股票代码：600779 股票简称：水井坊 编 号 ： 2025-016 四川水井坊股份有限公司 第十一届董事会 2025 年第四次临时会议决议公告 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。 四川水井坊股份有限公司（以下简称"公司"）于2025 年5 月28 日以通讯表决 方式召开了第十一届董事会2025 年第四次临时会议。会议通知于2025 年5 月23 日 通过电子邮件方式送达全体董事。会议应参加表决董事9 人，实际参加表决董事9 人。 会议的召集、通知、召开时间、地点、方式及出席人数均符合《公司法》《公司章程》 及相关法律法规的规定，合法、有效。经与会董事充分审议，会议于2025 年5 月28 日通过如下决议： 一、审议通过了《关于修订〈公司章程〉暨取消监事会的议案》 根据《公司法》《上市公司章程指引》等相关法律法规的规定，公司拟不再设置监 事会，监事会的职权由董事会审计委员会行使，《监事会议事规则》相应废止。同时， 公司依据相关规则对《公司章程》中监事会相关条款及其他条款进行相应修订。 针对新修订的《公司章程》第九 ...

Group 1: Company Overview - Sichuan Shui Jing Fang Co., Ltd. is actively participating in the transformation and upgrading of the Chinese liquor industry, showcasing a model for foreign investment in traditional industries [2] - The company is investing over 6.8 billion yuan in a full industrial chain base project in Qionglai, Chengdu, with the first phase already in production, achieving an annual capacity of 20,000 tons [2] - The Qionglai project is expected to create numerous local job opportunities and promote the development of upstream and downstream enterprises through localized collaboration [2] Group 2: Technological and Sustainable Development - Shui Jing Fang is collaborating with the Chinese Academy of Sciences to analyze the genetic map of its "No. 1 Microbial Group," bridging traditional brewing techniques with modern biotechnology [3] - The company is one of the first in the industry to systematically set and publish sustainable development goals, implementing green technologies such as solar power and wastewater recycling at its Qionglai base [3] - In 2024, Shui Jing Fang improved its MSCI ESG rating to BBB, reflecting its commitment to green procurement and sustainable supply chain transformation [3] Group 3: Market Position and Future Outlook - Diageo, the controlling shareholder of Shui Jing Fang, has been firmly rooted in the Chinese market, seizing development opportunities in the liquor sector [4] - The company aims to continue deepening its presence in the Chinese liquor market, contributing to the high-quality development of the industry [4]

Group 1 - The core viewpoint of the article highlights a downward trend in liquor prices in major cities like Guangzhou, Shenzhen, and Dongguan as the Dragon Boat Festival approaches, with over two-thirds of products experiencing price declines [1][2][4] - In Guangzhou, the retail price of Feitian Moutai has dropped to an average of 2579.73 yuan per bottle, with some retailers offering it at around 2300 yuan, while other premium products like Wuliangye have seen a slight decrease of 18 yuan per bottle [2][3] - Shenzhen's market shows a similar trend, with over two-thirds of sampled products experiencing price drops, although some prices may be artificially inflated due to limited availability in certain channels [4][5] Group 2 - In Dongguan, nearly half of the sampled products maintained stable prices, with only 8 out of 21 products showing a decline, while the price of Luzhou Laojiao increased by 61.1 yuan to 1075.6 yuan per bottle due to replenished stock in certain channels [7][8] - The article notes that the upcoming 618 shopping festival has led to price adjustments on e-commerce platforms, with 15 out of 21 sampled premium liquors experiencing price reductions, while only one liquor saw an increase [9][10] - A comparison between the Bay Area and Southwest liquor prices reveals that the Bay Area's retail prices are significantly higher, with differences ranging from 15 to 82 yuan, attributed to higher demand for premium products in the region [11][12]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Core Viewpoint - Water Jiufang, the only foreign-controlled liquor company among 19 A-share listed liquor enterprises, is struggling to establish a strong position in the high-end market while lacking a solid presence in the lower-end market, leading to a passive situation of being unable to compete effectively in either segment [2][10]. Financial Performance - In 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% year-on-year [3][5]. - Despite the growth, the company has been experiencing a significant gap compared to first and second-tier liquor companies, with a net profit margin of only 15.1% in Q4 2024, the lowest in five years [5][12]. - In Q1 2025, revenue continued to slow, reaching 959 million yuan, a year-on-year increase of 2.74%, while net profit was 190 million yuan, up 2.15% [6][7]. Cash Flow Concerns - The company's operating cash flow dropped sharply from 1.734 billion yuan in 2023 to 744 million yuan in 2024, a decline of 57% [8]. - In Q1 2025, the cash flow turned negative at -576 million yuan, a staggering year-on-year decrease of 463.2% [6][8]. Product Structure and Market Position - The product "Zhenniang No. 8," priced at 428 yuan, is a key contributor to Water Jiufang's revenue, with expected sales of around 3 billion yuan in 2024 [9]. - High-end liquor accounted for 91.32% of total revenue in 2024, but growth in this segment is slowing, with only a 1.99% increase year-on-year [9][14]. - The company has been focusing on the next high-end market (300-800 yuan), but faces challenges from both high-end brands and low-end competitors [10][15]. Strategic Challenges - Water Jiufang's high-end strategy has not yielded expected results, with significant issues in brand recognition and market competition [12][14]. - The company has a limited number of distributors and a concentrated geographic presence, making it difficult to compete effectively in the mid-to-low-end market [16]. - Inventory issues are becoming critical, with stock levels reaching 2.939 billion yuan in 2024, a 21% increase, and a turnover period of 180 days [17]. Internationalization Efforts - Water Jiufang's international strategy has not translated into significant growth, with overseas revenue of 57.82 million yuan in 2024, but a sharp decline of 84.35% in Q1 2025 [18]. - The company lacks a robust global distribution system and has not effectively penetrated local markets, limiting its international growth potential [18][19].

鉴于公司 2021 年员工持股计划存续期将于 2025 年 5 月 23 日届满，根据《四川水 井坊股份有限公司2021 年员工持股计划》的相关规定，在存续期届满前，经出席持有人 会议的持有人所持2/3 以上份额同意并提交公司董事会审议通过后，本员工持股计划的 存续期限可以延长。持有人会议同意将2021 年员工持股计划展期18 个月，即存续期延 长至2026 年11 月23 日。 表决结果：同意份额1,806.20 万份，占出席会议的持有人所持份额总数的79%；反 对份额 0 份，占出席会议的持有人所持份额总数的 0%；弃权份额 480.70 万份，占出席 会议的持有人所持份额总数的21%。 股票代码：600779 股票简称：水井坊 编号：2025-013 四川水井坊股份有限公司 2021 年员工持股计划第三次持有人会议决议公告 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。 四川水井坊股份有限公司（以下简称"公司"）于 2025 年 5 月 22 日以通讯方式召 开2021 年员工持股计划第三次持有人会议。参加本次会议的持有 ...

一、2021 年员工持股计划的基本情况 1、公司于2021 年9 月14 日召开第十届董事会2021 年第七次会议、第十届监事会 2021 年第四次会议，并于 2021 年 9 月 30 日召开 2021 年第一次临时股东大会，审议通 过了《关于<四川水井坊股份有限公司2021 年员工持股计划（草案）>及其摘要的议案》 等相关议案，同意公司实施2021 年员工持股计划，具体内容详见公司于2021 年9 月15 日、10 月8 日在《中国证券报》《上海证券报》《证券时报》《证券日报》和上海证券 交易所网站（www.sse.com.cn）刊载的相关公告。 2、公司于2021 年11 月22 日收到中国证券登记结算有限责任公司出具的《过户登 记确认书》，公司回购专用证券账户 B882798323 中所持有的 695,700 股公司股票已于 2021 年 11 月 19 日以非交易过户形式过户至公司 2021 年员工持股计划账户 （B884412957）。具体内容详见公司于 2021 年 11 月 24 日在《中国证券报》《上海证券 报》《证券时报》《证券日报》和上海证券交易所网站（www.sse.com.cn）刊载 ...

股票代码：600779 股票简称：水井坊 编号：2025-014 四川水井坊股份有限公司 第十一届董事会 2025 年第三次临时会议决议公告 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。 四川水井坊股份有限公司（以下简称"公司"）于2025 年5 月23 日以通讯表决方式 召开了第十一届董事会 2025 年第三次临时会议。会议通知于 2025 年 5 月 15 日通过电 子邮件方式送达全体董事。会议应参加表决董事9 人，实际参加表决董事9 人。会议的 召集、通知、召开时间、地点、方式及出席人数均符合《公司法》《公司章程》及相关法 律法规的规定，合法、有效。经与会董事充分审议，会议于2025 年5 月23 日通过如下 决议： 一、审议通过了公司《关于购买董事、监事和高级经理职业责任保险的议案》 为保障公司董事、监事及高级经理合法权益，降低其在履职过程中可能引致的风险， 以激励其更好地履行职责，根据中国证监会《上市公司治理准则》《公司章程》等相关规 定，公司拟为董事、监事和高级经理购买职业责任保险，并授权公司管理层办理责任保 险 ...

Core Points - The company held its third temporary board meeting of the 11th session on May 23, 2025, via communication voting, with all 9 directors participating [2]. - The board approved a proposal to purchase professional liability insurance for directors, supervisors, and senior managers to protect their legal rights and reduce risks associated with their duties [2][3]. - The company plans to apply for a bank credit limit of up to 3 billion RMB to ensure stable and sustainable development, with the credit limit being available for use until the annual shareholders' meeting in 2025 [3]. - The board also approved an extension of the 2021 employee stock ownership plan, which was set to expire on May 23, 2025 [3][4]. Proposal Details - The professional liability insurance will cover civil compensation claims due to unintentional violations, crisis management costs, and legal service fees, with a total coverage limit of 100 million RMB [3]. - The insurance will be underwritten by China Ping An Property Insurance Co., Ltd., with a premium estimated to be within 360,000 RMB [3]. - The bank credit application will allow for revolving use of the credit limit, with specific financing terms to be agreed upon with the banks [3].