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 ...

Core Insights - The article discusses the current trends and dynamics in the liquor industry, focusing on the rise of craft beer, the competition among major liquor brands in Hong Kong, and the strategies employed by companies during the off-season to engage consumers [1]. Industry Environment - The craft beer market is experiencing significant growth, driven by instant retail, with some retailers reporting sales increases of 20%-35%. However, traditional liquor distributors remain cautious due to short shelf life and supply chain challenges [2]. - The light bottle liquor market is projected to reach 150 billion by 2024, with potential to exceed 200 billion in the next decade. The "Bashi" brand from Sichuan Chunquan Group is gaining traction in Jiangsu, targeting the 30-60 yuan price range [3]. - Major Chinese liquor brands are rapidly expanding into the Hong Kong market, leveraging tax reductions and differentiated strategies to attract mid-to-high-end consumers, despite facing competition from foreign spirits [5]. - The liquor industry is shifting focus from channel-driven strategies to consumer-driven approaches, with companies like Moutai and Xijiu enhancing brand engagement through immersive experiences [6]. Future Predictions - The liquor industry is expected to undergo three major changes in the next decade: a shift towards smoother flavors to appeal to younger consumers, increased concentration among leading brands, and accelerated integration across different liquor categories [7]. Brand Dynamics - Yanjing Beer has successfully transitioned from single-point marketing to a comprehensive ecosystem approach, significantly increasing its revenue and profitability through high-end product offerings [11][12]. - Kuaizi Jiu is establishing a cultural benchmark with the opening of the largest brewing heritage exhibition hall in China, enhancing its brand's historical significance and supporting its high-end strategy [13]. - The "Shancheng Beer" trademark dispute highlights the challenges foreign brands face in local markets, with Carlsberg's strategy facing scrutiny due to declining brand value [14]. - Wuliangye's "He Mei" wedding event exemplifies the integration of traditional culture and modern marketing, promoting brand engagement through experiential marketing [15]. - China Resources Beer’s dual empowerment strategy for beer and liquor is underperforming, with its liquor segment failing to meet growth targets [17]. - Yanjing Beer is struggling with high-end positioning amidst a competitive landscape, facing challenges in revenue growth and market strategy [18]. - Guojiao 1573 is innovating through cultural narratives, collaborating with intangible cultural heritage artisans to enhance brand identity and consumer connection [19]. - Shacheng Laojiao has achieved remarkable growth, with projected revenue of 1.4 billion in 2024, driven by strategic market focus and product offerings [20]. - Water Well Square is promoting cultural values through its collaboration with artist Zhu Bingren, enhancing brand visibility during the Dragon Boat Festival [21]. - Liu Ling Zui Jiu is leveraging cultural heritage to establish a strong market presence, focusing on product diversity and consumer experience [23]. - Hongxing Erguotou has been recognized as a leading consumer brand in Beijing, emphasizing quality and cultural heritage in its production processes [24].

Investment Rating - The report maintains a "Buy" investment rating for the food and beverage industry [8]. Core Viewpoints - The report highlights a bottoming trend in the liquor sector, with a focus on traditional consumer new beverages. It notes that the recent policy changes regarding government banquets will impact market sentiment but not significantly affect the fundamental demand for liquor, which is expected to stabilize [6][8]. - The report emphasizes the potential for investment in companies with valuation advantages and those that are actively repurchasing shares or increasing dividends, suggesting a favorable outlook for companies like Shui Jing Fang, Shanxi Fenjiu, and Shede Liquor [6][8]. - The report also discusses the new beverage products being launched by traditional consumer companies, indicating a shift towards health and wellness trends, with companies like Gu Yue Long Shan and Li Zi Yuan targeting younger demographics with innovative products [7][8]. Summary by Sections Industry News - In the first four months, the liquor production in Lüliang decreased by 1.5%. Tmall's 618 event saw a 72% growth in core liquor brands. Fujian province exported 280 million yuan worth of beer in the same period [16]. Company News - Guizhou Moutai launched a new series of Moutai liquor. Wuliangye is under local government investigation, and Luzhou Laojiao is maintaining a higher channel profit margin compared to competitors [19]. Investment Strategy - The report recommends focusing on companies with strong fundamentals and growth potential in the liquor sector, including Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also highlighting opportunities in the new beverage segment [6][8]. Key Company and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Buy," including Luzhou Laojiao, Wuliangye, and Guizhou Moutai, indicating strong expected performance in the coming years [10].

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [13] Core Insights - The liquor industry is experiencing a proactive inventory reduction phase, with companies adjusting their growth strategies to maintain healthy operations [6][10] - In 2024, the total revenue of the liquor industry is projected to be 431.6 billion yuan, reflecting a year-on-year growth of 8.25% [2][18] - The net profit attributable to shareholders for 2024 is expected to reach 166.6 billion yuan, with a year-on-year increase of 7.28% [2][18] Revenue and Profit Trends - The quarterly revenue growth rates for the liquor industry from Q1 2024 to Q1 2025 are +15.37%, +12.05%, +2.42%, +1.43%, and +2.42% respectively [2][6] - The quarterly net profit growth rates for the same period are +15.68%, +10.79%, +1.88%, -2.7%, and +2.63% respectively [2][6] Price Segment Analysis - High-end liquor shows relatively stable performance with a revenue growth rate of 12% in 2024, while the mass market segments face significant adjustments [7][29] - In Q1 2025, the revenue growth rates are as follows: high-end (8%), next high-end (3%), mass high-end (-11%), and mass ordinary (-12%) [30] Profitability Metrics - The gross profit margin for the liquor industry in 2024 is 82.99%, with a slight year-on-year increase of 0.42 percentage points [9][39] - The net profit margin for 2024 is 38.6%, showing a decrease of 0.35 percentage points year-on-year [9][39] Cash Flow Situation - The operating cash flow for Q4 2024 is reported at 62.2 billion yuan, reflecting a year-on-year increase of 51% [48] - In Q1 2025, the operating cash flow is 40.9 billion yuan, with a year-on-year growth of 34% [48] Structural Opportunities - Despite the overall inventory reduction phase, there are still structural opportunities within the industry, particularly for companies with strong barriers and pricing power [10][20] - The report suggests focusing on companies that are benefiting from market share concentration and consumption upgrades, particularly high-end brands [11]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance is in line with expectations, but cash flow is under pressure. The report anticipates improvements in demand [4][6] - The company has a stable brand foundation and product layout in the mid-to-high-end price range, with a nationwide distribution channel [6] - If industry demand improves, there is still room for growth for the company [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 52.17 billion, with a year-on-year growth of 5.3%. The net profit attributable to shareholders is expected to be 13.41 billion, also reflecting a 5.7% increase [5][6] - For 2025, the company is expected to achieve a total revenue of 52.32 billion, with a slight year-on-year growth of 0.3%, and a net profit of 13.44 billion, indicating a 0.2% increase [5][6] - The gross profit margin for 2024 is 82.8%, with a slight decrease of 0.4 percentage points year-on-year [6] - The operating cash flow for 2024 is projected at 744 million, down 57.1% year-on-year, indicating a slower cash flow growth compared to revenue growth [7] Business Performance - In 2024, the white liquor business is expected to generate 50.3 billion in revenue, with a year-on-year growth of 3.13%. Sales volume is projected to increase by 6.46%, while the price per ton is expected to decrease by 3.13% [6] - The company has implemented a dual-brand strategy with "Shuijingfang" and "Diyifang" to enhance its high-end market presence [6] - The net profit margin for 2024 is projected at 25.7%, a slight increase from the previous year, primarily due to a decrease in sales expense ratio [6][7]

在全球化浪潮奔涌向前的今天，中国以更加开放的姿态拥抱世界，众多企业在这股浪潮中乘风破浪。水井坊周苑忻，便是其中一颗熠熠生辉的明珠，水井坊周苑忻以其卓越的发展成就，水井坊周 水井坊的发展历程，是一部传统与现代交织、本土与国际融合的传奇。其渊源可追溯至元末明初的水井街酒坊，那段绵延600余年的酿酒技艺传承，如同一条深邃的历史长河，为水井坊注入了深 在时代发展的浪潮中，水井坊敏锐地捕捉到机遇，积极拥抱国际合作。2006年，与全球最大烈酒集团帝亚吉欧达成合作意向，开启了传统白酒行业的新征程。帝亚吉欧的加入，为水井坊带来了 与此同时，水井坊不断深化与中国科学院微生物研究所的合作，对"一号菌群"微生物宝库展开深入研究，发现了众多对酒体品质和生香起关键作用的菌种，为水井坊酒体独特风味的形成提供了科 此外，水井坊还联合两大协会共同发布《水井坊古窖池保护性生产规范》，填补了业内空白，以科学、规范的方式守护着600余年古窖池的活态传承。在数字化领域，邛崃全产业链基地项目一期 水井坊在实现自身发展的同时，也积极履行社会责任。文化传承上，"水井坊酒传统酿造技艺"荣膺"国家级非物质文化遗产"，公司组建"非遗保护委员会"，确保技艺传承有 ...

中国商报（记者 周子荑 文/图）随着人们环保意识增强，绿色低碳消费逐渐深入人心，品牌方纷纷通过使用环保材料、推出可持续包装等举措吸引消费者关 注。各大酒企也在紧跟时代潮流，探索ESG（环境、社会与治理）在消费端的积极表达。5月29日，《ESG视角下酒业可持续消费趋势洞察报告》（以下简 称报告）在北京发布。当前，行业ESG发展处于什么阶段，存在哪些问题？ 2024年，沪深北交易所要求450余家A股上市公司强制披露ESG报告，覆盖11家酒企，强制披露与国际化接轨。尽管部分酒业上市公司被强制披露ESG报告， 但其专业性仍存在不足，包括信息披露不足、报告表达不专业、企业对ESG核心理念的理解不足等。 酒企关注可持续发展 报告显示，酒企很早就开启了ESG的实践。20世纪90年代末，舍得酒业率先提出"生态酿酒"理念。2006年，贵州茅台启动"高粱基地"项目探索生态农业。此 外，包括泸州老窖在内的一批酒企开始对外披露CSR报告内容基本参照ESG框架体系编写。2008年，《中华人民共和国循环经济促进法》的发布推动酒业探 索资源循环利用，如酒糟转化为饲料或肥料。 酒企在对可持续发展关注度提升的同时，作为中国酒业可持续消费的重要 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to see significant growth in its non-net profit for Q1 2025, with a year-on-year increase of 23.63% [1] - The company is focusing on enhancing its market presence through the expansion of its store network and new sales channels, which has shown promising results [3] - The company anticipates that reforms will yield positive results in 2025, despite a slight adjustment in profit forecasts due to industry adjustments [5] Financial Performance Summary - For 2024, the company's revenue is projected to be 5.22 billion yuan, with a year-on-year growth of 5.32% [6] - The company's gross profit margin for 2024 is expected to be 82.76%, slightly down from the previous year, while the net profit margin is projected to be 25.71% [4] - The company reported a decrease in the number of distributors in Q1 2025, but an increase in the average scale of distributors, indicating a shift towards larger, more efficient operations [3] Sales and Product Performance - The mid-range product "Zhen Niang Ba Hao" is identified as a key driver for revenue growth, with a significant increase in sales volume [2] - The sales of high-end liquor in 2024 increased by 2.73% in volume, while the average price per ton decreased by 0.72% [2] - The company has successfully increased its market share through the opening of 10,000 new stores in 2024 [3] Future Projections - Revenue projections for 2025-2027 are 5.48 billion, 5.85 billion, and 6.18 billion yuan respectively, with corresponding net profits of 1.42 billion, 1.55 billion, and 1.67 billion yuan [5] - The company’s earnings per share (EPS) is expected to grow from 2.75 yuan in 2024 to 3.42 yuan in 2027 [6]

Group 1 - The forum held on May 29, 2025, focused on "Sustainable Brewing for Future High-Quality Development Paths" and aimed to activate consumer power through sustainable development planning and cross-industry resource integration [1][6] - The event was guided by the China Economic Media Association and the China Food Fermentation Industry Research Institute, with the Beijing Business Daily and Deep Blue Think Tank as organizers [3] - The president of Beijing Business Daily emphasized that building sustainable business models is crucial for addressing economic fluctuations and industry changes, highlighting the industry's responsibility in sustainable development practices [5][6] Group 2 - The wine industry is facing challenges such as insufficient market activity and increased channel inventory pressure, making transformation a survival necessity [6][8] - The president of the China Alcoholic Drinks Circulation Association noted that the market is undergoing profound changes, with rising consumer demand for high-quality and culturally rich products, necessitating exploration in sustainable consumption [8][10] - The forum featured discussions on how sustainable production and consumption are interdependent, with a focus on reducing resource consumption and environmental pollution [10][12] Group 3 - The forum highlighted the importance of ESG (Environmental, Social, and Governance) practices in the wine industry, with companies urged to enhance their ESG management capabilities to gain competitive advantages [14][15] - A report released at the forum analyzed the current state of sustainable development in the Chinese wine industry, noting an increase in market recognition and international adaptation of ESG practices [17][19] - Various companies shared their sustainable practices, emphasizing the integration of environmental considerations into production and consumer engagement [21][29] Group 4 - The forum included a roundtable discussion on how environmental practices can enhance corporate appeal, with participants sharing insights on sustainable practices in the wine industry [23][25] - Companies like Xifeng Wine and Yubolao highlighted their commitment to sustainability through innovative practices and employee training on environmental responsibility [19][25] - The event showcased successful case studies of over 20 brands recognized for their sustainable consumption efforts, including Moutai and Wuliangye [33][36]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to see significant growth in its non-net profit for Q1 2025, with a projected increase of 23.63% year-on-year [1] - The company is focusing on enhancing its market presence through the expansion of its store network and new sales channels, which has shown promising results [3] - The company anticipates that reforms will yield positive results in 2025, despite a slight adjustment in profit forecasts due to industry adjustments [5] Financial Performance Summary - For 2024, the company expects revenue of 5.217 billion yuan, with a year-on-year growth of 5.32% [6] - The company's gross profit margin for 2024 is projected to be 82.76%, slightly down from the previous year, while the net profit margin is expected to be 25.71% [4] - The company’s revenue for Q1 2025 is projected at 959 million yuan, with a year-on-year growth of 2.74% [1] Product Performance Summary - The company's mid-range product, Zhenniang No. 8, is a key driver of revenue growth, although the growth rate for mid-range products is under pressure due to high base effects [2] - In 2024, the revenue from high-end and mid-range products was 4.764 billion yuan and 264 million yuan, respectively, with year-on-year growth rates of 1.99% and 29.14% [2] Market Strategy Summary - The company has successfully increased its dealer network, with a total of 61 dealers in 2024, although the average scale of dealers has decreased by 7.02% [3] - The company opened 10,000 new stores in 2024, focusing on key markets to expand its market share [3] Financial Projections Summary - The company’s projected revenue for 2025 is 5.484 billion yuan, with a net profit of 1.416 billion yuan, reflecting a growth rate of 5.58% [6] - The projected PE ratios for 2025, 2026, and 2027 are 15.49X, 14.18X, and 13.15X, respectively [5]