白酒行业2026年中报总结：报表承压底部渐明

图表目录图表1白板收及绩增速 3图表2白板回及增速 3图表3白上公单度收、润速（元） 4图表4白上司26H1量增情况 5图表5白上司26H1现回汇总 6图表6白上司26H1合负+收款总 7图表7白上司26H1应票+收项汇总 8图表8白上司26H1经性金净汇总 9图表9白上司26H1毛率总 10图表10酒市司26H1营税率总 图表酒市司26H1销和理用汇总 12图表12酒市司26H1净率总 12图表13企红汇总 13图表14企息汇总 13一、白酒板块：Q2板块加大出清，26H2降幅有望收窄Q226H11978.5731.28.3%Q2/652.6/210.617.0%/21.4%26H12001.0Q2756.928.0%图表1白酒板块收入及绩增速 图表2白酒板块回款及增速ind ind分价格带看：高端：茅台Q2控量微降，老窖主动调整加大出清。26Q2高端酒营收/利润同降1.3%收入/Q2营收/-13.2%/+232.6%Q2收入/基地型次高端：Q226Q2-23.8%/-42.1%26Q2/20+2530收入/36.9%/78.0%Q2/26Q231.7%H150%Q2Q228.4%T6826Q28.9%75.6%/-30.4%/-56.3%/+4.4%Q211.1%85.3%（图表3白酒上市公司单季度收入、利润增速表（亿元）证券简称营收:亿元营收:同比归母净利润:亿元归母净利润:同比26Q126Q226H126Q126Q226H126Q126Q226H126Q126Q226H1贵州茅台547.0375.8922.86.3%-5.2%1.3%272.4172.7445.21.5%-6.9%-2.0%五粮液228.455.8284.233.7%-13.2%20.9%80.66.987.582.6%232.6%89.3%泸州老窖80.324.5104.7-14.2%-65.5%-36.4%37.16.343.4-19.3%-79.5%-43.4%高端855.7456.01311.79.9%-14.2%0.1%390.1186.0576.18.8%-14.8%-0.1%舍得酒业14.88.122.9-6.0%-28.4%-15.3%2.3(0.9)1.5-33.1%--67.3%酒鬼酒3.22.15.3-7.8%-2.1%-5.6%0.3(0.2)0.14.6%--水井坊8.22.710.8-14.9%-50.7%-27.8%1.7(1.8)(0.1)-10.1%--105.9%扩张型次高端26.112.839.0-9.2%-31.7%-18.1%4.4(2.8)1.5-23.3%--72.9%山西汾酒149.261.2210.4-9.7%-17.7%-12.2%53.810.664.4-19.0%-43.1%-24.3%洋河股份81.923.5105.4-26.0%-36.9%-28.8%24.51.626.0-32.7%-78.0%-40.1%今世缘43.221.164.4-15.2%14.1%-7.4%13.87.020.8-15.8%19.2%-6.6%古井贡酒74.526.9101.3-18.6%-43.3%-27.0%16.15.621.6-31.0%-58.1%-40.9%口子窖13.85.819.5-24.0%-20.0%-22.9%3.30.43.6-46.2%-65.4%-49.0%迎驾贡酒22.311.934.28.9%6.6%8.1%8.33.311.60.7%8.4%2.8%老白干酒12.28.821.04.5%-32.8%-15.2%1.71.02.68.6%-42.9%-18.5%基地型次高端397.0159.2556.2-15.3%-23.8%-17.9%121.529.3150.8-23.3%-42.1%-27.9%金种子酒1.90.52.4-35.7%-75.6%-51.2%(0.2)(0.5)(0.6)---金徽酒10.97.218.2-1.5%11.1%3.2%2.00.12.1-12.5%-85.3%-28.2%天佑德酒4.11.75.7-5.9%-30.4%-14.7%0.5(0.4)0.1-28.2%--79.7%伊力特6.11.27.3-23.8%-56.3%-32.1%1.0(0.2)0.8-27.3%--49.6%顺鑫农业24.113.938.0-26.0%4.4%-17.2%1.2(0.8)0.4-59.0%--76.7%中低档47.124.571.6-20.1%-8.9%-16.6%4.6(1.8)2.8-33.5%--54.0%合计1325.9652.61978.5-0.7%-17.0%-6.7%520.6210.6731.2-1.7%-21.4%-8.3%ind销量Q2：基地型次高端：分化明显，今世缘、迎驾Q2实现正增长。Q220/30022%T68-1.5%/+22.3%/-19.9%图表4白酒上市公司26H1量价增长情况板块证券简称产品收入（亿元）吨价（万元/吨）销量（万吨）25H1占比26H1占比同比25H126H1同比25H126H1同比高端贵州茅台茅台酒755.984.6%777.285.7%2.8%------系列酒137.615.4%129.314.3%-6.0%------五粮液五粮液136.762.7%236.388.0%72.8%158.0145.1-8.2%0.91.688.3%其它酒81.237.3%32.312.0%-60.2%9.410.49.9%8.63.1-63.7%泸州老窖中高档酒类150.591.8%92.088.4%-38.9%62.466.46.4%2.41.4-42.5%其他酒类13.58.2%12.111.6%-10.3%5.45.4-0.5%2.52.2-9.8%基地型次高端山西汾酒汾酒233.998.0%206.298.5%-11.8%------其他酒类4.82.0%3.11.5%-35.1%------洋河股份中高档酒&普通酒145.1-103.3-28.9%18.619.23.7%7.85.4-31.4%今世缘特A+类43.162.6%37.459.0%-13.2%------特A类22.332.4%23.136.4%3.4%------A类2.33.4%1.82.9%-21.8%------B类0.81.1%0.81.2%0.6%------C类、D类0.30.4%0.30.5%12.1%------其他0.00.0%0.00.0%9.4%------古井贡酒年份原浆109.680.3%79.779.7%-27.3%23.520.5-12.8%4.73.9-16.7%古井贡酒11.88.7%10.510.5%-11.1%6.05.4-9.7%2.01.9-1.6%黄鹤楼其他15.011.0%9.89.8%-34.6%9.88.9-9.8%1.51.1-27.5%口子窖高档白酒23.896.0%18.094.5%-24.4%------中档白酒0.31.3%0.31.8%4.4%------低档白酒0.72.7%0.73.8%5.3%------迎驾贡酒中高档白酒25.484.9%27.585.0%8.3%------普通白酒4.515.1%4.815.0%7.2%------老白干酒100元以上13.253.3%10.851.5%-18.1%------100元以下11.546.7%10.248.5%-11.9%------扩张型次高端舍得酒业中高档酒19.781.6%15.475.5%-22.0%------普通酒4.418.4%5.024.5%12.0%------酒鬼酒内参系列1.119.9%0.816.0%-24.1%81.662.8-23.0%0.00.0-1.5%酒鬼系列2.951.9%3.464.0%16.0%26.024.7-5.1%0.10.122.3%湘泉系列0.35.6%0.24.6%-23.7%5.45.1-4.8%0.10.0-19.9%其他系列1.322.5%0.815.4%-35.6%11.712.67.8%0.10.1-40.2%水井坊高档白酒13.093.7%10.095.4%-23.4%------中档白酒0.96.3%0.54.6%-44.4%------ind26H1白酒现金流伴随收入同步收缩，结构有分化。行业Q2多数酒企未强制渠道回款、集中确认历史回款及减少历史票据，Q2回款降幅大于收入，高端三家中茅台经营良好，五粮液降价去库、老窖主动控量去库；次高端及中低档现金流持续偏弱。26H1Q210%3.5%、Q27.9%63.3%40.1%1.6%31.5%图表5白酒上市公司26H1现金回款汇总证券简称现金回款(亿元）现金回款:同比25Q125Q226Q126Q225H126H126Q1同比26Q2同比26H1同比贵州茅台561.4389.4563.9420.3950.9984.20.4%7.9%3.5%五粮液382.3312.3133.1121.7694.7254.8-65.2%-61.0%-63.3%泸州老窖98.780.888.818.6179.5107.4-10.0%-77.0%-40.1%高端1042.5782.6785.9560.61825.01346.5-24.6%-28.4%-26.2%舍得酒业16.211.512.211.627.823.8-24.8%0.9%-14.1%酒鬼酒2.32.23.12.34.55.536.1%4.6%20.7%水井坊7.39.96.02.717.28.7-17.9%-72.9%-49.5%扩张型次高端25.923.721.416.649.538.0-17.4%-29.6%-23.2%山西汾酒137.969.4160.257.5207.3217.816.2%-17.1%5.0%洋河股份98.025.762.624.8123.887.4-36.2%-3.6%-29.4%今世缘46.820.247.918.167.066.02.4%-10.7%-1.6%古井贡酒82.369.874.629.6152.1104.2-9.3%-57.6%-31.5%口子窖12.010.68.67.422.516.0-27.7%-30.0%-28.8%迎驾贡酒22.112.826.412.134.938.419.3%-5.6%10.2%老白干酒16.88.314.86.825.121.6-11.9%-18.1%-13.9%基地型次高端415.9216.8395.1156.3632.7551.4-5.0%-27.9%-12.9%金种子酒2.51.51.00.84.01.9-58.0%-45.0%-53.1%金徽酒11.87.512.76.519.319.27.8%-13.1%-0.3%天佑德酒4.92.54.81.77.46.5-3.6%-30.8%-12.7%伊力特5.92.34.11.38.25.5-29.4%-41.4%-32.7%顺鑫农业19.814.919.013.034.732.0-3.7%-12.9%-7.7%中低档44.828.741.723.473.565.1-7.0%-18.4%-11.5%合计1529.11051.71244.1756.92580.82001.0-18.6%-28.0%-22.5%ind合同负债：Q2环比明显回落，主因Q1回款集中、Q2企Q226Q2+324降22.6%，多数酒企未提前要求渠道打款，且确认Q1已回款未发货部分。高端酒160.619666.6（5.863.8%20.5%46%3.9%29.6%图表6白酒上市公司26H1合同负债+预收账款汇总ind应收账款：Q226Q215575.524.812.6亿元50.9%图表7白酒上市公司26H1应收票据+应收款项融资汇总证券简称应收票据+应收款项融资（亿元）应收票据+应收款项融资：同比25Q125Q226Q126Q226Q1同比26Q1环比26Q2同比26Q2环比贵州茅台21.328.235.324.866.0%-20.8%-12.1%-29.9%五粮液193.138.9207.275.57.3%120.2%93.9%-63.6%泸州老窖12.014.18.412.6-29.9%-42.7%-10.8%49.9%高端226.481.2250.9112.810.8%63.7%38.9%-55.0%舍得酒业3.42.33.50.82.6%147.6%-65.5%-77.1%酒鬼酒2.01.61.20.6-42.5%-5.0%-60.8%-47.8%水井坊0.00.01.20.5----扩张型次高端5.53.95.91.97.8%121.8%-50.9%-67.6%山西汾酒15.720.726.520.469.1%28.7%-1.4%-23.2%洋河股份5.28.39.12.474.8%400.0%-71.0%-73.5%今世缘0.20.21.01.0461.4%86.3%334.7%3.5%古井贡酒46.07.430.411.3-34.1%239.0%53.0%-62.8%口子窖7.13.54.92.2-31.6%485.6%-35.2%-53.8%迎驾贡酒0.30.20.10.1-80.5%-73.3%-61.0%82.6%老白干酒1.81.10.70.4-64.0%41.5%-62.0%-36.0%基地型次高端76.341.472.537.8-4.9%117.2%-8.6%-47.8%金种子酒0.40.90.50.216.5%58.2%-80.1%-62.0%金徽酒0.00.00.50.0-21783.4%--100.0%天佑德酒0.00.00.00.0----伊力特0.00.20.00.036.3%-95.2%-85.6%-30.5%顺鑫农业3.53.44.52.329.3%-0.4%-33.5%-49.7%中低档3.94.55.52.540.7%-3.1%-45.3%-55.2%合计312.0131.0334.8155.07.3%71.7%18.4%-53.7%ind经营性现金流：剔除茅台后行业现金流质量仍偏弱。26H1行业经营性现金流净额808+33.7%706.9438.8%源于单Q265.7%图表8白酒上市公司26H1经营性现金流净额汇总ind26H181.8%、1.7pct1.7pct2.4pct图表9白酒上市公司26H1毛利率汇总证券简称毛利率毛利率:同比25Q125Q226Q126Q225H126H126Q1同比26Q2同比26H1同比贵州茅台92%90%90%89%91%90%-2.2pct-1.2pct-1.7pct五粮液79%75%81%76%78%80%2.4pct1pct2.4pct泸州老窖87%88%86%84%87%85%-0.7pct-4.1pct-1.7pct高端88%88%87%87%88%87%-1.3pct-0.9pct-1.1pct舍得酒业69%61%66%52%66%61%-3pct-8.8pct-4.5pct酒鬼酒71%65%67%66%69%67%-3.4pct0.3pct-2pct水井坊82%74%80%65%79%76%-2.1pct-9.7pct-3.1pct扩张型次高端74%65%71%57%70%66%-3.1pct-8.3pct-4.2pct山西汾酒79%72%75%76%77%75%-3.8pct4.4pct-1.3pct洋河股份76%73%75%66%75%73%-0.2pct-7.1pct-1.7pct今世缘74%73%74%74%73%74%0.8pct0.8pct0.7pct古井贡酒80%80%78%87%80%80%-1.8pct7pct0.5pct口子窖76%65%68%67%73%67%-8.6pct1.5pct-5.7pct迎驾贡酒76%68%76%71%74%74%-0.9pct2.9pct0.4pct老白干酒69%67%64%63%68%63%-4.5pct-4.9pct-4.5pct基地型次高端77%73%75%75%76%75%-2.2pct1.4pct-1.1pct金种子酒42%45%51%41%43%49%9.4pct-4pct6.2pct金徽酒67%64%63%62%66%63%-3.9pct-1.6pct-3.1pct天佑德酒61%55%62%56%59%60%1.2pct0.9pct1.5pct伊力特49%51%52%52%49%52%2.8pct0.7pct2.2pct顺鑫农业37%28%38%25%34%33%0.7pct-3.3pct-1.4pct中低档46%43%48%40%45%45%1.8pct-3.1pct0.1pct合计82%82%82%82%82%82%-0.5pct-0.3pct-0.4pctind26H1行16.1%-1.3pcts+0.6pct致。图表10白酒上市公司26H1营业税金率汇总证券简称税金率税金率：同比25Q125Q226Q126Q225H126H126Q1同比26Q2同比26H1同比贵州茅台14.2%17.5%15.3%17.5%15.6%16.2%1.1pct0.1pct0.6pct五粮液31.6%38.1%16.3%8.6%33.4%14.8%-15.3pct-29.5pct-18.6pct泸州老窖11.7%15.4%14.4%25.8%13.3%17.1%2.7pct10.5pct3.8pct高端17.7%19.7%15.5%16.9%18.5%16.0%-2.3pct-2.8pct-2.6pct舍得酒业11.6%15.4%16.4%19.8%13.2%17.6%4.7pct4.4pct4.4pct酒鬼酒20.3%18.9%18.6%19.2%19.7%18.8%-1.7pct0.3pct-0.9pct水井坊17.0%23.8%14.8%22.1%19.5%16.6%-2.2pct-1.7pct-2.9pct扩张型次高端14.5%18.2%16.2%20.2%15.9%17.5%1.7pct2pct1.5pct山西汾酒13.7%22.3%15.2%24.0%16.3%17.8%1.5pct1.7pct1.4pct洋河股份15.7%18.3%17.4%17.8%16.3%17.5%1.7pct-0.5pct1.1pct今世缘16.4%10.1%15.7%10.4%14.7%14.0%-0.7pct0.3pct-0.7pct古井贡酒16.0%15.1%17.7%13.8%15.7%16.7%1.8pct-1.3pct1pct口子窖14.8%18.0%15.4%15.0%15.7%15.3%0.6pct-3pct-0.4pct迎驾贡酒14.4%15.8%14.9%15.9%14.9%15.3%0.5pct0.1pct0.4pct老白干酒16.5%17.2%17.2%18.1%16.9%17.6%0.7pct0.9pct0.7pct基地型次高端15.0%18.0%16.2%18.3%16.0%16.8%1.2pct0.3pct0.9pct金种子酒18.7%16.5%21.4%33.5%17.8%23.8%2.8pct17pct5.9pct金徽酒15.3%14.5%15.7%18.1%15.0%16.7%0.4pct3.5pct1.6pct天佑德酒15.3%14.8%16.9%16.4%15.1%16.8%1.6pct1.6pct1.7pct伊力特12.2%19.3%10.9%28.5%14.0%13.8%-1.3pct9.2pct-0.2pct顺鑫农业9.8%10.5%12.2%7.6%10.0%10.5%2.4pct-2.9pct0.5pct中低档12.0%13.2%13.6%12.8%12.4%13.3%1.6pct-0.4pct1pct合计16.5%19.0%15.6%17.1%17.4%16.1%-0.8pct-1.9pct-1.3pctind26H111.4%7.4pcts5pctsQ25.1pcts26H14.8%0.1pct2.0pcts、0.1pcts1.1/2.7/1.4pcts图表11白酒上市公司26H1销售和管理费用率汇总ind26H10.6pcts0.1pcts相对稳健。高端内部分化：茅台Q2净46.9%11.1pcts5.1pctsQ21.4pctsQ2由图表12白酒上市公司26H1净利率汇总证券简称净利率净利率:同比25Q125Q226Q126Q225H126H126Q1同比26Q2同比26H1同比贵州茅台53.1%47.8%50.5%46.9%50.8%49.1%-2.5pct-0.9pct-1.7pct五粮液25.8%3.2%35.3%12.4%19.7%30.8%9.5pct9.1pct11.1pct泸州老窖49.1%43.2%46.2%25.8%46.6%41.4%-2.9pct-17.5pct-5.1pct高端46.5%41.7%46.0%41.5%44.6%44.5%-0.5pct-0.2pct-0.1pct舍得酒业22.0%8.6%15.6%-10.7%16.4%6.3%-6.3pct-19.4pct-10.1pct酒鬼酒9.2%-10.5%10.5%-9.8%1.6%2.3%1.2pct0.7pct0.7pct水井坊19.8%-15.8%21.0%-66.7%7.0%-0.6%1.1pct-50.9pct-7.6pct扩张型次高端19.7%-0.6%16.7%-22.2%11.7%3.9%-3.1pct-21.6pct-7.8pct山西汾酒40.2%25.0%36.1%17.3%35.5%30.6%-4.2pct-7.7pct-4.9pct洋河股份32.9%18.9%29.9%6.6%29.4%24.7%-3pct-12.4pct-4.7pct今世缘32.2%31.6%32.0%33.0%32.1%32.3%-0.2pct1.4pct0.3pct古井贡酒25.5%28.1%21.6%20.8%26.4%21.4%-3.9pct-7.4pct-5pct口子窖33.7%14.5%23.9%6.3%28.3%18.7%-9.8pct-8.2pct-9.6pct迎驾贡酒40.5%27.1%37.4%27.6%35.8%34.0%-3pct0.5pct-1.8pct老白干酒13.1%12.8%13.6%10.9%12.9%12.4%0.5pct-1.9pct-0.5pct基地型次高端33.8%24.2%30.6%18.4%30.9%27.1%-3.2pct-5.8pct-3.7pct金种子酒-13.1%-17.7%-8.0%-108.4%-14.9%-27.5%5.1pct-90.6pct-12.5pct金徽酒21.1%9.9%18.7%1.3%17.0%11.8%-2.4pct-8.6pct-5.2pct天佑德酒15.6%-6.6%11.9%-22.6%7.6%1.8%-3.7pct-15.9pc