Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [5] Core Insights - The liquor industry is currently at the bottom of its cycle, with the "opening red" sales expected to remain under pressure year-on-year, while brand differentiation is evident. Positive feedback from high-end liquor is significantly boosting market confidence, and a shift in style and improved expectations may catalyze liquor stock prices [2][6] Summary by Sections Market Overview - The liquor market is experiencing a deep adjustment, with sales and revenue expected to decline throughout the year. However, there are signs of marginal improvement starting from Q4 2025, with high-end brands like Moutai and Wuliangye leading the market [6] High-End Liquor Performance - High-end liquor brands are showing resilience, with Moutai and Wuliangye implementing strategies to stabilize prices and enhance channel profits. Moutai's sales performance has improved, with significant user engagement and order volume [6][7] Stock Recommendations - The report recommends stocks with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands like Shanxi Fenjiu and Yingjia Gongjiu, which are expected to clear inventory [6][7] Future Outlook - The liquor industry is believed to be at the bottom of its current cycle, with potential catalysts for stock prices including improvements in sales, price increases, and inventory reduction. Positive signals from policy changes could further enhance market sentiment [6][7]

证券日报网讯2月4日，老白干酒（600559）在互动平台回答投资者提问时表示，股票价格走势受宏观经 济、行业周期与发展趋势、市场情绪等多种因素影响。从长远看，股票市值取决于公司的内在价值。公 司董事会及管理层持续做好经营管理工作，通过不断夯实公司主营业务，持续提升公司经营管理水平和 经营质量，以提升公司盈利能力为重心，做好公司的价值创造工作。关于股东人数，为保证所有投资者 平等获悉公司信息，根据信息披露公平性原则，公司会在各期定期报告中按要求披露前十名股东的信息 和相应时点的股东人数，请您关注公司的相关公告。 ...

资料图。 老白干"王座"松动 吴楠 但即便有了低预期铺垫，2025年老白干酒的业绩下滑曲线，依旧陡峭得超出了市场想象。数据 显示，老白干酒2025年各季度业绩呈现加速下滑态势：一季度营收同比增长3.36%，归母净利 润增速尚达11.91%；进入二季度，增长动能衰减，营收转为同比下降1.95%，净利润增速几近 停滞，仅为0.16%；而到了三季度，颓势全面爆发——营收同比骤降47.55%至8.5亿元，归母净 利润同比暴跌68.48%，仅录得0.8亿元。 2026年1月29日，白酒板块迎来久违大涨， 包括 老白干酒 在内的十余只个股强势 涨停——这一 幕让不少投资者心头一热：寒冬将尽，春意已至？ 然而，资本市场的短期躁动，往往掩盖不了基本面的深层裂痕。回望刚刚过去的2025年，白酒 行业集体失速已成定局，而在一众上市酒企的财报中，老白干酒的业绩跌幅依旧格外刺眼。 财报显示，2025年前三季度，公司实现营业收入33.3亿元，同比下降18.53%；归属于上市公司 股东的净利润为4亿元，同比下降28.04%。单看第三季度，收入仅8.5亿元，同比暴跌47.5 5 %；归母净利润0.8亿元，同比 骤降 68. 48 %，营收 ...

证券之星消息，2月3日白酒板块较上一交易日上涨2.01%，皇台酒业领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000995 | 言宗演 | 19.27 | 9.99% | 45.59万 | | 8.57亿 | | 616809 | 金徽酒 | 24.86 | 3.67% | 41.94万 | | 10.37亿 | | 615009 | 贵州茅台 | 1474.92 | 3.36% | ● 8.63万 | | 126.28亿 | | 002646 | 天佑德酒 | 9.49 | 2.26% | 1 25.07万 | | 2.37亿 | | 600809 | 山西汾酒 | 174.35 | 0.49% | 7.64万 | | 13.29亿 | | 000568 | 泸州老窖 | 122.30 | 0.25% | 14.27万 | | 17.43亿 | ...

（文章来源：证券日报） 证券日报网讯 2月2日，老白干酒在互动平台回答投资者提问时表示，关于2025年的经营情况请关注后 期对外披露的公告。 ...

证券之星消息，2月2日白酒板块较上一交易日上涨1.86%，金徽酒领涨。当日上证指数报收于4015.75， 下跌2.48%。深证成指报收于13824.35，下跌2.69%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 616809 | 金徽酒 | 23.98 | 10.00% | 39.46万 | | 9.15 G | | 000995 | 皇台酒业 | 17.52 | 9.98% | 62.80万 | | 10.50亿 | | 600779 | 水井坊 | 44.78 | 7.44% | 27.47万 | | 12.23亿 | | 661009 | 金种子酒 | 10.98 | 5.17% | 85.00万 | | 9.16亿 | | 000799 | 酒鬼殿 | 58.80 | 3.48% | 34.99万 | | 20.49亿 | | 603198 | 迎驾贡酒 | 41.63 | 2.46% | 13.86万 | | 5.80亿 | | 0008 ...

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000995 | 三号温州 | 1 | 9.98 | 31.08亿 | 40.05 | | 600779 | 水井坊 | 1 | 7.32 | 218亿 | 16.30 | | 603919 | 我做 | 4 | 6.51 | 118亿 | 13.71 | | 600199 | 金种子酒 | 1 | 3.83 | 71.31 乙 | 11.98 | | 000799 | 酒鬼酒 | 4 | 3.59 | 191亿 | 7.84 | | 603198 | 迎驾贡酒 | 美 | 3.00 | 335亿 | 5.79 | | 600702 | 舍得酒业 | 中 | 2.82 | 193亿 | 3.23 | | 000858 | 五粮液 | 1 | 2.63 | 4183亿 | 1.72 | | 603589 | 口子窖 | | 2.35 | 180亿 | 0.13 | | 600519 | 贵州茅台 | 1 | 2.25 | 17939亿 | 4.02 | | ...

证券日报网讯 1月30日，老白干酒在互动平台回答投资者提问时表示，为保证所有投资者平等获悉公司 信息，根据信息披露相关规定，公司在定期报告中披露股东总数信息。若需查询非定期报告时点股东总 数，可持有效持股证明及本人身份证件等资料至公司现场查询，公司将在核实股东身份，履行内幕信息 知情人登记手续后予以办理。 （编辑 楚丽君） ...

Group 1 - The liquor sector experienced a significant surge on January 29, with stocks rising across the board, led by Kweichow Moutai, which closed at 1437.72 yuan, up 8.61% from the previous trading day, marking the highest single-day increase in nearly 16 months [1] - Kweichow Moutai's market capitalization returned to 1.8 trillion yuan, indicating a strong recovery in investor confidence [1] - More than ten A-share listed liquor companies, including Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, reached their daily price limits, while Hong Kong-listed liquor company Zhenjiu Lidu saw a single-day increase of over 12% [1] Group 2 - The liquor industry is currently in an adjustment phase, with a bottoming process being the norm, and signs of recovery are not yet evident [3] - The upcoming Spring Festival holiday presents a significant opportunity for liquor consumption, and the industry is encouraged to leverage this key consumption period to enhance market investment and brand promotion [3]

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002646 | 天佑德酒 | 1 | -5.81 | 44.27亿 | 6.82 | | 002304 | 洋河股份 | -澳 | -5.67 | 850亿 | -7.10 | | 000860 | 顺鑫农业 | 1 | -5.53 | 111亿 | 2.53 | | 200596 | 古井贡B | | -5.37 | 429亿 | -7.16 | | 600559 | 老白干酒 | | -5.01 | 149亿 | 1.62 | | 603589 | 口子窖 | | -4.95 | 178亿 | -0.87 | | 600197 | 伊力特 | 1 | -4.74 | 66.58亿 | 1.66 | | 603369 | 今世缘 | -澳 | -4.66 | 421亿 | -2.85 | | 603198 | 迎驾贡酒 | | -4.03 | 327亿 | 3.41 | | 000858 | 五粮液 | 1 | -3.93 | 4131亿 | 0.45 ...