Group 1 - The core product "Jiu Gui · Zi You Ai" launched by Jiu Gui Jiu in collaboration with the popular supermarket chain Pang Dong Lai has achieved remarkable sales, selling out quickly across various platforms and stores [1][4] - Jiu Gui Jiu's stock price has increased over 20% from mid-June to mid-July, indicating strong market confidence in the new product's potential to generate significant sales revenue [1][4] - The product is expected to contribute billions in annual sales, with industry experts predicting sales could reach 1 billion yuan by 2025 [4][14] Group 2 - The pricing strategy for "Jiu Gui · Zi You Ai" is set at 200 yuan, positioning it in the mid-range of the Jiu Gui product line, which includes various price tiers [6][8] - The product's quality is comparable to higher-priced offerings within the Jiu Gui series, making it an attractive option for consumers seeking value [6][8] - The collaboration with Pang Dong Lai allows Jiu Gui Jiu to tap into new supermarket channels, diversifying its sales strategy beyond traditional distributors [5][14] Group 3 - The current market for liquor is facing challenges, with companies needing to balance pricing and volume to maintain profitability [2][11] - Many liquor brands are exploring new product launches at lower price points to attract consumers, as seen with other brands in the market [12][13] - The success of "Jiu Gui · Zi You Ai" could pave the way for other liquor brands to enter supermarket collaborations, emphasizing quality at competitive prices [10][15]

2、自 2024 年利润分配方案披露至实施期间，公司股本总额未发 生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 证券代码：000799 证券简称：酒鬼酒 公告编号：2025-18 酒鬼酒股份有限公司 2024 年利润分配实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股东大会审议通过利润分配情况 1、酒鬼酒股份有限公司(以下简称"公司")2024 年利润分配方 案已获 2025 年 6 月 25 日召开的 2024 年度股东大会审议通过，2024 年利润分配方案为：以公司现有股份总额 324,928,980 股为基数，每 10 股派发现金红利人民币 6.00 元（含税），分配总额固定，共分配 利润 194,957,388.00 元；不送红股，不以公积金转增股本。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个 月。 二、本次实施的利润分配方案 公司 2024 年利润分配方案为：以公司现有总股本 324,928,980 股为基数，向全体股东每 10 股派 6.00 元人民币现金（含税；扣税后， 通过深股通持有股份的香 ...

Core Points - The company announced a cash dividend distribution plan for 2024, approved by the shareholders' meeting [1] - A cash dividend of RMB 6.00 will be distributed for every 10 shares, based on a total share count of 324,928,980 shares [1] - The total amount for the dividend distribution is RMB 194,957,388.00, with no stock dividends or capital reserve transfers [1] - The record date for the dividend is set for July 30, 2025, and the ex-dividend date is July 31, 2025 [1]

Core Viewpoint - The collaboration between Jiugui Liquor and retail giant Pang Donglai has generated significant industry attention, but Jiugui Liquor's underlying performance remains concerning, with a sharp decline in revenue and profit forecasts for 2025 [1][2][6]. Financial Performance - Jiugui Liquor's revenue for 2023 and 2024 is projected to be 2.83 billion yuan and 1.42 billion yuan, representing year-on-year declines of 30.14% and 49.70% respectively [2]. - The net profit for the same years is expected to be 548 million yuan and 12.49 million yuan, showing declines of 47.77% and 97.72% [2]. - For the first half of 2025, revenue is anticipated to be around 560 million yuan, a decrease of approximately 43%, with net profit expected to be between 8 million and 12 million yuan, a staggering drop of 90.08% to 93.39% [2]. Operational Challenges - The company's gross margin has decreased from 79.97% in 2021 to 70.71% in the first quarter of 2025 [3]. - Inventory issues are becoming more pronounced, with inventory reaching 1.75 billion yuan by the end of 2024, accounting for 34.48% of total assets, and inventory turnover days increasing from 873 days in 2023 to 1576 days in the first quarter of 2025 [3]. - The number of distributors decreased by 438 in 2024, and the concentration of sales among the top five customers fell to 26.01%, down from 34.84% in 2023 and 37.33% in 2022 [3]. Market Position - Jiugui Liquor's market share in its home market of Hunan, valued at approximately 28 billion yuan, has fallen below 3%, facing strong competition from national giants like Moutai and Wuliangye [5]. - The company is caught in a cycle of declining performance, distributor loss, inventory buildup, and further performance deterioration [5]. Strategic Collaboration - The partnership with Pang Donglai is seen as a potential lifeline for Jiugui Liquor, with expectations for improved brand visibility and market penetration [6][10]. - However, there are concerns regarding the alignment of target consumer demographics, as Pang Donglai caters to a mass retail market while Jiugui Liquor is positioned as a high-end brand [8][10]. - The collaboration is viewed as an innovative approach, combining strong brand equity from both parties, which could enhance market reach and sales [11][13]. Future Outlook - The collaboration is anticipated to provide short-term confidence in the capital market, but the long-term success will depend on overcoming significant operational challenges and fierce market competition [13].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the liquor sector has faced challenges due to the implementation of the "Regulations on Strict Economy and Opposition to Waste" by the central government, leading to a decline in revenue and profits for most liquor companies in Q2 2025. However, recent media corrections have stabilized the sector, and a gradual recovery is expected [3][20] - The report emphasizes the importance of individual stock opportunities within the consumer goods sector, particularly in the context of the liquor market's recovery and the introduction of innovative products [4][21] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 17226.07, with a 52-week high of 19809.29 [1] - The sector has shown a relative performance decline compared to the CSI 300 index, with a year-on-year retail sales growth of 4.8% in June 2025 [14] Liquor Sector Analysis - The report notes that major liquor companies like Moutai, Wuliangye, and Luzhou Laojiao have varying price-to-earnings ratios, indicating a mixed valuation landscape [20] - The introduction of new products, such as the "Jiu Gui Free Love" by Jiu Gui Jiu and its collaboration with the retail channel "Pang Dong Lai," is expected to drive sales and innovate marketing strategies [5][18] Fund Holdings and Market Sentiment - As of Q2 2025, the food and beverage sector's fund holding ratio is 6.75%, reflecting a decrease of 2.12 percentage points, indicating cautious sentiment among investors [4][20] - The liquor segment's fund holding ratio is 4.98%, also down by 2.42 percentage points, suggesting a trend of risk aversion in the market [20] Company Performance Highlights - Dongpeng Beverage reported stable revenue growth, with significant increases in electrolyte water and fruit tea segments [22] - The report mentions that companies like Youfei Foods and Guoquan are focusing on channel optimization and product innovation to drive growth [23] - The performance of companies such as Zhou Hei Ya and Jiahe Foods is noted, with both showing signs of recovery despite facing challenges [23] Market Trends and Price Movements - The food and beverage sector index increased by 0.68% in the latest week, ranking 13th among 30 sectors, while the dynamic PE ratio stands at 21.26 [24] - The report highlights that soft drinks and dairy products have shown the highest growth rates among sub-sectors [24]

Group 1 - The core viewpoint of the articles highlights a significant shift in the Chinese liquor industry, with major companies developing and promoting low-alcohol products below 38 degrees, aiming to attract younger consumers and diversify their product lines [1][3][9] - Major companies like Wuliangye, Luzhou Laojiao, and Yanghe are actively participating in this trend, with Wuliangye planning to launch a 29-degree product and Luzhou Laojiao already having developed a 28-degree version [2][3][4] - The low-alcohol market is projected to grow significantly, with estimates suggesting it will exceed 74 billion yuan by 2025, reflecting a compound annual growth rate of 25%, which is much higher than the overall growth of the liquor industry [3][9][10] Group 2 - The shift towards low-alcohol products is driven by changing consumer preferences, particularly among younger demographics, where over 60% prefer low-alcohol options due to the harshness of high-alcohol beverages [3][9] - Companies are not only focusing on low-alcohol products but are also exploring cocktail mixes to create a more diverse flavor profile suitable for summer consumption [5][6] - The industry is witnessing a competitive landscape where traditional high-alcohol brands are adapting to market demands, with the success of low-alcohol products hinging on the companies' ability to innovate in brewing techniques and expand distribution channels [9][10]

Core Viewpoint - The collaboration between Jiugui Liquor and Pang Donglai to launch "Jiugui·Freedom Love" is seen as a crucial step to reverse the declining performance of Jiugui Liquor, which is facing significant revenue and profit drops [1][2]. Group 1: Product Launch and Market Response - The product "Jiugui·Freedom Love" has quickly sold out upon its launch, indicating strong market demand [1]. - The product is priced at 200 yuan per bottle, with a comprehensive cost of 168.26 yuan, resulting in a gross profit margin of 15.87% [2]. Group 2: Financial Performance - Jiugui Liquor is expected to see a 43% decline in revenue for the first half of 2025, with net profit dropping over 90.08% [1][3]. - The company's daily average net profit is projected to be less than 70,000 yuan for the first half of 2025 [3]. Group 3: Historical Performance and Market Trends - Jiugui Liquor's revenue grew from 1.512 billion yuan in 2019 to 4.05 billion yuan in 2022, but has since faced a steep decline due to market adjustments [3][4]. - The number of distributors increased significantly from 763 in 2020 to 1,774 in 2023, but has since decreased to 1,336 by the end of 2024, indicating a contraction in market presence [4][5]. Group 4: Strategic Adjustments - Jiugui Liquor aims to achieve a recovery in performance and has adjusted its long-term revenue target from 10 billion yuan to a focus on restoring growth in 2024 [6]. - The company plans to refine its product strategy by reducing the number of SKUs by 50% and eliminating underperforming products [6][7].

Core Viewpoint - The collaboration between Jiugui Liquor and Pang Donglai to launch the "Jiugui Freedom Love" product is seen as a crucial step to reverse Jiugui Liquor's declining performance, with expectations for improved sales and brand value amidst a challenging market environment [1][2]. Product Launch and Sales Performance - The "Jiugui Freedom Love" product will be available in multiple channels, including 13 Pang Donglai supermarkets and online platforms like Douyin, with initial sales in four stores in Changsha [1]. - The product has reportedly sold out quickly, indicating strong initial demand, with a retail price of 200 yuan per bottle and 1200 yuan per box [4][6]. Financial Performance and Market Position - Jiugui Liquor is projected to experience a 43% decline in revenue and over 90% drop in net profit for the first half of 2025, with daily net profit estimated to be less than 70,000 yuan [8][9]. - The company's market value has decreased by 82.38% since its peak in September 2021, reflecting significant challenges in the capital market [1][2]. Industry Trends and Consumer Behavior - The white liquor industry is undergoing a structural shift towards lower price segments, with increasing demand for mid to low-priced products, which Jiugui Liquor is now targeting with its new product [7][12]. - The collaboration with Pang Donglai is expected to enhance Jiugui Liquor's sales in the Henan market, although challenges remain in expanding beyond this region [12][13]. Inventory and Channel Issues - Jiugui Liquor has faced significant inventory challenges, with stock levels reaching 17.51 billion yuan, leading to increased inventory turnover days from 873 to 1461 days [11]. - The number of distributors has decreased from 1774 in 2023 to 1336 by the end of 2024, indicating a loss of confidence in the brand's distribution network [10][11]. Strategic Adjustments and Future Outlook - Jiugui Liquor aims to refine its product strategy by reducing SKU counts by 50% and focusing on high-potential products, while also planning to enhance its high-end offerings [14][15]. - The company has adjusted its growth targets, shifting from a long-term goal of reaching 10 billion yuan in revenue to focusing on recovery and positive growth in 2024 [13].

长沙晚报掌上长沙7月22日讯（全媒体记者 曹开阳）近日，湖南白酒龙头企业、上市公司酒鬼酒与零售 标杆企业胖东来联名打造的"酒鬼·自由爱"正式上市。这款双方联袂推出的馥郁香型白酒，不仅以"东来 严选"的高质价比重塑行业标准，更以"自由与爱"的精神内核完成两大品牌的文化共振。这款全新的白 酒产品将于7月24日在步步高超市上架开售。 近年来，包括白酒零售在内消费市场出现了较为明显的变化，不少中高端白酒品牌在零售市场销量下 滑，但价格区间在200元至400元的"亲民酒"却呈现旺销态势。业内人士分析指出，作为中高端白酒代表 品牌的酒鬼酒与素以薄利多销著称的胖东来联手推出高质价比白酒产品，正是为了当下的市场形势。 相关负责人告诉记者，胖东来来到湖南后，又将发展的目光投向了湘西。胖东来坚持"自由与爱"，认 为"生命在于释放，而非修行"；酒鬼酒于20世纪80年代，出自艺术大师黄永玉之手，黄永玉所言"做鬼 比做神仙更洒脱"为品牌注入自在、洒脱和敢于做真我的灵魂。由此，胖东来发现湖湘性格，以及黄永 玉的价值观和个性和他非常"搭"。缘分使然之下，水到渠成地有了自由爱这款白酒产品。 在胖东来的货架上，每瓶"酒鬼·自由爱"都带着完整的 ...

Core Viewpoint - The collaboration between Pang Donglai and Jiu Gui Jiu to launch the "Jiu Gui・Zi You Ai" white wine at a significantly lower profit margin of 15.87% challenges the traditional high-end liquor market norms where profit margins typically exceed 80% [1][2]. Group 1: Product Launch and Pricing - The "Jiu Gui・Zi You Ai" white wine is priced at 200 yuan per bottle, with a comprehensive cost of 168.26 yuan, including a product cost of 155 yuan and a development cost of 13.26 yuan, resulting in a profit of 31.74 yuan [2]. - The product was launched on July 19 and is available in 13 Pang Donglai supermarkets and online platforms, although it has not yet appeared in some partner stores like Bubu Gao [1][2]. Group 2: Market Strategy and Consumer Response - The collaboration aims to leverage Pang Donglai's brand influence and customer loyalty to enhance market penetration for Jiu Gui Jiu's rich aroma flavor profile [2]. - Previous collaborations by Pang Donglai, such as the "DL Bao Feng Zi You Ai" white wine priced at 75 yuan per bottle, have shown strong consumer preference, achieving annual sales of 500 million yuan [3]. Group 3: Industry Trends and Insights - The Chinese liquor market is shifting towards lower price segments, with the most active price ranges being 100-300 yuan, 300-500 yuan, and below 100 yuan [4]. - Industry experts suggest that Pang Donglai's model may disrupt traditional pricing strategies in the liquor market, prompting companies to reassess their channel strategies and deepen collaborations with retail giants [4].