四川水井坊股份有限公司 2024 年度"提质增效重回报"行动方案的年度评估报告 为维护四川水井坊股份有限公司（以下简称"公司"）全体股东利益，基于 对公司未来发展前景的信心及价值的认可，公司于 2024 年 2 月 5 日发布了《关 于推动公司"提质增效重回报"及提议回购股份的公告》（以下简称"提质增效 重回报行动"）。 公司根据提质增效重回报行动内容，积极开展和落实各项工作，现将 2024 年度执行情况报告如下： 一、聚焦白酒主业，提升经营质量 2024 年度，公司坚持深耕白酒领域，紧密关注市场动向、消费者需求变化 以及消费市场复苏态势，不断从产品质量、品牌建设及市场营销等方面发力，强 化自身，寻找机遇，优化经营质量，提升盈利水平。战略方面，公司主动规划战 略升级，以全新的策略应对市场变化。质量方面，公司持续加强质量及食品安全 文化建设，树立"内外兼修，'质'造未来"的质量理念，同时持续推动"一号 菌群"科研项目，探究水井坊"品质孵化器"的密码。品牌方面，公司聚焦节日 与体育赛事场景开展丰富多样的品牌营销活动，并以白酒学坊、回厂体验、酒旅 融合旅游路线创新消费者体验。销售方面，公司优化投入产出比，更加精准投 ...

四川水井坊股份有限公司 关于会计师事务所 2024 年度履职情况的评估报告 立信已经根据业务约定书，按照中国注册会计师审计准则和中国注册会计师执 业道德守则，对公司 2024 年度财务报表及 2024 年 12 月 31 日的财务报告内部控制 的有效性执行了审计，并出具了审计报告；同时对公司控股股东及其他关联方占用 资金情况执行了相关工作，并出具了专项报告。 根据中华人民共和国财政部、国务院国有资产监督管理委员会及中国证券监督 管理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》，四川水井 坊股份有限公司（以下简称"本公司"或"公司"）对立信会计师事务所（特殊普 通合伙）（以下简称"立信"）2024 年度审计履职情况进行评估，具体情况如下： 一、会计师事务所机构信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特 殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信 是国际会计网络 BDO 成员所，长期从事证券服务业务，新证券法实施前具有证券、 期货业务许可证，具有 ...

股票代码：600779 股票简称：水井坊 编号：2025-012 四川水井坊股份有限公司 2025 年第一季度经营数据公告 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。 | 区域 | 本期销售收入 | 上期销售收入 | 本期占 | 本期销售量 | 上期销售量 | 本期占比 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 比（%） | （千升） | （千升） | （%） | | 国内 | 89,820.84 | 86,119.76 | 99.82 | 2,545.61 | 2,111.86 | 99.78 | | 国外 | 165.91 | 1,060.26 | 0.18 | 5.60 | 32.90 | 0.22 | | 合计 | 89,986.75 | 87,180.02 | 100.00 | 2,551.21 | 2,144.76 | 100.00 | 三、 2025 年 1-3 月酒类产品按经销商情况 单位: 个 | 区域名称 | 报告期末经销商数量 | ...

委托单位：四川水井坊股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：021-23281058 17 g-3 PORT 000 四川水井坊股份有限公司 非经营性资金占用及其他关联资金 ul 往来情况的专项报告 2024 年度 : ar 11 , 201 n the 新闻资理平机 "日一拉"表述人 "我国家的情行业务"品名称号在 Derprises and Promotes Promotes Promotes Promass Promass Promassio 信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 关于四川水井坊股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会声报字[2025]第 ZA11112 号 关于四川水井坊股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 | 占 | 用 | 上 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- ...

经核查独立董事张鹏先生、李欣先生、饶洁先生、马永强先生（已离任）的 任职经历及签署的相关自查文件，报告期内（2024 年度）上述人员未在公司担 任除独立董事以外的任何职务，也未在公司主要股东单位担任任何职务，与公司 以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系， 不存在影响独立董事独立性的情况，符合《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》中对独立董事独立性的相 关要求。 四川水井坊股份有限公司 董 事 会 二〇二五年四月二十九日 四川水井坊股份有限公司董事会 关于独立董事独立性情况的专项意见 根据《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》等相关规定，四川水井坊股份有限公司（以下简称"公 司"）董事会就公司 2024 年在任独立董事的独立性情况进行评估并出具如下专项 意见： ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 958,932,533.45, representing a year-on-year increase of 2.74% compared to CNY 933,356,003.28 in the same period last year[4]. - The net profit attributable to shareholders was CNY 190,291,824.21, up 2.15% from CNY 186,295,507.50 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 23.63%, reaching CNY 190,328,520.91 compared to CNY 153,954,482.46 last year[4]. - Total operating revenue for Q1 2025 reached ¥958.93 million, a 2.6% increase from ¥933.36 million in Q1 2024[20]. - Net profit for Q1 2025 was ¥190.29 million, representing a 2.7% increase compared to ¥186.30 million in Q1 2024[21]. - The company reported a total profit of ¥254.53 million in Q1 2025, slightly up from ¥249.47 million in Q1 2024[21]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a significant decline, with a net outflow of CNY 575,679,193.45, compared to a net outflow of CNY 102,209,643.46 in the same period last year[4]. - Cash flow from operating activities showed a net outflow of ¥575.68 million in Q1 2025, compared to a net outflow of ¥102.21 million in Q1 2024[24]. - Cash and cash equivalents decreased to RMB 1,397,557,953.31 from RMB 2,124,097,708.35, a decline of about 34.3%[15][17]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥1.40 billion, down from ¥1.96 billion at the end of Q1 2024[25]. Assets and Liabilities - Total assets decreased by 2.55% to CNY 8,939,009,837.89 from CNY 9,172,734,353.67 at the end of the previous year[5]. - The company's current assets totaled RMB 5,326,923,124.10, down from RMB 5,563,558,383.22, indicating a decrease of about 4.25%[15][17]. - Total liabilities decreased to RMB 3,570,958,178.12 from RMB 3,984,975,690.71, a reduction of about 10.4%[17]. - The company's equity attributable to shareholders rose to RMB 5,368,051,659.77 from RMB 5,187,758,662.96, marking an increase of approximately 3.47%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 86,432, with the largest shareholder holding 39.79% of the shares[9]. - The company completed a share repurchase of 2,862,400 shares at a total cost of RMB 12,507,900, excluding transaction fees[12]. - The company plans to continue its share repurchase program, which was approved by the board on February 21, 2024[11]. Research and Development - R&D expenses increased by 30.53%, primarily due to increased investment in product upgrades and innovations[7]. - Research and development expenses increased to ¥7.78 million in Q1 2025, up from ¥5.96 million in Q1 2024, indicating a focus on innovation[20]. Operational Efficiency - Total operating costs decreased to ¥687.24 million in Q1 2025, down 5.0% from ¥723.32 million in Q1 2024[20]. - Sales expenses decreased to ¥263.71 million in Q1 2025, down from ¥327.26 million in Q1 2024, reflecting cost management efforts[20]. Accounts Receivable - The company reported a significant increase in accounts receivable by 232.20%, attributed to credit sales extended to certain distributors[8]. - The accounts receivable increased significantly to RMB 393,276,225.62 from RMB 118,386,116.19, representing an increase of approximately 232.5%[15][17]. Tax Expenses - The company experienced a significant increase in tax expenses, which rose to ¥64.24 million in Q1 2025 from ¥63.18 million in Q1 2024[21]. Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[7].

Financial Performance - The company achieved a net profit of CNY 1,341,028,977.40 for the reporting period, representing a 5.69% increase compared to the previous year[6]. - Total revenue for 2024 was CNY 5,216,763,719.24, reflecting a growth of 5.32% year-on-year[22]. - The net cash flow from operating activities decreased by 57.11% to CNY 743,618,792.21 compared to the previous year[22]. - The company's total assets increased by 8.88% to CNY 9,172,734,353.67 at the end of 2024[22]. - The net assets attributable to shareholders rose by 18.06% to CNY 5,187,758,662.96 compared to the end of 2023[22]. - Basic earnings per share for 2024 were CNY 2.7607, up 5.96% from the previous year[23]. - Operating profit reached ¥1,821,843,998.20, reflecting a growth of 7.30% year-over-year[69]. - Net profit attributable to the parent company was ¥1,341,028,977.40, up by 5.69% from the previous year[69]. - The company's cash flow from operating activities decreased by 57.11% to ¥743,618,792.21, primarily due to changes in credit sales[71]. Market Expansion and Strategy - The company opened over 10,000 new stores during the reporting period, enhancing its market presence[31]. - The company plans to implement a dual-brand strategy with "Shuijingfang" focusing on the mid-to-high-end market (300-800 RMB) and "Diyifang" targeting the high-end market (800 RMB and above)[32]. - A new product strategy called "Twin Stars" will be introduced to create a second star product in the 300-800 RMB price range, complementing the existing product line[32]. - The company aims to optimize channel management by categorizing markets into fortress, pioneer, and potential categories, enhancing resource utilization efficiency[33]. - The company is focusing on enhancing consumer engagement and establishing a performance culture centered around consumer needs[34]. - The company is focusing on the development of its core products, maintaining resource support for key offerings to enhance competitiveness[44]. - The company is committed to maintaining a healthy value chain, ensuring stable business growth through systematic management and digital tracking of market dynamics[45]. - The company is focusing on market expansion in Southeast Asia, targeting a 20% market share by 2025[133]. Product Development and Innovation - The company is committed to long-term strategic investments to strengthen growth resilience and ensure quality capacity[34]. - The company launched themed marketing activities during key festivals, enhancing emotional connections with consumers, such as the collaboration with "China National Geography" for the Mid-Autumn Festival[39]. - The company aims to launch the "First Fang" product and enhance its product matrix with iterative releases of the Shui Jing Fang series by 2025[111]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of 2 billion allocated for this purpose[132]. - Ongoing research and development efforts are projected to increase R&D spending by 15% in the next fiscal year[131]. Corporate Governance and Social Responsibility - The company emphasizes social responsibility and stakeholder rights, disclosing ESG reports alongside annual reports since 2022[125]. - The company donated RMB 2 million for emergency relief and reconstruction efforts following a 6.8 magnitude earthquake in Tibet, showcasing its commitment to social responsibility[52]. - The company has constructed six rural health stations in earthquake-affected areas, providing improved health services to local residents[196]. - The company has pledged to continue its efforts in poverty alleviation and rural revitalization through practical actions[196]. - The company has established a comprehensive governance structure, including the formulation of various governance documents such as the Articles of Association and rules for shareholder meetings[120]. Environmental Management - The company has established a wastewater treatment plant with a design capacity of 1,200 m³/day to handle production and domestic wastewater[171]. - The wastewater treatment facility has a processing capacity of 1200 m³/d, utilizing a multi-stage treatment process[177]. - The company has implemented measures to ensure that all pollutants are discharged within regulatory limits[181]. - The company’s pollution control facilities are operating effectively, ensuring that wastewater, waste gas, and noise emissions meet relevant national and local standards[191]. - The company has committed to purchasing green electricity certificates to offset all carbon emissions from purchased electricity[193]. Employee Engagement and Compensation - The company has a competitive salary policy aimed at attracting and retaining key talent, linking employee compensation to company and individual performance[153]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 17.2851 million yuan[138]. - The company provided a total of 24,036.45 hours of training for employees, including 5,704.95 hours for new employee orientation, covering 423 individuals[154]. - The company has implemented an employee stock ownership plan, which was approved in a previous board meeting[164]. - The compensation for directors and senior management is determined based on the company's actual operating conditions, aiming to enhance motivation and management efficiency[137].

Core Insights - Water Jiufang reported a revenue of 5.217 billion yuan for 2024, marking a year-on-year growth of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% [1] - In Q1 2025, the company achieved a revenue of 959 million yuan, a 2.74% increase year-on-year, and a net profit of 190 million yuan, growing by 2.15% [1] - The company maintains a healthy financial status despite a slight decline in cash flow due to the launch of the Qionglai project and credit sales to some distributors [1] Financial Performance - The overall revenue and net profit growth in Q1 2025 continues the positive trend established in 2024 [1] - The company’s financial indicators reflect resilience and long-term investment value amidst industry adjustments and external uncertainties [1][12] Strategic Focus - Water Jiufang is focusing on a consumer-oriented strategy, adapting to the structural transformation in the liquor industry from supply-driven to demand-led [2] - The company aims to enhance brand emotional connections and optimize resource allocation through digital and refined marketing strategies [4] Market Expansion - In 2024, Water Jiufang signed over 15,000 new offline stores, significantly expanding its terminal channel capacity [6] - The company is actively developing e-commerce and O2O channels, partnering with major platforms like Meituan and JD to enhance its retail presence [6] Brand Positioning - Water Jiufang is enhancing its brand experience by focusing on core consumption scenarios and emotional needs, launching high-end products to cater to diverse consumer demands [8] - The company reported a 45% year-on-year growth in overseas markets in 2024, indicating successful international expansion [8] Sustainability Initiatives - Water Jiufang has committed to reducing greenhouse gas emissions by at least 60,000 tons from 2024 to 2030 through production technology upgrades and energy management [9] - The company aims to build a low-carbon ecosystem by collaborating with upstream and downstream partners for a green transformation [9]

水井坊（600779）公告，2025年第一季度营收为9.59亿元，同比增长2.74%；净利润为1.9亿元，同比增 长2.15%。 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]