Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 45.58 [7][8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at RMB 14.2 million (down 49.7% YoY) and net profit at RMB 0.1 million (down 97.7% YoY) [1] - The company is currently focused on inventory destocking, and it is anticipated that external demand recovery will take time to reflect in performance [4] - The company is deepening its market presence in the province and building model markets outside the province, while optimizing consumer activities [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of RMB 2.3 million (down 66.2% YoY) and a net profit of -RMB 0.4 million [1] - For Q1 2025, revenue was RMB 3.4 million (down 30.3% YoY) and net profit was RMB 0.3 million (down 56.8% YoY) [1] - The gross margin for 2024 decreased by 7.0 percentage points to 71.4%, attributed to a decline in product structure [3] Product and Market Strategy - The company’s product lines, including the "Neican" and "Jiugui" series, have seen significant revenue declines, while the "Xiangquan" series showed a modest increase of 7.6% [2] - The company is focusing on maintaining brand value and controlling inventory to stabilize prices, with a strategic emphasis on core products [2] Future Outlook - The report projects a continued focus on inventory destocking and expects external demand recovery to drive performance improvements in the future [4] - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 10% and 18%, respectively, due to anticipated market conditions [4][13]

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][12][18]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for 2024, with six companies experiencing a year-on-year revenue decline [1][4]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][12]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [4][7]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of market power among top players [2][8]. - Over the past five years, the rankings of the top ten white liquor companies have changed significantly, with new entrants and established brands experiencing shifts in their market positions [10][11]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][17]. - The core issue facing the industry is weak consumer demand, with a need for companies to connect with younger consumers and explore new market segments [18].

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][2][8]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for the 2024 annual report and the first quarter of 2025, with six companies experiencing a year-on-year revenue decline [1][2]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][8]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [3][5]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of the market among top players [2][5]. - The top ten white liquor companies have seen significant changes in rankings over the past five years, with new entrants and established brands experiencing shifts in their market positions [6][7]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks due to continued underperformance [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][13]. - The industry faces challenges in consumer demand, particularly in attracting younger consumers, which is crucial for future growth [12][13]. - Despite some companies maintaining double-digit growth, the overall market sentiment remains pessimistic, with concerns about the sustainability of this growth amid macroeconomic uncertainties [12][13].

Core Viewpoint - The performance of JiuGui Jiu continues to decline, with significant drops in both revenue and net profit for the fiscal year and the first quarter of 2025 [2][3][10] Financial Performance - For the fiscal year, JiuGui Jiu reported revenue of 1.423 billion yuan, a year-on-year decline of 49.70%, and a net profit of 12 million yuan, down 97.72% [2] - In Q1 2025, the company achieved revenue of 344 million yuan, a decrease of 30.34% year-on-year, with a net profit of 32 million yuan, down 56.78% [11][10] Product Performance - Core products, including the Inner Reference and JiuGui series, saw a decline, while the Xiangquan series experienced growth, albeit with limited revenue contribution [6][2] - The Inner Reference series revenue fell by 67.06% to 235 million yuan, while the JiuGui series contributed nearly 60% of total revenue but declined by 49.32% to 835 million yuan [6] Distribution and Inventory - The number of distributors decreased from 1,774 to 1,336, a net loss of 438 distributors, indicating a pessimistic outlook among channel partners [3][8] - As of the end of 2024, finished product inventory was reduced by 4.48% to 5,417 tons, with JiuGui series inventory decreasing from 3,394 tons to 3,063 tons [7] Pricing and Market Strategy - The pricing structure has been disrupted, with wholesale prices for Inner Reference dropping from 850 yuan to 750 yuan, significantly below the official guide price of 1,499 yuan [7] - The company plans to restructure its product matrix with a "2+2+2" strategy, reducing SKUs by 50% to eliminate low-performing products and enhance product differentiation [13] Management Changes - A new board candidate, Cheng Jun, has been nominated, with expectations that he will lead the company towards recovery and growth [12]

Core Viewpoint - The company, JiuGuiJiu, reported a significant decline in both revenue and net profit for the fiscal year 2024, facing severe challenges in the market [1][2]. Financial Performance - Revenue decreased by 49.7% year-on-year to 1.423 billion yuan, while net profit fell by 97.72% to 12.49 million yuan, marking the lowest profit since 2015 [1]. - The high-end product, Neican, saw a dramatic sales drop of 67.06%, generating only 235 million yuan, down from 1.157 billion yuan in 2022 [2]. - The company experienced a slight profit of 12.49 million yuan for the year, following losses in the third and fourth quarters of 64.53 million yuan and 43.99 million yuan, respectively [2]. Product Performance - The core product, Neican, accounted for only 16.55% of total revenue in 2024, a sharp decline from 25% [2]. - The mid-range product line also faced challenges, with the average price per ton dropping by 5.8% [3]. - The low-end product, Xiangquan, experienced a 7.64% growth, but its gross margin was significantly lower at 56.35% compared to the overall company margin of 71.4% [3]. Market Dynamics - The number of distributors decreased from 1,774 in 2023 to 1,336 in 2024, reversing the growth trend of the previous two years [3]. - The concentration of sales among the top five customers declined, with their share dropping to 26.01% in 2024 from 34.84% in 2023 [3]. Cost Structure - Despite a significant drop in revenue, sales expenses only decreased by 32.96%, leading to an increase in the expense ratio from 32.22% to 42.95% [3]. - Advertising and market service expenses accounted for 71% of total costs, with a notable decline in the return on promotional spending [3]. Strategic Initiatives - The company initiated a marketing reform and promotional cost restructuring to enhance market presence and consumer engagement [4]. - In the first quarter of 2025, the company reported a profit of 31.71 million yuan, indicating a potential recovery [5]. - The company aims to optimize its product structure by reducing SKUs by 50% and focusing on high-quality sales and channel management [6]. Industry Context - In 2024, the total production of major liquor companies in China was 4.145 million kiloliters, a decrease of 1.8%, while sales revenue increased by 5.3% to 796.384 billion yuan [7].

2025 年 4 月 28 日，公司披露 24 年年报及 25 年一季报。1）24 年实现营收 14.2 亿元，同比-49.7%；实现归母净利 0.1 亿元， 同比-97.7%。2）25Q1 实现营收 3.4 亿元，同比-30.3%；实现归 母净利 0.3 亿元，同比-56.8%。业绩仍处于承压阶段。 分产品来看，24 年内参/酒鬼/湘泉/其他系列分别实现营收 2.4/8.3/0.8/2.7 亿元，同比-67%/-49%/+8%/-31%，其中销量分 别-56%/-46%/+19%/-20%，吨价分别-25%/-6%/-10%/-13%，吨价 下行致使内参/酒鬼/其他系列毛利率分别-2.4/-2.9/-10.1pct。 期内公司仍着手去化渠道遗留库存问题，聚焦消费者扫码、宴席 活动，期内宴席、消费者扫码有明显增长。公司也阶段性开始梳 理产品架构，酒鬼酒 SKU 压减 50%，构建"2+2+2"战略单品体 系，即 2 个战略单品（内参、红坛）、2 个重点单品（妙品、透明 装）、2 个馥郁香基础单品（内品、湘泉）。 分渠道来看，24 年线上/线下分别实现营收 1.9/12.3 亿元，同比 -34%/-51%。此外 ...

2025 年 4 月 28 日，公司披露 24 年年报及 25 年一季报。1）24 年实现营收 14.2 亿元，同比-49.7%；实现归母净利 0.1 亿元， 同比-97.7%。2）25Q1 实现营收 3.4 亿元，同比-30.3%；实现归 母净利 0.3 亿元，同比-56.8%。业绩仍处于承压阶段。 分产品来看，24 年内参/酒鬼/湘泉/其他系列分别实现营收 2.4/8.3/0.8/2.7 亿元，同比-67%/-49%/+8%/-31%，其中销量分 别-56%/-46%/+19%/-20%，吨价分别-25%/-6%/-10%/-13%，吨价 下行致使内参/酒鬼/其他系列毛利率分别-2.4/-2.9/-10.1pct。 期内公司仍着手去化渠道遗留库存问题，聚焦消费者扫码、宴席 活动，期内宴席、消费者扫码有明显增长。公司也阶段性开始梳 理产品架构，酒鬼酒 SKU 压减 50%，构建"2+2+2"战略单品体 系，即 2 个战略单品（内参、红坛）、2 个重点单品（妙品、透明 装）、2 个馥郁香基础单品（内品、湘泉）。 分渠道来看，24 年线上/线下分别实现营收 1.9/12.3 亿元，同比 -34%/-51%。此外 ...

Financial Performance - The company's revenue for Q1 2025 was ¥344,035,624.40, a decrease of 30.34% compared to ¥493,905,318.75 in the same period last year[4] - Net profit attributable to shareholders was ¥31,713,274.21, down 56.78% from ¥73,380,342.01 year-on-year[4] - The basic earnings per share for Q1 2025 was ¥0.0976, down 56.78% from ¥0.2258 in the same period last year[4] - Operating profit decreased to ¥42,361,493.11 from ¥99,557,250.21, reflecting a decline of approximately 57.5% year-over-year[15] - The net profit for the current period is 31,713,274.21, a decrease of 56.9% compared to 73,380,342.01 in the previous period[16] - The total comprehensive income attributable to the parent company is 31,713,274.21, reflecting a decline of 56.9% from 73,380,342.01[16] - The basic and diluted earnings per share are both 0.0976, down from 0.2258 in the previous period, representing a decrease of 56.8%[16] Cash Flow - The net cash flow from operating activities improved to -¥127,319,825.47, a 51.91% increase compared to -¥264,751,828.82 in the previous year[4] - Cash inflows from operating activities totaled 239,694,584.79, down 36.5% from 377,664,065.42 in the previous period[17] - Cash outflows from operating activities amounted to 367,014,410.26, a decrease of 42.8% compared to 642,415,894.24[17] - The cash flow from investing activities is -69,600,374.35, an improvement from -90,295,734.51 in the previous period[18] - The cash flow from financing activities shows a net outflow of -204,120.00, with no cash inflows reported[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,033,734,903.71, a decrease of 9.47% from ¥5,560,029,839.73 at the end of the previous year[4] - The equity attributable to shareholders decreased by 8.13% to ¥3,998,538,276.42 from ¥4,352,312,244.61[4] - Total current assets decreased to ¥3,084,114,261.03 from ¥3,192,230,471.92, a decline of approximately 3.4%[12] - Total non-current assets increased to ¥1,949,620,642.68 from ¥1,887,173,098.96, an increase of about 3.3%[13] - Total liabilities decreased to ¥1,035,196,627.29 from ¥1,112,578,568.67, a reduction of approximately 6.9%[14] - Total equity increased to ¥3,998,538,276.42 from ¥3,966,825,002.21, reflecting a growth of about 0.8%[14] Inventory and Expenses - Inventory increased to ¥1,778,597,372.57 from ¥1,751,179,120.57, an increase of approximately 1.6%[12] - Research and development expenses increased to ¥3,002,805.59 from ¥2,069,772.84, representing an increase of about 45% year-over-year[15] Market and Strategy - The company reported a decline in sales primarily due to decreased revenue from the Jiugui series, as the liquor industry remains in an adjustment phase with increasing competition[6] - The company plans to continue focusing on the Hunan market and enhance channel management to improve product sales and distribution[6] Other Information - Cash and cash equivalents decreased to ¥1,053,530,746.20 from ¥1,250,655,066.01, a reduction of about 15.7%[12] - The weighted average return on equity decreased to 0.80%, down 0.90 percentage points from 1.70%[4] - The company has not undergone an audit for the first quarter report[19]

Core Viewpoint - The performance of the liquor company Jiu Gui Jiu has been declining, with significant drops in revenue and net profit reported for both the first quarter of 2024 and the previous year [2][3][11]. Financial Performance - In Q1 2024, Jiu Gui Jiu achieved revenue of 344.04 million yuan, a year-on-year decline of 30.34% [3][4]. - The net profit attributable to shareholders was 31.71 million yuan, down 56.78% year-on-year, while the net profit after deducting non-recurring gains and losses was 31.45 million yuan, a decrease of 54.76% [3][4]. - For the full year 2023, the company reported total revenue of 1.42 billion yuan, a decline of 49.7%, and a net profit of 12.49 million yuan, down 97.72% [4][5][6]. Product and Segment Performance - All product lines except the Xiangquan series saw revenue declines last year, with the Neican series down 67.06% and the Jiu Gui series down 49.32% [5][6]. - The Xiangquan series, however, experienced a revenue increase of 7.64% [5][6]. Market Trends and Challenges - The liquor industry is currently undergoing a transition period, with high channel inventory and pressure on market prices for various brands [13]. - Increased competition is leading to a concentration of market share among leading companies, exacerbating the "Matthew Effect" in the industry [13]. Shareholder Information - As of March 31, 2024, the total number of shareholders for Jiu Gui Jiu was 142,300, a decrease of 5.26% from the end of the previous year [11]. - Despite the continuous decline in performance, the company plans to distribute a cash dividend of 6 yuan for every 10 shares, totaling 195 million yuan, which exceeds 100% of the net profit for 2024 [11]. Stock Performance - Jiu Gui Jiu's stock price has been on a downward trend since September 2021, dropping over 78.83% from its peak of 273.29 yuan per share [9].

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-9 酒鬼酒股份有限公司 关于续聘2025年度审计机构的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 酒鬼酒股份有限公司拟续聘天职国际会计师事务所为公司 2025 年度审计机构事项符合财政部、国务院国资委、证监会印发的《国有 企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号） 的规定。 一、拟聘任会计师事务所事项的情况说明 公司拟继续聘请天职国际会计师事务所（特殊普通合伙）（以下 简称"天职国际"）为 2025 年度审计机构（含财务报表审计和内控 审计），期限一年。年度审计费用为 120 万元（未含差旅费），其中 财务审计费用 85 万元、内控审计费用为 35 万元。 天职国际是具有证券、期货相关业务资格的会计师事务所，具备 足够的独立性、专业胜任能力、投资者保护能力，在为公司提供审计 服务工作中，恪尽职守，遵循独立、客观、公正的执业准则，较好地 完成了公司委托的相关工作。 二、拟聘任会计师事务所的基本情况 1、基本信息 天职国际会计师事务所（特殊普通合伙）（以下 ...