华致酒行连锁管理股份有限公司 关于召开 2024 年度股东会提示性通知的公告 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。 经华致酒行连锁管理股份有限公司（以下简称"公司"）第五届董事会第二 十五次会议决议，公司定于 2025 年 5 月 12 日召开 2024 年度股东会，会议通知 的具体内容详见公司于 2025 年 4 月 18 日在中国证监会指定的信息披露平台巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于召开 2024 年度股东会通知的 公告》（公告编号：2025-016）。为进一步保护投资者的合法权益，方便股东行使 股东会的表决权，完善本次股东会的表决机制，现将 2024 年度股东会的有关安 排再次公告如下： 一、召开会议的基本情况 (一) 股东会届次：2024 年度股东会 (二) 股东会召集人：公司第五届董事会 (三) 会议的召开合法、合规性：本次股东会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 证券代码：300755 证券简称：华致酒行 公告编号：2025-019 (四) 会议召开的日期 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,851,591,698.89, a decrease of 31.01% compared to ¥4,133,205,464.36 in the same period last year[3] - Net profit attributable to shareholders was ¥85,394,532.59, down 34.19% from ¥129,767,785.75 year-on-year[3] - The basic earnings per share decreased by 32.26% to ¥0.21 from ¥0.31 in the previous year[4] - Net profit for the period was ¥89,318,972.65, down from ¥136,464,481.32, indicating a decline of approximately 34.5% year-over-year[23] - Basic and diluted earnings per share decreased to ¥0.21 from ¥0.31, reflecting a decline of 32.3% year-over-year[24] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥6,397,852,084.44, a decline of 10.06% from ¥7,113,331,120.62 at the end of the previous year[4] - Total assets decreased to ¥6,397,852,084.44 from ¥7,113,331,120.62, a reduction of approximately 10.1%[21] - Total liabilities decreased to ¥3,045,768,207.17 from ¥3,850,765,372.49, indicating a decline of about 20.9%[21] - Total equity increased to ¥3,352,083,877.27 from ¥3,262,565,748.13, reflecting an increase of approximately 2.7%[21] Cash Flow - Cash flow from operating activities was ¥417,935,141.71, a slight decrease of 1.95% compared to ¥426,261,203.86 in the same period last year[14] - Operating cash flow for the period was $417,935,141.71, a slight decrease of 1.5% compared to $426,261,203.86 in the previous period[27] - Total cash inflow from operating activities was $2,900,426,609.27, down 31.5% from $4,237,706,369.03 in the prior period[27] - Cash outflow from operating activities totaled $2,482,491,467.56, a decrease of 34.8% compared to $3,811,445,165.17 last period[27] - Cash flow from financing activities showed a significant decline, with a net outflow of ¥431,862,430.03, an increase of 74.07% in cash used for debt repayment compared to the previous year[14] - Net cash outflow from financing activities was -$431,862,430.03, compared to -$248,094,139.82 in the previous period, indicating a worsening cash position[28] Income and Expenses - Total operating costs decreased to ¥2,739,034,840.41 from ¥3,966,023,471.81, a reduction of about 30.9% year-over-year[22] - Financial expenses decreased to ¥8,888,518.21 from ¥10,865,526.15, a reduction of about 18.1% year-over-year[23] - Cash paid to employees decreased to ¥85,075,340.60, down 35.8% from ¥132,636,641.23 in the previous period[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,499[16] - Yunnan Rongrui High-tech Investment Management holds 47.80% of shares, totaling 199,237,500 shares[16] - Tibet Rongrui Investment Co., Ltd. holds 14.52% of shares, totaling 60,522,480 shares[16] - The company repurchased a total of 9,098,096 shares, accounting for 2.183% of the current total share capital[17] Other Income and Changes - The company reported a significant increase in other income, with government subsidies rising to ¥10,019,090.13, up 2974.43% from ¥325,884.04 in the previous year[11] - Other income increased significantly to ¥10,019,090.13 from ¥325,884.04, showing a substantial growth[23] - The company experienced a 67.14% decrease in contract liabilities, dropping to ¥137,785,510.40 from ¥419,323,954.76[9] - The company’s investment income dropped to zero, a 100% decrease from ¥5,540,980.00 in the previous year[11] - Deferred income tax liabilities remained relatively stable at ¥16,278,459.69 compared to ¥16,313,678.42, indicating minimal change[21] Inventory and Receivables - Accounts receivable increased to ¥186,895,905.59 from ¥146,985,242.13[19] - Inventory decreased to ¥2,859,802,836.93 from ¥3,258,729,737.18[19] - Total current assets decreased to ¥5,861,686,464.95 from ¥6,567,149,979.33[19] - Other receivables increased slightly to ¥56,364,230.49 from ¥55,861,935.82[19] Investment Activities - The company did not execute any significant investments or acquisitions during the reporting period, with cash outflow for fixed assets at $553,755.24, down 79.3% from $2,665,003.02[27]

Core Viewpoint - Huazhi Wine's performance in 2024 marked the most disappointing results since its listing, reflecting deep challenges in the liquor distribution industry during a cyclical adjustment [1][2] Financial Performance - The company reported a total revenue of 9.464 billion yuan, a year-on-year decrease of 6.49% [2] - The net profit attributable to shareholders was 44.4459 million yuan, down 81.11% year-on-year [2] - The fourth quarter saw a single-quarter loss of 123 million yuan, marking the first quarterly loss since the company's listing in 2019 [1][2] - Operating cash flow net amount was 436 million yuan, an increase of 54.23% year-on-year [2] Inventory and Cost Management - As of the end of last year, the company's inventory value was approximately 3.259 billion yuan, slightly down from the beginning of the year [2] - White wine inventory decreased by about 11% year-on-year, while wine inventory increased by about 20% [2] - The company made a provision for inventory impairment of 60.8373 million yuan, an increase of over 110% year-on-year [2] - The workforce was reduced from 1,998 to 1,372 employees, a decline of over 30% [3] Dividend Policy - Despite significant performance decline, the company distributed a total of 490 million yuan in special dividends, exceeding the total dividends from 2019 to 2023 [4] - The controlling shareholder, Wu Xiangdong, received 334.6867 million yuan in cash dividends [4] - The company reported cash and cash equivalents of 1.386 billion yuan against short-term borrowings of 1.862 billion yuan, indicating rising liabilities [4] Strategic Adjustments - The company is attempting to optimize its product structure and reduce reliance on high-end liquor by launching new products in collaboration with Yangshao Liquor and developing its own brands [5] - The company opened 127 new stores under the "liquor+" model to enhance customer engagement [5] - The wine business saw a revenue of 420 million yuan, but experienced a year-on-year decline of 13.68% [5] Future Outlook - The company remains optimistic about the liquor distribution sector, emphasizing the long-term potential despite current challenges [6] - Wu Xiangdong indicated a focus on balancing the development of both Huazhi Wine and its other enterprise, emphasizing the need to leverage the strengths of each [6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to face pressure on apparent profits due to impairment provisions in Q4 2024, with a projected revenue of 9.464 billion and a net profit of 44.45 million, reflecting a year-on-year decline of 6.49% and 81.11% respectively [1][4]. - The company is undergoing comprehensive reforms in 2025, focusing on product and channel adjustments to enhance operational quality and meet diverse consumer demands [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 9.464 billion, down 6.49% year-on-year, with a net profit of 44.45 million, a significant drop of 81.11% [5]. - The gross margin and net profit margin for 2024 were 9.00% and 0.47%, respectively, showing a decline of 1.74 and 1.85 percentage points year-on-year [3]. Sales Performance - The company’s liquor revenue in 2024 was 8.760 billion, a decrease of 6.77% year-on-year, with sales volume at 7,923.96 thousand liters, down 2.05% [1][2]. - E-commerce sales showed significant growth, particularly in 2024, with a contribution of 2.092 billion, reflecting a year-on-year increase of 72.87% [2]. Future Projections - Revenue projections for 2025-2027 are 9.910 billion, 10.670 billion, and 11.192 billion, representing year-on-year growth rates of 4.71%, 7.67%, and 4.89% respectively [4]. - The net profit forecasts for the same period are 130.60 million, 177.30 million, and 234.47 million, indicating substantial recovery with growth rates of 193.84%, 35.76%, and 32.24% respectively [4]. Financial Metrics - The company’s EBITDA for 2024 is projected at 222.16 million, with a significant increase expected in subsequent years [5]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 51.00, 37.57, and 28.41 respectively, indicating a potential for improved valuation as profits recover [5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating potential challenges in its operational performance and market conditions [3][4]. Financial Performance - In 2024, the company achieved a revenue of 9.464 billion, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 44 million, down 81.11% [3]. - The fourth quarter of 2024 saw a revenue of 1.633 billion, a decrease of 12.62% year-on-year, with a net profit of -123 million, compared to a profit of 4 million in the same period last year [3]. Profitability Metrics - The overall gross margin for 2024 was 9.00%, reflecting a decline of 1.75 percentage points year-on-year. In Q4 2024, the gross margin dropped to 4.16%, down 5.47 percentage points year-on-year [4]. - The operating expense ratio for 2024 was 7.54%, a decrease of 0.94 percentage points year-on-year. In Q4 2024, the expense ratio was 8.33%, down 1.31 percentage points year-on-year [4]. Strategic Initiatives - The company is enhancing its offline store competitiveness by developing 127 new Huazhi Wine 3.0 stores in 2024, aiming to provide a comprehensive consumer experience [5]. - Online sales channels have been strengthened, with e-commerce revenue reaching 2.092 billion, a year-on-year increase of 72.87% [5]. - The company has restructured its national market into 16 battle zones and established six support centers to enhance marketing strategies [5].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司 2024 年 营收同比减少 6.49 %，归母净利润同比减少 81.11 % 公司公布 2024年 年 报： 2024 年 实现营业收入 94.64 亿元，同比减少 6.49 %， 实现归母净利润 0.44 亿 元，同比减少 81.11 %， 实现扣非归母净利润 0.25 亿元，同比减少 85.97 %。 单季度拆分来看， 4 Q2024实现营业收入1 6.33 亿元，同比减少 12.62 %， 实现归母净利润 -1.23 亿元， 上年同期为 0.04亿元 ， 实现扣非归母净利润 -1.24 亿元， 上年同期为 0.03亿元 。 公司 2024 年 综合毛利率下降 1.75 个百分点，期间费用率下降 0. 9 4个百分点 ...

Core Viewpoint - The company, Huazhi Wine (300755), has faced significant challenges in 2024 after achieving a revenue milestone of 10 billion yuan in 2023, with a notable decline in both revenue and net profit due to industry-wide adjustments and price drops in the premium liquor market [1][2][3]. Financial Performance - In 2024, Huazhi Wine reported a revenue of 9.464 billion yuan, a year-on-year decrease of 6.49%, and a net profit of 44.4459 million yuan, down 81.11% year-on-year [1]. - The company's cash flow from operating activities was 436 million yuan, reflecting a year-on-year increase of 54.23% [1]. - Quarterly revenue showed a continuous decline, with the second, third, and fourth quarters experiencing drops of 14.77%, 20.84%, and 12.62% respectively [1]. Revenue Composition - The decline in white liquor revenue was a significant factor in the overall revenue contraction, with white liquor sales at 8.76 billion yuan, down approximately 6.35 billion yuan or 6.77% from 2023 [2]. - Sales from imported spirits and wine also decreased, with revenues of 81 million yuan and 420 million yuan, down 43.75% and 13.68% year-on-year respectively [2]. - All major sales regions experienced revenue declines, with the Northwest region seeing the largest drop of 36.5% [2]. Strategic Adjustments - In response to performance pressures, the company is implementing cost-cutting measures, inventory optimization, and store upgrades [4]. - The company has initiated a "price protection" campaign to standardize pricing across channels and improve cash flow and product structure in B-end stores [4]. - Huazhi Wine has developed 127 new 3.0 stores, focusing on high-end products and enhancing the shopping experience for premium consumers [4]. Future Outlook - Analysts suggest that the company's growth will depend on increasing the proportion of high-margin products and achieving economies of scale [5]. - The introduction of self-owned brands is expected to enhance profitability, with plans to expand these brands to top 100 county stores [5]. - The company is also undergoing strategic adjustments, including personnel changes and digital transformation efforts, which may take time to yield results [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a revenue decline of 6.49% year-on-year in 2024, with total revenue reaching 9.464 billion yuan and a significant drop in net profit by 81.11% to 44 million yuan [1] - The company is focusing on enhancing its offline store competitiveness and has developed 127 new stores under the "华致酒行 3.0" model, while also achieving a 72.87% year-on-year growth in e-commerce revenue, totaling 2.092 billion yuan [3] - The report indicates a downward adjustment in profit forecasts for 2025 and 2026, with net profit estimates reduced by 52.9% and 48.2% respectively, while a new estimate for 2027 is introduced at 113 million yuan [4] Summary by Sections Financial Performance - In 2024, the company's comprehensive gross margin decreased by 1.75 percentage points to 9.00%, with a quarterly gross margin of 4.16% in Q4 2024, down 5.47 percentage points year-on-year [2] - The company’s operating income for 2024 was 9.464 billion yuan, with a year-on-year growth rate of -6.49% [5] - The net profit attributable to the parent company for 2024 was 44 million yuan, reflecting a year-on-year decline of 81.11% [5] Cost and Expense Management - The company's expense ratio decreased by 0.94 percentage points to 7.54% in 2024, with specific changes in sales, management, and financial expense ratios [2] - The sales expense ratio for 2024 was 5.38%, down 1.05 percentage points year-on-year [2] Strategic Initiatives - The company is implementing a multi-channel strategy, enhancing its offline store competitiveness and optimizing its organizational structure by dividing the national market into 16 battle zones and establishing six support centers [3] - The report highlights the company's efforts in brand building, product supply, marketing planning, and operational management to attract partners [3]

4月21日举行的华致酒行2024年度网上业绩说明会上，华致酒行董事长吴向东回应21世纪经济报道记者 提问时表示。 "酒类流通股龙头"华致酒行上周披露了2024年年报，去年实现收入94.64亿元、归母净利润约4444万 元，营收仅次于2023年仍保持在高位，但盈利出现了较大幅度下滑，引起外界关注。2019年上市以来， 去年是华致酒行年盈利首次不到1亿元。 众所周知的背景是，白酒产品价格普遍倒挂，去年开始白酒生产企业也普遍降速、降低增长目标，以销 售为主的渠道商自然无法避免。 21世纪经济报道记者肖夏 重庆报道 "中国酒类行业依旧具有广阔的发展空间，公司依然看好酒类流通领域赛道，公司的长期价值会聚焦于 名酒保真、供应链服务以及连锁门店、高性价比产品开发和培育方面。 " 但在这一客观因素之外，华致酒行指出，公司调整策略主动去库存，同时基于谨慎性原则计提了存货跌 价。 年报数据支持了这一说法。去年华致酒行资产减值约3930万元，占到利润总额的四成以上。同时白酒库 存量下降了10.9%，全年存货余额也稍有下滑。 | | 金额 | 占利润总额比例 | 形成原因说明 | 是否具有可 持续性 | | --- | --- | ...

Core Viewpoint - The financial performance of Huazhi Wine has significantly declined in 2024, with major drops in revenue and net profit, indicating challenges in the liquor industry cycle [1][4][6]. Financial Performance - Total revenue for Huazhi Wine in 2024 was 9.464 billion yuan, a year-on-year decrease of 6.49% [1][4]. - Net profit attributable to shareholders was 44 million yuan, down 81.11% year-on-year [1][4]. - Non-recurring net profit was 25.1735 million yuan, a decline of 85.97% compared to the previous year [1][4]. - In Q4 2024, revenue was 1.633 billion yuan, a 12.62% decrease year-on-year, with a net loss of 123 million yuan [4][6]. - The gross profit margin in Q4 was only 4.14%, the lowest since the company went public [4]. Inventory and Impairment - The inventory impairment provision doubled to 60.8373 million yuan by the end of 2024, reflecting vulnerability to price fluctuations in the liquor market [4][5]. Market Position and Strategy - Despite efforts in channel development and brand promotion, including the opening of 127 new Huazhi Wine 3.0 stores, these initiatives did not reverse the declining trend in performance [5]. - Revenue from white wine, red wine, and imported spirits fell by 6.77%, 13.68%, and 43.75% respectively, with a notable decrease in the gross margin of white wine by approximately 2 percentage points [5]. Industry Challenges - The liquor industry is undergoing cyclical adjustments, with declining prices in major liquor markets leading to reduced gross margins and slight revenue declines [6]. - The rise of e-commerce and new sales formats is intensifying competition, prompting traditional distributors to initiate business transformations [6]. - The company plans to accelerate digital marketing and develop retail channels to meet diverse consumer needs, but faces significant uncertainty in achieving a recovery in 2025 [6].