灵蛇启航 | 强者恒强？一季度茅台销售收现大增21%、五粮液大增76%

中国酒业协会CADA2025-05-09

当下，白酒市场进入存量竞争甚至缩量竞争阶段已成行业共识。在这样的市场竞争格局下，茅台、五粮液、汾酒、古井贡酒等头部酒企在今年一季度依然实现了业绩高速增长。营收方面，茅台一季度录得506亿元、同比增长11%；五粮液录得369亿元、同比增长6%；汾酒录得165、同比增长8%；古井贡酒录得91亿元、同比增长10%；销售收现方面，茅台录得561亿元、同比增长21%；五粮液录得382亿元、同比增长76%；...

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In the first quarter, Moutai sales and cash revenue increased by 21% and Wuliangye increased by 76%.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600197":0.9,"600199":0.9,"600519":1,"600559":0.9,"600696":0.9,"600702":0.9,"600779":0.9,"600809":0.9,"603198":0.9,"603369":0.9,"603589":0.9,"603919":0.9,"000858":1},"content_text":"当下，白酒市场进入存量竞争甚至缩量竞争阶段已成行业共识。在这样的市场竞争格局下，茅台、五粮液、汾酒、古井贡酒等头部酒企在今年一季度依然实现了业绩高速增长。营收方面，茅台一季度录得506亿元、同比增长11%；五粮液录得369亿元、同比增长6%；汾酒录得165、同比增长8%；古井贡酒录得91亿元、同比增长10%；销售收现方面，茅台录得561亿元、同比增长21%；五粮液录得382亿元、同比增长76%；归母净利润方面，茅台录得268亿元、同比增长12%；五粮液录得149亿元、同比增长6%；汾酒录得66亿元、同比增长6%；古井贡酒录得23亿元，同比增长13%。白酒市场的另一面是，小微酒企的市场份额将进一步缩小。业内普遍预计，今年二季度及下半年白酒动销将保持总体平稳，缺少品牌、品质和口碑支撑的酒企在销售经营上将更加困难。从行业角度看，白酒行业处于高度成熟竞争阶段，行业竞争者数量多、行业增长缓慢、产品同质化程度高。在市场竞争日益激烈的情况下，小微酒企普遍面临着来自头部酒企和跨业入局企业的双重竞争压力。头部企业通过稳价高端产品来保卫品牌价值、再以品牌价值推动中低端产品动销，使得市场份额加速向头部品牌、名酒企业集中的趋势加快，行业马太效应愈加突出，进而导致小微酒企在原本就有限的市场空间下面临更艰难的夹缝生存难题。强者恒强、大鱼吃小鱼是大多数成熟行业进入红海竞争的显著特征，并非白酒行业独有。这些特征趋势主要由行业集中度提升、产能扩张、资本驱动、消费升级及政策导向等多重因素共同推动。具体来讲，政策层面近些年推动酒业低碳工艺落地实施，头部酒企通过智能酿造升级获得政策支持，小微酒企因技术落后面临淘汰。2024年多地注销不符合标准的小微酒企生产许可证，如河南一次性注销26家白酒企业资质。另外，头部酒企通过产业链整合化解自身资金压力，如邮储银行等金融机构通过“产业链金融”支持酒企进行并购，为头部酒企下游经销商提供“产业e贷”，缓解资金压力。再者，年轻消费群体更倾向选择知名品牌。电商平台数据显示，2024年名酒线上销量占比超70%，小微酒水品牌曝光度不足。小微酒企目前应根据市场需求变化，创新营销方式，拓展销售渠道，优化产品结构，强化对消费者的服务意识；加强品牌建设，提升品牌形象和知名度，潜移默化地去影响年轻人，让年轻人成为未来消费的主流；认清市场定位，短期内以保现金流为主，通过为卖场、渠道商等品牌方进行贴牌生产并积攒营销动能也不失为度过市场寒冬的良方。白酒行业的“存量竞争、缩量竞争”本质上是市场出清与资源再分配的过程。未来，具备资本实力、品牌溢价、产能优势的头部酒企将通过并购、扩产和数字化升级持续扩大市场份额，小微酒企若无法实现差异化突围（如区域深耕、品类创新），将面临被整合或淘汰的命运。这一趋势在政策、资本和消费升级的多重推动下，将持续成为行业长期主旋律。编审 / 李林撰稿 / 智明美编 /于雪莲","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2534140409","isCrawlerRequest":true}