Core Insights - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest salary increase among CFOs was recorded by Jiang Leifeng from Shui Jing Fang, with a 51.3% increase, bringing his annual salary to 4.65 million yuan [1][3] - Jiang Leifeng's performance included a revenue of 5.217 billion yuan, a year-on-year growth of 5.32%, and a net profit of 1.341 billion yuan, growing by 5.69% [1] Salary Trends - The average salary for CFOs in A-share companies is 814,800 yuan, with a total salary scale of 4.27 billion yuan [1] - Jiang Leifeng's salary increase of 51.3% is significantly higher than the company's revenue and stock performance, indicating a strategic investment in financial leadership [1] - Other notable salary increases include Yang Shaolin from Hai Da Group with a 114.6% increase and Ren Huiling from Zhongji United with an increase of 184.42% [3] Performance Metrics - Shui Jing Fang's revenue growth of 5.32% and net profit growth of 5.69% are above the average performance in the industry [1] - Despite the positive financial performance, the company's stock price fell by 8.93%, reflecting a disconnect between financial results and market perception [1] - Jiang Leifeng's daily salary of 18,600 yuan positions him among the highest-paid CFOs in the industry [1]

Core Viewpoint - Sichuan Shui Jing Fang Co., Ltd. announced a cash dividend distribution plan for the fiscal year 2024, with a proposed cash dividend of 0.97 CNY per share, approved at the annual general meeting held on June 18, 2025 [1][3]. Distribution Plan - The cash dividend distribution is for the fiscal year 2024, targeting all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [2]. - The total number of shares eligible for the cash dividend distribution is 484,640,798 shares, resulting in a total cash dividend payout of approximately 470.10 million CNY (including tax) [3][4]. Differentiated Dividend Distribution - The company will distribute a cash dividend of 9.70 CNY for every 10 shares held, with no capital reserve fund conversion into additional shares for the fiscal year 2024 [3][5]. - The reference price for the ex-dividend date will be adjusted based on the cash dividend amount, calculated as the previous closing price minus 0.9643 CNY [6]. Implementation Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, with shareholders who have designated trading able to receive their dividends on the payment date [7]. - Specific shareholders, including major stakeholders, will receive dividends directly from the company, while shares held in the company's repurchase account will not participate in the profit distribution [8]. Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the cash dividend, while those holding for one year or less will have taxes calculated upon the transfer of shares [9]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied to their cash dividends, resulting in a net dividend of 0.873 CNY per share [10].

Core Points - The company announced a cash dividend distribution of 0.97 CNY per share for A shares [1][2] - The annual shareholders' meeting held on June 18, 2025, approved the profit distribution plan for the fiscal year 2024 [2][3] - The total number of shares eligible for the dividend is 484,640,798 shares after excluding the repurchased shares [2][3] Dividend Distribution Details - The cash dividend distribution is based on a total cash dividend of approximately 470.1 million CNY (including tax) [2][3] - The relevant dates for the dividend distribution are as follows: - Record date: August 11, 2025 - Ex-dividend date: August 12, 2025 - Dividend payment date: August 12, 2025 [1][3] - The company will not conduct a capital reserve transfer to increase share capital for the fiscal year 2024 [2] Taxation Information - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax [5][6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.873 CNY per share [6] - For Hong Kong investors through the Stock Connect program, dividends will be distributed in RMB, subject to relevant tax regulations [6]

证券日报网讯 8月5日晚间，水井坊发布公告称，2024年年度权益分派方案为A股每股现金红利0.97元 （含税），股权登记日为2025年8月11日，除权（息）日及现金红利发放日均为2025年8月12日。 （文章来源：证券日报） ...

地址:上海市长宁区仙霞路 99 号尚嘉中心 12 层、22层(200051) Add: 12F&22F,L'Avenue No.99 XianXia Rd,Changning District,Shanghai,PRC 电话 Tel: +86 21 23563298 传真 Fax: +86 21 23563299 网址 Website: http://www.guantao.com 邮箱 Email: guantaosh@guantao.com 北京观韬(上海)律师事务所 关于 四川水井坊股份有限公司 差异化分红事项的 差异化分红事项的 专项核查意见 致:四川水井坊股份有限公司 北京观韬(上海)律师事务所(以下简称"本所")接受四川水井坊股份有限 公司(以下简称"公司")的委托。根据《中华人民共和国公司法》(以下简称"《公 司法》"》《中华人民共和国证券法》(以下简称"《证券法》")《上海证券交 易所股票上市规则》(以下简称"《上市规则》")《上海证券交易所上市公司自 律监管指引第 7号--回购股份》(以下简称"《自律监管指引第 7号》") 等法律、 法规及其他规范性文件的规定,就公司 2024年度利润分配所 ...

从资金流向上来看，当日白酒板块主力资金净流入6.0亿元，游资资金净流出3.58亿元，散户资金净流出 2.42亿元。白酒板块个股资金流向见下表： 证券之星消息，8月5日白酒板块较上一交易日上涨0.9%，*ST岩石领涨。当日上证指数报收于3617.6，上 涨0.96%。深证成指报收于11106.96，上涨0.59%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600696 | *ST岩石 | 6.33 | 4.98% | 7.04万 | | 4386.47万 | | 000596 | 古井贡酒 | 140.01 | 2.88% | 3.44万 | | 4.77亿 | | 000568 | 泸州老窖 | 127.01 | 2.39% | 9.42万 | | 11.89 乙 | | 600809 | 山西汾酒 | 181.29 | 1.73% | 6.60万 | | 11.91亿 | | 002304 | 洋河股份 | 68.76 | 1.10% | 4.5 ...

金融界8月5日消息，上证指数高开高走，上证主要消费行业分层等权重指数 (消费等权，000074)上涨 0.71%，报6866.36点，成交额112.08亿元。 数据统计显示，上证主要消费行业分层等权重指数近一个月下跌0.03%，近三个月下跌4.39%，年至今 下跌9.04%。 据了解，上证行业分层等权重指数系列分别选取属于能源、原材料、工业、可选消费、主要消费、医药 卫生、金融、房地产、信息技术、通信服务以及公用事业十一个一级行业的上市公司证券作为指数样 本，并通过权重设置，使二级行业间实现市值加权，二级行业内个券实现等权，为投资者提供多样化的 投资标的。该指数以2003年12月31日为基日，以1000.0点为基点。 从指数持仓来看，上证主要消费行业分层等权重指数十大权重分别为：中粮糖业（5.18%）、迎驾贡酒 （4.97%）、千禾味业（4.97%）、山西汾酒（4.91%）、舍得酒业（4.91%）、中炬高新（4.91%）、天 味食品（4.83%）、老白干酒（4.82%）、贵州茅台（4.68%）、水井坊（4.68%）。 从上证主要消费行业分层等权重指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese liquor industry is undergoing significant adjustments characterized by declining volume and price, policy impacts, and a focus on high-quality development [2] - The competition for the younger market is intensifying among major liquor brands, with a shift towards lower-alcohol products to cater to the preferences of younger consumers [5] - The market for light bottle liquor is rapidly growing, with major brands entering this segment to capture new consumer demographics [17] Industry Environment - The first half of 2025 will see the liquor industry facing deep adjustments, marked by seven key characteristics: consumption recovery, channel inventory, pricing systems, high-quality development, simultaneous decline in volume and price, significant policy impacts, and product innovation [2] - The trend towards smaller capacity and larger bottle sizes is emerging, with small bottles (50ml-250ml) gaining traction among younger consumers, while larger bottles (1L and above) are being used for special occasions [2] - The low-alcohol liquor segment is gaining popularity, with major brands launching products aimed at younger consumers, reflecting a strategic shift towards youth-oriented marketing [5] Top Brand News - Tibet Development Co. plans to acquire a 50% stake in Lhasa Beer from Carlsberg, aiming to enhance its asset integrity and operational capabilities [8] - Yanghe's collaboration with the Scottish Premier League has led to the launch of a football-themed product, enhancing brand engagement through cultural innovation [8] - Water Well's sales volume increased by 14.54% in the first half of 2025, driven by a focus on mid-to-high-end products despite the overall industry downturn [12] - The introduction of the "窖藏里的三餐四季" IP by Xijiu aims to connect with consumers on an emotional level, promoting a lifestyle approach to liquor consumption [13] - The light bottle liquor market has surpassed 150 billion yuan, with major brands competing aggressively in the 50-100 yuan price range [17]

Industry Environment - The Chinese liquor industry is undergoing significant adjustments in the first half of 2025, characterized by declining volume and price, significant policy impacts, and a trend towards lower-quality products [3][4] - The market is seeing a rise in light bottle products, reflecting a trend of consumption downgrade, while the price inversion phenomenon is prevalent, indicating severe supply-demand imbalance [3][4] - The industry is focusing on high-quality development, with an emphasis on product innovation and sustainable practices as it seeks breakthroughs amid challenges [3][4] Market Trends - Small capacity (50ml-250ml) and large bottle (1L and above) products are gaining traction in the liquor market, with small bottles appealing to younger consumers through innovative marketing [5] - Major liquor brands are competing for the young market by launching low-alcohol products, with a significant potential consumer base of 490 million aged 18-30 contributing over 400 billion yuan in market size [6] Performance Insights - The white liquor industry is experiencing a downturn, with several listed companies issuing profit warnings, while the beer sector is witnessing growth due to consumption recovery and cost reductions [7] - The domestic whiskey market is facing a selling frenzy, with prices dropping significantly below market value due to weakened consumer demand and increased channel pressure [8] Brand Dynamics - Tibet Development Co. plans to acquire a 50% stake in Lhasa Beer from Carlsberg, which could enhance its asset integrity and operational capabilities [9] - Yanghe's collaboration with the Scottish Premier League has led to the launch of a football-themed product, enhancing brand engagement through cultural integration [10][11] - Water Well's sales volume increased by 14.54% in the first half of 2025, attributed to its focus on mid-to-high-end products and effective inventory management strategies [17] Strategic Developments - Moutai is establishing a technology research institute to enhance innovation in the liquor industry, focusing on biochemistry and fermentation optimization [20] - The introduction of a 1L bottle of Moutai through the "i Moutai" platform reflects a strategic shift towards consumer-centric approaches and packaging upgrades [21][22] - The rise of light bottle products in the market, with brands like Yanghe leading the charge, indicates a shift in consumer preferences towards high-quality, affordable options [23] Consumer Engagement - The collaboration between Baidonglai and Jiu Gui Jiu aims to connect with younger consumers through cultural narratives and quality experiences [24] - The launch of new wedding-themed products by Congtai Distillery targets the high-end wedding market, leveraging cultural elements to enhance brand positioning [25] - The success of Red Label Jin Jiu, which saw a 50% growth in sales, highlights the effectiveness of innovative marketing strategies in attracting new consumer segments [26]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].