Core Insights - The article discusses the strategic initiatives of Shui Jing Fang in response to the evolving white liquor market, emphasizing a dual-brand strategy and targeted marketing approaches to enhance sales performance [3][4][5]. Group 1: Strategic Initiatives - Shui Jing Fang has launched a dual-brand strategy, combining "Shui Jing Fang" and "Di Yi Fang" to target both mid-range and high-end markets, aiming to leverage brand synergy for value enhancement [5][6]. - The company is focusing on consumer-defined value in the current market, shifting from a producer-led approach to one that emphasizes quality, brand, and service [4][5]. - The strategic adjustments are driven by changes in consumer behavior, with a notable increase in demand for specific social occasions and emotional consumption scenarios [5][6]. Group 2: Market Positioning and Performance - Shui Jing Fang reported a projected net profit of approximately 134.08 million yuan for 2024, reflecting a year-on-year growth of about 6%, and an expected revenue of around 521.67 million yuan, up by approximately 5% [6]. - The company is implementing a "one city, one policy" approach to optimize resource allocation and enhance sales effectiveness across different markets [6][7]. - The strategic focus includes improving operational efficiency through digital platforms and supporting distributors in store expansion and management [7]. Group 3: Consumer Engagement and Marketing - The company aims to create a sales activation system centered around key consumption scenarios such as banquets and group purchases, which are critical for maintaining market share [7]. - Shui Jing Fang plans to integrate marketing strategies with local cultural and consumption habits during major festivals to enhance brand storytelling and consumer connection [5][6].

Core Insights - The article discusses the strategic response of Shui Jing Fang to the current adjustment period in the Chinese liquor industry, focusing on creating new consumption scenarios and a dual-brand system to adapt to changing consumer demands [1][3][4]. Brand Strategy - Shui Jing Fang aims to shape a new market scenario with the concept of "drinking fine wine to celebrate beautiful moments," targeting the mid-to-high-end market while also developing unique high-end products [1][14]. - The company is establishing a dual-brand system consisting of "Shui Jing Fang" for the mid-range market and "Di Yi Fang" for the high-end market, allowing for differentiated positioning and consumer targeting [16][19]. Consumer Insights - The shift in consumer behavior is highlighted, with a move away from traditional business-oriented consumption towards emotional connections in social settings, such as family gatherings and celebrations [10][12]. - The concept of "emotional value" is emphasized, where consumers seek not just quality products but also meaningful experiences that enhance their social interactions [10][12]. Market Positioning - Shui Jing Fang's core product, Zhen Niang No. 8, has successfully captured a significant market share, contributing over 80% of revenue, indicating strong competitive positioning in the mid-range segment [22][23]. - The company plans to refine its product offerings across different price ranges, focusing on both high-end and mid-range markets to meet diverse consumer needs [23]. Channel Strategy - The company is implementing a new channel strategy to address the challenges posed by high inventory levels and competitive pressures, emphasizing a tailored approach based on local market conditions [24][25]. - Shui Jing Fang is enhancing its collaboration with distributors, providing them with tools and resources to optimize store performance and improve sales efficiency [25][26].

Core Viewpoint - The Chinese liquor industry is undergoing a significant supply-side adjustment, with major brands like Moutai and Wuliangye adopting low-key strategies during the Chengdu Spring Sugar Conference, indicating a "bottoming out" phase for the industry [1][2][4][11] Industry Adjustments - The Spring Sugar Conference has become a platform for supply-side experiments, reflecting a deep adjustment in the liquor industry that is believed to exceed previous cycles [1][4] - Major liquor companies are focusing on inventory optimization and price control rather than aggressive marketing and expansion [5][10] Brand Strategies - Moutai has simplified its exhibition strategy, reducing the number of showcased products and focusing on brand display rather than extensive product promotion [2][3] - Wuliangye has canceled its hotel exhibition, signaling a shift in strategy among traditional liquor giants [3] Market Dynamics - The liquor market is experiencing a polarization, with top brands reducing marketing efforts while smaller brands engage in aggressive promotions [5][6] - The industry is facing severe challenges, including inventory buildup and price declines, with Moutai's price dropping from 3000 yuan to around 2200 yuan [9][10] Consumer Behavior - There is a shift in consumer expectations towards quality, brand, and cultural values, prompting a need for supply-side reforms [4][7] - The trend of "dual red envelope" marketing is being reconsidered, with some companies moving towards direct consumer engagement strategies [8][9] Future Outlook - The industry is in a transitional phase, with a focus on brand strength and market research rather than immediate sales [3][6] - Analysts suggest that while the industry may have shown signs of bottoming out, the future remains uncertain, particularly for smaller enterprises [11]

Investment Rating - The report maintains a recommendation for the industry, indicating that the overall upward risk outweighs the downward risk, especially with the current low positioning of the sector [1][3]. Core Insights - The industry is currently in a "corporate agony period," with signs of a bottom reversal established. The report suggests that while performance may be under pressure in the next two quarters, stock prices are expected to rebound [1][7][27]. - High-end liquor and strong regional brands are anticipated to lead the market recovery, with a particular focus on the evolution of Luzhou Laojiao and Shanxi Fenjiu [1][7][42]. Summary by Sections Section 1: Historical Review of the Industry - The previous adjustment period from 2012 to 2015 saw stock prices decline ahead of performance, with a notable drop of 61% in the index from its peak [11][16]. - The report outlines two phases during the last cycle: the "channel agony period" and the "corporate agony period," highlighting how stock prices often lead performance by 2-3 quarters [11][20]. Section 2: Current Cycle Analysis - The current cycle has transitioned from a "channel agony period" starting in 2022 to a "corporate agony period," with inventory levels decreasing and market conditions improving [7][27]. - The report notes that the current adjustment has been less severe than the previous one, with the index experiencing a 45% decline from its peak, compared to a more rapid decline in the earlier cycle [27][30]. Section 3: Investment Recommendations - The report recommends focusing on companies with strong market dynamics and improved strategic capabilities, such as Luzhou Laojiao and Shanxi Fenjiu, which are expected to outperform due to their robust distribution networks and mature pricing strategies [1][7][42]. - It also highlights the potential for leading brands like Guizhou Moutai and Wuliangye to benefit from the recovery, as they have historically led rebounds in previous cycles [1][42]. Section 4: Market Performance Metrics - The report provides data on the industry scale, noting 143 listed companies with a total market value of 5,313 billion [3]. - It also includes performance metrics, indicating a 6.3% absolute performance over one month and a 37.6% performance over six months [5].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The recent local fertility policies have effectively boosted consumer confidence, particularly benefiting the liquor and dairy sectors [4][5]. - The liquor sector is currently at a low valuation, presenting a high margin of safety, and is expected to benefit directly from the recovery in consumption and increased consumer spending [4]. - The dairy sector is experiencing significant growth due to new child-rearing subsidies, which are expected to lower the cost of childbirth and increase birth rates, thus driving demand for dairy products [5]. Summary by Sections Industry Performance - The food and beverage sector has shown a monthly performance increase of 9.0%, while the Shanghai and Shenzhen 300 index has increased by 1.7% over the same period [2]. Investment Views - In the liquor sector, companies such as Shui Jing Fang, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Jiu are recommended based on their valuation advantages. Long-term recommendations include Wuliangye, Luzhou Laojiao, and others [4]. - The dairy sector has seen a significant rise, with companies like Ximai Food, Youyou Food, and others being highlighted for their growth potential [5]. Key Company Feedback - Luzhou Laojiao's stock price is at 143.61, with an EPS forecast of 9.00 for 2023 and a PE ratio of 15.96, rated as "Buy" [10]. - Gujing Gongjiu is also rated as "Buy," with a stock price of 193.54 and an EPS forecast of 8.68 for 2023 [10]. Industry Data Trends - The liquor industry reported a total revenue of 756.3 billion in 2023, reflecting a year-on-year growth of 9.7% [54]. - The cumulative production of liquor in 2024 reached 4.145 million tons, showing a decrease of 7.72% year-on-year [53]. - The seasoning industry has seen its market size grow from 259.5 billion in 2014 to 592.3 billion in 2023, with a CAGR of 9.6% [56].

股票代码：600779 股票简称：水井坊 编号：2025-004 四川水井坊股份有限公司 关于股份回购实施结果暨股份变动公告 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。 一、回购审批情况和回购方案内容 2024 年2 月5 日，公司首次披露了回购股份事项，详见公司披露的《关于推动公司 "提质增效重回报"及提议回购股份的公告》（公告编号：临2024-004 号）。经自查，公 司首次披露回购事项至回购完成期间内，公司董事、监事、高级管理人员、控股股东、 实际控制人不存在买卖公司股票的情况。 四、股份变动表 本次股份回购前后，公司股份变动情况如下： 2024 年 2 月 21 日,四川水井坊股份有限公司（以下简称"公司"）召开第十届董事 会2024 年第三次会议，审议通过了《关于以集中竞价方式回购公司股份的议案》，同意 公司使用自有资金以集中竞价交易方式回购公司股份，用于员工持股计划或股权激励， 回购资金总额不低于人民币 7,500 万元且不超过人民币 15,000 万元，回购价格为不超 过人民币75.00 元/股，回购期限为自 ...

1 月 24 日，公司发布 2024 年度主要经营数据公告，预计 2024 年度实现归 属于上市公司股东的净利润约 134,078 万元，同比增长约 6%；营业收入约 521,671 万元，同比增长约 5%。全年来看，公司收入与利润均较上一年度 保持增长，完成了年初制定的全年经营目标。 公司报告 | 公司点评 水井坊（600779） 证券研究报告 年度目标顺利达成，Q4 利润端阶段承压 事件： 臻酿八号平稳放量，稳固营收基本盘。24 年公司顺利达成全年经营目标， 营收实现 5%左右增长。其中，核心单品臻酿八号成为公司业绩的核心驱动 力，据酒业家公众号，2024 年其销售规模或达到 30 亿左右，奠定公司营 收基本盘。我们认为，臻酿八号之所以能够成为公司业绩核心驱动力主要 系：①臻酿八号所处的 300-400 元价格带是次高端主力价格带，上承商务 场景需求，下接大众宴席升级，符合市场放量逻辑；②公司持续对井台、 典藏等高端开展广告营销投入，形成高端品牌影响力的外溢效应，臻酿八 号被消费者认为是性价比之选。 Q4 加大 BC 联动投入，利润端阶段承压。24Q4 公司净利率预计 15.10%左 右，同比下降 2.9 ...

根据《上海证券交易所上市公司回购股份实施细则》《上海证券交易所上市公司自律 监管指引第7 号—回购股份》的相关规定，公司应当在每个月的前3 个交易日内公告截 至上月末的回购进展情况。公司现将回购股份进展情况披露如下： 公司于 2024 年 3 月 5 日首次实施回购。截至 2025 年 1 月 31 日，公司已累计回购 股份 286.24 万股，占公司总股本的比例为 0.59%，购买的最高价为 50.00 元/股、最低 价为30.35 元/股，已支付的总金额为12,507.90 万元（不含交易手续费），数据如有尾 差，系四舍五入所致。 股票代码：600779 股票简称：水井坊 编号：2025-003 四川水井坊股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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 2024 年 2 月 21 日召开第十届董 事会2024年第三次会议，会议审议通过了《关于以集中竞价方式回购公司股份的议案》， 并于 2024 年 2 月 22 日在指 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company successfully achieved positive growth targets for 2024, with revenue expected to reach approximately 5.217 billion yuan, a year-on-year increase of about 5.3%, and net profit attributable to shareholders projected at around 1.341 billion yuan, a year-on-year increase of about 5.7% [8] - The performance of mid-to-high-end products has been stable, with significant sales growth in products priced at 300 yuan and below, particularly the flagship product "Zhenniang Eight" [8] - The company is actively embracing digital transformation and enhancing its marketing strategies, focusing on both online and offline channels to increase brand exposure and consumer engagement [8] Financial Summary - Total revenue (in million yuan) for 2022A was 4,673, 2023A was 4,953, 2024E is 5,217, 2025E is 4,904, and 2026E is 5,450 [1] - Net profit attributable to shareholders (in million yuan) for 2022A was 1,216, 2023A was 1,269, 2024E is 1,341, 2025E is 1,178, and 2026E is 1,347 [1] - The latest diluted EPS (in yuan/share) for 2022A was 2.49, 2023A was 2.60, 2024E is 2.75, 2025E is 2.41, and 2026E is 2.76 [1] - The current P/E ratio (based on latest diluted EPS) is 17.90 for 2023A, 16.94 for 2024E, 19.28 for 2025E, and 16.86 for 2026E [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [5][7]. Core Views - The company's performance is in line with expectations, showing steady growth in revenue and profit. For 2024, total revenue is projected to be 5.217 billion yuan, a year-on-year increase of 5.32%, while net profit attributable to shareholders is expected to reach 1.341 billion yuan, up 5.67% year-on-year [5]. - The sales performance of the company's flagship product, "Zhen Niang Ba Hao," remains strong, with good sales momentum expected to continue into 2025. The product is positioned in the 300 yuan price range, allowing it to compete effectively in the mid-to-high-end market [6]. - The company is focusing on enhancing its high-end brand image and consumer education for new products, aiming to establish itself as a leading brand in the strong aroma liquor segment [7]. Summary by Sections Financial Performance - The company anticipates total revenue of 5.217 billion yuan for 2024, reflecting a growth rate of 5.3%. The net profit is projected at 1.341 billion yuan, with a growth rate of 5.7% [11]. - For Q4 2024, total revenue is expected to be 1.429 billion yuan, a year-on-year increase of 4.68%, while net profit is projected to decline by 12.40% to 216 million yuan due to increased marketing expenses and amortization costs from new projects [5]. Product Performance - The sales of "Zhen Niang Ba Hao" are performing well, benefiting from promotional strategies during the peak sales season around the Spring Festival. The product is expected to maintain a good growth trend in 2025 [6]. - The company has introduced a classic replica of its "Jingtai" product to enhance brand image, while higher-end products are currently facing market pressure [6]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 2.75, 2.87, and 3.03 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17, 16, and 15 times [7].