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头部酒企集中度加剧,中腰部酒企“卡位战”升级,破局密码是什么?丨年报“显微镜”
Mei Ri Jing Ji Xin Wen· 2025-05-14 12:57
Core Insights - The overall performance of listed liquor companies in 2024 showed steady growth despite industry pressures, with 22 companies reporting a total revenue of 446.22 billion yuan and a net profit of 167.82 billion yuan, reflecting a slowdown in growth rates compared to previous years [1][4] Industry Overview - The liquor sector experienced increased differentiation in 2024, with six leading companies accounting for 80% of total revenue and 90% of net profit, even showing slight increases from 2023 [1][4] - The top six liquor companies, including Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, achieved a combined revenue of 379.74 billion yuan, marking a significant increase of 164.96 billion yuan since 2020 [5][6] Competitive Landscape - Shanxi Fenjiu entered the top three with a revenue of 36 billion yuan, indicating a shift in rankings among leading companies [4][5] - The competition among mid-tier liquor companies intensified, with companies like Shunxin Agriculture and Shede Liquor facing significant revenue declines, highlighting the challenges in maintaining market positions [4][9] Market Trends - The industry is undergoing a transition towards high-end and youth-oriented products, with companies needing to focus on national expansion to succeed in a competitive market [4][11] - Regional market reliance remains high among many companies, with some struggling to increase their contributions from outside their home markets [10][11] Future Outlook - Companies are expected to balance expansion with cost control, with a focus on refining distribution channels as a new competitive dimension [11][13] - Emerging markets, particularly in the northwest, are becoming battlegrounds for companies seeking to increase their market share [11][13]
茅台管理层回应21记者提问:Q1国际市场聚焦东亚、南亚,上市公司暂未考虑代言人|直击业绩说明会
价盘、产能、回购、国际化、代言人、行业趋势……投资者对茅台总有问不完的问题。 5月12日下午,贵州茅台举行了2024年度及2025年一季度业绩说明会,代总经理王莉、董秘蒋焰等贵州 茅台管理层出席,回应了投资者关心的诸多热点问题。21世纪经济报道记者也以投资者身份向管理层提 问,并获得回应。 国际化分级拓展 国际业务是今年贵州茅台的业绩亮点。上个月刚出炉的2025年一季报显示,今年一季度贵州茅台来自国 外的收入11.19亿元,同比大涨37.5%。这是其去年茅台出口营收首次突破50亿元后,继续实现高增长。 这背后,茅台主要做了哪些工作?具体哪些市场增长较好? 中期的问题则涉及到茅台的产能释放节奏。针对茅台酒,茅台正在推进"茅台酒十四五技改建设项目", 拟投资155.16亿元,建成后可新增茅台酒司机产能1.98万吨/年,储酒能力8.47万吨。从去年财报来看, 2024年新增基酒设计产能1800吨,同时茅台酒的产量为56272吨,相比前一年有所回调。 对于目前的投产节奏,有投资者提出疑问。对此王莉回应,具体产能的释放节奏,会充分考虑生态承 载、工匠培养、市场状况等要素,科学布局、有序推进,并表示茅台酒的产量波动属正常 ...
白酒年报|上市白酒公司合同负债同比微增 贵州茅台合同负债一举减少32%
Xin Lang Zheng Quan· 2025-05-09 07:10
Industry Overview - The Chinese liquor industry is undergoing a deep adjustment in 2024, characterized by a decline in both production and sales, a slowdown in terminal sales, shrinking consumption scenarios, and insufficient consumer confidence [1] - The number of liquor companies experiencing revenue decline has increased from 2 to 6 compared to the previous year, with companies like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Contract Liabilities - The total contract liabilities for 19 listed liquor companies in 2024 reached 55.986 billion yuan, an increase of 2.9 billion yuan from the previous year [2] - Major companies such as Wu Liang Ye, Yang He, Guizhou Moutai, and Shanxi Fenjiu accounted for 72% of the total contract liabilities, amounting to 40.299 billion yuan [2] - Luzhou Laojiao reported a contract liability of only 3.978 billion yuan, significantly lower than its peers despite similar revenue levels [2] Changes in Contract Liabilities - Eleven companies saw a decline in contract liabilities, with Guizhou Moutai's liabilities decreasing by 32% from 14.126 billion yuan to 9.592 billion yuan [4] - The reduction in Guizhou Moutai's contract liabilities is attributed to a slowdown in the payment pace from distributors and an increase in direct sales channels [4] Cash Collection Ratio - In 2024, two liquor companies reported a cash collection ratio below 100%, down from five the previous year [5] - Jin Zhong Zi Jiu has consistently reported a cash collection ratio below 100% for two years, with a revenue decrease of 37% and a loss of 258 million yuan in 2024 [5] - The company's core revenue from low-end products decreased by 29%, with significant declines in gross margins across all product categories [6] Summary of Key Financial Metrics - A table summarizes the contract liabilities and cash collection ratios for various companies, highlighting significant changes from 2023 to 2024 [7]
白酒年报|7家酒企净利润下滑 五粮液和泸州老窖净利润增速降至个位数
Xin Lang Zheng Quan· 2025-05-09 07:05
有9家酒企归母净利润低于10亿元,4家净利润低于1亿元。去年只有金种子酒一家酒企亏损,亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品:新浪财经上市公司研究院 作者:浪头饮食/ 郝显 2024年,白酒行业进入深度调整! "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足,诸多产品价格不同程度倒 挂,"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下,渠道库存问题凸显,头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧,头部酒企仍能维持稳健增长,中小酒企则开始面对压力。 从上市公司层面来看,2024年酒企收入增速大幅放缓,收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司(剔除*ST岩石(维权)),总共实现归母净利润1668.48亿元,同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元,占上市白酒净利润的近52%,提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒,归母净利润分别为318.5 ...
白酒年报|上市白酒公司存货增幅大于营收增速 泸州老窖存货增幅达到15.24%
Xin Lang Zheng Quan· 2025-05-09 06:57
出品:新浪财经上市公司研究院 作者:浪头饮食/ 郝显 2024年,白酒行业进入深度调整! "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足,诸多产品价格不同程度倒 挂,"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下,渠道库存问题凸显,头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧,头部酒企仍能维持稳健增长,中小酒企则开始面对压力。 从上市公司层面来看,2024年酒企收入增速大幅放缓,收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 3家酒企经营活动现金流净额转负 经营活动现金流是衡量上市公司核心盈利能力和财务健康度的关键指标,2024年3家酒企经营活动现金 流净额转负,分别为舍得酒业、酒鬼酒、金种子酒,比上年多了两家。 去年8家公司经营活动现金流净额同比增长,剔除皇台酒业之后,增速最快的是泸州老窖、山西汾酒、 口子窖。此外贵州茅台增长38.85%,也排在前列。 此外,伊力特、洋河股份、顺鑫农业、舍得酒业、金种子酒、酒鬼酒在收入下滑的情况下,存货仍在增 长。 | | | 2024年上市白酒公司存货、现金 ...
广发证券:白酒行业仍处调整期 地产酒及其他白酒分化加剧
智通财经网· 2025-05-07 08:25
毛利率端:2024/25Q1白酒板块平均毛利率分别为81.8%/81.5%,高端酒表现相对稳健,次高端酒分化明 显,地产酒多有回落。 智通财经APP获悉,广发证券发布研报称,25Q1春节旺季催化下,行业整体营收小幅增长,但增速较 2024年下滑,行业仍处调整期。分价格带来看,高端白酒整体稳中有增,次高端酒营收增速接近零值区 间,地产酒及其他白酒分化加剧。当前进入5月,白酒行业由传统淡季转向五一、端午小旺季,在需求 回暖的情况下主流产品价盘有望企稳。展望2025全年,龙头酒企稳字当头,渠道静待库存消化,动销预 计保持平稳。 广发证券主要观点如下: 收入端:高端表现稳健,次高端承压,地产酒分化 高端酒:25Q1三家酒企营业总收入均延续增长态势,相较其他酒企展现出更强的品牌力与经营稳定 性。 次高端:春节期间营收承压,24Q4+25Q1次高端酒企收入合计266.1亿元,同比-4.8%。分公司看,山西 汾酒表现突出,水井坊发力新渠道带动增长,舍得酒业、酒鬼酒持续调整。 地产酒:25Q1内部呈现强分化。古井贡酒、今世缘收入增速表现较好,主因部分强势单品势能延续、 持续放量,口子窖在新品兼8带动下营收表现略超预期,迎驾贡 ...
白酒股一季度业绩疲软,行业调整持续,未来路在何方?
Sou Hu Cai Jing· 2025-05-06 09:43
根据同花顺的数据统计,从2025年初至4月30日,白酒板块整体下跌超过13%,这一跌幅在A股市场中名列前茅,仅次于光伏设备、果链等几 个少数板块,整体表现显得相当疲软。 白酒行业在2024年遭遇了前所未有的挑战,市场需求疲软与库存积压成为行业面临的两大难题。步入2025年,尽管时间已经推进,但白酒行 业的调整似乎仍在深水区徘徊,投资者的信心依然未能得到有效提振。 在个股方面,山西汾酒(600809.SH)年内上涨超过12%,今世缘和贵州茅台(600519.SH)也实现了正增长。然而,大部分白酒股却面临着 不同程度的下跌,其中酒鬼酒(000799.SZ)、皇台酒业和金种子酒的跌幅尤为显著。 值得注意的是,截至目前,所有白酒股均已发布了2025年首季财报,而业绩情况同样不容乐观。在营收方面,贵州茅台依然稳居榜首,一季 度营业总收入达到514.4亿元;五粮液(000858.SZ)紧随其后,期内实现营业总收入369.4亿元。山西汾酒和洋河股份(002304.SZ)的营业 总收入也超过了百亿元大关。然而,水井坊(600779.SH)和酒鬼酒等8家酒企的营业总收入却不足10亿元。 | | 影響生在 FINET | | | ...
白酒公司2024年成绩单:头部酒企逆势稳增,部分区域酒企业绩承压
Zheng Quan Shi Bao· 2025-05-01 05:21
编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假,证券时报记者精选了几大行业,对相关行业业绩和亮点进行了梳理,以飨读者。 今年一季度,贵州茅台、五粮液、山西汾酒等酒企营业总收入仍保持稳定增长,而洋河股份、舍得酒业、酒鬼酒等多家酒企同比出现明显下降。 整体来看,白酒行业仍呈现出明显分化局面,头部企业凭借品牌、渠道优势实现逆势增长,而部分区域酒企则面临库存与动销压力,业绩下滑比较明显。 龙头酒企业绩保持稳定增长 在存量竞争背景下,头部酒企通过品牌、渠道和创新巩固优势,业绩保持稳定增长。 从营业总收入来看,贵州茅台(600519)以1741.44亿元的营业总收入,排名第一;五粮液(000858)的营业总收入为891.75亿元,排名第二;山西汾酒 (600809)、泸州老窖(000568)2024年的营业总收入超过300亿元;洋河股份(002304)、古井贡酒(000596)2024年的营业总收入超过200亿元。 从营业总收入同比增长幅度来看,贵州茅台、山西汾酒、古井贡酒、今世缘(603369)等多家酒企2024年营业总收入增速不低于10%,而*ST岩石 (600696)、酒鬼酒(00 ...
“五一”财报细读|白酒公司2024年成绩单:头部酒企逆势稳增,部分区域酒企业绩承压
证券时报· 2025-05-01 05:03
编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假,证券时报记者精选了几大行业,对相关行业业绩和亮点进行了梳理,以飨读 者。 随着白酒上市公司年报及一季报披露,白酒行业在深度调整期的发展脉络逐渐清晰。 证券时报记者根据Wind数据统计,2024年A股白酒上市公司实现营业总收入4422.27亿元,同比增长2.28%;实现归属上市公司股东的净利润1666.31亿元,同 比增长4.32%。 整体来看,白酒行业仍呈现出明显分化局面,头部企业凭借品牌、渠道优势实现逆势增长,而部分区域酒企则面临库存与动销压力,业绩下滑比较明显。 龙头酒企业绩保持稳定增长 在存量竞争背景下,头部酒企通过品牌、渠道和创新巩固优势,业绩保持稳定增长。 从营业总收入来看,贵州茅台以1741.44亿元的营业总收入,排名第一;五粮液的营业总收入为891.75亿元,排名第二;山西汾酒、泸州老窖2024年的营业总 收入超过300亿元;洋河股份、古井贡酒2024年的营业总收入超过200亿元。 从营业总收入同比增长幅度来看,贵州茅台、山西汾酒、古井贡酒、今世缘等多家酒企2024年营业总收入增速不低于10%,而*ST岩石、酒鬼酒 ...
白酒行业深度调整,洋河下一步如何蓄力变革穿越周期?
Nan Fang Du Shi Bao· 2025-04-30 04:33
Core Viewpoint - The report highlights the financial performance of Yanghe Co., which achieved a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan in 2024, while also addressing the challenges faced by the liquor industry, including inventory buildup and declining consumption [2][5]. Financial Performance - In 2024, Yanghe Co. reported a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan [2]. - The company plans to distribute a cash dividend of 23.17 yuan per 10 shares, totaling 3.49 billion yuan [2]. Industry Challenges - The liquor industry is currently undergoing a deep adjustment period, with many companies experiencing declining performance, including some with nearly 50% drops in net profit [2]. - The overall market for liquor consumption is cooling, and recovery appears weak, presenting new challenges for all liquor companies [2][5]. Strategic Adjustments - Yanghe Co. has chosen to slow down its growth pace and actively adjust its business strategies, focusing on improving product quality and transforming marketing efforts [2][5]. - The company reduced liquor production last year to help distributors relieve inventory pressure and optimized its product structure [2][5]. Product Development - Yanghe Co. has successfully upgraded its product matrix, with mid-to-high-end products generating 24.317 billion yuan in revenue, accounting for 86% of liquor revenue and approximately 84% of total revenue [3]. - The company launched the "Dream Blue Handcrafted Class," recognized as China's first high-end vintage liquor, enhancing its position in the premium market [3][6]. Marketing and Branding - Yanghe Co. is focusing on younger, fashionable, and low-alcohol products, introducing innovative cultural products to meet diverse consumer needs [4]. - The company is optimizing its marketing organization and enhancing brand collaboration to adapt to external changes and navigate industry cycles [6]. Future Outlook - Yanghe Co. aims to strengthen quality expression and brand reputation while focusing on core products and key markets for sustainable development [6].