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四川水井坊股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 股票代码：600779 股票简称：水井坊 编号：2025-005 （一）会议召开时间：2025 年 4 月 30 日（星期三）上午 09:30-10:30 （二） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 重要内容提示： 会议召开时间：2025 年 4 月 30 日（星期三）上午 09:30-10:30 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2025 年 4 月 23 日（星期三）至 4 月 29 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司董事办邮箱 dongshib ...

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights that the pricing floor is solid, and the value proposition remains attractive for investors. Despite short-term pressures, the market is expected to stabilize, with a clear support level at 2000 yuan for major brands like Moutai [6][13]. - The report emphasizes the importance of balancing volume and price in the second quarter, with a focus on improving cash flow for distributors and maintaining stable pricing [6]. Industry Overview - The liquor industry consists of 20 listed companies with a total market capitalization of approximately 338.49 billion yuan [3]. - Recent performance metrics show a 4.7% decline over the past month and a 6.3% decline over the past year, indicating some volatility in the market [4]. Company-Specific Analysis - Moutai's recent price has dropped to around 2100 yuan, reflecting a 20 yuan decrease from the previous week and a 120 yuan decrease from the previous month. This decline is attributed to increased supply and seasonal demand fluctuations [6]. - The report notes that Moutai is actively implementing measures to stabilize prices, including adjusting supply and enhancing market supervision to prevent price disruptions [6]. - Other key players like Wuliangye and Luzhou Laojiao are also experiencing slight price adjustments, with Wuliangye's price at approximately 925 yuan [7]. Investment Recommendations - The report suggests a focus on leading companies such as Moutai and Wuliangye for short-term gains, while also recommending secondary brands like Fenjiu and Gujing for their growth potential [6][13]. - The anticipated dividend yield for major liquor companies is around 4%, making them attractive for long-term investors [6].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry, indicating an expected outperformance of over 10% compared to the market index [10]. Core Insights - The March retail sales data exceeded expectations, with a total of 40,940 billion yuan, reflecting a year-on-year growth of 5.9%, driven by the effects of the "old-for-new" policy [5]. - The restaurant sector showed strong resilience, with March dining revenue reaching 4,235 billion yuan, a 5.6% increase year-on-year, supported by policies aimed at expanding domestic demand [6]. - The report highlights specific investment opportunities in various segments, including high-performance liquor brands and efficient dairy producers, as well as emerging snack and beverage companies [7]. Summary by Sections Market Performance - The food and beverage sector has shown mixed performance over different time frames, with a decline of 2.9% over the last month and a 5.7% increase over the last three months, while the Shanghai and Shenzhen 300 index has decreased by 5.6% in the last month but increased by 5.8% over the last year [1]. Retail Sales Data - In the first quarter of 2025, the total retail sales amounted to 124,671 billion yuan, marking a year-on-year increase of 4.6% [5]. - The significant growth in retail sales of optional consumer goods, such as home appliances and furniture, was noted, with increases of 35.1%, 29.5%, and 28.6% respectively [5]. Investment Opportunities - The report recommends specific companies within the liquor sector, such as Shanxi Fenjiu and Shede Liquor, which are expected to show high performance due to low base effects [7]. - In the dairy sector, companies like Modern Farming and Youran Dairy are highlighted for their cost efficiency and production advantages [7]. - The snack food segment is also seen as having growth potential, with recommendations for companies like Wancheng Group and Youyou Foods, which are expected to benefit from channel expansions and new product categories [7].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...

Investment Rating - The report maintains a "Buy" recommendation for key companies in the liquor industry, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [4][5]. Core Insights - The liquor industry is experiencing a transformation driven by instant retail, which is expected to reduce the survival space of traditional distributors and retail stores, leading to increased concentration [1][11]. - Consumer demand has reached a bottom, with structural upgrades being the main supporting logic for recovery, dependent on the activity level of the economy [2][3]. - The report highlights the importance of brand proximity to consumers, with increased investment in consumer-facing marketing, although short-term profit growth may be impacted [2][18]. Summary by Sections Section 1: Industry Trends - The 112th National Sugar and Wine Products Trade Fair showed a decline in traditional trading functions, with a shift towards trend forums and new product showcases [10]. - Instant retail is becoming a crucial channel for brand promotion, with significant growth in the sector, projected to exceed 2 trillion yuan by 2030 [12][15]. - The report notes that the liquor industry is seeing a reduction in supply, with a stable profit growth forecast for 2024, despite a slight decline in production [27][31]. Section 2: Company Strategies - Wuliangye is reforming its marketing system and adjusting its organizational structure to enhance direct sales and control over pricing [38][39]. - Water Well Square is focusing on a dual-brand strategy to cater to different market segments, with plans to launch high-end products priced above 800 yuan [42][43]. - Shede Liquor is implementing an employee stock incentive plan to align interests and drive performance, with ambitious growth targets set for the coming years [47][48]. Section 3: Financial Projections - The report provides financial forecasts for key companies, indicating stable revenue and profit growth for leading brands like Guizhou Moutai and Jinhuijiu, while some mid-tier brands face profitability challenges [36][37].

Core Viewpoint - Despite significant fluctuations in the A-share market this week, the stock prices of liquor companies remained stable, with beer stocks showing stronger rebound momentum compared to liquor stocks [1] Industry Summary - During the Spring Sugar Conference, feedback from liquor companies and distributors indicated an optimistic expectation for the liquor industry to emerge from its bottom this year, with nearly two-thirds of liquor companies experiencing stock price rebounds [1][2] - The three major yellow wine companies, Kuaijishan, Jinfeng Wine Industry, and Guyue Longshan, saw significant stock price increases of 15.42%, 5.31%, and 4.01% respectively, ranking among the top five in the brewing industry for weekly gains [1][2] - The beer sector also performed well, with Yanjing Beer, Qingdao Beer, and Huichuan Beer all seeing weekly gains exceeding 3%, indicating a strong start in April [1][2] - However, the liquor sector's performance was relatively weak, with only Shanxi Fenjiu showing an increase among first-tier liquor brands, while Wuliangye and Kweichow Moutai experienced stock price declines [1] Company Summary - Water井坊's stock performance was weak this week, despite a projected net profit growth of approximately 6% for 2024, indicating potential development concerns due to its mid-range strategy [3][4] - The low market scale of the mid-range liquor segment, estimated at 147.5 billion yuan in 2023, has negatively impacted Water井坊's gross margin performance, which decreased to 82.94% in the first three quarters of 2024 compared to previous years [4] - Water井坊 has announced a strategic shift by launching a high-end product line "Diyifang" during the Spring Sugar Conference, aiming to enhance brand positioning and market operations [4]

Core Viewpoint - The liquor industry is experiencing a "strong concentration and strong differentiation" trend amid a stock competition era, with increasing inventory pressure and a fundamental shift in supply-demand structure, leading to a decline in consumer expectations and confidence [1][6] Group 1: Market Trends and Challenges - The rapid growth era is fading as the demographic dividend diminishes and rational consumption returns, altering the growth logic of liquor consumption [1] - The industry faces challenges from changing consumer trends, cultural confidence, technological revolutions, and global competition, but also presents new opportunities for those who can adapt and drive structural adjustments [1][12] Group 2: Company Strategy and Innovations - Water Jiufang is leveraging a combination of scene innovation, channel refinement, and brand elevation to navigate the industry's deep adjustment period [1][12] - The company has identified new consumption scenarios, expanding beyond traditional business banquets to include family gatherings and celebrations, emphasizing emotional connections in marketing [1][4] Group 3: Product and Market Positioning - Water Jiufang focuses on different product lines targeting specific market segments, with the main brand positioned in the 300-800 yuan mid-to-high-end price range, while "First Fang" targets the high-end market above 800 yuan [2] - The company is advancing its production capacity through the ongoing development of the Qionglai project, ensuring a solid foundation for long-term growth [2][9] Group 4: Consumer Insights and Engagement - The CEO has spent significant time conducting market research, revealing structural changes in consumer demand, with a notable increase in emotional connection scenarios such as family celebrations and personal gatherings [4][5] - Water Jiufang emphasizes that liquor serves as a medium for emotional expression, enhancing interpersonal relationships and creating memorable experiences for consumers [5] Group 5: Channel Development and Management - The company is implementing a refined channel strategy based on market research, categorizing markets into fortress, pioneer, and potential segments to optimize resource allocation [6][8] - Water Jiufang is enhancing collaboration with distributors to address challenges in store expansion costs and operational efficiency, focusing on sustainable growth and consumer recognition [7][8] Group 6: Long-term Vision and Cultural Heritage - Water Jiufang is committed to a long-term development philosophy, balancing short-term performance with long-term investments to enhance industry resilience [9][11] - The company actively promotes its cultural heritage, with initiatives to protect and disseminate its brewing techniques, recognized as a national intangible cultural heritage [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 66.66 CNY, based on a current stock price of 50.85 CNY [1]. Core Views - The report indicates that the company is expected to experience a revenue growth of 5% and a net profit growth of 6% in 2024, reflecting a resilient performance during industry downturns [8][35]. - The company is actively reforming its product and market strategies under the new management, aiming to enhance market penetration and brand positioning [28][34]. - The valuation of the company is considered to have significant upside potential, with a reasonable valuation level set at 22 times the price-to-earnings ratio for 2025, indicating a favorable investment opportunity [5][54]. Summary by Sections 1. Industry Indicators and Trends - Early indicators show signs of recovery in the liquor industry, suggesting it may be nearing a cyclical bottom, supported by improving real estate transactions and rising machinery sales [8][12]. - The price indicators for premium liquor are approaching cyclical lows, indicating limited downside potential for prices [25]. 2. Company Performance and Strategy - The company has effectively managed inventory levels, leading to stable performance during industry downturns, with proactive measures taken to reduce stock levels since 2020 [35][36]. - The new management is implementing a dual-brand strategy, focusing on both mid-range and high-end markets, which is expected to enhance brand recognition and market share [28][34]. 3. Financial Projections - The company’s revenue and profit forecasts for 2024-2026 have been adjusted, with expected earnings per share of 2.76 CNY, 3.03 CNY, and 3.42 CNY respectively [5][6]. - The projected financial metrics indicate a steady growth trajectory, with revenue expected to reach 5,683 million CNY in 2025, reflecting an 8.9% year-on-year increase [6]. 4. Market Dynamics - The report highlights that the core consumption scenarios for mid-range liquor are showing signs of stabilization, with slight improvements in restaurant revenues and consumer confidence [42][46]. - The company is expected to benefit from a potential economic recovery, which could lead to increased demand for its products [49].