Core Viewpoint - The 618 shopping festival has led to significant price reductions in the Chinese liquor market, particularly for high-end baijiu brands, as manufacturers aim to alleviate inventory pressure during a seasonal consumption lull [1][22]. Price Trends in Major Cities - In Guangzhou, 17 out of 21 sampled baijiu products saw a decline in average retail prices, with notable drops in high-end brands like Moutai and Wuliangye [1][2]. - The average retail price of Moutai in Guangzhou is approximately 2404 RMB, down over 100 RMB from the previous period [2]. - In Shenzhen, most products remained stable, but Moutai was largely unavailable, leading to price fluctuations [6][7]. - In Dongguan, Moutai's price increased significantly due to supply instability, rising from 2299 RMB to 2800 RMB [11][12]. Price Changes by Product - High-end products like the Eighth Generation Wuliangye and Guojiao 1573 also experienced price drops, with Guojiao 1573 decreasing from 1075 RMB to 1004 RMB [12][13]. - The average price of the high-end product Junpin Xijiu fell to around 845 RMB in Guangzhou, with significant reductions noted across various retail channels [2][3]. - The price of Qinghualang in Dongguan dropped from 1055 RMB to 965 RMB, reflecting a broader trend of price reductions in the market [12][13]. E-commerce Impact - E-commerce platforms have seen more pronounced price reductions, with many baijiu brands offering discounts and promotional activities during the 618 festival [16][20]. - On Tmall, the price of Hong Xifeng dropped from 1157 RMB to 1056 RMB, while Guojiao 1573 and Gujing Gongjiu also saw minor declines [19]. - The overall sales volume for liquor on Tmall surged by 72% year-on-year during the promotional period, indicating a positive response to lower prices [19][22]. Market Dynamics - The current price declines are attributed to a structural transformation in the baijiu industry, exacerbated by seasonal consumption patterns and increased competition from online channels [22]. - The price index for national baijiu showed a slight decrease of 0.35% in May, reflecting ongoing challenges in maintaining price stability amid aggressive promotional strategies [22]. - Manufacturers are facing pressure to manage inventory while navigating the complexities of pricing strategies in a competitive market environment [22].

Group 1: Industry Overview - The second quarter marks the traditional off-season for the liquor industry, compounded by increasing environmental uncertainties, leading to a decline in stock prices within the sector [2][5] - The market is experiencing a consensus on deceleration, with individual stock alpha diminishing, as major liquor companies exhibit a rational growth attitude during shareholder meetings [2][3] Group 2: Pricing and Demand Dynamics - The price of high-end liquor, such as Feitian Moutai, has shown a downward trend due to weak demand, with prices dropping to around 2000 yuan [7][13] - The impact of government policies, such as the "Party and Government Agencies Strictly Save and Oppose Waste Regulations," has affected business consumption scenarios, leading to a subdued demand environment [2][3] Group 3: Company-Specific Insights - Guizhou Moutai is expected to achieve a revenue growth target of approximately 9% for 2025, with a focus on expanding sales channels and enhancing consumer engagement [21] - Wuliangye has faced pressure on its pricing, with the price of its flagship product, Pu Wuliangye, declining to 910 yuan, while the company emphasizes maintaining price stability and supporting distributor profits [22] Group 4: E-commerce and Market Trends - The entry of instant retail platforms has significantly boosted online liquor sales, with major brands experiencing substantial growth during the "618" shopping festival [14][18] - The competition in pricing during the "618" event has intensified, impacting traditional distribution channels as e-commerce platforms offer aggressive discounts [18][19]

一、召开会议基本情况 1、股东大会届次：2024 年度股东大会。 证券代码：000799 证券简称：酒鬼酒 公告编号：2025-13 酒鬼酒股份有限公司 关于召开 2024 年度股东大会的通知 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。 2、召集人：公司董事会。公司于 2025 年 4 月 28 日召开第九届 董事会第八次会议，会议审议通过《关于召开 2024 年度股东大会的 议案》。 3、会议召开的合规性、合法性：本次股东大会召集、召开的程 序符合有关法律、行政法规、部门规章、规范性文件和公司章程的规 定。 4、现场会议召开日期：2025 年 6 月 25 日（周三）15:00。 5、网络投票时间： （1）通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的具体时间为2025年 6月25日 9:15—9:25,9:30—11:30 和 13:00—15:00； （2）通过深交所互联网投票系统进行网络投票的具体时间为 2025 年 6 月 25 日 9:15—15:00。 6、会议召开方式：现场表决与网络投票相结合。 公 司 将 通 过 深 ...

Core Viewpoint - The company is facing a significant decline in performance, with a 49.7% drop in revenue and a 97.72% decrease in net profit for 2024, primarily due to the poor performance of its high-end product line, "Neican Series" [1][5] Group 1: Financial Performance - In 2024, the company's revenue fell to 1.423 billion yuan, and net profit dropped to 12.49 million yuan, marking the lowest levels since 2015 [1] - The "Neican Series" revenue plummeted from 1.157 billion yuan in 2022 to 235 million yuan in 2024, a decline of 67.06%, with gross margin decreasing from 91.63% to 87.71% [1] Group 2: Inventory Issues - Despite claims of over 100% distribution and sales rates, investors are skeptical about the actual inventory reduction, which is reported to be less than 5% [2] - The company maintains high finished goods inventory levels to ensure "reasonable stocking" for sales, reflecting a lack of confidence in the distribution channels [2] Group 3: Distributor Reduction - The number of distributors decreased from 1,774 to 1,336 in 2024, as the company aims to improve distributor quality by eliminating inefficient clients [3] - This strategy has caused short-term channel disruptions but is intended to optimize the distribution structure and focus on core markets [3] Group 4: Strategic Focus - The company is shifting from aggressive national expansion to a "focus strategy," pausing production capacity expansion and reducing SKU by 50% to streamline operations [4] - The focus will be on the Hunan market and select external markets, abandoning low-return areas like Beijing and Shanghai [4] Group 5: Industry Context - The company's challenges reflect broader issues faced by regional liquor companies during a period of industry adjustment, including high-end market difficulties and channel instability [5] - The management's focus strategy aims to establish a stronghold in the Hunan market, where the current market share is approximately 15% [5]

"业绩持续下滑，企业有何应对举措？"在日前举行的酒鬼酒股份有限公司（简称"酒鬼酒"）2024年度报 告网上业绩说明会上，有投资者发出这样的疑问。从2022年的10.49亿元净利润，到2024年的1249.33万 元，短短两年间，酒鬼酒业绩俯冲式下跌引发关注。 这也是中粮酒业董事长高峰2024年2月执掌酒鬼酒之后的首份年度业绩。而2025年一季度，其业绩继续 恶化，营收、净利润分别同比下跌30.34%、56.78%。 自2016年成为中粮集团成员以来，酒鬼酒营收从6.55亿元上涨至2022年的40.50亿元，然而2023年之后， 酒鬼酒业绩"跌跌不休"，不禁给其未来画上问号。面对当下高端产品"内参"系列销量大幅下滑、经销商 因获利难度增加而大幅退出等困境，酒鬼酒采取了砍掉五成SKU（最小存货单位）、布局小酒等业务寻 出路。 业绩连续大跌 2024年2月，高峰被选举为酒鬼酒董事长。他接手之时，酒鬼酒正经历业绩大滑坡。然而，高峰接手后 的首份年度成绩单并不亮丽。 2024年，酒鬼酒实现营收14.23亿元，同比下降49.70%；净利润1249.33万元，同比下降97.72%；扣非净 利润670.36万元，同比下降98 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to face significant pressure in its performance during the adjustment period, with projected revenues and net profits for 2024 at 1.423 billion and 12.49 million respectively, reflecting year-on-year declines of 49.70% and 97.72% [1][4]. - The company is anticipated to focus its resources on its core market in 2025, which may lead to a breakthrough in performance [2]. - The report indicates a decline in gross margin and net margin due to a decrease in the proportion of high-margin products, particularly the "Neican" series [3]. Financial Performance Summary - For 2024, the company’s revenue is projected to be 1.423 billion, with a year-on-year decline of 49.70%. The net profit is expected to be 12.49 million, down 97.72% [5]. - The gross margin for 2024 is expected to decrease to 71.37%, a drop of 6.98 percentage points year-on-year, while the net margin is projected at 0.88%, down 18.48 percentage points [3]. - The company’s EBITDA for 2024 is forecasted at 22.01 million, significantly lower than previous years [5]. Revenue and Profit Forecast - The company’s revenue is expected to recover slightly in 2025, with projections of 1.252 billion, representing a 12.03% decline from 2024, and net profit is expected to rise to 112.39 million, a significant increase of 799.64% [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 122X, 84X, and 64X respectively, indicating a potential recovery in profitability [4]. Market Dynamics - The report highlights a significant decrease in sales volume and price for the company's products in 2024, with the liquor sales volume and price dropping by 32.98% and 25.17% respectively [2]. - The number of distributors decreased by 438 to 1,336, with the average distributor scale declining by 33.41% to 1.0588 million per distributor, contributing to the revenue decline [2].

调整期业绩阶段承压，25 年静待改革发力经营改善 事件： 2024 年公司收入/归母净利润分别为 14.23/0.12 亿元（同比 -49.70%/-97.72%）；对应2024Q4 收入/归母净利润分别为2.32/-0.44 亿元（同 比-66.20%/-163.67%）；2025Q1 公司收入/归母净利润分别为 3.44/0.32 亿元 （同比-30.34%/-56.78%）。 24 年去库存报表端承压突出，25 年资源聚焦"大本营"市场有望迎来突破。 24 年内参 / 酒 鬼 / 湘 泉 / 其他营业收入 2.35/8.35/0.76/2.68 亿 元 （-67.06%/-49.32%/+7.64%/-30.84%）。量价角度，24 年酒类销量/吨价分别 -32.98%/-25.17%，营收下滑主要由销量&吨价下降影响。分产品：①24 年 内参销量/吨价分别同比-56.09%/-24.99%；②酒鬼系列销量/吨价同比 -46.18%/-5.83%。24 年经销商数量净减少 438 家至 1336 家，平均经销商规 模同比-33.41%至 105.88 万元/家，24 年单商规模降低是公司营收下降主要 原 ...

Group 1 - Luzhou Laojiao's director Qian Xu has resigned for personal reasons, effective immediately, and will not hold any positions in the company or its subsidiaries [1] - The company confirmed that Qian Xu's resignation does not affect the minimum number of board members and will not disrupt normal operations [1] - The company will proceed with the legal process to elect a new director [1] Group 2 - Kuaijishan's stock price has hit the limit up for three consecutive trading days, with a cumulative increase of over 33%, and a closing price of 25.81 yuan [2] - The company's static P/E ratio is 63.08, significantly higher than the industry average of 20.51 [2] - The company has issued a risk warning due to the significant short-term price increase, advising investors to be cautious [2][3] Group 3 - Jiu Gui Jiu's revenue for the high-end brand Neican has dropped by 67%, with overall revenue for 2024 down 49.7% to 1.423 billion yuan [4] - The company is focusing on price stability rather than volume growth in response to increased competition and a weak industry cycle [4] - The overall white liquor industry is facing dual pressures from demand and competition, indicating potential adjustments in the sector [4] Group 4 - From January to April, the revenue of the liquor, beverage, and refined tea manufacturing industry increased by 3.7% year-on-year, reaching 548.96 billion yuan [6] - The total profit for this sector was 98.33 billion yuan, reflecting a 3.5% year-on-year growth [6] - The performance of this sector is stronger than the overall industrial growth, indicating resilience and providing confidence to related sectors [6]

Core Insights - Hunan is a major liquor consumption province, with per capita liquor consumption nearly double the national average, and an annual sales scale of nearly 300 billion yuan [1] - The market share of local Hunan liquor brands is less than 30%, with only about 70 billion yuan in sales, which is inconsistent with its status as a major consumption province [1] - The "Three Flowers" of Hunan liquor, which were popular in the 1950s and 60s, have seen a decline in market presence [1] Industry Overview - As of 2024, Hunan has over 170 licensed liquor production companies, including 110 white liquor producers, with an annual production of approximately 50,000 to 60,000 kiloliters, ranking 13th to 15th nationally [3] - The major production areas for white liquor in Hunan are Xiangxi, Shaoyang, and Changde [3] Company Performance - Jiu Gui Jiu (酒鬼酒) reported a revenue of 1.423 billion yuan in the last year, with a net profit of 12.49 million yuan, marking a year-on-year decline of 49.70% and 97.72% respectively [3] - Jiu Gui Jiu's revenue from Hunan was 642 million yuan, accounting for 45.11% of total revenue, while revenue from outside the province was 781 million yuan, making up 54.89% [3] - The high-end "Nei Can" series of Jiu Gui Jiu saw a revenue drop of 67.06%, with inventory reaching 1,395 tons, an increase of nearly 20% year-on-year [4] Competitive Landscape - Xiang Jiao Jiu (湘窖酒业) achieved a revenue of 7.07 billion yuan, a slight increase of 0.5%, with a net profit of 1.68 billion yuan, up 3.3% [6] - Wu Ling Jiu (武陵酒) reported a revenue of 1.098 billion yuan, a year-on-year increase of 13.30%, making it the top brand in Hunan [9] - The overall market dynamics show a "three-legged" competition among Jiu Gui Jiu, Xiang Jiao Jiu, and Wu Ling Jiu, with other brands like Bai Sha Jiu Ye and De Shan Da Qu also gaining recognition [10]

| 场，酒鬼酒在这方面有无布局？ | | --- | | 答:您好，酒鬼酒正在布局小酒产品，满足各消费 | | 人群的需求。 | | 12.2025 年 5 月修订的《党政机关厉行节约反对浪 | | 费条例》明确禁止公务接待用酒，请问酒鬼酒当前政务 | | 消费渠道占比是多少？新规是否会导致经销商信心进 | | 一步受挫？公司在 2025 年规划中，对于当前酒鬼酒营 | | 收下降的问题，特别是对于高端的内参销售，有何破局 | | 之道？ | | 答:您好，公司目前产品销售场景中政务消费的占 | | 比极小，此类政策对公司影响较小。2025 年，公司以 | | "一切为了高质量销售"为核心，提升品牌力、产品力、 | | 渠道力、系统力四方面能力，实现销售质量的提升。品 | | 牌力方面，以"文化+产区"为双核，构筑差异化壁垒， | | 提升品牌张力，强化差异化优势，突出酒鬼酒的产区优 | | 势、香型优势和文化优势。产品力方面，梳理产品价值 | | 链，升级产品矩阵，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、 ...