Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the industry and the need for internal adjustments to enhance supply chain advantages and stabilize brand partnerships [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.464 billion, a year-on-year decrease of 6.5% - The net profit attributable to shareholders was 44 million, down 81.1% year-on-year - The net profit excluding non-recurring items was 25 million, a decrease of 86.0% year-on-year - For Q4 2024, revenue was 1.633 billion, down 12.6% year-on-year, with a net loss of 123 million compared to a profit of 4 million in the same period last year [1]. Product Performance - Revenue from different product categories in 2024 was as follows: Baijiu at 8.760 billion (down 6.8%), wine at 420 million (down 13.7%), and imported spirits at 81 million (down 43.7%) [1]. - The company is focusing on stabilizing partnerships with leading brands while enhancing strategic collaborations with regional liquor companies and premium brands [1]. Cost and Profitability - The overall gross margin for 2024 was 9.0%, a decrease of 1.7 percentage points year-on-year, with Q4 gross margin at 4.1%, down 5.5 percentage points year-on-year - The decline in gross margin is attributed to industry cyclicality and pressure on prices of core products [2]. - The company improved its sales and management expense ratios, achieving a sales expense ratio of 5.4% and a management expense ratio of 1.6% for 2024 [2]. Strategic Initiatives - The company is enhancing its retail and group purchase store formats, with three types of stores: Huazhi Wine House, Huazhi Famous Wine Library, and Huazhi Preferred, focusing on brand authenticity and consumer convenience [3]. - The company aims to strengthen its brand and supply chain service platform, with internal adjustments completed under the new management since October 2024 [3]. Future Outlook - The company forecasts revenue of 9.877 billion and 10.434 billion for 2025 and 2026, representing year-on-year growth of 4.4% and 5.6% respectively - Expected net profit for 2025 and 2026 is 72 million and 125 million, indicating a turnaround and a 74.0% increase in 2026 [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is under short-term pressure, but there are expectations for the effectiveness of reforms [1] - The overall industry is in an adjustment phase, with a positive outlook on supply chain platform construction [6] - E-commerce is experiencing rapid growth, and channel reforms are anticipated to yield results [7] Summary by Sections Financial Performance - In 2024, total revenue and net profit attributable to the parent company were 9.464 billion and 0.44 billion yuan, respectively, reflecting a year-on-year decline of 6% and 81% [5] - The fourth quarter of 2024 saw total revenue and net profit of 1.633 billion and -0.123 billion yuan, with total revenue down 13% year-on-year [5] - The gross margin and net margin for 2024 were 9% and 0.5%, down 1.7 and 1.9 percentage points year-on-year [5] - Operating cash flow improved, with a 54% year-on-year increase in operating net cash flow to 4.36 billion yuan [5] Industry Overview - The wine industry, including both white and red wine, is experiencing revenue declines, with white wine revenue at 8.76 billion yuan and red wine at 420 million yuan, down 6.77% and 13.68% year-on-year, respectively [6] - The company is deepening cooperation with Penfolds and has obtained exclusive agency rights for several red wine products, expanding its product range [6] E-commerce and Channel Strategy - E-commerce revenue for 2024 reached 2.092 billion yuan, with significant growth driven by marketing strategies during the Spring Festival [7] - The company is focusing on three channel models: Huazhi Wine 3.0, Huazhi Famous Wine Library, and Huazhi Preferred, to adapt to market changes and enhance brand presence [8] Earnings Forecast - The company is expected to have EPS of 0.26, 0.42, and 0.60 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 61, 37, and 26 times [9]

Group 1 - The core viewpoint of the articles is the rising prominence of Wu Qirong, the son of Wu Xiangdong, as he is nominated as an executive director of Zhenjiu Lidu, indicating a potential leadership transition within the company [1][4] - Wu Qirong, born in 1996, has been involved in various roles within the company since joining in October 2019, including managing the digital marketing department and contributing to the company's digital transformation efforts [3][4] - The company reported a revenue of 711 million yuan from direct sales channels in 2024, reflecting an 11.5% decrease year-on-year, attributed to the reduction of low-margin e-commerce product sales [4] Group 2 - Wu Qirong has been actively participating in social welfare initiatives, including optimizing employee benefits and engaging in educational support projects, which has contributed to his recognition as a representative in the local government [4] - The company has established a service agreement with Wu Qirong, allowing him to receive an annual salary and discretionary bonus totaling 1.25 million yuan, based on his responsibilities and current market conditions [4]

4月17日晚间，酒类流通第一股华致酒行（300755）发布了2024年度业绩报告，受整体消费偏弱影响， 行业进入深度调整期，公司营收略减，业绩承受了一定压力。面对现状，华致酒行积极应对，制定了以 名酒保真渠道品牌和供应链服务平台为价值发展方向，采取"稳价格、促动销、去库存、强团队、调结 构、优模式"的十八字方针并初显效果。 值得一提的是，华致酒行2024年年度共将实施三次分红，强化投资者回报，提振市场信心。 展望未来，华致酒行将直面挑战，在品牌、供应链、渠道、产品方面不断发力，以模式创新与良性基础 为依托，持续为投资者、合作伙伴创造长期价值。 3、自身发展累积问题：经过20年的高速发展，华致酒行2023年历史性突破百亿规模，不过，过往高速 发展的同时，也带来了客户质量问题、产品开发问题、库存结构问题、费用投入问题、人员结构问题的 积累，对去年的发展造成了一定的影响。 4、从华致酒行的经营节奏来看，公司前三季度激进扩张，三四季度集中采购致现金流阶段性承压。其 中，第四季度公司还对库存情况做了跌价准备预提拨备处理，该季度共计提资产减值损失3649万元，导 致当季利润受到影响。 勇于担当，积极应对，效果初显 有问题 ...

关于报告期内的渠道建设，公告表示，公司以 3.0 连锁门店作为战略核心支点，全力构建"名酒＋高档餐饮＋文娱生 态"的创新商业模式。通过打造高端创新体验空间，将美酒品鉴的专业氛围、酒类选购的便捷高效以及休闲娱乐的惬 意享受有机融合，为消费者提供一站式、多层次的消费体验，精准对接中高端消费群体的需求，引领行业消费潮流。 同时公司立足各门店的资源优势与市场定位，综合运用大数据分析、精准营销、促销活动等多样化手段，加速帮助各 门店非优势产品的库存周转。充分挖掘各门店优势品牌的市场潜力，帮助激发门店团队的主观能动性与创新精神，实 现了库存结构的动态优化，有效提升了资产运营效率。 报告期内，公司成功开发 127 家华致酒行 3.0 门店。这些门店凭借高端典雅的空间设计、全球精选的名酒品类以及多 元复合的功能区域，精准锁定高阶消费人群，为其打造专属的品质生活体验场景。 近日，华致酒行发布2024年财报。披露公司去年营收减少6.49%至94.64亿元，归属净利润下滑81.11%至4444.59万元。 | | | | | | ALTH: 7L | | --- | --- | --- | --- | --- | --- | | ...

4月17日晚，华致酒行发布了2024年年报。2024年公司实现营业收入94.64亿元，同比减少6.49%；归母 净利润0.44亿元，同比减少81.11%。 而在2024年四季度酒类销售旺季，该公司却出现了1.23亿元的亏损。2023年虽然公司归母净利润从2022 年的3.66亿元降至2.35亿元，但当年的营收仍从87.1亿元增长至101.2亿元。 《每日经济新闻·将进酒》记者梳理发现，近三年该公司出现了酒类业务收入全面下滑、毛利率跌至 10%以下、存货居高不下等诸多问题，推行多年的精品酒业务似乎也并未帮助公司走出困境。 而放眼整个行业，渠道库存高企、市场价格倒挂，无论是营收利润"双降"的华致酒行，还是年报中对酒 类销售业绩"不愿多说"的怡亚通，都正在面临巨大挑战。在行业继续调整的当下，酒类流通企业该如何 走出困境？ 5年时间营收突破百亿元，2024年却现营收净利"双降" 此前，即便在利润不断萎缩的情况下，华致酒行营收规模也在逐年上升。2023年，华致酒行迈入"百亿 俱乐部"，这是公司发展史上的里程碑，也是国内酒类流通行业诞生的第一个"百亿级"酒行。 营收从37亿元到突破百亿元，华致酒行仅仅用了5年时间。而20 ...

证券简称：华致酒行 证券代码：300755 华致酒行连锁管理股份有限公司 投资者关系活动记录表 编号：2025-001 | 特定对象调研 | 分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | | □其他 | | | | | 参与单位名 | 天风证券张潇倩、中信证券蒋祎、浙商证券张家祯、华鑫证券 | | | | 称及人员姓 | 肖燕南、方正证券康宇喆、国盛证券杜玥莹、中金证券祝美学、 | | | | 名 | 兴业证券金秋、长城证券卢肖航等 家机构。 42 | | | | 时间 2025 年 | 月 17 21：15 - 22：15 | 4 | 日 | | 地点 线上方式 | | | | | 董事、总经理：杨武勇 | | | | | 上市公司接 | 董事、常务副总经理：杨强 | | | | 待人员姓名 | 副总经理、董事会秘书：梁芳斌 | | | | 财务总监：胡亮锋 | | | | | 一、管理层介绍公司情况 | | | | | | 在当 ...

华致酒行连锁管理股份有限公司 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不得 担任公司董事的情形。 是 □否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 是 □否 如否，请详细说明：______________________________ 四、被提名人符合公司章程规定的独立董事任职条件。 独立董事提名人声明与承诺 提名人华致酒行连锁管理股份有限公司第五届董事会现就提名吴革先生为 华致酒行连锁管理股份有限公司第六届董事会独立董事候选人发表公开声明。被 提名人已书面同意作为华致酒行连锁管理股份有限公司第六届董事会独立董事 候选人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况后作 出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规范性文件 和深圳证券交易所业务规则对独立董 ...

华致酒行连锁管理股份有限公司 证券代码：300755 证券简称：华致酒行 公告编号：2025-014 关于修订《公司章程》及制定和修订相关制度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 华致酒行连锁管理股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日 召开第五届董事会第二十五次会议，审议通过了《关于修订<公司章程>的议案》 《关于制定及修订相关制度的议案》，现将具体情况公告如下： 一、《公司章程》修订情况 根据《公司法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规的规定， 为保持公司章程与法律、法规的一致性，结合公司实际情况，公司拟对《公司章 程》的相关条款进行修改，具体如下： | 序号 | 修订前 | 修订后 | | --- | --- | --- | | 1 | 第一条 为维护华致酒行连锁管理 | 第一条 为维护华致酒行连锁管理 | | | 股份有限公司（以下简称"公司"）、 | 股份有限公司（以下简称"公司"）、 | | | 股东和债权人的合法权益 ...

华致酒行连锁管理股份有限公司董事会提名委员会 经审查，提名委员会认为：公司第六届董事会非独立董事候选人吴向东先生、 颜涛先生、吴其融先生、彭宇清先生、杨武勇先生具备 公司法》 深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规所 规定的担任上市公司董事的任职条件、专业背景和工作经验，符合相关法律法规 规定的任职资格要求。上述候选人不存在相关法律法规和《 公司章程》中规定的 不得担任董事的情形，不存在被中国证监会确定为市场禁入者且尚未解除的情况， 不存在重大失信等不良记录，未受到过中国证监会及其他有关部门的处罚和证券 交易所纪律处分，具备担任上市公司董事的履职能力。 综上，提名委员会同意提名吴向东先生、颜涛先生、吴其融先生、彭宇清先 生、杨武勇先生为公司第六届董事会非独立董事候选人，并同意将该事项提交至 公司第五届董事会第二十五次会议审议。 二、关于对第六届董事会独立董事候选人任职资格的审查意见 经审查，提名委员会认为：公司第六届董事会独立董事候选人吴革先生、李 建伟先生、吴红日先生具备《 公司法》 上市公司独立董事管理办法》 深圳证券 交易所上市公司自律监管指引第 2 号—— ...