Industry Overview - The performance of listed liquor companies has been disclosed, with nearly 20 companies reporting their 2024 annual reports and some also releasing Q1 reports as of April 27 [1] - The overall trend shows a slowdown in the liquor industry, particularly in the white liquor segment, while top brands continue to show growth [1] - Beer stocks have rebounded in Q1 after a decline last year, with companies like Yanjing Beer and Zhujiang Beer reporting high growth in profits [1] Company Performance - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [1] - Gujing Gongjiu achieved a revenue of 23.578 billion yuan in 2024, growing 16.41% year-on-year, and a net profit of 5.517 billion yuan, up 20.22% [2] - Luzhou Laojiao's revenue for 2024 was 31.196 billion yuan, a 3.19% increase, with a net profit of 13.473 billion yuan, up 1.71% [3] - Yanjing Beer reported a revenue of 3.827 billion yuan in Q1 2025, a 6.69% increase, with a net profit of 165 million yuan, up 61.10% [4] - Zhujiang Beer achieved a revenue of 1.227 billion yuan in Q1 2025, a 10.69% increase, with a net profit of 157 million yuan, up 29.83% [4] - Laobai Gan Jiu reported a revenue of 5.358 billion yuan for 2024, a 1.9% increase, with a net profit of 787 million yuan, up 18% [5] - Tianyoude Jiu's revenue for 2024 was 1.255 billion yuan, a 3.7% increase, but net profit fell by 53% to 42.135 million yuan [7] - Zhangyu A reported a revenue of 811 million yuan in Q1 2025, a slight increase of 0.01%, with a net profit of 159 million yuan, up 0.21% [8] Market Dynamics - The liquor industry is experiencing a significant differentiation between leading brands and others, with some companies facing delisting risks due to poor performance [1] - The overall liquor market is still in a period of adjustment, with increased competition and declining production [7] - Guizhou province's liquor manufacturing sector saw a growth of 6.6% in Q1 2025, contributing to the overall economic growth of the region [16] - The import of wine has rebounded to become the top category, while the import value of spirits has decreased significantly [17]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600559 证券简称：老白干酒 河北衡水老白干酒业股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生 ...

Core Viewpoint - Hebei Hengshui Laobaigan Liquor Co., Ltd. reported significant changes in its financial data for the 2024 annual report, particularly in cash flow from operating and investing activities, which warrant investor attention [1][10][12]. Financial Performance - The company achieved operating revenue of 5,357,503,866.29 yuan, a year-on-year increase of 1.91%, attributed to effective market expansion and brand influence enhancement through various marketing activities [2]. - Net profit attributable to shareholders reached 787,098,492.78 yuan, up 18.19%, while the net profit excluding non-recurring gains and losses was 738,105,885.54 yuan, reflecting a 20.12% increase, driven by cost control and performance optimization [3]. - Basic earnings per share rose to 0.86 yuan, a 17.81% increase, and the diluted earnings per share increased to 0.81 yuan, up 20.90%, indicating enhanced profitability and shareholder value creation [4]. Cost Management - Overall expense control was effective, with sales expenses decreasing by 11.12% to 1,269,199,677.69 yuan, attributed to improved marketing efficiency [6]. - Management expenses slightly decreased by 6.15% to 389,372,248.74 yuan, due to optimized internal management processes [7]. - R&D expenses increased by 20.48% to 15,944,904.64 yuan, reflecting the company's commitment to product innovation and quality improvement [9]. Cash Flow Analysis - Cash flow from operating activities decreased by 32.63% to 535,470,778.51 yuan, primarily due to reduced cash receipts related to operating activities, which may impact short-term liquidity [11]. - Cash flow from investing activities saw a drastic decline of 526.63%, amounting to -243,067,492.50 yuan, mainly due to increased financial investments, necessitating careful investment planning [12]. - Cash flow from financing activities was negative at -410,678,038.68 yuan, an increase in outflows due to higher dividend distributions compared to the previous year [13]. Market and Operational Challenges - The white liquor industry is experiencing intensified competition, with regional brands like Laobaigan facing pressure from premium brands, highlighting the need for strategic market positioning [14]. - The company faces risks related to raw material storage and quality control, which could impact operational efficiency and brand reputation [15][18]. - The concentration of sales in specific regions poses a risk if market demand declines or if the company fails to expand effectively [17]. Management and Governance - The management team, including Chairman Liu Yanlong and General Manager Zhao Xudong, received reasonable compensation, and the implementation of a restricted stock incentive plan aligns the interests of management and shareholders [20].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown stable growth with an increase in net profit margin, reporting a revenue of 5.36 billion yuan for 2024, a year-on-year increase of 1.9%, and a net profit of 790 million yuan, up 18.2% year-on-year [1][4] - The first quarter of 2025 continued the trend of steady growth, with revenue of 1.17 billion yuan, a year-on-year increase of 3.4%, and a net profit of 150 million yuan, up 11.9% year-on-year [2][4] - The company plans to achieve a revenue of 5.47 billion yuan in 2025, representing a cautious year-on-year growth of 2% [4] Financial Performance Summary - For 2024, the company reported a revenue of 5.36 billion yuan, with a net profit of 790 million yuan, and a dividend payout ratio of approximately 63.9%, an increase of 2.1 percentage points year-on-year [1][4] - The first quarter of 2025 showed a significant improvement in product structure, leading to a gross margin increase of 6 percentage points year-on-year [2] - The company’s financial forecasts for 2025-2027 indicate an expected diluted EPS of 0.98, 1.10, and 1.24 yuan per share, respectively, with corresponding P/E ratios of 18, 16, and 14 times [4][6]

老白干酒旗下产品除了本部品牌衡水老白干酒系列，还有承德乾隆醉酒系列、文王贡酒系列、武陵酒系列、孔府 家酒系列。其中衡水老白干酒系列和武陵酒系列是前两大营收来源，2024年营收比重分别为48.3%、20.5%。 老白干酒此次净利增超18%背后离不开武陵酒系列的贡献。2024年，该酒营收为10.99亿元，同比增长12.3%，在 其五大酒系列中增幅仅次于孔府家酒，同时武陵酒系列的营收也是老白干酒在湖南省的全部营收，而老白干酒湖 南区域以3.06%的销量占比贡献了20.63%的销售收入占比，销售回报率占据第一。同时武陵酒系列2024年毛利率 达到81.06%，是老白干酒所有酒系列中毛利率最高的，其他酒系列产品毛利率基本在60%左右。 在产品价格层面，老白干酒100元以上产品也正在向上发展。当前老白干酒将产品分为100元以上产品和100元以下 产品，其中100元以上产品主要代表有1915衡水老白干酒、十八酒坊（甲等20）、武陵上酱等；100元以下产品有 十八酒坊（8酒）、十八酒坊（王牌酒）、武陵飘香等。2024年，两类产品营收分别为27.04亿元、26.22亿元，同 比分别增长5.29%、7.09%，营收比重分别为50 ...

24年主品牌量价齐升，武陵酒结构升级。分产品看，衡水老白干/武陵/板城烧锅/文王贡/孔府家分别实 现营收25.9/11.0/8.6/5.5/2.3亿元，同比分别+10%/+12%/-10%/+1%/+28%。衡水老白干量/价+4%/+5%， 武陵量/价-14%/+30%，板城烧锅量/价-12%/+2%，文王贡量/价-2%/+3%，孔府家量/价+18%/+9%，产品 结构均持续升级。分价格带看，2024年公司100 元以上/100 元以下产品分别实现营收27.0/26.2 亿元， 同比分别+5%/+7%。 1Q25核心品牌稳健增长，结构持续提升。分区域看，1Q25河北/湖南/安徽/山东/其他省份/境外分别实现 营收7.2/2.1/1.3/0.4/0.6/0.02亿元，同比分别+8.0%/+9.7%/+2.5%/+7.9%/-36.6%/-48.6%，我们预计衡水老 白干与武陵品牌维持稳健增长。分价格带看，1Q25公司100元以上/100元以下产品分别实现营收6.6/5.0 亿元，同比分别+25%/-16%。 事项： 老白干酒发布2024年报与2025年1季报，2024年实现营收53.6亿元，同比+1.9%，归母 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600559 证券简称：老白干酒 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 √适用 □不适 ...

每经记者 温梦华 每经编辑 肖芮冬 4月25日晚，曾凭借"衡水老白干，喝出男人味"广告语登上中央电视台的衡水老白干酒业发布2024年年报和2025年 一季报。 数据显示，2024年老白干酒实现营收约53.58亿元，同比微增1.91%；归属于上市公司股东的净利润约7.87亿元，同 比增长18.19%。但《每日经济新闻·将进酒》记者对比前两年数据发现，无论是营收还是净利润，从增速上来看都 呈现波动下滑趋势。 对于2024年业绩的增长，公司称离不开产品结构的持续优化、高中档酒的销售收入增加，以及降本增效。 作为河北唯一一家上市白酒酒企，老白干酒曾被称为"河北王"。但如今，随着白酒产业迈入深度调整期，公司也开 始剑指高端、加速全国化布局。然而，存量竞争下，老白干酒靠什么让全国市场"上头"？ | | | | | 里区: 元 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比 上年同 | 2022年 | | | | | 期增減 | | | | | | (%) | | | 营业收入 | 5, 357, 503, 866. 29 | 5, 257, ...

4月25日老白干酒发布2024年度分配预案，拟10派5.5元（含税），预计派现金额合计为5.03亿元。派现 额占净利润比例为63.92%，以该股2024年度成交均价计算，股息率为2.72%。这是公司上市以来，累计 第20次派现。 公司上市以来历次分配方案一览 | 002582 | 好想你 | 0.00 | 10 | 43628.80 | | 14.44 | | --- | --- | --- | --- | --- | --- | --- | | 600132 | 重庆啤 酒 | 0.00 | 9 | 43557.41 | 39.08 | 1.41 | | 002461 | 珠江啤 酒 | 0.00 | 1.7 | 37626.58 | 46.44 | 2.00 | | 600872 | 中炬高 新 | 0.00 | 4.2 | 32724.72 | 36.64 | 1.81 | | 000848 | 承德露 露 | 0.00 | 3 | 31486.62 | 47.26 | 3.56 | | 603043 | 广州酒 家 | 0.00 | 4.8 | 27301.00 | 55.28 | 2.81 | | ...

21世纪经济报道记者肖夏 重庆报道 4月25日晚，老白干酒披露2024年年报：实现营收53.58亿元，同比增长1.9%，营业利润10.59亿元，同比增长19.8%，归母净利润7.87亿元，同比增长18%。 管理层分析去年利润增长主要原因有两方面，一方面是优化产品结构，高中档酒销售收入增加，另一方面是持续开展降本增效活动，盈利水平不断提升。 老白干酒旗下有衡水老白干、板城烧锅酒、武陵酒、文王贡酒、孔府家酒五大白酒品牌。财报显示，其中盈利能力更强的衡水老白干、板城烧锅酒、武陵酒 去年毛利率都有提升，带动主业毛利率提升了0.29个百分点。 老白干酒去年完成了一半的KPI。 （去年毛利率稍有提升，来自年报） 这意味着，老白干酒去年盈利能保持近两成的较高增长并且涨幅远超营收，主要是因为持续推进降本增效。2024年，老白干酒经营计划中除了提出营业收入 的增长目标，还对成本提出了要求：营业成本控制在20.7亿元以内，费用不超过17.5亿元，营业总成本控制在47.7亿元以内。 最终年报显示，各项数据全部达标：营业成本18.24亿元，费用共计16.54亿元，营业总成本43.66亿元。通过加强全面预算管理，持续开展降本增效活动， ...