行业报告 | 行业研究周报 食品饮料 证券研究报告 食品饮料周报：政治局会议定调积极，看好饮料旺季催化 市场表现复盘 本周（4 月 21 日-4 月 25 日）食品饮料板块/沪深 300 涨跌幅分别-1.36%/+0.38%。具体板块来 看，本周零食（+4.50%）、软饮料（+2.21%）、其他酒类（+0.06%）、调味发酵品（-0.33%）、肉 制品（-0.53%）、啤酒（-0.72%）、保健品（-1.28%）、白酒 III（-1.75%）。 周观点更新 白酒：五一临近关注宴席场景拉动，Q1 板块释压预计总体持平微增。本周白酒板块-1.75%， 表现弱于食品饮料整体以及沪深 300，我们认为主要系：①当前处白酒消费淡季，需求端总体 仍偏弱；②25Q1 行业主动调整去库存&高基数背景下报表端预计承压。本周舍得酒业、华致 酒行发布一季报，天佑德酒、顺鑫农业、五粮液、老白干酒发布年报&一季报，总体表现符合 预期（五粮液25Q1略超预期），从目前发布的酒企财报来看预计降速释压仍是酒企24Q4&25Q1 主旋律。五一旺季来临各头部品牌纷纷加码婚宴投入力度，从多地酒店宴席预订量增长情况来 看，五一期间白酒宴席场景预计有 ...

酒业上市公司业绩披露进入高峰期。截至4月27日晚，已有贵州茅台、五粮液、泸州老窖、古井贡酒、 顺鑫农业、 珍酒李渡、老白干酒、舍得酒业、天佑德酒、上海贵酒、百威亚太、华润啤酒、青岛啤 酒、燕京啤酒、重庆啤酒、珠江啤酒、古越龙山、会稽山、张裕等近20家上市酒企披露了2024年年报， 部分也一并披露了一季报。 整体表现来看，白酒去年降速已经是不争的事实。投资者更关注今年一季度降速还在持续，不过头部白 酒一季度还是普遍保持了增长，部分白酒如古井贡酒甚至继续保持了两位数增长，非头部白酒严重分 化，今年将有多家酒企将被实施退市风险警示。啤酒股在去年行业整体下滑后，今年一季度重回增长， 尤其燕京啤酒、珠江啤酒的盈利继续保持高增速。黄酒股情况相对较好，尤其会稽山上周再度涨停。 酒企业绩 五粮液2024年营收超过890亿元 Q1营收增长6% 21世纪经济报道肖夏 综合报道 4月25日晚，五粮液披露2024年年报和2025年一季报。年报显示，2024年五粮液实现收入891.75亿元， 同比增长7.09%，实现归母净利润318.53亿元，同比增长5.44%。今年一季度，五粮液实现收入369.4亿 元，同比增长6.05%，实现归母 ...

Core Viewpoint - Tianyoude Liquor's net profit has decreased significantly due to increased market expenses and the implementation of a stock incentive plan, impacting the company's financial performance in 2024 [1][2]. Financial Performance - In 2024, Tianyoude Liquor reported revenue of approximately 1.255 billion yuan, a year-on-year increase of 3.69%, while net profit was around 42.13 million yuan, a decline of 52.96% [2]. - The revenue from Qingke Baijiu priced at 100 yuan (inclusive) per 500ml and below was approximately 496 million yuan, showing a slight increase of 1.17%, while the revenue from those priced above 100 yuan was about 574 million yuan, a slight decrease of 0.66% [4]. - Other Qingke liquor categories generated about 4.11 million yuan, down 44.99%, and wine contributed nearly 7.35 million yuan, declining by over 41% [4]. Sales Channels - Revenue from channel distribution and direct sales was approximately 934 million yuan and 150 million yuan, respectively, reflecting declines of 1.49% and 1.78% [4]. - E-commerce platform revenue reached less than 144 million yuan, marking a growth of around 64% compared to 87.56 million yuan last year [4]. Regional Performance - Revenue from Qinghai province, outside Qinghai, and international markets was approximately 797 million yuan, 428 million yuan, and 3.34 million yuan, with slight declines of 1.23%, a growth of around 14%, and a drop of 55%, respectively [4]. Expense Analysis - In 2024, Tianyoude Liquor's sales, management, financial, and R&D expenses all experienced double-digit growth, with sales expenses reaching about 324 million yuan, a 12.5% increase from 288 million yuan the previous year [5]. - Advertising and market expenses were around 182 million yuan, showing a year-on-year growth of 21.37% [5]. Strategic Recommendations - To achieve breakthrough development, Tianyoude Liquor should focus on rapidly growing e-commerce channels and expanding the distribution of light bottle liquor products in markets outside Qinghai to increase national market share [5].

Industry Dynamics - In March, the production of liquor by large-scale enterprises in China decreased by 0.8% year-on-year, totaling 378,000 kiloliters, with a cumulative production of 1,032,000 kiloliters in the first three months, down 7.3% year-on-year [4] - Beer production increased by 1.9% year-on-year in March, reaching 3,128,000 kiloliters, but the cumulative production for the first three months fell by 2.2% [4] - Wine production saw a significant decline of 25% year-on-year in March, with a total of 9,000 kiloliters produced, and a cumulative production of 24,000 kiloliters in the first three months, also down 25% [4] - The Ministry of Industry and Information Technology announced a list of 40 key traditional food industries for cultivation, including liquor categories such as Baijiu, Huangjiu, and wine, aimed at boosting economic development and enhancing domestic demand [4] - Five liquor enterprises were recognized in the national-level skills master studio list, highlighting the industry's focus on skill development and training [7] Company Dynamics - Yanjing Beer reported a revenue of 14.667 billion yuan for 2024, a year-on-year increase of 3.2%, with a net profit of 1.056 billion yuan, up 63.74% [8] - Shanghai Gui Jiu (Rocky Co.) reported a revenue of 285 million yuan, a significant decline of 82.54%, with a net loss of 217 million yuan, down 349.63% [9] - Tianyoude Jiu reported a revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, but a net profit decline of 52.96% to 42.135 million yuan [10] - Wuliangye reported a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [10] - Moutai achieved sales exceeding 10 million yuan during the China International Consumer Products Expo, showcasing strong consumer interest in its products [10] - Luzhou Laojiao received the first data intellectual property registration certificate in the liquor industry for real-time monitoring data of bottled liquor, indicating a focus on quality control [11] - Yanghe Baijiu's cellar group was certified by Guinness World Records as the largest scale of liquor cellars, emphasizing the company's production capacity [11]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company is experiencing short-term performance pressure, but its marketing transformation is deepening, with a clearer strategic path [8] - The company aims for high-quality development through its "Four Transformations" strategy, focusing on internationalization, county-level expansion, youth engagement, and brand terminalization [8] - Revenue for 2024 is projected at 1.255 billion yuan, with a year-on-year growth of 3.69%, while net profit is expected to decline by 53% to 42 million yuan [8] Financial Data Summary - Total shares outstanding: 482 million [7] - Market capitalization: 4.338 billion yuan [7] - Revenue forecast for 2025: 1.314 billion yuan, with a growth rate of 4.7% [9] - Net profit forecast for 2025: 52 million yuan, with a growth rate of 23.9% [9] - Gross margin for 2024: 59.8% [9] - Net profit margin for 2024: 3.4% [9] - Earnings per share (EPS) for 2024: 0.09 yuan [9]

Core Viewpoint - Tianyoude Liquor is facing significant challenges in the current market environment, with its financial performance reflecting a struggle to maintain growth amidst industry-wide pressures and competition from leading brands [1][2]. Financial Performance - In 2024, Tianyoude Liquor reported revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, while net profit was 42.14 million yuan, down 52.96% compared to the previous year [1]. - The first quarter of 2024 showed a revenue of 431 million yuan, a decrease of 17.96% year-on-year, with net profit dropping 37.69% to 67.5 million yuan [1]. - The company's basic earnings per share fell to 0.0882 yuan, a decline of 53.48% from the previous year [1]. Product Performance - Revenue from core products in 2024 included 1.069 billion yuan from barley liquor, with a minimal growth of 0.18%, while other barley and grape wine categories saw significant declines of 44.99% and 41.17%, respectively [2]. - The stagnation in barley liquor sales indicates a struggle to meet evolving consumer preferences for healthier and lower-alcohol options [2]. Market Position and Strategy - Tianyoude Liquor is experiencing difficulties in both domestic and international markets, with revenue from within Qinghai province declining by 1.23%, while revenue from outside the province grew by 14.25% [4]. - The company aims to expand into international markets, particularly in California and parts of Canada, despite facing challenges in brand recognition and market penetration [4][5]. Diversification Efforts - The company's attempts to diversify its product offerings have not yielded positive results, with significant revenue drops in its wine business and minimal contributions from e-commerce platforms [4]. - The failure to effectively innovate and market new products has led to a need for a restructuring of the product matrix [4]. Future Outlook - Industry experts suggest that Tianyoude should consider adopting innovative production techniques to create more appealing products and tap into the health-conscious consumer trend by developing low-alcohol and functional barley beverages [5]. - The integration of digital marketing and experiential tourism could help overcome regional brand recognition barriers and enhance the brand's value [5].

上市公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：青海互助天佑德青稞酒股份有限公司 单位：人民币万元 - 3 - 经营性资金占 用 资金占用方名称 占用方与上市公司的 关联关系 上市公司 核算的会计科目 2024 年期初占 用资金余额 2024年度占用累计发 生金额 （不含利息） 2024 年度占 用资金的利 息 （如有） 2024 年度偿还累 计发生金额 2024 年期末占 用资金余额 占用形成 原因 占用性质 现大股东及其 附属企业 青海彩虹部落文化旅 游发展有限公司 大股东控制的企业 应收账款 37.55 37.55 业务经营 经营性往来 青海华实青稞生物科 技开发有限公司 大股东控制的企业 应收账款 1.41 1.41 业务经营 经营性往来 青海新丁香粮油有限 责任公司 大股东控制的企业 应收账款 6.20 6.20 业务经营 经营性往来 青海天佑德科技投资 管理集团有限公司 本企业母公司 应收账款 0.24 0.24 业务经营 经营性往来 青海彩虹部落文化旅 游发展有限公司 大股东控制的企业 预付账款 71.85 71.85 业务经营 经营性往来 青海彩虹部落文化旅 游 ...

（一）机构信息 青海互助天佑德青稞酒股份有限公司 董事会审计委员会对会计师事务所2024年度履行监督职责情况的报告 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《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1号——主板上市公司规范运作》《国有 企业、上市公司选聘会计师事务所管理办法》以及《公司章程》等有关规定，青海互助天佑德 青稞酒股份有限公司（下称"公司"）董事会审计委员会恪尽职守、勤勉尽责。现将董事会审 计委员会对会计师事务所2024年度履行监督职责的情况汇报如下： 一、2024年年审会计师事务所基本情况 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于1985年，2012年3月转 制为特殊普通合伙制事务所，总部位于北京，注册地址为北京市海淀区知春路1号22层2206。 大信在全国设有33家分支机构，在香港设立了分所，并于2017年发起设立了大信国际会计网络， 目前拥有美国、加拿大、澳大利亚、德国、法国、英国、新加坡等38家网络成员所。大信是我 国最早从事证券服务业务的会计师事务所之一，首批获得H股企业审计资格，拥有近30年的证 券业务从业经验。首席合伙人为谢 ...

青海互助天佑德青稞酒股份有限公司 关于会计师事务所2024年度履职情况的评估报告 青海互助天佑德青稞酒股份有限公司（下称"公司"）聘请大信会计师事务所（特殊普通 合伙）（以下简称"大信"）作为公司2024年度年报审计机构。根据财政部、国资委及证监会 颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对大信在近一年审计过程中 的履职情况进行了评估。 经评估，公司认为大信在资质等方面合规有效，履职能够保持独立性，勤勉尽责、公允表 达相关审计意见。具体情况如下： 一、会计师事务所基本情况 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于1985年，2012年3月转 制为特殊普通合伙制事务所，总部位于北京，注册地址为北京市海淀区知春路1号22层2206。 大信在全国设有33家分支机构，在香港设立了分所，并于2017年发起设立了大信国际会计网络， 目前拥有美国、加拿大、澳大利亚、德国、法国、英国、新加坡等38家网络成员所。大信是我 国最早从事证券服务业务的会计师事务所之一，首批获得H股企业审计资格，拥有近30年的证 券业务从业经验。首席合伙人为谢泽敏先生。截至2024年12月31日，大信从业人员总数3 ...