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 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].

Group 1 - Huang Wensheng resigned as the General Manager of Zhujiang Beer, with Zhang Yong appointed as the new General Manager [1] - Zhujiang Beer has a significant revenue concentration in South China, with non-South China market revenue accounting for only 4.19% last year [1] - The ability of the new General Manager to drive performance growth will be a focal point for the market [1] Group 2 - Kuaijishan's market value has decreased by nearly 4 billion yuan in two months, with a total market value dropping from 12.7 billion yuan to 9.1 billion yuan [2] - The stock price has experienced a cumulative decline of 24.5% since June, reflecting investor concerns over the sustainability of its marketing-driven growth model [2] - The rapid decline in the popularity of its "sparkling yellow wine" product has led to a significant drop in sales and investor confidence [2] Group 3 - Liu Zhitai resigned from the position of Deputy General Manager of *ST Yanshi due to personal reasons, and will no longer hold any position in the company [3] - The resignation of executives at *ST Yanshi raises concerns about the company's internal governance and future operational stability [3] - This change may impact investor assessments of the company's operational capabilities [3]

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].

2025 年 7 月 26 日 证券代码：600696 证券简称：*ST岩石 公告编号：2025－038 上海贵酒股份有限公司 关于高级管理人员辞职的公告 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。 上海贵酒股份有限公司（以下简称"公司"）董事会于近日收到公司副总经理刘 智涛先生递交的书面辞职报告。因个人原因，刘智涛先生申请辞去公司副总经理职 务。辞职后，刘智涛先生将不再担任公司任何职务。根据《公司法》及《公司章 程》等相关规定，辞职报告自送达公司董事会之日起生效。 刘智涛先生在任职期间恪尽职守、勤勉尽责，公司及董事会对其贡献表示衷心 感谢。 特此公告 上海贵酒股份有限公司董事会 ...

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]

Group 1 - The white liquor industry is experiencing a "loss wave," with Shanghai Guijiu continuing to incur losses amid a financial crisis [1][4] - ST Yanshi expects a net profit loss of between 50 million to 75 million yuan for the first half of 2025, representing a year-on-year reduction in loss of 3.07% to 35.38% [1][4] - The company attributes its losses to three main factors: insufficient recovery in the white liquor industry, financial pressure leading to reduced market activity, and an increase in litigation costs due to overdue interest [4][5] Group 2 - Shanghai Guijiu is facing internal and external challenges, including the detention of its chairman and a significant reduction in its distributor network from 4,465 in 2023 to 772 by the end of 2024 [5][6] - The company has been involved in multiple lawsuits, with a total amount of 187 million yuan in disputes, and an accumulated 649 cases with unresolved amounts of 368 million yuan [5][6] - The white liquor industry is undergoing deep adjustments, with smaller brands facing increased survival pressure, as evidenced by 9 out of 17 recently disclosed performance forecasts indicating losses [6]

Core Viewpoint - Multiple liquor companies have reported significant declines in revenue and net profit for the first half of 2025, leading to a collective drop in stock prices for these companies [1][4]. Group 1: Company Performance - Companies such as Jiu Gui Jiu, Jin Zhong Zi Jiu, Shun Xin Agriculture, and Shui Jing Fang have all issued profit warnings, indicating substantial losses or declines in earnings [1][4]. - Jiu Gui Jiu expects a net profit of only 8 million to 12 million yuan, a year-on-year drop of 90.1% to 93.4%, with revenue around 560 million yuan, down 43% [5][6]. - Shun Xin Agriculture anticipates a net profit of 155 million to 195 million yuan, a decrease of 53.85% to 63.32% year-on-year [6][7]. - Shui Jing Fang projects a net profit of 105 million yuan, down 56.52%, with revenue of 1.498 billion yuan, a 12.84% decline [6][7]. - Jin Zhong Zi Jiu forecasts a net loss of 90 million to 60 million yuan, indicating a challenging financial situation [6][7]. - *ST Yan Shi expects a net loss of 50 million to 75 million yuan, showing a slight improvement compared to the previous year [6][7]. Group 2: Market Reaction - Following the announcements, liquor stocks collectively fell, with Jin Zhong Zi Jiu and Jiu Gui Jiu dropping over 4%, and other companies like Shui Jing Fang and Shun Xin Agriculture also experiencing declines [1][2]. - The overall liquor industry is undergoing a deep adjustment phase, with weak demand in consumption scenarios such as business banquets [4][8]. Group 3: Investment Outlook - Despite the current downturn, some analysts suggest that the liquor sector may have limited downside potential and could present mid-term investment opportunities [8]. - Factors supporting this view include sufficient pre-receipts for leading liquor companies, which may limit the extent of profit declines, and an increasing dividend rate that enhances the attractiveness of leading companies' stock yields [8].

Core Viewpoint - *ST Rock continues to face net profit losses, with a projected loss of 50 million to 75 million yuan for the first half of 2025, despite a reduction in losses compared to the previous year, raising concerns about the company's delisting risk [2][3][6]. Group 1: Financial Performance - The company expects a net profit loss of 50 million to 75 million yuan for the first half of 2025, representing a reduction in losses of 3.07% to 35.38% year-on-year [2][3]. - The non-recurring net profit loss is projected to be between 30 million and 45 million yuan, with a year-on-year reduction in losses of 42.60% to 61.73% [3]. Group 2: Industry Challenges - The recovery of the liquor industry in the first half of 2025 did not meet expectations, compounded by significant policy impacts, leading to overall industry pressure [5]. - Insufficient consumer growth momentum has resulted in slower terminal sales, with product price inversions becoming a common phenomenon in the industry [5]. - The liquor industry is still in a destocking cycle, with a clear trend of concentration towards advantageous production areas, enterprises, and brands, putting pressure on small and medium-sized liquor companies [5]. Group 3: Company-Specific Issues - The company has faced financial pressure since the end of 2023, with issues such as unfulfilled rebates and reduced market supply affecting revenue [5]. - Legal challenges have arisen, including lawsuits from banks and suppliers, which have increased overdue interest and other costs, impacting the company's current profits [5][8]. - The company is currently entangled in multiple lawsuits, including a service contract dispute involving a claim of 25.75 million yuan [8]. Group 4: Delisting Risk - The risk of delisting has increased, as the company has warned that if its audited profit totals or net profits are negative and revenue falls below 300 million yuan for 2025, it may face termination of its stock listing [6]. - The current crisis is attributed to a combination of industry pressure, credit collapse, and governance failures, indicating that the company is at a critical juncture for "shell protection" [9].

[Important Content Reminder](index=1&type=section&id=Important%20Content%20Reminder) The company anticipates continued losses for H1 2025 with a narrowed net loss, and its stock has been flagged with a delisting risk warning (*ST) due to 2024 performance Key Financial Forecasts for H1 2025 | Metric | 2025 H1 Estimate (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | -50 million to -75 million | Loss reduction of 3.07 to 35.38 | - The company's stock has been subject to a **delisting risk warning (*ST)** since April 23, 2025, due to **negative audited net profit** and revenue below **300 million CNY** in 2024[3](index=3&type=chunk) [Details of Current Period Performance Forecast](index=1&type=section&id=Details%20of%20Current%20Period%20Performance%20Forecast) The company's preliminary estimates for H1 2025 project a net loss attributable to shareholders of 50-75 million CNY and a net loss after non-recurring items of 30-45 million CNY, both showing significant year-over-year loss reductions H1 2025 Financial Performance Forecast | Financial Metric | 2025 H1 Estimate (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | -50.00 million to -75.00 million | Loss reduction of 3.07 to 35.38 | | Net Profit After Non-recurring Items | -30.00 million to -45.00 million | Loss reduction of 42.60 to 61.73 | - This performance forecast data has **not been audited** by a certified public accountant[4](index=4&type=chunk) [Review of Prior Period Performance](index=1&type=section&id=Review%20of%20Prior%20Period%20Performance) H1 2024 results, including a net loss attributable to shareholders of 77.38 million CNY and a net loss after non-recurring items of 78.39 million CNY, provide a comparative baseline for the current period's forecast H1 2024 Key Financial Performance | Financial Metric (H1 2024) | Amount (CNY) | | :--- | :--- | | Total Profit | -47.66 million | | Net Profit Attributable to Shareholders | -77.38 million | | Net Profit After Non-recurring Items | -78.39 million | | Earnings Per Share | -0.23 | [Analysis of Current Period Performance Changes](index=2&type=section&id=Analysis%20of%20Current%20Period%20Performance%20Changes) Continued losses in H1 2025 are attributed to a slower baijiu industry recovery, internal financial and legal issues impacting revenue, and increased litigation-related expenses - Industry Level: The **baijiu industry's recovery fell short of expectations**, with insufficient consumption growth momentum, **slowed terminal sales**, **inverted product pricing**, an **industry-wide destocking cycle**, and **increased pressure on small and medium-sized liquor companies**[7](index=7&type=chunk) - Company Level: Since late 2023, the company has faced **financial pressure**, **inability to fulfill rebates**, and **reduced market investment** Coupled with the **controlling shareholder being subject to mandatory measures** and the **controlling shareholder's equity being judicially frozen**, **dealer relationships have been strained**, leading to a **continuous decline in operating revenue**[7](index=7&type=chunk) - Financial Level: In H1 2025, the company successively received **lawsuits from banks and suppliers**, leading to **increased expenses such as overdue interest**, which **negatively impacted current period profit and loss**[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) This performance forecast is based on preliminary financial judgment and remains unaudited, cautioning investors about inherent uncertainties - This performance forecast represents the company's finance department's **preliminary calculations** and has **not yet been audited** by a certified public accountant, thus its **accuracy is subject to uncertainty**[8](index=8&type=chunk) [Other Explanatory Notes](index=2&type=section&id=Other%20Explanatory%20Notes) The company stresses that forecast data is preliminary, with final accurate figures to be based on the officially disclosed H1 2025 semi-annual report, urging cautious investor decisions - The **final accurate financial data** will be subject to the company's **officially disclosed H1 2025 semi-annual report**, and investors are advised to make **cautious decisions** and be aware of **investment risks**[9](index=9&type=chunk)