Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 9.46 billion yuan in 2024, a year-on-year decline of 6.5%, and a net profit attributable to shareholders of 44.45 million yuan, down 81.1% year-on-year. In the fourth quarter alone, revenue was 1.63 billion yuan, a decrease of 12.6% year-on-year, resulting in a net loss of 120 million yuan compared to a profit of 4.35 million yuan in the same period last year [2][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 9.46 billion yuan, with a year-on-year decline of 6.5%. The net profit attributable to shareholders was 44.45 million yuan, down 81.1% year-on-year. The fourth quarter revenue was 1.63 billion yuan, a decrease of 12.6% year-on-year, leading to a net loss of 120 million yuan compared to a profit of 4.35 million yuan in the previous year [2][6] Industry Context - The demand in the liquor industry remains weak, with the cumulative production of liquor by large-scale enterprises in China in 2024 reaching 4.145 million kiloliters, a year-on-year decrease of 1.8%. This reflects a contraction in market demand, although the decline is less severe than the 2.8% drop in 2023 [12] Strategic Initiatives - The company is focusing on high-quality development by leveraging its brand advantages and enhancing product and channel construction. It aims to maintain resilience in operations despite industry challenges. The company plans to implement a strategy of "de-stocking, promoting sales, stabilizing prices, adjusting structures, optimizing models, and strengthening teams" in 2025 [12]

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Core Viewpoint - The financial report for Q1 2025 from Huazhi Wine shows a significant decline in both revenue and net profit, indicating challenges faced by the liquor distribution industry in the current environment [1][3]. Financial Performance - In Q1 2025, Huazhi Wine achieved revenue of approximately 2.85 billion yuan, a year-on-year decrease of about 31% [2]. - The net profit attributable to shareholders was approximately 85.39 million yuan, down 34% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses was 75.02 million yuan, reflecting a 41.27% decrease year-on-year [2]. - The basic and diluted earnings per share were both 0.21 yuan, a decline of 32.26% from the previous year [2]. Operational Insights - The decline in revenue is attributed to adjustments in promotional policies by e-commerce platforms and supermarket clients, leading to reduced demand for the company's products [1][5]. - As of the end of Q1 2025, the company's contract liabilities decreased to less than 138 million yuan, down approximately 67% from the end of 2024, indicating a reduction in prepayments from customers [5]. Strategic Initiatives - Huazhi Wine has developed three core business models: Huazhi Wine, Huazhi (Ming) Wine Cellar, and Huazhi Preferred, aiming to cover diverse market demands through a dual-driven product and service approach [6]. - The company is focusing on improving operational efficiency and profitability, expanding market share, and achieving sustainable, high-quality growth to create long-term value for shareholders [6]. - Continuous business reforms are being implemented, including optimizing product structure, expanding market channels, and strengthening brand development to enhance core competitiveness [6]. - The company plans to adjust product policies dynamically based on market conditions and consumer demand, aiming to develop cost-effective new products while maintaining market share [6].

事件：公司发布2025 年一季度报表,25Q1 实现营收28.52 亿元，同比-31.01%；实现归母净利润0.85 亿 元，同比-34.19%；实现扣非归母净利润0.75 亿元，同比-41.27%。 高基数下25 年春节销售承压，行业调整期多渠道建设修炼内功。公司25Q1实现营收28.52 亿元/同 比-31.01%，24 年春节五粮液等头部名品自然动销流速较快形成较高基数（24Q1 收入41.33 亿元/同增 10.42%），25 年春节白酒行业整体处于调整期，需求较为疲软下行业整体动销有所滑落，同时线上电 商渠道平台大促造成部分低价货源，对传统渠道有所冲击，综合影响下春节整体销售承压。 内控持续完善，费用管控良好，盈利能力维持稳定。盈利能力看，毛利端，25Q1 公司综合毛利率 10.45%，同比持平（-0.04pcts），产品结构保持稳定；费用端，25Q1 公司销售/管理/财务费用率分别为 4.67%/1.28%/0.31%，分别同比+0.01pcts/+0.18pcts/+0.05pcts，我们认为公司合理控制费用支出，优化部 分销售人员提高人效，整体费率水平保持稳定。综上，公司25Q1归母净利润率2 ...

Core Viewpoint - The financial performance of Huazhi Wine Industry has significantly declined in Q1 2025, with revenue dropping by 31% year-on-year to 2.852 billion yuan and net profit decreasing by approximately 34% to about 85.39 million yuan, attributed to industry adjustments and cautious inventory management [1] Financial Performance - In Q1 2025, Huazhi Wine Industry reported revenue of 2.852 billion yuan, a 31% decrease compared to the previous year [1] - The net profit attributable to shareholders was approximately 85.39 million yuan, down about 34% year-on-year [1] - For the entire year of 2024, the company experienced a revenue decline of 6.49% to approximately 9.464 billion yuan and a net profit drop of 81% to about 44.45 million yuan [1] E-commerce Growth - E-commerce emerged as the only growth channel for Huazhi Wine Industry, with revenue from this segment reaching 2.092 billion yuan in 2024, a year-on-year increase of 72.87%, accounting for 22.11% of total revenue [2] - Wu Qirong, responsible for e-commerce in both Huazhi Wine Industry and the Hong Kong-listed Zhenjiu Lidu, has focused on digital marketing and online sales [2][3] Management Changes - Wu Qirong, son of the founder, joined the board as a non-independent director, alongside a new general manager, Yang Wuyong, who replaced the former general manager, Li Wei [1][4] - The company has undergone organizational restructuring, dividing the national market into 16 battle zones and establishing various support centers to enhance operational efficiency [5] Cost Management and Strategy - Huazhi Wine Industry has implemented cost-cutting measures, including a 21.81% reduction in sales expenses due to decreased promotional spending and a reduction in staff [6] - The company aims to recruit operational and service-oriented talent to shift its marketing model from traditional sales to an operations-driven approach [6] - The management has initiated a reform strategy focusing on inventory reduction, sales promotion, price stabilization, structural adjustment, team strengthening, and model optimization [7]

证券代码：300755 证券简称：华致酒行 公告编号：2025-018 华致酒行连锁管理股份有限公司 关于选举职工董事的公告 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"）根据《中华人民共和 国公司法》《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指引》等法律法规、规范性文件 的相关规定，于 2025 年 4 月 24 日召开职工代表大会，通过职工代表民主投票， 选举吴纯女士（简历附后）为公司第六届董事会职工董事，任期与股东会选举产 生的第六届董事会非职工董事任期一致。会议的召开及表决程序符合职工代表大 会决策的有关规定。 特此公告。 华致酒行连锁管理股份有限公司董事会 2025 年 4 月 26 日 附件： 吴纯女士简历 吴纯女士，1984 年出生，中国国籍，无境外永久居留权，毕业于株洲师范 高等专科学校。历任云南金六福酒有限公司办公室主任，黑龙江省玉泉酒业有 限责任公司自营店店长、大客户部总监，现任公司国内采购二部总监。 吴纯女士未持有本公司股 ...

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].