Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][2][8]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for the 2024 annual report and the first quarter of 2025, with six companies experiencing a year-on-year revenue decline [1][2]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][8]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [3][5]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of the market among top players [2][5]. - The top ten white liquor companies have seen significant changes in rankings over the past five years, with new entrants and established brands experiencing shifts in their market positions [6][7]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks due to continued underperformance [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][13]. - The industry faces challenges in consumer demand, particularly in attracting younger consumers, which is crucial for future growth [12][13]. - Despite some companies maintaining double-digit growth, the overall market sentiment remains pessimistic, with concerns about the sustainability of this growth amid macroeconomic uncertainties [12][13].

Financial Performance - The company's operating revenue for Q1 2025 was ¥14,984,338.49, representing a decrease of 86.25% compared to ¥108,962,455.79 in the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥19,325,268.67, slightly improved by 1.71% from a loss of ¥19,660,817.66 in the previous year[5]. - The company reported a significant decrease in operating revenue compared to the same period last year, attributed to a slowdown in consumer demand and industry challenges[12]. - Total revenue for Q1 2025 was CNY 14,984,338.49, a significant decrease of 86.23% compared to CNY 108,962,455.79 in Q1 2024[22]. - Net loss for Q1 2025 was CNY 18,320,644.06, compared to a net loss of CNY 14,192,248.09 in Q1 2024, indicating a worsening financial position[24]. - Operating profit for Q1 2025 was -CNY 13,860,667.08, compared to -CNY 8,307,393.40 in Q1 2024, reflecting increased operational challenges[23]. Cash Flow and Assets - The net cash flow from operating activities improved significantly, with a net outflow of ¥239,935.53, a 99.18% reduction compared to a net outflow of ¥29,186,441.52 last year[5]. - Cash received from sales in Q1 2025 was CNY 16,312,512.41, a decline of 61.94% from CNY 42,852,140.54 in Q1 2024[27]. - Total cash inflow from financing activities amounted to 196,422,000.00, while cash outflow was 187,253,957.53, resulting in a net cash flow of 9,168,042.47[29]. - The cash and cash equivalents at the end of the period were 6,111,640.59 and 8,683,547.67 for the respective periods[29]. - The total cash outflow from operating activities was 16,906,759.51 and 78,388,320.85 for the respective periods[28]. - The company's total current assets amounted to approximately CNY 644.46 million, a slight decrease from CNY 652.44 million at the end of 2024[17]. - The company's inventory stood at CNY 519.25 million as of March 31, 2025, down from CNY 526.26 million at the end of 2024[17]. - The company's fixed assets were valued at CNY 205.87 million as of March 31, 2025, compared to CNY 209.65 million at the end of 2024[17]. Shareholder and Equity Information - The equity attributable to shareholders decreased by 4.84% to ¥379,944,865.40 from ¥399,270,134.07 at the end of the previous year[6]. - The company's equity decreased to CNY 565,446,134.68 from CNY 583,766,778.74, indicating a decline in shareholder value[19]. - The company had a total of 44,304 common shareholders at the end of the reporting period[10]. - The company reported a basic and diluted earnings per share of -CNY 0.06 for Q1 2025, consistent with the previous year[24]. Legal and Regulatory Issues - The actual controller of the company is under criminal investigation, and 64.80% of the shares held by the controlling shareholder and its concerted actors have been judicially frozen[13]. - The company has been placed under delisting risk warning as of April 23, 2025, due to negative net profit and insufficient operating revenue[14]. - The company has reported a significant number of lawsuits due to debt defaults, impacting its operational stability[12]. Industry Context - The significant decline in operating revenue was primarily due to a decrease in liquor sales[9]. - The overall recovery of the liquor industry has not met expectations, leading to increased pressure on smaller brands and companies[12]. - The company is facing financial pressure, with a significant reduction in brand investment and marketing activities due to tight cash flow[12]. Commitment to Reporting - The company is committed to ensuring the accuracy and completeness of its financial reporting, with all board members and management affirming the integrity of the quarterly report[3].

证券代码：600696 证券简称：*ST岩石 公告编号：2025－026 上海贵酒股份有限公司 关于召开2024年度网上业绩说明会的公告 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。 重要内容提示： 会议问题征集方式：投资者可于 2025 年 5 月 6 日（星期二）至 2025 年 5 月 8 日（星期四）下午 16:00 前，通过电话、电子邮件、"约调研"平台等方式 向上海贵酒股份有限公司（以下简称"公司"）提出关注的问题，公司将在说明 会上就投资者普遍关注的问题，在信息披露允许的范围内进行回答。 一、说明会类型 公司于 2025 年 4 月 22 日在指定信息披露媒体披露了《2024 年年度报告》 及其摘要，为便于广大投资者更全面深入地了解公司 2024 年度的经营成果及财 务状况，公司拟于 2025 年 5 月 9 日（星期五）下午 15：00—16：00 召开"2024 年度业绩说明会"。 本次业绩说明会以网络互动的形式召开，公司将针对 2024 年年度的经营成 果及财务指标的具体情况与投资者进行互动交流，在信息披 ...

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

Industry Dynamics - In March, the production of liquor by large-scale enterprises in China decreased by 0.8% year-on-year, totaling 378,000 kiloliters, with a cumulative production of 1,032,000 kiloliters in the first three months, down 7.3% year-on-year [4] - Beer production increased by 1.9% year-on-year in March, reaching 3,128,000 kiloliters, but the cumulative production for the first three months fell by 2.2% [4] - Wine production saw a significant decline of 25% year-on-year in March, with a total of 9,000 kiloliters produced, and a cumulative production of 24,000 kiloliters in the first three months, also down 25% [4] - The Ministry of Industry and Information Technology announced a list of 40 key traditional food industries for cultivation, including liquor categories such as Baijiu, Huangjiu, and wine, aimed at boosting economic development and enhancing domestic demand [4] - Five liquor enterprises were recognized in the national-level skills master studio list, highlighting the industry's focus on skill development and training [7] Company Dynamics - Yanjing Beer reported a revenue of 14.667 billion yuan for 2024, a year-on-year increase of 3.2%, with a net profit of 1.056 billion yuan, up 63.74% [8] - Shanghai Gui Jiu (Rocky Co.) reported a revenue of 285 million yuan, a significant decline of 82.54%, with a net loss of 217 million yuan, down 349.63% [9] - Tianyoude Jiu reported a revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, but a net profit decline of 52.96% to 42.135 million yuan [10] - Wuliangye reported a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [10] - Moutai achieved sales exceeding 10 million yuan during the China International Consumer Products Expo, showcasing strong consumer interest in its products [10] - Luzhou Laojiao received the first data intellectual property registration certificate in the liquor industry for real-time monitoring data of bottled liquor, indicating a focus on quality control [11] - Yanghe Baijiu's cellar group was certified by Guinness World Records as the largest scale of liquor cellars, emphasizing the company's production capacity [11]

证券代码：600696 证券简称：*ST岩石 公告编号：2025－025 上海贵酒股份有限公司关于2022年员工持股计划 第二个考核期业绩未达成的提示性公告 上海贵酒股份有限公司（以下简称"公司"）2022 年员工持股计划（以下简称 "本持股计划"、"本员工持股计划"）第二个锁定期已于 2024 年 9 月 8 日届满，同 时根据公司 2024 年业绩完成情况，本持股计划第二个锁定期解锁条件未达成。 根据《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》及《上海贵酒股份有限公司 2022 年员 工持股计划（草案）（修订稿）》（以下简称"《持股计划（草案修订稿）》"）等 相关规定，现将相关事项公告如下： 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。 一、公司 2022 年员工持股计划概述 公司分别于 2022 年 4 月 7 日和 2022 年 4 月 29 日召开了公司第九届董事会第 十七次会议和 2022 年第一次临时股东大会，审议通过了《关于<上海贵酒股份有 限公 ...

证券代码：600696 证券简称：*ST岩石 公告编号：2025－024 上海贵酒股份有限公司 关于股票交易异常波动的公告 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。 重要内容提示： ● 截至 2025 年 4 月 25 日上海证券交易所交易收盘，上海贵酒股份有限公司（以 下简称"公司"）股票交易连续 3 个交易日内日收盘价格跌幅偏离值累计达 12.00%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 ● 公司 2024 年经审计的归属于上市公司股东的净利润为负且营业收入低于 3 亿 元，触及《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一）项规定的情形， 公司股票已于 2025 年 4 月 23 日起被实施退市风险警示（股票代码前冠以*ST）。具 体详见《上海贵酒股份有限公司关于公司股票停牌并实施退市风险警示的公告》 （2025-022）。敬请广大投资者注意投资风险。 ● 公司已于 2024 年 9 月 12 日披露了《上海贵酒股份有限公司关于公司实际控制 人被采取刑事强制措施的公告》（ ...

点评：顺鑫农业在2024年实现了净利润的扭亏为盈，但营业收入的下降显示出公司仍面临较大的经营压 力，未来需要在提升毛利率和优化业务结构方面继续努力。顺鑫农业未来将继续聚焦白酒和猪肉两大主 业，其如何进一步提升白酒毛利率和改善猪肉业务的盈利能力，将是公司未来突围的关键。 NO.2 天佑德酒今年一季度营收净利"双降" 每经记者 谢振宇 每经编辑 肖芮冬 丨2025年4月24日星期四丨 NO.1 顺鑫农业2024年营收跌破百亿元 4月22日晚，顺鑫农业发布2024年年报及2025年一季报。2024年，公司营业收入约91.26亿元，同比下降 13.85%；净利润为2.31亿元。其中，贡献了近八成营收的白酒业务，2024年实现营收约70亿元，同比微 增，但毛利率整体下滑5.23个百分点；另一大猪肉业务则再次"拖后腿"，实现营收约18.91亿元，同比下 滑27.21%，毛利率仅2.42%。 金种子酒4月23日公告称，公司于近期收到阜阳市人民政府国有资产监督管理委员会的批复，阜阳市国 资委原则同意公司公开转让安徽金太阳生化药业有限公司92%股权。公司还称，将积极推进相关工作。 金种子酒该动作被解读为"剥离医药业务"。数据显 ...

NO.1 燕京啤酒2024年营收净利"双增" 每经记者 谢振宇 每经编辑 赵云 丨2025年4月23日 星期三丨 NO.3 岩石股份去年营收2.85亿元，净利润亏损超2亿元 4月21日，燕京啤酒交出了2024年"答卷"。财报显示，2024年，公司实现啤酒销量400.44万千升，同比 增长1.57%；全年实现营收约146.67亿元，同比增长3.2%；归属于上市公司股东的净利润约10.56亿元， 同比增长63.74%。燕京啤酒经营业绩不断增长的背后，离不开旗下产品燕京U8的"助力"。2024年燕京 U8销量69.6万千升，同比增长31.4%。 4月21日，岩石股份发布的2024年年报显示，公司当年实现营业收入约为2.85亿元，净利润约为亏损2.17 亿元。审计机构中兴财光华会计师事务所（特殊普通合伙）对岩石股份2024年度财务报表进行了审计， 并出具了保留意见审计报告。岩石股份股票于4月23日起被实施退市风险警示，股票简称将变更为"*ST 岩石"。 点评：燕京啤酒交出了一份亮眼的财报，展现了公司在激烈市场竞争中的稳健表现和增长潜力。尽管燕 京啤酒在2024年面临市场竞争加剧和增速放缓的挑战，但公司通过产品结构优化 ...

证券代码：600696 证券简称：岩石股份 公告编号：2025－023 上海贵酒股份有限公司 关于2024年年度报告的更正公告 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"）于2025年4月22日披露了《上海贵 酒股份有限公司2024年年度报告》。经事后核查发现，报告正文第10页"第三节 管 理层讨论与分析 一、经营情况讨论与分析"中部分信息有误，现更正如下： 后公司将进一步加强披露文件的审核工作，因本次修正给投资者带来的不便，公司 深表歉意。 更正后： "第三节管理层讨论与分析 一、经营情况讨论与分析 2024年，对于公司来说是充满困难与挑战的一年，公司面临着前所未有的外部 行业压力和公司内部环境变化的严峻考验。在经济形势复杂多变、市场需求萎缩、 竞争愈发激烈的背景下，公司调整策略，集中力量应对困境，不断寻找生存与发展 的解决之道。报告期内，公司面对困境实施战略转型，精简组织，努力推动业务发 展，实现营业收入28,454.84万元。" 除上述更正外，《上海贵酒股份有限公司2024年年 ...