[Table_Main] 证券研究报告 | 公司深度报告 水井坊(600779.SH) 2024年02月02日 增持（上调） 中国白酒第一坊，高端化战略坚定 所属行业：食品饮料/白酒Ⅱ 水井坊（600779.SH）深度报告 当前价格(元)：45.43 投资要点 证券分析师 熊鹏 600年酿酒遗迹的发现，种下水井坊高端基因。2000年，借考古发现600年酒坊 资格编号：S0120522120002  之机，水井坊品牌脱胎于全兴酒厂，拥有水井街酒坊遗址和水井坊酒传统酿造技 邮箱：xiongpeng＠tebon.com.cn 艺“双遗产”，产品推出后在部分市场大获成功，水井坊以其悠久的历史故事， 研究助理 在高端品牌中拥有了一席之地。 渠道改革持续创新，成立高端销售公司助推高端化。水井坊起步于大商制，2015  年后推行新总代制并推出核心门店项目，加强厂方对渠道、终端的控制力。2021 市场表现 年为配合高度化战略，公司对内成立高端品事业部，对外牵头经销商组建高端白 水井坊 沪深300 酒销售公司，独立、专业化运作高端产品，助力高端化战略。 20% 0% 相继升级典藏井台，高端化战略坚定不移。2021、2022 ...

股票代码：600779 股票简称：水井坊 编号：临 2024-002 号 四川水井坊股份有限公司 2023 年度主要经营数据公告 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、2023 年主要经营数据 经四川水井坊股份有限公司（以下简称"公司"）初步核算，预计 2023 年 度实现归属于上市公司股东的净利润与上年同期相比增加约 5,296 万元，同比增 长约 4%；营业收入与上年同期相比增加约 28,046 万元，同比增长约 6%。 全年来看，公司收入与利润均较上一年度保持增长，完成了年初制定的全年 经营目标。 二、说明事项 （一）以上主要经营数据仅为初步核算数据，未经会计师事务所审计，最终 的财务数据以公司正式披露的 2023 年年报为准，敬请广大投资者注意投资风险。 （二）《中国证券报》《上海证券报》《证券时报》《证券日报》以及上海 证券交易所网站（http://www.sse.com.cn）为公司指定的信息披露报刊和网站， 公司发布的信息以在上述指定报刊和网站刊登的公告为准。 特此公告 四川水井坊股份有限公司 董事 ...

股票代码：600779 股票简称：水井坊 编号：临 2024-003 号 四川水井坊股份有限公司 关于 Mark Anthony Edwards（艾恩华）先生继续代行 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。 四川水井坊股份有限公司（以下简称"公司"）于 2024 年 1 月 26 日以通讯 方式召开十届董事会 2024 年第一次会议，审议通过了《关于 Mark Anthony Edwards（艾恩华）先生继续代行公司总经理职责的议案》。 因新任总经理的聘任工作仍在推进中，为保证公司经营工作的正常进行， 公司董事会同意 Mark Anthony Edwards（艾恩华）先生继续代为行使公司总经 理职责，直至新任总经理上任为止。公司将继续保持经营和战略执行的稳定， 有序推进各项工作。公司董事会将按相关规定尽快完成新任总经理的聘任工作。 特此公告 四川水井坊股份有限公司 董事会 二○二四年一月二十七日 公司总经理职责的公告 ...

特此公告 四川水井坊股份有限公司 四川水井坊股份有限公司 关于公司董事辞职公告 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。 四川水井坊股份有限公司（以下简称"公司"）董事会近日收到 Randall Ingber 先生的书面辞职报告：因个人发展原因，决定自 2024 年 1 月 1 日起辞去其担任 的本公司董事、战略委员会委员职务，辞去上述职务后，Randall Ingber 先生将 不再担任公司任何职务。根据相关规定，本项辞职自 2024 年 1 月 1 日起生效。 公司董事会将按照有关规定尽快完成董事的补选等工作。 股票代码：600779 股票简称：水井坊 编号：临 2024-001 号 本公司董事会对 Randall Ingber 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！ 董事会 二○二四年一月三日 ...

四川水井坊股份有限公司（以下简称"公司"）董事会近日收到公司独立董 事马永强先生提交的书面辞职报告。因工作调整，马永强先生向董事会提出辞去 公司第十届董事会独立董事职务及董事会审计委员会召集人、提名委员会委员、 薪酬与考核委员会委员职务。 马永强先生的辞职将导致公司独立董事人数少于董事会成员人数的三分之 一，按照《上市公司独立董事管理办法》《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《公司章程》等相关法律、法规、规范性文件的规定， 马永强先生的辞职将在公司股东大会选举产生新任独立董事后生效。在股东大会 选举出新任独立董事前，马永强先生将继续履行公司独立董事及董事会相关专门 委员会的职责。公司将尽快完成独立董事的补选工作。 股票代码：600779 股票简称：水井坊 编号：临 2023-027 号 四川水井坊股份有限公司 关于独立董事辞职的公告 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。 马永强先生自 2021 年 6 月起担任公司独立董事，在任期间恪尽职守、勤勉 尽责，维护公司和全体股东的利益，并且在所担 ...

2023 年第三季度报告 单位：元 币种：人民币 证券代码：600779 证券简称：水井坊 四川水井坊股份有限公司 2023 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人 Mark Anthony Edwards （艾恩华）、主管会计工作负责人 Mark Anthony Edwards （艾恩华）及会计机构负责人（会计主管人员）蒋磊峰声明：保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------|------------------|---------------------------------------------|----- ...

Financial Performance - Revenue for the first half of 2023 was RMB 1.53 billion, a decrease of 26.38% compared to the same period last year[13] - Net profit attributable to shareholders was RMB 202.78 million, down 45.15% year-on-year[13] - Basic earnings per share decreased by 45.07% to RMB 0.4165[13] - Weighted average return on equity (ROE) dropped by 7.63 percentage points to 5.69%[13] - Total assets remained stable at RMB 7.04 billion, with a slight decrease of 0.09%[13] - Revenue decreased by 26.38% to RMB 1,526,606,558.13 compared to the same period last year, primarily due to reduced shipments to lower inventory levels and stabilize the value chain[28] - Operating costs decreased by 14.95% to RMB 267,701,894.14, in line with the reduction in revenue[28] - Net profit for the first half of 2023 was RMB 202,782,545.83, down 45.2% from RMB 369,735,266.16 in the first half of 2022[104] - Total revenue for the first half of 2023 reached 3,893,519,195.20 RMB, a decrease from 4,410,141,788.64 RMB in the same period last year[97] - Net profit for the first half of 2023 was a loss of RMB 36,054,659.01, compared to a profit of RMB 9,980,582.30 in the same period last year[107] - Total comprehensive income for the first half of 2023 was a loss of RMB 36,054,659.01, compared to a profit of RMB 9,980,582.30 in the same period last year[108] - Cash received from sales of goods and services in the first half of 2023 was RMB 1,690,458,860.09, a decrease from RMB 2,129,853,976.16 in the same period last year[109] - Net cash flow from operating activities in the first half of 2023 was RMB 13,236,853.44, compared to RMB 1,446,428.22 in the same period last year[111] - Net cash flow from investing activities in the first half of 2023 was a loss of RMB 668,389,622.30, compared to a loss of RMB 515,402,314.62 in the same period last year[111] - Net cash flow from financing activities in the first half of 2023 was a loss of RMB 3,836,341.70, compared to a loss of RMB 54,748,278.12 in the same period last year[111] - Net increase in cash and cash equivalents in the first half of 2023 was a loss of RMB 658,989,110.56, compared to a loss of RMB 568,704,164.52 in the same period last year[112] - Ending cash and cash equivalents balance for the first half of 2023 was RMB 1,247,589,977.31, compared to RMB 1,316,512,002.41 in the same period last year[112] - Sales revenue from goods and services received in cash decreased to RMB 657.94 million in H1 2023, down from RMB 1.01 billion in H1 2022[113] - Net cash flow from operating activities was negative RMB 274.45 million in H1 2023, compared to negative RMB 119.55 million in H1 2022[113] - Net cash flow from investing activities decreased to RMB 127.18 million in H1 2023 from RMB 369.86 million in H1 2022[115] - Net cash flow from financing activities was negative RMB 3.21 million in H1 2023, compared to negative RMB 54.31 million in H1 2022[115] - Total cash and cash equivalents at the end of H1 2023 were RMB 159.24 million, down from RMB 499.73 million at the end of H1 2022[115] - Owner's equity decreased by RMB 134.21 million in H1 2023, primarily due to a decrease in undistributed profits of RMB 162.84 million[116] - Comprehensive income for H1 2023 was RMB 202.78 million, contributing positively to owner's equity[116] - Total owner's equity at the end of H1 2023 was RMB 3.32 billion, down from RMB 3.46 billion at the beginning of the year[118] - Total comprehensive income for the period increased by RMB 369.74 million, reaching RMB 369.74 million[119] - Owner's equity decreased by RMB 31.00 million, resulting in a total owner's equity of RMB 2.60 billion[119] - Capital reserve decreased by RMB 7.17 million, with a total capital reserve of RMB 431.18 million[123] - Undistributed profits decreased by RMB 401.68 million, resulting in a total undistributed profit of RMB 1.89 billion[123] - Total owner's equity at the end of the period was RMB 2.92 billion, a decrease from the previous period[123] - Total comprehensive income for the period amounted to RMB 9,980,582.30[125] - Owner's capital reduction and decrease amounted to RMB -35,109,019.74[125] - Profit distribution to owners (or shareholders) was RMB -365,630,136.00[125] - Total equity at the end of the period was RMB 2,074,190,263.33[125] Cash Flow and Liquidity - Operating cash flow increased significantly by 815.14% to RMB 13.24 million[13] - Net cash flow from operating activities increased significantly by 815.14% to RMB 13,236,853.44, as the decrease in cash received was smaller than the decrease in cash paid[28] - Net cash flow from investing activities decreased by 29.68% to RMB -668,389,622.30, mainly due to continued investment in the Qionglai full-industry production base project[28] - Monetary funds decreased by 34.70% to RMB 1,248,327,063.79, accounting for 17.73% of total assets[30] - Cash and cash equivalents decreased to 1,248,327,063.79 RMB from 1,911,718,169.37 RMB at the end of 2022[97] - Cash and cash equivalents decreased from 310,416,064.57 yuan to 159,975,096.06 yuan[100] - The company's monetary funds as of June 30, 2023, totaled RMB 1,248,327,063.79, with bank deposits accounting for RMB 1,247,589,977.31[181] Assets and Liabilities - Total assets slightly decreased by 0.9% to RMB 4,594,998,637.65 in the first half of 2023, compared to RMB 4,638,838,171.37 in the first half of 2022[102] - Total liabilities increased by 24.4% to RMB 1,676,768,923.36 in the first half of 2023, up from RMB 1,347,561,049.92 in the first half of 2022[102] - Total equity decreased by 11.3% to RMB 2,918,229,714.29 in the first half of 2023, down from RMB 3,291,277,121.45 in the same period last year[102] - Accounts receivable increased by 62.28% to RMB 5,620,084.20, representing 0.08% of total assets[30] - Inventory increased by 5.39% to RMB 2,574,520,442.59, accounting for 36.56% of total assets[30] - Construction in progress increased by 29.77% to RMB 2,106,941,056.27, representing 29.92% of total assets[30] - Contract liabilities increased by 5.71% to RMB 1,085,996,030.38, accounting for 15.42% of total liabilities[30] - Dividends payable increased by 70.20% to RMB 886,493,208.79, primarily due to declared but unpaid 2022 dividends[30][31] - Accounts receivable increased to 5,620,084.20 RMB from 3,463,200.00 RMB at the end of 2022[97] - Inventory increased to 2,574,520,442.59 RMB from 2,442,905,934.90 RMB at the end of 2022[97] - Prepayments increased to 22,032,591.97 RMB from 16,318,214.07 RMB at the end of 2022[97] - Other receivables decreased slightly to 14,255,933.66 RMB from 14,904,556.23 RMB at the end of 2022[97] - Construction in progress increased significantly to 2,106,941,056.27 RMB from 1,623,635,131.93 RMB at the end of 2022[97] - Fixed assets decreased to 463,588,612.09 RMB from 483,183,052.52 RMB at the end of 2022[97] - Investment property decreased slightly to 8,817,501.96 RMB from 8,965,281.32 RMB at the end of 2022[97] - Other current assets increased to 28,763,078.99 RMB from 20,831,714.07 RMB at the end of 2022[97] - Total assets decreased slightly from 7,047,460,201.68 yuan to 7,040,965,796.76 yuan[98] - Non-current assets increased significantly from 2,637,318,413.04 yuan to 3,147,446,601.56 yuan[98] - Intangible assets rose from 129,990,663.19 yuan to 163,638,952.19 yuan[98] - Deferred tax assets grew from 332,065,930.57 yuan to 358,170,358.75 yuan[98] - Total liabilities increased from 3,589,009,775.46 yuan to 3,716,725,572.86 yuan[99] - Contract liabilities rose from 1,027,343,815.54 yuan to 1,085,996,030.38 yuan[98] - Shareholders' equity decreased from 3,458,450,426.22 yuan to 3,324,240,223.90 yuan[99] - Inventory increased from 2,380,952,280.18 yuan to 2,520,719,830.35 yuan[100] - Accounts receivable surged from 3,463,200.00 yuan to 118,767,571.93 yuan[100] - Other receivables decreased to RMB 14,255,933.66 from RMB 14,904,556.23 at the beginning of the period[195] - Deposits and guarantees accounted for RMB 8,774,862.33 of other receivables, up from RMB 8,450,362.33 at the beginning of the period[198] - Employee advances increased to RMB 78,686.21 from RMB 27,062.23 at the beginning of the period[198] - Other receivables with a maturity of 1-2 years amounted to RMB 6,436,152.78[197] - The top five other receivables accounted for 77.71% of the total other receivables, totaling RMB 11,078,104.88[200] - The largest other receivable was RMB 4,000,000.00, accounting for 28.06% of the total other receivables[200] - Other receivables with a maturity of 1 year or less amounted to RMB 5,942,065.07[197] - Other receivables with a maturity of 2-3 years amounted to RMB 853,787.45[197] - Other receivables with a maturity of 5 years or more amounted to RMB 998,420.26[197] - Other receivables with a maturity of 4-5 years amounted to RMB 25,508.10[197] Business Operations and Strategy - The company's core products include Shuijingfang Classic, Shuijingfang Jingtai, and Shuijingfang Zhenniang Ba Hao, which are key to its premium brand positioning[18] - The company's R&D team focuses on traditional brewing techniques and microbial research, leveraging the Shuijingfang Distillery Site, a national key cultural relic[19] - The company employs four sales models: traditional general agency, new general agency, high-end product operation, and emerging channel operation[19][20] - Q2 revenue increased by 2% year-over-year, with net profit surging by 509% year-over-year, meeting company expectations[21] - The company expects double-digit revenue growth starting from Q3 and anticipates full-year 2023 revenue and net profit to grow compared to 2022[21] - The company launched the new ultra-premium product "Shui Jing Fang·First Workshop" to enrich its brand portfolio[22] - The "Baijiu Academy" initiative has covered over 1,000 participants, including industry experts, distributors, and consumers, since its trial operation in November 2022[23] - The company has established over 40 cultural and aesthetic experience centers in more than 30 cities nationwide to enhance brand influence and consumer engagement[25] - The company has expanded its distribution network, covering over 30 key cities and accumulating more than 1,000 corporate group purchase clients[25] - The company plans to increase investment in brand media and PR in H2 2023 to boost brand awareness[25] - The company will focus on strengthening sales team capabilities and launching competitive incentive programs for distributors and retailers[25] - The company aims to enhance consumer cultivation through high-quality events and the expansion of aesthetic experience centers in key markets[25] - The company will intensify marketing efforts for the new "Jingtai" product and increase participation in the 200 RMB price segment[26] - The company faces macroeconomic risks due to global inflation and regional conflicts, which may impact its operations. It plans to focus on high-end products, expand direct-controlled stores, and optimize investment strategies[35] - The company is addressing intensified industry competition by maintaining product quality, focusing on core markets, and strengthening value chain management[35] - The company's main business involves the production and sale of alcoholic beverages[126] Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, with main pollutants including wastewater, exhaust gas, and solid waste[42] - The average daily concentration of COD cr at the Tuqiao plant wastewater treatment station is 26.80 mg/L, with a total discharge of 1.92 tons[43] - The average daily concentration of NH3-N at the Tuqiao plant wastewater treatment station is 0.51 mg/L, with a total discharge of 0.04 tons[43] - The average daily concentration of COD cr at the Qionglai plant wastewater treatment station is 65.03 mg/L, with a total discharge of 5.4331 tons[44] - The average daily concentration of NH3-N at the Qionglai plant wastewater treatment station is 0.5429 mg/L, with a total discharge of 0.0488 tons[44] - The Tuqiao plant's 20t/h natural gas boiler has an NOx hourly average concentration of 16 mg/m³, with a total discharge of 0.31 tons[45] - The Qionglai plant's 25t/h 1st natural gas boiler has an NOx hourly average concentration of 18.99 mg/m³, with a total discharge of 0.291 tons[45] - The Qionglai plant's 25t/h 2nd natural gas boiler has an NOx hourly average concentration of 15.32 mg/m³, with a total discharge of 0.14 tons[45] - The Qionglai plant's 25t/h 3rd natural gas boiler has an NOx hourly average concentration of 18.5 mg/m³, with a total discharge of 0.255 tons[45] - The Tuqiao plant disposed of 9379.82 tons of distiller's grains as general industrial solid waste[46] - The Qionglai plant disposed of 51657 tons of distiller's grains as general industrial solid waste[47] - The company's environmental monitoring data shows that the NOx emission concentration in the crushing workshop is 30 mg/Nm³, with quarterly manual monitoring[54] - The SO2 emission concentration in the boiler room is 10 mg/Nm³, adhering to the Chengdu Boiler Air Pollutant Emission Standards, with quarterly manual monitoring[54] - The ammonia emission concentration in the boiler room is 8.7 mg/Nm³, monitored quarterly by a third-party agency[54] - The hydrogen sulfide emission concentration in the wastewater treatment station is 0.58 mg/Nm³, monitored quarterly by a third-party agency[54] - The VOCs emission concentration at the southwest factory boundary is 2.0 mg/Nm³, monitored semi-annually by a third-party agency[55] - The COD concentration in the wastewater discharge outlet is 400 mg/L, with real-time online monitoring[56] - The NH3-N concentration in the wastewater discharge outlet is 30 mg/L, with real-time online monitoring[56] - The noise level at the east factory boundary packaging workshop is 60 dB during the day and 50 dB at night, monitored quarterly by a third-party agency[58] - The noise level at the southwest factory boundary crushing workshop is 60 dB during the day and 50 dB at night, monitored quarterly by a third-party agency[58] - The dust emission concentration in the raw material unloading area is 120 mg/Nm³, monitored semi-annually by a third-party agency[59] - The company's raw material unloading area has organized dust emissions of 120 units, with a concentration of 2.758 mg/m³, monitored manually twice a year[60] - The crushing workshop has organized dust emissions of 120 units, with a concentration of 31.8 mg/m³, monitored manually twice a year[60] - The boiler room has organized NOx emissions of 30 mg/m³, monitored automatically every hour, and SO2 emissions of 5 mg/m³, monitored manually every quarter[60] - The wastewater treatment station has organized ammonia emissions of 4.9 mg/m³ and hydrogen sulfide emissions of 0.33 mg/m³, monitored

2022 年年度报告 公司代码：600779 公司简称：水井坊 四川水井坊股份有限公司 2022 年年度报告 1 / 180 2022 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | | John O'Keeffe | 家庭原因 | Sathish Krishnan | | 未出席董事职务 董事 | | | | 三、 普华永道中天会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人 Mark Anthony Edwards（艾恩华）、主管会计工作负责人 Mark Anthony Edwards （艾恩华）及会计机构负责人（会计主管人员）蒋磊峰声明：保证年度报告中财务报告的真 实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经普华永道中天会计师事务所（特殊普通合 ...

2023 年第一季度报告 单位：元 币种：人民币 证券代码：600779 证券简称：水井坊 四川水井坊股份有限公司 2023 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人 Mark Anthony Edwards（艾恩华）、主管会计工作负责人 Mark Anthony Edwards（艾 恩华）及会计机构负责人（会计主管人员）蒋磊峰保证季度报告中财务信息的真实、准确、完 整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | |-----------------------------------------------|----------------|---------------------------------------| | 项目 | 本报告期 ...