Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 710,000 yuan, indicating a significant financial commitment to this role [1] Salary Overview - In the liquor industry, the total salary for company secretaries in 2024 was 14.797 million yuan, with an average salary of 924,800 yuan, which is considerably higher than the market average [1] - The highest-paid company secretary, Zhu Jiafeng from Gujing Gongjiu, earned 2.2169 million yuan, despite a slight year-on-year decrease of 1.5% [1] - Xu Qinxiang from Kouzi Jiu followed with a salary of 1.8996 million yuan, remaining stable compared to the previous year [1] - Zhang Wei from Shede Jiuye experienced the largest salary drop of 67.12%, with a salary of 1.3063 million yuan [1] Performance Metrics - The report indicates that 2024 saw a total of 7 company secretaries with salary increases, while the majority of the 16 liquor companies reported a decline in stock prices [1] - The largest stock price drop was recorded by Shede Jiuye at 46.2%, followed by Jinzizijiu and Gujing Gongjiu with declines of 43.68% and 41.11% respectively [1] Demographics - The age distribution of company secretaries in the liquor industry ranges from 35 to 60 years, with over half aged between 40 and 50 [1] - The educational background shows that over 40% hold a bachelor's degree, while only one has an associate degree [1]

董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，白酒行业（根据申万二级行业分类）上市公司中，2024年度董秘薪酬总额为1479.7万元 （仅统计2024年度完整任期董秘），平均薪酬达92.48万元，远高于市场平均值。 古井贡酒董秘朱家峰以221.69万元年薪蝉联行业薪酬榜首，虽同比微降1.5%，但仍为唯一一位年薪突破 200万元董秘。口子窖董秘徐钦祥以189.96万元紧随其后，薪酬与上年持平。今世缘董秘王卫东以175.06 万元位列第三，年薪增长9.51%，增幅显著。 舍得酒业董秘张伟虽以130.63万元居第四，但其薪酬同比大幅下滑67.12%，成为行业最大降幅。泸州老 窖董秘李勇薪酬107.05万元，同比增长11.85%，跻身前五。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从薪酬涨跌幅来看，2024年有完整任期的董秘中，有7位董秘薪酬上涨，皇台酒业董秘成志坚因2023年 任期不满一年而涨薪最多，达18. ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average salary of 777,800 yuan in the food industry [1][2] - The age distribution of CFOs shows that those aged 40 to 50 are the majority, accounting for 54%, while only 9.16% are aged 30 to 40, with a median age of 48 [1][2] - The highest-paid CFO in the food and beverage industry is Jiang Leifeng from Shuijingfang, with a salary of 4.65 million yuan, followed by Zhao Chengxia from Yili with 3.90 million yuan [2][3] Group 2 - The lowest salary recorded for a CFO is 16,600 yuan for Xu Wen from Maiqu'er, who has been in the position since August 2015 [3] - In the high-margin liquor industry, the average salary of CFOs significantly exceeds the industry average, with 8 CFOs earning over 1 million yuan [3] - Five companies increased their CFO salaries last year, while nine companies saw salary reductions, with the largest cut being from Xie Hong of Luzhou Laojiao, whose salary decreased from 1.29 million yuan to 1.09 million yuan [3]

剔除2024年开始任职的财务总监数据之后，薪酬最低的是麦趣尔财务总监许文，仅为1.66万元，许文现年59岁，从2015年8月开始任职。从2022年以来，麦趣尔已经连续亏损三年，从2023年 值得注意的是，白酒作为高毛利的现金奶牛行业，财务总监平均薪酬大幅超过行业均值。去年16家上市白酒公司（数据来源于choice，截止2024年末任期不满1年的不参与统计，包括部分公司 其中年薪超100万的财务总监达到8位，占到一半。年薪超200万的三名财务总监分别是水井坊蒋磊峰（464.75万元）、古井贡酒朱家峰（221.69万元）、金徽酒谢小强（216.85万元）。 薪酬最低的是皇台酒业刘会平，为30.72万元。其次是伊力特财务总监颜军，为42.32万元。 金字火腿CFO周国华年纪最大，达到64岁。周国华目前身兼数职，是金字火腿董事、总裁、财务总监，2021年12月开始担任CFO一职。元祖股份CFO刘政年纪最小，仅32岁，从2023年10月开始 从学历来看，以本科为主，占比达到58%；其次是硕士，达到28%。专科有16名，占比达到12.4%。此外博士有1名，为立高食品财务总监王世佳；中职也有一名，为春雪食品财务总监郝孔臣。 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，A股市场130家食品行业公司财务总监薪酬均值为77.78万元（剔除一家无薪酬数据公 司），低于市场均值。 从年龄分布来看，40（含）-50岁是主力人群，人数达到71位，占比达到54%；其次是50（含）岁以 上，占比达到37%；30（含）-40的CFO占比仅为9.16%，年龄中位数为48岁。 金字火腿CFO周国华年纪最大，达到64岁。周国华目前身兼数职，是金字火腿董事、总裁、财务总监， 2021年12月开始担任CFO一职。元祖股份CFO刘政年纪最小，仅32岁，从2023年10月开始任职。 从学历来看，以本科为主，占比达到58%；其次是硕士，达到28%。专科有16名，占比达到12.4%。此 外博士有1名，为立高食品财务总监王世佳；中职也有一名，为春雪食品财务总监郝孔臣。 从薪酬来看，A股食品饮料行 ...

Core Viewpoint - The Chinese liquor industry is currently undergoing a deep adjustment period, with overall market performance being sluggish and many companies reporting significant declines in revenue and profit [1][3][4]. Industry Overview - The liquor industry is experiencing a noticeable slowdown in growth, with many companies reporting declines in both revenue and net profit, and some even turning from profit to loss [1][3]. - The adjustment in the industry is characterized by a systemic pressure affecting all companies, rather than isolated operational issues [3][4]. Company Performance - Jiu Gui Jiu's net profit for the first half of the year is expected to be between 8 million and 12 million yuan, a decline of 90.08% to 93.39% compared to 121 million yuan in the same period last year, with revenue expected to drop by approximately 43% to around 560 million yuan [1]. - Shui Jing Fang anticipates a net profit of 105 million yuan for the first half of the year, down 56.52% year-on-year, with revenue expected to decrease by 12.84% to 1.498 billion yuan, despite a 14.54% increase in sales volume [1]. - Shunxin Agriculture expects a net profit of 155 million to 195 million yuan, a decline of 53.85% to 63.32% year-on-year, due to decreased sales volume impacting overall revenue and profit levels [3]. - Jinzhongzi forecasts a net loss of 60 million to 90 million yuan for the first half of the year, attributing this to the industry's deep adjustment and ongoing decline in production [3]. Market Dynamics - The industry faces multiple challenges, including shrinking consumption scenarios, soft market demand, and a shift in consumer preferences towards fruit wines and low-alcohol beverages [4]. - High inventory levels and serious price inversion issues are exacerbating industry pressures, with over 58% of distributors reporting increased inventory and more than half facing price inversion problems [4]. - The average inventory turnover days have reached 900 days, an increase of 10% year-on-year, indicating significant supply chain inefficiencies [4]. Future Outlook - Despite the current challenges, leading companies like Kweichow Moutai and Wuliangye are still achieving relatively stable growth, with Moutai reporting a 9% year-on-year revenue increase [7]. - The low-alcohol beverage market is emerging as a new growth point, with companies exploring new product lines and sales channels [7]. - Industry experts predict a full recovery by 2027, with new development opportunities arising in 2028, suggesting that patience and understanding are needed for the industry's transformation [8][9].

Core Viewpoint - The Chinese liquor industry is experiencing a significant downturn, with over 15 companies reporting substantial declines in profits or expected losses, indicating a deep adjustment period for the sector [1][5]. Company Performance - Shunxin Agriculture (Niulanshan) expects a net profit of 155 to 195 million yuan for the first half of 2025, a decrease of 53.85% to 63.32% compared to over 400 million yuan in the same period last year [2][3]. - Jiu Gui Jiu anticipates a revenue of approximately 560 million yuan, down about 43%, with a net profit drop of 90.08% to 93.39%, projecting earnings of 8 to 12 million yuan [2][3]. - Shui Jing Fang forecasts a net profit of 105 million yuan, a decrease of about 137 million yuan or 56.52% year-on-year, with expected revenue of 1.498 billion yuan, down 12.84% [2][3]. - Jin Zhong Zi Jiu, *ST Yan Shi, and Huang Tai Jiu Ye are expected to report losses, with Jin Zhong Zi Jiu projecting a loss of 60 to 90 million yuan [4][5]. Industry Trends - The liquor industry is undergoing a deep adjustment, with many companies citing declining sales volumes as a key factor affecting revenue and profit levels [5][6]. - Despite an increase in sales volume, Shui Jing Fang's profits have significantly declined due to rising sales expense ratios and the need for promotional support for new products [5][6]. - Fund managers are actively adjusting their portfolios, reducing positions in companies like Gu Jing Gong Jiu and Jin Si Yuan, reflecting a cautious outlook on the sector [7][12]. Strategic Responses - Companies are focusing on terminal sales and channel penetration, with some investing in store coverage and single-store productivity to adapt to the changing market [1][14]. - Jiu Gui Jiu plans to enhance consumer purchasing intent through events and expand sales channels, while Shui Jing Fang aims to increase store coverage and improve single-store sales [13][14]. - Major liquor brands are introducing lower-alcohol products to attract younger consumers, with several companies developing new low-alcohol offerings [14].

Core Viewpoint - The Chinese liquor industry is facing severe challenges in 2025 due to a combination of policy adjustments, consumption structure transformation, and deep competition, leading to declining production, prices, and profits [2][6]. Group 1: Industry Performance - Major liquor companies such as Shunxin Agriculture, Shui Jing Fang, and Jiu Gui Jiu have reported significant declines in net profits, with some experiencing drops of over 90% [2][3]. - The overall industry is experiencing a "volume and price decline," with production volume down 7.6% year-on-year in the first five months of 2025, and a cumulative decline of 69.5% from 2016 to 2024 [5][6]. - The first quarter of 2025 saw a slight increase in revenue of 0.38% for large-scale liquor enterprises, but total profits decreased by 0.73%, indicating a clear downward trend [5][6]. Group 2: Market Dynamics - The industry is facing "three heavy cold currents": persistent price fluctuations, high inventory levels, and a collapse in consumption scenarios [8][10][11]. - Price declines are evident, with liquor prices dropping by 2.0% year-on-year in the first half of 2025, and over 60% of companies experiencing price inversions [8][9]. - Inventory pressure is significant, with an average inventory turnover period of 900 days, and over 58% of distributors reporting increased stock levels [10][11]. Group 3: Consumer Behavior and Trends - Consumer demand is shifting towards more rational spending, with a notable decrease in high-end liquor purchases and a preference for lower-priced products [12][13]. - The traditional consumption scenarios, such as business banquets and gift-giving, are shrinking, leading to a decline in sales during peak seasons [11][12]. - The rise of low-alcohol and foreign liquor preferences among younger consumers is further diluting the market for traditional liquor [11][12]. Group 4: Strategic Responses - Liquor companies are urged to adapt by targeting the mass market with affordable and quality products, as the market for low-cost liquor is expected to grow significantly [14]. - Product innovation is essential, with a focus on lower alcohol content to meet the health-conscious preferences of younger consumers [14]. - Companies are exploring new sales channels, including online platforms and instant retail, to enhance market reach and efficiency [14][15].

Investment Rating - The industry rating is maintained as "Positive" [4] Core Views - The rotation between old and new consumption sectors continues, with leading brands in liquor and dairy products rebounding. The performance of mass-market products in Q2 shows divergence, with new consumption-related stocks experiencing rapid growth despite previous adjustments in performance expectations. Traditional channel reforms have impacted some stocks, leading to ongoing adjustments in performance [1][3][33] - The liquor sector is expected to have limited downside potential for leading companies, with high ROE, dividends, and cautious profit assumptions indicating a valuation floor. Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][12] - New consumption trends are anticipated to continue, with potential for recovery in the second half of the year. Focus on low-priced or undervalued stocks with future catalysts, including Wei Long, Yili, and Wancheng Group [1][3][33] Summary by Sections Liquor Sector - The liquor sector remains at a low point, with a focus on potential policy catalysts and rebound opportunities. Leading brands with strong market positions are prioritized for investment. Recommended stocks include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [2][12] - Recent performance shows a positive trend, with Luzhou Laojiao, Yanghe, and Jiu Gui Jiu leading in gains, while Jinzhidao and Huangtai Jiuye faced declines [5][39] Mass-Market Products - The new consumption paradigm is reshaping the food and beverage investment landscape. Despite a recent pullback, the long-term trend remains positive, with clear opportunities for continued investment. Focus on stocks that align with new consumption trends, such as Wei Long, Yili, and Wancheng Group [3][33] - The mass-market sector has seen significant fluctuations, with stocks like Huangshi Group and Guoquan showing strong gains, while stocks like Ganyuan and Gu Ming faced notable declines [39][42] Performance Metrics - From July 14 to July 18, the Shanghai Composite Index rose by 1.09%, with non-dairy beverages and liquor sectors showing gains of 2.16% and 1.30%, respectively. Conversely, frozen foods and snacks experienced declines of 2.26% and 1.10% [39][40] - The valuation levels for the food and beverage industry have adjusted, with the liquor sector showing the highest valuation increase this week [43]

Industry Dynamics - In the first half of 2023, the revenue from tobacco and alcohol increased by 5.5% year-on-year, totaling 331.6 billion yuan, while June's revenue was 51.6 billion yuan, showing a decline of 0.7% year-on-year [4] - The added value of the beverage and tea manufacturing industry grew by 3.4% year-on-year in June, with a 4.7% increase in the first half of the year [4] - Four industry standards related to fermented rice wine and fruit wines were officially released, set to be implemented on February 1, 2026 [4] - A national standard for the carbon footprint quantification of liquor was included in the 2025 national standard plan [5] - The China Chain Store & Franchise Association issued a proposal to resist "involution" competition in instant retail, emphasizing the need for fair market practices and sustainable development [5] Company Dynamics - Multiple liquor companies released their performance forecasts for the first half of 2023, showing a significant divergence in results. The white liquor sector generally performed poorly, with Shui Jing Fang's net profit dropping by 56.52% and other companies like Jiu Gui Jiu and Shun Xin Agriculture also reporting substantial declines [7] - Some companies, such as Chuan Jiu Group and Qinghai Spring, reported growth in revenue and profits, while the beer sector, led by Yan Jing Beer, saw a net profit increase of 40%-50% [7] - The wine and yellow wine sectors faced losses, attributed to rising costs and inadequate market expansion [7] - The chairman of Shui Jing Fang Group was replaced, marking a significant change in leadership [10] - Hengshui Laobaigan plans to focus on three key areas in the second half of the year: deepening core market channels, enhancing differentiated operations for banquet scenarios, and accelerating the implementation of a digital marketing system [10]