上海北外滩贵州茅台快闪店 ◎记者 郭成林 高志刚 你见过白酒的"盲盒"吗？ 上海证券报记者注意到，近日，舍得酒业的电商平台旗舰店和社交媒体主页上频现俏皮亮色：公司推出 名为"马上有舍得"的系列小酒盲盒，作为旗下首款明确将年轻人作为主要目标消费群体的酒款。 舍得酒业并非中国白酒试水"年轻化"的孤例。 近年来，一批白酒企业在产品研发、市场营销、品牌传播等方面进行了各种创新探索。随着新生代逐渐 成为消费主力，行业亦正经历一场全方位的深刻重塑。 "低度化是迎合新生代对微醺感觉的重要方向和手段。"中国食品产业分析师朱丹蓬在接受上海证券报记 者采访时分析，老一代酒桌文化的核心更多是"悦人"，而新生代已转向"悦己"，这背后的消费逻辑已发 生根本变化。 中国酒业协会数据显示，2025年低度酒市场规模将突破740亿元，年复合增长率达25%，这一增速远超 白酒行业整体水平。 酒企掀起"降度潮" 中国酒业协会报告显示，白酒主力消费群体正在进行代际更迭：1985年至1994年出生人群已成为新主 力，占比达34%；1995年后出生的成年群体占比达18%，年轻消费力量持续崛起。 基于对消费趋势的敏锐洞察，今年以来，多家白酒企业加速布局低 ...

事实上，允许收货转码只是五粮液系列措施之一。自年初以来，五粮液陆续推出旺季停货、加大渠道补贴和激励政策等措施来稳定价格，但这些措施并未有效阻止价格下探。 文 | 酒业内参 张奥 上周，五粮液的核心大单品——第八代五粮液的批发价格迎来了剧烈波动：批价一度跌至800元。即便中秋前夕，单瓶价格也未大幅回暖，目前实际批价约810元-830元，已低于高度国窖1573。 有经销商向《酒业内参》透露，为了进一步维护市场秩序，五粮液已面向市场出台了全新政策——经销商可以选择不打款，而是去市场上收货，再转码销售，此举可算进2025年的合同任务量中。 另外，《酒业内参》也从机构方面获悉，或基于白酒行业持续缩量调整，今年以来，五粮液经销商回款进展并不理想：年中五粮液回款约50%，而去年同期回款75%，同比差额达25个百分点；截 经销商：五粮液允许自行收货销售 正值中秋国庆双节前夕，五粮液核心大单品——第八代五粮液的批发价格迎来了剧烈波动。《酒业内参》了解到，第八代五粮液上周批发价格曾一度骤降数十元，批价一度跌至800元。即便中秋前 而这样的情况，在线上则更加严峻。以某电商平台为例，在百亿补贴频道，第八代五粮液单瓶价格约760元-7 ...

文 | 酒业内参 张奥 上周，五粮液的核心大单品——第八代五粮液的批发价格迎来了剧烈波动：批价一度跌至800元。即便 中秋前夕，单瓶价格也未大幅回暖，目前实际批价约810元-830元，已低于高度国窖1573。 有经销商向《酒业内参》透露，为了进一步维护市场秩序，五粮液已面向市场出台了全新政策——经销 商可以选择不打款，而是去市场上收货，再转码销售，此举可算进2025年的合同任务量中。对此，五粮 液方面表示，确有该政策，目前仍在进行中，"节后还会有相关政策进行价格托底，针对高质量动销将 继续给予相应激励，针对甩货也会出台一些惩罚政策。" 另外，《酒业内参》也从机构方面获悉，或基于白酒行业持续缩量调整，今年以来，五粮液经销商回款 进展并不理想：年中五粮液回款约50%，而去年同期回款75%，同比差额达25个百分点；截至9月，五 粮液经销商回款约60%~80%，去年同期回款90%，同比差额最高达30个百分点。在库存方面，五粮液 的库存周转天数达到了70天。 经销商：五粮液允许自行收货销售 正值中秋国庆双节前夕，五粮液核心大单品——第八代五粮液的批发价格迎来了剧烈波动。《酒业内 参》了解到，第八代五粮液上周批发价格曾一 ...

证券日报网讯五粮液9月17日在互动平台回答投资者提问时表示，8月26日，公司正式推出29度五粮液· 一见倾心，在五粮液京东、天猫、唯品会、抖音官方旗舰店全平台开启预售，预售阶段吸引超万名消费 者预订。 （文章来源：证券日报） ...

Core Insights - The overall performance of the liquor industry has declined in the first half of the year, with over two-thirds of listed liquor companies experiencing a year-on-year decrease in performance, while only a few managed to maintain single-digit growth [2][10] Company Dynamics - Guizhou Moutai announced a share repurchase of 60 billion yuan and a new plan for the controlling shareholder to increase its stake by 30 to 33 billion yuan within six months, signaling confidence in the company's long-term value [3][4] - Li Du Liquor Company has suspended the supply of certain high-quality products due to resource scarcity, ensuring product quality and customer rights [5] - Shede Liquor launched a new low-alcohol product "Shede·Zizai" priced at 329 yuan, with a strategic partnership with JD.com for marketing and distribution [6] - Wuliangye's new product "Wuliangye·Yijianqingxin" was launched and sold out quickly during a live broadcast event, indicating strong market interest [7][8] - Moutai's new "Moutai 1935" product was launched with a controlled pricing model, aiming to solidify its position in the premium market segment [9] Industry Performance - Among 21 listed liquor companies, only six reported positive growth, with Moutai showing the highest increase of approximately 9% in revenue and net profit [10] - The beer industry showed mixed results, with Budweiser experiencing the largest decline, while Yanjing and Zhujiang breweries reported significant profit increases [12][13] - The yellow wine sector saw only one company, Kuaijishan, achieve double-digit revenue growth, while others like Guyue Longshan and Jinfeng reported declines [14] Industry Trends - The first half of 2025 saw a slight decrease in the production of liquor, with a total output of 191.59 million hectoliters, down 5.8%, while sales revenue increased marginally by 0.19% [16] - In Jiangsu Province, liquor production fell by 17% and beer production decreased by 3.9% in the first seven months of the year [17] Industry Events - The 114th National Sugar and Wine Fair is scheduled for March 26-28, 2026, in Chengdu, continuing to be a significant event for the industry [15] Personnel Changes - Zhu Xianghong has been appointed as the chairman of Huanghelou Liquor Company, while still serving as the general manager [18]

Group 1: Industry Overview - More than 10 listed liquor companies reported their semi-annual results, showing a general decline in performance among second-tier liquor brands, with many experiencing significant setbacks [1] - First-tier liquor brands continue to launch new products and upgrade existing ones to capture market share [1] Group 2: New Product Launches - Moutai's new product, Moutai 1935, is positioned as a high-end offering with a price of 998 yuan for 500ml, set to launch on August 28 [2] - Wuliangye is set to launch a new 29-degree product called "Wuliangye·Yijianqingxin" this week, with three different flavor samples previously tested [3] - Shede Liquor will introduce its first low-alcohol, high-flavor aged liquor, "Shede Zizai," also at 29 degrees, on August 30 [3] - Gujing Gongjiu has launched a new low-alcohol product, "Gujing Gongjiu·Nianfen Yuanjiang Qingdu 20," with an alcohol content of 26 degrees, priced at 375 yuan for 375ml [3] Group 3: Company Performance - China Resources Beer reported a 0.8% increase in revenue to 23.942 billion yuan, with a 23% rise in net profit to 5.789 billion yuan, while beer sales grew by 2.2% [6] - Jinhui Liquor achieved a revenue of 1.759 billion yuan, a slight increase of 0.31%, and a net profit of 298 million yuan, up 1.12% [7] - Shede Liquor's revenue fell by 17.41% to 2.701 billion yuan, with a net profit decrease of 24.98% [9] - Jiu Gui Jiu reported a 43.54% drop in revenue to 561 million yuan and a 92.6% decline in net profit [10] - Tian You De Jiu's revenue decreased by 11.24% to 674 million yuan, with a net profit drop of 35.37% [10] - Huazhi Liquor's revenue fell by 33.55% to 3.949 billion yuan, with a net profit decline of 63.75% [11] - Kouzi Jiao's revenue decreased by 20.07% to 2.531 billion yuan, with a net profit drop of 24.63% [12] - Kuaijishan reported an 11.03% increase in revenue to 817 million yuan, with a net profit increase of 3.41% [13] - Zhenjiu Lidu's revenue fell by 39.6% to 2.497 billion yuan, but the gross margin increased to 59% [14]

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [2] Core Insights - The food and beverage industry saw a 3.29% increase from August 18 to August 22, 2025, underperforming the CSI 300 index by 0.89 percentage points [4][9] - The trend towards lower alcohol content beverages is accelerating, with major companies like Wuliangye and Gujinggong launching new low-alcohol products to capture the younger demographic [5][6] - The market for low-alcohol beverages is expected to exceed 74 billion yuan by 2024, with a projected annual growth rate of 25% [6] Summary by Sections Industry Performance - The food and beverage sector's relative performance over the past 12 months shows a decline of 20.4% compared to the CSI 300 index, while absolute returns were 11.4% [3] - The sector's valuation is currently at a PE ratio of 22X, ranking 22nd among the primary industries [16] Key Data Tracking - As of August 22, 2025, the wholesale price of Feitian Moutai has decreased by 1.07% to 1845 yuan per bottle [19] - Beer production in July 2025 was 3.741 million kiloliters, a year-on-year increase of 1.90%, while wine production saw a significant decline of 25% [19] Investment Recommendations - The report suggests focusing on two main lines: stable demand leaders with strong risk resistance and companies actively innovating in new products and channels [7][45] - Recommended companies include Shanxi Fenjiu, Kweichow Moutai, Qingdao Beer, and others that demonstrate strategic foresight and execution capabilities [7][45]

Core Viewpoint - The wholesale price of Wuliangye has been continuously declining, raising market concerns about its performance and the overall high-end liquor market dynamics [1][3]. Price Trends - As of August 15, the wholesale reference price for Wuliangye's Baidai Pu Wu (52 degrees/500ml) was reported at 860 yuan per bottle, having dropped over 4.44% within the month and 9.47% since the beginning of the year when it was priced at 950 yuan [1]. - The decline in prices is attributed to the falling prices of Moutai, which has affected Wuliangye's market position as a substitute for Moutai [3]. Market Dynamics - The drop in Moutai prices has led consumers who previously opted for Wuliangye due to price considerations to return to Moutai, thereby exerting downward pressure on Wuliangye [3]. - Moutai's price decline has prompted a reevaluation of the overall valuation of high-end liquor, impacting Wuliangye negatively [3]. Performance Metrics - Wuliangye's revenue growth has slowed, with a reported revenue of 891.75 billion yuan for 2024, reflecting a 7.09% increase year-on-year, and a net profit of 318.53 billion yuan, up 5.44% [9]. - In the first quarter of 2025, Wuliangye achieved a revenue of 369.4 billion yuan, marking a 6.05% year-on-year growth, with a net profit of 148.6 billion yuan, up 5.8% [9]. Stock Performance - As of August 15, Wuliangye's stock price closed at 123.1 yuan, representing an 8.34% decline year-to-date, while the Shenzhen Composite Index and the CSI 300 Index saw increases of 11.71% and 6.8%, respectively [9]. Strategic Initiatives - Wuliangye is exploring new growth avenues to overcome current performance challenges, focusing on attracting younger consumers while maintaining its high-end brand image [8]. - The company has introduced lower alcohol content products and trendy designs to appeal to younger demographics, with plans for new product launches in the latter half of the year [8].

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Viewpoints - The liquor industry is currently in a deep adjustment phase, influenced by economic and policy pressures, with five major changes observed [2] - The industry is transitioning towards a "quality-price ratio" competition phase, with leading companies already positioning themselves for this shift [2] - Despite being in a weak performance phase, the sector shows characteristics of low valuation, low expectations, low holdings, and high dividends, making leading liquor companies attractive investment opportunities [3] Summary by Sections 1. Industry Background - The liquor industry is facing dual pressures from economic conditions and policy changes, accelerating its decline [7] - The introduction of the "Strict Economy and Anti-Waste Regulations" has further impacted consumption scenarios, particularly in high-end group purchases [7][9] - The industry is expected to undergo a supply-side adjustment, with companies lowering their growth targets to alleviate channel pressures [13] 2. Supply Side - Leading liquor companies have initiated a "control supply" trend to rebalance supply and demand, which may stabilize prices [18] - Companies like Wuliangye and Luzhou Laojiao have implemented supply control policies to manage inventory levels [19] 3. Demand Side - Companies are innovating to meet changing consumer preferences, focusing on quality-price ratio products and low-alcohol options to attract younger consumers [20] - The establishment of manufacturer platforms and embracing online channels are strategies being adopted to enhance sales and manage distribution [26] 4. Investment Recommendations - The report suggests focusing on strong brands with resilient demand and attractive dividend returns, such as Kweichow Moutai and Wuliangye [55] - The potential for earnings per share (EPS) recovery is anticipated in the second quarter of 2026, making it a favorable time to invest [55]

Core Viewpoint - The low-alcohol liquor market is experiencing a resurgence after nearly 30 years of dormancy, with major companies like Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Yanghe actively entering this segment to attract younger consumers [3][4][6]. Group 1: Market Trends - The market share of low-alcohol liquor has been rapidly increasing, with its production accounting for approximately 15% in 2022 and projected to exceed 25% by 2024 [3]. - Some companies report that low-alcohol products have captured over 50% of their regional market share, indicating a significant shift in consumer preferences towards younger demographics [3][4]. - The demand for low-alcohol liquor is driven by changing consumer habits, with lower alcohol content products showing better sales performance compared to traditional high-alcohol options [4][19]. Group 2: Company Strategies - Wuliangye plans to launch a new mid-to-high-end 29-degree product named "Yijian Qingxin" in September, while Yanghe will introduce fruit wines and low-alcohol trendy drinks in August and September [6][9]. - Luzhou Laojiao has successfully developed a 28-degree version of its flagship product, Guojiao 1573, and will introduce additional low-alcohol options [6][8]. - Guizhou Moutai is accelerating its low-alcohol beverage brand, Youmi, with 14 new products launched at a recent trade fair and plans for online and offline distribution [13]. Group 3: Industry Challenges - The low-alcohol liquor segment faces challenges such as maintaining flavor balance and quality control, as reducing alcohol content can disrupt the equilibrium of flavor compounds [16]. - There is a risk of market homogenization, with many brands adopting similar "fruit flavor + bubbles" formulas, which may lead to consumer fatigue and a lack of brand loyalty [16][19]. - The industry must focus on technological innovation and cultural engagement to ensure sustainable growth and avoid being trapped in a highly competitive market [19].