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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 58.34 CNY [5][11]. Core Insights - Despite industry demand pressures, the company achieved positive revenue and profit growth in Q1 2025. The company is actively building a dual-brand system with "Shuijingfang" for mid-to-high-end products and "Diyifang" for high-end products, while embracing new retail channels [2][11]. - The company demonstrated strong operational resilience in a weak demand environment, with projected EPS for 2025-2027 at 2.92, 3.08, and 3.28 CNY respectively [11][12]. Financial Summary - Revenue for 2023 was 4,953 million CNY, with a growth of 6.0%. For 2024, revenue is projected to be 5,217 million CNY (+5.3%), and for 2025, it is expected to reach 5,441 million CNY (+4.3%) [4][12]. - Net profit attributable to the parent company for 2023 was 1,269 million CNY, with a growth of 4.4%. The projections for 2024 and 2025 are 1,341 million CNY (+5.7%) and 1,422 million CNY (+6.0%) respectively [4][12]. - The company’s gross profit margin for 2024 is expected to be 82.8%, with a net profit margin of 25.7% [11][12]. Brand and Channel Strategy - The company plans to launch a second distinct product under the "Shuijingfang" brand and focus on the high-end market with the "Diyifang" brand, targeting products priced above 800 CNY [11]. - The company has initiated O2O new retail operations, collaborating with major platforms like Meituan and JD to enhance its distribution channels [11]. Cost Management and Profitability - In 2024, the company’s gross margin decreased by 0.4 percentage points to 82.8%, while the net profit margin increased by 0.1 percentage points to 25.7% [11]. - In Q1 2025, the company improved its gross margin by 1.5 percentage points, indicating effective cost management [11].

作者：顺安 近日，水井坊（600779.SH）发布了2024年ESG报告。该报告继续落实"水井坊·敬未来"的核心ESG战略，不仅正式明确水井坊"到2030年累计至少减少6万吨 二氧化碳当量"的碳减排目标，而且首次以"双重重要性"框架梳理ESG议题，从采购、生产、物流运输、终端消费等多个方面系统披露了水井坊全面升级的 低碳转型路径。 这一目标的制定，不仅契合国际气候行动趋势，更标志着水井坊将减排责任从自身运营延伸至全产业链，携手上下游伙伴共同推进目标。 为此，水井坊从采购、生产运营、物流运输、消费等各个环节着手，构建"从一粒种到一滴酒"的全生命周期低碳转型方案，推动全价值链低碳转型。 在原粮、包装材料等采购环节，水井坊推动实现100%原粮订单种植，扩大绿色食品认证规模，并通过再生农业实践减少种植环节的碳足迹；同时，不断优 化包装设计，减少使用包装材料，推广可循环利用的包装，也将碳排放管理纳入供应商筛选和准入条件，定期评估和追踪供应商的环境表现。 在生产运营端，提高能源使用效率，购买可再生能源，扩大生物质自发电规模。以旗下邛崃工厂与土桥工厂为例，2024年，土桥工厂通过替换老旧高能耗酒 泵，有效减少生产电耗；邛崃 ...

Core Insights - The overall performance of listed liquor companies in 2024 showed steady growth despite industry pressures, with 22 companies reporting a total revenue of 446.22 billion yuan and a net profit of 167.82 billion yuan, reflecting a slowdown in growth rates compared to previous years [1][4] Industry Overview - The liquor sector experienced increased differentiation in 2024, with six leading companies accounting for 80% of total revenue and 90% of net profit, even showing slight increases from 2023 [1][4] - The top six liquor companies, including Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, achieved a combined revenue of 379.74 billion yuan, marking a significant increase of 164.96 billion yuan since 2020 [5][6] Competitive Landscape - Shanxi Fenjiu entered the top three with a revenue of 36 billion yuan, indicating a shift in rankings among leading companies [4][5] - The competition among mid-tier liquor companies intensified, with companies like Shunxin Agriculture and Shede Liquor facing significant revenue declines, highlighting the challenges in maintaining market positions [4][9] Market Trends - The industry is undergoing a transition towards high-end and youth-oriented products, with companies needing to focus on national expansion to succeed in a competitive market [4][11] - Regional market reliance remains high among many companies, with some struggling to increase their contributions from outside their home markets [10][11] Future Outlook - Companies are expected to balance expansion with cost control, with a focus on refining distribution channels as a new competitive dimension [11][13] - Emerging markets, particularly in the northwest, are becoming battlegrounds for companies seeking to increase their market share [11][13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3] Core Views - The company is implementing a "dual brand" strategy, focusing on the "Water Well" and "First Well" brands, which is expected to enhance channel management and core market cultivation, leading to steady growth in performance [7][8] - The company's revenue for 2024 is projected to be 52.17 billion yuan, with a year-on-year growth of 5.32%, and a net profit of 13.41 billion yuan, reflecting a growth of 5.69% [7][8] - The company anticipates a slight adjustment in revenue growth rates for 2025 and 2026 to 4% and 5%, respectively, while maintaining a forecasted net profit growth of 4% and 7% for the same years [2][3] Financial Summary - For 2024, the company expects operating revenue of 52.17 billion yuan and a net profit of 13.41 billion yuan, with respective growth rates of 5.32% and 5.69% [3][7] - The projected earnings per share (EPS) for 2024 is 2.75 yuan, with a price-to-earnings (P/E) ratio of 16.92 [3][4] - The company plans to open over 10,000 new stores by the end of 2024, indicating an aggressive expansion strategy [2][3]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Investment Rating - The report maintains a cautious outlook for the food and beverage industry in 2025, with a focus on growth sectors such as beverages, snacks, and pet food, while highlighting the stable performance of high-end liquor and regional leaders [1][15]. Core Insights - The financial reporting season has concluded, showing a mixed performance across the industry, with high-end liquor under pressure and a stable overall sales performance for mass-market products in April [1][15]. - Key companies are expected to see improvements in Q2, particularly in dairy and snack sectors, while the liquor segment continues to face challenges [1][15]. - The report emphasizes the importance of shareholder meetings as potential catalysts for positive changes within companies [15]. Summary by Sections Core Company Tracking - Shede Liquor is experiencing significant pressure in Q2, with a notable increase in demand for its main products in banquet settings, but still facing challenges in business scenarios [2][10]. - Water Well is also under pressure in Q2, with a clear decline in seasonal demand, but is expanding its store network significantly [2][10]. - Yili Group is showing signs of improvement in Q2, driven by strong sales in infant and adult milk powder products [2][11]. - Zhongchong Co. is maintaining high growth in its proprietary brands and expanding overseas production capacity [3][11]. - Ximai Foods is achieving rapid online growth and improving gross margins, with a focus on maintaining double-digit growth offline [3][12]. - New Dairy is performing well in the low-temperature segment, with a strong growth trajectory expected [3][13]. - Morning Light Bio is seeing a recovery in core products and is focusing on diversified development strategies [3][14]. Investment Recommendations - The report suggests focusing on growth sectors, particularly in liquor, dairy, snacks, and pet food, with specific recommendations for companies like Guizhou Moutai and Yili Group [7][16]. - It highlights the potential for improved sales and structural changes in Qingdao Beer and emphasizes the importance of seasonal demand recovery for brands like Nongfu Spring [7][16]. - The report also recommends strong players in the seasoning sector, such as Haitian Flavoring, and suggests monitoring companies like Zhongchong Co. for their overseas expansion capabilities [7][16].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9] Core Views - The recent interest rate cuts are expected to boost market liquidity and improve market sentiment, particularly benefiting the liquor sector [7] - The white liquor sector is showing signs of recovery, with demand stabilizing and companies focusing on optimizing channels and brand cultivation for growth [7] - The overall valuation of the liquor sector is considered low, with many companies engaging in share buybacks and increasing dividend payouts [7] Summary by Sections Industry Performance - In the past month, the food and beverage sector has shown a slight increase of 0.1%, while the Shanghai Composite Index has increased by 2.6% [3] Market News - China's beer export value increased by 8.3% in the first quarter of 2025 [18] - The white liquor industry in Lüliang aims for an output value exceeding 13.2 billion yuan in the first half of 2025 [18] - The EU's total export value of alcoholic beverages is projected to reach 29.8 billion euros in 2024 [18] Investment Insights - The report highlights two main lines for investment recommendations in the liquor sector: companies with valuation advantages and those expected to perform well throughout the year [7] - Recommended companies include: Water Well, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Liquor for valuation advantages; and Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jinshiyuan, Gujing Gongjiu, and Yingjia Gongjiu for overall recommendations [7] Key Company Feedback - The report provides earnings forecasts for several companies, indicating a positive outlook for major players in the liquor sector, with expected earnings per share (EPS) growth for companies like Luzhou Laojiao and Gujing Gongjiu [11] Industry Data Trends - The cumulative production of white liquor in 2024 is reported at 4.145 million tons, a decrease of 7.72% year-on-year [37] - The revenue of the white liquor industry in 2023 reached 756.3 billion yuan, reflecting a year-on-year increase of 9.7% [37] - The seasoning industry has seen a market scale growth from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, with a CAGR of 9.6% [41]

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...