山西汾酒净资产收益率31.82%超茅台 控股股东与实控人间产权层级将减少

Core Viewpoint - Shanxi Fenjiu continues to achieve growth in performance despite the challenges faced by the liquor industry, while also clarifying its ownership structure through a recent equity transfer [1][2][10]. Group 1: Ownership Structure - The Shanxi Provincial Government has decided to transfer 90% of the shares held by Shanxi State Capital Operation Company in Fenjiu Group to the Shanxi Provincial State-owned Assets Supervision and Administration Commission [1][2]. - After the transfer, the ownership structure will be clearer, with the Shanxi Provincial State-owned Assets Supervision and Administration Commission holding 90% and the Shanxi Provincial Finance Department holding 10% [2][3]. - The direct controlling shareholder remains Fenjiu Group, and the actual controller continues to be the Shanxi Provincial State-owned Assets Supervision and Administration Commission [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, Shanxi Fenjiu achieved operating revenue of 32.924 billion yuan, a year-on-year increase of 5%, maintaining its position as the third-largest liquor company in China [1][10]. - The net profit attributable to shareholders reached 11.405 billion yuan, with a slight increase of 0.48% year-on-year [1][10]. - The return on equity for Shanxi Fenjiu reached 31.82%, surpassing competitors like Kweichow Moutai and Wuliangye, ranking first among A-share listed liquor companies [11]. Group 3: Market Dynamics - The liquor industry is currently facing a challenging environment characterized by policy adjustments, changes in consumer structure, and intensified competition [9][11]. - Despite the overall industry slowdown, Shanxi Fenjiu's revenue from outside the province accounted for 66.5% of total revenue, showing a year-on-year growth of 12.72% [11]. - The company is adapting to changing consumer preferences, shifting from traditional business and government consumption to a new model that emphasizes personal enjoyment [11].