股票代码：600779 股票简称：水井坊 编 号 ： 1 / 2 股计划持有公司股份129,199 股，占公司总股本的0.03%。 2025-015 四川水井坊股份有限公司 关于 2021 年员工持股计划存续期展期的公告 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。 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，会议审议通过了《关于2021 年 员工持股计划存续期展期的议案》，同意公司将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。现将具体情况公告如下： 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 ...

股票代码：600779 股票简称：水井坊 编 号 ： 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人共46 人，代表 员工持股计划份额2,286.90 万份（其中部分股票管理委员会已出售并按照《2021 年 员工持股计划》的相关规定进行了分配），占公司2021 年员工持股计划总份额的60%。 会议的通知、召集、召开和表决程序符合公司2021 年员工持股计划的有关规定。经 审议，本次持有人会议通过了以下事项： 一、审议通过了《关于2021 年员工持股计划存续期展期的议案》 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 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 ...

股票代码：600779 股票简称：水井坊 编 号 ： 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 理责任保险购买相关事宜。责任保险具体内容如下： 投保人：四川水井坊股份有限公司 保险人：中国平安财产保险股份有限公司 被保险人： 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 ...

Core Viewpoint - In the context of increasing volatility in global financial markets and ongoing pressure on A-share valuations, high-quality assets with stable growth and resilience are becoming increasingly scarce. Investors are shifting their focus from short-term high returns to long-term value based on fundamentals, particularly in the Chinese capital market where core consumer assets with brand strength and sustainable cash flow are gaining attention [2][3]. Industry Overview - China's economy is transitioning from high-speed growth to high-quality development, with consumption playing a crucial role in driving domestic demand and stabilizing growth. The retail sales of consumer goods increased by 4.9% year-on-year in Q1 2025, with a notable recovery in quality consumption represented by high-end liquor, smart home appliances, and beauty care products. This trend has led to an increase in overseas capital flowing back into A-shares, particularly in the food and beverage sector, indicating long-term optimism about China's high-end consumption potential [3]. Company Performance - Water Margin (水井坊) has demonstrated steady performance over the past year, continuing its trend of high-quality growth. In 2024, the company achieved revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit attributable to shareholders of 1.341 billion yuan, up 5.69%. In Q1 2025, the company reported revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15%, showcasing its resilience and adaptability in a rational growth cycle for the liquor industry [4]. Strategic Initiatives - Water Margin's sustained growth is attributed to its commitment to long-termism and the synergistic advancement of its channels, products, and brand. The company is deepening its core high-end product line while optimizing price coverage and matching high-value consumption scenarios. In 2024, it added over 15,000 offline retail outlets, enhancing its national layout and sales efficiency through digital operations and e-commerce [4]. Brand Development - The company is increasingly focused on refined brand building, emphasizing emotional and aesthetic aspects of consumption. Initiatives like the "Fortune Ceremony" in collaboration with the Temple of Heaven aim to enhance brand experience and emotional value. This cultural approach not only strengthens user loyalty but also enhances Water Margin's influence among high-end consumers [5]. Sustainability Efforts - Water Margin has committed to sustainable development, releasing its ESG report for the fourth consecutive year. The company aims to reduce greenhouse gas emissions by at least 60,000 tons through production technology upgrades and energy management from 2024 to 2030. These efforts not only reflect social responsibility but also symbolize the company's future competitiveness, providing investors with confidence in its sustainable value [6]. Long-term Investment Perspective - From a long-term investment perspective, Water Margin is building its ability to navigate economic cycles through solid fundamentals, clear brand strategy, and robust market execution. The company is recognized as a core asset in the high-end liquor segment, offering potential for stable returns for investors focused on value and long-term gains [6].

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

Core Viewpoint - Diageo, the world's largest spirits group, is considering significant asset disposals as part of its "acceleration plan" to streamline operations and reduce debt levels, which may impact its stake in the Chinese liquor company Shui Jing Fang [1][3][9]. Group 1: Diageo's Strategy and Financial Performance - Diageo has announced an "acceleration plan" aimed at cost savings and selective asset disposals, indicating a shift towards a more agile global operating model [1][3][9]. - The company is currently burdened with nearly $21 billion in debt and has seen its stock price drop approximately 50% from its historical peak due to declining sales and profit margins [3][9]. - Diageo's global sales decreased by 1.4% to $20.3 billion in the fiscal year 2024, with a challenging consumer environment expected to persist until the end of fiscal year 2025 [7][8]. Group 2: Asset Disposals and Market Focus - Analysts predict that Diageo's Chinese liquor business, along with other underperforming brands, may be among the assets considered for sale as part of the acceleration plan [3][9]. - The company has previously adopted a "light asset" model in volatile markets, which may now expand to include more significant asset disposals [3][9]. - Diageo's management has committed to achieving approximately $3 billion in free cash flow annually starting from fiscal year 2026, alongside a $500 million cost-saving initiative over three years [8][9]. Group 3: Shui Jing Fang's Performance and Management Changes - Shui Jing Fang, under Diageo's control, has experienced fluctuating performance, with revenue growing from 850 million yuan to 4.63 billion yuan between 2015 and 2021, but facing challenges in recent years [14][15]. - In fiscal year 2024, Shui Jing Fang reported total revenue of 5.22 billion yuan, a year-on-year increase of 5.3%, with net profit rising by 5.7% to 1.34 billion yuan [15]. - The management team at Shui Jing Fang has seen frequent changes, with the current general manager being the first local manager not from Diageo, indicating a potential shift in operational strategy [15]. Group 4: Market Conditions and Future Outlook - The Asia-Pacific market, including China, has not performed well for Diageo, with organic net sales growth of only 1.6% in the region, primarily due to weakness in China and Southeast Asia [16]. - Diageo's CEO has categorized the Chinese liquor market as lacking sufficient scale, suggesting a need to explore new opportunities [16].

伴随着西部A股上市公司披露了2024年年报，高管的薪酬情况随之曝光。 黄桷树财经整理了西部A股上市公司的10位"打工皇帝"。 第一位是创维数字（000810.SZ）副总经理张恩利。 张恩利，男，1979年出生，空军工程大学电力电子与电力传动专业硕士研究生学历，高级工程师，深圳市高层次后备级人才。 2024年，张恩利从创维数字获得的税前报酬总额为890.53万元。截至2024年末，张恩利持有2.5万股创维数字。 值得一提的是，张恩利虽然位列榜首，但他惨遭大幅降薪，2023年他的税前报酬是1482.2万元，2024年的税前报酬实际上降幅为40%。 第二位是重庆啤酒（600132.SH）总裁Lee Chee Kong（中文名：李志刚）。 Lee Chee Kong，男，53岁，马来西亚国籍，毕业于马来西亚北方大学工商管理专业。 在任职于嘉士伯前，Lee Chee Kong曾担任希丁安亚洲区总裁并兼任中国区董事总经理。更早前，他曾担任亨氏中国董事总经理职位，并且在高露洁棕榄 中国及亚太地区长时间从事管理工作。 2024年，龚晖从隆鑫通用获得税前报酬总额为639.91万元。截至2024年末，龚晖持有142.925万股隆 ...

Core Viewpoint - The article highlights the increasing importance of ESG (Environmental, Social, and Governance) practices in the Chinese liquor industry, particularly focusing on Shui Jing Fang's (水井坊) proactive approach to sustainability and carbon reduction initiatives as part of its long-term strategy [2][12]. ESG Practices and Initiatives - Shui Jing Fang has been at the forefront of ESG reporting, releasing four comprehensive ESG reports since 2022, with the 2024 report outlining a 10-year carbon reduction target and a commitment to a full value chain low-carbon transformation [3][5][11]. - The company aims to reduce at least 60,000 tons of CO2 equivalent emissions from Scope 1 (direct emissions) and Scope 2 (indirect emissions) from 2024 to 2030, while also promoting low-carbon transformation across its value chain [5][6]. Sustainable Practices Across Value Chain - Shui Jing Fang is implementing a full lifecycle low-carbon transformation plan, focusing on sustainable practices from raw material sourcing to consumer consumption [8]. - The company has committed to 100% original grain order planting, expanded green food certification, and reduced carbon footprints through regenerative agricultural practices [8]. - In packaging, Shui Jing Fang is optimizing designs to reduce material usage and promoting recyclable packaging, while also incorporating carbon management into supplier selection [8][9]. Energy Efficiency and Waste Reduction - The company is enhancing energy efficiency and optimizing energy structures in production, with initiatives like upgrading equipment to reduce energy consumption and utilizing biogas for clean energy [8][9]. - Shui Jing Fang has offset 11,773.54 tons of CO2 equivalent emissions through the purchase of international renewable energy certificates from July 2023 to June 2024 [9]. Social Responsibility and Community Engagement - Shui Jing Fang has engaged in various social responsibility initiatives, including rural revitalization, community support, and cultural heritage preservation, with a total donation of 1.88 million yuan in 2024 [10]. - The company has set a goal to improve water efficiency by 30% by 2030, with significant water recycling achievements in its production facilities [10]. Recognition and Industry Leadership - Shui Jing Fang has received recognition for its ESG efforts, being included in the S&P 2024 Sustainable Development Yearbook and achieving a BBB rating in MSCI ESG ratings, positioning it among the leaders in the Chinese liquor industry [9][10]. - The company’s innovative approach to ESG management serves as a reference model for the industry, particularly with its adoption of a "double materiality" framework in its 2024 ESG report [11]. Long-term Strategy and Vision - Shui Jing Fang is committed to a long-term strategy that integrates ESG principles into its operations, aiming for sustainable growth and high-quality development [12][13]. - The company emphasizes the importance of balancing economic benefits with social value creation and environmental stewardship as part of its corporate vision [13].

在交出一份"含金量"十足的2024年年报成绩单的同时，近日，水井坊同步发布"含绿量"满满的《2024年环境、社会及治理（ESG）报告》，连续第四年主动 披露ESG实践。 600年·活着的传承 环境 社 报告 ESG ) 战略升级 首次采用"双重重要性"框架 此次报告的一大亮点是，水井坊首次采用"双重重要性"分析框架梳理议题矩阵，以"财务重要性"和"影响重要性"双维度梳理出31项核心ESG议题。通过双重 分析，水井坊不仅响应了上海证券交易所、深圳证券交易所、北京证券交易所三大交易所发布《可持续发展报告编制（征求意见稿）》"一号指南"的监管要 求，更将ESG内化为企业战略决策的驱动力。 采购 原粮 0 供应商管理 与往年不同，在本次报告中，水井坊首次以"双重重要性"框架梳理ESG议题，并正式明确2030年碳减排目标，彰显以可持续发展驱动长期价值的坚定决心。 全球可持续发展的时代浪潮中，ESG逐渐成为酒企"必答题"，而水井坊正是以技术革新和战略转型回应这一时代命题，为中国白酒企业的可持续发展提供了 借鉴与启示。 · 将碳排放管理纳入供应商筛 选和准入条件,定期评估和 O · 推动实现100%原粮订单种植 · 扩大绿 ...

以"从一粒种到一滴酒"为路径，水井坊首度提出覆盖全价值链的2030年碳减排目标。 践行"双碳"战略，是企业特别是龙头企业的历史使命，也是走向高质量发展的内在要求。 在全球应对气候变化的背景下，水井坊率先迈出关键一步——首次完成覆盖全价值链温室气体盘查，并 发布面向2030年的碳减排目标。 根据报告，水井坊计划自2024年至2030年，用7年累计减少范围一（直接排放）和范围二（间接排放） 温室气体至少6万吨二氧化碳当量。 4月29日，水井坊正式发布《2024环境、社会及公司治理（ESG）报告》，系统披露了企业在环境责 任、社会责任与公司治理领域的战略规划、实践成果及未来目标。 作为中国白酒行业上市公司，水井坊继2022年首次披露ESG报告以来，已对外发布了四份ESG报告。 与以往不同的是，最新ESG报告中，水井坊正式明确2030年碳减排目标，并首次以"双重重要性"框架梳 理ESG议题，全面升级低碳转型路径，彰显了其以可持续发展驱动长期价值的坚定决心。 "从一粒种到一滴酒"，构建全生命周期低碳转型方案 我国"十四五"规划纲要提出，力争2030年前实现"碳达峰"，2060年前实现"碳中和"。 当前，我国生态文明建设 ...