Core Viewpoint - The company believes that the Chinese liquor industry will surpass its cyclical challenges and continue to improve over time, despite facing pressures such as inventory issues and market fluctuations [5][8]. Company Performance - In 2024, the company achieved a total revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% year-on-year [4]. - For the first quarter of 2025, the company reported a revenue of 959 million yuan, a 2.74% increase year-on-year, and a net profit of 190 million yuan, up 2.15% year-on-year [4][6]. Market Strategy - The company is focusing on expanding traditional distribution channels and opening new stores to support business growth, with over 10,000 new stores opened in 2024 and approximately 24,000 in the first quarter of 2025 [5][6]. - The company is also enhancing its brand and product offerings, launching a dual-brand strategy with the introduction of the "First Fang" high-end liquor series [9]. Inventory Management - The company is actively managing inventory to stabilize its value chain, with a focus on sustainable and healthy growth in product sales [6][9]. - The company reported a 30.8% increase in consumer bottle opening numbers in 2024 and a 45.1% increase in the first quarter of 2025 [9]. Consumer Trends - The company is observing a trend towards younger consumers, particularly those aged 25-30, and plans to invest in this demographic through new retail channels and innovative product offerings [10].

Core Viewpoint - The management of Shui Jing Fang expresses confidence in the long-term development of the liquor industry despite short-term pressures and the impact of the "ban on excessive dining" still being under observation [1][2]. Group 1: Company Performance and Strategy - Shui Jing Fang plans to increase the number of stores by 20% in key cities such as Chengdu and Nanjing to enhance performance [1]. - The company is advancing its "Thousand Cities, Ten Thousand Stores" initiative, focusing on expanding into third- and fourth-tier cities and county markets, with over 10,000 new stores opened last year and approximately 24,000 new effective stores in Q1 2025 [2]. - In Q1 2025, Shui Jing Fang reported revenue of 959 million yuan, a year-on-year increase of 2.74%, and a net profit of 190 million yuan, up 23.63% year-on-year [2]. Group 2: Inventory Management - The management acknowledges an increase in channel inventory as of the end of Q1 2025, but asserts that it remains at a reasonable level [2]. - Shui Jing Fang is one of the few liquor companies that considers channel inventory levels as a core KPI for management assessment [2][3]. - The company initiated inventory reduction in Q1 2023, being one of the first in the industry to do so, which has led to intensified competition among liquor companies [3]. Group 3: Market Environment and Challenges - The management reflects on the competitive landscape, noting that many companies are now pursuing inventory reduction, which has increased market competition [3]. - The general manager emphasizes the importance of focusing on brand, product upgrades, and team building during challenging market conditions, likening business management to driving in adverse weather [3].

Group 1 - The 2025 Sichuan International Wine Expo, hosted by various associations, features a dual venue format and emphasizes the cultural heritage of Chinese liquor, particularly the "Six Golden Flowers" of Sichuan [1][2][4] - The event runs from June 18 to June 22, 2023, in Mianzhu, a key production area for Chinese liquor, offering a blend of tasting experiences, cultural activities, and consumer engagement [1][2] - Over 100 renowned liquor companies from more than 10 countries are participating, including major brands like Wuliangye, Luzhou Laojiao, and Moutai, highlighting the significance of Sichuan liquor on the global stage [2][4] Group 2 - The event aligns with the "Ten Cities Sharing Gourmet Drinks" initiative by the Ministry of Commerce and other departments, promoting local consumption through the distribution of food and beverage vouchers [2] - The expo features a focus on intangible cultural heritage, with master brewers from the "Six Golden Flowers" declaring a commitment to craftsmanship and innovation in liquor production [4][6] - The 2025 International Spirits Judges Annual Meeting is also taking place, aiming to establish international sensory standards for spirits and enhance the global competitiveness of Chinese liquor [8] Group 3 - The global spirits market is projected to reach approximately $525.3 billion in 2023, with an expected annual growth rate of 4.56% from 2023 to 2027, indicating significant potential for Chinese liquor in international markets [8] - The event includes the announcement of the "Top Ten Innovative Marketing Cases for Sichuan Liquor Brands" for 2024-2025, recognizing excellence among local producers [6] - The expo aims to integrate traditional brewing techniques with modern marketing strategies, enhancing the visibility and appeal of Chinese liquor on the world stage [4][8]

四川水井坊股份有限公司章程 （2025 年 5 月 28 日修订，并经 2025 年 6 月 18 日股东会审议通过） 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益,规范公司的组织和行为,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》)和其他有关规定,制定本章程。 第二条 公司系依照国家体改委体改生(1992)32 号文《股份有限公司规范意见》和其 他有关规定成立的股份有限公司。公司经 1999 年第一次临时股东大会审议通过,决定将 公司名称由"四川制药股份有限公司"更名为"四川全兴股份有限公司"；又经 2006 年 第一次临时股东大会审议通过，将公司名称由"四川全兴股份有限公司"变更为"四川 水井坊股份有限公司"(以下简称：公司)。 公司经成都市体制改革委员会成体改(1993)014 号和 97 号文件批准，以募集方式设 立；在成都市工商行政管理局注册登记，取得营业执照，统一社会信用代码 9151010072341539XY。 第三条 公司于 1996 年 11 月 16 日经中国证券监督管理委员会批准，首次向社会公 众发行人民币普通股 ...

证券代码：600779 证券简称：水井坊 公告编号：2025-020 四川水井坊股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 18 日 (二)股东大会召开的地点：成都市青羊区人民中路 1 段 15 号 天府丽都喜来登饭 店 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 976 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 317,967,677 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 65.6264 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场投票与网络投票相结合的方式召开， 符合《公司法》和《公司章程》的有关规定，合法、有效。本次会议由 ...

四川君合律师事务所 关于四川水井坊股份有限公司 2024 年年度股东大会的法律意见书 川君律股字[2025]JH56 号 致：四川水井坊股份有限公司 四川君合律师事务所（以下简称"本所"）接受四川水井坊股份 有限公司（以下简称"贵公司"）的委托，指派律师出席了贵公司召 开的 2024 年年度股东大会，并出具本法律意见书。 本所律师根据《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》"）、《上市公 司股东大会规则》等法律法规和规范性文件以及《四川水井坊股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法 律意见书。 为出具本法律意见书，本所律师审查了贵公司提供的有关召开本 次股东大会相关文件的原件或影印件，包括但不限于： 1、公司于 2025 年 4 月 30 日在上海证券交易所官网刊载的《四 川水井坊股份有限公司第十一届董事会 2025 年第一次会议决议公告》 《四川水井坊股份有限公司第十一届监事会 2025 年第一次会议决议 公告》； 2、贵公司于 2025 年 5 月 24 日、2025 年 5 月 29 日在上海证券 交易所官网刊载的《 ...

Core Viewpoint - The company is focusing on internal improvements and channel expansion to navigate the challenging external environment, aiming for growth opportunities during this period [1][10]. Financial Performance - Water Jiufang achieved a revenue of over 5 billion yuan for the first time last year, with net profit reaching a new high [1]. - In Q1 of this year, the company continued to see positive growth in revenue and net profit attributable to shareholders [1]. - The company's sales net profit margin for 2024 is 25.7%, an increase of 0.1 percentage points compared to the same period last year [6]. Sales and Marketing Strategy - The company emphasizes "动销" (sales activation) as a key focus, with a 45.1% year-on-year increase in consumer bottle-opening scans in Q1 [1]. - Water Jiufang has expanded its store count by over 24,000 as of Q1, with a focus on both traditional and new channels [3][7]. - New channels have shown significant growth, with a 184% year-on-year increase in revenue from these channels in Q1 [8]. Product Development - The company is implementing a "dual brand" strategy, with plans to launch iterative products under the "Water Jiufang" brand in the second half of the year [4][9]. - There is a focus on developing products with lower alcohol content to cater to younger consumers [4]. Operational Efficiency - The company is optimizing internal controls to enhance efficiency, with a focus on cost savings and productivity improvements [6][7]. - Despite rising costs, the company has managed to reduce overall operating costs and sales expenses in Q1 [6]. Future Outlook - The management expresses confidence in the company's ability to navigate through industry cycles and emphasizes the need for continuous internal improvement [10]. - The company is adjusting its production capacity plans in response to market conditions, with a planned investment of 4.048 billion yuan in a new production facility [11].

Core Viewpoint - The company is navigating a challenging environment in the liquor industry but remains focused on brand enhancement, product upgrades, and team development to create sustainable value for stakeholders [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.217 billion, a year-on-year increase of 5.32%, and a net profit of 1.341 billion, up 5.69% year-on-year [2]. - The growth is attributed to a consumer-centric approach, channel deepening, and improved sales strategies [2][3]. Group 2: Inventory Management - The company maintains a reasonable inventory level despite industry challenges such as supply-demand imbalance and price pressure [2][3]. - Inventory management is a key performance indicator for the company, with a focus on aligning shipments with sales [3]. Group 3: Product Strategy - The company is implementing a dual-brand strategy with "Shuijingfang" and "Diyifang," with new products set to launch in the second half of the year [4]. - There is a commitment to product innovation, including offerings targeted at younger consumers and the introduction of lower-alcohol products [4]. Group 4: Expansion Plans - The company plans to accelerate store coverage in key cities, aiming for double-digit growth in new store openings [4]. - The company is also enhancing its group purchase capabilities, with some cities seeing group sales exceeding double digits as a percentage of total sales [4]. Group 5: Project Development - The company is investing 4.048 billion in the second phase of the Qionglai project, which includes various facilities for production and logistics [5]. - Construction has commenced, with a flexible approach to project pacing based on market conditions [5].

Group 1: Industry Overview - The global economic situation in 2024 remains complex and uncertain, with some regions showing signs of recovery but overall growth momentum being insufficient [1] - The domestic economy is stable due to policy support and structural adjustments, with consumer confidence expected to gradually recover, although consumption preferences have significantly changed [1] - The liquor industry, particularly the baijiu sector, is experiencing a slowdown in overall growth, with increasing differentiation among enterprises and a rising concentration in regional markets [1] Group 2: Company Performance - The company achieved a revenue growth of 5.32% year-on-year, with net profit increasing by 5.69% during the reporting period [2] - The company opened over 10,000 new stores, successfully meeting its operational goals set at the beginning of 2024 [2][9] - The company’s total assets increased by 8.88% year-on-year, reaching 917,273.44 million yuan, while total liabilities decreased by 1.13% [22] Group 3: Strategic Initiatives - The company is implementing a strategic upgrade, focusing on brand, product, channel, culture, and strategic investment to achieve long-term growth [2][15] - A dual-brand system is being established, with "Shuijingfang" targeting the mid-to-high-end market (300-800 yuan) and "Diyifang" focusing on the high-end market (800 yuan and above) [2][15] - The company plans to enhance its product strategy by introducing a second star product in the 300-800 yuan price range to complement existing offerings [3][15] Group 4: Quality and Safety - The company emphasizes quality control and food safety, implementing rigorous management from raw material sourcing to production and distribution [4][5] - The company has received multiple quality awards, including "Quality Benchmark of Sichuan Province" and "National Quality Integrity Advanced Enterprise" [5] Group 5: Marketing and Brand Development - The company is focusing on emotional connections with consumers through targeted marketing campaigns, particularly in social and family gathering scenarios [6][12] - Collaborative marketing efforts with cultural institutions, such as the partnership with the Temple of Heaven, have been successful in enhancing brand recognition [6][12] - The company is expanding its e-commerce channels, integrating traditional and interest-based e-commerce to reach consumers more effectively [11] Group 6: Financial Metrics - The company reported a net profit attributable to shareholders of 1,341,028,977.40 yuan, with earnings per share increasing to 2.7607 yuan [26][30] - The gross profit margin for liquor products improved to 84.52%, reflecting a positive impact from product mix changes [24] - The company’s cash flow from operating activities decreased significantly, indicating challenges in cash inflow management [26][28]

四川水井坊股份有限公司 二〇二四年年度股东大会 会议资料 四川水井坊股份有限公司董事会办公室编制 2025 年 6 月 1 | | | | 议案之一 | 3 | | --- | --- | | 公司董事会2024 年度工作报告 | 3 | | 议案之二 | 12 | | 公司监事会2024 年度工作报告 | 12 | | 议案之三 | 14 | | 公司2024 年度财务决算报告 | 14 | | 议案之四 | 17 | | 公司2024 年年度报告及其摘要 | 17 | | 议案之五 | 18 | | 公司2024 年度利润分配或资本公积转增股本预案 | 18 | | 议案之六 | 19 | | 关于续聘立信会计师事务所（特殊普通合伙）的议案 | 19 | | 议案之七 | 20 | | 关于公司董事、高级管理人员2024 年度薪酬情况及2025 年度薪酬方案的议案 | 20 | | 议案之八 | 22 | | 关于公司监事2024 年度薪酬情况及2025 年度薪酬方案的议案 | 22 | | 议案之九 | 23 | | 关于购买董事、监事和高级经理职业责任保险的议案 | 23 | | 议案之十 | 24 ...