Core Viewpoint - Tianyoude Liquor has faced significant challenges in maintaining profitability, with net profit consistently below 100 million yuan over the past five years, and a notable decline of 52.96% in 2024 compared to the previous year, raising concerns among investors about the company's growth prospects [1][3][4]. Financial Performance - In 2024, Tianyoude Liquor's net profit decreased by 52.96%, while revenue only grew by 3.69%, indicating a troubling trend of "increasing revenue without increasing profit" [1][4]. - The company's first-quarter net profit for 2024 was 67.5 million yuan, marking a 37.69% year-on-year decline and the lowest quarterly profit in nearly five years [4][5]. Sales and Marketing Challenges - The company reported a 12.5% increase in sales expenses for 2024, totaling 324 million yuan, with advertising and marketing costs rising by 21.37% to 182 million yuan [6]. - Sales expenses accounted for 25.85% of revenue in 2024, ranking fifth among all listed liquor companies, yet the revenue growth did not align with this high expenditure [6]. International Expansion and Losses - Tianyoude Liquor's subsidiary, Oranos Group, has faced continuous losses, accumulating over 100 million yuan in losses over the past seven years, with a loss of 21.06 million yuan in 2024 alone [7][8]. - Despite the ongoing losses, the company remains committed to its U.S. market strategy, believing in the potential of the market and planning to continue investing in its U.S. subsidiary [7][8].

证券代码：002646 证券简称：天佑德酒 青海互助天佑德青稞酒股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关 | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 系活动类 | □ 媒体采访 √ 业绩说明会 | | 别 | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | □ 其他 （请文字说明其他活动内容） | | 参与单位 | 线上参与天佑德酒（002646）2024 年度报告暨 2025 年第一季度报告业绩 | | 名称及人 | | | | 说明会的全体投资者 | | 员姓名 | | | 上市公司 | 董事长李银会 | | 接待人员 | 董事、总经理万国栋 | | 姓名 | 董事、副总经理、营销中心总经理范文丁 | | | 独立董事方文彬 | | | 副总经理、财务总监郭春光 | | | 董事、董事会秘书赵洁 | | | 52.96%，主要原因是什么？公司采取了哪 | | | 些措施来应对这一下滑趋势？ | | 投资者关 | 答:欢迎您对我公司的关心，2024 年公司在消费者互动建设方面及市 | | | 场宣传方面增加了聚焦投入，销售收入 ...

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

。为便于广大投资者深入全面地了解公司情况，公 证券代码：002646 证券简称：天佑德酒 公告编号：2025-023 青海互助天佑德青稞酒股份有限公司 本公司及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。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于2025年4月23日披露了《2024 年年度报告及摘要》 《2025年第一季度报告》 青海互助天佑德青稞酒股份有限公司董事会 司将于2025年5月15日（星期四）下午15:00－17:00通过价值在线（www.ir-online.cn）举行 一、说明会召开的时间、地点和方式 二、说明会出席人员 出席本次业绩说明会的人员有：公司董事长李银会先生，董事、总经理万国栋先生，董事、 副总经理、营销中心总经理范文丁先生，独立董事方文彬先生，副总经理、财务总监郭春光先 生，董事、董事会秘书赵洁女士。 三、征集问题事项 为充分尊重投资者、提升沟通交流效果，现就公司2024年度暨2025年第一季度业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025年5月15日（星 期四）17:00之前访问网址h ...

证券代码：002646 证券简称：天佑德酒 公告编号：2025-022 青海互助天佑德青稞酒股份有限公司 关于使用自有资金购买理财产品的进展公告 本公司及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。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于2024年12月30日召开公司第 五届董事会第十六次会议（临时），会议审议通过了《关于公司及子公司使用自有资金购买理 财产品的议案》，在保障公司日常运营资金需求的前提下，同意公司及子公司在自董事会审议 通过之日起12个月内使用不超过人民币3亿元的自有资金购买短期（投资期限不超过一年）中 低风险理财产品，并授权公司管理层负责办理相关事宜，在此期限内该3亿元额度可滚动使用。 具体内容详见公司于2024年12月31日在巨潮资讯网（http://www.cninfo.com.cn）、《证券时 报》《中国证券报》《上海证券报》《证券日报》披露的《关于公司及子公司使用自有资金购 买理财产品的公告》（2024-056）。 2025年5月8日，公司全资子公司青海互助青稞酒销售有限公司（以下简称"青稞酒销售"） 以自有资金2,000万 ...

本公司及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。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于2025年4月23日披露了《2024 年年度报告及摘要》《2025年第一季度报告》。为便于广大投资者深入全面地了解公司情况，公 司将于2025年5月15日（星期四）下午15:00－17:00通过价值在线（www.ir-online.cn）举行 2024年度暨2025年第一季度业绩说明会。具体安排如下： 一、说明会召开的时间、地点和方式 1、会议召开时间：2025年05月15日（星期四）15:00-17:00 证券代码：002646 证券简称：天佑德酒 公告编号：2025-023 青海互助天佑德青稞酒股份有限公司 关于举行2024年度暨2025年第一季度业绩说明会的通知 2、会议召开地点：价值在线（www.ir-online.cn） 3、会议召开方式：网络互动方式 二、说明会出席人员 出席本次业绩说明会的人员有：公司董事长李银会先生，董事、总经理万国栋先生，董事、 副总经理、营销中心总经理范文丁先生，独立董事方文彬先生，副总经理、财务总监郭春光先 生，董事、董事 ...

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][12][18]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for 2024, with six companies experiencing a year-on-year revenue decline [1][4]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][12]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [4][7]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of market power among top players [2][8]. - Over the past five years, the rankings of the top ten white liquor companies have changed significantly, with new entrants and established brands experiencing shifts in their market positions [10][11]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][17]. - The core issue facing the industry is weak consumer demand, with a need for companies to connect with younger consumers and explore new market segments [18].

Industry Overview - The performance of listed liquor companies has been disclosed, with nearly 20 companies reporting their 2024 annual reports and some also releasing Q1 reports as of April 27 [1] - The overall trend shows a slowdown in the liquor industry, particularly in the white liquor segment, while top brands continue to show growth [1] - Beer stocks have rebounded in Q1 after a decline last year, with companies like Yanjing Beer and Zhujiang Beer reporting high growth in profits [1] Company Performance - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [1] - Gujing Gongjiu achieved a revenue of 23.578 billion yuan in 2024, growing 16.41% year-on-year, and a net profit of 5.517 billion yuan, up 20.22% [2] - Luzhou Laojiao's revenue for 2024 was 31.196 billion yuan, a 3.19% increase, with a net profit of 13.473 billion yuan, up 1.71% [3] - Yanjing Beer reported a revenue of 3.827 billion yuan in Q1 2025, a 6.69% increase, with a net profit of 165 million yuan, up 61.10% [4] - Zhujiang Beer achieved a revenue of 1.227 billion yuan in Q1 2025, a 10.69% increase, with a net profit of 157 million yuan, up 29.83% [4] - Laobai Gan Jiu reported a revenue of 5.358 billion yuan for 2024, a 1.9% increase, with a net profit of 787 million yuan, up 18% [5] - Tianyoude Jiu's revenue for 2024 was 1.255 billion yuan, a 3.7% increase, but net profit fell by 53% to 42.135 million yuan [7] - Zhangyu A reported a revenue of 811 million yuan in Q1 2025, a slight increase of 0.01%, with a net profit of 159 million yuan, up 0.21% [8] Market Dynamics - The liquor industry is experiencing a significant differentiation between leading brands and others, with some companies facing delisting risks due to poor performance [1] - The overall liquor market is still in a period of adjustment, with increased competition and declining production [7] - Guizhou province's liquor manufacturing sector saw a growth of 6.6% in Q1 2025, contributing to the overall economic growth of the region [16] - The import of wine has rebounded to become the top category, while the import value of spirits has decreased significantly [17]

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]