证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-013 山西杏花村汾酒厂股份有限公司 2025年第一季度经营数据公告 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、主要经营情况 1.按产品分类情况 注：因汾酒的销售收入占公司整体销售收入比例较高，为充分反映主营产品的实际 销售情况，将产品分类情况划分为汾酒和其他酒类。 2.按销售渠道分类情况 1 单位：万元 币种：人民币 产品种类 2025 年 1-3 月 销售收入 2024 年 1-3 月 销售收入 增减变动幅度（%） 汾酒 1,621,155.12 1,497,908.89 8.23 其他酒类 26,820.27 31,738.04 -15.49 合计 1,647,975.39 1,529,646.93 7.74 单位：万元 币种：人民币 渠道类型 2025 年 1-3 月 销售收入 2024 年 1-3 月 销售收入 增减变动 幅度（%） 代理 1,562,274.43 1,413,479.32 10.53 直销、团购、电商平台 85,700. ...

智通财经4月29日电，山西汾酒晚间公告，2024年公司实现营收360.11亿元，同比增长12.79%；归母净 利润122.43亿元，同比增长17.29%。共计拟向全体股东每10股派发36元现金股利。同日，公司发布一季 报显示，公司实现营收165.22亿元，同比增长7.72%；归母净利润66.48亿元，同比增长6.15%。2024 年，山西汾酒营收跻身行业前三，实现了"又快又好地扎根中国酒业第一方阵"的复兴第一阶段目标。山 西汾酒表示，2024年公司瞄准高质量发展目标，深入推进全国化，10亿元级市场持续增加，长江以南核 心市场实现稳步突破，发展质量显著提升，核心竞争优势得到持续巩固。 山西汾酒：2024年净利润劲增17.29%创新高 复兴第一阶段目标顺利完成 ...

Group 1 - The core viewpoint of the news is that Shanxi Fenjiu reported a revenue growth of 12.79% to 36.011 billion yuan and a net profit increase of 17.29% to 12.243 billion yuan for the year 2024 [1] - The revenue from mid-to-high-end liquor increased by 14.35% to 26.532 billion yuan, while other liquor categories saw a 9.40% rise to 9.342 billion yuan [1] - Domestic revenue grew by 11.72% to 13 billion yuan, and revenue from outside the province increased by 13.81% to 22.374 billion yuan [1] - The number of domestic distributors rose by 15 to 835, and the number of external distributors increased by 598 to 3,718 [1] - The company is optimizing its market layout in China, achieving steady growth in the Yangtze River Delta and Pearl River Delta regions, and enhancing market potential [1] - The company is implementing a strategy focused on "grasping Qinghua, strengthening the waist, and stabilizing glass Fen," leading to steady growth across various product lines [1] - The "five-in-one" technology is empowering core products, effectively enhancing market analysis capabilities and supporting precise marketing [1] - The company is strengthening its distributor optimization mechanism and expanding the coverage of the Fenxiang Liuyu model, achieving refined channel management [1] - The Zhuyeqing liquor is steadily implementing a recruitment and support program for distributors, focusing on high-quality distributors in key regions to enhance market competitiveness [1] Group 2 - Xinghuacun Liquor is reinforcing its positioning as the "first brand of poetry and wine" and is actively conducting consumer cultivation activities [2] - The company is seeking development breakthroughs through exclusive products for e-commerce channels and direct supply cooperation with JD.com [2] - In international marketing, the company is pursuing a differentiated, pilot-based, and scenario-oriented high-quality overseas expansion strategy, achieving over 50% year-on-year growth in liquor export revenue [2] - The company successfully filled market gaps in 11 countries, further solidifying its overseas terminal channels [2] - According to the Q1 2025 report, the company's revenue for the first quarter of 2025 was 16.522 billion yuan, a year-on-year increase of 7.72%, and the net profit attributable to the parent company was 6.648 billion yuan, up 6.15% year-on-year [2]

Market Overview - The three major A-share indices experienced slight declines, with the Shanghai Composite Index down 0.05%, the Shenzhen Component Index down 0.05%, and the ChiNext Index down 0.13%. The North Star 50 Index, however, rose by 1.24% [1] - The total market turnover was 1.0417 trillion yuan, a decrease of 35 billion yuan compared to the previous day, with over 3,500 stocks rising across the market [1] Sector Performance - The PEEK materials, beauty care, chemical products, humanoid robots, and agricultural machinery sectors saw the largest gains, while the electricity, insurance, liquor, port shipping, controllable nuclear fusion, and coal sectors experienced the most significant declines [2] - Notable stocks included PEEK materials concept stocks such as Juyuan Long (301131), Xinhang New Materials (301076), and Zhongxin Fluorine Materials (002915), which all hit the daily limit [2] - The beauty care sector saw strong afternoon performance with stocks like Marubi Biotechnology (603983) hitting the daily limit, while other notable gainers included Babi Co., Jinbo Biological, and Shanghai Jahwa (600315) [2] Stock Highlights - Step by Step (002251) and Maoye Commercial (600828) both achieved a "limit-up" performance in the afternoon, showcasing significant market interest [2] - The electricity sector faced a downturn, with stocks like Shaanxi Energy (000601), Leshan Electric Power (600644), and Xichang Electric Power (600505) hitting the daily limit down [2] - The liquor sector also lagged, with Yingjia Gongjiu (603198) hitting the daily limit down, and other major players like Yanghe Brewery (002304) and Gujing Gongjiu (000596) showing significant declines [2] Notable Trends - The "hot stock list" featured companies like Step by Step, Hongbaoli, and Maoye Commercial, with respective gains of 4.15%, 5.81%, and 10.02% [7] - The "strong wind direction list" highlighted sectors such as new energy vehicles, chemical products, and robotics, with multiple stocks hitting the daily limit [11][12][13] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 340.5 billion yuan for a 7-day term at an interest rate of 1.50% to maintain liquidity in the banking system [32] - The Ministry of Commerce reported that China's service trade totaled 19,741.8 billion yuan in the first quarter, reflecting a year-on-year growth of 8.7% [33]

白酒股午后震荡走弱，迎驾贡酒（603198）触及跌停，洋河股份（002304）跌超4%，今世缘 （603369）、古井贡酒（000596）、山西汾酒（600809）纷纷下挫。 ...

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Food and Beverage Index reported at 24307.01 points [1] - The CSI 300 Food and Beverage Index has decreased by 1.04% over the past month, increased by 6.78% over the past three months, and has decreased by 0.32% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [2] Group 2 - The top ten weights in the CSI 300 Food and Beverage Index are: Kweichow Moutai (50.89%), Wuliangye (13.09%), Yili (9.64%), Shanxi Fenjiu (5.39%), Luzhou Laojiao (4.82%), Haitian Flavoring (3.66%), Dongpeng Beverage (3.02%), Yanghe Distillery (2.28%), Jinshiyuan (1.92%), and Shuanghui Development (1.45%) [2] - The market share of the CSI 300 Food and Beverage Index is 75.95% from the Shanghai Stock Exchange and 24.05% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Food and Beverage Index shows that liquor accounts for 79.81%, dairy products for 9.64%, condiments and cooking oil for 4.64%, soft drinks for 3.02%, meat products for 1.45%, and beer for 1.43% [3] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumer retail sales growth rate rebounded month-on-month in March, indicating strengthened expectations for consumption policies. The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The snack food (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) sectors performed relatively well [3][12][14] - The first quarter of 2025 saw a decrease in the allocation of food and beverage stocks by funds, with the allocation ratio dropping from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds reduced their allocation to food and beverage stocks, while the allocation to liquor stocks increased slightly [3][12][14] - The Central Political Bureau meeting emphasized increasing income for low- and middle-income groups and boosting service consumption to enhance economic growth. This aligns with the optimistic outlook for the consumption sector. Despite pressures on the performance of liquor, condiments, and frozen food in Q1, the snack sector showed strong growth, with companies like Salted Fish and West Oat achieving significant revenue increases [4][13] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage stocks, but holdings became more concentrated, with the snack sector showing outstanding performance [12] - The food and beverage index underperformed the market, with a decline of 1.4% [14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 sectors, underperforming the CSI 300 by about 1.7 percentage points. Snack food, soft drinks, and other alcoholic beverages showed relative strength [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Liquor Industry News - Wuliangye plans to launch 17 new product series, indicating ongoing innovation in the liquor sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]