中秋临近，白酒行业年度"黄金窗口期"如期而至。在行业深度调整、消费场景迭代的当下，中秋不仅是 销量比拼场，更是考验品牌市场洞察力与落地能力的关键节点。 数字时代社交表达形式不断变化，但消费者对真挚心意传递的需求愈发强烈。技术缩短了物理距离，却 难掩情感表达的"温度缺口"。转红包少了心意，送月饼少了新意，聚的热闹与福的心意难以落地，满腔 牵挂找不到贴合现代生活的传递出口。同样的中秋月，如何让"聚福"既承接自古以来的美好向往，又适 配当下生活节奏？ 承载六百余年酒坊文化基因的水井坊，始终以美酒见证和陪伴人间万千美事，深谙这份对"聚"与"福"的 期盼。9月19日，水井坊联袂微信礼物打造聚福节，邀全民中秋聚福，喝美酒庆美事。通过设置线上中 秋会场，携手微信礼物完成社交裂变，走心传递情谊；同时在线下打造聚福街，营造沉浸式欢聚氛围， 以美酒为情感纽带，水井坊将"福"从符号转化为人际链接的桥梁，借文化共鸣激活消费热情，描绘一幅 更鲜活、更有温度的中秋全民聚福新图景。 今年中秋，水井坊携手微信礼物上线中秋聚福会场，以此来承载国人心中那份对亲朋好友深藏的情感和 对中秋聚福的祈盼。 含蓄，是深藏在中国人血脉中的特质，我们可能不常 ...

Summary of the Conference Call on the Baijiu Industry Industry Overview - The overall sales volume in the baijiu industry has declined, with distributors expecting a 20%-30% drop in sales during the upcoming double festival period. Sales volume decreased by 40%-50% in July and August [1][2] - High-end baijiu wholesale prices are weak, with Feitian Moutai priced around 1,780 RMB. Demand for baijiu in banquet scenarios remains stable, while mid-range products perform more consistently [1][4] Key Points and Arguments - **Sales Performance**: The baijiu industry is facing significant sales pressure, with actual sales declines exceeding previous market expectations. Most regions, except for Henan, are experiencing sales drops greater than anticipated [2] - **Inventory Levels**: From June to August, the average sales volume decreased by 50%, leading to a slight increase in inventory levels compared to last year. Most distributors have higher inventory levels than the same period last year [3] - **Price Trends**: High-end baijiu products like Feitian Moutai and Wuliangye are experiencing weak wholesale prices. Feitian Moutai's price is expected to fluctuate between 1,700 and 1,800 RMB during the double festival period [4][8] - **Company Performance Adjustments**: Guizhou Moutai has lowered its annual growth target but maintains a steady collection rate compared to last year. Wuliangye is also expected to adjust its growth target due to market conditions [6][9] Company-Specific Insights - **Guizhou Moutai**: The company is increasing promotional activities for its series of products and expects a slight downward adjustment in annual growth targets, which may benefit investors by releasing risks [8] - **Wuliangye**: The company is shifting its focus from absolute growth to long-term competitiveness, with a return rate of approximately 60%-70% [9][10] - **Luzhou Laojiao**: The company is implementing a price stabilization strategy and focusing on expanding its terminal market through targeted promotions [11] - **Shanxi Fenjiu**: The company is facing significant sales declines but is maintaining a stable price point due to good relationships with distributors [13] Investment Recommendations - The report suggests focusing on companies with potential for policy-driven growth and those that can adapt to market changes, such as Jiu Gui, She De, and Shui Jing Fang. Mid-range products like Gu Qing Gong and Ying Jia Gong are also highlighted for their recovery potential [5][7] - The overall sentiment is that the baijiu industry is currently at a low point, but there are opportunities for recovery and growth in specific segments and companies [27] Additional Considerations - The impact of external factors, such as government inspections and coal supply pressures, has affected consumption patterns in various regions [12][14] - The performance of next-tier baijiu products is weaker compared to high-end and mid-range products, indicating a need for careful monitoring of new product launches [21] This summary encapsulates the key insights and trends discussed in the conference call regarding the baijiu industry, highlighting both challenges and potential investment opportunities.

Core Insights - The liquor market is experiencing increased activity as the Mid-Autumn Festival and National Day approach, with a notable acceleration in the sales of white liquor, although prices are declining [1][21] - High-end liquor products are seeing a price drop, while low-end products remain stable, prompting distributors to launch various promotional activities to clear inventory [1][21] Price Trends - In Guangzhou, 15 products have seen a decline in retail prices, including high-end brands like Moutai and Wuliangye, with price reductions ranging from several to dozens of yuan [2][3] - Moutai's average price is approximately 2065 yuan, down about 40 yuan from the previous period, while Wuliangye's price decreased by 11 yuan to around 910 yuan [2][3] - In Shenzhen, Moutai's average retail price is 2102.91 yuan, with significant price variations between online and offline channels [9][11] Sales Dynamics - Distributors report a noticeable shrinkage in demand compared to last year, leading to aggressive pricing strategies to stimulate sales [5][21] - High-end products are experiencing increased sales, while low-alcohol products are gaining popularity, indicating a shift in consumer preferences [21] Regional Insights - In Shenzhen, the price fluctuations have stabilized as demand increases, with expectations of a 20% rise in high-end product sales in September [10][21] - In Dongguan, the market shows a downward trend in mid-to-high-end product prices, with 14 out of 18 products experiencing price drops [17][19] Promotional Strategies - Liquor distributors are implementing various promotional strategies, such as discounts and bundled offers, to boost sales ahead of the festive season [3][21] - Some stores are offering promotions like "buy five boxes, get one free" to increase sales volume, contributing to the overall price decline [3][5]

Core Viewpoint - The liquor sector, particularly the baijiu industry, is experiencing a downturn, with significant declines in stock prices for major companies, indicating a potential industry shift and the need for market restructuring [1] Industry Summary - On September 19, the Shanghai Composite Index fell by 0.03% to 3830.65 points, while the baijiu sector closed at 2299.94 points, down 0.67% [1] - Among 15 baijiu stocks, the majority experienced declines, with Shui Jing Fang leading the drop at 2.20% [1] - Major companies such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao saw their stock prices decrease by 0.15%, 0.40%, 1.40%, and a slight decline respectively [1] Company Summary - According to招商证券, the second quarter has seen an accelerated clearing in the baijiu industry, particularly among second and third-tier companies, while leading firms show resilience [1] - The financial reports of leading liquor companies will serve as a critical signal for an industry turning point, which may lead to a restructuring of the industry and distribution channels [1]

Core Viewpoint - The liquor industry is experiencing a significant market adjustment, with second and third-tier companies facing substantial challenges, while leading companies show resilience, indicating a potential turning point for the industry [1] Industry Summary - On September 19, the Shanghai Composite Index fell by 0.03% to 3830.65 points, with the liquor sector closing at 2299.94 points, down 0.67% [1] - Among 15 liquor stocks, the majority declined, with Shui Jing Fang leading the drop at 2.20% [1] - Key liquor companies' stock performance included: - Kweichow Moutai: closed at 1465.71 CNY, down 0.15% - Wuliangye: closed at 123.45 CNY, down 0.40% - Shanxi Fenjiu: closed at 198.18 CNY, down 1.40% - Luzhou Laojiao: closed at 133.17 CNY, down 0.40% - Yanghe: closed at 70.25 CNY, up 0.17% [1] Company Summary - According to China Merchants Securities, the second quarter saw an accelerated market clearing in the liquor industry, with a thorough exit of second and third-tier companies [1] - Leading liquor companies are expected to show improved financial statements, which will serve as a critical signal for the industry's turning point, potentially reshaping market expectations across the industry, channels, and capital markets [1]

Core Viewpoint - Water Well's stock price has experienced a decline in recent trading sessions, reflecting a broader trend in its financial performance and market sentiment [1][2]. Financial Performance - As of June 30, Water Well reported a revenue of 1.498 billion yuan, a year-on-year decrease of 12.84% [2]. - The net profit attributable to shareholders for the same period was 105 million yuan, down 56.52% year-on-year [2]. - Year-to-date, the stock price has dropped by 16.13%, with a 3.88% decline over the last five trading days and a 2.91% decline over the last 20 days [1]. Stock Market Activity - On September 19, the stock price fell by 2.02%, reaching 44.08 yuan per share, with a trading volume of 69.114 million yuan and a turnover rate of 0.32% [1]. - The total market capitalization of Water Well is approximately 21.489 billion yuan [1]. - The net outflow of main funds was 11.1299 million yuan, with large orders showing a buy of 10.6832 million yuan and a sell of 18.5591 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders decreased to 85,300, while the average circulating shares per person increased by 1.34% to 5,715 shares [2]. - Cumulative cash dividends since the A-share listing amount to 5.378 billion yuan, with 1.280 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, the top ten circulating shareholders include the China Securities White Wine Index A, holding 16.0936 million shares, an increase of 2.119 million shares from the previous period [3]. - The Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 10.9227 million shares, up by 176,400 shares [3].

Core Viewpoint - The Chinese liquor industry is approaching a critical seasonal test in Q3 2025, with cautious market sentiment prevailing. Goldman Sachs predicts that Q3 2025 may represent a low point in valuation for the industry, with some stocks already reflecting a "bottoming" expectation. Target prices for leading companies like Moutai and Wuliangye have been adjusted upwards [1][2]. Group 1: Market Conditions - The liquor industry is facing dual pressures from ongoing anti-extravagance policies and a reduction in the length of the Mid-Autumn Festival and National Day holidays, leading to weakened retail momentum [2]. - Companies are focusing on inventory normalization through measures such as waiving prepayments and controlling shipment volumes, which may pressure short-term performance but help return inventory levels to normal [2]. - Despite a significant decline in wholesale prices for Moutai and Wuliangye, some retailers have slightly increased end prices in anticipation of brand-controlled inventory to support profits [2][3]. Group 2: Valuation and Stock Performance - The stock prices of liquor companies have risen by 24% since Q3, with a 17% increase in price-to-earnings ratios, indicating that the market has already absorbed the impact of policy changes [2]. - The average target price for liquor stocks has been raised by 6%, with mid-to-high-end liquor valuation multiples adjusted upwards by 13% to 19% [2]. - The high dividend yields of leading companies like Moutai and Wuliangye provide a valuation safety net, with potential price increases of 20% to 30% based on normalized earnings projections for 2027 [4]. Group 3: Company-Specific Adjustments - Moutai's target price has been adjusted from 1742 yuan to 1724 yuan, reflecting a 3% to 4% decrease in earnings expectations due to policy impacts [5]. - Wuliangye's target price has been raised from 139 yuan to 145 yuan, despite a 5% to 8% reduction in earnings expectations, as its valuation multiple has been increased from 17 times to 18.5 times [5]. - Other companies like Luzhou Laojiao and Gujing Gongjiu have also seen adjustments in their target prices and earnings expectations, reflecting varying degrees of resilience and market conditions [5]. Group 4: Investment Strategy - The current "low point" in Q3 is viewed as a critical phase for the industry, with inventory control measures potentially laying the groundwork for recovery in 2026 as policies ease [6]. - Investment recommendations focus on leading companies with strong dividend yields and brand strength, as well as those with significant valuation adjustments and earnings resilience [7].

股票代码：600779 股票简称：水井坊 编号：2025-029 十一届董事会 2025 年第三次会议决议公告 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9 月18 日以通讯表决方式 召开了十一届董事会2025 年第三次会议。会议通知于2025 年9 月8 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9 月18 日通过如下决议： 一、审议通过了公司《关于调整专门委员会成员的议案》 因公司 2025 年第一次临时股东会审议通过了《关于选举 Haiying Cheng 女士为公 司董事的议案》，根据《公司法》《公司章程》的有关规定，并结合公司实际情况，补选 Haiying Cheng 女士担任十一届董事会战略委员会、薪酬与考核委员会及审计委员会委 员，任期与十一届董事会任期一致。调 ...

四川君合律师事务所 关于四川水井坊股份有限公司 1、贵公司于 2025 年 8 月 29 日在上海证券交易所官网刊载的《四 川水井坊股份有限公司十一届董事会 2025 年第二次会议决议公告》； 2、贵公司于 2025 年 8 月 29 日在上海证券交易所官网刊载的《四 川水井坊股份有限公司关于召开 2025 年第一次临时股东会的通知》 （以下简称"《股东会通知》"）； 3、2025 年 9 月 10 日在上海证券交易所官网刊载的《四川水井 坊股份有限公司 2025 年第一次临时股东会会议资料》。 1 2025 年第一次临时股东会的法律意见书 川君律股字[2025]JH 律股 58 号 致：四川水井坊股份有限公司 四川君合律师事务所(以下简称"本所"）接受四川水井坊股份有 限公司（以下简称"贵公司"）的委托，指派律师出席了贵公司召开 的 2025 年第一次临时股东会，并出具本法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 会规则》等法律、法规和规范性文件以及《四川水井坊股份有限公司 章程》（以下简称"《公司章程》 ...

证券代码：600779 证券简称：水井坊 公告编号：2025-028 四川水井坊股份有限公司 2025年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 18 日 (二)股东会召开的地点：成都市锦江区水井街 19 号水井坊博物馆多功能厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 943 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 333,124,573 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.7547 | | 议案 | 议案名称 | | | 同意 | | 反对 | | 弃权 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | | | 票 ...