Core Insights - The report from Tianfeng Securities indicates that the Chinese liquor industry will undergo four significant changes in the first half of 2025 due to economic and policy influences [1] Group 1: Industry Changes - Product Matrix Changes: Liquor companies are focusing on low-alcohol, youth-oriented, and high-cost performance trends, emphasizing the serialization of low-alcohol products, mid-range pricing strategies, and product quality upgrades [1] - Continuous Channel Upgrades: Companies are enhancing channel control by forming platform companies and balancing online and offline channels [1] - Marketing Strategies: The industry is moving away from "red envelope" competition, focusing instead on cultivating new scenarios and target demographics [1] - Rational Goals: Leading liquor companies are prioritizing channel health and long-term development, adopting a rational perspective on performance growth targets [1] Group 2: Investment Opportunities - Value Line: Companies with strong brands, resilient demand, and attractive dividend returns, such as Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, are recommended for investment [1] - Elasticity Line: Potential recovery opportunities driven by policy and demand changes are highlighted for companies like Luzhou Laojiao, Shanxi Fenjiu, Jiugui Liquor, Shede Liquor, Shui Jing Fang, Huazhi Liquor, and Zhenjiu Lidu [1]

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Viewpoints - The liquor industry is currently in a deep adjustment phase, influenced by economic and policy pressures, with five major changes observed [2] - The industry is transitioning towards a "quality-price ratio" competition phase, with leading companies already positioning themselves for this shift [2] - Despite being in a weak performance phase, the sector shows characteristics of low valuation, low expectations, low holdings, and high dividends, making leading liquor companies attractive investment opportunities [3] Summary by Sections 1. Industry Background - The liquor industry is facing dual pressures from economic conditions and policy changes, accelerating its decline [7] - The introduction of the "Strict Economy and Anti-Waste Regulations" has further impacted consumption scenarios, particularly in high-end group purchases [7][9] - The industry is expected to undergo a supply-side adjustment, with companies lowering their growth targets to alleviate channel pressures [13] 2. Supply Side - Leading liquor companies have initiated a "control supply" trend to rebalance supply and demand, which may stabilize prices [18] - Companies like Wuliangye and Luzhou Laojiao have implemented supply control policies to manage inventory levels [19] 3. Demand Side - Companies are innovating to meet changing consumer preferences, focusing on quality-price ratio products and low-alcohol options to attract younger consumers [20] - The establishment of manufacturer platforms and embracing online channels are strategies being adopted to enhance sales and manage distribution [26] 4. Investment Recommendations - The report suggests focusing on strong brands with resilient demand and attractive dividend returns, such as Kweichow Moutai and Wuliangye [55] - The potential for earnings per share (EPS) recovery is anticipated in the second quarter of 2026, making it a favorable time to invest [55]

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 700,000 yuan [1] - In the food and beverage industry, the total salary of secretaries from 127 listed companies was 97.2097 million yuan, with an average salary of 765,400 yuan, which is in line with the market average [1][2] - The age distribution shows that 44% of secretaries are between 40 and 50 years old, while only 27% are under 40 years old, with the oldest being 59 years and the youngest 31 years, and the median age is 46.5 years [1] Group 2 - The highest salary among secretaries is held by Zhang Lei from Dongpeng Beverage, who started in February 2024 and earned 5.4655 million yuan, followed by Zhu Jiafeng from Gujing Gongjiu with 2.2169 million yuan [3] - There were 74 companies with increasing secretary salaries last year, but after excluding those who started in 2023 or 2024, 48 companies had salary increases, while 30 companies saw salary reductions [3] - The largest salary decrease was for He Ru from Guangming Meat Industry, whose salary dropped from 1.6444 million yuan to 726,400 yuan, a decrease of 918,000 yuan [3]

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% 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，A股食品饮料行业127家上市公司董秘薪酬总金额为9720.97万元（剔除无薪酬数据的公 司），薪酬均值为76.54万元，与市场均值持平。去年有30家公司董秘薪酬在减少，薪酬金额下降最多 的是光明肉业董秘何茹。 从年龄分布来看，40岁-50岁是中坚力量，占比达到44%；40岁以下的董秘占比仅为27%。年龄最大的为 59岁，最小的为31岁，中位数为46.5岁。 年龄最大的是张裕A董秘姜建勋，生于1966年，今年59岁。姜建勋从2019年5月开始履职，去年薪酬达 到99.72万元，高于行业均值，不过去年降薪25.54万元。 从学历来看，以本科为主，占比达到52%；其次是硕士，达到40%。而博士有三名，占比达到2.4%。 薪酬最高的是东鹏饮料董秘张磊，张磊2024年2月才开始履职，不过薪酬依然546.55万元。其次是古井 贡酒 ...

薪酬最高的是东鹏饮料董秘张磊，张磊2024年2月才开始履职，不过薪酬依然546.55万元。其次是古井贡酒董秘朱家峰，也达到221.69万元。最低的麦趣尔董秘姚雪，仅为3.17万元。 年龄最大的是张裕A董秘姜建勋，生于1966年，今年59岁。姜建勋从2019年5月开始履职，去年薪酬达到99.72万元，高于行业均值，不过去年降薪25.54万元。 从学历来看，以本科为主，占比达到52%；其次是硕士，达到40%。而博士有三名，占比达到2.4%。 从薪酬来看，A股食品饮料行业董秘薪酬总金额为9720.97万元，比上年增加237.08万元。薪酬均值为76.54万元。 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% 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7 分行业来看，A股食品饮料行业127家上市公司董秘薪酬总金额为9720.97万元（剔除无薪酬数据的公司），薪酬均值为76.54万元，与市场均值持平。去年有48家公司董秘薪酬在上涨，其中薪 从年龄分 ...

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% 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，A股食品饮料行业127家上市公司董秘薪酬总金额为9720.97万元（剔除无薪酬数据的公 司），薪酬均值为76.54万元，与市场均值持平。 从年龄分布来看，40岁-50岁是中坚力量，占比达到44%；40岁以下的董秘占比仅为27%。年龄最大的为 59岁，最小的为31岁，中位数为46.5岁。 年龄最大的是张裕A董秘姜建勋，生于1966年，今年59岁。姜建勋从2019年5月开始履职，去年薪酬达 到99.72万元，高于行业均值，不过去年降薪25.54万元。 排在何茹之后的是舍得酒业董秘张伟，从2023年的197.75万元降至130.63万元。舍得酒业去年同样经历 了收入和净利润的减少，管理层普遍在降薪。 责任编辑：公司观察 从薪酬来看，A股食品饮料行业董秘薪酬总金额为9720.97万元，比上年增加237.08万元。薪酬均值为 7 ...

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 754,300 yuan [1] - The food and beverage industry had a total salary of 97.2097 million yuan for its secretaries, with an average salary of 765,400 yuan, which is in line with the market average [5][1] - The highest-paid secretary is Zhang Lei from Dongpeng Beverage, earning 5.4655 million yuan, while the lowest is Yao Xue from Maiqu'er, earning only 31,700 yuan [7][1] Salary Trends - In the food and beverage sector, the total salary for secretaries increased by 2.3708 million yuan compared to the previous year [5] - Among 74 companies, secretaries' salaries increased, but many were newly appointed in 2023 or 2024, leading to lower previous year baselines [8] - Notably, 48 companies saw salary increases after excluding those with new appointments, with the highest increase being from Li Chunfeng of Yantang Dairy, whose salary rose from 704,000 yuan to 1.2299 million yuan [8] Salary Reductions - 30 companies experienced salary reductions, with the most significant drop being from He Ru of Guangming Meat, whose salary fell from 1.6444 million yuan to 726,400 yuan, a decrease of 918,000 yuan [9] - Guangming Meat has faced consecutive declines in revenue and net profit over the past two years, leading to collective salary cuts among its management [9] - Zhang Wei from Shede Liquor also saw a salary decrease from 1.9775 million yuan to 1.3063 million yuan, reflecting similar trends in revenue and profit declines [9] Demographics and Education - The age distribution shows that 44% of secretaries are between 40 and 50 years old, while only 27% are under 40 [1] - The educational background indicates that 52% hold a bachelor's degree, 40% have a master's degree, and 2.4% are PhDs [3]

Core Viewpoint - The resignation of Ni Qiang, the former chairman of Shede Liquor, marks a significant shift in the company's management structure, potentially impacting its strategic direction and governance dynamics [1][5][9]. Management Changes - Ni Qiang submitted his resignation due to work reasons and will no longer hold any position within the company, despite his term originally set to expire on September 20, 2026 [1][2]. - The board expressed gratitude for Ni Qiang's contributions during his tenure, indicating that his departure is part of normal personnel adjustments and will not significantly affect the company's operations [2][5]. Background of Ni Qiang - Ni Qiang, born in 1977, has a master's degree and has held various positions within the Fosun Group since 2012, including chairman and CEO of Shanghai Yuyuan Cultural Commercial Group [3][5]. - He took over as chairman of Shede Liquor in January 2023 but stepped down from the position in December of the same year, remaining a board member until his recent resignation [5][6]. Current Leadership - The new chairman, Pu Jizhou, is a veteran of the company and lacks ties to the Fosun Group, suggesting a shift towards a more locally rooted management approach [5][9]. - The board previously had a significant representation from the Fosun Group, which may now be balanced following Ni Qiang's exit, potentially affecting decision-making dynamics [6][9]. Financial Performance - Under Ni Qiang's leadership, Shede Liquor reported a revenue of 7.087 billion yuan in 2023, a year-on-year increase of 17.04%, and a net profit of 1.769 billion yuan, up 4.98% [9]. - However, in 2024, the company faced a decline in both revenue and net profit, with total revenue dropping to 5.357 billion yuan, a decrease of 24.41%, and net profit falling to 346 million yuan, down 80.46% [9][10]. Strategic Direction - In 2025, Shede Liquor aims to implement an "old liquor strategy" to counteract declining performance, focusing on channel expansion and brand enhancement [10]. - The company is also exploring new business models, such as "wine tourism integration," with significant investments planned for related projects [10][12]. Market Position - As of July 30, 2023, Shede Liquor's stock price was 53 yuan, with a market capitalization of approximately 17.655 billion yuan [12][13].

编辑 唐峥 公开资料显示，倪强于2000年7月参加工作。在进入舍得酒业之前，他曾在复星、豫园等企业任职多年 且担任明星业务核心高管，历任豫园股份副总裁、执行总裁，并兼任上海豫园商业发展集团董事长、东 家文创集团董事长以及复星蜂巢副董事长。2022年3月起，他担任豫园股份总裁（轮值）。彼时，倪强 辞任，由舍得"老兵"蒲吉洲接任，同时来自复星系的吴毅飞、唐珲分别任联席董事长和总裁，也被外界 认为，在一定程度上平衡了复星资本与舍得酒业原有团队的关系。 新京报讯（记者秦胜南）7月30日，舍得酒业发布公告称，公司董事倪强因工作原因申请辞去公司董事 职务，辞职后不再担任公司任何职务。据悉，其曾在舍得酒业担任过董事长。 倪强原定任期至2026年9月20日。舍得酒业表示，此次人事变动属于公司正常人事调整，不会对公司日 常经营和管理产生重大影响。舍得酒业在公告中对倪强评价提到，其在任职期间恪尽职守、勤勉尽责， 公司董事会对倪强先生在任职期间为公司发展所作出的贡献表示衷心感谢。 值得注意的是，舍得酒业近几年人事变动频繁。自2020年9月以来，公司已历经三任董事长。其中， 2023年1月，倪强接替张树平出任董事长；同年12月，倪强 ...

| 姓名 | 离任职务 | 离任时间 | 原定任期到期日 | 高任原因 | 是否继续 在上市公 | 具体职 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 司及其控 | 务(如 | | | | | | | | 股子公司 | 适用） | 公开承诺 | | | | | | | 任职 | | | | 倪蛋 | 董事 | 2025年7月29日 | 2026年9月20日 | 工作原因 | 否 | | 否 | 2024年，舍得酒业实现营业收入53.57亿元，较上年同期减少24.41%；实现归属于上市公司股东的净利润3.46亿元，较上年同期 减少80.46%；归属于上市公司股东的扣除非经常性损益的净利润4.01亿元，较上年同期减少76.64%。 舍得酒业表示，倪强辞职未导致公司董事会人数低于法定人数，不会影响公司正常运作，辞职报告自送达董事会之日起生效。 公司将按程序尽快完成补选董事工作。 倪强，1977年8月生，硕士研究生，2000年7月参加工作。历任上海良友（集团）有限公司企业策划部、法律事务部总经理 （2000 ...