股票代码：600779 股票简称：水井坊 编号：2025-011 四川水井坊股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更系四川水井坊股份有限公司(以下简称"公司"）根据 中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释第 17 号》（财会〔2023〕21 号）（以下简称《准则解释第 17 号》）的相关规定进 行的法定变更。 本次会计政策变更对公司财务状况、经营成果和现金流量不产生重大影 响,不涉及以前年度的追溯调整，也不存在损害公司及股东利益的情况。 一、 本次会计政策变更概述 （一）会计政策变更的原因和日期 2023 年 10 月 25 日，财政部发布了《准则解释第 17 号》，其中"关于供应 商融资安排的披露"的规定，自 2024 年 01 月 01 日起施行。 根据上述文件的要求，公司对会计政策予以相应的变更，自 2024 年 1 月 1 日起开始执行。 （二）会计政策变更的审议程序 本次会计政策变更，系公司根据财政部颁布的相关会 ...

经核查独立董事张鹏先生、李欣先生、饶洁先生、马永强先生（已离任）的 任职经历及签署的相关自查文件，报告期内（2024 年度）上述人员未在公司担 任除独立董事以外的任何职务，也未在公司主要股东单位担任任何职务，与公司 以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系， 不存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》《上海 证券交易所上市公司自律监管指引第 1 号—规范运作》中对独立董事独立性的相 关要求。 四川水井坊股份有限公司 董 事 会 二〇二五年四月二十九日 四川水井坊股份有限公司董事会 关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关规定，四川水井坊股份有限公司（以下简称"公 司"）董事会就公司 2024 年在任独立董事的独立性情况进行评估并出具如下专项 意见： ...

Financial Performance - The company achieved a net profit of CNY 1,341,028,977.40 for the reporting period, representing a 5.69% increase compared to the previous year[6]. - Total revenue for 2024 was CNY 5,216,763,719.24, reflecting a growth of 5.32% year-on-year[22]. - The net cash flow from operating activities decreased by 57.11% to CNY 743,618,792.21 compared to the previous year[22]. - The company's total assets increased by 8.88% to CNY 9,172,734,353.67 at the end of 2024[22]. - The net assets attributable to shareholders rose by 18.06% to CNY 5,187,758,662.96 compared to the end of 2023[22]. - Basic earnings per share for 2024 were CNY 2.7607, up 5.96% from the previous year[23]. - Operating profit reached ¥1,821,843,998.20, reflecting a growth of 7.30% year-over-year[69]. - Net profit attributable to the parent company was ¥1,341,028,977.40, up by 5.69% from the previous year[69]. - The company's cash flow from operating activities decreased by 57.11% to ¥743,618,792.21, primarily due to changes in credit sales[71]. Market Expansion and Strategy - The company opened over 10,000 new stores during the reporting period, enhancing its market presence[31]. - The company plans to implement a dual-brand strategy with "Shuijingfang" focusing on the mid-to-high-end market (300-800 RMB) and "Diyifang" targeting the high-end market (800 RMB and above)[32]. - A new product strategy called "Twin Stars" will be introduced to create a second star product in the 300-800 RMB price range, complementing the existing product line[32]. - The company aims to optimize channel management by categorizing markets into fortress, pioneer, and potential categories, enhancing resource utilization efficiency[33]. - The company is focusing on enhancing consumer engagement and establishing a performance culture centered around consumer needs[34]. - The company is focusing on the development of its core products, maintaining resource support for key offerings to enhance competitiveness[44]. - The company is committed to maintaining a healthy value chain, ensuring stable business growth through systematic management and digital tracking of market dynamics[45]. - The company is focusing on market expansion in Southeast Asia, targeting a 20% market share by 2025[133]. Product Development and Innovation - The company is committed to long-term strategic investments to strengthen growth resilience and ensure quality capacity[34]. - The company launched themed marketing activities during key festivals, enhancing emotional connections with consumers, such as the collaboration with "China National Geography" for the Mid-Autumn Festival[39]. - The company aims to launch the "First Fang" product and enhance its product matrix with iterative releases of the Shui Jing Fang series by 2025[111]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of 2 billion allocated for this purpose[132]. - Ongoing research and development efforts are projected to increase R&D spending by 15% in the next fiscal year[131]. Corporate Governance and Social Responsibility - The company emphasizes social responsibility and stakeholder rights, disclosing ESG reports alongside annual reports since 2022[125]. - The company donated RMB 2 million for emergency relief and reconstruction efforts following a 6.8 magnitude earthquake in Tibet, showcasing its commitment to social responsibility[52]. - The company has constructed six rural health stations in earthquake-affected areas, providing improved health services to local residents[196]. - The company has pledged to continue its efforts in poverty alleviation and rural revitalization through practical actions[196]. - The company has established a comprehensive governance structure, including the formulation of various governance documents such as the Articles of Association and rules for shareholder meetings[120]. Environmental Management - The company has established a wastewater treatment plant with a design capacity of 1,200 m³/day to handle production and domestic wastewater[171]. - The wastewater treatment facility has a processing capacity of 1200 m³/d, utilizing a multi-stage treatment process[177]. - The company has implemented measures to ensure that all pollutants are discharged within regulatory limits[181]. - The company’s pollution control facilities are operating effectively, ensuring that wastewater, waste gas, and noise emissions meet relevant national and local standards[191]. - The company has committed to purchasing green electricity certificates to offset all carbon emissions from purchased electricity[193]. Employee Engagement and Compensation - The company has a competitive salary policy aimed at attracting and retaining key talent, linking employee compensation to company and individual performance[153]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 17.2851 million yuan[138]. - The company provided a total of 24,036.45 hours of training for employees, including 5,704.95 hours for new employee orientation, covering 423 individuals[154]. - The company has implemented an employee stock ownership plan, which was approved in a previous board meeting[164]. - The compensation for directors and senior management is determined based on the company's actual operating conditions, aiming to enhance motivation and management efficiency[137].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 958,932,533.45, representing a year-on-year increase of 2.74% compared to CNY 933,356,003.28 in the same period last year[4]. - The net profit attributable to shareholders was CNY 190,291,824.21, up 2.15% from CNY 186,295,507.50 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 23.63%, reaching CNY 190,328,520.91 compared to CNY 153,954,482.46 last year[4]. - Total operating revenue for Q1 2025 reached ¥958.93 million, a 2.6% increase from ¥933.36 million in Q1 2024[20]. - Net profit for Q1 2025 was ¥190.29 million, representing a 2.7% increase compared to ¥186.30 million in Q1 2024[21]. - The company reported a total profit of ¥254.53 million in Q1 2025, slightly up from ¥249.47 million in Q1 2024[21]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a significant decline, with a net outflow of CNY 575,679,193.45, compared to a net outflow of CNY 102,209,643.46 in the same period last year[4]. - Cash flow from operating activities showed a net outflow of ¥575.68 million in Q1 2025, compared to a net outflow of ¥102.21 million in Q1 2024[24]. - Cash and cash equivalents decreased to RMB 1,397,557,953.31 from RMB 2,124,097,708.35, a decline of about 34.3%[15][17]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥1.40 billion, down from ¥1.96 billion at the end of Q1 2024[25]. Assets and Liabilities - Total assets decreased by 2.55% to CNY 8,939,009,837.89 from CNY 9,172,734,353.67 at the end of the previous year[5]. - The company's current assets totaled RMB 5,326,923,124.10, down from RMB 5,563,558,383.22, indicating a decrease of about 4.25%[15][17]. - Total liabilities decreased to RMB 3,570,958,178.12 from RMB 3,984,975,690.71, a reduction of about 10.4%[17]. - The company's equity attributable to shareholders rose to RMB 5,368,051,659.77 from RMB 5,187,758,662.96, marking an increase of approximately 3.47%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 86,432, with the largest shareholder holding 39.79% of the shares[9]. - The company completed a share repurchase of 2,862,400 shares at a total cost of RMB 12,507,900, excluding transaction fees[12]. - The company plans to continue its share repurchase program, which was approved by the board on February 21, 2024[11]. Research and Development - R&D expenses increased by 30.53%, primarily due to increased investment in product upgrades and innovations[7]. - Research and development expenses increased to ¥7.78 million in Q1 2025, up from ¥5.96 million in Q1 2024, indicating a focus on innovation[20]. Operational Efficiency - Total operating costs decreased to ¥687.24 million in Q1 2025, down 5.0% from ¥723.32 million in Q1 2024[20]. - Sales expenses decreased to ¥263.71 million in Q1 2025, down from ¥327.26 million in Q1 2024, reflecting cost management efforts[20]. Accounts Receivable - The company reported a significant increase in accounts receivable by 232.20%, attributed to credit sales extended to certain distributors[8]. - The accounts receivable increased significantly to RMB 393,276,225.62 from RMB 118,386,116.19, representing an increase of approximately 232.5%[15][17]. Tax Expenses - The company experienced a significant increase in tax expenses, which rose to ¥64.24 million in Q1 2025 from ¥63.18 million in Q1 2024[21]. Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[7].

"在白酒消费场景和消费行为发生结构性变化的当下，水井坊围绕 '极致消费体验、扩容增长动能、实现健康、跨越式发展'这一目标，制定了面向未来五年的长期发展战略。2024 年和2025年一季度，公司上下贯彻'以消费者为导向'的精神，在实现健康、稳定的发展的同时，更为我们高质量落地五年战略规划打下了坚实的基础。" 水井坊总经理胡庭洲表 示。 4月29日晚间，水井坊发布2024年年报及2025年一季报。2024年全年营收突破50亿元。 根据报告，水井坊2024年实现营业收入52.17亿元，同比增长5.32%；实现净利润13.41亿元，同比增长5.69%。2025年一季度，水井坊实现营业收入9.59亿元，同比增长2.74%；实 现净利润1.9亿元，同比增长2.15%。2025年第一季度，公司营业收入与净利润实现双增长，延续了2024年整体向好的态势。受邛崃项目一期投产以及对部分经销商放开信用销售 的影响，公司现金流同比出现一定下调，但整体财务情况依旧保持健康，长期稳健经营积累与战略布局将为后续增长奠定基础。 白酒行业专家蔡学飞指出："在行业整体调整周期延长、外部不确定因素增多的背景下，水井坊的关键经营指标持续成长，核心财 ...

水井坊（600779）公告，2025年第一季度营收为9.59亿元，同比增长2.74%；净利润为1.9亿元，同比增 长2.15%。 ...

四川水井坊股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 股票代码：600779 股票简称：水井坊 编号：2025-005 （一）会议召开时间：2025 年 4 月 30 日（星期三）上午 09:30-10:30 （二） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 重要内容提示： 会议召开时间：2025 年 4 月 30 日（星期三）上午 09:30-10:30 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2025 年 4 月 23 日（星期三）至 4 月 29 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司董事办邮箱 dongshib ...

除了黄酒板块，啤酒板块同样涨幅可喜，燕京啤酒（000729）、青岛啤酒（600600）和惠泉啤酒 （600573）周涨幅全部超3%，4月实现"开门红"，而珠江啤酒（002461）、华润啤酒以及重庆啤酒 （600132）也有不同程度涨幅。 不过值得关注的是，白酒板块本周的表现在酿酒行业里相对较弱，前期调整幅度较大的皇台酒业 （000995）和珍酒李渡本周涨幅超3%，但是一线白酒仅山西汾酒（600809）实现上涨，五粮液 （000858）和贵州茅台（600519）本周股价均出现下跌，其中，水井坊（600779）周跌幅最大，达到 3.15%。 | 证券代码 | 证券简称 | 周五收盘价(元) | 周涨跌幅% | 周市值增长(亿元) | | --- | --- | --- | --- | --- | | 601579.SH | 会稽山 | 12.2 | 15.421 | 7.815 | | 600616.SH | 金枫酒业 | ર રક | 5.313 | 1.873 | | 000729.SZ | 燕京啤酒 | 12.8 | 5.004 | 17.193 | | 600600.SH 青岛啤酒 | | 79.72 | ...

Core Viewpoint - The liquor industry is experiencing a "strong concentration and strong differentiation" trend amid a stock competition era, with increasing inventory pressure and a fundamental shift in supply-demand structure, leading to a decline in consumer expectations and confidence [1][6] Group 1: Market Trends and Challenges - The rapid growth era is fading as the demographic dividend diminishes and rational consumption returns, altering the growth logic of liquor consumption [1] - The industry faces challenges from changing consumer trends, cultural confidence, technological revolutions, and global competition, but also presents new opportunities for those who can adapt and drive structural adjustments [1][12] Group 2: Company Strategy and Innovations - Water Jiufang is leveraging a combination of scene innovation, channel refinement, and brand elevation to navigate the industry's deep adjustment period [1][12] - The company has identified new consumption scenarios, expanding beyond traditional business banquets to include family gatherings and celebrations, emphasizing emotional connections in marketing [1][4] Group 3: Product and Market Positioning - Water Jiufang focuses on different product lines targeting specific market segments, with the main brand positioned in the 300-800 yuan mid-to-high-end price range, while "First Fang" targets the high-end market above 800 yuan [2] - The company is advancing its production capacity through the ongoing development of the Qionglai project, ensuring a solid foundation for long-term growth [2][9] Group 4: Consumer Insights and Engagement - The CEO has spent significant time conducting market research, revealing structural changes in consumer demand, with a notable increase in emotional connection scenarios such as family celebrations and personal gatherings [4][5] - Water Jiufang emphasizes that liquor serves as a medium for emotional expression, enhancing interpersonal relationships and creating memorable experiences for consumers [5] Group 5: Channel Development and Management - The company is implementing a refined channel strategy based on market research, categorizing markets into fortress, pioneer, and potential segments to optimize resource allocation [6][8] - Water Jiufang is enhancing collaboration with distributors to address challenges in store expansion costs and operational efficiency, focusing on sustainable growth and consumer recognition [7][8] Group 6: Long-term Vision and Cultural Heritage - Water Jiufang is committed to a long-term development philosophy, balancing short-term performance with long-term investments to enhance industry resilience [9][11] - The company actively promotes its cultural heritage, with initiatives to protect and disseminate its brewing techniques, recognized as a national intangible cultural heritage [10]

水井坊 600779.SH 公司研究 | 深度报告 | | 买入 （维持） | | --- | --- | | 股价（2025年03月28日） | 50.85 元 | | 目标价格 | 66.66 元 | | 52 周最高价/最低价 | 63.33/30.31 元 | | 总股本/流通 A 股（万股） | 48,750/48,750 | | A 股市值（百万元） | 24,790 | | 国家/地区 | 中国 | | 行业 | 食品饮料 | | 报告发布日期 | 2025 年 03 月 29 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0.71 | 4.8 | -6.51 | 9.28 | | 相对表现% | 0.7 | 4.15 | -4.86 | -1.92 | | 沪深 300% | 0.01 | 0.65 | -1.65 | 11.2 | | 叶书怀 | yeshuhuai@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860517090002 | | ...