Financial Performance - The company expects a net profit of 392 million yuan in 2025, a dramatic decline of 71% compared to 1.341 billion yuan in 2024, with revenue dropping from 5.217 billion yuan to 3.038 billion yuan, a decrease of 42% [1][2] - The non-recurring net profit is also projected to be 381 million yuan, reflecting a 71% decline, indicating that the performance drop is due to core business challenges rather than one-off losses [2] Industry Context - The company attributes its performance decline to a deep adjustment in the liquor industry, influenced by macroeconomic cycles, industry adjustments, and policy changes, with traditional business dining scenarios recovering slowly and high inventory levels persisting [2][3] - The high inventory levels suggest significant pressure on channels, as distributors face excess stock, which limits the company's ability to ship products, explaining why revenue decline (42%) is greater than net profit decline (71%) due to the dual pressure on gross margins and expense ratios [2] Inventory and Channel Management - The company has implemented a series of inventory control measures, including moderating shipment pace, optimizing inventory structure, and ensuring channel financial safety, prioritizing channel health [3] - While these measures may improve channel inventory quality and stabilize pricing, there are concerns about whether they can restore channel confidence during an industry downturn [3][4] Strategic Investments - Despite the significant drop in performance, the company emphasizes maintaining investments in brand building, terminal expansion, product innovation, and organizational capabilities while also optimizing expense efficiency [5] - The rising expense ratio is inevitable given the 42% revenue decline, suggesting that the effectiveness of the company's expense optimization efforts may be limited [5] Future Outlook - The company stresses the importance of laying a healthy foundation for future growth, but investors are concerned about the timeline for recovery [6] - Key uncertainties include when the industry cycle will bottom out, how long it will take to digest channel inventory, the stability of the pricing system, and the challenges of regaining lost market share [6][7][8] Investor Considerations - Investors should monitor the company's first-quarter performance, channel inventory data, pricing stability, changes in competitive dynamics, and trends in expense ratios to gauge the effectiveness of the company's adjustments [9]

证券日报网讯1月19日，水井坊（600779）在互动平台回答投资者提问时表示，为保证所有投资者平等 获悉公司信息，根据信息披露公平原则，公司将于定期报告中披露相应时点的股东人数，敬请关注公司 披露的定期报告相关内容。如需查询定期报告以外其他时间节点的股东人数，根据相关规定，应当向公 司提供证明持有公司股份类别以及持股数量等内容的书面文件，公司经核实股东身份后予以提供。同 时，查询的日期也应当符合中登公司的规定并签署保密等相关文件。如有任何问题，请致电公司投资者 热线028-86252847咨询。 ...

Core Viewpoint - The company, Shui Jing Fang, forecasts a revenue of 3.038 billion yuan and a net profit attributable to shareholders of 392 million yuan for the year 2025, amidst a deep adjustment phase in the liquor industry influenced by macroeconomic cycles, industry adjustments, and policy changes [1] Group 1: Company Performance - The company expects to achieve an operating revenue of 3.038 billion yuan for 2025 [1] - The projected net profit attributable to shareholders is 392 million yuan [1] - The forecasted net profit after deducting non-recurring items is 381 million yuan [1] Group 2: Industry Context - The liquor industry is entering a deep adjustment phase in 2025 due to multiple factors including macroeconomic cycles, industry adjustments, and policy changes [1] - The company is implementing proactive measures focusing on channel health and market structure optimization [1] - Short-term sales scale and shipment volume are expected to contract, but improvements in channel inventory quality, price chain stability, and distribution structure are noted [1]

Group 1 - Hualing Cable has terminated the acquisition of control over Hunan Xingxin Aerospace New Materials Co., Ltd. due to failure to reach agreement on specific terms, which will not adversely affect its operations or financial status [2] - Nanshan Aluminum plans to invest approximately $436.57 million to establish a 250,000-ton electrolytic aluminum project in Indonesia through its subsidiaries [3] - Wuzhou New Spring reported that its production and operational activities are normal, with no significant changes in the internal and external business environment, despite a stock price increase of over 20% [4] Group 2 - Aerospace Power clarified that its main business does not involve commercial aerospace and has no related investments, with revenue from this sector accounting for less than 2% [5] - Yidian Tianxia's stock will resume trading after completing a suspension for price volatility, with a cumulative price increase of over 100% during the suspension period [6] - Jiangxi Copper has signed a cooperation framework agreement with China Ordnance Material Group to supply cathode copper, crude copper, and electrolytic nickel, constituting a related party transaction [7] Group 3 - Dingtong Technology expects a 119.59% increase in net profit for 2025, driven by strong demand in the AI-driven communications connector market [9] - BAIC Blue Valley anticipates a net loss of between 4.35 billion and 4.65 billion yuan for 2025, despite a sales increase of 84.06% [10] - Minfeng Special Paper forecasts a 78% decrease in net profit for 2025, projecting a profit of around 1.57 million yuan [11] Group 4 - Changqing Co. expects a net loss of between 175 million and 215 million yuan for 2025 [12] - Hongbai New Materials anticipates a net loss of between 110 million and 150 million yuan for 2025, citing industry competition and increased operational costs as key factors [13] - Beiba Media projects a net loss of between 8 million and 12 million yuan for 2025, largely due to significant impairment losses from an associate company [14] Group 5 - Kuan She Co. expects a net loss of between 361 million and 433 million yuan for 2025, impacted by macroeconomic conditions and increased competition [15] - Shui Jing Fang forecasts a 71% decrease in net profit for 2025, with expected revenue dropping by 42% due to industry adjustments [17] - Haiyou New Materials anticipates a net loss of between 440 million and 520 million yuan for 2025 [18] Group 6 - Sanfangxiang expects a net loss of between 760 million and 840 million yuan for 2025, with losses increasing by 55.91% to 72.32% compared to the previous year [19] - Hongya CNC's controlling shareholder plans to increase shareholding by 30 million to 60 million yuan [21] - Top Software's shareholder plans to reduce its stake by up to 0.87% [22]

对于业绩下降原因，水井坊方面在公告中指出，2025年白酒行业在宏观经济周期、产业调整周期与政策 调整的多重影响下进入深度调整阶段，传统商务宴请等消费场景恢复较缓，行业库存整体处于高位。 北京商报讯（记者 刘一博 冯若男）1月19日，四川水井坊股份有限公司（以下简称"水井坊"）发布 《2025年度业绩预告》显示，预计2025年度公司实现属于母公司所有者的净利润为 3.92亿元，与上年同 期相比，预计减少9.49亿元，同比下降71%；预计2025年度公司实现营业收入30.38亿元，预计减少 21.79亿元，同比下降42%。 ...

2025年白酒行业在宏观经济周期、产业调整周期与政策调整的多重影响下进入深度调整阶段，传统商务 宴请等消费场景恢复较缓，行业库存整体处于高位。 预计2025年度公司实现归属于母公司所有者的扣除非经常性损益的净利润为38,072万元，同比下降 71%。 格隆汇1月19日丨水井坊(600779.SH)公布，经财务部门初步测算，预计2025年度公司实现归属于母公司 所有者的净利润为39,185万元，同比下降71%；预计2025年度公司实现营业收入303,776万元，比下降 42%。 ...

Core Viewpoint - The company, Shui Jing Fang, is expected to experience a significant decline in net profit and revenue for the year 2025, reflecting challenges in the liquor industry due to macroeconomic and policy factors [1] Company Summary - The company anticipates a net profit attributable to shareholders of 391.85 million yuan for 2025, representing a 71% decrease year-on-year [1] - The expected operating revenue for 2025 is 3.03776 billion yuan, which is a 42% decline compared to the previous year [1] - The net profit, excluding non-recurring gains and losses, is projected to be 380.72 million yuan, also a 71% decrease year-on-year [1] Industry Summary - The liquor industry is entering a deep adjustment phase in 2025, influenced by multiple factors including macroeconomic cycles, industry adjustments, and policy changes [1] - The recovery of traditional business banquet consumption scenarios is slow, contributing to high overall inventory levels in the industry [1]

证券代码：600779 证券简称：水井坊 公告编号：2026-001 四川水井坊股份有限公司 2025 年度业绩预告 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。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年度公司实现归属于母公司所有者的净 利润为 39,185 万元，与上年同期相比，预计减少 94,918 万元，同比下降 71%； 预计 2025 年度公司实现营业收入 303,776 万元，预计减少 217,900 万元，同比 下降 42%。 2、预计 2025 年度公司实现归属于母公司所有者的扣除非经常性损益的净利 润为 38,072 万元，与上年同期相比，预计减少 93,054 万元，同比下降 71%。 3、本次预计的业绩未经注册会计师审计。 重要内容提示： 本期业绩预告适用于实现盈利，且净利润与上年同期相比下降 50%以上 的情形。 四川水井坊股份有限公司（以下简称"公司"）预计 2025 年度公司实现 归属于母 ...

说的不止是动画，更是它的叛逆。 当所有品牌都在诉说年份、历史和荣耀，它却以精心策划的一场"出逃"，揭开了所有醇香背后，那段被 窖藏的、名为"等待"的真相。西凤酒15年6年陈酿出品的诚意之作《时光的诺言》，借由一支动画，讲 述一瓶名为"六六"的酒，如何在等待与挣扎中，领悟时间的终极意义。 01出逃 有一种渴望，从未像在"六六"身上表现得如此具象。 日复一日的等待，"六六"不甘心。它尝试混入队伍，在关键时刻却被无形的规则"弹回"。一次，两次， 三次……摔回原地的，不只是瓶身，还有那颗急于奔赴远方的心。 "六六"所有的"失败"，只是因为时机未到。"叛逆"，在这里并不仅是冲突情节，更是西凤酒15年6年陈 酿，为自己写下的最严苛的品格律令：必须经历至少366天的瓶储，一天不能少。这是"出厂"前，最关 键的一次淬炼。 这不仅是品牌想说的，更是在"出逃"的戏剧冲突下，叩问的一件事：当世界都在追逐即时满足，我们是 否还敢相信并践行"延迟的奖赏"？用366天，去等一瓶酒抵达它的"最佳时刻"。 这是西凤酒15年6年陈酿对品质不容妥协的信仰，也是对消费者未曾言说的厚重承诺。就像动画中那无 形的、却绝对存在的"规则"一样。它既是禁锢 ...

21世纪经济报道肖夏 综合报道 大股东"放风"考虑出售还没两天，水井坊迎来了要客上门。 1月15日，川酒集团党委书记、董事长曹勇，总经理、总工程师杨官荣率考察组赴水井坊邛崃全产业链 基地考察学习。 这一消息是川酒集团1月16日深夜通过官方公众号披露的。 "水井坊将智能化酿造与经验丰富的技术人员有机结合的前瞻性探索和扎实成效，为川酒集团建设'中国 白酒梦工厂'提供了宝贵经验。"曹勇说。水井坊一方陪同考察的，是水井坊传统技艺总监林东，公司的 技术代表人物。 就在上述考察前两天，有消息称帝亚吉欧正在探索出售中国资产的可能性，投行已在接触本地的战略投 资者和私募。对于这一消息，帝亚吉欧中国方面给21记者的回应是"不发表评论"，水井坊方面则没有回 应。 去年以来，市场一直猜测帝亚吉欧会否考虑出售水井坊，水井坊方面多次出面否认，并在去年底剑南春 收购的传言引发涨停后直接公告称相关报道不实。迄今为止，帝亚吉欧、水井坊都没有在任何公开渠道 表达过出售意向。 而这一次川酒集团的来访，官方口径为生产层面的"考察学习"，并未涉及资产层面的内容。但如此高调 的考察，还是为水井坊的出售猜想进一步添砖加瓦。 邻居登门 此次川酒集团对水井 ...