Group 1 - The core index, the China Securities Hong Kong-Shenzhen Connect Leisure Index, has shown a recent increase of 1.28% over the past month, but a decline of 2.96% over the last three months, and a year-to-date increase of 0.93% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities Hong Kong-Shenzhen 500 Index, reflecting the overall performance of securities listed in the Hong Kong, Shenzhen, and Shanghai markets [1] - The top ten holdings in the index include Tencent Holdings (13.02%), Kweichow Moutai (11.14%), Meituan-W (8.38%), and Wuliangye (7.38%) [1] Group 2 - The index's holdings are primarily concentrated in the media sector (41.59%), followed by food, beverage, and tobacco (35.38%), and consumer services (21.05%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, such as when a sample company is delisted or undergoes mergers or acquisitions [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is experiencing pressure on its performance, with projected revenue and net profit for 2024 expected to decline by 12.83% and 33.37% respectively. The revenue for Q4 2024 is projected to drop significantly by 52.17% year-on-year [1]. - The company is adjusting its operational pace in response to market conditions, focusing on strengthening channels such as banquets and emphasizing inventory management [4]. - The company is currently in an adjustment phase, with revenue and profit under short-term pressure due to economic conditions and consumer demand [4]. Financial Performance Summary - For 2024, the company expects revenue of 288.76 billion yuan and a net profit of 66.73 billion yuan, reflecting a year-on-year decline [1]. - The revenue from liquor is projected to be 282.48 billion yuan in 2024, down 13.05% from the previous year, with a sales volume decrease of 16.30% to 139,100 tons [1]. - The average revenue per dealer has decreased by 13.77% to 3.178 million yuan per dealer, despite an increase in the number of dealers by 77 to 8,866 [2]. Financial Data and Valuation - The company's revenue is projected to decline from 33,126.28 million yuan in 2023 to 28,876.30 million yuan in 2024, with a further decline expected in 2025 [5]. - The net profit is expected to decrease from 10,015.93 million yuan in 2023 to 6,673.39 million yuan in 2024, with a continued decline in 2025 [5]. - The projected P/E ratios for 2025, 2026, and 2027 are 18X, 17X, and 16X respectively [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is experiencing pressure on its performance, with projected revenue and net profit for 2024 expected to decline by 12.83% and 33.37% respectively. The revenue for Q4 2024 is anticipated to drop significantly by 52.17% year-on-year [1]. - The company is adjusting its operational pace in response to market conditions, focusing on strengthening channels such as banquets and emphasizing inventory metrics [4]. - The company is currently in an adjustment phase, with revenue and profit under short-term pressure due to economic conditions and consumer demand [4]. Financial Performance Summary - For 2024, the company expects revenue of 288.76 billion yuan and a net profit of 66.73 billion yuan, reflecting a year-on-year decline [1]. - The revenue from liquor is projected at 282.48 billion yuan, down 13.05% year-on-year, with a sales volume decrease of 16.30% to 139,100 tons [1]. - The average revenue per distributor has decreased by 13.77% to 3.178 million yuan per distributor, despite an increase in the number of distributors by 77 to 8,866 [2]. - The gross margin for 2024 is expected to decline to 73.16%, down 2.09 percentage points year-on-year, while the net margin is projected to decrease to 23.09%, down 7.16 percentage points [7]. Earnings Forecast - The earnings forecast for 2025-2027 indicates revenues of 251 billion yuan, 255 billion yuan, and 268 billion yuan respectively, with corresponding net profits of 56 billion yuan, 59 billion yuan, and 62 billion yuan [4]. - The projected PE ratios for 2025, 2026, and 2027 are 18X, 17X, and 16X respectively [4]. Key Financial Metrics - The company’s total revenue for 2023 was 33,126.28 million yuan, with a growth rate of 10.04%. For 2024, the revenue is expected to drop to 28,876.30 million yuan, reflecting a growth rate of -12.83% [5]. - The net profit for 2023 was 10,015.93 million yuan, with a projected decline to 6,673.39 million yuan in 2024, indicating a growth rate of -33.37% [5]. - The company’s asset-liability ratio is reported at 19.20% for 2024, indicating a stable financial structure [6].

丨2025年5月20日星期二丨 NO.1 仁怀六招推动白酒产业发展 日前，仁怀市委常委会和仁怀经开区党工委召开会议。会议强调，要抓住政策机遇，依托"一带一路"等 平台，扩大高水平对外开放，联动地方酒企抱团"走出去"，加快推动"酱酒"出海取得新突破。全市上下 要着力"稳预期、扩市场、建场景、去库存、降成本、解难题"，在白酒产业发展上展现更大作为；着力 引领推动"卖酒向卖生活方式"转变，在酒旅融合上取得更大突破。 点评：仁怀市的部署既是对国内市场瓶颈的突破，也是对全球烈酒竞争格局的主动回应。通过"政企联 动+文化输出+科技赋能"的组合策略，有望推动酱酒产业从规模扩张转向高质量发展。而国际化进程需 长期投入，需平衡文化坚守与本土化创新，并强化产区政府、协会与企业的协同机制，方能实现"世界 酱香白酒核心产区"的全球影响力。 NO.2 贵州茅台董事长张德芹：2025年茅台营收目标增长9% 每经记者｜刘明涛 每经编辑｜肖芮冬 5月19日，贵州茅台2024年度股东大会举行。贵州茅台酒股份有限公司党委书记、董事长张德芹代表公 司董事会在作2024年度工作报告时表示，茅台2025年主要目标是实现营业总收入较上年增长9%左右。 ...

Group 1 - The A-share liquor sector experienced a collective decline, with Kweichow Moutai falling 2.18% to 1578.98 yuan per share, bringing its market value below 2 trillion yuan [2] - The newly revised "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" prohibits high-end dishes, cigarettes, and alcohol at official meals, which may tighten the liquor consumption market [2] - Analysts indicate that government consumption of liquor has significantly decreased, with its share being less than 5% post the 2012 regulations [2] Group 2 - The decline in the liquor sector is seen as normal due to seasonal sales and high inventory levels, although the liquor industry is still considered a long-term investment opportunity [2] - The market is gradually recovering from panic, with companies exploring new consumption scenarios, such as Moutai's "youth strategy" and the launch of the "i Moutai" digital platform [3] - The overall performance of liquor stocks is expected to slow down in 2024, as the industry undergoes a deep adjustment period [3]

5月19日下午，洋河股份召开2024年度业绩说明会，董事长张联东，副董事长、总裁钟雨，副总裁、财 务负责人尹秋明，以及董事会秘书陆红珍等其他高管与投资者在线上互动交流，就投资者关心的业绩情 况、渠道库存、产能规划等问题进行说明。 张联东就投资者提问的"目前市场上的海天梦库存情况、库存问题何时能得到改善"问题回复称，公司正 在多举措进行库存去化工作。 今年2月，洋河同时下发《关于江苏省内暂停接收第六代海之蓝销售订单的通知》，称2025年洋河股份 将推出第七代海之蓝，率先在江苏省内上市。对此，投资者纷纷提问关于第七代海之蓝的上市、铺货等 问题。 对此，洋河方面回应称，第七代海之蓝产品升级、上市的各项准备工作经反复路演、已全部完成，将于 二季度末在江苏省内投放。"第七代海之蓝仍定位为百元价格带的超级单品。对比第六代海之蓝，产品 包装设计上更为年轻、时尚；在酒体品质上坚持公司年份酒战略，采用3年基酒+5年调味酒的酒体设计 标准，老酒更丰富，口感更绵甜。"张联东指出。 另外，关于洋河产品的价格问题，有投资者指出，个别销售网点通过电商直播平台乱报价直接面对消费 者，导致其他网点价格卖不起来，建议针对这种扰乱市场价格的网点 ...

出品｜搜狐财经 作者｜柴鑫洋 编辑｜李文贤 5月19日，洋河股份在业绩说明会上，投资者对洋河股份的业绩波动原因、不同产品的渠道布局及市场 战略进行了提问。 洋河股份董事长张联东表示，2025年一季度营收下滑主要原因包括品牌焕新不足导致势能下降，产品利 润透明使渠道利润收窄，渠道库存承压，以及营销转型待加速。 截至收盘，洋河股份报67.72元/股，下跌0.86%，总市值1020亿元。 当被问及新品第七代海之蓝的铺货情况，洋河股份副董事长钟雨表示，将于二季度末在江苏省内投放。 去年第四季度净利润亏损19.05亿元 系销售收入和毛利率下降幅度较大 其中，2024年第四季度，洋河股份营业收入为13.6亿元，同比下跌52.17%，归母净利润为亏损19.05亿 元。 洋河股份今年一季度延续了业绩下滑颓势。 一季报显示，洋河股份一季度营业总收入为110.66亿元，同比下降31.92%。归母净利润为36.37亿元， 同比下降39.93%。 在业绩说明会上，投资者关注的重点之一是洋河股份业绩情况。 报告显示，2024年洋河股份实现营业收入288.76亿元，同比下降12.83%；归属于上市公司股东净利润 66.73亿元，同比下降 ...

白酒行业普遍承压+公司的主动调整，让洋河股份经历又一个调整之年：行业应收票据的集体回落，表明对产业健康度有同理心的龙头企业，已不再催促经销商加杠杆来完成酒企 的回款目标；而季度销售费用率上升，则表明行业加大费投力度，助力终端加速动销的决心。 这是洋河以真实报表示人的勇气，一如其业绩交流时的表态，"公司根据收入会计准则确认各期收入，不存在提前或延迟确认收入，平滑业绩的操作。" 而当靠自然动销便能乘风而上的时期告一段落，洋河将今年的重点工作划归"稳"。且与头部企业步调一致，洋河未对全年业绩设定量化增长标尺，仅以"健康可持续发展"为方 向，期望主导产品控量稳价，聚力稳固重点市场，加强过程管控和责任考核。 渠道释压克制发货，洋河完善经销商评级、准入与退出机制 5月19日，洋河股份举办2024年度业绩说明会。会上，洋河股份管理层就营收、净利润双重下滑的质疑正面回应。坦言当前公司主要遇到四类问题，一是因品牌保鲜焕新不足，品 牌势能有所下降；二是当前产品利润相对透明，渠道利润空间有所收窄；三是2021年以来持续中高速增速，当前渠道库存存在压力；四是营销转型待加速，从终端渠道到消费者 运营转型的工作还需加快。 "包括洋河在内 ...

Group 1 - The core index of the beverage sector, the China Securities Beverage Theme Index, experienced a decline of 1.06% closing at 25,626.43 points with a trading volume of 19.09 billion yuan [1] - Over the past month, the index has decreased by 2.20%, while it has increased by 3.61% over the last three months, and has seen a year-to-date decline of 1.56% [1] - The index comprises 50 listed companies in the beverage sector, including alcoholic and soft drink companies, reflecting the overall performance of the beverage theme listed companies [1] Group 2 - The top ten weighted companies in the index include Kweichow Moutai (16.73%), Wuliangye (14.16%), Shanxi Fenjiu (11.9%), and Luzhou Laojiao (11.06%) among others [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (58.00%) and the Shenzhen Stock Exchange (42.00%) [1] - In terms of industry composition, the index shows that liquor accounts for 77.09%, soft drinks for 11.44%, beer for 7.96%, wine and others for 2.09%, and yellow wine for 1.42% [1] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Core Viewpoint - The company demonstrates strategic resilience amidst industry fluctuations, achieving a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan in 2024, indicating a shift from scale expansion to value creation [3] Group 1: Strategic Initiatives - The company employs a dual-driven strategy of "intensive cultivation within the province and breakthroughs outside the province" to accumulate momentum for a new growth cycle [3] - The strategic upgrade reflects the logic that "strategic patience is more important than short-term growth," focusing on deep market operations, structural upgrades in products, and continuous investment in quality [3][11] - The company has increased the number of distributors by 77 nationwide in 2024, with 39 new distributors in the province and 38 outside, enhancing both quality and quantity of the distributor system [11] Group 2: Product Development - The company is rapidly constructing a "golden matrix" of products under the "dual famous liquor, multiple brands, and multiple categories" strategy, with the seventh generation of "Hai Zhi Lan" being upgraded for quality enhancement [7] - The "Dream Blue M6+" targets the 600-800 yuan price range, enhancing market share in wedding scenarios, while the crystal version appeals to new middle-class consumers through innovative design and smart anti-counterfeiting [8] - The company has established a "three-true certification system" for its premium products, achieving a terminal premium rate of 45% in core markets and successfully breaking into the thousand yuan price range [10] Group 3: Digital Transformation - Digital innovation is accelerating channel empowerment through a "one product one code" system, creating a digital closed loop from consumption to user profiling and precise marketing, resulting in a consumer database of millions [13] - The company aims to leverage brand and product strength to enhance transformation and innovation, creating greater value for consumers and society [13]