographics and enhance brand visibility [8] Channel Management - The company has implemented systematic measures to ensure channel profitability, including the "Fen Enjoy Benefits" program, which promotes healthy inventory and prevents price erosion [8] - Fenjiu's strict control over inventory and pricing has led to improved channel performance compared to competitors [8] Brand Development - Fenjiu is focused on enhancing brand recognition through high-frequency exposure in key locations and collaborations on cultural projects, reinforcing its identity as "the source of national liquor" [8][9] - The company is well-positioned to capitalize on the growing trend of premiumization in the liquor industry, with a clear strategy for sustainable growth [11][15] Future Outlook - The trend of consolidation in the liquor industry is expected to continue, with Fenjiu poised for growth, particularly in southern markets and among younger consumers [13][15] - The company is expanding its international presence, currently covering over 50 countries, with significant performance in Southeast Asia and plans for further penetration into Europe and the Americas [13]