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。 薪酬最高的是水井坊CFO蒋 ...

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。 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 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。 剔除2024年开始任职的财务总监数据之后，薪酬最低的是麦趣尔财务总监许文，仅为1.66万元，许文现 年59岁，从2015年8月开始任职。从2022年以来，麦趣尔已经连续亏损三年，从2023年开始高管层经历 了大 ...

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 white liquor industry is expected to undergo significant changes in the first half of 2025 due to economic and policy influences, presenting potential investment opportunities as the sector is currently in a deep adjustment phase [1][3][4]. Group 1: Industry Changes - The white liquor industry is experiencing five major changes: 1) Product matrix transformation focusing on low-alcohol, youth-oriented, and high cost-performance products; 2) Continuous channel upgrades with companies forming platform firms to enhance channel control and balance online and offline sales; 3) Marketing strategies shifting away from "red envelope" competition to nurturing new scenarios and demographics; 4) Rational goal-setting with leading companies focusing on channel health and long-term development [1][3][4]. - The industry is transitioning from an "advertising king - channel king - brand king" phase to a "quality-price ratio" competition phase, with leading companies already positioning themselves for this shift [3]. Group 2: Investment Opportunities - The sector currently exhibits characteristics of low valuation, low expectations, low holdings, and high dividend returns, with companies like Yanghe, Luzhou Laojiao, Wuliangye, and Gujing Gongji boasting dividend yields above 4%, while Kweichow Moutai has a yield of 3.55% [4]. - The expectation is that as consumer spending gradually recovers and the strengths of leading companies become more pronounced, firms with strong barriers will be the first to achieve value re-evaluation [4]. - Investment suggestions include focusing on strong brands with resilient demand and attractive dividend returns, such as Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, as well as companies like Luzhou Laojiao and others that may benefit from policy and demand changes [5].

天风证券研报表示，2025年上半年，经济和政策双重影响下白酒行业迎4大变化：①产品矩阵变化：在 低度化/年轻化/高性价比趋势下，酒企相继重视低度产品序列化&中档价位序列化布局工作&产品品质 升级；②渠道持续升级：酒企通过组建平台公司加强渠道掌控，拥抱新渠道平衡线上线下；③营销：打 破"红包"内卷，侧重培育新场景、新人群；④目标理性：头部酒企均以渠道健康&中长期发展为方向， 理性看待业绩增速目标。板块PE修复或先于EPS修复，预计26Q2板块业绩低基数背景下或迎EPS层面拐 点，重视当前板块投资机会。建议关注：①价值主线：强品牌、强需求韧性且分红回报可观的贵州茅 台、五粮液、山西汾酒等；②弹性主线：政策&需求端变化带来的潜在预期修复机会，泸州老窖、山西 汾酒、酒鬼酒、舍得酒业、水井坊、华致酒行、珍酒李渡等。 ...

Key Points - Tibet Tourism may apply for suspension of trading if significant abnormalities occur in stock transactions [1] - Southern Road Machinery's stock price has deviated from its fundamental situation [1] - Industrial Fulian's major customers and products have not undergone significant changes [1] - Yingweike has established a relatively complete liquid cooling technology and product solution capability [1] - Victory Energy's operational situation remains normal with no significant changes in the internal and external business environment [1] - Qizheng Tibetan Medicine's operational situation is normal with no significant changes in the internal and external business environment [1] - Dongxin Co. states that its investment in Shanghai Lishuan's chip products is not applicable for large model computing clusters [1] - Guosheng Co. has obtained project filing related to PEEK from its wholly-owned subsidiary [1] - Action Education's actual controller proposed a mid-term dividend of 10 yuan per 10 shares [1] Mergers and Acquisitions - Darui Electronics plans to acquire 80% of Weiste's equity through capital increase and share acquisition [1] - Dashengda intends to acquire 30% equity of Thailand's Far East [1] Financing - Aoshikang plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [1] - Sixuan New Materials intends to raise no more than 466 million yuan through a private placement [1] - Changhua Chemical plans to raise no more than 230 million yuan for a carbon dioxide polyether project [1] Share Buybacks and Reductions - Fuanna plans to repurchase shares worth between 55.85 million and 104 million yuan [1] - Jiangnan Yifan's board member intends to increase his stake in the company [1] - Jieya Co. and its concerted parties plan to reduce their holdings by no more than 4.95% [1] - Other companies including Tongda Co., Haohan Deep, and Wanhu Chemical also plan to reduce their holdings [1] Operational Data - Sinopec expects a net profit decline of 39.5% to 43.7% year-on-year for the first half of the year [1] - Qingdao Bank reported a net profit of 3.065 billion yuan for the first half, up 16.05% year-on-year [1] - Daodaquan's net profit increased by 563.15% year-on-year, proposing a dividend of 1.76 yuan per 10 shares [1] - Zhengdan Co. reported a net profit increase of 120.35% year-on-year, proposing a dividend of 3 yuan per 10 shares [1] - Other companies reported varying profit changes, including losses and significant increases [1] Contracts and Major Investments - Sanhui Electric signed a framework contract for robot equipment sales [1] - Zhejiang University Network New's subsidiary won a smart engineering project worth 94.2712 million yuan [1] - New Aluminum Times plans to invest no less than 500 million yuan in a project for lightweight, high-strength auto parts [1] - Zhishang Technology will use part of its raised funds for a smart manufacturing production base in Vietnam [1]

股票代码：600779 股票简称：水井坊 编号：2025-022 四川水井坊股份有限公司 关于公司董事辞职的公告 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。 一、董事离任的基本情况 四川水井坊股份有限公司（以下简称"公司"）董事会于近日收到Sathish Krishnan先生提交的书面辞职报 告。因工作原因，Sathish Krishnan先生申请辞去公司董事及相关职务，辞职后不再担任公司任何职务。 ■ 二、离任对公司的影响 根据《公司法》《公司章程》及有关法律法规的规定，Sathish Krishnan先生的辞职未导致公司董事会人 数低于法定人数，不会影响公司的正常运作，上述辞职报告自送达董事会之日起生效，公司董事会将尽 快按照有关规定完成董事补选的工作。截至本公告日，Sathish Krishnan先生不存在未履行完毕的公开承 诺，并已按照公司相关规定完成交接工作。 本公司对Sathish Krishnan先生在担任公司领导职务期间为公司发展做出的贡献表示衷心感谢！ 特此公告 四川水井坊股份有限公司 董 事 会 二〇二 ...

同时，公司控股股东水井坊集团在7月中旬，刚刚完成了董事长的变更，值得一提的是，2024年-2025年不到2年间，公司核心管理层已经两次易主。 销量涨了，营收净利却下滑 水井坊主营白酒产品的生产与销售。目前，公司生产的白酒产品主要有水井坊元明清、第一坊、水井坊菁翠、水井坊典藏、水井坊井台、水井坊臻酿八 号、水井坊井台珍藏（龙凤）、水井坊鸿运、水井坊梅兰竹菊、小水井、天号陈、水井赋等。其中，水井坊菁翠、水井坊典藏、水井坊井台、水井坊臻酿 八号是公司的核心产品。 近日，水井坊发布了2025年半年度业绩预告，预计2025年上半年，公司实现营业收入14.98亿元，同比下降12.84%；归母净利润为1.05亿元，同比下降 56.52%。 然而，同期内，水井坊的销量（成品酒销售量）却出现上升，预计上半年销售量与上年同期相比增加543千升，同比增加14.54%，销售量全部来自中高档 酒。 对于业绩下滑原因，公司表示，2025年上半年，白酒行业整体仍处于深度调整阶段。尤其在第二季度，商务宴请和宴席等传统消费场景持续承压，市场恢 复节奏放缓。同时，由于白酒产品毛利率较高，收入下滑对利润造成的影响更为显著。 另外，公司表示，春节期 ...

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]

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。薪酬最高的是水井坊CFO蒋磊峰，去年薪酬高达464.75万元。 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。 从薪酬来看，A股食品饮料行业CFO薪酬总金额为1.01亿元，薪酬均值为77.78万元。 薪酬最高的是水井坊CFO蒋磊峰，去年薪酬高达464.75万元。蒋磊峰现年46岁，从2020年9月开始担任 财务总监一职，目前还担任董事、副总经理等职务。值得一提的的是，蒋磊峰2024年薪酬上涨157.64万 元，其他高管也有所增加，而去年水井坊营收增长5.32 ...