白酒企业增员高管降薪，啤酒企业减员增效

Group 1 - The domestic beer industry is experiencing a downturn in 2024, with major companies like Budweiser APAC, China Resources Beer, and Yanjing Beer reducing their workforce by over a thousand employees each, with Budweiser APAC seeing the largest reduction from 21,181 to 18,401 employees [1] - In contrast, the white liquor industry is expanding, with only 7 out of 22 listed companies reducing their workforce, and major players like Kweichow Moutai and Yanghe Brewery increasing their employee count by over a thousand [1] - The overall number of employees in the 44 listed liquor companies has decreased by over 3,800, bringing the total below 300,000 [1] Group 2 - Despite the lack of widespread layoffs in the white liquor sector, executive compensation has tightened, with 11 A-share white liquor companies reporting a decrease in total remuneration for their directors and supervisors [3] - Specific examples include the chairman and general manager of Kuozi Jiao, Xu Jin, whose pre-tax salary dropped from 3.644 million to 2.644 million, and Shede Liquor's chairman, Pu Jizhou, whose salary decreased from over 3.5 million to 2.7 million [3] - In contrast to executives, the average salary for regular employees in liquor companies remained relatively stable, with Kweichow Moutai increasing its workforce by over 1,400 and maintaining a leading position in average employee compensation [3] Group 3 - Industry analysts suggest that the white liquor sector is approaching a turning point, indicated by three signals: a reshuffling of distribution channels, companies controlling inventory to stabilize prices, and the absence of long-term price stagnation for Moutai [3] - Currently, inventory control and price stabilization have become normalized practices among liquor companies, while channel reshuffling is ongoing, and signals of price stagnation have yet to emerge [3]