白酒板块处于深度调整期：市场认知逻辑正在重构

行业报告研究院2025-07-21

7月14日晚间，多家A股白酒上市公司陆续披露了2025年上半年业绩预告，营收与净利润“双降”已成为行业普遍现象。已公布的业绩预告中，顺鑫农业、酒鬼酒、水井坊、金种子酒、海南椰岛均出现了营收和净利润的下滑。其中金种子酒、海南椰岛由盈转亏；利润降幅较小是水井坊与顺鑫农业，但同比降幅也超过了50%。当前形势揭示出，白酒行业正承受较大的系统性压力。外部环境变化叠加行业周期性调整，使得企业业绩波动不再是...

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