诸多酒企主动降速求稳，迎驾贡酒一季报“爆雷”，股价创两年新低

Group 1 - The overall performance of the liquor industry shows a deceleration in earnings, with leading brands like Moutai, Wuliangye, and Fenjiu demonstrating strong stability and brand power [1][2] - Beer companies are actively managing inventory during the off-season, with some experiencing rapid sales growth in the first quarter [1] - Stocks of companies with significantly lower-than-expected earnings, such as Yanghe and Jinjidongjiu, have seen declines, with W迎驾贡酒 experiencing a sharp drop in stock price, reaching a two-year low [1][4] Group 2 - The white liquor index has experienced a continuous decline, with a cumulative drop of 4.76% in April, reflecting market expectations of a bottoming phase for the industry [2] - Most liquor companies have set conservative growth targets for 2025, with Moutai aiming for a revenue increase of around 9% and Jiuzhou aiming for a 5% to 12% increase [2] - The performance of non-white liquor companies, such as Dynasty and Budweiser APAC, has been strong, with significant weekly stock price increases [2][6][7] Group 3 - The performance of W迎驾贡酒 has been particularly poor, with a 4-month decline of 18.85%, significantly higher than other companies in the sector [4] - W迎驾贡酒's 2024 revenue was 7.344 billion yuan, a year-on-year increase of 8.46%, but this growth is below the company's previous targets and expectations [8] - Concerns have been raised about W迎驾贡酒's declining performance in recent quarters, with significant drops in both revenue and net profit [8][9]