古井贡酒的“井” | 三季报

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一口井的价值,不在一次打水,而在水位会不会自己回来。古井贡酒这份三季报,读的就是这口井的水位。

亳州古井镇,有一口北魏古井。井水千年不涸,古井贡酒的“古井”二字,就从这口井来。

把这个意象借过来读10月29日发布的三季报,会发现很多数字忽然有了另一种读法。前三季度营收127.70亿元,归母净利润22.60亿元,据已披露2026年三季报的白酒上市公司数据梳理,古井贡酒营收规模位列行业前五,位次进一步前移。第三季度营收26.39亿元,同比增长3.69%,在已披露三季报的酒企中是为数不多实现单季营收转正的企业。

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一口井好不好,不看某一瓢水舀得多急,看的是井壁牢不牢、水位稳不稳、水源断没断。在酒业时报看来,古井这份三季报的价值,不在单季利润那一行数字的高低,而在于这口井的三个水位——品质的井壁、渠道的水位、品牌的泉眼——都在往健康的方向走。

 
PART
 
01

井壁:

品质升级是井不塌的那层砖

井要先有壁,才存得住水。

今年8月,年份原浆全系——从献礼、古5、古7、古8到古16、古20——完成系统性品质升级,明确提出“提质不提价”。升级依据不是企业关起门来的工艺叙事,而是近两年市场口感反馈、终端建议和百余家终端走访的结果,从工艺细节、酒体风味到感官体验进行多维迭代。古16还增加了明清国保窖池陈年酒的比例,直接拉高核心单品的酒体厚度。

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这层“井壁”砌得是否扎实,决定了后面所有渠道动作有没有落脚点。

消费者趋于理性的周期里,把品质升级的红利留给终端而不是转成提价,等于把井壁砌厚了却不多收打水钱。古8、古7、古5构成的腰部矩阵稳住大众消费基本盘,大众价位产品贡献约七成营收,是周期底部最实在的压舱石。

Q3毛利率77.8%,同比微降2个百分点,仍处白酒行业高位。毛利率的小幅波动,不是井壁松了,而是砌壁的成本被主动前置了。

 
PART
 
02

水位:

合同负债和回款,是井水自己回来的信号

井壁砌好之后,真正要观察的是水位。

Q3末古井合同负债余额9.58亿元,环比增长15.42%(较年初仍有所回落);当季销售收现32.8亿元,同比增长41.4%,回款增速显著跑在营收前面。渠道调研显示,古井终端库存已降至去年同期的二分之一到三分之一,普通门店库存不足一个月,处在白酒行业里相当健康的水平。

在报表体系里,合同负债常被笼统地叫作“蓄水池”。

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但放在“井”的框架下,它更像水位计。

信息不对称理论表明,市场各方掌握信息存在差异,拥有更多一线信息的主体,会用可落地的行动传递自身预期。经销商比报表更早感知终端动销。当渠道手里还压着库存时,仍愿意把真金白银提前打给酒厂,这个动作本身就是对后续经营配合意愿的投票。

在酒业时报看来,白酒调整期真正要修复的,不是营收增速,而是渠道资产负债表。水位回升、回款跑在营收前面,说明这张表正在往健康的方向走。井水不是被抽上来的,是自己回来的——这个区别,比一个季度的利润数字更有信息量。

 
PART
 
03

泉眼:

宴席场景和秋酿世博,是两口不同的水源

一口井要长期不涸,不能只靠一个泉眼。

第一个泉眼在宴席桌上。

古16卡位300—400元价格带,主攻城市高端宴席,恰好踩中这一轮消费迁移的着力点:商务消费降档与宴席用酒理性化,把一部分原本属于更高价位带的需求推向了这个区间。

中秋国庆双节期间,古16在宴席场景的动销实现10%以上增长。这是当期动销最直接的来源,也是合同负债环比回升的产品端解释。

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第二个泉眼在更远的地方。

9月19日,第十三届古井贡酒・年份原浆秋季开酿仪式在亳州举行。这场持续十三年的品牌IP,今年已经跳出单一仪式:古井贡酒、黄鹤楼酒、明光酒业、九酝酒四地同酿、八大生产基地同步开酿,秋酿头酒首次联合京东开启线上拍卖,品牌大使古天乐到场,古奇草本威士忌与古20羊年生肖纪念酒同步发布。

古井贡酒由此成为国内唯一连续六届登上世博会舞台、五届成为世博会中国馆官方合作伙伴的白酒品牌,并已启动2027年贝尔格莱德世博会中国馆战略合作,海外业务覆盖三十多个国家和地区。

在酒业时报看来,宴席是当期解渴的水,秋酿和世博是往地下渗的水。前者决定这个季度报表好不好看,后者决定五年后这口井还在不在。调整期最稀缺的资源不是费用,而是企业还愿不愿意为“暂时用不上的能力”付钱。

 
PART
 
04

井的复利:

跨期配置与存货周期

把视角拉高一层,古井今年的选择可以用一个朴素的经济学概念来读:跨期配置。在资源总量既定的前提下,企业可以选择把价值留在当期利润上,也可以选择把它配置到未来某个时点的能力上。

古井把一部分当期费用,通过终端培育、品质升级和渠道纾解,配置成了更健康的库存水位、更稳固的宴席场景份额和更高的渠道配合意愿。这些资产不在利润表上,但它们构成了下一轮需求回暖时企业能够调用的底仓。

与之配套的另一个概念是存货投资周期。

白酒的渠道库存本质上是产业链上的一种投资行为:经销商在预期向好时积累库存,在预期转弱时削减库存。当前古井终端库存降到去年同期的一小部分,意味着渠道层面的“去投资化”已经走得很深,继续向下的空间在收窄。当库存不再构成拖累,营收的边际改善就更容易被渠道行为放大。

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中期分红方案,在这个框架下也不只是一项股东回报安排。它向渠道和投资者同时传递了一个判断:这口井有确定的出水能力,也有确定的修复节奏。在预期偏弱的周期里,确定性本身就有期权价值。

井的智慧在于,它从不追求一次打满。水位低了就蓄,井壁松了就砌,泉眼少了就找新的。

古井贡酒这份三季报,营收转正和位次前移是水面上的涟漪,品质升级、渠道回款、秋酿世博是水面下的井壁、水位和泉眼。用短期利润的弹性去换这些看不见的东西,在财务报表上不会立刻显眼,但它让这口井在下一轮周期启动时,水源还在,井壁还牢。

(本文综合公开行业资讯整理,信息/数据来源:古井贡酒2026年三季报及中期利润分配预案、佳酿网、中财网、东吴证券研报、同花顺行业信息等)

The value of a well lies not in how much water is drawn at one time, but in whether the water level returns on its own. This third-quarter report from Gujing Gongjiu is about reading the water level of that well.

In Gujing Town, Bozhou, there is an ancient well dating back to the Northern Wei Dynasty. Its water has never dried up over a thousand years, and the words “Gujing” in Gujing Gongjiu come from this well.

Borrowing this image to read the third-quarter report released on October 29, many figures suddenly take on a different meaning. In the first three quarters, revenue reached RMB 12.770 billion and net profit attributable to shareholders reached RMB 2.260 billion. Based on data from listed baijiu companies that have disclosed their 2026 third-quarter reports, Gujing Gongjiu ranks among the top five in the industry by revenue, with its position moving further forward. Third-quarter revenue was RMB 2.639 billion, up 3.69% year-on-year, making it one of the few liquor companies among those that have disclosed third-quarter reports to achieve positive single-quarter revenue growth.

Whether a well is good does not depend on how urgently a single ladle of water is scooped, but on whether the well wall is solid, whether the water level is stable, and whether the water source has been cut off. In the view of JiuYe Times, the value of Gujing’s third-quarter report lies not in the level of the single-quarter profit line, but in the fact that the three water levels of this well — the well wall of quality, the water level of channels, and the spring of the brand — are all moving in a healthy direction.

PART 01

The Well Wall: Quality Upgrading Is the Brick That Keeps the Well from Collapsing

A well must first have walls before it can hold water.

In August this year, the entire Vintage Pulp series — from the Gift Edition, Gu 5, Gu 7, Gu 8 to Gu 16 and Gu 20 — completed a systematic quality upgrade, explicitly proposing “quality improved, price unchanged.” The basis for the upgrade was not a craft narrative produced behind closed doors, but the results of market taste feedback, terminal suggestions, and visits to more than 100 terminals over the past two years, involving multi-dimensional iteration from process details and liquor-body flavour to sensory experience. Gu 16 also increased the proportion of aged liquor from Ming and Qing dynasty nationally protected fermentation pits, directly raising the body thickness of the core product.

Whether this “well wall” is laid solidly determines whether all subsequent channel actions have a place to land.

In a cycle where consumers are becoming more rational, leaving the dividend of quality upgrading to terminals rather than converting it into price increases is equivalent to thickening the well wall without charging more for drawing water. The waist matrix formed by Gu 8, Gu 7, and Gu 5 stabilises the mass-consumption base, with mass-price products contributing about 70% of revenue — the most solid ballast at the bottom of the cycle.

The Q3 gross margin was 77.8%, down slightly by 2 percentage points year-on-year, still at a high level in the baijiu industry. The small fluctuation in gross margin does not mean the well wall has loosened; rather, the cost of laying the wall has been proactively front-loaded.

PART 02

The Water Level: Contract Liabilities and Cash Collection Are Signals That the Well Water Is Returning on Its Own

Once the well wall is built, what truly needs to be observed is the water level.

At the end of Q3, Gujing’s contract liabilities balance was RMB 958 million, up 15.42% quarter-on-quarter (though still somewhat lower than at the beginning of the year); cash received from sales in the quarter was RMB 3.28 billion, up 41.4% year-on-year, with cash collection growth significantly outpacing revenue. Channel research shows that Gujing’s terminal inventory has fallen to one-half to one-third of the level in the same period last year, with ordinary stores holding less than one month of inventory — a fairly healthy level within the baijiu industry.

In the financial reporting system, contract liabilities are often broadly called a “reservoir.”

But within the framework of the “well,” it is more like a water-level gauge.

Information asymmetry theory shows that market participants hold differing information, and those with more frontline information will use actionable behaviour to convey their expectations. Distributors perceive terminal sell-through earlier than financial statements. When channels still have inventory on hand but are still willing to pay real money to the distillery in advance, this action itself is a vote on their willingness to cooperate in subsequent operations.

In the view of JiuYe Times, what truly needs to be repaired during the baijiu adjustment period is not revenue growth, but the channel balance sheet. The water level rising and cash collection running ahead of revenue indicate that this balance sheet is moving in a healthy direction. The well water is not being pumped up — it is returning on its own. This distinction carries more information than a single quarter’s profit figure.

PART 03

The Spring: Banquet Scenarios and the Autumn Brewing Expo Are Two Different Water Sources

For a well not to dry up over the long term, it cannot rely on only one spring.

The first spring is on the banquet table.

Gu 16 is positioned in the RMB 300–400 price band, focusing on high-end urban banquets, precisely hitting the pressure point of this round of consumption migration: the downgrading of business consumption and the rationalisation of banquet liquor have pushed some demand that originally belonged to higher price bands into this range.

During the Mid-Autumn and National Day double festivals, Gu 16 achieved sell-through growth of more than 10% in banquet scenarios. This is the most direct source of sell-through in the current period, and also the product-side explanation for the quarter-on-quarter rebound in contract liabilities.

The second spring is farther away.

On September 19, the 13th Gujing Gongjiu · Vintage Pulp Autumn Brewing Ceremony was held in Bozhou. This brand IP, now in its thirteenth year, has already moved beyond a single ceremony: Gujing Gongjiu, Huanghelou Liquor, Mingguang Liquor, and Jiuyun Liquor brewed simultaneously across four locations, with eight major production bases starting brewing in sync; the first autumn-brewed liquor was jointly auctioned online with JD.com for the first time; brand ambassador Louis Koo attended; and Guqi Herbal Whisky and Gu 20 Year of the Sheep zodiac commemorative liquor were released simultaneously.

Gujing Gongjiu has thus become the only domestic baijiu brand to have appeared on the World Expo stage for six consecutive editions and to have become an official partner of the China Pavilion at five editions. It has also launched strategic cooperation for the China Pavilion at Expo 2027 Belgrade, with overseas business covering more than 30 countries and regions.

In the view of JiuYe Times, banquets are the water that quenches thirst in the current period, while autumn brewing and the World Expo are water seeping underground. The former determines whether this quarter’s financial statements look good; the latter determines whether this well will still exist five years from now. The scarcest resource during an adjustment period is not expenses, but whether an enterprise is still willing to pay for “capabilities that cannot be used for the time being.”

PART 04

The Well’s Compound Interest: Intertemporal Allocation and the Inventory Cycle

Raising the perspective one level, Gujing’s choices this year can be read through a simple economic concept: intertemporal allocation. Given a fixed total amount of resources, an enterprise can choose to leave value in current profit or allocate it to capabilities at some future point.

Gujing has allocated part of its current expenses — through terminal cultivation, quality upgrading, and channel relief — into healthier inventory levels, more solid banquet-scenario share, and greater channel willingness to cooperate. These assets are not on the income statement, but they form the base inventory the enterprise can draw on when the next round of demand recovery arrives.

A companion concept is the inventory investment cycle.

Baijiu channel inventory is essentially an investment behaviour within the industrial chain: distributors accumulate inventory when expectations improve and cut inventory when expectations weaken. Gujing’s terminal inventory having fallen to a small fraction of last year’s level means that “de-investment” at the channel level has already gone deep, and the room for further decline is narrowing. When inventory no longer acts as a drag, marginal improvements in revenue are more easily amplified by channel behaviour.

The interim dividend plan, within this framework, is not merely a shareholder return arrangement. It simultaneously conveys a judgement to channels and investors: this well has a certain capacity to produce water, and a certain rhythm of repair. In a cycle of weak expectations, certainty itself has option value.

The wisdom of a well lies in the fact that it never seeks to be filled to the brim in one go. When the water level is low, it stores; when the well wall loosens, it builds; when springs are few, it finds new ones.

In Gujing Gongjiu’s third-quarter report, positive revenue growth and a forward move in ranking are ripples on the surface; quality upgrading, channel cash collection, and autumn brewing and the World Expo are the well wall, water level, and spring beneath the surface. Trading short-term profit elasticity for these invisible things will not immediately stand out in financial statements, but it ensures that when the next cycle begins, the water source is still there and the well wall is still solid.

(This article is compiled from publicly available industry information. Sources/Data: Gujing Gongjiu 2026 Third-Quarter Report and Interim Profit Distribution Plan, Jianiang.com, China Fortune Network, Soochow Securities research reports, Tonghuashun industry information, etc.)

原创文章版权归本网所有;转载文章归原作者所有。发布者:酒业时报,转载请注明出处:https://www.thewinetimes.com/gongsi/13463

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