Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 5.22 billion and a net profit of 1.34 billion in 2024, reflecting a year-on-year growth of 5.3% and 5.7% respectively. The Q4 2024 revenue was 1.43 billion, with a net profit of 220 million, showing a year-on-year increase of 4.7% but a decrease of 12.3% in net profit [1] - For Q1 2025, the company reported a revenue of 960 million and a net profit of 190 million, with year-on-year growth of 2.7% and 2.2% respectively. The performance aligns with previous expectations [1] - The company focuses on channel health and consumer engagement, with three core strategies: product upgrade innovation, brand premiumization, and marketing breakthroughs, aiming for improved terminal sales [1] Revenue and Market Performance - In 2024, the revenue from high-end and mid-range liquor was 4.76 billion and 260 million respectively, with year-on-year growth of 2.0% and 29.1%. The sales volume increased by 2.7% and 36.1%, while the price per ton decreased by 0.7% and 5.1% [2] - For Q1 2025, high-end and mid-range liquor revenue was 850 million and 50 million, with year-on-year growth of 6.7% and a decline of 34.2% respectively. The proportion of high-end liquor revenue increased by 3.1 percentage points to 94.6% [2] Profitability and Cash Flow - The gross margin for 2024 decreased by 0.4 percentage points to 82.8%. The sales and management expense ratios were 25.1% and 8.2% respectively. The net profit margin increased by 0.1 percentage points to 25.7% [3] - In Q1 2025, the gross margin improved by 1.5 percentage points to 82.0%. The sales and management expense ratios were 27.5% and 9.0% respectively, while the net profit margin slightly decreased by 0.1 percentage points to 19.8% [3] - The company experienced a 21% decline in sales collections year-on-year, with a net operating cash flow of -580 million, primarily due to increased credit sales and cash outflows from the new production base [3] Future Outlook and Valuation - The report anticipates a marginal improvement in demand, which is expected to accelerate the company's sales. Revenue forecasts for 2025-2026 have been adjusted downwards by 2% each, with projected EPS of 2.83 and 2.97 respectively [4] - The target price for the company is set at 62.26 RMB, based on a PE ratio of 22x for 2025, reflecting a slight increase from the previous target price [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a projected EPS of 2.88, 3.09, and 3.48 for the years 2025, 2026, and 2027 respectively, corresponding to a PE valuation of 15.8, 14.7, and 13.0 times [5]. Core Insights - The company reported a revenue of 5.22 billion RMB for 2024, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 1.34 billion RMB, up 5.7% year-on-year. For Q1 2025, revenue was 960 million RMB, a 2.7% increase year-on-year, with a net profit of 190 million RMB, up 2.1% year-on-year, aligning with market expectations [2]. - The company is restructuring its product strategy to establish a dual-brand system with "Shui Jing Fang" and "Di Yi Fang," implementing a "twin star" strategy within the Shui Jing Fang brand [3]. - The new channel revenue for 2024 was 530 million RMB, a 10% increase year-on-year, while wholesale agency revenue was 4.5 billion RMB, up 2% year-on-year. In Q1 2025, new channel revenue surged to 290 million RMB, a 184% increase year-on-year, while wholesale agency revenue decreased by 20% [3]. - The net profit margin for 2024 increased by 0.1 percentage points to 25.7%, while the gross profit margin decreased by 0.4 percentage points. For Q1 2025, the net profit margin was 19.8%, down 0.1 percentage points, with a gross profit margin increase of 1.5 percentage points [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.22 billion RMB, with a net profit of 1.34 billion RMB. The revenue growth rate is projected to be 4.0%, 6.2%, and 11.2% for 2025, 2026, and 2027 respectively [10]. - The company’s net profit for 2025 is expected to be 1.41 billion RMB, with a growth rate of 4.8% [5]. Product and Channel Strategy - The company is focusing on a dual-brand strategy and enhancing its new retail capabilities through partnerships with platforms like Meituan and JD [3]. - The sales from new channels are expected to significantly contribute to overall revenue, with a target for group buying to exceed double-digit percentages in total sales in certain cities [3]. Market Outlook - The company anticipates a decline in net profit for 2025 and 2026 by 5% and 8% respectively, due to pressures on mid-to-high-end demand recovery [5]. - The report suggests that the company is undergoing significant internal reforms, and investors are encouraged to monitor the effectiveness of these changes [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a projected EPS of 2.88, 3.09, and 3.48 for the years 2025, 2026, and 2027 respectively, corresponding to a PE valuation of 15.8, 14.7, and 13.0 times [5][12]. Core Views - The company reported a revenue of 5.22 billion RMB for 2024, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 1.34 billion RMB, up 5.7% year-on-year. For Q1 2025, revenue was 960 million RMB, a 2.7% increase year-on-year, with a net profit of 190 million RMB, up 2.1% year-on-year, aligning with market expectations [2][5]. - The company is restructuring its product strategy to establish a dual-brand system with "Shui Jing Fang" and "Di Yi Fang," focusing on a "twin star" strategy within the Shui Jing Fang brand [3]. - The new channel revenue for 2024 was 530 million RMB, a 10% increase year-on-year, while wholesale agency revenue was 4.5 billion RMB, up 2% year-on-year. In Q1 2025, new channel revenue surged to 290 million RMB, a 184% increase year-on-year, while wholesale agency revenue decreased by 20% [3][4]. Summary by Sections Financial Performance - In 2024, the net profit margin increased by 0.1 percentage points to 25.7%, with a slight decrease in gross margin by 0.4 percentage points. For Q1 2025, the net profit margin decreased by 0.1 percentage points to 19.8%, with an increase in gross margin by 1.5 percentage points [4]. - The company expects revenue growth rates of 4.0%, 6.2%, and 11.2% for 2025, 2026, and 2027 respectively, with net profit growth rates of 4.8%, 7.2%, and 12.7% for the same years [5][10]. Product and Channel Analysis - For 2024, high-end and mid-range products generated revenues of 4.76 billion RMB and 260 million RMB, respectively, with year-on-year growth of 2% and 29%. In Q1 2025, high-end product revenue increased by 7% while mid-range product revenue saw a significant decline of 34% [3]. - The company has initiated an O2O new retail business and is focusing on group purchasing capabilities, aiming for group purchasing to account for a double-digit percentage of total sales in certain cities by 2025 [3][4]. Market Position and Future Outlook - The company is undergoing significant changes in product offerings, national expansion, and internal organizational restructuring, which are expected to enhance its market position [4]. - The report suggests continuous monitoring of the company's reform outcomes as it adapts to market conditions and consumer demands [4].

股票代码：600779 股票简称：水井坊 编 号 ： 2025-007 四川水井坊股份有限公司 第十一届监事会 2025 年第一次会议决议公告 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4 月29 日在公司会议 室以现场结合通讯表决方式召开了第十一届监事会2025 年第一次会议。会议通知于 2025 年4 月18 日通过电子邮件方式送达全体监事。会议应到监事3 人，实到监事3 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。会议由监事会主席Mark Crennan 先生主 持，经与会监事认真审议、依法表决，通过了如下决议： 一、 审议通过了公司《监事会2024 年度工作报告》 本议案表决情况：3 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 二、 审议通过了公司《2024 年度财务决算报告》 本议案表决情况：3 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 ...

股票代码：600779 股票简称：水井坊 编 号 ： 2025-006 四川水井坊股份有限公司 第十一届董事会 2025 年第一次会议决议公告 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4 月29 日在公司会议 室以现场结合通讯表决方式召开了第十一届董事会2025 年第一次会议。会议通知于 2025 年4 月18 日通过电子邮件方式送达全体董事。会议应到董事9 人，实到董事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。会议由董事长范祥福先生主持，经与会董 事认真审议、依法表决，通过了如下决议： 一、 审议通过了公司《董事会2024 年度工作报告》 本议案表决情况：9 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 二、 审议通过了公司《2024 年度财务决算报告》 本议案表决情况：9 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 三、 审议通过了公司《 ...

四川水井坊股份有限公司 股票代码：600779 股票简称：水井坊 编号：2025-008 2024 年度利润分配预案的公告 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。 重要内容提示： 每股分配金额：每股派发现金股利 0.97 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专 用证券账户中的回购股份为基数，具体日期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本扣除公司回购专用证券账 户中的回购股份的基数发生变动的，公司拟维持每股分配金额不变，相应调整分 配总额，并将另行公告具体调整情况。 公司不触及《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 总股本 487,503,198 股，扣除公司目前回购专用证券账户的股份 2,862,400 股,以 484,640,798 股为基数计算合计拟派发现金红利 470,101,574.06 元（含税），剩余 未分配利润结转至以后年度 ...

Group 1 - Chengdu's delegation visited South Korea and Japan from April 21 to 28 to deepen economic and trade cooperation, focusing on electronic information, automotive, and medical aesthetics industries [1][2] - A total of 12 cooperation projects were signed between Chengdu and South Korea, with a total investment amount of 3.12 billion yuan [1][2] - Four industrial projects were signed in Chengdu, including HCT's China headquarters and testing laboratory, with a total investment of 1.21 billion yuan, covering electronic information, biomedicine, and new consumption sectors [3] Group 2 - Eight outward-oriented enterprises from Chengdu signed eight business cooperation projects with South Korean companies, amounting to 1.91 billion yuan, involving electronic information, biomedicine, and health sectors [4] - The cooperation aims to promote the production and marketing of new pharmaceuticals and medical devices from South Korea in Chengdu, while accelerating the international market expansion of Chengdu's unique products [4] - The event is seen as a platform for deepening cooperation between Chinese and South Korean enterprises, enhancing their collaboration in the global market [4]

Core Insights - Sichuan Shui Jing Fang Co., Ltd. reported record high revenues and net profits for 2024, with revenues of 5.217 billion and net profits of 1.341 billion, reflecting year-on-year growth of 5.32% and 5.69% respectively [1] - In Q1 2025, the company continued its positive trend with revenues of 959 million and net profits of 190 million, showing year-on-year growth of 2.74% and 2.15% respectively [1] - Analysts highlight the company's resilience and long-term investment value amid industry adjustments and external uncertainties [1] Company Strategy - The company aims for "extreme consumer experience, expansion growth momentum, and healthy leapfrog development" as part of its five-year strategic plan [1] - Shui Jing Fang focuses on consumer-centric approaches and aims to establish a solid foundation for high-quality execution of its strategic plan [1] Industry Trends - The Chinese liquor industry is undergoing a structural transformation from "supply-driven" to "demand-led," with increasing emotional needs and diverse consumption scenarios [2] - The company emphasizes a consumer-centric approach and performance-driven sales to boost growth [2] Market Expansion - Shui Jing Fang has significantly expanded its offline and online channels, signing over ten thousand new offline stores in 2024 [2] - The company is actively developing e-commerce platforms and O2O channels, providing "30-minute delivery" services in over 50 cities [2] Brand Development - The brand focuses on the mid-to-high-end market, enhancing emotional resonance with consumers, which is a key driver of performance growth [3] - The launch of the "First Fang" high-end brand aims to activate the "China's First Liquor" brand asset and meet high-end consumer demands for personalization and rarity [3] International Performance - The overseas market for Shui Jing Fang saw a remarkable revenue increase of 44.6% in 2024 [3] Sustainability Efforts - The company released its first ESG report, outlining progress in sustainable development and carbon reduction goals [3] - Shui Jing Fang plans to enhance collaboration across the supply chain to build a low-carbon ecosystem and strengthen long-term resilience [3]

四川水井坊股份有限公司 您可使用手机"扫--扫"或进入"注册会计师行业统一监管平台（http://acc.mol 四川水井坊股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | l - ર | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-84 | 立信会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 审计报告及财务报表 二〇二四年度 审计报告 信会师报字[2025]第 ZA11110 号 四川水井坊股份有限公司全体股东: 一、审计意见 我们审计了四川水井坊股份有限公司(以下简称水井坊)财务报 表,包括 2024年 12月 31 日的合并及母公司资产负债表,2024 年度 的合并及母公司利润表 ...