海量财经丨21家半年报拼出的白酒棋局：营收合计降6.64%，行业从“压货”切向“控量挺价”

海报新闻09-08 07:51

海报新闻记者秦文济南报道　　随着20家A股上市公司和1家H股上市公司2026年半年报披露收官，21家白酒上市公司的成绩单悉数亮相。整体来看，上半年，21家白酒上市公司合计营业收入2004.41亿元，较上年同期的2147.16亿元下降6.64%；实现归母净利润736.41亿元（剔除顺鑫农业双主业口径），同比下降8.13%。　　16家酒企营收业绩下滑，行业加速分化　　这是近年来头部酒企最集中的一次“...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2665435903?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-09-08 07:51","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2665435903","market":"us","top_or_hot":-1,"title":"海量财经丨21家半年报拼出的白酒棋局：营收合计降6.64%，行业从“压货”切向“控量挺价”","media":"海报新闻","content":"<div>\n<p>海报新闻记者秦文济南报道　　随着20家A股上市公司和1家H股上市公司2026年半年报披露收官，21家白酒上市公司的成绩单悉数亮相。整体来看，上半年，21家白酒上市公司合计营业收入2004.41亿元，较上年同期的2147.16亿元下降6.64%；实现归母净利润736.41亿元（剔除顺鑫农业双主业口径），同比下降8.13%。　　16家酒企营收业绩下滑，行业加速分化　　这是近年来头部酒企最集中的一次“...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202609083867359536.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>海量财经丨21家半年报拼出的白酒棋局：营收合计降6.64%，行业从“压货”切向“控量挺价”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n海量财经丨21家半年报拼出的白酒棋局：营收合计降6.64%，行业从“压货”切向“控量挺价”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-08 07:51 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202609083867359536.html><strong>海报新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>海报新闻记者秦文济南报道　　随着20家A股上市公司和1家H股上市公司2026年半年报披露收官，21家白酒上市公司的成绩单悉数亮相。整体来看，上半年，21家白酒上市公司合计营业收入2004.41亿元，较上年同期的2147.16亿元下降6.64%；实现归母净利润736.41亿元（剔除顺鑫农业双主业口径），同比下降8.13%。　　16家酒企营收业绩下滑，行业加速分化　　这是近年来头部酒企最集中的一次“...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202609083867359536.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1105468828.SGD","symbol_name":"Allianz Total Return Asian Equity AM DIS H2-SGD","start_time":0,"source_url":"http://finance.eastmoney.com/a/202609083867359536.html","article_id":"2665435903","we_media_id":null,"thumbnails":[],"rights":{"source":"stock_eastmoney","url":"http://finance.eastmoney.com/a/202609083867359536.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2665435903","pubTimestamp":1788825060,"columns":[],"sourceInfo":{"source_id":"stock_eastmoney","name":"东方财富"},"weMediaInfo":null,"summary":"海报新闻记者秦文济南报道随着20家A股上市公司和1家H股上市公司2026年半年报披露收官，21家白酒上市公司的成绩单悉数亮相。整体来看，上半年，21家白酒上市公司合计营业收入2004.41亿元，较上年同期的2147.16亿元下降6.64%；实现归母净利润736.41亿元（剔除顺鑫农业双主业口径），同比下降8.13%。","collect":0,"end_time":0,"defaultTopTitle":"eastmoney.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"83189":"易方达白酒-R","600519":"贵州茅台","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","03189":"易方达白酒","LU0918141887.USD":"安联亚洲实际收益股票基金","BK1610":"ETF&股票定投概念","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","BK0175":"白马股","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","BK0164":"国企混改","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","000858":"五粮液","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","06979":"珍酒李渡","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","HK0000181138.USD":"DA CHENG CHINA BALANCED \"A\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0594300419.USD":"富达中国消费基金A","LU1497734951.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD-H","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU1497733557.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) INC A","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC"},"translate_title":"Massive Finance | The Strategy of 21 Liquor Companies in Their Half-Year Reports: Total Revenue Drops by 6.64%, Industry Shifts from \"Stockpiling Inventory\" to \"Controlling Volume and Supporting Prices\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":0.9,"600519":0.66,"06979":0.89,"000858":0.78,"03189":0.9},"content_text":"海报新闻记者秦文济南报道　　随着20家A股上市公司和1家H股上市公司2026年半年报披露收官，21家白酒上市公司的成绩单悉数亮相。整体来看，上半年，21家白酒上市公司合计营业收入2004.41亿元，较上年同期的2147.16亿元下降6.64%；实现归母净利润736.41亿元（剔除顺鑫农业双主业口径），同比下降8.13%。　　16家酒企营收业绩下滑，行业加速分化　　这是近年来头部酒企最集中的一次“集体降速”，21家上市白酒企业中，13家营业收入和归母净利润双降。　　上半年，仅贵州茅台、五粮液、迎驾贡酒、金徽酒、珍酒李渡5家实现营收同比增长，仅五粮液、迎驾贡酒、珍酒李渡、酒鬼酒、金种子酒5家实现归母净利润同比增长；营收与净利润双增者3家（五粮液、迎驾贡酒、珍酒李渡），仅占21家的14.3%。 　　口子窖2026年半年报营收情况　　在营收降幅方面，多家酒企同比降幅超过20%。其中，金种子酒营收同比下滑51.19%，降幅最大；天佑德酒同比下降79.71%、顺鑫农业同比下降76.66%、舍得酒业同比下降67.26%；伊力特、口子窖、泸州老窖等酒企同比降幅超过40%。　　另有水井坊、金种子酒、皇台酒业3家企业上半年出现亏损，金种子酒亏损6483.88万元，皇台酒业亏损1711.73万元，同比下降224.96%；水井坊同比由盈转亏，亏损622.25万元，上年同期盈利1.05亿元。　　头部阵营位次更迭，茅台利润首降　　按营业总收入计算，贵州茅台、五粮液、山西汾酒、洋河股份、泸州老窖、古井贡酒、今世缘、顺鑫农业（牛栏山）、迎驾贡酒、珍酒李渡分列前十位。　　其中，贵州茅台营收922.78亿元，同比增加1.30%，归母净利润445.17亿元，同比减少1.95%，本次为贵州茅台自2015年以来首次半年度净利下滑，但绝对额仍超过其余20家总和。　　五粮液营收284.17亿元，同比增加20.87%，归母净利润87.53亿元，同比增加89.30%，高增主因2025年同期低基数及渠道治理见效，为A股“唯二量利双增”的上市酒企之一。 　　山西汾酒半年报营收、利润双降　　山西汾酒营收210.44亿元，同比减少12.18%，归母净利润64.39亿元，同比减少24.29%，是2016年中期以来首次营收净利双降。　　报告期内，五粮液反超山西汾酒，由去年同期的第3位重回第2位；洋河股份以105.40亿元反超泸州老窖升至第4位，两者营收差距不足1亿元。　　上半年，贵州茅台、五粮液、山西汾酒、洋河股份、泸州老窖、古井贡酒6家营收过百亿，合计营收约1713.07亿元，占总营收的约86%；合计净利润约688.14亿元，占总净利润的约93%，行业集中度进一步提升。　　为何白酒行业集体承压？　　国家统计局数据显示，2026年1月至6月，中国规模以上企业累计白酒产量167.9万千升，同比下降4.7%。同时，中国酒业协会发布的《2026中国白酒市场中期研究报告》显示，上半年74.8%的受访酒企营业额萎缩，86.7%的企业营业利润下降，56.6%的经销商反映价格倒挂程度同比加剧。　　多家酒企选择主动控量挺价、加速库存出清，宁可牺牲短期报表业绩，也要维护渠道健康。　　泸州老窖在半年报中明确“主动控量挺价导致短期业绩承压”，国窖1573价盘稳住但单季营收腰斩；洋河称“主动实施控量，库存降幅38%以上”，白酒产品库存量同比降38.32%；汾酒称“主动推进渠道调整”；水井坊“主动调整发货节奏，渠道库存同比降约50%”。　　把21份半年报叠在一起看，营收合计2004.41亿元、归母净利736.41亿元（剔除顺鑫农业双主业口径，较上年同期801.62亿元降8.13%），13家营收净利双降、3家亏损。面对行业深度调整，头部酒企以品牌韧性消化行业降速压力，次高端酒企牺牲短期业绩换取价格体系稳定，尾部企业依靠亏损维系生存、等待出清。　　半年报的“降速”不是利空出尽，而是报表端诚实承认：白酒的存量博弈，刚走到中场。（文章来源：海报新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","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/2665435903","isCrawlerRequest":true}