Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The beer and beverage sector is entering a peak season, with a focus on new product launches in mass-market segments. The report highlights three main lines for investment in liquor: leading brands, high-certainty regional brands, and flexible targets benefiting from recovery and risk appetite [1][2]. - The report emphasizes the importance of product innovation and quality in driving growth for companies like Yanjing Beer and Nongfu Spring, particularly in the beverage segment [3][4]. Summary by Sections Liquor Industry - Guizhou Moutai has launched a new product series, enhancing its cultural product structure and international expansion. The liquor market is stabilizing as inventory adjustments continue, providing long-term investment opportunities in leading stocks [2]. Beer and Beverage Sector - Yanjing Beer is implementing multiple strategies to drive U8 growth, including product quality differentiation and market penetration. Nongfu Spring has introduced a new carbonated drink, indicating ongoing competition in the beverage industry, which is expected to maintain high growth due to improved consumer scenarios [3]. Mass-Market Products - The report notes that Sam's Club is accelerating new product launches, which benefits companies that maintain high quality and innovation. The change in accounting for a subsidiary by Haoxiangni may lead to short-term profit fluctuations but could enhance asset value in the long run [4].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance is in line with expectations, but cash flow is under pressure. The report anticipates improvements in demand [4][6] - The company has a stable brand foundation and product layout in the mid-to-high-end price range, with a nationwide distribution channel [6] - If industry demand improves, there is still room for growth for the company [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 52.17 billion, with a year-on-year growth of 5.3%. The net profit attributable to shareholders is expected to be 13.41 billion, also reflecting a 5.7% increase [5][6] - For 2025, the company is expected to achieve a total revenue of 52.32 billion, with a slight year-on-year growth of 0.3%, and a net profit of 13.44 billion, indicating a 0.2% increase [5][6] - The gross profit margin for 2024 is 82.8%, with a slight decrease of 0.4 percentage points year-on-year [6] - The operating cash flow for 2024 is projected at 744 million, down 57.1% year-on-year, indicating a slower cash flow growth compared to revenue growth [7] Business Performance - In 2024, the white liquor business is expected to generate 50.3 billion in revenue, with a year-on-year growth of 3.13%. Sales volume is projected to increase by 6.46%, while the price per ton is expected to decrease by 3.13% [6] - The company has implemented a dual-brand strategy with "Shuijingfang" and "Diyifang" to enhance its high-end market presence [6] - The net profit margin for 2024 is projected at 25.7%, a slight increase from the previous year, primarily due to a decrease in sales expense ratio [6][7]

Core Viewpoint - The article highlights the success story of Shui Jing Fang, a Chinese liquor company, showcasing its ability to blend traditional brewing techniques with modern practices and international collaboration, reflecting China's commitment to openness in the global market [2] Group 1: Company Development - Shui Jing Fang has a rich history that dates back over 600 years, originating from the Shui Jing Street distillery during the late Yuan and early Ming dynasties, which has contributed to its unique brewing techniques [2] - In 2006, Shui Jing Fang partnered with Diageo, the world's largest spirits group, marking a significant step in the traditional liquor industry and enhancing its global presence [2] - The company has deepened its collaboration with the Institute of Microbiology of the Chinese Academy of Sciences to research the "No. 1 Microbial Group," discovering key strains that enhance the quality and flavor of its liquor [2] Group 2: Industry Contributions - Shui Jing Fang, in collaboration with two major associations, published the "Protective Production Standards for Ancient Cellars," filling a gap in the industry and ensuring the scientific preservation of its 600-year-old brewing heritage [2] - The company has initiated a digital transformation with the first phase of its comprehensive industrial chain project in Qionglai, aiming to modernize its operations [2] - Shui Jing Fang has been recognized for its cultural contributions, with its traditional brewing techniques designated as a "National Intangible Cultural Heritage," and has established a "Non-Heritage Protection Committee" to ensure the orderly transmission of these skills [2] Group 3: Future Outlook - As a successful case of openness in the liquor industry, Shui Jing Fang exemplifies China's determination and achievements in international collaboration, merging traditional and modern practices while complementing local and global strengths [2]

中国商报（记者 周子荑 文/图）随着人们环保意识增强，绿色低碳消费逐渐深入人心，品牌方纷纷通过使用环保材料、推出可持续包装等举措吸引消费者关 注。各大酒企也在紧跟时代潮流，探索ESG（环境、社会与治理）在消费端的积极表达。5月29日，《ESG视角下酒业可持续消费趋势洞察报告》（以下简 称报告）在北京发布。当前，行业ESG发展处于什么阶段，存在哪些问题？ 2024年，沪深北交易所要求450余家A股上市公司强制披露ESG报告，覆盖11家酒企，强制披露与国际化接轨。尽管部分酒业上市公司被强制披露ESG报告， 但其专业性仍存在不足，包括信息披露不足、报告表达不专业、企业对ESG核心理念的理解不足等。 酒企关注可持续发展 报告显示，酒企很早就开启了ESG的实践。20世纪90年代末，舍得酒业率先提出"生态酿酒"理念。2006年，贵州茅台启动"高粱基地"项目探索生态农业。此 外，包括泸州老窖在内的一批酒企开始对外披露CSR报告内容基本参照ESG框架体系编写。2008年，《中华人民共和国循环经济促进法》的发布推动酒业探 索资源循环利用，如酒糟转化为饲料或肥料。 酒企在对可持续发展关注度提升的同时，作为中国酒业可持续消费的重要 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to see significant growth in its non-net profit for Q1 2025, with a year-on-year increase of 23.63% [1] - The company is focusing on enhancing its market presence through the expansion of its store network and new sales channels, which has shown promising results [3] - The company anticipates that reforms will yield positive results in 2025, despite a slight adjustment in profit forecasts due to industry adjustments [5] Financial Performance Summary - For 2024, the company's revenue is projected to be 5.22 billion yuan, with a year-on-year growth of 5.32% [6] - The company's gross profit margin for 2024 is expected to be 82.76%, slightly down from the previous year, while the net profit margin is projected to be 25.71% [4] - The company reported a decrease in the number of distributors in Q1 2025, but an increase in the average scale of distributors, indicating a shift towards larger, more efficient operations [3] Sales and Product Performance - The mid-range product "Zhen Niang Ba Hao" is identified as a key driver for revenue growth, with a significant increase in sales volume [2] - The sales of high-end liquor in 2024 increased by 2.73% in volume, while the average price per ton decreased by 0.72% [2] - The company has successfully increased its market share through the opening of 10,000 new stores in 2024 [3] Future Projections - Revenue projections for 2025-2027 are 5.48 billion, 5.85 billion, and 6.18 billion yuan respectively, with corresponding net profits of 1.42 billion, 1.55 billion, and 1.67 billion yuan [5] - The company’s earnings per share (EPS) is expected to grow from 2.75 yuan in 2024 to 3.42 yuan in 2027 [6]

Group 1 - The forum held on May 29, 2025, focused on "Sustainable Brewing for Future High-Quality Development Paths" and aimed to activate consumer power through sustainable development planning and cross-industry resource integration [1][6] - The event was guided by the China Economic Media Association and the China Food Fermentation Industry Research Institute, with the Beijing Business Daily and Deep Blue Think Tank as organizers [3] - The president of Beijing Business Daily emphasized that building sustainable business models is crucial for addressing economic fluctuations and industry changes, highlighting the industry's responsibility in sustainable development practices [5][6] Group 2 - The wine industry is facing challenges such as insufficient market activity and increased channel inventory pressure, making transformation a survival necessity [6][8] - The president of the China Alcoholic Drinks Circulation Association noted that the market is undergoing profound changes, with rising consumer demand for high-quality and culturally rich products, necessitating exploration in sustainable consumption [8][10] - The forum featured discussions on how sustainable production and consumption are interdependent, with a focus on reducing resource consumption and environmental pollution [10][12] Group 3 - The forum highlighted the importance of ESG (Environmental, Social, and Governance) practices in the wine industry, with companies urged to enhance their ESG management capabilities to gain competitive advantages [14][15] - A report released at the forum analyzed the current state of sustainable development in the Chinese wine industry, noting an increase in market recognition and international adaptation of ESG practices [17][19] - Various companies shared their sustainable practices, emphasizing the integration of environmental considerations into production and consumer engagement [21][29] Group 4 - The forum included a roundtable discussion on how environmental practices can enhance corporate appeal, with participants sharing insights on sustainable practices in the wine industry [23][25] - Companies like Xifeng Wine and Yubolao highlighted their commitment to sustainability through innovative practices and employee training on environmental responsibility [19][25] - The event showcased successful case studies of over 20 brands recognized for their sustainable consumption efforts, including Moutai and Wuliangye [33][36]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to see significant growth in its non-net profit for Q1 2025, with a projected increase of 23.63% year-on-year [1] - The company is focusing on enhancing its market presence through the expansion of its store network and new sales channels, which has shown promising results [3] - The company anticipates that reforms will yield positive results in 2025, despite a slight adjustment in profit forecasts due to industry adjustments [5] Financial Performance Summary - For 2024, the company expects revenue of 5.217 billion yuan, with a year-on-year growth of 5.32% [6] - The company's gross profit margin for 2024 is projected to be 82.76%, slightly down from the previous year, while the net profit margin is expected to be 25.71% [4] - The company’s revenue for Q1 2025 is projected at 959 million yuan, with a year-on-year growth of 2.74% [1] Product Performance Summary - The company's mid-range product, Zhenniang No. 8, is a key driver of revenue growth, although the growth rate for mid-range products is under pressure due to high base effects [2] - In 2024, the revenue from high-end and mid-range products was 4.764 billion yuan and 264 million yuan, respectively, with year-on-year growth rates of 1.99% and 29.14% [2] Market Strategy Summary - The company has successfully increased its dealer network, with a total of 61 dealers in 2024, although the average scale of dealers has decreased by 7.02% [3] - The company opened 10,000 new stores in 2024, focusing on key markets to expand its market share [3] Financial Projections Summary - The company’s projected revenue for 2025 is 5.484 billion yuan, with a net profit of 1.416 billion yuan, reflecting a growth rate of 5.58% [6] - The projected PE ratios for 2025, 2026, and 2027 are 15.49X, 14.18X, and 13.15X, respectively [5]

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。 二、《公司章程》修订内容 股票代码：600779 股票简称：水井坊 编号：2025-018 四川水井坊股份有限公司 关于修订《公司章程》暨取消监事会的公告 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。 四川水井坊股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召开第十一届 董事会 2025 年第四次临时会议，会议审议通过了《关于修订<公司章程>暨取消监事会 的议案》。具体情况如下： 一、关于修订《公司章程》暨取消监事会的原因 | 原条款 | 修改后条款 | | --- | --- | | 第一条 为维护公司、股东和债权人的合法权益,规范公司 | 第一条 为维护公司、股东、职工和债权人的合法权益,规范 | | 的组织和行为,根据《中华人民共和国公司法》(以下简称 | 公司的组织和行为,根据 ...

股票代码：600779 股票简称：水井坊 编号：2025-017 四川水井坊股份有限公司 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： 1、投保人 2、公司董事、监事及高级经理 保险责任：在保险期限内，被保险人因保险合同承保的非故意违法行为而被他人提 出民事赔偿请求而依法应承担的民事赔偿金，以及被保险人为应对持股行权而产生的行 权响应费用、被保险人为避免或降低因赔偿请求可能带来的不利影响而产生的危机管理 费用、被保险个人因遭受个人非证券类赔偿请求而产生的法律服务费用，保险公司对被 保险人负赔偿责任（免赔额除外）。 第十一届监事会 2025 年第一次临时会议决议公告 本公司监事会及全体监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 召开了第十一届监事会 2025 年第一次临时会议。会议通知于 2025 年 5 月 23 日通过电 子邮件方式送达全体监事。会议应参加表决监事3 人，实际参加表决监事3 人。会议的 召集、通知、召开 ...