证券代码：000799 证券简称：酒鬼酒 公告编号：2025-1 审议并通过《关于聘任公司副总经理的议案》 根据工作需要，公司第九届董事会决定聘任韩朝武先生为公司副 总经理，聘任吴新真先生为公司副总经理，任期自董事会聘任之日起 至第九届董事会任期届满时止。具体如下： （一）聘任韩朝武先生为公司副总经理 经核实，韩朝武先生未持有公司股票，不存在《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》第 3.2.2 所列的不得被提名担任上市公司高级管理人员情形，符合有关法律、 行政法规、部门规章、规范性文件、《深交所股票上市规则》及交易 所其他相关规定等要求的任职资格。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 酒鬼酒股份有限公司 第九届董事会第六次会议决议公告 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。 一、董事会会议召开情况 酒鬼酒股份有限公司（以下简称公司）第九届董事会第六次会议 通知于 2025 年 1 月 13 日以电子邮件或短信息等书面方式发出，会议 于 2025 年 1 月 16 日以通讯表决的方式召开。会议应出席 ...

今天呢也非常荣幸能够请到久贵酒的宋总来给我们就近期的这个一些的情况做一个简要的介绍那么整体上的会议呢差不多是二十分钟左右吧首先呢是可能由我这边来介绍宋总一些近期的一些情况吧那我第一个问题呢可能是关于就是新的这个管理层 因为我们可能也看到这个公司人员的服务经历有回到公司了然后政府的话是有一个调整就不知道这一块的话是否您这个有没有一些解读可能还有点情 这边有信息吗?嗯,挺有信息的,挺有信息的嗯,好的主要是关于公司的人条这方面的情况嗯,就是应该是说对公司整体转移的公司总经理一般就觉得全部都蛮不顾这些老车总经理本人的事情然后现在可能还是不太行那个声音还是不太行孙老师我这边已经 你没用耳机是吧?我试用过耳机了,试用过耳机了,发动机比较合适现在呢?现在好一些,现在好一些,可能我估计会不会用耳机的也有 就是那个之前的这个有些变种嘛包括王岐山总统的离职然后在当前的那个环境下整体的团队工作压力还有工作强度都比较高特别是曾毅总之间的那个工作的那个程度也比较大然后 在当前这个环境我们很难去做一些条件上的控制了就是说我们已经在全力的去做开拨口但是这个具体发货是会算在20年还是25年这个方面我们很难去做这种具体的发货人士来说的话还是尽 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.39 CNY and a projected PE ratio of 106X for 2024 [4][9]. Core Insights - The company has initiated a comprehensive marketing transformation in 2023, adjusting its market strategy and marketing expenditure. However, the overall industry is entering an adjustment phase in 2024, leading to intensified competition and continued pressure on performance. The return of Mr. Cheng Jun, who previously contributed to significant profit growth, is expected to help the company navigate through this challenging period and return to growth [2][4][7]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to generate revenues of 1.74 billion CNY, 1.95 billion CNY, and 2.14 billion CNY for the years 2024, 2025, and 2026 respectively. Corresponding net profits are expected to be 172.48 million CNY, 202.76 million CNY, and 233.31 million CNY for the same years [4][6][17]. - Historical Performance: In 2022, the company reported a revenue of 4.05 billion CNY, with a net profit of 1.05 billion CNY. However, in 2023, revenue dropped to 2.83 billion CNY, and net profit fell to 547.81 million CNY, reflecting a significant decline [6][14]. - Valuation Metrics: The company’s PE ratio is projected to decrease from 106.23 in 2024 to 78.53 in 2026, indicating a potential recovery in earnings [6][17]. Management Changes - The company announced the return of Mr. Cheng Jun as the new General Manager, following the resignation of Mr. Zheng Yi. Mr. Cheng previously served as Vice General Manager and is expected to leverage his experience to stabilize and grow the company [7][9].

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-28 酒鬼酒股份有限公司 第九届董事会第五次（临时）会议决议公告 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。 因工作调整原因，郑轶先生辞去公司总经理职务，辞职后郑轶先 生仍担任公司副董事长职务。根据工作需要，公司第九届董事会聘任 程军先生为公司总经理，任期自董事会聘任之日起至第九届董事会任 期届满时止。 经核实，程军先生未持有公司股票，不存在《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》第 3.2.2 所 列的不得被提名担任上市公司高级管理人员情形，符合有关法律、行 政法规、部门规章、规范性文件、《深交所股票上市规则》及交易所 其他相关规定等要求的任职资格。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 附:程军先生简历 酒鬼酒股份有限公司董事会 2024年12月20日 1 附件：聘任高级管理人员简历 一、董事会会议召开情况 酒鬼酒股份有限公司（以下简称公司）第九届董事会第五次（临 时）会议通知于 2024 年 12 月 18 日以电子邮件或短信息等书面方式 ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-27 酒鬼酒股份有限公司 关于公司高级管理人员辞职的公告 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。 近日，酒鬼酒股份有限公司（以下简称"公司"）董事会收到郑 轶先生提交的书面辞职报告。郑轶先生因工作调整原因辞去公司总经 理职务，仍担任公司副董事长职务。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》3.2.8 条规定，郑轶先生的辞职报告自送达公司 董事会时生效。 经核实，郑轶先生持有公司股票 10100 股，郑轶先生所持公司股 票将严格遵守《上市公司股东、董监高减持股份的若干规定》《上市 公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 18 号——股东及董事、监事、高级管理人员减持股份》等 规定进行管理。 公司董事会对郑轶先生在任职总经理期间对公司作出的贡献表 示感谢。 酒鬼酒股份有限公司董事会 2024 年 12 月 20 日 ...

Investment Rating - The report has adjusted the investment rating to "Accumulate" [3][5]. Core Views - The company experienced significant pressure on demand in Q3, leading to a substantial decline in revenue and profit, with Q3 revenue down 67.24% year-on-year [1][3]. - The company is undergoing a marketing transformation, which is expected to yield positive results in the future despite current challenges [3]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 1.191 billion yuan, net profit attributable to the parent company of 56 million yuan, and net profit excluding non-recurring items of 51 million yuan, reflecting year-on-year declines of 44.41%, 88.20%, and 89.27% respectively [1]. - In Q3 2024, the company reported revenue of 197 million yuan, a net loss of 65 million yuan, and a net loss excluding non-recurring items of 66 million yuan, with year-on-year declines of 67.24%, 213.67%, and 219.48% respectively [1]. - The gross margin and net margin for Q3 2024 decreased by 11.65 and 42.22 percentage points year-on-year to 64.04% and -32.77% respectively [2]. - The sales expense ratio and management expense ratio increased by 30.21 and 13.61 percentage points year-on-year to 66.30% and 18.97% respectively [2]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been revised to 1.744 billion yuan, 1.946 billion yuan, and 2.141 billion yuan, down from previous estimates of 2.43 billion yuan, 2.71 billion yuan, and 2.99 billion yuan [3]. - The net profit forecast for 2024-2026 has been adjusted to 172 million yuan, 202 million yuan, and 233 million yuan, down from previous estimates of 390 million yuan, 470 million yuan, and 550 million yuan [3]. - Corresponding price-to-earnings ratios are projected to be 118.6X, 100.9X, and 87.7X for 2024, 2025, and 2026 respectively [3]. Key Financial Metrics - The company’s total revenue for 2023 is projected at 2.83 billion yuan, a decrease of 30.14% from 2022 [4]. - The net profit for 2023 is expected to be 548 million yuan, down 47.77% from 2022 [4]. - The earnings per share (EPS) for 2024 is forecasted to be 0.53 yuan, compared to 1.69 yuan in 2023 [4].

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 1.19 billion yuan, down 44.4% year-on-year, and net profit at 60 million yuan, down 88.2% year-on-year [1]. - The third quarter of 2024 saw revenue of 200 million yuan, a decrease of 67.2% year-on-year, and a net loss of 60 million yuan [1]. - The company is facing challenges in product sales and cautious channel repayments, with weak demand in the mid-to-high-end product segments [1]. - The company is actively adjusting its strategy to focus on core products and improve market presence, particularly in its home market of Hunan [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.19 billion yuan, down 44.4% year-on-year, and a net profit of 60 million yuan, down 88.2% year-on-year [1]. - In Q3 2024, revenue was 200 million yuan, down 67.2% year-on-year, with a net loss of 60 million yuan [1]. - The company’s white liquor sales volume for the first half of 2024 was 4,418 tons, down 18.8% year-on-year [1]. Product Performance - The company’s product lines showed varied performance, with the "Inner Reference" series sales down 44.4%, while the "Xiangquan" series saw a 36.2% increase [1]. - The average price per ton for white liquor was 224,000 yuan, down 20.8% year-on-year [1]. Cost and Profitability - The gross margin for the first three quarters of 2024 was 71.8%, a decrease of 7.1 percentage points year-on-year [1]. - The net profit margin was 4.7%, down 17.6 percentage points year-on-year [1]. - Operating cash flow for Q3 2024 was negative 200 million yuan, a significant decline compared to the previous year [1]. Strategic Adjustments - The company is focusing on its core product lines, particularly the "Jiu Gui" and "Inner Reference" series, and is optimizing its product structure [1]. - Efforts are being made to enhance market presence in Hunan and expand into other provinces with sample market initiatives [1]. - The company is increasing promotional activities and strengthening its online and group purchase channels to boost sales [1]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.29 yuan, 0.38 yuan, and 0.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 176, 134, and 108 [2].

证券研究报告·公司点评报告·白酒Ⅱ 酒鬼酒（000799） 24Q3 业绩点评：逆境承压，摩砺以须 2024 年 11 月 04 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4050 | 2830 | 1551 | 1691 | 1942 | | 同比（ % ） | 18.63 | (30.14) | (45.18) | 9.02 | 14.81 | | 归母净利润（百万元） | 1,048.86 | 547.81 | 61.17 | 70.77 | 132.19 | | 同比（ % ） | 17.39 | (47.77) | (88.83) | 15.69 | 86.78 | | EPS- 最新摊薄（元 / 股） | 3.23 | 1.69 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company's performance is under significant pressure, with revenue and profit falling short of expectations. For the first three quarters of 2024, total revenue was 1.191 billion yuan, a decrease of 44.41% year-on-year, and net profit attributable to shareholders was 56 million yuan, down 88.20% year-on-year [2][3] - The company is undergoing a structural adjustment in its product offerings, with a shift in expense allocation from B-end to C-end, leading to a decline in sales of mid-to-high-end products. This has resulted in a downward trend in product structure and revenue performance [3] - Despite short-term performance challenges, the company is expected to continue its expense reform, aiming for long-term growth. The price increase of its premium products indicates a strengthening brand influence, and the acceleration of sales for its secondary high-end products reflects an improvement in market impact [4] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 1.191 billion yuan, down 44.41% year-on-year, and net profit was 56 million yuan, down 88.20% year-on-year. In Q3 2024, total revenue was 197 million yuan, a decrease of 67.24% year-on-year, with a net loss of 65 million yuan [2] - The gross margin for Q1-Q3 2024 was 71.81%, down 7.09 percentage points year-on-year, while the net margin was 4.74%, down 17.60 percentage points year-on-year. In Q3 2024, the gross margin was 64.04%, down 11.65 percentage points year-on-year, and the net margin was -32.77%, down 42.22 percentage points year-on-year [2] - Operating cash flow was under pressure, with net cash flow from operating activities for Q1-Q3 2024 at -411 million yuan, compared to 57 million yuan in the same period last year [2] Expense Management - The company has shifted its expense allocation strategy, focusing more on consumer-oriented spending, which has led to a rigid expense structure and high initial investments. This has contributed to the underperformance in profits [3] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 0.33 yuan, 0.46 yuan, and 0.60 yuan, respectively, down from previous estimates of 0.87 yuan, 1.01 yuan, and 1.18 yuan. The current stock price corresponds to price-to-earnings (PE) ratios of 155, 111, and 85 times for the respective years [4][7]

[Table_StockNameRptType] 酒鬼酒（000799） 公司点评 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------- ...