Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [3][21]. Core Insights - The management highlighted the importance of internal improvement and efficiency enhancement, acknowledging current pressures on white liquor demand but maintaining a positive outlook on the industry's medium to long-term resilience [2][6]. - The strategic direction for 2025 is clear, focusing on steady progress and execution, with an emphasis on brand development and market expansion [2][6]. - The company plans to enhance its product matrix by launching high-end brands and innovating with lower-alcohol products, while also leveraging seasonal marketing strategies [2][6]. - The channel strategy includes expanding store coverage and improving single-store productivity, with a focus on new retail initiatives [2][6]. - The report emphasizes the need for operational precision and efficiency improvements, with expectations for better execution in marketing and resource allocation [2][6]. Financial Summary - Projected total revenue for 2024 is 5,217 million, with a growth rate of 5.3%, and expected to reach 6,308 million by 2027, reflecting a CAGR of 10.8% [2][11]. - The net profit attributable to shareholders is forecasted to be 1,341 million in 2024, growing to 1,658 million by 2027, with a net profit growth rate of 14.5% in 2027 [2][11]. - Earnings per share (EPS) are projected to increase from 2.75 in 2024 to 3.40 in 2027, with a decreasing price-to-earnings (P/E) ratio from 15 in 2024 to 12 in 2027 [2][11]. Market Performance - The company's stock price target is set at 64 yuan, with the current price at 41.02 yuan, indicating significant upside potential [3][6]. - The total market capitalization is approximately 199.97 billion, with a debt-to-asset ratio of 39.95% [3][6].

Core Viewpoint - Water Jiufang's management emphasizes the importance of internal improvement to navigate through the current liquor cycle, focusing on brand, channel, product, and cultural development to seize growth opportunities in 2025 [3][4]. Inventory Management - The company asserts that its inventory levels are reasonable, with a strong focus on sustainable business practices and strict inventory management [6]. - In Q1, consumer bottle-opening actions increased by 45.1%, indicating a positive trend in sales activity [6]. Sales Strategy - Water Jiufang's revenue growth is primarily driven by increased sales volume, with a notable rise in new retail channels, which saw a 184% year-on-year increase in Q1 [5][8]. - The company is targeting younger consumers, particularly those aged 25-30, and plans to innovate products, including launching more offerings below 38 degrees in specific regions [5]. Financial Performance - For 2024, Water Jiufang reported a 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% [4]. - In Q1 2025, the company achieved a revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15% [4]. Channel Expansion - The company has expanded its retail channels significantly, with over 24,000 new stores opened by Q1, and aims for double-digit growth in store productivity and coverage in key cities by 2025 [8]. - Water Jiufang is also focusing on enhancing its e-commerce capabilities to drive growth in new retail channels [8].

每经记者｜刘明涛 每经编辑｜肖芮冬 丨2025年6月19日星期三丨 NO.1 《2025中国白酒市场中期研究报告》发布 NO.3 水井坊：针对年轻消费者创新，将尝试推出38度以下产品 6月18日，水井坊召开2024年年度股东大会。针对白酒年轻化趋势，水井坊首席市场与数字商务官周苑 忻表示，公司观察到一些25岁~30岁的年轻群体消费者，在新零售OTO平台上的消费提升，所以我们很 看好这条赛道。在这些人群、渠道方面，水井坊会有持续的投入。同时，水井坊也可能会在一些产品上 进行创新，包括在一些特定区域，将尝试推出更多38度以下产品。 点评：水井坊对年轻化趋势的响应值得肯定，但其战略落地仍需跨越两大挑战。一是"认知转化"，如何 从"年轻群体在OTO平台消费提升"的表象，深入挖掘其真实需求，比如社交属性、情感共鸣等。二 是"长期投入"，年轻化非一日之功，需持续的资源投入与耐心培育。因此，年轻化不是简单的包装升级 或营销噱头，而是需要从渠道、产品到品牌调性的系统性适配。 NO.2 贵州茅台酱香酒营销有限公司发布招聘公告 6月18日，贵州茅台酱香酒营销有限公司发布2025年社会招聘公告，为满足公司发展需求，决定面向社 会公 ...

Core Viewpoint - Sichuan Shui Jing Fang Co., Ltd. is optimistic about the long-term development of the liquor industry and plans to implement a "dual-star" product strategy to enhance growth potential [2][3] Group 1: Company Strategy and Growth - The company will launch a second flagship product priced between 300 to 800 yuan to complement the existing Eight Series, aiming to inject new momentum into performance growth [2] - Shui Jing Fang is actively planning strategic upgrades and adjusting its business layout for 2024, with a focus on research investment, quality control, brand building, and channel development [3] - The company aims to open over 10,000 new stores throughout the year, contributing to a revenue increase of 5.32% and a net profit growth of 5.69% year-on-year [3] Group 2: Brand Development - In 2025, the company will establish a "dual brand" system with "Shui Jing Fang" focusing on the mid-to-high-end market (300 to 800 yuan) and "Di Yi Fang" targeting the high-end market (above 800 yuan) [3] - The company will also develop mid-range sub-brands to meet consumer demand for high cost-performance products [3] Group 3: Product Innovation - The company plans to continue product iteration to provide higher value products, with a potential new product launch before the Mid-Autumn Festival [4] - Shui Jing Fang recognizes the growing consumer preference for mid and low-alcohol products and intends to innovate in this area, particularly for products below 38 degrees [4] Group 4: Operational Goals - The 2025 operational plan will focus on six key areas: implementing the "dual brand" strategy, enhancing the product matrix, accelerating store coverage, improving single-store output, developing group purchasing capabilities, and increasing organizational efficiency [4] - The company aims for double-digit growth in new store openings in key cities and a similar increase in sales for benchmark stores [4]

Core Viewpoint - Water Jiufang's annual shareholder meeting highlighted the company's performance and management stability, with new CEO Hu Tingzhou emphasizing growth opportunities and the implementation of a dual-brand strategy to adapt to changing consumer demands in the liquor industry [1][3][4]. Financial Performance - In 2024, Water Jiufang achieved 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% [3]. - In Q1 2024, the company reported revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15%, successfully meeting its operational goals [3][4]. Management Stability - The stability of the core management team has been a concern for investors, especially after the prolonged vacancy of the CEO position prior to Hu Tingzhou's appointment [4]. - Hu emphasized the implementation of an "achievement culture" to enhance management efficiency, which includes performance tracking and incentives for employees [4]. Brand Strategy - The dual-brand strategy involves the "Water Jiufang" brand targeting mid-range consumers (priced between 300-800 yuan) and the "First Fang" brand aimed at high-end consumers (priced above 800 yuan) [6][8]. - This strategy is designed to meet the evolving consumer preferences and to capture new growth opportunities in the market [7][8]. Market Trends - The liquor industry is experiencing a shift in consumer demand, with a decline in formal business settings and an increase in social and family gatherings driving growth [7]. - The company is also focusing on younger consumers, with plans to introduce lower-alcohol products to cater to this demographic [9]. Future Plans - The company aims to launch the "First Fang" product and introduce iterative products from the Water Jiufang series by 2025 [8]. - Ongoing product iterations are expected to differentiate new offerings from existing products, addressing consumer desires for quality and value [8].

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 ...