文 | 酒业内参 张奥 水井坊近期公布了2025年半年报：实现营业收入14.98亿元，同比下降12.84%；净利润1.05亿元，同比 下降56.52%。若扣除一季度，水井坊二季度实际营收为5.39亿元，同比大降31%，归母净利润亏损8500 万元，同比暴跌251%。 此外，业内还传出了水井坊河南地区最大经销商河南云飞酒业有限公司不再续签的消息。截至发稿，云 飞酒业未就该传言给予回复。 有业内人士直言，很多水井坊经销商现在都很焦虑，"大商一旦离开，不管是清库存带来的市场价格压 力，还是对经销商队伍信心方面，都有很大影响。" 值得一提的是，这份业绩是水井坊总经理胡庭洲上任后交出的首份上半年"成绩单"。在业内，水井坊总 经理一职堪称"任期最短的职业"，近10年累计换帅6次，频繁的人事变动，很大程度影响着水井坊战略 的连贯性。 净利润"腰斩"，二季度暴跌 如果将时间线拉长看，水井坊的业绩"转向"其实早有端倪。早在2022年，水井坊于上一年完成了同比 54.1%的高增长后，增速急转直下，年末同比仅增长0.88%。2023年、2024年，水井坊业绩也都仅有个 位数增长。 但进入2025年，水井坊陷入了真正的"焦虑"——公 ...

水井坊：白酒行业阶段性波动，公司已在低度化方向开展初步布局 此外，公司正按预定节奏积极推进相关工作，预计2025年下半年有望体现。为了更好的满足消费者 的产品需求，公司计划于9月份推出水井坊 井18产品（定价在400元至600元区间）。其他相关系列产品 按照战略布局正在规划中。 有投资者询问，目前白酒行业资金普遍承压，公司对邛崃二期的投资规划如何。对此，管理层回 应，公司根据"灵活调整、相机而动"的策略，综合行业态势和公司发展需求推进邛崃二期项目的建设。 （上证路演） 【中国白酒网】9月1日，水井坊举办2025年半年度业绩说明会。会上公司管理层提到，自去年下半 年起至今，白酒行业仍处于深度调整周期，同时伴随阶段性波动。白酒市场的消费场景和消费行为正在 发生深刻的变革，公司正以消费者为导向，围绕品牌和消费场景的情感连接、新渠道拓展，新产品开发 等各项工作，高质量推进公司战略实施, 采取包括精益管理、库存优化、成本节约在内的一系列积极措 施，推动公司业务的发展。 谈及公司618期间电商和新零售的表现，管理层介绍，今年618期间，水井坊在电商平台的表现高于 平台平均水平，符合公司预期。 有投资者询问，帝亚吉欧对公司 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9]. Core Insights - The food and beverage industry shows resilience with a notable performance in the liquor sector, particularly for leading brands like Kweichow Moutai and Wuliangye, which are expected to achieve stable growth [6][9]. - The new consumption sector is experiencing high demand, with individual company performances expected to steadily improve, driven by strong fundamentals [7][9]. - The report highlights the ongoing recovery in the mass consumer goods sector, with a focus on companies like Ximai Food and Youyou Food, which are expected to benefit from market dynamics [9]. Industry Performance - The food and beverage sector has shown a 1-month performance of 6.6%, a 3-month performance of 0.6%, and a 12-month performance of 13.1% [3]. - The liquor industry reported sales revenue of 330.42 billion yuan for the first half of the year [20]. - The report notes a 5.3% year-on-year increase in liquor industry revenue, totaling 796.4 billion yuan for 2024 [34]. Company Feedback - Kweichow Moutai is launching a high-end product, Moutai 1935, and continues to expand its cultural experience venues [20]. - Ximai Food reported a gross margin increase of 3 percentage points to 43.5% due to product structure optimization and lower raw material costs [58]. - Shede Liquor's net profit margin improved by 5 percentage points to 8.56% in Q2 2025, reflecting effective cost control measures [61]. Key Data Trends - The liquor industry's cumulative production for 2024 was 4.145 million tons, a decrease of 7.72% year-on-year [34]. - The seasoning industry is projected to grow from 259.5 billion yuan in 2014 to 687.1 billion yuan by 2024, with a CAGR of 10.23% [36]. - The snack food market is expected to grow from 0.82 trillion yuan in 2016 to 1.2 trillion yuan in 2022, with a CAGR of 6% [52].

9月1日，水井坊举办2025年半年度业绩说明会。会上公司管理层提到，自去年下半年起至今，白酒行业 仍处于深度调整周期，同时伴随阶段性波动。白酒市场的消费场景和消费行为正在发生深刻的变革，公 司正以消费者为导向，围绕品牌和消费场景的情感连接、新渠道拓展，新产品开发等各项工作，高质量 推进公司战略实施, 采取包括精益管理、库存优化、成本节约在内的一系列积极措施，推动公司业务的 发展。 有投资者询问，目前白酒行业资金普遍承压，公司对邛崃二期的投资规划如何。对此，管理层回应，公 司根据"灵活调整、相机而动"的策略，综合行业态势和公司发展需求推进邛崃二期项目的建设。 谈及公司618期间电商和新零售的表现，管理层介绍，今年618期间，水井坊在电商平台的表现高于平台 平均水平，符合公司预期。 （上证路演） 有投资者询问，帝亚吉欧对公司的海外渠道是否有帮助。管理层表示，帝亚吉欧利用其在国际市场积累 的成熟免税店品牌运营与营销经验，负责公司产品在免税渠道的销售工作。公司独立负责海外有税渠道 的销售业务，并在各海外市场与当地具备实力的经销商合作，协同开展产品的运营与销售，目前海外销 售符合公司预期。 对于新品研发动向，管理层谈到 ...

Summary of China Spirits Industry Conference Call Industry Overview - The conference call focused on the China spirits industry, particularly the performance of various spirits companies in the second quarter of 2025 (2Q25) [1][2]. Key Points and Arguments 1. Performance of Super-Premium Brands - Super-premium brands like Kweichow Moutai and Wuliangye showed resilience, with Moutai achieving a 9% year-over-year (yoy) sales growth in 2Q25 [8][16]. - Laojiao's sales declined by 8% yoy, which was better than the expected decline of 17% [16]. 2. Upper-Mid-End Brands Struggled - Upper-mid-end brands faced significant sales declines, with companies like Yanghe and King's Luck reporting sales drops of 44% and 30% yoy, respectively [16]. - Fen Wine managed to maintain flattish sales, aided by its low-end segment [1]. 3. Margin Resilience - Despite a decline in average selling prices (ASP), many companies maintained stable gross profit margins (GPM), with most experiencing a contraction of about 1 percentage point yoy [9][10]. - The GPM for Moutai and Wuliangye's high-end segments outperformed their lower-end products [8]. 4. Operating Cash Flow Concerns - There was a notable deterioration in operating cash flow for upper-mid-end brands, while super-premium brands continued to maintain positive cash inflows [11]. 5. Customer Advances and Shipment Suspensions - Customer advances showed mixed results, with significant declines for Gujing and Jiugui, down 36% and 47% yoy, respectively [12][14]. - Shipment suspensions were noted across various brands, impacting customer advance balances and overall sales performance [12]. 6. Expense Control - Companies demonstrated disciplined expense management, with selling expense ratios rising by no more than 2 percentage points [10]. - Laojiao and Gujing reported declines in their expense ratios, indicating effective cost control measures [10]. 7. Market Sentiment and Future Outlook - There are signs of normalizing policy impacts on private consumption, with market sentiment shifting towards lagging stocks as investors adopt a "worst is over" perspective [2]. - The upcoming Mid-Autumn Festival and National Day are critical periods to monitor for consumption recovery and wholesale price trends [2]. Additional Important Insights - The spirits industry is facing challenges from anti-extravagance policies, which have affected consumer spending patterns [1]. - The overall retail spirits market is expected to see a decline of approximately 30% in August and a 15-20% decline during the peak season [7]. - The diversified product portfolios of certain brands have been crucial in supporting resilience amid market challenges [8]. Conclusion - The China spirits industry is currently navigating a complex landscape characterized by varying performance across different market segments. Super-premium brands are faring better than their upper-mid-end counterparts, and careful expense management is helping to mitigate some of the financial pressures. Future performance will heavily depend on consumer sentiment and the effectiveness of policy measures in stimulating demand.

事件 公司公告2025 年中报。2025 年上半年，公司实现总收入14.98 亿元（-12.84%），归母净利1.05 亿元 （-56.52%），扣非归母净利0.48 亿元（-78.74%）。2025Q2，公司实现总收入5.39 亿元（-31.37%）， 归母净利-0.85亿元（-251.25%），扣非归母净利-1.42 亿元（-291.48%）。 高档白酒Q2 增长承压，H1、Q2 产品平均单价同比下滑1）高档白酒Q2 增长承压。2025H1，公司高 档、中档产品收入分别为13.05、0.87 亿元，同比-14.00%、-10.37%，25Q2 收入分别为4.54、0.38 亿 元，同比-36.95%、+67.73%，商务宴请和宴席等传统消费场景持续低迷，高档白酒Q2 增长承压。 2）产品结构调整，H1、Q2 产品平均单价同比下滑。2025H1，公司白酒销量为4,277.22 千升，同比 +14.53%，推算平均单价为162.67 元/500ml，同比-24.72%；25Q2，公司白酒销量同比+8.56%，平均单 价为142.43 元/500ml，同比-38.98%。 3）新渠道收入高增。2025H1，公司 ...

事件：水井坊发布2025 年中报，公司25 年上半年实现总营收14.98 亿元、同比下滑12.84%，实现归母 净利润1.05 亿元、同比下滑56.52%，扣非归母净利润0.48 亿元、同比下滑78.74%。其中Q2 单季总营收 5.39 亿元、同比下滑31.37%，归母净利润-0.85 亿元、同比下滑251.25%，扣非归母净利润-1.42 亿元、 同比下滑291.48%。 25Q2 释放压力，收入同比下滑。25Q2 收入端同比下滑31.37%（25Q1 收入同比略增2.74%），由于二 季度商务宴请、宴席等传统消费场景持续承压，市场恢复节奏放缓，且春节后渠道库存水平高于预期， 公司以库存消化为主、放缓发货节奏，二季度经营有所承压。拆分量价来看，25Q2 酒类产品销量/均价 分别同比+8.6%/-39.0%（25Q1 销量/均价分别同比+19.0%/-13.2%），上半年呈现量增价减的特点。分产 品看，25Q2 高档产品/中档产品营收分别为4.54/0.38 亿元、同比-36.96%/+67.68%，高档产品受需求场 景不振影响，Q2 收入同比下滑较为明显，中档产品基数相对较低、天号陈等大众价位产品规模扩张 ...

2025 年 8 月 31 日 公司研究 Q2 释放压力，期待动销恢复 ——水井坊（600779.SH）2025 年中报点评 要点 事件：水井坊发布 2025 年中报，公司 25 年上半年实现总营收 14.98 亿元、同 比下滑 12.84%，实现归母净利润 1.05 亿元、同比下滑 56.52%，扣非归母净利 润 0.48 亿元、同比下滑 78.74%。其中 Q2 单季总营收 5.39 亿元、同比下滑 31.37%，归母净利润-0.85 亿元、同比下滑 251.25%，扣非归母净利润-1.42 亿 元、同比下滑 291.48%。 25Q2 释放压力，收入同比下滑。25Q2 收入端同比下滑 31.37%（25Q1 收入同 比略增 2.74%），由于二季度商务宴请、宴席等传统消费场景持续承压，市场 恢复节奏放缓，且春节后渠道库存水平高于预期，公司以库存消化为主、放缓发 货节奏，二季度经营有所承压。拆分量价来看，25Q2 酒类产品销量/均价分别同 比+8.6%/-39.0%（25Q1 销量/均价分别同比+19.0%/-13.2%），上半年呈现量 增价减的特点。分产品看，25Q2 高档产品/中档产品营收分别为 4. ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 水井坊(600779)公司点评报告 2025 年 08 月 31 日 [Table_Title] 深度调整，业绩短期承压 产品结构变动&费用刚性，Q2 盈利承压 ——水井坊 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总收入 14.98 亿元（- 12.84%），归母净利 1.05 亿元（-56.52%），扣非归母净利 0.48 亿元（- 78.74%）。2025Q2，公司实现总收入 5.39 亿元（-31.37%），归母净利-0.85 亿元（-251.25%），扣非归母净利-1.42 亿元（-291.48%）。 高档白酒 Q2 增长承压，H1、Q2 产品平均单价同比下滑 1）高档白酒 Q2 增长承压。2025H1，公司高档、中档产品收入分别为 13.05、 0.87 亿元，同比-14.00%、-10.37%，25Q2 收入分别为 4.54、0.38 亿元， 同比-36.95%、+67.73%，商务宴请和宴席等传统消费场景持续低迷，高档 白酒 Q2 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period, facing challenges such as production contraction, consumption differentiation, and weak terminal sales, leading to a shift from rapid growth to declining production and sales profits [1] Industry Overview - The release of half-year reports from listed liquor companies indicates a significant change in the industry, with increased sales expenses and fierce competition among well-known brands for first-tier markets [1][12] - The overall profitability of the industry is declining, with many companies experiencing double-digit declines in revenue and profit, alongside rising inventory pressures and deteriorating product liquidity [11] Company Performance - Guizhou Moutai reported a total revenue of 91.094 billion, a year-on-year increase of 9.16%, and a net profit of 45.403 billion, up 8.89% [3] - Wuliangye achieved a revenue of 52.771 billion, growing 4.19%, and a net profit of 19.492 billion, up 2.28% [3] - Shanxi Fenjiu's revenue reached 23.964 billion, a 5.35% increase, with a net profit of 8.505 billion, up 1.13% [3] - Luzhou Laojiao reported a revenue of 16.454 billion, down 2.67%, and a net profit of 7.663 billion, down 4.54% [5] - Yanghe's revenue was 14.796 billion, down 35.32%, with a net profit of 4.344 billion, down 45.34% [5] - Other companies like Water Well and Shede also reported significant declines in revenue and profit, indicating the widespread impact of the industry's challenges [5][6][7] Market Trends - The industry is seeing a shift towards product innovation and channel transformation, with companies launching lower-alcohol and light bottle products to attract younger consumers [12][13] - The market is characterized by a need for companies to adapt to changing consumer preferences and enhance brand influence and channel efficiency [7][12] - Analysts suggest that the current environment is not isolated, and the liquor industry will eventually recover as consumption and the economy improve [13]