白酒板塊2025年中報業(yè)績綜述報表釋壓，加速筑底證券研究報告2025年09月17日*場景壓制常態(tài)化，報表釋壓，加速筑底??從“被動出清”到“主動調(diào)整”，行業(yè)處于加速筑底階段：行業(yè)特性決定了多數(shù)品牌在“實際需求場景持續(xù)受損”背景下，以其品牌、渠道勢能的“韌性”優(yōu)先選擇完成“既定業(yè)績增長目標(biāo)的要求”，較為長期的“供過于求”在渠道庫存、價格與現(xiàn)金流層面壓力持續(xù)累積，引發(fā)市場持續(xù)擔(dān)憂，定價錨定偏離，25H1報表降速調(diào)整利于糾偏。縮量調(diào)整期的結(jié)構(gòu)性機會，市場長期定價更傾向于“股息率”與“市占率”，如價位龍頭、市占率、品牌地位等，短期對基本面調(diào)整節(jié)奏及品牌庫存業(yè)績等壓力傳導(dǎo)時間節(jié)點已形成較為一致預(yù)期，短期內(nèi)市場從關(guān)注“場景恢復(fù)與動銷的邊際變化”到更關(guān)注同比趨勢以驗證需求底部。我們預(yù)期：???在趨勢上，動銷淡旺季轉(zhuǎn)換的修復(fù)和環(huán)比改善是確定性的，宴席、親朋聚飲等“深度場景”需求韌性植根于文化，禁令的制度與傳統(tǒng)節(jié)日的紀律強調(diào)是常態(tài)，政商務(wù)場景修復(fù)彈性可先導(dǎo)參考宏觀指標(biāo)；報表端三季度或依然強分化，春節(jié)后表觀增速降幅逐步收窄，進入“弱復(fù)蘇”階段，2025與2014年白酒復(fù)蘇階段是相似的，行業(yè)面臨的環(huán)境考驗可能更大，而品牌則未必；“以價換量”，內(nèi)卷加劇，消費者促銷費用推動價格下移：旺季的流動性充裕環(huán)境在高庫存與穩(wěn)增長壓力下必然外顯為價格下降，電商平臺、“歪馬送酒”等即時零售平臺補貼也將助推價格下移，當(dāng)然也將伴隨著降庫（因終端門店更追求現(xiàn)金流與存貨周轉(zhuǎn)，渠道調(diào)貨較為便利，當(dāng)下備貨相對較少，庫存多累積于經(jīng)銷商，旺季的消費脈沖傳導(dǎo)或有利于對沖價格下行壓力）。*深度場景支撐，板塊已進入多重底部配置區(qū)間???25年上半年白酒行業(yè)經(jīng)歷了宏觀經(jīng)濟緩慢修復(fù)、行業(yè)庫存周期高位去化、以及518史上最嚴禁酒令的政策面壓制等，消費場景受損，行業(yè)需求延續(xù)承壓，酒企放緩回款節(jié)奏紓壓渠道，加速庫存去化，二季度報表同比轉(zhuǎn)負，行業(yè)加速出清筑底。當(dāng)前行業(yè)處于估值、機構(gòu)倉位、基本面的多重底部，Q2政策利空導(dǎo)致渠道壓力加速傳導(dǎo)至報表端，中報加速出清成為行業(yè)共識，增速放緩、結(jié)構(gòu)下移、蓄水池收縮、現(xiàn)金回款占比下滑等成為酒企中報共性。降速紓壓成行業(yè)共識，渠道壓力加速傳導(dǎo)至報表端。白酒25年上半年17家主要白酒上市公司營收、歸母凈利潤分別2368.3、944.6億元，同比-0.4%、-0.9%，單Q2實現(xiàn)營收、歸母凈利潤867.2、313.4億元，同比-4.7%/-7.3%，是本輪周期內(nèi)營收端首次負增長，利潤端下滑幅度大于營收端。剔除茅臺25上半年實現(xiàn)營收、歸母凈利潤分別1457.4、490.6億元，同比-5.5%、-8.6%，其中單25Q2實現(xiàn)營收、歸母凈利潤470.7、127.8億元，同比-12.9%、-20.9%，收入利潤端均環(huán)比加速下滑。酒企放寬回款政策為渠道紓壓，盈利受產(chǎn)品結(jié)構(gòu)和貨折拖累，規(guī)模效應(yīng)縮水&費用支出剛性。上半年白酒上市公司回款進度普遍慢于同期，合同負債端整體同比下滑2.5%，銷售收現(xiàn)同比下滑3.2%。25H1白酒板塊毛利率/歸母凈利率分別為82.5%/39.9%，同比+0.10/-0.23pcts；剔除茅臺后分別為76.9%/33.7%，同比-0.36pcts/-1.13pcts。量價層面，禁酒令壓制政商務(wù)場景高端白酒需求受損，

25年中報整體呈現(xiàn)量增價跌的趨勢，Q2各大品牌切入宴席市場，以降低政策門檻、加碼政策力度等方式強化動銷開瓶，導(dǎo)致貨折增加、噸價下移，毛利率下滑。??板塊已進入底部配置區(qū)間，重視旺季消費脈沖事件的邊際催化。進入8月以來，場景釋放和升學(xué)宴需求集中釋放的背景下，渠道反饋宴席驅(qū)動下的開瓶動銷環(huán)比修復(fù)等積極信號。中秋國慶旺季將加速基本面筑底過程，我們預(yù)計26年開啟報表端修復(fù)。投資建議：推薦強品牌力的貴州茅臺、五糧液、瀘州老窖，逆周期下增長路徑清晰的山西汾酒；區(qū)域及價位均有較好成長性的區(qū)域龍頭，古井貢酒、金徽酒、迎駕貢酒、今世緣、老白干酒等，以“大珍模式”探索增量的珍酒李渡；關(guān)注出清路徑清晰、儲備新品的洋河股份、酒鬼酒和渠道庫存有效去化，24年稅費擾動影響結(jié)束的舍得酒業(yè)。?風(fēng)險提示：消費場景復(fù)蘇節(jié)奏及相關(guān)刺激政策效果不達預(yù)期；產(chǎn)業(yè)政策調(diào)整風(fēng)險；食品安全風(fēng)險。*白酒：降速出清共識達成，量增價跌結(jié)構(gòu)下移01目錄0203投資建議與盈利預(yù)測風(fēng)險提示*白酒：降速出清共識達成，量增價跌結(jié)構(gòu)下移01.*1.1

25Q2降速成共識，本輪周期內(nèi)板塊營收首次負增長?降速紓壓成行業(yè)共識，渠道壓力加速傳導(dǎo)至報表端。25年上半年17家主要白酒上市公司營收/歸母凈利潤分別2368.29億元/944.61億元，同比-0.35%/-0.92%，其中單25Q2實現(xiàn)營收/歸母凈利潤867.23/313.35億元，同比-4.69%/-7.25%，是本輪周期內(nèi)營收端首次負增長，利潤端下滑幅度大于營收端。剔除茅臺25上半年實現(xiàn)營收/歸母凈利潤分別1457.36億元/490.58億元，同比-5.49%/-8.55%，其中單25Q2實現(xiàn)營收/歸母凈利潤470.73/127.80億元，同比-12.86%/-20.89%，收入利潤端均環(huán)比加速下滑。?Q2收入端：僅茅臺7.26%/天佑德酒3.92%/山西汾酒0.45%/五糧液0.10%四家酒企實現(xiàn)同比正增長，以高端為主。Q2利潤端：排除偶發(fā)因素外，僅茅臺5.25%/老白干酒0.16%同比正增；另有水井坊、酒鬼酒、天佑德酒Q2內(nèi)轉(zhuǎn)虧，金種子延續(xù)虧損。圖表：25年上半年白酒上市公司降速紓壓25H125Q125Q2公司營收(億元)

營收yoy(%)

歸母凈利潤(億元)

歸母凈利潤yoy(%)營收(億元)514.43營收yoy(%)

歸母凈利潤(億元)

歸母凈利潤yoy(%)營收(億元)396.50營收yoy(%)

歸母凈利潤(億元)

歸母凈利潤yoy(%)貴州茅臺五糧液910.94527.71164.541603.18239.6427.019.16%4.19%-2.67%6.17%454.03194.9276.63725.5885.054.438.89%2.28%-4.54%5.49%10.67%6.05%1.78%7.99%7.72%-25.14%2.74%-30.34%2.81%-31.92%9.17%10.38%-11.93%2.42%-29.41%3.36%3.04%268.47148.6045.93463.0166.483.4611.56%5.80%0.41%8.47%6.15%-37.10%2.15%-56.78%2.03%-39.93%7.27%12.78%-9.25%3.59%-320.62%11.91%5.77%-9.29%-37.69%-18.55%2.55%7.26%0.10%-7.97%3.45%185.5546.3230.70262.5718.570.97-0.85-0.2318.477.075.8513.323.021.05-0.331.685.25%-7.58%-11.10%0.62%369.4093.52977.36165.2315.769.59158.3171.02625.8374.4111.255.39瀘州老窖高端酒合計山西汾酒舍得酒業(yè)水井坊5.35%1.13%0.45%-13.50%139.48%-251.25%-147.77%-19.41%-62.66%-37.06%-11.63%-35.22%-70.91%408.17%0.16%-12.78%-52.75%-44.15%-40.15%-7.25%-17.41%-12.84%-43.54%-0.02%-35.32%-4.84%0.54%-16.51%-20.07%-27.47%0.48%-24.98%-56.52%-92.60%-3.22%-45.34%-9.46%2.49%-18.02%-24.63%-750.54%5.42%-3.44%-31.37%-56.57%-5.44%-43.67%-29.69%-14.23%-23.81%-48.48%-24.16%-1.95%-4.02%-44.86%3.92%14.985.611.050.091.900.32酒鬼酒3.442.17次高端合計洋河股份今世緣古井貢酒迎駕貢酒口子窖金種子酒老白干酒金徽酒287.24147.9669.51138.8031.6025.314.8424.8117.5910.706.74477.872368.291457.3690.6343.4422.2936.6211.307.15-0.723.212.981.630.51128.40944.61490.58194.02110.6650.9991.4620.4718.102.9611.6811.087.9672.1636.3716.4423.308.296.10-0.391.522.341.440.6896.09631.25362.7893.2337.2918.5247.3411.137.211.8813.146.512.752.42148.18867.23470.730.31%1.12%0.640.18-0.1632.31313.35127.80伊力特-19.51%-11.24%-17.49%-0.35%-5.49%-17.82%-35.37%-25.33%-0.92%-8.55%-4.32%-17.96%-11.58%2.35%-1.51%天佑德酒區(qū)域龍頭合計白酒板塊合計白酒板塊剔除茅臺4.32329.691501.06986.63-28.17%-4.69%-12.86%-3.23%-20.89%料*高端酒收入利潤維持正增，次高端增速轉(zhuǎn)負，地產(chǎn)酒加速下滑1.1?分

板

塊

看

，

25H1

高

端

/

次

高

端

/

區(qū)

域

酒

及

其

他

分

別

實

現(xiàn)

營

收圖表：23Q1-25Q1白酒各價格帶單季度營收&利潤增速逐季放緩1603.18/287.24/

477.87億

元

，

同

比

+6.17%/-0.02%/-17.49%

。

其中

，

25Q2

分

別

實

現(xiàn)

營

收

625.83/93.23/148.18

億

元

，

同

比

分

別+3.45%/-5.54%/-28.17%。單季度營收增速70%23Q124Q223Q224Q323Q324Q423Q425Q124Q125Q2?白酒板塊在Q2首次實現(xiàn)營收利潤在本輪周期的雙負增長。高端白酒25Q2仍能維持收入利潤正增長，但增速顯著放緩；次高端營收利潤增速雙雙轉(zhuǎn)負；區(qū)域龍頭加速下滑。不同價位帶均呈現(xiàn)利潤下滑幅度大于收入端的共性，酒企利潤縮水。20%圖表：單季度營收&利潤增速逐季放緩，25Q2營收首次負增長-30%白酒營收歸母凈利潤營收yoy歸母凈利潤yoy高端次高端區(qū)域龍頭白酒板塊剔除茅臺1,6001,4001,2001,00080030%25%20%15%10%5%單季度利潤增速23Q124Q223Q223Q324Q423Q425Q124Q125Q224.3%21.6%22.3%24Q318.6%17.0%14.1%16.5%13.7%16.3%15.8%

15.5%

15.4%10%13.0%12.0%6004000%-40%2.3%2.3%1.4%200-5%-4.7%0-10%

-90%高端次高端區(qū)域龍頭合計剔除茅臺料*高端酒收入利潤維持正增，次高端增速轉(zhuǎn)負，地產(chǎn)酒加速下滑1.1圖表：18Q1-25Q2高端酒板塊逐季營收表現(xiàn)圖表：

18Q1-25Q2次高端酒板塊逐季營收表現(xiàn)次高端酒營收（億元）YoY（%）高端酒營收（億元）YoY（%）2402001601208040120%90%60%30%0%1200100080060040020060%40%20%0%0-30%0圖表：

18Q1-25Q2區(qū)域龍頭酒板塊逐季營收表現(xiàn)圖表：

18Q1-25Q2其他酒企板塊逐季營收表現(xiàn)區(qū)域龍頭營收（億元）YoY（%）其他酒企營收（億元）YoY（%）3503002502001501005040%90807060504030201040%20%0%-20%-40%20%0%0-20%0料*高端酒收入利潤維持正增，次高端增速轉(zhuǎn)負，地產(chǎn)酒加速下滑1.1圖表：2017-2025白酒各板塊及上市公司半年度營收表現(xiàn)營收（億元）營收YoY2017H1

2018H1

2019H1

2020H1

2021H1

2022H1

2023H1

2024H1

2025H1

2017H1

2018H1

2019H1

2020H1

2021H1

2022H1

2023H1

2024H1

2025H1449.27

612.38

746.52

823.55

951.56

1105.04

1296.75

1494.84

1586.14

25.85%

36.31%

21.90%

10.32%

15.54%

16.13%

17.35%

15.28%

6.11%高端酒貴州茅臺

241.9五糧液

156.21瀘州老窖

51.16次高端酒

55.11山西汾酒

34.21333.97214.2164.2394.88271.5180.1399.9663.7712.2116.9439.53307.6876.3494.526910.268.047.22490.87367.5293.17180.61121.1923.9118.3717.14307.3155.4370.0738.5120.8622.43576.17412.22116.64229.7153.3430.25695.76455.06145.93819.31506.48169.05893.89527.71164.5433.11%

38.06%

18.24%

11.31%

11.68%

17.38%

20.76%

17.76%17.85%

37.13%

26.75%

13.32%

19.45%

12.17%

10.39%

11.30%9.10%4.19%19.41%

25.49%

24.81%-4.72%22.04%

25.19%

25.11%

15.84%

-2.67%79.2256.08

287.29

287.24

38.24%

43.70%

26.22%

-5.45%

91.08%

27.18%

11.49%

12.19%

-0.02%50.4210.1813.365.24190.1135.2915.2715.41227.4632.7117.199.94239.6427.0114.985.6141.18%

47.38%

22.30%7.80%75.51%

26.53%

23.98%

19.65%5.35%舍得酒業(yè)水井坊酒鬼酒8.798.413.7112.72%

15.82%

19.87%

-15.95%

133.09%

26.51%

16.64%

-7.28%

-17.41%70.62%

58.97%

26.47%

-52.41%

128.44%

12.89%

-26.38%

12.57%

-12.84%20.7425.377.0927.33%

41.26%

35.41%1.87%

137.31%

48.04%

-39.24%

-35.50%

-43.54%區(qū)域龍頭

203.14

255.78

293.43

247.98洋河股份

115.3373.83

452.08

509.37

413.17

14.30%

25.91%

14.72%

-15.49%

23.92%

21.65%

20.93%

12.67%

-18.89%145.4347.8323.617.3321.59159.9959.8830.5518.8224.19134.2955.229.1313.6815.7189.0890.0246.4625.3218.73113.159.6931.4329.12228.76138.0673.0437.8531.66147.96138.869.531.625.3113.12%

26.12%

10.01%

-16.06%

15.75%

21.65%

15.68%4.58%

-35.32%古井貢酒今世緣36.718.0420.53%

30.32%

25.19%17.24%

30.83%

29.45%-7.82%-4.65%26.96%

28.46%

25.64%

22.07%32.20%

20.66%

28.47%

22.36%

-4.84%0.54%迎駕貢酒

15.64口子窖

17.463.40%17.76%

23.67%

12.04%

-35.12%

42.90%1.97%

11.79%

12.41%

0.57%

6.57%

-10.93%

6.83%10.81%8.59%-27.32%

52.46%

20.38%

24.25%

20.44%

-16.89%22.972.42%26.79%8.72%

-20.07%-4.51%

-13.74%其他酒企

105.59

118.05

132.69

133.44

142.21

126.67

135.32

129.22

111.47老白干酒

11.07伊力特

8.29順鑫農(nóng)業(yè)

65.4814.599.9772.337.945.496.990.080.6619.599.414.937.9495.27.124.13.540.390.2316.5210.3191.919.725.455.7920.2611.3365.1912.266.025.950.7122.3212.2162.1115.237.686.610.7424.713.356.8717.546.677.590.651.9124.8110.745.9317.594.846.740.586.12%1.08%4.47%6.82%-24.54%

-4.19%-7.74%

4.37%31.78%

34.33%

-23.79%

10.61%

22.65%

10.19%

10.65%0.48%20.38%10.45%

16.36%

13.12%10.32%

2.62%-7.80%

-19.09%

32.98%

10.39%

27.63%

-13.16%

-27.47%-22.46%

-34.65%

63.61%

2.81%

10.95%

14.93%

-11.24%-5.72%

-15.60%

29.85%9.96%7.71%8.94%

-19.51%-8.45%

-19.24%84.168.155.065.420.170.74-3.46%

-29.07%

-4.72%金徽酒7.2-12.67%

36.59%

26.13%

24.25%

15.17%0.31%金種子酒天佑德酒皇臺酒業(yè)巖石股份5.736.690.380.750.252.27-39.62%

-78.41%

103.14%

135.35%

-35.82%

179.60%

5.51%

-12.07%

-11.85%2492.42%

-12.15%

12.14%

-69.19%

890.25%

118.84%

69.73%

-77.32%

-85.22%4.968.430.28料*高端酒收入利潤維持正增，次高端增速轉(zhuǎn)負，地產(chǎn)酒加速下滑1.1圖表：2017-2025白酒各板塊及上市公司半年度利潤表現(xiàn)歸母凈利潤（億元）歸母凈利潤YoY2017H1

2018H1

2019H1

2020H1

2021H1

2022H1

2023H1

2024H1

2025H1

2017H1

2018H1

2019H1

2020H1

2021H1

2022H1

2023H1

2024H1

2025H1176.89

248.41

320.36

366.77

420.81

504.25

601.08

687.80

725.58

28.17%

40.43%

28.96%

14.49%

14.73%

19.83%

19.20%

14.43%

5.49%高端酒貴州茅臺

112.51五糧液

49.72瀘州老窖

14.67157.6471.1019.6714.859.371.662.671.14199.5193.3627.5018.7111.901.85226.02108.5532.2020.5716.051.64246.54132.0042.2651.6735.447.35297.94150.9955.3269.3650.138.36359.80170.3770.9083.1267.679.20416.96190.5780.2893.6484.105.91454.03194.9276.6390.6385.054.4327.81%

40.12%

26.56%

13.29%27.91%

43.02%

31.30%

16.28%

21.60%

14.38%

12.83%

11.86%32.73%

34.08%

39.80%

17.12%

31.23%

30.89%

28.17%

13.22%

-4.54%68.23%

72.41%

26.00%

9.93%

151.22%

34.24%

19.84%

12.66%

-3.22%9.08%20.85%

20.76%

15.88%8.89%2.28%次高端酒山西汾酒舍得酒業(yè)水井坊8.616.020.621.140.8367.63%

55.76%

26.28%

33.05%

117.54%

41.46%

35.00%

24.27%1.13%169.00%

166.05%

11.81%

-11.45%

347.94%

13.60%

10.07%

-35.73%

-24.98%25.66%

133.59%

26.97%

-69.64%

266.01%

-2.00%

-45.15%

19.55%

-56.52%113.62%

38.30%

36.13%

18.42%

176.55%

40.68%

-41.23%

-71.32%

-92.60%3.401.561.031.853.775.103.707.182.034.222.421.211.050.09酒鬼酒區(qū)域龍頭

59.62洋河股份

39.0878.6950.058.928.563.827.3310.791.462.164.811.580.060.88-0.300.1492.4255.8212.4810.724.458.9511.611.942.026.481.35-0.320.22-0.160.0782.6554.0110.2510.203.334.868.501.171.465.481.20-0.54-0.350.0396.5456.6113.7913.355.916.8710.001.242.124.761.87-0.980.75-0.120.35119.49

146.03

163.09

120.79

16.41%

31.99%

17.45%

-10.57%

16.81%

23.77%

22.22%

11.68%

-25.93%68.9319.1916.187.797.408.273.631.280.402.12-0.550.990.030.3778.6227.7920.5010.648.486.822.171.76-0.812.54-0.380.9779.4735.7324.6113.799.4912.293.041.984.232.950.1143.4436.6222.2911.307.158.613.211.631.732.98-0.7214.15%

28.06%

11.52%27.34%

62.59%

39.88%

-17.89%

34.53%

39.17%

44.85%

28.54%22.29%

31.56%

25.23%

-4.92%

30.92%

21.22%

26.70%

20.08%

-9.46%-0.32%

15.96%

16.42%

-25.14%

77.63%

32.30%

36.53%

29.59%

-18.19%29.87%

39.45%

22.03%

-45.65%

41.34%

7.58%

14.64%

11.91%

-24.63%7.71%

64.10%

7.60%

-26.76%

17.64%

-17.30%

-17.51%

80.19%

-29.96%92.38%

208.01%

32.67%

-39.55%

6.10%

191.43%

-40.17%

40.25%

5.42%17.36%

33.28%

-6.38%

-27.54%

45.04%

-39.46%

37.41%

12.13%

-17.82%6.04%

96.78%

34.64%

-15.36%

-13.27%

-91.60%

-302.54%

621.87%

-59.09%23.95%

11.15%

-14.37%

-10.93%

55.89%

13.06%

20.06%

15.96%

1.12%-53.03%

18.00%

-629.21%

-71.05%

-79.75%

43.63%

31.35%

129.35%

-750.54%-29.20%

-16.75%

-74.51%

-256.20%

314.49%

32.27%

-2.65%

-17.53%

-35.37%-3.24%4.82%21.76%

14.06%1.08%

-45.34%古井貢酒今世緣迎駕貢酒口子窖其他酒企老白干酒伊力特順鑫農(nóng)業(yè)金徽酒金種子酒天佑德酒皇臺酒業(yè)巖石股份5.496.493.295.266.570.471.622.451.420.051.06-0.550.052.49%0.80-0.04-0.770.510.030.54-0.05

-190.97%

45.29%

45.32%

118.47%

-500.00%

124.62%

2.20%

-230.75%

-32.59%-0.680.04114.02%

151.95%

-46.04%

-43.75%

738.40%

5.08%46.22%

-244.60%

12.42%料*去庫穩(wěn)價背景下業(yè)績蓄水池逐季縮水，部分酒企開啟票據(jù)回1.2款，回款質(zhì)量略有降低圖表：25Q2白酒板塊合同負債端同比、環(huán)比均有減少合同負債（億元）yoy?

行業(yè)深度調(diào)整下，終端備貨意愿下降，經(jīng)銷商資金及庫存壓力有所加大。25年上半年，白酒上市公司回款進度普遍慢于同期，合同負債端整體同比下滑2.5%，銷售收現(xiàn)同比下滑3.2%；同時供給端廠家主動控貨挺價，回款政策有部分放寬，回款表現(xiàn)整體偏弱。

25Q2白酒板塊經(jīng)營性現(xiàn)金流凈額為201.7億元，同比下滑52.8%。700600500400300200100060%40%20%0%-20%圖表：25Q2白酒板塊銷售收現(xiàn)水平下滑圖表：25Q2白酒板塊經(jīng)營性現(xiàn)金流同比大幅降低銷售收現(xiàn)（億元）yoy經(jīng)營性現(xiàn)金流量凈額（億元）yoy700400%1800160014001200100080060%40%20%0%6005004003002001000300%200%100%0%600400200-20%-40%0-100%-200%-100料*去庫穩(wěn)價背景下業(yè)績蓄水池逐季縮水，部分酒企開啟票據(jù)回1.2

款，回款質(zhì)量略有降低25H1期末白酒行業(yè)（17家主要酒企）合同負債合計371.09億元，同比-1.87%，25Q1/25Q2期內(nèi)分別-103.56/-67.58。25H1/25Q2期間行業(yè)銷售收現(xiàn)合計2546.12/1036.79億元，同比+7.44%/-3.30%，行業(yè)銷售收現(xiàn)比1.08/1.19和營收基本匹配。25H1/25Q2經(jīng)營性活動現(xiàn)金流凈額614.06/204.18億元，同比-16.97%/-52.89%，其中五糧液25H1/25Q2銷售收現(xiàn)同比分別+39.92%/+12.03%，主因公司本期主動縮短票據(jù)回款窗口期，回款質(zhì)量提升；山西汾酒25Q2銷售收現(xiàn)同比下滑-6.12%主因公司考慮到渠道現(xiàn)金流吃緊接受票據(jù)打款；貴州茅臺25Q2經(jīng)營現(xiàn)金流凈額-84.29主因集團財務(wù)公司吸收存款減少疊加法定準(zhǔn)備金增加；瀘州老窖合同負債25Q2淡季不降反增4.64億元，且銷售收現(xiàn)同比-15.11%主因行業(yè)需求疲軟，經(jīng)銷商要貨意愿低迷。圖表：25年上半年白酒上市公司蓄水池縮水合同負債(億元)25H1同比(%)

25Q1增加銷售收現(xiàn)(億元)25H1同比(%)

25Q2經(jīng)營性現(xiàn)金流凈額(億元)25H1同比(%)

25Q243.10公司25H155.0725Q2增加-32.81-0.894.6425H1950.8725Q2同比(%)-4.64%25H1131.1925Q2同比(%)-84.29%貴州茅臺五糧液-44.89%23.53%50.72%-6.73%4.38%-3.01%-8.19%-47.34%0.51%49.27%-4.44%-35.63%-4.69%-5.95%93.80%-31.56%23.88%-34.56%-15.78%6.29%-8.04-15.24-9.129.18%39.92%-10.97%16.32%-4.00%-19.26%1.65%389.43312.3380.83782.5869.4111.529.91-64.18%131.88%-26.27%-13.65%-24.59%-427.77%71.94%100.7735.29191.1359.831.57694.67179.501825.04207.3127.7512.03%-15.11%0.03%311.3760.64503.2059.800.67-5.05-2.3453.086.1610.7541.553.17-3.83-1.19-0.463.21152.8827.57223.55-10.46-1.5718.40%-28.69%-49.44%-217.72%21.57%-136.65%-290.41%-298.57%-31.61%-243.84%48.45%393.55%-227.17%-44.91%19.59%1651.23%-12.16%-60.67%-53.42%-52.89%1.27%瀘州老窖高端酒合計山西汾酒舍得酒業(yè)水井坊-32.40-28.540.41-29.071.65-0.490.47-0.441.19-11.460.61-22.46-0.160.28-0.29-6.030.15-0.21-0.16-39.71-67.58-34.77-6.12%-24.21%29.50%-57.10%-8.74%-47.55%-18.92%18.71%-17.87%-24.14%-33.40%-26.69%17.21%-23.96%-2.56%9.831.35-0.13-0.6617.234.540.70酒鬼酒-45.76%-6.82%-30.50%7.63%2.2212.23%-1.07次高端合計洋河股份今世緣古井貢酒迎駕貢酒口子窖金種子酒老白干酒金徽酒72.5958.786.0014.284.402.981.2112.755.980.40-28.92-33.20-10.541.59256.83123.7867.00152.1134.8822.533.9525.1319.298.167.42464.252546.121595.2593.0625.7320.2369.7912.7810.581.48-28.34%-69.85%-13.75%3.61%-45.71%-9854.35%-37.47%-120.51%-7.22%-12.40-19.20-3.5223.09-1.79-1.37-0.47-2.240.526.78%-1.21-2.90-0.374.80-0.560.060.09-10.00%-19.44%-40.26%-19.42%2.77%8.307.492.292.48伊力特-24.27%-10.77%-11.60%7.44%-2.120.5457.78614.06482.871358.84%136.47%-30.17%-16.97%29.34%-1.53-0.46-6.97204.18161.08天佑德酒區(qū)域龍頭合計白酒板塊合計白酒板塊剔除茅臺0.58107.36371.09316.02-42.24-103.56-95.52161.151036.79647.37-14.19%-3.30%-2.47%-1.87%13.58%6.43%料*1.2

報表業(yè)績降速，白酒公司存貨增加，庫存加速出清?

報表業(yè)績降速，公司存貨增加與合同負債下降，市場庫存加速出清。25H1白酒板塊存貨1688.1億元，較24H1的1506.8億元增長12.0%，環(huán)比25Q1的1643.4億元提高2.7%，達到23年以來歷史高位水平。圖表：白酒上市公司23年以來存貨表現(xiàn)（單位：億元）證券代碼600519.SH

貴州茅臺000858.SZ

五糧液證券簡稱存貨25H1549.7177.5137.8132.056.0存貨25Q1548.0170.4132.8124.853.5存貨24FY543.4182.3133.9132.752.2存貨24Q3482.2175.4123.0115.549.1存貨24H1477.7168.5123.5116.048.6存貨24Q1468.5162.9118.3109.445.5存貨23FY464.4173.9116.2115.744.2存貨23Q3409.9156.3110.1102.841.9存貨23H1408.7161.0107.9100.441.2存貨23Q1400.5160.7101.590.5000568.SZ

瀘州老窖600809.SH

山西汾酒600702.SH

舍得酒業(yè)38.5600779.SH000799.SZ水井坊酒鬼酒37.134.032.229.429.925.524.524.325.724.518.217.817.516.716.415.915.614.514.213.8000596.SZ

古井貢酒603198.SH

迎駕貢酒94.092.792.680.077.675.775.264.461.860.551.150.650.448.146.044.644.543.041.839.9603589.SH口子窖61.659.158.556.554.952.350.748.046.544.3600199.SH

金種子酒002304.SZ

洋河股份14.915.015.415.115.114.914.713.913.212.8190.857.2185.951.3197.355.7185.246.1180.146.0171.943.8189.550.0164.940.9165.939.8164.536.5603369.SH600559.SH

老白干酒600197.SH

伊力特000860.SZ

順鑫農(nóng)業(yè)603919.SH

金徽酒今世緣34.735.735.534.435.334.833.531.632.632.222.620.822.420.920.318.918.917.215.916.214.714.622.918.214.614.121.943.250.450.416.815.316.915.514.414.716.215.614.114.4002646.SZ

天佑德酒600696.SH

巖石股份000995.SZ

皇臺酒業(yè)合計14.814.314.914.314.213.513.512.812.712.34.95.25.35.85.86.06.16.45.14.21.81.61.71.81.81.71.81.91.81.71,688.11,643.41,683.91,533.31,506.81,452.71,491.01,363.51,360.71,319.9料*1.2

報表業(yè)績降速，白酒公司存貨增加，庫存加速出清圖表：25年上半年白酒上市公司存貨整體增加存貨25年中報（億元）環(huán)比同比600.0500.0400.0300.0200.0100.00.030.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%料*毛利率受產(chǎn)品結(jié)構(gòu)和貨折拖累，規(guī)模效應(yīng)縮水&費用支出剛性，凈利率水平顯著下移1.3?

25H1白酒板塊（17家主要酒企）毛利率/歸母凈利率分別為82.5%/39.9%，同比+0.10/-0.23pcts；剔除茅臺后分別為76.9%/33.7%，同比-0.36pcts/-1.13pcts；單25Q2白酒板塊（17家主要酒企）毛利率/歸母凈利率分別為82.3%/36.1%，同比+0.10/-1.00pcts；剔除茅臺后分別為75.2%/27.1%，同比-0.98pcts/-2.76pcts；上半年龍頭酒企收入占比提升，白酒行業(yè)毛利率同比有所提升。批價下行環(huán)境下，酒企適當(dāng)加大貨折、返利支持力度，配合掃碼紅包渠道政策，同時八項規(guī)定影響高端酒場景需求，酒企產(chǎn)品結(jié)構(gòu)普遍回落，影響部分酒企毛利率水平。圖表：25年上半年白酒行業(yè)凈利率情況圖表：25年上半年白酒行業(yè)凈利率情況白酒行業(yè)凈利率

同比變動（右軸）白酒行業(yè)毛利率同比變動（右軸）85%7%6%5%4%3%2%1%0%-1%-2%45%40%35%30%25%20%15%10%5%8%6%4%2%0%-2%-4%80%75%70%65%60%0%料*毛利率受產(chǎn)品結(jié)構(gòu)和貨折拖累，規(guī)模效應(yīng)縮水&費用支出剛性，凈利率水平顯著下移1.3圖表：25年上半年白酒上市公司毛利率及凈利率情況分價位帶：?25H1

高

端

/

次

高

端

/

區(qū)

域

龍

頭

毛

利

率

分

別

為86.2%/75.6%/74.2%，同比-0.46/-0.40/-0.25pcts，歸母凈利率分別為45.3%/31.6%/

26.9%，同比-0.29/-1.04/-2.82pcts。25H125Q2公司毛利率(%)

毛利率同比(pcts)

凈利率(%)

凈利率同比(pcts)

毛利率(%)

毛利率同比(pcts)

凈利率(%)

凈利率同比(pcts)貴州茅臺五糧液91.5%76.8%87.1%86.2%76.7%65.7%79.3%68.6%75.6%75.0%73.4%79.9%73.6%73.1%42.9%68.0%65.6%49.3%58.7%74.2%82.5%76.9%-0.45-0.53-1.48-0.46-0.04-3.73-1.71-4.77-0.40-0.33-0.38-0.540.0449.8%36.9%46.6%45.3%35.5%16.4%7.0%-0.12-0.69-0.91-0.29-1.48-1.66-7.07-10.58-1.04-5.38-1.630.5090.6%74.7%87.9%86.3%71.9%60.6%74.4%65.2%70.5%73.3%72.8%80.2%68.3%65.2%44.8%67.4%63.7%50.8%55.3%72.7%82.3%75.2%-0.26-0.32-0.95-0.19-3.21-0.33-7.13-10.39-3.45-0.35-0.21-0.26-2.82-9.863.0546.8%29.3%43.2%42.0%25.0%8.6%-0.90-2.43-1.52-1.18-4.035.15?25Q2

高

端

/

次

高

端

/

區(qū)

域

龍

頭

毛

利

率

分

別

為86.3%/70.5%/72.7%，同比-0.19/-3.45/-0.77pcts，歸母凈利率分別為42.0%/19.8%/21.8%，同比-1.18/-3.43/-4.36pcts。地產(chǎn)酒因本身所處區(qū)域和價位帶競爭激烈，費投大且巷戰(zhàn)模式人員等固定費用支出較高，且盈利中樞低于行業(yè)平均水平，需求縮減后競爭格局惡化，在三類酒企中凈利率下滑幅度最大。瀘州老窖高端酒合計山西汾酒舍得酒業(yè)水井坊-15.8%-10.5%19.8%18.9%31.6%28.1%27.1%14.5%-17.7%12.8%9.9%-22.90-20.00-3.43-9.63-3.690.83酒鬼酒1.6%次高端合計洋河股份今世緣古井貢酒迎駕貢酒口子窖金種子酒老白干酒金徽酒31.6%29.4%32.1%26.4%35.8%28.3%-14.9%12.9%17.0%15.2%7.6%個股表現(xiàn)：五糧液25Q2凈利率-2.43pcts，系高端陣營中下滑幅度最大，或?系季度間費用確認節(jié)奏所致，長周期下公司費用率仍較穩(wěn)定。山西汾酒25Q2毛利率-3.21pcts主因玻汾

Q2

配額前置，發(fā)貨進度快于去年同期導(dǎo)致季度內(nèi)結(jié)構(gòu)下行，疊加返利、紅包等促銷方式增加貨折所致。舍得25Q2凈利率同比+5.15pcts主因銷售/管理費用率及稅金附加營收占比均同比縮減。水井坊/酒鬼酒毛、凈利率均大幅下滑主因Q2需求不振導(dǎo)致營收驟降。洋河25Q2毛利率持平但凈利率同比-9.63pcts主因：基數(shù)影響及去庫走量導(dǎo)致稅金附加率同比+6.0pcts，且電商促銷費用大幅增加導(dǎo)致銷售費用率+2.3pcts。-0.66-1.71-16.590.61-4.78-11.18-15.090.27-2.78-0.592.12-1.06-1.012.610.530.14-0.99-1.125.70伊力特-1.22-0.78-0.250.100.316.7%天佑德酒區(qū)域龍頭合計白酒板塊合計白酒板塊剔除茅臺-2.85-2.82-0.23-1.133.97-6.6%21.8%36.1%27.1%26.9%39.9%33.7%-0.770.10-4.36-1.00-2.76-0.36-0.98料*淡季銷售費用動態(tài)收縮，薪酬等剛性支出拖累凈利率水平1.4?銷售/管理費用率：25H1白酒板塊（17家主要酒企）銷售/管理費用率分別9.55%/4.04%，同比+0.03pcts/-0.16pcts，25Q2銷售/管理費用率分別11.74%/5.22%，同比-0.15pcts/+0.11pcts。總的來看，二季度大部分酒企根據(jù)淡季的市場需求及時調(diào)整營銷策略，減少促銷投放及電視廣告投入，銷售費用率持平或降低，但管理費用相對剛性，營收下滑后規(guī)模效應(yīng)減弱，管理費用率多表現(xiàn)上行。圖表：25年上半年白酒行業(yè)銷售費用端有所收縮白酒銷售費用率

同比變動圖表：25年上半年白酒行業(yè)管理費用率小幅提升白酒管理費用率

同比變動16%4%3%2%1%10%9%8%7%6%5%4%3%2%1%0%2%1%1%0%-1%-1%-2%-2%-3%-3%14%12%10%8%0%-1%-2%-3%-4%-5%6%4%2%0%料*淡季銷售費用動態(tài)收縮，薪酬等剛性支出拖累凈利率水平1.4??銷售/管理費用率：25H1白酒板塊中區(qū)域龍頭板塊銷售費用率同比+2.07%至18.33%，通過費用支出守住區(qū)域市場份額，高端酒、次高端酒板塊銷售費用投放相對穩(wěn)定。管理費用整體表現(xiàn)相對剛性，高端酒、次高端酒板塊上半年管理費用率小幅下降，區(qū)域龍頭管理費用投放增加。稅金及附加/營收：25H1/25Q2稅金及附加在營收占比15.27%/16.89%，同比+0.23pcts/+1.28pcts；由于二季度政策壓制高端白酒需求，酒企普遍結(jié)構(gòu)下移，大眾價格帶量增顯著導(dǎo)致從量消費稅明顯增加。圖表：25年上半年費用端動態(tài)收縮25H1管理費用率yoy(pcts)25Q2管理費用率yoy(pcts)上市公司銷售費用率

銷售費用率

管理費用率(%)

yoy(pcts)

(%)3.58%

0.44

4.06%稅金及附加/營收

稅金及附加/營收

銷售費用率(%)

yoy(pcts)

(%)15.31%

-0.86

4.45%銷售費用率yoy(pcts)管理費用率(%)稅金及附加/營收

稅金及附加/營收(%)yoy(pcts)貴州茅臺五糧液-0.540.464.48%4.22%3.31%4.28%4.35%10.92%33.13%17.06%7.10%11.40%5.65%5.75%5.51%11.81%8.74%6.70%13.04%4.33%14.86%8.00%5.22%5.84%-0.3217.09%15.46%15.39%16.49%22.25%15.39%23.83%18.87%21.43%18.29%10.09%15.10%15.78%18.04%16.54%17.20%14.52%19.32%14.75%15.72%16.89%16.71%0.070.843.7210.23%9.23%-0.37-0.41-0.021.153.25%2.60%3.64%2.56%9.15%17.67%13.08%4.17%5.85%3.03%4.84%3.97%7.37%6.73%7.52%9.24%3.23%9.80%5.32%4.04%4.04%-0.19-0.38-0.39-0.17-0.243.415.19-0.181.7314.88%13.26%14.96%16.35%13.20%19.48%19.72%16.28%16.33%14.71%15.68%14.90%15.69%17.84%16.88%15.04%14.02%15.11%15.70%15.27%15.24%0.721.18-0.080.94-1.665.000.200.851.401.190.510.160.971.920.600.47-0.960.650.870.230.8218.88%10.58%8.80%1.54-1.200.32-0.02-3.2719.874.84-0.222.336.79-1.863.41-0.5911.99-2.561.59-4.80-1.651.63-0.150.58-0.04-0.27-0.220.08-1.1613.179.260.484.171.710.782.104.571.05-0.230.500.78-5.361.850.110.53瀘州老窖高端酒合計山西汾酒舍得酒業(yè)水井坊6.35%9.94%0.772.56-0.598.28-1.022.506.020.12-0.250.172.530.831.36-0.604.191.732.021.282.0811.51%23.73%52.10%40.29%16.01%20.88%19.02%22.78%13.41%18.20%34.59%27.58%22.62%13.12%33.85%21.47%11.74%17.88%21.18%36.35%32.60%12.82%14.52%14.82%25.30%9.72%1.052.58-2.100.343.101.35-0.861.74酒鬼酒次高端合計洋河股份今世緣古井貢酒迎駕貢酒口子窖金種子酒老白干酒金徽酒0.21-0.021.2214.09%31.30%27.55%18.96%7.24%23.50%18.33%9.55%13.28%-0.9512.130.71-0.20-3.622.642.070.030.311.21-0.57-0.10-0.460.24-1.480.74-0.160.05伊力特天佑德酒區(qū)域龍頭合計白酒板塊合計白酒板塊剔除茅臺料*淡季銷售費用動態(tài)收縮，薪酬等剛性支出拖累凈利率水平1.4圖表：分價格帶單季度利率及費用情況單季度毛利率單季度凈利率23Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q223Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q290%80%60%40%20%0%80%70%60%高端次高端區(qū)域龍頭白酒板塊剔除茅臺高端次高端區(qū)域龍頭白酒板塊剔除茅臺單季度管理費用率單季度銷售費用率23Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q223Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q240%15%30%20%10%0%10%5%0%高端次高端區(qū)域龍頭白酒板塊剔除茅臺高端次高端區(qū)域龍頭白酒板塊剔除茅臺料*消費者端促銷費同比增加，動態(tài)減少電視網(wǎng)絡(luò)戶外廣告等廣宣費1.4?銷售費用明細拆分：由于舍得、水井坊、酒鬼酒、洋河在銷售費用明細中將廣告宣傳費和促銷費合并披露，另山西汾酒、迎駕未單列促銷費一項，此處統(tǒng)計將銷售費用明細中的廣宣費和促銷費加總后計算各酒企上半年的渠道投入力度。貴州茅臺Q2廣告宣傳費同比+51.03%主因廣告費用投入增加，市場宣傳力度加大，山西汾酒廣宣&促銷費率同比+0.66pcts主因青花26上市及30復(fù)興版煥新升級后市場投入短期增加；今世緣25H1促銷費用同比+26.29%主因增加渠道費用支持以去庫存促開瓶?？偟膩砜矗破蟾鶕?jù)淡季的市場需求及時調(diào)整營銷策略，減少促銷投放及電視廣告投入，但銷售人員薪酬為剛性支出，地產(chǎn)酒巷戰(zhàn)模式薪酬總包占比大，銷售費用調(diào)節(jié)彈性小。圖表：主要酒企25H1廣告宣傳費和業(yè)務(wù)促銷費明細25H1廣告宣傳

25H1廣告宣傳費

25H1促銷費(億

25H1促銷費同

25H1廣宣&促

25H1廣宣&促

25H1廣宣&促

25H1廣宣&促銷費公司備注費(億元)同比(%)元)比(%)銷費合計(億元)

銷費同比（%）

銷費用率(%)用率同比(pcts)貴州茅臺五糧液瀘州老窖山西汾酒舍得酒業(yè)水井坊酒鬼酒洋河股份今世緣7.249.226.1415.402.364.381.0114.504.187.151.691.2551.03%-1.15%-20.31%17.33%-16.45%10.49%-60.70%-21.03%-5.97%3.92%22.2635.615.1819.86%3.50%11.20%29.5044.8311.3315.402.364.381.0114.508.1222.611.6926.26%2.51%3.24%8.49%6.88%6.43%8.73%29.24%17.93%9.80%11.69%16.29%5.33%0.44-0.14-0.430.660.106.18-8.44%17.33%-16.45%10.49%-60.70%-21.03%7.32%-4.75%13.20%-31.85%山西汾酒沒有促銷費一項舍得酒業(yè)廣宣費和市場開發(fā)費合并水井坊和廣宣費和促銷費合并披露-7.83

酒鬼酒將廣宣費和市場服務(wù)費（促銷費）合并披露1.771.32-0.901.40-1.96洋河將廣宣費和促銷費合并披露3.9415.4626.29%-8.29%古井貢酒迎駕貢酒口子窖13.20%-37.20%迎駕沒有單列促銷費1.62-27.05%2.8711.32%料*量增價跌：高端產(chǎn)品需求萎縮，宴席政策增加貨折拉低噸價1.5圖表：上半年白酒上市公司量價拆分表現(xiàn)銷售額銷量噸價25年中報披露上半年銷量的公司有五糧液/瀘州老窖/酒鬼酒/古井貢酒，除酒鬼酒外，均呈現(xiàn)量增價跌的趨勢，主要是禁酒令壓制政商務(wù)場景高端白酒需求受損，Q2各大品牌切入宴席市場，以降低政策門檻、加碼政策力度等方式強化動銷開瓶，導(dǎo)致貨折增加、噸價下移，毛利率下滑。上市公司(酒類主營_億元)

yoy

(噸)yoy

(萬元/噸)

yoy貴州茅臺9.2%10.2%4.7%茅臺酒系列酒五糧液4.3%4.6%44.6%12.8%58.8%2.1%-27.9%-7.3%五糧液：25H1酒類主營同比+4.26%，量價拆分：量增+44.59%，價增-27.89%。分產(chǎn)品：五糧液產(chǎn)品其他酒?①五糧液銷量同比+4.57%，量+12.75%/價-7.25%，量增主因：以1618和39度五糧液為主的宴2.7%-35.3%-4.6%-12.7%-10.8%席場次和開瓶數(shù)量同比雙位數(shù)增長，價跌或因宴席政策、掃碼紅包等營銷手段導(dǎo)致貨折增加。瀘州老窖-2.6%-1.1%中高檔酒其他酒類13.3%-6.9%?②其他酒實現(xiàn)營收同比+2.73%，量+58.81%，價-35.31%。量增顯著或有四方面原因：（1）濃香公司年內(nèi)通過旺季掃碼紅包引流，增加消費者互動提高復(fù)購；（2）針對大眾價位帶產(chǎn)品適度降低宴席政策門檻，擴大客群覆蓋面；（3）加強對電商、商超、即時零售、本地生活等新興渠道的擴展，提升銷售轉(zhuǎn)化率；（4）濃香公司果露酒、荔枝酒上半年在線上平臺增長明顯。-17.0%5.4%山西汾酒汾酒5.8%其他酒類-10.6%-19.0%-24.2%15.9%-13.8%-14.0%-10.4%舍得酒業(yè)中高檔紅酒普通酒瀘州老窖：25H1酒類主營同比-2.62%，量價分別貢獻+2.09%/-4.62%，其中：?①中高檔酒（含稅價格≥150元，eg.國窖1573、特曲、窖齡）營收同比-1.09%，量價分別貢獻+13.33%/-12.72%，中高檔酒量增價跌主系：政策影響下國窖1573所處的千元價格帶承壓，以特曲為主的腰部產(chǎn)品更加順應(yīng)當(dāng)下消費環(huán)境，公司主動調(diào)控發(fā)貨結(jié)構(gòu)和節(jié)奏，穩(wěn)定核心產(chǎn)品價盤。水井坊高檔中檔酒鬼酒-43.7%

-34.2%-14.3%18.0%-6.1%?②其他酒類（含稅價格＜150元，eg.頭曲、黑蓋）營收同比-16.96%，量價分別貢獻-6.89%/-10.82%，量價齊跌主因：大眾價格帶期內(nèi)競爭加劇。內(nèi)參系列酒鬼系列湘泉系列其他系列-35.8%-51.0%-35.9%-28.8%-45.6%-47.8%-28.2%-12.3%-10.7%-18.9%料*量增價跌：高端產(chǎn)品需求萎縮，宴席政策增加貨折拉低噸價1.5圖表：上半年白酒上市公司量價拆分表現(xiàn)古井貢酒：25H1白酒業(yè)務(wù)合計實現(xiàn)營收136.40億元，同比+1.57%，量價分別貢獻+10.67%/-銷售額銷量噸價上市公司古井貢酒(酒類主營_億元)

yoy

(噸)

yoy

(萬元/噸)

yoy8.22%，毛利率下滑1.38pcts至80.67%，量升價跌毛利下滑或因：逆周期下次高端以上價位帶承壓，疊加公司通過開瓶紅包、宴席政策等方式刺激動銷，結(jié)構(gòu)下行、貨折增加拖累酒類主營毛利率。其中：1.6%1.6%10.7%10.8%9.3%-8.2%-8.3%年份原漿古井貢酒黃鶴樓及其他迎駕貢酒-4.4%-12.5%-4.8%?①年份原漿實現(xiàn)營收109.59億元，同比+1.59%，量價分別貢獻+10.80%/-8.31%，毛利率同比-1.17pcts至85.14%，主要系：大眾價格帶古5/獻禮整體

，品牌在省會宴席、酒店高占有6.7%12.1%-17.4%-14.0%-32.5%-19.3%-19.8%-10.8%-2.6%率，古8/古16通過政策支撐促進動銷開瓶，以熨平禁酒令對政商務(wù)場景依賴