Core Viewpoint - The company aims to enhance sales quality through a focus on brand, product, channel, and system capabilities for the year 2025 [2] Group 1: Brand Strategy - The company is building a differentiated barrier by focusing on "culture + production area" to enhance brand strength and highlight its unique characteristics [2] - The product value chain is being streamlined, with a strategic product matrix of "2+2+2" to upgrade its offerings [2] Group 2: Production Capacity - The company currently has a production capacity of 15,000 tons, with an additional 7,800 tons expected from the Phase II project of the production area [3] - As of the end of 2024, the company will have a base liquor inventory of 46,769 tons, ensuring high-quality products through the use of different aged base liquors [3] Group 3: Channel Development - The company is focusing on improving the quality of its distributors, with some low-efficiency distributors not having their contracts renewed [3] - The marketing model and expense reforms implemented from 2022 to 2024 have led to significant improvements in sales metrics, with consumer sales exceeding distributor purchases [3] Group 4: New Product Launch - The company launched the "Miao Pin" product in Hebei, targeting a price range of 300 to 400 yuan per bottle, with plans to expand to 30 cities nationwide [3] Group 5: System Efficiency - The company has begun to see results from its system construction, allowing for precise expense allocation and dynamic inventory management to stabilize product prices [4]

Core Viewpoint - In 2024, the company experienced a significant decline in performance, with a nearly halved revenue and a 67% drop in sales of its high-end brand, Neican [1][2] Group 1: Revenue and Sales Performance - The company's revenue for 2024 was 1.423 billion, a year-on-year decrease of nearly 50% [2] - The Neican brand, positioned as high-end, saw the largest decline in revenue, amounting to 235 million, which is a 67.06% decrease year-on-year [2] Group 2: Market Conditions and Strategic Response - The decline in sales is attributed to a weak industry cycle, leading to a noticeable drop in overall demand for high-end liquor and increased competition from leading companies [1][2] - The company plans to maintain stable pricing for the Neican brand and does not aim for a significant increase in volume in the short term [2] Group 3: Future Strategies - In 2025, the company aims to enhance sales quality through improvements in brand strength, product strength, channel strength, and system strength [3] - The product strategy includes a "2+2+2" framework, focusing on two strategic products, two key products, and two basic products [3] Group 4: Marketing and Distribution Adjustments - The company has reduced its SKU by 50% to streamline product structure and eliminate low-efficiency products [4] - The company is implementing a BC linkage marketing model to improve market activity, with a focus on cost reform and enhancing the quality of distributors [4][5] - The number of distributors decreased by approximately 24.7% from 1,774 in 2023 to 1,336 in 2024, indicating a focus on improving distributor quality [4][5]

随着白酒产量的持续下滑，行业整体踏入存量竞争阶段。有白酒上市公司5月就公开表示：酒类消费供 需结构出现了转移和分化，酒类消费市场进入到存量期；舍得酒业（600702.SH）也在近期提及"行业挤 压式存量竞争不断加剧"。 国家统计局最新数据显示，2025年1-4月，全国规模以上企业白酒（折65度，商品量）产量130.8万千 升，同比下降7.8%。其中，4月产量28.1万千升，同比下降13.8%。 记者注意到，2016年以来，白酒产量逐年下滑。据国家统计局数据，我国白酒产量在2016年达到1358.4 万千升的高点，此后便开启逐年下滑模式，2024年我国白酒产量为414.5万千升。 一位白酒上市公司高管表示："行业调整短期会增加企业经营难度，导致行业竞争加剧，但对于行业健 康度提升也有积极作用。" 白酒产量逐年下滑，中小酒企"存量厮杀"加剧 国家统计局数据显示，2024年，全国规模以上企业累计白酒产量（折65度，商品量）414.5万千升,同比 下降1.8%；2024年12月,规模以上企业白酒（折65度）产量47.4万千升,同比下降7.6%。 来源于东莞证券研究所 这是白酒产量持续下滑的第八个年头。产量收缩的原因， ...

Core Viewpoint - The company aims to enhance sales quality by focusing on brand strength, product strength, channel strength, and system strength in 2025, with a core strategy of "everything for high-quality sales" [1][4]. Group 1: Sales Strategy - The company has identified that government consumption currently represents a minimal portion of its product sales, indicating that related policies have a limited impact on the company [1]. - The company plans to implement a "2+2+2" strategic product system, which includes two strategic products, two key products, and two basic products, while reducing its SKU by 50% to eliminate low-performing products [1][3]. - The company is focusing on a full-chain layout to drive scale breakthroughs and enhance channel dynamics, with a target of establishing 24,000 effective core terminals [1]. Group 2: Market Dynamics - The high-end liquor market is experiencing a significant decline in demand due to industry weakness, leading to increased competition and price pressure from leading companies [2]. - The company is actively developing small liquor products in response to strong market performance in Hunan [3]. - The company has seen a notable increase in both distribution and sales volumes since the implementation of the BC linkage marketing model, with both metrics exceeding 100% in 2024 [3][4]. Group 3: Product Development - The company is upgrading its "Neican" brand with the launch of the "Neican Jiachen" version, which is expected to support overall sales but will take time to establish [4]. - The company has streamlined its distributor network, focusing on improving the quality of distributors and discontinuing contracts with low-performing ones [4]. Group 4: Future Outlook - The management team is committed to enhancing consumer engagement through increased promotional spending and improving the product value chain, which has already shown positive results in terminal sales [4]. - The company emphasizes the importance of safety, efficiency, innovation, and competitiveness in its operations to drive improvements across all areas [4].

Core Viewpoint - The company is focusing on dual goals of "stabilizing growth" and "improving quality" amidst a complex market environment, emphasizing high-quality development and operational efficiency [1][3]. Group 1: Strategic Focus - The company aims to adhere to a quality-centric strategy, directing efforts towards lean management, intelligent production, and precise marketing to enhance market confidence [3]. - The company is implementing a comprehensive lean management approach across its operations to improve efficiency and reduce costs, particularly in energy consumption and production processes [4][6]. Group 2: Operational Efficiency - The company is optimizing energy procurement and production plans, which has led to significant reductions in energy consumption and waste, thereby enhancing its green manufacturing capabilities [4]. - A collaborative mechanism has been established to enhance lean awareness among all employees, ensuring that annual goals are broken down into specific tasks to improve internal operational efficiency [6]. Group 3: Growth Strategy - The company is accelerating technological innovation and production efficiency to build a differentiated competitive advantage, with a focus on market confidence through effective operations [7]. - The company has reported a 95% year-on-year increase in bottle scanning volume for 2024, indicating successful inventory reduction and market activity [7]. Group 4: Product Development - The company is leveraging cultural elements from its heritage to create unique product offerings, including new strategic products across various price ranges to strengthen its product matrix [8]. - Marketing initiatives are designed to connect with younger consumers through experiential consumption, enhancing brand recognition and consumer loyalty [8]. Group 5: Industry Context - The company is navigating a landscape of increasing industry concentration and consumer differentiation, utilizing management innovation and strategic depth to counter cost pressures and foster high-quality development [8].

Group 1 - The core viewpoint of the article highlights a downward trend in liquor prices in major cities like Guangzhou, Shenzhen, and Dongguan as the Dragon Boat Festival approaches, with over two-thirds of products experiencing price declines [1][2][4] - In Guangzhou, the retail price of Feitian Moutai has dropped to an average of 2579.73 yuan per bottle, with some retailers offering it at around 2300 yuan, while other premium products like Wuliangye have seen a slight decrease of 18 yuan per bottle [2][3] - Shenzhen's market shows a similar trend, with over two-thirds of sampled products experiencing price drops, although some prices may be artificially inflated due to limited availability in certain channels [4][5] Group 2 - In Dongguan, nearly half of the sampled products maintained stable prices, with only 8 out of 21 products showing a decline, while the price of Luzhou Laojiao increased by 61.1 yuan to 1075.6 yuan per bottle due to replenished stock in certain channels [7][8] - The article notes that the upcoming 618 shopping festival has led to price adjustments on e-commerce platforms, with 15 out of 21 sampled premium liquors experiencing price reductions, while only one liquor saw an increase [9][10] - A comparison between the Bay Area and Southwest liquor prices reveals that the Bay Area's retail prices are significantly higher, with differences ranging from 15 to 82 yuan, attributed to higher demand for premium products in the region [11][12]

Investment Rating - The report upgrades the investment rating to OUTPERFORM [1][2]. Core Views - Jiugui Liquor is the only brand of Fuyu aromatic Baijiu and the leading brand in Hunan, with a complete product matrix including ultra-high-end, sub-high-end, and popular products [3][9]. - The company is currently in a performance adjustment period, with significant revenue and profit declines in 2023 and 2024, but shows signs of recovery in Q4 2024 [4][11]. - The company is focusing on optimizing its product matrix in response to intensified competition in the sub-high-end Baijiu market [10][12]. Financial Summary - The company's revenue is projected to be Rmb 1.27 billion in 2025, with a net profit of Rmb 69 million, leading to an EPS of Rmb 0.21 [5][13]. - The gross profit margin is expected to improve from 78.3% in 2025 to 88.3% by 2027, indicating a recovery in profitability [8]. - The company’s market capitalization is Rmb 14 billion (approximately US$1.94 billion) with a target price set at Rmb 49.00 [2][5].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Core Viewpoint - The Chinese liquor industry is currently facing challenges such as weak sales, price inversion, and high inventory levels, exacerbated by a new alcohol ban, leading to a significant drop in stock prices for liquor companies [1][2] Group 1: Industry Overview - The total revenue of 20 listed liquor companies for 2024 is projected to be 439 billion yuan, a year-on-year increase of 7.27%, while net profit is expected to reach 166.63 billion yuan, up 7.40% [1] - The top three companies (Moutai, Wuliangye, and Fenjiu) have a market share exceeding 65.4%, with profit concentration reaching 73.92% [1][3] - Moutai's revenue and profit growth for 2024 are both expected to exceed 15%, while Wuliangye's growth has dropped to single digits, marking its lowest level since 2017 [1][3] Group 2: Company Performance - Moutai's revenue for 2024 is projected at 174.14 billion yuan, with a year-on-year growth of 15.66%, and net profit of 86.23 billion yuan, up 15.38% [3] - Shanxi Fenjiu is expected to achieve a revenue of 36 billion yuan, with a growth rate of 12.79%, and a net profit of 12.24 billion yuan, up 17.29% [3][10] - Gujing Gongjiu's net profit growth is notable at 20.22%, amidst a backdrop of declining performance from many other companies [2][10] Group 3: Financial Metrics - The total operating cash flow for listed liquor companies is projected to be 173.98 billion yuan, a year-on-year increase of 18.64%, driven mainly by leading companies like Moutai [6] - Moutai's cash flow growth rate is particularly high at 38.85%, attributed to increased sales and improved trust from distributors [6] - Contract liabilities for liquor companies totaled 56.08 billion yuan at the end of 2024, with Moutai's liabilities decreasing by 32.09% to 9.59 billion yuan, marking a significant shift in its financial strategy [6] Group 4: Market Dynamics - The liquor market is experiencing a shift, with Moutai leveraging various sales strategies to maintain its market position, despite facing challenges in balancing volume and price [7][8] - The competition landscape is evolving, with companies like Wuliangye and Luzhou Laojiao also showing some positive financial indicators, despite overall industry challenges [9][10] - The rise of instant retail and e-commerce is reshaping the market, providing opportunities for companies to adapt and capture more daily liquor consumption [12]

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-12 酒鬼酒股份有限公司 关于召开2024年度报告网上业绩说明会的公告 出席本次 2024 年度报告网上业绩说明会的人员有：公司党委书 记、总经理程军，公司独立董事李世辉，公司董事会秘书汤振羽，公 司财务总监赵春雷，酒鬼酒供销有限责任公司总经理王恒俊，公司证 券事务代表宋家麒。 敬请广大投资者积极参与。 特此公告 酒鬼酒股份有限公司董事会 2025 年 5 月 22 日 1 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。 酒鬼酒股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《2024 年 年度报告》。 为便于广大投资者进一步了解公司 2024 年年度经营情况，公司 定于 2025 年 5 月 27 日（星期二）下午 15:30 至 16:30 采用网络远程 的方式举行 2024 年度报告网上业绩说明会。投资者可登陆网站 https://eseb.cn/1oskwiHAhuE 参与互动交流。为广泛听取投资 ...